# FURUKAWA 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159期(2025/04/01－2026/03/31) (S100YIDC)
> Page: https://vizora.meequs.com/en/company/furukawa
> Retrieved: 2026-09-30T17:50:03.472Z

## Company

Furukawa, founded in 1918, is a company in Industrial Machinery listed on TSE Prime. It has 2,883 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FURUKAWA CO., LTD. |
| Ticker | 5715 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5715.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目6番4号 |
| Representative (per filing) | 代表取締役社長 中戸川 稔 |
| Founded | Apr 1918 |
| Share capital | ¥28.2B |
| Employees (consolidated) | 2,883 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.furukawakk.co.jp (https://www.furukawakk.co.jp/) |
| Corporate number | 7010001008803 |
| EDINET | E00032 |
| Industries (Vizora) | Industrial Machinery, Construction & Farm Machinery, Non-ferrous Metals & Wires, Semiconductor Materials, Electronic Components, Chemicals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIDC, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18 | 25 |
| Profitability | 44.2 | 26 |
| Cash conversion | 30 | 25 |
| Efficiency | 27.8 | 27 |
| Financial strength | 58.3 | 6 |

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 49% of Furukawa's sales come from Metals, with Rockdrill Machinery and UNIC Machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Metals 48.8%、Rockdrill Machinery 17.3%、UNIC Machinery 14.0%、Industrial Machinery 8.7%、Chemicals 4.9%
- Revenue → net income: ¥211081000000 → ¥12929000000
- Net income → operating cash flow: ¥12929000000 → ¥3409000000（difference ¥-9520000000）
- Main uses of operating cash flow: CapEx ¥4868000000 / dividends ¥2402000000 / buybacks ¥8070000000
- Change in cash: ¥-4039000000
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 | ¥211.1B |  |
| Operating income | ¥11.3B | Margin 5.4% |
| Net income | ¥12.8B | Margin 6.1% |
| Free cash flow | -¥1.46B |  |
| Largest business | Metals | of segment revenue 48.8% |
| Employees (consolidated) | 2,883 |  |
| EPS | ¥155.25 |  |
| Book value per share | ¥2687.25 |  |
| Equity ratio | 54.1% |  |
| Shares outstanding | 32,545,000 |  |
| Treasury shares | 113,800 |  |
| Shareholders | 23,336 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 7.5% | Net cash -¥37B · Cash ÷ revenue 9.6% |
| Vs. industry median margin | -0.2 pp | Non-ferrous Metals & Wires |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.4× dividends
- FY2026, employees -1% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥159702000000 | ¥211081000000 | +32.2% |
| Operating income | ¥5592000000 | ¥11299000000 | +102.1% |
| Operating margin | 3.5% | 5.4% | +1.9 pp |
| Employees | 2,752 people | 2,883 people | +4.8% |
| Cash and equivalents | ¥17748000000 | ¥20352000000 | +14.7% |

### 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 |
| --- | ---: |
| 産業機械 → 産業機械 | 8.7% |
| 産業機械 → 事業再編・廃止 | 1.8% |
| ロックドリル → ロックドリル | 15.1% |
| ユニック → ユニック | 14.0% |
| ユニック → 事業再編・廃止 | 3.4% |
| 金属 → 金属 | 47.6% |
| 電子 → 電子 | 3.3% |
| 電子 → 事業再編・廃止 | 0.3% |
| 化成品 → 化成品 | 4.0% |
| 不動産 → 不動産 | 1.1% |
| 不動産 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.5% |
| 新設・再編 → ロックドリル | 2.1% |
| 新設・再編 → 金属 | 1.2% |
| 新設・再編 → 化成品 | 0.9% |
| 新設・再編 → その他 | 1.5% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metals | 5 years | +6.3% | ¥103067000000 | 3.7% | 2 |
| Rockdrill Machinery | 5 years | +8.6% | ¥36424000000 | 7.8% | 2 |
| UNIC Machinery | 5 years | +1.2% | ¥29563000000 | 4.3% | 2 |
| Industrial Machinery | 5 years | +1.8% | ¥18268000000 | 9.0% | 2 |
| Chemicals | 5 years | +10.2% | ¥10359000000 | 8.1% | 2 |
| Electronic Materials | 5 years | +3.9% | ¥6953000000 | 5.2% | 2 |
| Other | 5 years | +41.0% | ¥4215000000 | 1.1% | 2 |
| Real Estate | 5 years | +1.1% | ¥2228000000 | 31.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 211,081 | 100.0% | S100YIDC |
| Cost of revenue | 178,876 | 84.7% | S100YIDC |
| Gross profit | 32,204 | 15.3% | S100YIDC |
| SG&A | 20,905 | 9.9% | S100YIDC |
| Operating income | 11,299 | 5.4% | S100YIDC |
| Ordinary income | 13,733 | 6.5% | S100YIDC |
| Pretax income | 18,603 | 8.8% | S100YIDC |
| Income tax | 5,673 | 2.7% | S100YIDC |
| Net income | 12,929 | 6.1% | S100YIDC |
| Net income attributable to owners | 12,777 | 6.1% | S100YIDC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 15.3% → Operating margin 5.4% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.21×
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 | 201,216 | 211,081 | 9,865 | +4.9% |
| Gross profit | 29,556 | 32,204 | 2,648 | +9.0% |
| Operating income | 9,763 | 11,299 | 1,536 | +15.7% |
| Net income attributable to owners | 18,619 | 12,777 | -5,842 | -31.4% |
| Operating cash flow | 5 | 3,409 | 3,404 | +68080.0% |
| Free cash flow | -7,659 | -1,459 | 6,200 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 165,215 | 8,693 | 5.3% | 4,431 | 8,400 | 2,280 | S100LQX5 |
| FY ending Mar 2021 | 159,702 | 5,592 | 3.5% | 7,468 | 6,042 | 2,639 | S100ODJS |
| FY ending Mar 2022 | 199,097 | 7,734 | 3.9% | 6,477 | 8,768 | 3,261 | S100R4IO |
| FY ending Mar 2023 | 214,190 | 9,031 | 4.2% | 6,211 | 6,148 | 2,787 | S100TTWP |
| FY ending Mar 2024 | 188,255 | 8,524 | 4.5% | 16,097 | 10,492 | 4,087 | S100W4TJ |
| FY ending Mar 2025 | 201,216 | 9,763 | 4.9% | 18,619 | 5 | -7,659 | S100YIDC |
| FY ending Mar 2026 | 211,081 | 11,299 | 5.4% | 12,777 | 3,409 | -1,459 | S100YIDC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.2M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 2,804 | 2,831 | 2,855 | 2,908 | 2,883 |
| Average salary (parent company) | ¥7.8M | ¥8M | ¥8M | ¥8.2M | ¥8.5M |
| Average age (parent company) | 45.0 years | 45.0 years | 45.0 years | 45.0 years | 46.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 18.0 years | 18.0 years | 19.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Machinery | 18,268 | 8.7% | 1,646 | 9.0% |
| Rockdrill Machinery | 36,424 | 17.3% | 2,851 | 7.8% |
| UNIC Machinery | 29,563 | 14.0% | 1,273 | 4.3% |
| Metals | 103,067 | 48.8% | 3,790 | 3.7% |
| Electronic Materials | 6,953 | 3.3% | 365 | 5.2% |
| Chemicals | 10,359 | 4.9% | 837 | 8.1% |
| Real Estate | 2,228 | 1.1% | 693 | 31.1% |
| Other | 4,215 | 2.0% | 48 | 1.1% |

### 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 Machinery | 8.7% | 14.3% | 5.7 | 9.0% |
| Rockdrill Machinery | 17.3% | 24.8% | 7.5 | 7.8% |
| UNIC Machinery | 14.0% | 11.1% | -2.9 | 4.3% |
| Metals | 48.8% | 32.9% | -15.9 | 3.7% |
| Electronic Materials | 3.3% | 3.2% | -0.1 | 5.2% |
| Chemicals | 4.9% | 7.3% | 2.4 | 8.1% |
| Real Estate | 1.1% | 6.0% | 5.0 | 31.1% |
| Other | 2.0% | 0.4% | -1.6 | 1.1% |

Segment → industry: Industrial Machinery → Industrial Machinery / Rockdrill Machinery → Construction & Farm Machinery / UNIC Machinery → Construction & Farm Machinery / Metals → Non-ferrous Metals & Wires / Electronic Materials → Semiconductor Materials / Electronic Materials → Electronic Components / Chemicals → Chemicals / Real Estate → Real Estate Development & Leasing

## 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 | 3,409 | 1.6% | S100YIDC |
| Capital expenditure | 4,868 | 2.3% | S100YIDC |
| Free cash flow | -1,459 | -0.7% | 算出 |
| Investing cash flow | 2,122 | 1.0% | S100YIDC |
| Financing cash flow | -9,662 | -4.6% | S100YIDC |
| Dividends paid | 2,402 | 1.1% | S100YIDC |
| Share buyback | 8,070 | 3.8% | S100YIDC |
| Change in cash | -4,039 | -1.9% | S100YIDC |
| Cash and equivalents | 20,352 | 9.6% | S100YIDC |

## 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 | 14,468 | 13,606 | 18,193 | 24,391 | 20,352 | S100TTWP, S100W4TJ, S100YIDC |
| Total assets | 229,727 | 232,745 | 259,878 | 257,107 | 272,376 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Net assets | 100,075 | 106,050 | 133,272 | 133,572 | 150,201 | S100TTWP, S100W4TJ, S100YIDC |
| Share capital | 28,208 | 28,208 | 28,208 | 28,208 | 28,208 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Property, plant and equipment | 90,976 | 90,981 | 92,045 | 94,796 | 95,991 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Intangible assets excluding goodwill | 376 | 317 | 342 | 329 | 357 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Goodwill | 33 | 25 | 39 | 27 | 16 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Investment securities | 35,860 | 34,711 | 47,383 | 19,903 | 41,051 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Current assets | 96,238 | 99,882 | 99,636 | 116,759 | 115,267 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Current liabilities | 59,859 | 63,111 | 51,669 | 53,114 | 47,041 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Trade payables | 15,916 | 14,397 | 14,267 | 13,982 | 14,764 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Short-term borrowings | 13,504 | 16,607 | 6,558 | 4,306 | 11,008 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Long-term borrowings | 52,166 | 46,240 | 46,831 | 46,728 | 41,314 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Bonds | — | — | 5,000 | 5,000 | 5,000 | S100W4TJ, S100YIDC |
| Interest-bearing debt | — | — | 58,389 | 56,034 | 57,322 | 算出 |
| Total liabilities | 129,652 | 126,695 | 126,605 | 123,534 | 122,174 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Non-controlling interests | 2,821 | 3,103 | 3,365 | 2,763 | 2,967 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Equity attributable to owners of parent | 80,570 | 83,971 | 96,549 | 108,655 | 111,246 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Retained earnings | 54,557 | 58,847 | 73,046 | 82,385 | 83,312 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |
| Treasury stock | -2,197 | -3,086 | -4,707 | -1,940 | -275 | S100R4IO, S100TTWP, S100W4TJ, S100YIDC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YIDC |
| Property, plant and equipment | 35% | S100YIDC |
| Intangibles and goodwill | 0% | S100YIDC |
| Investment securities | 15% | S100YIDC |
| Other assets | 42% | S100YIDC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIDC |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 18% | S100YIDC |
| Equity | 55% | S100YIDC |
| Other liabilities | 0% | S100YIDC |

### 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 | 229,727 | 232,745 | 259,878 | 257,107 | 272,376 |
| Equity | 100,075 | 106,050 | 133,272 | 133,572 | 150,201 |
| Interest-bearing debt | — | — | 58,389 | 56,034 | 57,322 |
| Cash | 14,468 | 13,606 | 18,193 | 24,391 | 20,352 |

## 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) | 45.5% | S100YIDC |
| Fixed assets ÷ total assets | 35.2% | S100YIDC |
| Goodwill ÷ parent equity | 0.0% | S100YIDC |

Goodwill over 4 years: 33 → 16 JPY; total investing cash flow: 11,661 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) | 7.5% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | -¥37B |
| Net debt ÷ operating cash flow | 10.84× |
| Cash conversion (operating CF ÷ operating income) | 30.2% |
| Cash vs. profit gap | -9,368 JPY mn (of net income -73.3%) |
| Shareholder returns / net income | 82.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 62.2% |

## 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 | 3.3% | 0.87× | 2.8% | 2.85× | 8.0% | S100R4IO |
| 2023 | 2.9% | 0.93× | 2.7% | 2.81× | 7.5% | S100TTWP |
| 2024 | 8.6% | 0.76× | 6.5% | 2.73× | 17.8% | S100W4TJ |
| 2025 | 9.3% | 0.78× | 7.2% | 2.52× | 18.1% | S100YIDC |
| 2026 | 6.1% | 0.80× | 4.8% | 2.41× | 11.6% | S100YIDC |

## 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 | 10.3% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 7.3% | 2026-03-31 |
| 清和綜合建物株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社川嶋 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社三光 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 茜会 | Major shareholder | 2.2% | 2026-03-31 |
| 中央日本土地建物株式会社 | 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 | 2.1% | 2026-03-31 |
| 株式会社ADEKA | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第159期(2025/04/01－2026/03/31) | S100YIDC | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDC,, |
| 有価証券報告書－第158期(2024/04/01－2025/03/31) | S100W4TJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4TJ,, |
| 有価証券報告書－第157期(2023/04/01－2024/03/31) | S100TTWP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTWP,, |
| 有価証券報告書－第156期(2022/04/01－2023/03/31) | S100R4IO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4IO,, |
| 有価証券報告書－第155期(令和3年4月1日－令和4年3月31日) | S100ODJS | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODJS,, |
| 有価証券報告書－第154期(令和2年4月1日－令和3年3月31日) | S100LQX5 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQX5,, |

## 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).