# F-TECH INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/04/01－2026/03/31) (S100YHFG)
> Page: https://vizora.meequs.com/en/company/f-tech
> Retrieved: 2026-09-30T20:57:59.275Z

## Company

F-Tech, founded in 1955, is a company in Auto Parts listed on TSE Standard. It has 7,300 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | F-TECH INC. |
| Ticker | 7212 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7212.T) |
| Listing | TSE Standard |
| Head office | 埼玉県久喜市菖蒲町昭和沼19番地 |
| Representative (per filing) | 代表取締役社長 福田 祐一 |
| Founded | Nov 1955 |
| Share capital | ¥6.79B |
| Employees (consolidated) | 7,300 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.ftech.co.jp (https://www.ftech.co.jp/) |
| Corporate number | 6030001031085 |
| EDINET | E02229 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YHFG, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 110 |
| Profitability | 26.6 | 111 |
| Cash conversion | 78.2 | 108 |
| Efficiency | 95.9 | 111 |
| Financial strength | 25 | 14 |

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 76% of F-Tech's sales come from North America, with Asia and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit +53.3%.

## Company structure

- Segment revenue mix: North America 76.3%、Asia 13.6%、Japan 10.1%
- Revenue → net income: ¥291866000000 → ¥5080000000
- Net income → operating cash flow: ¥5080000000 → ¥20533000000（difference ¥15453000000）
- Main uses of operating cash flow: CapEx ¥10017000000 / dividends ¥373000000 / buybacks ¥0
- Change in cash: ¥4363000000
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 | ¥291.9B |  |
| Operating income | ¥8.4B | Margin 2.9% |
| Net income | ¥4.73B | Margin 1.6% |
| Free cash flow | ¥10.5B |  |
| Largest business | North America | of segment revenue 76.3% |
| Employees (consolidated) | 7,300 |  |
| EPS | ¥70.11 |  |
| Book value per share | ¥1340.84 |  |
| Equity ratio | 31.8% |  |
| Shares outstanding | 18,712,244 |  |
| Treasury shares | 104,500 |  |
| Shareholders | 13,722 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 10.2% | Net cash -¥34.9B · Cash ÷ revenue 6.4% |
| Vs. industry median margin | -1.9 pp | Auto Parts |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.3× net income
- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, employees -4% while operating income rose 53%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥183647000000 | ¥291866000000 | +58.9% |
| Operating income | ¥3072000000 | ¥8405000000 | +173.6% |
| Operating margin | 1.7% | 2.9% | +1.2 pp |
| Employees | 7,606 people | 7,300 people | -4.0% |
| Cash and equivalents | ¥3708000000 | ¥18620000000 | +402.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 10.1% |
| 日本 → 事業再編・廃止 | 0.6% |
| 北米 → 北米 | 60.1% |
| アジア → アジア | 13.6% |
| アジア → 事業再編・廃止 | 15.5% |
| 新設・再編 → 北米 | 16.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America | 5 years | +15.1% | ¥222616000000 | 2.7% | 2 |
| Asia | 5 years | -5.8% | ¥39797000000 | 4.2% | 2 |
| Japan | 5 years | +8.4% | ¥29453000000 | 2.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 291,866 | 100.0% | S100YHFG |
| Cost of revenue | 264,484 | 90.6% | S100YHFG |
| Gross profit | 27,382 | 9.4% | S100YHFG |
| SG&A | 18,976 | 6.5% | S100YHFG |
| Operating income | 8,405 | 2.9% | S100YHFG |
| Ordinary income | 7,495 | 2.6% | S100YHFG |
| Pretax income | 7,637 | 2.6% | S100YHFG |
| Income tax | 2,557 | 0.9% | S100YHFG |
| Net income | 5,080 | 1.7% | S100YHFG |
| Net income attributable to owners | 4,726 | 1.6% | S100YHFG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.4% → Operating margin 2.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.0%; Core profit growth: +53.3%
Operating leverage (core profit growth ÷ revenue growth): -17.90×
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 | 300,831 | 291,866 | -8,965 | -3.0% |
| Gross profit | 25,329 | 27,382 | 2,053 | +8.1% |
| Operating income | 5,481 | 8,405 | 2,924 | +53.3% |
| Net income attributable to owners | -6,925 | 4,726 | 11,651 | — |
| Operating cash flow | 14,757 | 20,533 | 5,776 | +39.1% |
| Free cash flow | 6,660 | 10,516 | 3,856 | +57.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 218,712 | 4,088 | 1.9% | 328 | 10,539 | -1,698 | S100LNGX |
| FY ending Mar 2021 | 183,647 | 3,072 | 1.7% | -1,165 | 9,956 | -342 | S100ODLW |
| FY ending Mar 2022 | 191,892 | 1,142 | 0.6% | 209 | 1,794 | -14,155 | S100QZUW |
| FY ending Mar 2023 | 261,156 | 2,038 | 0.8% | 1,734 | 17,433 | 1,745 | S100TO1I |
| FY ending Mar 2024 | 298,759 | 3,708 | 1.2% | 1,683 | 19,466 | 10,600 | S100VZTC |
| FY ending Mar 2025 | 300,831 | 5,481 | 1.8% | -6,925 | 14,757 | 6,660 | S100YHFG |
| FY ending Mar 2026 | 291,866 | 8,405 | 2.9% | 4,726 | 20,533 | 10,516 | S100YHFG |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥647.4K |

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) | 7,571 | 7,754 | 7,787 | 7,565 | 7,300 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.9M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 40.5 years | 41.1 years | 41.4 years | 41.5 years | 41.2 years |
| Average tenure (parent company) | 17.7 years | 18.5 years | 18.5 years | 18.5 years | 18.2 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) -3.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29,453 | 10.1% | 618 | 2.1% |
| North America | 222,616 | 76.3% | 5,938 | 2.7% |
| Asia | 39,797 | 13.6% | 1,665 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 10.1% | 7.5% | -2.6 | 2.1% |
| North America | 76.3% | 72.2% | -4.0 | 2.7% |
| Asia | 13.6% | 20.3% | 6.6 | 4.2% |

Segment → industry: Asia → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20,533 | 7.0% | S100YHFG |
| Capital expenditure | 10,017 | 3.4% | S100YHFG |
| Free cash flow | 10,516 | 3.6% | 算出 |
| Investing cash flow | -9,683 | -3.3% | S100YHFG |
| Financing cash flow | -6,943 | -2.4% | S100YHFG |
| Dividends paid | 373 | 0.1% | S100YHFG |
| Share buyback | 0 | 0.0% | S100YHFG |
| Change in cash | 4,363 | 1.5% | S100YHFG |
| Cash and equivalents | 18,620 | 6.4% | S100YHFG |

## 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 | 1,981 | 5,491 | 12,204 | 14,256 | 18,620 | S100TO1I, S100VZTC, S100YHFG |
| Total assets | 160,931 | 176,137 | 191,772 | 177,555 | 182,636 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Net assets | 60,578 | 64,756 | 71,742 | 64,246 | 71,687 | S100TO1I, S100VZTC, S100YHFG |
| Share capital | 6,790 | 6,790 | 6,790 | 6,790 | 6,790 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Property, plant and equipment | 81,366 | 92,284 | 94,033 | 81,428 | 81,464 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Intangible assets excluding goodwill | 299 | 285 | 319 | 583 | 681 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Investment securities | 7,412 | 7,464 | 9,485 | 9,242 | 9,795 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Current assets | 69,723 | 72,603 | 83,069 | 81,495 | 84,093 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Current liabilities | 78,819 | 75,544 | 92,053 | 82,047 | 80,145 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Trade payables | 22,966 | 24,169 | 27,902 | 26,229 | 24,967 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Short-term borrowings | 36,540 | 27,832 | 38,537 | 32,481 | 28,656 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Long-term borrowings | 16,735 | 29,908 | 22,043 | 24,139 | 22,860 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Bonds | — | — | — | 2,000 | 2,000 | S100YHFG |
| Interest-bearing debt | — | — | — | 58,620 | 53,516 | 算出 |
| Total liabilities | 100,353 | 111,380 | 120,029 | 113,309 | 110,948 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Non-controlling interests | 15,472 | 14,717 | 15,916 | 12,733 | 13,560 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Equity attributable to owners of parent | 40,081 | 41,443 | 42,404 | 35,127 | 39,482 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Retained earnings | 26,619 | 27,979 | 29,288 | 21,989 | 26,341 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |
| Treasury stock | -62 | -60 | -79 | -79 | -76 | S100QZUW, S100TO1I, S100VZTC, S100YHFG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YHFG |
| Property, plant and equipment | 45% | S100YHFG |
| Intangibles and goodwill | 0% | S100YHFG |
| Investment securities | 5% | S100YHFG |
| Other assets | 40% | S100YHFG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YHFG |
| Interest-bearing debt | 29% | 算出 |
| Other liabilities | 18% | S100YHFG |
| Equity | 39% | S100YHFG |
| Other liabilities | 0% | S100YHFG |

### 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 | 160,931 | 176,137 | 191,772 | 177,555 | 182,636 |
| Equity | 60,578 | 64,756 | 71,742 | 64,246 | 71,687 |
| Interest-bearing debt | — | — | — | 58,620 | 53,516 |
| Cash | 1,981 | 5,491 | 12,204 | 14,256 | 18,620 |

## 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) | 27.9% | S100YHFG |
| Fixed assets ÷ total assets | 44.6% | S100YHFG |
| Goodwill ÷ parent equity | — | —, S100YHFG |

### 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) | 10.2% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | -¥34.9B |
| Net debt ÷ operating cash flow | 1.70× |
| Cash conversion (operating CF ÷ operating income) | 244.3% |
| Cash vs. profit gap | 15,807 JPY mn (of net income 334.5%) |
| Shareholder returns / net income | 7.9% |
| Shareholder returns / FCF | 3.5% |
| Shareholder payments — dividends / net income | 7.9% |
| Shareholder payments — dividends / FCF | 3.5% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 47.2% |

## 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 | 0.1% | 1.19× | 0.1% | 4.02× | 0.5% | S100QZUW |
| 2023 | 0.7% | 1.55× | 1.0% | 4.13× | 4.3% | S100TO1I |
| 2024 | 0.6% | 1.62× | 0.9% | 4.39× | 4.0% | S100VZTC |
| 2025 | — | —× | -3.8% | —× | — | S100YHFG |
| 2026 | 1.6% | 1.62× | 2.6% | 4.83× | 12.7% | S100YHFG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 13.6% | 2026-03-31 |
| 福田 秋秀 | Major shareholder | 4.8% | 2026-03-31 |
| 公益財団法人エフテック奨学財団 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.3% | 2026-03-31 |
| エフテック社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH- PRIME BROKERAGECLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 2.0% | 2026-03-31 |
| 福田 順子 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 有限会社フクダ興産 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YHFG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFG,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100VZTC | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZTC,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TO1I | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO1I,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100QZUW | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZUW,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100ODLW | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODLW,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LNGX | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNGX,, |

## 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).