# FUTABA CORPORATION: 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83期(2025/04/01－2026/03/31) (S100YK0D)
> Page: https://vizora.meequs.com/en/company/futaba
> Retrieved: 2026-09-30T18:04:26.038Z

## Company

Futaba, founded in 1948, is a company in Machine Tools listed on TSE Prime. It has 2,384 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUTABA CORPORATION |
| Ticker | 6986 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6986.T) |
| Listing | TSE Prime |
| Head office | 千葉県茂原市大芝629番地 |
| Representative (per filing) | 代表取締役 社長執行役員 有馬 資明 |
| Founded | Feb 1948 |
| Share capital | ¥22.6B |
| Employees (consolidated) | 2,384 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.futaba.co.jp (https://www.futaba.co.jp/) |
| Corporate number | 9040001059420 |
| EDINET | E01841 |
| Industries (Vizora) | Machine Tools, Electronic Components |

> Profile source: annual securities report (S100YK0D, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.4 | 34 |
| Profitability | 1.5 | 34 |
| Efficiency | 13.2 | 34 |

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 64% of Futaba's sales come from Machinery and Tooling, with Electric Systems making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -10.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥43B |  |
| Operating income | -¥2.28B | Margin -5.3% |
| Net income | ¥2.52B | Margin 5.9% |
| Free cash flow | ¥808M |  |
| Largest business | Machinery and Tooling | of segment revenue 64.2% |
| Employees (consolidated) | 2,384 |  |
| EPS | ¥-6.54 |  |
| Book value per share | ¥1367.87 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 42,426,739 |  |
| Treasury shares | 11,600 |  |
| Shareholders | 12,895 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 65.8% |
| Vs. industry median margin | -12.4 pp | Machine Tools |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48826000000 | ¥42982000000 | -12.0% |
| Operating income | ¥-3517000000 | ¥-2280000000 | — |
| Operating margin | -7.2% | -5.3% | +1.9 pp |
| Employees | 4,111 people | 2,384 people | -42.0% |
| Cash and equivalents | ¥25667000000 | ¥28281000000 | +10.2% |

### 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 |
| --- | ---: |
| 電子デバイス関連 → 事業再編・廃止 | 42.1% |
| 生産器材 → 生産器材 | 57.9% |
| 新設・再編 → 電子機器 | 35.8% |
| 新設・再編 → 生産器材 | 6.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,982 | 100.0% | S100YK0D |
| Cost of revenue | 36,058 | 83.9% | S100YK0D |
| Gross profit | 6,923 | 16.1% | S100YK0D |
| SG&A | 9,204 | 21.4% | S100YK0D |
| Operating income | -2,280 | -5.3% | S100YK0D |
| Ordinary income | -683 | -1.6% | S100YK0D |
| Pretax income | 2,929 | 6.8% | S100YK0D |
| Income tax | 374 | 0.9% | S100YK0D |
| Net income | 2,555 | 5.9% | S100YK0D |
| Net income attributable to owners | 2,522 | 5.9% | S100YK0D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 21 |
| Operating income | -5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 16.1% → Operating margin -5.3% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,116 | 42,982 | -5,134 | -10.7% |
| Gross profit | 8,868 | 6,923 | -1,945 | -21.9% |
| Operating income | -1,292 | -2,280 | -988 | — |
| Net income attributable to owners | -281 | 2,522 | 2,803 | — |
| Operating cash flow | 4,624 | 1,770 | -2,854 | -61.7% |
| Free cash flow | 3,460 | 808 | -2,652 | -76.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,209 | -3,698 | -6.5% | -10,118 | 1,516 | -331 | S100LTPO |
| FY ending Mar 2021 | 48,826 | -3,517 | -7.2% | -5,430 | -508 | -2,510 | S100PJJ7 |
| FY ending Mar 2022 | 53,450 | -1,863 | -3.5% | -2,668 | -6,071 | -9,331 | S100R9S8 |
| FY ending Mar 2023 | 60,326 | -2,387 | -4.0% | -3,499 | -5,829 | -8,344 | S100UDJR |
| FY ending Mar 2024 | 56,360 | -1,141 | -2.0% | -1,854 | 1,529 | 234 | S100W5NX |
| FY ending Mar 2025 | 48,116 | -1,292 | -2.7% | -281 | 4,624 | 3,460 | S100YK0D |
| FY ending Mar 2026 | 42,982 | -2,280 | -5.3% | 2,522 | 1,770 | 808 | S100YK0D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18M |
| Operating income per employee (consolidated) | -¥956.4K |
| Net income per employee (consolidated) | ¥1.1M |

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) | 4,006 | 3,823 | 2,997 | 2,534 | 2,384 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.5M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 44.4 years | 44.4 years | 43.4 years | 43.7 years | 43.9 years |
| Average tenure (parent company) | 21.9 years | 21.6 years | 20.5 years | 20.6 years | 20.5 years |

Year over year: Employees (consolidated) -5.9% · Revenue (consolidated) -10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric Systems | 15,386 | 35.8% | -1,322 | -8.6% |
| Machinery and Tooling | 27,595 | 64.2% | -959 | -3.5% |

### 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 | Margin |
| --- | ---: | ---: |
| Electric Systems | 35.8% | -8.6% |
| Machinery and Tooling | 64.2% | -3.5% |

Loss-making segment (excluded from profit shares): Electric Systems -1,322 JPY mn

Loss-making segment (excluded from profit shares): Machinery and Tooling -959 JPY mn

Segment → industry: Machinery and Tooling → Machine Tools / Electric Systems → Electronic Components

## 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 | 1,770 | 4.1% | S100YK0D |
| Capital expenditure | 962 | 2.2% | S100YK0D |
| Free cash flow | 808 | 1.9% | 算出 |
| Investing cash flow | 2,443 | 5.7% | S100YK0D |
| Financing cash flow | -833 | -1.9% | S100YK0D |
| Dividends paid | 425 | 1.0% | S100YK0D |
| Share buyback | 0 | 0.0% | S100YK0D |
| Change in cash | 4,670 | 10.9% | S100YK0D |
| Cash and equivalents | 28,281 | 65.8% | S100YK0D |

## 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 | 20,582 | 15,523 | 21,317 | 23,610 | 28,281 | S100UDJR, S100W5NX, S100YK0D |
| Total assets | 100,435 | 98,118 | 104,263 | 101,090 | 108,884 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Net assets | 86,788 | 85,210 | 90,529 | 88,312 | 95,200 | S100UDJR, S100W5NX, S100YK0D |
| Share capital | 22,558 | 22,558 | 22,558 | 22,558 | 22,558 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Trade receivables | 14,552 | 15,194 | 15,105 | 11,655 | 11,536 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Property, plant and equipment | 17,868 | 18,335 | 18,405 | 16,745 | 16,837 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Intangible assets excluding goodwill | 688 | 675 | 659 | 645 | 497 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Goodwill | 45 | 13 | — | — | — | S100R9S8, S100UDJR |
| Investment securities | 7,902 | 9,772 | 12,777 | 13,343 | 17,333 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Current assets | 68,163 | 62,118 | 62,128 | 58,955 | 62,075 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Current liabilities | 10,190 | 9,099 | 8,223 | 6,534 | 6,312 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Trade payables | 3,720 | 3,534 | 2,325 | 1,909 | 2,103 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Short-term borrowings | 436 | 328 | 132 | 94 | — | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Total liabilities | 13,646 | 12,907 | 13,733 | 12,778 | 13,684 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Non-controlling interests | 11,177 | 11,423 | 12,318 | 11,144 | 11,406 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Equity attributable to owners of parent | 72,654 | 68,263 | 65,899 | 65,404 | 67,503 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Retained earnings | 28,556 | 24,166 | 22,312 | 21,818 | 23,917 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |
| Treasury stock | -16 | -16 | -16 | -17 | -17 | S100R9S8, S100UDJR, S100W5NX, S100YK0D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YK0D |
| Receivables | 11% | S100YK0D |
| Property, plant and equipment | 15% | S100YK0D |
| Intangibles and goodwill | 0% | S100YK0D |
| Investment securities | 16% | S100YK0D |
| Other assets | 32% | S100YK0D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YK0D |
| Other liabilities | 11% | S100YK0D |
| Equity | 87% | S100YK0D |

### 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 | 100,435 | 98,118 | 104,263 | 101,090 | 108,884 |
| Equity | 86,788 | 85,210 | 90,529 | 88,312 | 95,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,582 | 15,523 | 21,317 | 23,610 | 28,281 |

## 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) | 39.2% | S100YK0D |
| Fixed assets ÷ total assets | 15.5% | S100YK0D |
| Goodwill ÷ parent equity | — | —, S100YK0D |

### 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) | 26.0% |
| Cash ÷ revenue | 65.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -752 JPY mn (of net income -29.8%) |
| Shareholder returns / net income | 16.9% |
| Shareholder returns / FCF | 52.6% |
| Shareholder payments — dividends / net income | 16.9% |
| Shareholder payments — dividends / FCF | 52.6% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 138.0% |

## 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 | — | —× | -2.7% | —× | — | S100R9S8 |
| 2023 | — | —× | -3.5% | —× | — | S100UDJR |
| 2024 | — | —× | -1.8% | —× | — | S100W5NX |
| 2025 | — | —× | -0.3% | —× | — | S100YK0D |
| 2026 | 5.9% | 0.41× | 2.4% | 1.58× | 3.8% | S100YK0D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 10.2% | 2026-03-31 |
| 公益財団法人双葉電子記念財団 | Major shareholder | 7.7% | 2026-03-31 |
| 吉田 嘉明 | Major shareholder | 4.7% | 2026-03-31 |
| 川崎 まり | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 4.4% | 2026-03-31 |
| NORTHERN TRUST CO．(AVFC) RE USL NON-TREATY CLIENTS ACCOUNT CEO MICHAEL O'GRADY (常任代理人 香港上海銀行東京支店) | Major shareholder | 4.1% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND MANAGING DIRECTOR GEORGE W LONG (常任代理人 立花証券株式会社) | Major shareholder | 3.0% | 2026-03-31 |
| 細矢 晴江 | Major shareholder | 2.6% | 2026-03-31 |
| 桜田 恵美子 | Major shareholder | 2.5% | 2026-03-31 |
| NORTHERN TRUST CO．(AVFC) RE US 10PCT CLIENTS LENDING (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YK0D | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK0D,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W5NX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5NX,, |
| 訂正有価証券報告書－第81期(2023/04/01－2024/03/31) | S100UDJR | 2024-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDJR,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R9S8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9S8,, |
| 訂正有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100PJJ7 | 2022-11-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PJJ7,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LTPO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTPO,, |

## 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).