# FUJIKURA COMPOSITES 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147期(2025/04/01－2026/03/31) (S100YJDM)
> Page: https://vizora.meequs.com/en/company/fujikura-composites
> Retrieved: 2026-09-30T23:20:31.961Z

## Company

Fujikura Composites, founded in 1901, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 2,252 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJIKURA COMPOSITES Inc. |
| Ticker | 5121 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5121.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西五反田八丁目4番13号五反田JPビルディング |
| Representative (per filing) | 代表取締役社長執行役員 森田 健司 |
| Founded | Oct 1901 |
| Share capital | ¥3.8B |
| Employees (consolidated) | 2,252 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.fujikuracomposites.jp (https://www.fujikuracomposites.jp/) |
| Corporate number | 5010701008682 |
| EDINET | E01094 |
| Industries (Vizora) | Sporting Goods & Fitness, Tires & Rubber |

> Profile source: annual securities report (S100YJDM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.3 | 14 |
| Profitability | 75 | 14 |
| Cash conversion | 39.3 | 14 |
| Efficiency | 60.7 | 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 58% of Fujikura Composites's sales come from Industrial Goods, with Sporting Goods and Coated Fabrics making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit +4.7%.

## Company structure

- Segment revenue mix: Industrial Goods 58.1%、Sporting Goods 32.1%、Coated Fabrics 9.8%
- Revenue → net income: ¥40238809000 → ¥3987481000
- Net income → operating cash flow: ¥3987481000 → ¥5738655000（difference ¥1751174000）
- Main uses of operating cash flow: CapEx ¥1879917000 / dividends ¥1264037000 / buybacks ¥831029000
- Change in cash: ¥1001106000
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 | ¥40.2B |  |
| Operating income | ¥4.84B | Margin 12.0% |
| Net income | ¥3.99B | Margin 9.9% |
| Free cash flow | ¥3.86B |  |
| Largest business | Industrial Goods | of segment revenue 58.1% |
| Employees (consolidated) | 2,252 |  |
| EPS | ¥222.1 |  |
| Book value per share | ¥1438.54 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 20,074,968 |  |
| Treasury shares | 349,700 |  |
| Shareholders | 13,799 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 29.5% |
| Vs. industry median margin | +4 pp | Tires & Rubber |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, segment profit share differs by 52 points
- FY2026, employees -3% while operating income rose 5%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29275488000 | ¥40238809000 | +37.4% |
| Operating income | ¥1172144000 | ¥4838502000 | +312.8% |
| Operating margin | 4.0% | 12.0% | +8 pp |
| Employees | 2,461 people | 2,252 people | -8.5% |
| Cash and equivalents | ¥5780151000 | ¥11879001000 | +105.5% |

### 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 |
| --- | ---: |
| 産業用資材 → 産業用資材 | 58.1% |
| 産業用資材 → 事業再編・廃止 | 7.7% |
| 引布加工品 → 引布加工品 | 9.8% |
| 引布加工品 → 事業再編・廃止 | 4.8% |
| スポーツ用品 → スポーツ用品 | 19.7% |
| 新設・再編 → スポーツ用品 | 12.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Goods | 5 years | +4.0% | ¥23178035000 | 3.1% | 2 |
| Sporting Goods | 5 years | +17.7% | ¥12822094000 | 36.7% | 2 |
| Coated Fabrics | 5 years | -1.5% | ¥3893092000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,239 | 100.0% | S100YJDM |
| Cost of revenue | 27,709 | 68.9% | S100YJDM |
| Gross profit | 12,530 | 31.1% | S100YJDM |
| SG&A | 7,691 | 19.1% | S100YJDM |
| Operating income | 4,839 | 12.0% | S100YJDM |
| Ordinary income | 5,104 | 12.7% | S100YJDM |
| Pretax income | 5,234 | 13.0% | S100YJDM |
| Income tax | 1,246 | 3.1% | S100YJDM |
| Net income | 3,987 | 9.9% | S100YJDM |
| Net income attributable to owners | 3,987 | 9.9% | S100YJDM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 19 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 31.1% → Operating margin 12.0% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.9%; Core profit growth: +4.7%
Operating leverage (core profit growth ÷ revenue growth): -5.12×
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 | 40,611 | 40,239 | -372 | -0.9% |
| Gross profit | 12,543 | 12,530 | -13 | -0.1% |
| Operating income | 4,622 | 4,839 | 217 | +4.7% |
| Net income attributable to owners | 3,736 | 3,987 | 252 | +6.7% |
| Operating cash flow | 6,877 | 5,739 | -1,138 | -16.6% |
| Free cash flow | 3,033 | 3,859 | 825 | +27.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,999 | 892 | 2.8% | 391 | 2,719 | 805 | S100LUGG |
| FY ending Mar 2021 | 29,275 | 1,172 | 4.0% | 1,183 | 3,130 | 1,704 | S100OJL6 |
| FY ending Mar 2022 | 37,191 | 4,161 | 11.2% | 4,063 | 4,796 | 4,499 | S100RGB5 |
| FY ending Mar 2023 | 40,687 | 4,432 | 10.9% | 3,948 | 2,443 | 1,389 | S100TWN5 |
| FY ending Mar 2024 | 37,785 | 3,625 | 9.6% | 3,252 | 5,272 | 4,319 | S100W5AE |
| FY ending Mar 2025 | 40,611 | 4,622 | 11.4% | 3,736 | 6,877 | 3,033 | S100YJDM |
| FY ending Mar 2026 | 40,239 | 4,839 | 12.0% | 3,987 | 5,739 | 3,859 | S100YJDM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.9M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 2,611 | 2,459 | 2,307 | 2,315 | 2,252 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.8M | ¥5.9M | ¥5.7M |
| Average age (parent company) | 40.2 years | 41.1 years | 41.1 years | 41.6 years | 42.1 years |
| Average tenure (parent company) | 13.4 years | 14.3 years | 14.4 years | 14.9 years | 15.6 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Goods | 23,178 | 58.1% | 727 | 3.1% |
| Coated Fabrics | 3,893 | 9.8% | 165 | 4.2% |
| Sporting Goods | 12,822 | 32.1% | 4,705 | 36.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Goods | 58.1% | 13.0% | -45.1 | 3.1% |
| Coated Fabrics | 9.8% | 2.9% | -6.8 | 4.2% |
| Sporting Goods | 32.1% | 84.1% | 51.9 | 36.7% |

Segment → industry: Sporting Goods → Sporting Goods & Fitness / Coated Fabrics → Tires & Rubber / Industrial Goods → Tires & Rubber

## 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 | 5,739 | 14.3% | S100YJDM |
| Capital expenditure | 1,880 | 4.7% | S100YJDM |
| Free cash flow | 3,859 | 9.6% | 算出 |
| Investing cash flow | -1,902 | -4.7% | S100YJDM |
| Financing cash flow | -2,898 | -7.2% | S100YJDM |
| Dividends paid | 1,264 | 3.1% | S100YJDM |
| Share buyback | 831 | 2.1% | S100YJDM |
| Change in cash | 1,001 | 2.5% | S100YJDM |
| Cash and equivalents | 11,879 | 29.5% | S100YJDM |

## 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 | 6,905 | 7,229 | 10,229 | 10,878 | 11,879 | S100TWN5, S100W5AE, S100YJDM |
| Total assets | 37,751 | 40,374 | 44,076 | 47,828 | 50,690 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Net assets | 27,473 | 33,342 | 36,499 | 34,434 | 38,605 | S100TWN5, S100W5AE, S100YJDM |
| Share capital | 3,804 | 3,804 | 3,804 | 3,804 | 3,804 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Trade receivables | 10,711 | 10,866 | 6,743 | 7,384 | 6,692 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Property, plant and equipment | 11,808 | 11,616 | 11,952 | 13,945 | 13,769 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Intangible assets excluding goodwill | 101 | 110 | 171 | 308 | 452 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Investment securities | 1,218 | 1,451 | 1,889 | 1,810 | 4,560 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Current assets | 23,736 | 26,184 | 28,515 | 29,974 | 29,870 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Current liabilities | 8,636 | 5,200 | 5,383 | 7,924 | 6,246 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Trade payables | 2,806 | 2,649 | 2,321 | — | — | S100RGB5, S100TWN5 |
| Short-term borrowings | 2,759 | 83 | — | 800 | — | S100RGB5, S100TWN5, S100W5AE |
| Long-term borrowings | 86 | 4 | — | 2,800 | 2,000 | S100RGB5, S100TWN5, S100YJDM |
| Total liabilities | 10,278 | 7,032 | 7,577 | 13,394 | 12,086 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Equity attributable to owners of parent | 26,284 | 31,355 | 33,334 | 29,862 | 31,874 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Retained earnings | 21,341 | 24,508 | 26,487 | 28,613 | 27,293 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |
| Treasury stock | -2,074 | -255 | -413 | -6,010 | -2,430 | S100RGB5, S100TWN5, S100W5AE, S100YJDM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YJDM |
| Receivables | 13% | S100YJDM |
| Property, plant and equipment | 27% | S100YJDM |
| Intangibles and goodwill | 1% | S100YJDM |
| Investment securities | 9% | S100YJDM |
| Other assets | 26% | S100YJDM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YJDM |
| Equity | 76% | S100YJDM |
| Other liabilities | 0% | S100YJDM |

### 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 | 37,751 | 40,374 | 44,076 | 47,828 | 50,690 |
| Equity | 27,473 | 33,342 | 36,499 | 34,434 | 38,605 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,905 | 7,229 | 10,229 | 10,878 | 11,879 |

## 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) | 34.2% | S100YJDM |
| Fixed assets ÷ total assets | 27.2% | S100YJDM |
| Goodwill ÷ parent equity | — | —, S100YJDM |

### 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) | 23.4% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.6% |
| Cash vs. profit gap | 1,751 JPY mn (of net income 43.9%) |
| Shareholder returns / net income | 52.5% |
| Shareholder returns / FCF | 54.3% |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 32.8% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 33.1% |

## 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 | 10.9% | 0.99× | 10.8% | 1.44× | 15.5% | S100RGB5 |
| 2023 | 9.7% | 1.04× | 10.1% | 1.36× | 13.7% | S100TWN5 |
| 2024 | 8.6% | 0.89× | 7.7% | 1.31× | 10.1% | S100W5AE |
| 2025 | 9.2% | 0.88× | 8.1% | 1.45× | 11.8% | S100YJDM |
| 2026 | 9.9% | 0.82× | 8.1% | 1.60× | 12.9% | S100YJDM |

## 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 | 9.5% | 2026-03-31 |
| NOMURA PB NOMINESS LIMITED OBNIBUS-MARGIN (CASHPB)（常任代理人 野村證券株式会社） | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社フジクラ | Major shareholder | 5.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ESOP信託口・80014口） | Major shareholder | 4.4% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ（常任代理人 三田証券株式会社） | Major shareholder | 3.9% | 2026-03-31 |
| 藤倉化成株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 藤倉航装株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.5% | 2026-03-31 |
| 藤倉コンポジット従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第147期(2025/04/01－2026/03/31) | S100YJDM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJDM,, |
| 有価証券報告書－第146期(2024/04/01－2025/03/31) | S100W5AE | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5AE,, |
| 有価証券報告書－第145期(2023/04/01－2024/03/31) | S100TWN5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWN5,, |
| 訂正有価証券報告書－第144期(2022/04/01－2023/03/31) | S100RGB5 | 2023-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGB5,, |
| 有価証券報告書 | S100OJL6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJL6,, |
| 有価証券報告書－第142期(令和2年4月1日－令和3年3月31日) | S100LUGG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGG,, |

## 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).