# FINESINTER CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YJXV)
> Page: https://vizora.meequs.com/en/company/finesinter
> Retrieved: 2026-09-30T18:22:54.042Z

## Company

Finesinter, founded in 1950, is a company in Auto Parts listed on TSE Standard. It has 1,958 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FINE SINTER CO., LTD. |
| Ticker | 5994 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5994.T) |
| Listing | TSE Standard |
| Head office | 愛知県春日井市明知町西之洞1189番地11 |
| Representative (per filing) | 代表取締役社長 山口登士也 |
| Founded | Dec 1950 |
| Share capital | ¥2.2B |
| Employees (consolidated) | 1,958 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.fine-sinter.com (https://www.fine-sinter.com/) |
| Corporate number | 6180001078161 |
| EDINET | E01396 |
| Industries (Vizora) | Auto Parts, Electrical Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YJXV, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.9 | 110 |
| Profitability | 21.2 | 111 |
| Cash conversion | 94.9 | 108 |
| Efficiency | 46.4 | 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 91% of Finesinter's sales come from Automobile sintering products, with Railway sintering products and Oil hydraulic equipment products making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +75.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥46.2B |  |
| Operating income | ¥1.2B | Margin 2.6% |
| Net income | -¥2.41B | Margin -5.2% |
| Free cash flow | ¥2.12B |  |
| Largest business | Automobile sintering products | of segment revenue 90.7% |
| Employees (consolidated) | 1,958 |  |
| EPS | ¥-577.4 |  |
| Book value per share | ¥1466.44 |  |
| Equity ratio | 30.9% |  |
| Shares outstanding | 4,420,000 |  |
| Treasury shares | 140,600 |  |
| Shareholders | 2,100 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | -2.2 pp | Auto Parts |
| ROA | -5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 75%
- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34641462000 | ¥46206754000 | +33.4% |
| Operating income | ¥211508000 | ¥1195619000 | +465.3% |
| Operating margin | 0.6% | 2.6% | +2 pp |
| Employees | 2,281 people | 1,958 people | -14.2% |
| Cash and equivalents | ¥5900927000 | ¥5537653000 | -6.2% |

### 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 |
| --- | ---: |
| 自動車焼結事業 → 自動車焼結事業 | 46.4% |
| 粉末冶金製品事業 → 事業再編・廃止 | 48.9% |
| 鉄道焼結事業 → 鉄道焼結事業 | 2.6% |
| 油圧機器製品事業 → 油圧機器製品事業 | 2.1% |
| その他 → その他 | 0.0% |
| 新設・再編 → 自動車焼結事業 | 44.3% |
| 新設・再編 → 鉄道焼結事業 | 2.5% |
| 新設・再編 → 油圧機器製品事業 | 2.1% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile sintering products | 5 years | +5.9% | ¥41895070000 | 7.0% | 2 |
| Railway sintering products | 5 years | +6.2% | ¥2381655000 | 27.1% | 2 |
| Oil hydraulic equipment products | 5 years | +6.5% | ¥1920773000 | 23.6% | 2 |
| Other | 5 years | +2.2% | ¥9254000 | 19.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,207 | 100.0% | S100YJXV |
| Cost of revenue | 39,658 | 85.8% | S100YJXV |
| Gross profit | 6,549 | 14.2% | S100YJXV |
| SG&A | 5,353 | 11.6% | S100YJXV |
| Operating income | 1,196 | 2.6% | S100YJXV |
| Ordinary income | 755 | 1.6% | S100YJXV |
| Pretax income | -1,740 | -3.8% | S100YJXV |
| Income tax | 579 | 1.3% | S100YJXV |
| Net income | -2,319 | -5.0% | S100YJXV |
| Net income attributable to owners | -2,415 | -5.2% | S100YJXV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 14.2% → Operating margin 2.6% → Net margin -5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +75.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.19×
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 | 42,720 | 46,207 | 3,486 | +8.2% |
| Gross profit | 5,753 | 6,549 | 796 | +13.8% |
| Operating income | 683 | 1,196 | 512 | +75.0% |
| Net income attributable to owners | -207 | -2,415 | -2,208 | — |
| Operating cash flow | 815 | 4,759 | 3,945 | +484.3% |
| Free cash flow | -1,693 | 2,122 | 3,815 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,322 | 1,301 | 3.2% | 553 | 4,880 | 1,154 | S100LLOK |
| FY ending Mar 2021 | 34,641 | 212 | 0.6% | -225 | 3,250 | -843 | S100OF65 |
| FY ending Mar 2022 | 38,957 | 435 | 1.1% | 208 | 4,191 | 922 | S100R1LO |
| FY ending Mar 2023 | 39,675 | -1,041 | -2.6% | -2,733 | 1,829 | -1,921 | S100UJ22 |
| FY ending Mar 2024 | 42,391 | 413 | 1.0% | -593 | 4,744 | -738 | S100WDPU |
| FY ending Mar 2025 | 42,720 | 683 | 1.6% | -207 | 815 | -1,693 | S100YJXV |
| FY ending Mar 2026 | 46,207 | 1,196 | 2.6% | -2,415 | 4,759 | 2,122 | S100YJXV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.6M |
| Operating income per employee (consolidated) | ¥610.6K |
| 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) | 2,248 | 2,123 | 2,098 | 2,043 | 1,958 |
| Average salary (parent company) | ¥6.5M | ¥6.2M | ¥6.4M | ¥6.8M | ¥7.2M |
| Average age (parent company) | 43.1 years | 43.2 years | 43.7 years | 44.5 years | 45.2 years |
| Average tenure (parent company) | 18.4 years | 18.4 years | 18.9 years | 19.7 years | 19.3 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile sintering products | 41,895 | 90.7% | 2,943 | 7.0% |
| Railway sintering products | 2,382 | 5.2% | 646 | 27.1% |
| Oil hydraulic equipment products | 1,921 | 4.2% | 453 | 23.6% |
| Other | 9 | 0.0% | 2 | 19.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile sintering products | 90.7% | 72.8% | -17.9 | 7.0% |
| Railway sintering products | 5.2% | 16.0% | 10.8 | 27.1% |
| Oil hydraulic equipment products | 4.2% | 11.2% | 7.0 | 23.6% |
| Other | 0.0% | 0.0% | 0.0 | 19.7% |

Segment → industry: Automobile sintering products → Auto Parts / Railway sintering products → Electrical Equipment / Oil hydraulic equipment products → Industrial Machinery

## 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 | 4,759 | 10.3% | S100YJXV |
| Capital expenditure | 2,637 | 5.7% | S100YJXV |
| Free cash flow | 2,122 | 4.6% | 算出 |
| Investing cash flow | -2,337 | -5.1% | S100YJXV |
| Financing cash flow | -1,252 | -2.7% | S100YJXV |
| Dividends paid | 85 | 0.2% | S100YJXV |
| Share buyback | 0 | 0.0% | S100YJXV |
| Change in cash | 1,418 | 3.1% | S100YJXV |
| Cash and equivalents | 5,538 | 12.0% | S100YJXV |

## 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 | 5,630 | 4,247 | 3,865 | 4,119 | 5,538 | S100UJ22, S100WDPU, S100YJXV |
| Total assets | 51,053 | 48,234 | 50,196 | 47,835 | 46,378 | S100R1LO, S100UJ22, S100WDPU, S100YJXV |
| Net assets | 20,029 | 17,305 | 18,505 | 16,994 | 15,052 | S100UJ22, S100WDPU, S100YJXV |
| Share capital | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 | S100R1LO, S100UJ22, S100WDPU, S100YJXV |
| Trade receivables | — | 7,601 | 7,366 | 7,903 | 7,908 | S100UJ22, S100WDPU, S100YJXV |
| Property, plant and equipment | — | 22,702 | 24,261 | 22,928 | 20,736 | S100UJ22, S100WDPU, S100YJXV |
| Intangible assets excluding goodwill | — | 732 | 801 | 768 | 704 | S100UJ22, S100WDPU, S100YJXV |
| Investment securities | — | 2,473 | 3,901 | 1,508 | 1,751 | S100UJ22, S100WDPU, S100YJXV |
| Current assets | — | 20,276 | 19,858 | 21,363 | 22,405 | S100UJ22, S100WDPU, S100YJXV |
| Current liabilities | — | 21,670 | 21,954 | 21,422 | 21,972 | S100UJ22, S100WDPU, S100YJXV |
| Trade payables | — | 2,806 | 2,962 | 2,749 | 3,023 | S100UJ22, S100WDPU, S100YJXV |
| Short-term borrowings | — | 10,356 | 10,248 | 10,058 | 8,228 | S100UJ22, S100WDPU, S100YJXV |
| Long-term borrowings | — | 3,952 | 4,788 | 5,118 | 5,440 | S100UJ22, S100WDPU, S100YJXV |
| Total liabilities | — | 30,929 | 31,691 | 30,841 | 31,326 | S100UJ22, S100WDPU, S100YJXV |
| Non-controlling interests | — | 2,741 | 2,863 | 2,897 | 704 | S100UJ22, S100WDPU, S100YJXV |
| Equity attributable to owners of parent | — | 12,019 | 11,242 | 10,960 | 9,736 | S100UJ22, S100WDPU, S100YJXV |
| Retained earnings | — | 8,126 | 7,532 | 7,198 | 4,697 | S100UJ22, S100WDPU, S100YJXV |
| Treasury stock | — | -31 | -214 | -162 | -162 | S100UJ22, S100WDPU, S100YJXV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJXV |
| Receivables | 17% | S100YJXV |
| Property, plant and equipment | 45% | S100YJXV |
| Intangibles and goodwill | 1% | S100YJXV |
| Investment securities | 4% | S100YJXV |
| Other assets | 21% | S100YJXV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJXV |
| Other liabilities | 61% | S100YJXV |
| Equity | 32% | S100YJXV |

### 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 | 51,053 | 48,234 | 50,196 | 47,835 | 46,378 |
| Equity | 20,029 | 17,305 | 18,505 | 16,994 | 15,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,630 | 4,247 | 3,865 | 4,119 | 5,538 |

## 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) | 44.9% | S100YJXV |
| Fixed assets ÷ total assets | 44.7% | S100YJXV |
| Goodwill ÷ parent equity | — | —, S100YJXV |

### 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) | 11.9% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 398.1% |
| Cash vs. profit gap | 7,174 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 4.0% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 4.0% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 49.1% |

## 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 | 0.5% | 0.76× | 0.4% | 2.55× | 1.0% | S100R1LO, S100UJ22 |
| 2023 | — | —× | -5.5% | —× | — | S100UJ22 |
| 2024 | — | —× | -1.2% | —× | — | S100WDPU |
| 2025 | — | —× | -0.4% | —× | — | S100YJXV |
| 2026 | — | —× | -5.1% | —× | — | S100YJXV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 21.5% | 2026-03-31 |
| ファインシンター従業員持株会 | Major shareholder | 8.6% | 2026-03-31 |
| カヤバ株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 千住金属工業株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 池口 史子 | Major shareholder | 1.8% | 2026-03-31 |
| 小島 伸介 | Major shareholder | 1.4% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ファインシンター取引先持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社アイシン | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YJXV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJXV,, |
| 訂正有価証券報告書－第76期(2024/04/01－2025/03/31) | S100WDPU | 2025-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDPU,, |
| 訂正有価証券報告書－第75期(2023/04/01－2024/03/31) | S100UJ22 | 2024-10-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UJ22,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R1LO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1LO,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OF65 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF65,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LLOK | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOK,, |

## 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).