# FUKOKU CO.,LTD.: 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73期(2025/04/01－2026/03/31) (S100YG75)
> Page: https://vizora.meequs.com/en/company/fukoku
> Retrieved: 2026-09-30T17:49:12.679Z

## Company

Fukoku, founded in 1953, is a company in Auto Parts listed on TSE Prime. It has 4,401 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fukoku Co.,Ltd. |
| Ticker | 5185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5185.T) |
| Listing | TSE Prime |
| Head office | 埼玉県上尾市菅谷三丁目105番地 |
| Representative (per filing) | 代表取締役社長 大城 郁男 |
| Founded | Dec 1953 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 4,401 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.fukoku-rubber.co.jp (https://www.fukoku-rubber.co.jp/) |
| Corporate number | 5030001044311 |
| EDINET | E01113 |
| Industries (Vizora) | Auto Parts, Tires & Rubber, Medical Devices |

> Profile source: annual securities report (S100YG75, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 14 |
| Profitability | 10.7 | 14 |
| Cash conversion | 89.3 | 14 |
| Efficiency | 96.4 | 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 47% of Fukoku's sales come from Functional Parts, with Anti-Vibration and Hose making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -19.4%.

## Company structure

- Segment revenue mix: Functional Parts 46.6%、Anti-Vibration 42.0%、Hose 5.8%、Metalworking 4.4%、Life Science 1.2%
- Revenue → net income: ¥90025000000 → ¥1441000000
- Net income → operating cash flow: ¥1441000000 → ¥8044000000（difference ¥6603000000）
- Main uses of operating cash flow: CapEx ¥5636000000 / dividends ¥1289000000 / buybacks ¥3163000000
- Change in cash: ¥1958000000
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 | ¥90B |  |
| Operating income | ¥3.81B | Margin 4.2% |
| Net income | ¥1.14B | Margin 1.3% |
| Free cash flow | ¥2.41B |  |
| Largest business | Functional Parts | of segment revenue 46.6% |
| Employees (consolidated) | 4,401 |  |
| EPS | ¥-32.46 |  |
| Book value per share | ¥1145.39 |  |
| Equity ratio | 50.0% |  |
| Shares outstanding | 15,909,130 |  |
| Treasury shares | 1,686,700 |  |
| Shareholders | 21,103 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | -0.5 pp | Auto Parts |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.0× net income
- FY2026, buybacks were 2.5× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63214000000 | ¥90025000000 | +42.4% |
| Operating income | ¥693000000 | ¥3806000000 | +449.2% |
| Operating margin | 1.1% | 4.2% | +3.1 pp |
| Employees | 4,893 people | 4,401 people | -10.1% |
| Cash and equivalents | ¥8668000000 | ¥13940000000 | +60.8% |

### 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 |
| --- | ---: |
| 機能品 → 機能品 | 43.7% |
| 防振 → 防振 | 37.6% |
| 金属加工 → 金属加工 | 4.4% |
| 金属加工 → 事業再編・廃止 | 4.3% |
| 産業機器 → 事業再編・廃止 | 4.6% |
| ホース → ホース | 5.4% |
| 新設・再編 → 機能品 | 2.9% |
| 新設・再編 → 防振 | 4.4% |
| 新設・再編 → ライフサイエンス | 1.2% |
| 新設・再編 → ホース | 0.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional Parts | 5 years | +8.7% | ¥41944000000 | 11.1% | 2 |
| Anti-Vibration | 5 years | +9.7% | ¥37815000000 | 7.1% | 2 |
| Hose | 5 years | +8.9% | ¥5262000000 | 8.0% | 2 |
| Metalworking | 5 years | -6.3% | ¥3961000000 | -5.1% | 2 |
| Life Science | 2 years | +14.4% | ¥1041000000 | 24.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 90,025 | 100.0% | S100YG75 |
| Cost of revenue | 72,930 | 81.0% | S100YG75 |
| Gross profit | 17,094 | 19.0% | S100YG75 |
| SG&A | 13,288 | 14.8% | S100YG75 |
| Operating income | 3,806 | 4.2% | S100YG75 |
| Ordinary income | 3,864 | 4.3% | S100YG75 |
| Pretax income | 2,946 | 3.3% | S100YG75 |
| Income tax | 1,505 | 1.7% | S100YG75 |
| Net income | 1,441 | 1.6% | S100YG75 |
| Net income attributable to owners | 1,144 | 1.3% | S100YG75 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 15 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 19.0% → Operating margin 4.2% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -19.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -47.22×
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 | 89,657 | 90,025 | 368 | +0.4% |
| Gross profit | 17,016 | 17,094 | 78 | +0.5% |
| Operating income | 4,721 | 3,806 | -915 | -19.4% |
| Net income attributable to owners | 2,931 | 1,144 | -1,787 | -61.0% |
| Operating cash flow | 6,631 | 8,044 | 1,413 | +21.3% |
| Free cash flow | 515 | 2,408 | 1,893 | +367.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 74,839 | 878 | 1.2% | 309 | 4,389 | -2,123 | S100LTLN |
| FY ending Mar 2021 | 63,214 | 693 | 1.1% | 1,254 | 4,754 | 366 | S100OI86 |
| FY ending Mar 2022 | 71,504 | 1,749 | 2.4% | 2,084 | 5,344 | 2,448 | S100R6M3 |
| FY ending Mar 2023 | 82,318 | 2,010 | 2.4% | 2,135 | 3,515 | -1,143 | S100TTPS |
| FY ending Mar 2024 | 88,847 | 3,646 | 4.1% | 3,050 | 8,843 | 4,362 | S100W2HO |
| FY ending Mar 2025 | 89,657 | 4,721 | 5.3% | 2,931 | 6,631 | 515 | S100YG75 |
| FY ending Mar 2026 | 90,025 | 3,806 | 4.2% | 1,144 | 8,044 | 2,408 | S100YG75 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.5M |
| Operating income per employee (consolidated) | ¥864.8K |
| Net income per employee (consolidated) | ¥259.9K |

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) | 4,732 | 4,577 | 4,594 | 4,523 | 4,401 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.9M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 43.3 years | 43.9 years | 44.0 years | 44.2 years | 44.3 years |
| Average tenure (parent company) | 13.8 years | 14.6 years | 14.6 years | 15.1 years | 15.6 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional Parts | 41,944 | 46.6% | 4,640 | 11.1% |
| Anti-Vibration | 37,815 | 42.0% | 2,694 | 7.1% |
| Life Science | 1,041 | 1.2% | 257 | 24.7% |
| Metalworking | 3,961 | 4.4% | -201 | -5.1% |
| Hose | 5,262 | 5.8% | 420 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional Parts | 46.6% | 57.9% | 11.3 | 11.1% |
| Anti-Vibration | 42.0% | 33.6% | -8.4 | 7.1% |
| Life Science | 1.2% | 3.2% | 2.1 | 24.7% |
| Metalworking | 4.4% | — | — | -5.1% |
| Hose | 5.8% | 5.2% | -0.6 | 8.0% |

Loss-making segment (excluded from profit shares): Metalworking -201 JPY mn

Segment → industry: Functional Parts → Auto Parts / Functional Parts → Tires & Rubber / Anti-Vibration → Auto Parts / Anti-Vibration → Tires & Rubber / Life Science → Medical Devices / Metalworking → Auto Parts / Hose → Auto Parts / Hose → 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 | 8,044 | 8.9% | S100YG75 |
| Capital expenditure | 5,636 | 6.3% | S100YG75 |
| Free cash flow | 2,408 | 2.7% | 算出 |
| Investing cash flow | -5,384 | -6.0% | S100YG75 |
| Financing cash flow | -814 | -0.9% | S100YG75 |
| Dividends paid | 1,289 | 1.4% | S100YG75 |
| Share buyback | 3,163 | 3.5% | S100YG75 |
| Change in cash | 1,958 | 2.2% | S100YG75 |
| Cash and equivalents | 13,940 | 15.5% | S100YG75 |

## 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 | 8,782 | 9,478 | 11,399 | 11,981 | 13,940 | S100TTPS, S100W2HO, S100YG75 |
| Total assets | 65,039 | 71,530 | 76,033 | 79,402 | 81,686 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Net assets | 34,377 | 37,952 | 42,010 | 45,936 | 43,805 | S100TTPS, S100W2HO, S100YG75 |
| Share capital | 1,395 | 1,395 | 1,395 | 1,395 | 1,395 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Property, plant and equipment | 24,753 | 25,896 | 26,695 | 29,000 | 28,823 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Intangible assets excluding goodwill | 878 | 1,406 | 1,675 | 1,903 | 1,986 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Investment securities | 734 | 824 | 1,030 | 1,259 | 1,366 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Current assets | 37,744 | 42,528 | 45,718 | 45,597 | 48,043 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Current liabilities | 22,792 | 26,345 | 26,885 | 24,239 | 24,791 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Trade payables | 4,741 | 5,459 | 5,373 | 5,226 | 5,587 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Short-term borrowings | 5,644 | 7,598 | 7,130 | 6,880 | 7,058 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Long-term borrowings | 3,143 | 3,178 | 2,759 | 3,712 | 6,944 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Total liabilities | 30,662 | 33,577 | 34,023 | 33,465 | 37,881 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Non-controlling interests | 2,152 | 2,333 | 2,472 | 2,662 | 2,935 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Equity attributable to owners of parent | 31,106 | 32,534 | 34,780 | 36,592 | 33,296 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Retained earnings | 29,554 | 30,969 | 33,206 | 35,009 | 32,653 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |
| Treasury stock | -1,416 | -1,403 | -1,397 | -1,393 | -2,266 | S100R6M3, S100TTPS, S100W2HO, S100YG75 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YG75 |
| Property, plant and equipment | 35% | S100YG75 |
| Intangibles and goodwill | 2% | S100YG75 |
| Investment securities | 2% | S100YG75 |
| Other assets | 44% | S100YG75 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YG75 |
| Other liabilities | 39% | S100YG75 |
| Equity | 54% | S100YG75 |

### 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 | 65,039 | 71,530 | 76,033 | 79,402 | 81,686 |
| Equity | 34,377 | 37,952 | 42,010 | 45,936 | 43,805 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,782 | 9,478 | 11,399 | 11,981 | 13,940 |

## 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) | 32.0% | S100YG75 |
| Fixed assets ÷ total assets | 35.3% | S100YG75 |
| Goodwill ÷ parent equity | — | —, S100YG75 |

### 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) | 17.1% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.4% |
| Cash vs. profit gap | 6,900 JPY mn (of net income 603.1%) |
| Shareholder returns / net income | 389.2% |
| Shareholder returns / FCF | 184.9% |
| Shareholder payments — dividends / net income | 112.7% |
| Shareholder payments — dividends / FCF | 53.5% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 66.9% |

## 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 | 2.9% | 1.10× | 3.2% | 2.09× | 6.7% | S100R6M3 |
| 2023 | 2.6% | 1.21× | 3.1% | 2.15× | 6.7% | S100TTPS |
| 2024 | 3.4% | 1.20× | 4.1% | 2.19× | 9.1% | S100W2HO |
| 2025 | 3.3% | 1.15× | 3.8% | 2.18× | 8.2% | S100YG75 |
| 2026 | 1.3% | 1.12× | 1.4% | 2.30× | 3.3% | S100YG75 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 11.9% | 2026-03-31 |
| 渡邉 まり | Major shareholder | 5.0% | 2026-03-31 |
| ㈱日本カストディ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| ＫＡＷＡＭＯＴＯ ＣＭＫ㈱ | Major shareholder | 4.0% | 2026-03-31 |
| 河本 次郎 | Major shareholder | 3.3% | 2026-03-31 |
| 河本 太郎 | Major shareholder | 3.3% | 2026-03-31 |
| ㈱ＭＷホールディングス | Major shareholder | 2.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| フコク従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ（常任代理人 三田証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YG75 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG75,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W2HO | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HO,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TTPS | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTPS,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R6M3 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6M3,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OI86 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI86,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LTLN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTLN,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 河北富躍鉄路装備有限公司 | Co-development | 鉄道用ゴム部品の製造技術の供与（フコクが供与） | S100YG75 |
| 南京富国勃朗峰橡膠有限公司 | Co-development | 鉄道用ゴム部品の製造技術の供与（フコクが供与） | S100YG75 |

## 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).