# EXEDY Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YBAF)
> Page: https://vizora.meequs.com/en/company/exedy
> Retrieved: 2026-09-30T18:07:27.549Z

## Company

Exedy, founded in 1950, is a company in Auto Parts listed on TSE Prime. It has 10,970 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EXEDY Corporation |
| Ticker | 7278 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7278.T) |
| Listing | TSE Prime |
| Head office | 大阪府寝屋川市木田元宮1丁目1番1号 |
| Representative (per filing) | 代表取締役社長 吉永 徹也 |
| Founded | Jul 1950 |
| Share capital | ¥8.28B |
| Employees (consolidated) | 10,970 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.exedy.com (https://www.exedy.com/) |
| Corporate number | 1120001147463 |
| EDINET | E02203 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YBAF, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.7 | 110 |
| Profitability | 80.6 | 111 |
| Cash conversion | 55.1 | 108 |
| Efficiency | 45.5 | 111 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 62% of Exedy's sales come from Automatic Transmission, with Manual Transmission and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +1.8%.

## Company structure

- Segment revenue mix: Automatic Transmission 62.0%、Manual Transmission 24.8%、Other 9.0%、Industrial Machinery Drivetrain 4.2%
- Revenue → net income: ¥303933000000 → ¥15626000000
- Net income → operating cash flow: ¥15626000000 → ¥40567000000（difference ¥24941000000）
- Main uses of operating cash flow: CapEx ¥8348000000 / dividends ¥10993000000 / buybacks ¥926000000
- Change in cash: ¥6313000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥303.9B |  |
| Operating income | ¥22.2B | Margin 7.3% |
| Net income | ¥13.7B | Margin 4.5% |
| Free cash flow | ¥32.2B |  |
| Largest business | Automatic Transmission | of segment revenue 62.0% |
| Employees (consolidated) | 10,970 |  |
| EPS | ¥374.31 |  |
| Book value per share | ¥2314 |  |
| Equity ratio | 60.2% | Derived from disclosed figures |
| Shares outstanding | 48,593,000 |  |
| Treasury shares | 12,054,300 |  |
| Shareholders | 62,302 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 24.5% |
| Vs. industry median margin | +2.6 pp | Auto Parts |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, employees 0% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥227420000000 | ¥303933000000 | +33.6% |
| Operating income | ¥9513000000 | ¥22230000000 | +133.7% |
| Operating margin | 4.2% | 7.3% | +3.1 pp |
| Employees | 12,342 people | 10,970 people | -11.1% |
| Cash and equivalents | ¥51567000000 | ¥74473000000 | +44.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| MT → MT | 22.6% |
| AT → AT | 62.0% |
| AT → 事業再編・廃止 | 5.8% |
| その他 → その他 | 9.0% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → MT | 2.2% |
| 新設・再編 → TS | 4.2% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automatic Transmission | 5 years | +4.1% | ¥188325000000 | 8.3% | 2 |
| Manual Transmission | 5 years | +8.0% | ¥75461000000 | 15.3% | 2 |
| Other | 5 years | +4.4% | ¥27363000000 | -10.4% | 2 |
| Industrial Machinery Drivetrain | 4 years | -2.1% | ¥12784000000 | 11.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 303,933 | 100.0% | S100YBAF |
| Cost of revenue | 241,173 | 79.4% | S100YBAF |
| Gross profit | 62,759 | 20.6% | S100YBAF |
| SG&A | 38,848 | 12.8% | S100YBAF |
| Operating income | 22,230 | 7.3% | S100YBAF |
| Pretax income | 23,649 | 7.8% | S100YBAF |
| Income tax | 8,022 | 2.6% | S100YBAF |
| Net income | 15,626 | 5.1% | S100YBAF |
| Net income attributable to owners | 13,680 | 4.5% | S100YBAF |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Other operating | 1 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.6% → Operating margin 7.3% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +1.8%
Operating leverage (core profit growth ÷ revenue growth): -0.97×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 309,564 | 303,933 | -5,631 | -1.8% |
| Gross profit | 59,427 | 62,759 | 3,332 | +5.6% |
| Operating income | 21,845 | 22,230 | 385 | +1.8% |
| Net income attributable to owners | 12,744 | 13,680 | 936 | +7.3% |
| Operating cash flow | 31,495 | 40,567 | 9,072 | +28.8% |
| Free cash flow | 23,457 | 32,219 | 8,762 | +37.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 268,188 | — | — | 14,237 | 33,362 | — | S100LLB5 |
| FY ending Mar 2018 | 283,319 | — | — | 15,791 | 33,006 | — | S100O763 |
| FY ending Mar 2019 | 282,398 | — | — | 12,967 | 31,760 | — | S100R0ZK |
| FY ending Mar 2020 | 263,899 | 16,751 | 6.3% | 9,492 | 36,103 | 9,808 | S100LLB5 |
| FY ending Mar 2021 | 227,420 | 9,513 | 4.2% | 4,983 | 30,105 | 13,105 | S100O763 |
| FY ending Mar 2022 | 261,095 | 18,328 | 7.0% | 12,477 | 28,434 | 13,630 | S100R0ZK |
| FY ending Mar 2023 | 285,639 | 8,760 | 3.1% | 4,591 | 27,224 | 14,779 | S100TQIA |
| FY ending Mar 2024 | 308,338 | — | — | -10,023 | 37,609 | — | S100YBAF |
| FY ending Mar 2025 | 309,564 | 21,845 | 7.1% | 12,744 | 31,495 | 23,457 | S100YBAF |
| FY ending Mar 2026 | 303,933 | 22,230 | 7.3% | 13,680 | 40,567 | 32,219 | S100YBAF |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 11,940 | 11,725 | 11,444 | 10,997 | 10,970 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | — | ¥6M | ¥6.3M |
| Average age (parent company) | 40.7 years | 41.5 years | — | 43.2 years | 43.8 years |
| Average tenure (parent company) | 14.5 years | 15.3 years | — | 16.8 years | 17.4 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -1.8%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Manual Transmission | 75,461 | 24.8% | 11,521 | 15.3% |
| Automatic Transmission | 188,325 | 62.0% | 15,683 | 8.3% |
| Industrial Machinery Drivetrain | 12,784 | 4.2% | 1,526 | 11.9% |
| Other | 27,363 | 9.0% | -2,840 | -10.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Manual Transmission | 24.8% | 40.1% | 15.3 | 15.3% |
| Automatic Transmission | 62.0% | 54.6% | -7.4 | 8.3% |
| Industrial Machinery Drivetrain | 4.2% | 5.3% | 1.1 | 11.9% |
| Other | 9.0% | — | — | -10.4% |

Loss-making segment (excluded from profit shares): Other -2,840 JPY mn

Segment → industry: Automatic Transmission → Auto Parts / Manual Transmission → Auto Parts / Industrial Machinery Drivetrain → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,567 | 13.3% | S100YBAF |
| Capital expenditure | 8,348 | 2.7% | S100YBAF |
| Free cash flow | 32,219 | 10.6% | 算出 |
| Investing cash flow | -20,093 | -6.6% | S100YBAF |
| Financing cash flow | -16,962 | -5.6% | S100YBAF |
| Dividends paid | 10,993 | 3.6% | S100YBAF |
| Share buyback | 926 | 0.3% | S100YBAF |
| Change in cash | 6,313 | 2.1% | S100YBAF |
| Cash and equivalents | 74,473 | 24.5% | S100YBAF |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 55,407 | 59,538 | 74,043 | 68,160 | 74,473 | S100TQIA, S100WAKK, S100YBAF |
| Total assets | 332,785 | 331,875 | 321,935 | 303,912 | 320,103 | S100R0ZK, S100TQIA, S100YBAF |
| Net assets | 236,023 | 239,901 | 233,539 | 194,268 | 208,272 | S100TQIA, S100WAKK, S100YBAF |
| Share capital | 8,284 | 8,284 | — | 8,284 | 8,284 | S100R0ZK, S100TQIA, S100YBAF |
| Property, plant and equipment | 162,964 | 154,632 | — | 107,754 | 106,476 | S100R0ZK, S100TQIA, S100YBAF |
| Goodwill | 528 | 984 | — | 2,247 | 6,624 | S100R0ZK, S100TQIA, S100YBAF |
| Current assets | 155,192 | 163,454 | — | 168,480 | 179,144 | S100R0ZK, S100TQIA, S100YBAF |
| Total liabilities | 96,762 | 91,975 | — | 109,644 | 111,830 | S100R0ZK, S100TQIA, S100YBAF |
| Equity attributable to owners of parent | 221,756 | 225,563 | — | 180,478 | 192,711 | S100R0ZK, S100TQIA, S100YBAF |
| Retained earnings | 202,160 | 202,808 | — | 194,155 | 198,008 | S100R0ZK, S100TQIA, S100YBAF |
| Treasury stock | -3,768 | -3,709 | — | -43,777 | -44,200 | S100R0ZK, S100TQIA, S100YBAF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YBAF |
| Property, plant and equipment | 33% | S100YBAF |
| Intangibles and goodwill | 2% | — |
| Other assets | 42% | S100YBAF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YBAF |
| Equity | 65% | S100YBAF |
| Other liabilities | 0% | S100YBAF |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 332,785 | 331,875 | 321,935 | 303,912 | 320,103 |
| Equity | 236,023 | 239,901 | 233,539 | 194,268 | 208,272 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 55,407 | 59,538 | 74,043 | 68,160 | 74,473 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 35.0% | S100YBAF |
| Fixed assets ÷ total assets | 33.3% | S100YBAF |
| Goodwill ÷ parent equity | 3.4% | S100YBAF |

Goodwill over 4 years: 528 → 6,624 JPY; total investing cash flow: -70,512 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 23.3% |
| Cash ÷ revenue | 24.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 182.5% |
| Cash vs. profit gap | 26,887 JPY mn (of net income 196.5%) |
| Shareholder returns / net income | 87.1% |
| Shareholder returns / FCF | 37.0% |
| Shareholder payments — dividends / net income | 80.4% |
| Shareholder payments — dividends / FCF | 34.1% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 49.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.8% | 0.78× | 3.7% | 1.50× | 5.6% | S100R0ZK |
| 2023 | 1.6% | 0.86× | 1.4% | 1.49× | 2.1% | S100TQIA |
| 2024 | — | —× | -3.1% | —× | — | S100YBAF |
| 2025 | 4.1% | 0.99× | 4.1% | 1.73× | 7.1% | S100YBAF |
| 2026 | 4.5% | 0.97× | 4.4% | 1.67× | 7.3% | S100YBAF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.6% | 2026-03-31 |
| 株式会社シティインデックスファースト | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社シティインデックスイレブンス | Major shareholder | 5.1% | 2026-03-31 |
| エクセディ従業員持株会 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| 芭蕉会 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥303.9B, down -1.8% from ¥309.6B.
- Profit still grew across the board: gross profit rose +5.6% to ¥62.8B, operating income +1.8% to ¥22.2B, and net income +7.3% to ¥13.7B.
- Cash generation improved more sharply, with operating cash flow up +28.8% to ¥40.6B and free cash flow up +37.4% to ¥32.2B.

### Drivers

- Fewer orders in the automatic transmission business pulled revenue down
- Closing a loss-making US subsidiary in the prior year and passing higher costs on to prices raised operating income
- Net income also benefited from higher financial income from investment gains

### Risks

- The company expects its automatic transmission business to shrink as vehicles electrify
- Most sales are car parts, so results track carmakers' production and sales
- Political and financial shifts in Asia-Oceania, a key growth region, and currency swings could hurt results

Cited: Annual Securities Report, 76th fiscal year (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 76th fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YBAF | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBAF,, |
| 訂正有価証券報告書－第75期(2024/04/01－2025/03/31) | S100WAKK | 2025-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAKK,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TQIA | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQIA,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R0ZK | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0ZK,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100O763 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O763,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LLB5 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLB5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).