# G-TEKT 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15期(2025/04/01－2026/03/31) (S100YIKX)
> Page: https://vizora.meequs.com/en/company/g-tekt
> Retrieved: 2026-09-30T21:00:53.902Z

## Company

G-Tekt, founded in 1952, is a company in Auto Parts listed on TSE Prime. It has 8,061 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | G-TEKT CORPORATION |
| Ticker | 5970 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5970.T) |
| Listing | TSE Prime |
| Head office | 埼玉県さいたま市大宮区桜木町一丁目11番地20 |
| Representative (per filing) | 代表取締役社長 社長執行役員 高尾 直宏 |
| Founded | Jun 1952 |
| Share capital | ¥4.66B |
| Employees (consolidated) | 8,061 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.g-tekt.jp (https://www.g-tekt.jp/) |
| Corporate number | 9030001023377 |
| EDINET | E02228 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YIKX, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.4 | 110 |
| Profitability | 49.1 | 111 |
| Cash conversion | 74.5 | 108 |
| Efficiency | 41.9 | 111 |

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 38% of G-Tekt's sales come from North America, with Japan and China making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -4.6%.

## Company structure

- Segment revenue mix: North America 38.0%、Japan 17.8%、China 15.9%、Asia 12.0%、Europe 10.9%
- Revenue → net income: ¥333413000000 → ¥14151000000
- Net income → operating cash flow: ¥14151000000 → ¥35053000000（difference ¥20902000000）
- Main uses of operating cash flow: CapEx ¥40991000000 / dividends ¥4119000000 / buybacks —
- Change in cash: ¥6054000000
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 | ¥333.4B |  |
| Operating income | ¥15.6B | Margin 4.7% |
| Net income | ¥13.5B | Margin 4.0% |
| Free cash flow | -¥5.94B |  |
| Largest business | North America | of segment revenue 38.0% |
| Employees (consolidated) | 8,061 |  |
| EPS | ¥235.31 |  |
| Book value per share | ¥2356.63 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 43,931,260 |  |
| Treasury shares | 545,200 |  |
| Shareholders | 25,896 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -0.1 pp | Auto Parts |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209420000000 | ¥333413000000 | +59.2% |
| Operating income | ¥8050000000 | ¥15623000000 | +94.1% |
| Operating margin | 3.8% | 4.7% | +0.8 pp |
| Employees | 8,172 people | 8,061 people | -1.4% |
| Cash and equivalents | ¥25970000000 | ¥37255000000 | +43.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 17.8% |
| 日本 → 事業再編・廃止 | 1.0% |
| 北米 → 北米 | 33.2% |
| 欧州 → 欧州 | 8.3% |
| アジア → アジア | 11.1% |
| 中国 → 中国 | 15.9% |
| 中国 → 事業再編・廃止 | 10.2% |
| 南米 → 南米 | 2.4% |
| 新設・再編 → 北米 | 4.8% |
| 新設・再編 → 欧州 | 2.5% |
| 新設・再編 → アジア | 0.9% |
| 新設・再編 → 南米 | 3.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America | 5 years | +12.7% | ¥126657000000 | 4.3% | 2 |
| Japan | 5 years | +8.5% | ¥59253000000 | 12.4% | 2 |
| China | 5 years | -0.7% | ¥52934000000 | -1.8% | 2 |
| Asia | 5 years | +11.5% | ¥40049000000 | 4.0% | 2 |
| Europe | 5 years | +15.7% | ¥36264000000 | 6.0% | 2 |
| South America | 5 years | +29.0% | ¥18254000000 | 3.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 333,413 | 100.0% | S100YIKX |
| Cost of revenue | 299,105 | 89.7% | S100YIKX |
| Gross profit | 34,307 | 10.3% | S100YIKX |
| SG&A | 18,683 | 5.6% | S100YIKX |
| Operating income | 15,623 | 4.7% | S100YIKX |
| Ordinary income | 18,480 | 5.5% | S100YIKX |
| Pretax income | 19,012 | 5.7% | S100YIKX |
| Income tax | 4,860 | 1.5% | S100YIKX |
| Net income | 14,151 | 4.2% | S100YIKX |
| Net income attributable to owners | 13,455 | 4.0% | S100YIKX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 10.3% → Operating margin 4.7% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -4.6%
Operating leverage (core profit growth ÷ revenue growth): 2.69×
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 | 339,233 | 333,413 | -5,820 | -1.7% |
| Gross profit | 34,237 | 34,307 | 70 | +0.2% |
| Operating income | 16,380 | 15,623 | -757 | -4.6% |
| Net income attributable to owners | 12,440 | 13,455 | 1,015 | +8.2% |
| Operating cash flow | 22,540 | 35,053 | 12,513 | +55.5% |
| Free cash flow | -9,574 | -5,938 | 3,636 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 228,253 | 8,677 | 3.8% | 5,633 | 22,933 | -2,668 | S100LYJX |
| FY ending Mar 2021 | 209,420 | 8,050 | 3.8% | 6,532 | 25,120 | 5,553 | S100OOE0 |
| FY ending Mar 2022 | 236,503 | 10,931 | 4.6% | 8,878 | 14,064 | -3,527 | S100R6SH |
| FY ending Mar 2023 | 314,312 | 12,836 | 4.1% | 10,270 | 37,270 | 19,995 | S100U014 |
| FY ending Mar 2024 | 344,601 | 16,242 | 4.7% | 13,240 | 37,461 | 13,895 | S100W8K7 |
| FY ending Mar 2025 | 339,233 | 16,380 | 4.8% | 12,440 | 22,540 | -9,574 | S100YIKX |
| FY ending Mar 2026 | 333,413 | 15,623 | 4.7% | 13,455 | 35,053 | -5,938 | S100YIKX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 8,122 | 8,227 | 8,330 | 8,162 | 8,061 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 41.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 59,253 | 17.8% | 7,356 | 12.4% |
| North America | 126,657 | 38.0% | 5,402 | 4.3% |
| Europe | 36,264 | 10.9% | 2,183 | 6.0% |
| Asia | 40,049 | 12.0% | 1,606 | 4.0% |
| China | 52,934 | 15.9% | -947 | -1.8% |
| South America | 18,254 | 5.5% | 665 | 3.6% |

### 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 | 17.8% | 42.7% | 25.0 | 12.4% |
| North America | 38.0% | 31.4% | -6.6 | 4.3% |
| Europe | 10.9% | 12.7% | 1.8 | 6.0% |
| Asia | 12.0% | 9.3% | -2.7 | 4.0% |
| China | 15.9% | — | — | -1.8% |
| South America | 5.5% | 3.9% | -1.6 | 3.6% |

Loss-making segment (excluded from profit shares): China -947 JPY mn

Segment → industry: South America → Auto Parts / China → Auto Parts / Asia → 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 | 35,053 | 10.5% | S100YIKX |
| Capital expenditure | 40,991 | 12.3% | S100YIKX |
| Free cash flow | -5,938 | -1.8% | 算出 |
| Investing cash flow | -37,394 | -11.2% | S100YIKX |
| Financing cash flow | 6,105 | 1.8% | S100YIKX |
| Dividends paid | 4,119 | 1.2% | S100YIKX |
| Change in cash | 6,054 | 1.8% | S100YIKX |
| Cash and equivalents | 37,255 | 11.2% | S100YIKX |

## 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 | 35,968 | 40,248 | 32,846 | 31,201 | 37,255 | S100U014, S100W8K7, S100YIKX |
| Total assets | 282,540 | 288,698 | 304,129 | 321,386 | 372,445 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Net assets | 163,924 | 176,695 | 205,393 | 212,357 | 239,443 | S100U014, S100W8K7, S100YIKX |
| Share capital | 4,656 | 4,656 | 4,656 | 4,656 | 4,656 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Trade receivables | 51,230 | 56,670 | 47,195 | 48,187 | 53,380 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Property, plant and equipment | 134,067 | 139,654 | 155,952 | 165,877 | 199,511 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Intangible assets excluding goodwill | 1,416 | 1,200 | 1,233 | 1,303 | 1,945 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Investment securities | 8,518 | 9,429 | 13,196 | 10,986 | 11,715 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Current assets | 136,450 | 136,326 | 132,903 | 141,416 | 155,492 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Current liabilities | 81,165 | 74,239 | 68,534 | 77,375 | 101,939 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Short-term borrowings | 22,247 | 13,848 | 10,969 | 19,605 | 28,524 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Long-term borrowings | 29,019 | 27,405 | 19,648 | 21,935 | 19,353 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Total liabilities | 118,615 | 112,003 | 98,735 | 109,029 | 133,002 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Non-controlling interests | 11,631 | 12,003 | 13,726 | 14,361 | 16,234 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Equity attributable to owners of parent | 130,261 | 138,104 | 148,812 | 157,811 | 167,167 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Retained earnings | 103,677 | 111,475 | 122,069 | 131,508 | 140,842 | S100R6SH, S100U014, S100W8K7, S100YIKX |
| Treasury stock | -1,707 | -1,649 | -1,535 | -1,975 | -1,953 | S100R6SH, S100U014, S100W8K7, S100YIKX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIKX |
| Receivables | 14% | S100YIKX |
| Property, plant and equipment | 54% | S100YIKX |
| Intangibles and goodwill | 1% | S100YIKX |
| Investment securities | 3% | S100YIKX |
| Other assets | 18% | S100YIKX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YIKX |
| Equity | 64% | S100YIKX |

### 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 | 282,540 | 288,698 | 304,129 | 321,386 | 372,445 |
| Equity | 163,924 | 176,695 | 205,393 | 212,357 | 239,443 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,968 | 40,248 | 32,846 | 31,201 | 37,255 |

## 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) | 59.8% | S100YIKX |
| Fixed assets ÷ total assets | 53.6% | S100YIKX |
| Goodwill ÷ parent equity | — | —, S100YIKX |

### 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) | 10.0% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 224.4% |
| Cash vs. profit gap | 21,598 JPY mn (of net income 160.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.3% |
| Investing CF relative to operating CF | 106.7% |

## 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 | 3.8% | 0.84× | 3.1% | 2.17× | 6.8% | S100R6SH |
| 2023 | 3.3% | 1.10× | 3.6% | 2.13× | 7.7% | S100U014 |
| 2024 | 3.8% | 1.16× | 4.5% | 2.07× | 9.2% | S100W8K7 |
| 2025 | 3.7% | 1.08× | 4.0% | 2.04× | 8.1% | S100YIKX |
| 2026 | 4.0% | 0.96× | 3.9% | 2.14× | 8.3% | S100YIKX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業㈱ | Major shareholder | 20.8% | 2026-03-31 |
| 高尾 直宏 | Major shareholder | 8.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.7% | 2026-03-31 |
| 菊池 俊嗣 | Major shareholder | 7.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| MURAKAMI TAKATERU （常任代理人 三田証券㈱） | Major shareholder | 1.3% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 1.2% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥333.4B, down 1.7% from ¥339.2B.
- Operating income slipped 4.6% to ¥15.6B, yet net income grew 8.2% to ¥13.5B.
- Operating cash flow jumped 55.5% to ¥35.1B, but capital spending of ¥41B left free cash flow at -¥5.94B, compared with -¥9.57B a year earlier.

### Drivers

- Sales were held back by chip-shortage production cuts in North America, a cyberattack on a customer that halted output in Europe, a natural disaster that stopped production in South America, and lower volumes in China and Asia
- Operating income fell because of lower sales and higher labor costs driven by inflation
- Foreign exchange gains and government subsidies lifted net income

### Risks

- Honda and its group companies make up a little over half of sales, so their production, sales and purchasing decisions directly affect results
- A shift to EVs could change body structures and cut the number of parts, affecting demand for existing products and the production setup
- Most sales come from overseas subsidiaries, so exchange-rate swings move reported results

Cited: Annual securities report (15th fiscal period) (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); Annual securities report (15th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YIKX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKX,, |
| 訂正有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W8K7 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8K7,, |
| 訂正有価証券報告書－第13期(2023/04/01－2024/03/31) | S100U014 | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U014,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R6SH | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6SH,, |
| 訂正有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OOE0 | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOE0,, |
| 訂正有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LYJX | 2021-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYJX,, |

## 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).