# GMB 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64期(2025/04/01－2026/03/31) (S100YE26)
> Page: https://vizora.meequs.com/en/company/gmb
> Retrieved: 2026-09-30T22:08:10.235Z

## Company

GMB, founded in 1962, is a company in Auto Parts listed on TSE Standard. It has 2,499 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMB CORPORATION |
| Ticker | 7214 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7214.T) |
| Listing | TSE Standard |
| Head office | 奈良県磯城郡川西町大字吐田150番地3 |
| Representative (per filing) | 代表取締役社長 松岡 祐吉 |
| Founded | May 1962 |
| Share capital | ¥894.6M |
| Employees (consolidated) | 2,499 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.gmb.jp (https://www.gmb.jp/) |
| Corporate number | 2150001011467 |
| EDINET | E02247 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YE26, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95 | 110 |
| Profitability | 27.5 | 111 |
| Cash conversion | 3.2 | 108 |
| Efficiency | 77 | 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 64% of GMB's sales come from KOREA, with JAPAN and CHINA making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +70.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥105.3B |  |
| Operating income | ¥3.32B | Margin 3.2% |
| Net income | -¥1.04B | Margin -1.0% |
| Free cash flow | -¥2.54B |  |
| Largest business | KOREA | of segment revenue 64.2% |
| Employees (consolidated) | 2,499 |  |
| EPS | ¥-469.21 |  |
| Book value per share | ¥899.26 |  |
| Equity ratio | 23.7% |  |
| Shares outstanding | 5,328,444 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 4,058 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 6.5% |
| Vs. industry median margin | -1.6 pp | Auto Parts |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57409828000 | ¥105280570000 | +83.4% |
| Operating income | ¥-83381000 | ¥3320530000 | — |
| Operating margin | -0.1% | 3.2% | +3.3 pp |
| Employees | 2,685 people | 2,499 people | -6.9% |
| Cash and equivalents | ¥6292447000 | ¥6815966000 | +8.3% |

### 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 | 16.7% |
| 日本 → 事業再編・廃止 | 3.9% |
| 米国 → 米国 | 5.4% |
| 米国 → 事業再編・廃止 | 5.3% |
| 韓国 → 韓国 | 58.0% |
| 中国 → 中国 | 6.2% |
| タイ → タイ | 0.8% |
| 欧州 → 欧州 | 3.7% |
| 豪州 → 豪州 | 0.0% |
| 新設・再編 → 韓国 | 6.2% |
| 新設・再編 → 中国 | 1.1% |
| 新設・再編 → タイ | 0.4% |
| 新設・再編 → 欧州 | 0.6% |
| 新設・再編 → 豪州 | 0.5% |
| 新設・再編 → インド | 0.4% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| KOREA | 5 years | +15.1% | ¥67530332000 | 4.3% | 2 |
| JAPAN | 5 years | +8.2% | ¥17611313000 | 2.9% | 2 |
| CHINA | 5 years | +16.7% | ¥7745800000 | 12.1% | 2 |
| AMERICA | 5 years | -1.6% | ¥5635679000 | -15.2% | 2 |
| EUROPE | 5 years | +16.1% | ¥4479445000 | 1.6% | 2 |
| THAILAND | 5 years | +22.7% | ¥1289430000 | 12.6% | 2 |
| OCEANIA | 5 years | +90.8% | ¥538303000 | -2.5% | 2 |
| INDIA | — | — | ¥375510000 | -37.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,281 | 100.0% | S100YE26 |
| Cost of revenue | 85,877 | 81.6% | S100YE26 |
| Gross profit | 19,404 | 18.4% | S100YE26 |
| SG&A | 16,083 | 15.3% | S100YE26 |
| Operating income | 3,321 | 3.2% | S100YE26 |
| Ordinary income | 2,948 | 2.8% | S100YE26 |
| Pretax income | 995 | 0.9% | S100YE26 |
| Income tax | 1,513 | 1.4% | S100YE26 |
| Net income | -518 | -0.5% | S100YE26 |
| Net income attributable to owners | -1,035 | -1.0% | S100YE26 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 18.4% → Operating margin 3.2% → Net margin -1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +70.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 46.88×
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 | 103,712 | 105,281 | 1,568 | +1.5% |
| Gross profit | 18,109 | 19,404 | 1,294 | +7.1% |
| Operating income | 1,943 | 3,321 | 1,377 | +70.9% |
| Net income attributable to owners | 592 | -1,035 | -1,628 | -274.8% |
| Operating cash flow | 6,834 | 1,405 | -5,428 | -79.4% |
| Free cash flow | 607 | -2,545 | -3,152 | -519.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,224 | -70 | -0.1% | -910 | 4,382 | 109 | S100LKYF |
| FY ending Mar 2021 | 57,410 | -83 | -0.1% | -315 | 2,775 | 162 | S100OH4W |
| FY ending Mar 2022 | 71,407 | 1,149 | 1.6% | 660 | -959 | -4,594 | S100R4BC |
| FY ending Mar 2023 | 87,170 | 2,142 | 2.5% | 1,213 | 3,420 | -123 | S100TQG0 |
| FY ending Mar 2024 | 96,292 | 1,631 | 1.7% | 409 | 2,154 | -2,770 | S100W77A |
| FY ending Mar 2025 | 103,712 | 1,943 | 1.9% | 592 | 6,834 | 607 | S100YE26 |
| FY ending Mar 2026 | 105,281 | 3,321 | 3.2% | -1,035 | 1,405 | -2,545 | S100YE26 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.1M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | -¥414.4K |

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) | 2,731 | 2,619 | 2,543 | 2,494 | 2,499 |
| Average salary (parent company) | ¥4.9M | ¥5.4M | ¥6M | ¥6.1M | ¥6M |
| Average age (parent company) | 42.1 years | 42.3 years | 41.7 years | 41.9 years | 42.0 years |
| Average tenure (parent company) | 18.5 years | 18.6 years | 17.4 years | 17.4 years | 17.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 17,611 | 16.7% | 508 | 2.9% |
| AMERICA | 5,636 | 5.4% | -854 | -15.2% |
| KOREA | 67,530 | 64.2% | 2,883 | 4.3% |
| CHINA | 7,746 | 7.4% | 940 | 12.1% |
| THAILAND | 1,289 | 1.2% | 162 | 12.6% |
| EUROPE | 4,479 | 4.3% | 73 | 1.6% |
| OCEANIA | 538 | 0.5% | -14 | -2.5% |
| INDIA | 376 | 0.4% | -141 | -37.6% |

### 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 | 16.7% | 11.1% | -5.6 | 2.9% |
| AMERICA | 5.4% | — | — | -15.2% |
| KOREA | 64.2% | 63.1% | -1.0 | 4.3% |
| CHINA | 7.4% | 20.6% | 13.2 | 12.1% |
| THAILAND | 1.2% | 3.6% | 2.3 | 12.6% |
| EUROPE | 4.3% | 1.6% | -2.7 | 1.6% |
| OCEANIA | 0.5% | — | — | -2.5% |
| INDIA | 0.4% | — | — | -37.6% |

Loss-making segment (excluded from profit shares): AMERICA -854 JPY mn

Loss-making segment (excluded from profit shares): OCEANIA -14 JPY mn

Loss-making segment (excluded from profit shares): INDIA -141 JPY mn

Segment → industry: JAPAN → Auto Parts / AMERICA → Auto Parts / KOREA → Auto Parts / CHINA → Auto Parts / THAILAND → Auto Parts / EUROPE → Auto Parts / OCEANIA → Auto Parts / INDIA → 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 | 1,405 | 1.3% | S100YE26 |
| Capital expenditure | 3,950 | 3.8% | S100YE26 |
| Free cash flow | -2,545 | -2.4% | 算出 |
| Investing cash flow | -3,592 | -3.4% | S100YE26 |
| Financing cash flow | 3,139 | 3.0% | S100YE26 |
| Dividends paid | 213 | 0.2% | S100YE26 |
| Change in cash | 1,323 | 1.3% | S100YE26 |
| Cash and equivalents | 6,816 | 6.5% | S100YE26 |

## 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 | 4,967 | 6,349 | 3,988 | 5,493 | 6,816 | S100TQG0, S100W77A, S100YE26 |
| Total assets | 70,423 | 79,243 | 85,114 | 88,549 | 96,154 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Net assets | 29,780 | 32,006 | 33,282 | 33,980 | 34,284 | S100TQG0, S100W77A, S100YE26 |
| Share capital | 863 | 870 | 879 | 887 | 895 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Trade receivables | 15,254 | 17,620 | 20,461 | 21,804 | 25,595 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Property, plant and equipment | 24,697 | 26,297 | 28,315 | 31,465 | 32,015 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Intangible assets excluding goodwill | 388 | 508 | 509 | 424 | 329 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Investment securities | 614 | 731 | 822 | 997 | 1,037 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Current assets | 42,947 | 49,818 | 53,423 | 53,919 | 61,015 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Current liabilities | 32,957 | 39,726 | 43,922 | 47,762 | 52,904 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Trade payables | 7,981 | 10,961 | 12,186 | 12,895 | 12,792 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Short-term borrowings | 17,410 | 20,772 | 23,524 | 24,580 | 31,233 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Long-term borrowings | 2,940 | 2,107 | 2,321 | 3,170 | 3,995 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Bonds | 1,800 | 2,804 | 2,612 | — | — | S100R4BC, S100TQG0, S100W77A |
| Interest-bearing debt | 22,150 | 25,683 | 28,457 | — | — | 算出 |
| Total liabilities | 40,643 | 47,237 | 51,832 | 54,569 | 61,870 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Non-controlling interests | 8,634 | 9,936 | 10,436 | 10,867 | 11,492 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Equity attributable to owners of parent | 19,430 | 19,428 | 19,721 | 20,144 | 18,911 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Retained earnings | 17,533 | 17,518 | 17,794 | 18,201 | 16,953 | S100R4BC, S100TQG0, S100W77A, S100YE26 |
| Treasury stock | -2 | -2 | -3 | -3 | -3 | S100R4BC, S100TQG0, S100W77A, S100YE26 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YE26 |
| Receivables | 27% | S100YE26 |
| Property, plant and equipment | 33% | S100YE26 |
| Intangibles and goodwill | 0% | S100YE26 |
| Investment securities | 1% | S100YE26 |
| Other assets | 32% | S100YE26 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YE26 |
| Other liabilities | 51% | S100YE26 |
| Equity | 36% | S100YE26 |
| Other liabilities | 0% | S100YE26 |

### 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 | 70,423 | 79,243 | 85,114 | 88,549 | 96,154 |
| Equity | 29,780 | 32,006 | 33,282 | 33,980 | 34,284 |
| Interest-bearing debt | 22,150 | 25,683 | 28,457 | — | — |
| Cash | 4,967 | 6,349 | 3,988 | 5,493 | 6,816 |

## 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) | 30.4% | S100YE26 |
| Fixed assets ÷ total assets | 33.3% | S100YE26 |
| Goodwill ÷ parent equity | — | —, S100YE26 |

### 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) | 7.1% |
| Cash ÷ revenue | 6.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.3% |
| Cash vs. profit gap | 2,441 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 255.6% |

## 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 | 0.9% | 1.01× | 0.9% | 3.62× | 3.4% | S100R4BC |
| 2023 | 1.4% | 1.16× | 1.6% | 3.85× | 6.2% | S100TQG0 |
| 2024 | 0.4% | 1.17× | 0.5% | 4.20× | 2.1% | S100W77A |
| 2025 | 0.6% | 1.19× | 0.7% | 4.36× | 3.0% | S100YE26 |
| 2026 | — | —× | -1.1% | —× | — | S100YE26 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松岡 信夫 | Major shareholder | 18.5% | 2026-03-31 |
| 松岡 栄子 | Major shareholder | 4.4% | 2026-03-31 |
| 松岡 祐吉 | Major shareholder | 2.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.5% | 2026-03-31 |
| 金本 順子 | Major shareholder | 2.3% | 2026-03-31 |
| GMB従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 庄司 聖吾 | Major shareholder | 2.0% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.6% | 2026-03-31 |
| 具 綾子 | Major shareholder | 1.6% | 2026-03-31 |
| 丸茂 りた | Major shareholder | 1.6% | 2026-03-31 |
| 松岡 清美 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YE26 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE26,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W77A | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W77A,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TQG0 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQG0,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R4BC | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4BC,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100OH4W | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH4W,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LKYF | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKYF,, |

## 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).