# FUTABA INDUSTRIAL 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112期(2025/04/01－2026/03/31) (S100YCHA)
> Page: https://vizora.meequs.com/en/company/futaba-industrial
> Retrieved: 2026-09-30T21:37:32.897Z

## Company

Futaba Industrial, founded in 1935, is a company in Auto Parts listed on TSE Prime. It has 10,104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUTABA INDUSTRIAL CO., LTD. |
| Ticker | 7241 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7241.T) |
| Listing | TSE Prime |
| Head office | 愛知県岡崎市橋目町字御茶屋1番地 |
| Representative (per filing) | 代表取締役社長 魚住吉博 |
| Founded | Mar 1935 |
| Share capital | ¥16.8B |
| Employees (consolidated) | 10,104 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.futabasangyo.com (https://www.futabasangyo.com/) |
| Corporate number | 3180301001916 |
| EDINET | E02195 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YCHA, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.4 | 110 |
| Profitability | 24.8 | 111 |
| Cash conversion | 67.1 | 108 |
| Efficiency | 99.5 | 111 |
| Financial strength | 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 46% of Futaba Industrial's sales come from Japan, with North America and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit +23.3%.

## Company structure

- Segment revenue mix: Japan 45.5%、North America 26.2%、Europe 10.0%、China 9.2%、Asia 9.0%
- Revenue → net income: ¥677919000000 → ¥17207000000
- Net income → operating cash flow: ¥17207000000 → ¥38287000000（difference ¥21080000000）
- Main uses of operating cash flow: CapEx ¥27900000000 / dividends ¥3665000000 / buybacks ¥418000000
- Change in cash: ¥6944000000
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 | ¥677.9B |  |
| Operating income | ¥18.7B | Margin 2.8% |
| Net income | ¥16B | Margin 2.4% |
| Free cash flow | ¥10.4B |  |
| Largest business | Japan | of segment revenue 45.5% |
| Employees (consolidated) | 10,104 |  |
| EPS | ¥123.21 |  |
| Book value per share | ¥1109.67 |  |
| Equity ratio | 41.5% |  |
| Shares outstanding | 89,580,000 |  |
| Treasury shares | 277,700 |  |
| Shareholders | 15,195 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 6.0% | Net cash -¥21.3B · Cash ÷ revenue 3.0% |
| Vs. industry median margin | -2 pp | Auto Parts |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, employees -4% while operating income rose 23%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥466809000000 | ¥677919000000 | +45.2% |
| Operating income | ¥7780000000 | ¥18715000000 | +140.6% |
| Operating margin | 1.7% | 2.8% | +1.1 pp |
| Employees | 10,865 people | 10,104 people | -7.0% |
| Cash and equivalents | ¥9522000000 | ¥20226000000 | +112.4% |

### 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 | 45.5% |
| 日本 → 事業再編・廃止 | 0.4% |
| 北米 → 北米 | 18.9% |
| 欧州 → 欧州 | 7.3% |
| 中国 → 中国 | 9.2% |
| 中国 → 事業再編・廃止 | 8.2% |
| アジア → アジア | 9.0% |
| アジア → 事業再編・廃止 | 1.4% |
| 新設・再編 → 北米 | 7.4% |
| 新設・再編 → 欧州 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.5% | ¥308505000000 | 2.7% | 2 |
| North America | 5 years | +15.1% | ¥177761000000 | 2.1% | 2 |
| Europe | 5 years | +14.9% | ¥68058000000 | 3.2% | 2 |
| China | 5 years | -5.1% | ¥62630000000 | 4.8% | 2 |
| Asia | 5 years | +4.6% | ¥60963000000 | 2.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 677,919 | 100.0% | S100YCHA |
| Cost of revenue | 628,635 | 92.7% | S100YCHA |
| Gross profit | 49,284 | 7.3% | S100YCHA |
| SG&A | 30,569 | 4.5% | S100YCHA |
| Operating income | 18,715 | 2.8% | S100YCHA |
| Ordinary income | 20,840 | 3.1% | S100YCHA |
| Pretax income | 21,299 | 3.1% | S100YCHA |
| Income tax | 4,092 | 0.6% | S100YCHA |
| Net income | 17,207 | 2.5% | S100YCHA |
| Net income attributable to owners | 16,026 | 2.4% | S100YCHA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.3% → Operating margin 2.8% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.1%; Core profit growth: +23.3%
Operating leverage (core profit growth ÷ revenue growth): -5.65×
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 | 707,104 | 677,919 | -29,185 | -4.1% |
| Gross profit | 45,789 | 49,284 | 3,495 | +7.6% |
| Operating income | 15,178 | 18,715 | 3,537 | +23.3% |
| Net income attributable to owners | 6,208 | 16,026 | 9,818 | +158.2% |
| Operating cash flow | 24,785 | 38,287 | 13,502 | +54.5% |
| Free cash flow | -647 | 10,387 | 11,034 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 476,165 | 10,621 | 2.2% | 6,357 | 34,020 | 7,422 | S100LIQU |
| FY ending Mar 2021 | 466,809 | 7,780 | 1.7% | 4,095 | 22,792 | -1,862 | S100ODIK |
| FY ending Mar 2022 | 572,118 | 6,115 | 1.1% | 3,307 | 35,468 | -254 | S100R1J5 |
| FY ending Mar 2023 | 708,072 | 7,681 | 1.1% | 10,576 | 47,743 | 22,943 | S100TZDB |
| FY ending Mar 2024 | 795,802 | 19,213 | 2.4% | 12,831 | 57,370 | 41,648 | S100VZ7J |
| FY ending Mar 2025 | 707,104 | 15,178 | 2.1% | 6,208 | 24,785 | -647 | S100YCHA |
| FY ending Mar 2026 | 677,919 | 18,715 | 2.8% | 16,026 | 38,287 | 10,387 | S100YCHA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.1M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 10,706 | 10,617 | 10,690 | 10,480 | 10,104 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥6.2M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 38.2 years | 38.4 years | 38.5 years | 38.6 years | 38.9 years |
| Average tenure (parent company) | 15.5 years | 15.7 years | 15.7 years | 15.6 years | 16.0 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) -4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 308,505 | 45.5% | 8,338 | 2.7% |
| North America | 177,761 | 26.2% | 3,775 | 2.1% |
| Europe | 68,058 | 10.0% | 2,180 | 3.2% |
| China | 62,630 | 9.2% | 3,027 | 4.8% |
| Asia | 60,963 | 9.0% | 1,267 | 2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 45.5% | 44.9% | -0.6 | 2.7% |
| North America | 26.2% | 20.3% | -5.9 | 2.1% |
| Europe | 10.0% | 11.7% | 1.7 | 3.2% |
| China | 9.2% | 16.3% | 7.0 | 4.8% |
| Asia | 9.0% | 6.8% | -2.2 | 2.1% |

Segment → industry: Asia → Auto Parts / China → Auto Parts / Europe → 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 | 38,287 | 5.6% | S100YCHA |
| Capital expenditure | 27,900 | 4.1% | S100YCHA |
| Free cash flow | 10,387 | 1.5% | 算出 |
| Investing cash flow | -26,429 | -3.9% | S100YCHA |
| Financing cash flow | -6,377 | -0.9% | S100YCHA |
| Dividends paid | 3,665 | 0.5% | S100YCHA |
| Share buyback | 418 | 0.1% | S100YCHA |
| Change in cash | 6,944 | 1.0% | S100YCHA |
| Cash and equivalents | 20,226 | 3.0% | S100YCHA |

## 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 | 6,730 | 10,331 | 24,277 | 13,281 | 20,226 | S100TZDB, S100VZ7J, S100YCHA |
| Total assets | 309,487 | 319,768 | 334,780 | 313,913 | 334,332 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Net assets | 90,014 | 99,747 | 130,901 | 123,165 | 145,851 | S100TZDB, S100VZ7J, S100YCHA |
| Share capital | 16,820 | 16,820 | 16,820 | 16,820 | 16,820 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Trade receivables | 89,219 | 100,906 | 89,572 | — | — | S100R1J5, S100TZDB |
| Property, plant and equipment | 143,416 | 139,235 | 136,167 | 131,454 | 139,048 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Intangible assets excluding goodwill | 1,592 | 1,660 | 1,896 | 1,929 | 1,947 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Investment securities | 17,387 | 16,287 | 26,619 | 20,399 | 24,195 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Current assets | 135,367 | 152,191 | 153,518 | 146,439 | 153,298 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Current liabilities | 145,067 | 147,787 | 137,926 | 138,070 | 138,249 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Trade payables | 73,832 | 96,153 | 86,135 | — | — | S100R1J5, S100TZDB |
| Short-term borrowings | 16,335 | 9,464 | 1,105 | 6,891 | 9,603 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Long-term borrowings | 43,022 | 51,818 | 41,137 | 27,500 | 25,952 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Bonds | 12,000 | 6,000 | 6,000 | 6,000 | 6,000 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Interest-bearing debt | 71,357 | 67,282 | 48,242 | 40,391 | 41,555 | 算出 |
| Total liabilities | 219,473 | 220,021 | 203,878 | 190,747 | 188,481 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Non-controlling interests | 5,794 | 5,675 | 6,523 | 5,545 | 6,966 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Equity attributable to owners of parent | 64,950 | 74,581 | 84,853 | 87,771 | 100,030 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Retained earnings | 38,961 | 48,641 | 58,893 | 61,790 | 74,241 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |
| Treasury stock | -14 | -62 | -46 | -37 | -251 | S100R1J5, S100TZDB, S100VZ7J, S100YCHA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YCHA |
| Property, plant and equipment | 42% | S100YCHA |
| Intangibles and goodwill | 1% | S100YCHA |
| Investment securities | 7% | S100YCHA |
| Other assets | 44% | S100YCHA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 44% | S100YCHA |
| Equity | 44% | S100YCHA |

### 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 | 309,487 | 319,768 | 334,780 | 313,913 | 334,332 |
| Equity | 90,014 | 99,747 | 130,901 | 123,165 | 145,851 |
| Interest-bearing debt | 71,357 | 67,282 | 48,242 | 40,391 | 41,555 |
| Cash | 6,730 | 10,331 | 24,277 | 13,281 | 20,226 |

## 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) | 20.5% | S100YCHA |
| Fixed assets ÷ total assets | 41.6% | S100YCHA |
| Goodwill ÷ parent equity | — | —, S100YCHA |

### 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) | 6.0% |
| Cash ÷ revenue | 3.0% |
| Net cash (cash − interest-bearing debt) | -¥21.3B |
| Net debt ÷ operating cash flow | 0.56× |
| Cash conversion (operating CF ÷ operating income) | 204.6% |
| Cash vs. profit gap | 22,261 JPY mn (of net income 138.9%) |
| Shareholder returns / net income | 25.5% |
| Shareholder returns / FCF | 39.3% |
| Shareholder payments — dividends / net income | 22.9% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 69.0% |

## 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 | 0.6% | 1.85× | 1.1% | 4.77× | 5.1% | S100R1J5 |
| 2023 | 1.5% | 2.25× | 3.4% | 4.51× | 15.2% | S100TZDB |
| 2024 | 1.6% | 2.43× | 3.9% | 4.11× | 16.1% | S100VZ7J |
| 2025 | 0.9% | 2.18× | 1.9% | 3.76× | 7.2% | S100YCHA |
| 2026 | 2.4% | 2.09× | 4.9% | 3.45× | 17.1% | S100YCHA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 31.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 10.0% | 2026-03-31 |
| フタバ協力会持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三井住友銀行 | 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 | 2.9% | 2026-03-31 |
| フタバ従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５２２３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Futaba sold less but kept more. Revenue slipped -4.1% to ¥677.9B, while operating income climbed +23.3% to ¥18.7B.
- Net income jumped +158.2%, from ¥6.21B to ¥16B.
- Cash improved too: free cash flow was ¥10.4B, up from a small outflow the year before.

### Drivers

- Much of the revenue drop is pass-through: lower prices for parts that customers supply for assembly, cheaper steel and other materials, and exchange rates
- Without those pass-through effects, sales actually grew
- Plants ran more efficiently, and Futaba raised prices to cover higher costs

### Risks

- Management calls the world economy uncertain, citing the Middle East, market swings and US policy
- A warranty bill larger than the amount set aside would cut into profit

Cited: Annual Securities Report, 112th term (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YCHA | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCHA,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100VZ7J | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ7J,, |
| 訂正有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TZDB | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZDB,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R1J5 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1J5,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100ODIK | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODIK,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LIQU | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIQU,, |

## 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).