# Godo Steel,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120期(2025/04/01－2026/03/31) (S100YCUF)
> Page: https://vizora.meequs.com/en/company/godo-steel
> Retrieved: 2026-09-30T20:00:00.731Z

## Company

Godo Steel, founded in 1937, is a company in Steel listed on TSE Prime. It has 2,168 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Godo Steel,Ltd. |
| Ticker | 5410 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5410.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田三丁目2番2号 |
| Representative (per filing) | 代表取締役社長 美濃部慎次 |
| Founded | Dec 1937 |
| Share capital | ¥34.9B |
| Employees (consolidated) | 2,168 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.godo-steel.co.jp (https://www.godo-steel.co.jp/) |
| Corporate number | 6120001049614 |
| EDINET | E01235 |
| Industries (Vizora) | Steel, Livestock, Feed & Fertilizer |

> Profile source: annual securities report (S100YCUF, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.9 | 33 |
| Profitability | 64.3 | 35 |
| Cash conversion | 72.6 | 31 |
| Efficiency | 58.6 | 35 |
| Financial strength | 50 | 3 |

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 91% of Godo Steel's sales come from Metal, with Agricultural materials and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -6.5% from the prior year, operating profit -28.6%.

## Company structure

- Segment revenue mix: Metal 90.9%、Agricultural materials 6.6%、Other 2.5%
- Revenue → net income: ¥191772000000 → ¥8065000000
- Net income → operating cash flow: ¥8065000000 → ¥21429000000（difference ¥13364000000）
- Main uses of operating cash flow: CapEx ¥8988000000 / dividends ¥3509000000 / buybacks ¥3000000
- Change in cash: ¥-1896000000
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 | ¥191.8B |  |
| Operating income | ¥9.81B | Margin 5.1% |
| Net income | ¥8.05B | Margin 4.2% |
| Free cash flow | ¥12.4B |  |
| Largest business | Metal | of segment revenue 90.9% |
| Employees (consolidated) | 2,168 |  |
| EPS | ¥334.53 |  |
| Book value per share | ¥6800.76 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 17,145,000 |  |
| Treasury shares | 2,521,500 |  |
| Shareholders | 11,995 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 10.4% | Net cash -¥27.5B · Cash ÷ revenue 13.8% |
| Vs. industry median margin | +1.6 pp | Steel |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥152785000000 | ¥191772000000 | +25.5% |
| Operating income | ¥4987000000 | ¥9813000000 | +96.8% |
| Operating margin | 3.3% | 5.1% | +1.9 pp |
| Employees | 2,028 people | 2,168 people | +6.9% |
| Cash and equivalents | ¥14449000000 | ¥26504000000 | +83.4% |

### 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 |
| --- | ---: |
| 鉄鋼事業 → 鉄鋼事業 | 90.2% |
| 農業資材事業 → 農業資材事業 | 6.6% |
| 農業資材事業 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 2.0% |
| 新設・再編 → 鉄鋼事業 | 0.7% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal | 5 years | +4.8% | ¥174307000000 | 5.9% | 2 |
| Agricultural materials | 5 years | +1.3% | ¥12716000000 | 2.2% | 2 |
| Other | 5 years | +9.6% | ¥4748000000 | 11.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 191,772 | 100.0% | S100YCUF |
| Cost of revenue | 159,019 | 82.9% | S100YCUF |
| Gross profit | 32,752 | 17.1% | S100YCUF |
| SG&A | 22,939 | 12.0% | S100YCUF |
| Operating income | 9,813 | 5.1% | S100YCUF |
| Ordinary income | 11,089 | 5.8% | S100YCUF |
| Pretax income | 11,225 | 5.9% | S100YCUF |
| Income tax | 3,160 | 1.6% | S100YCUF |
| Net income | 8,065 | 4.2% | S100YCUF |
| Net income attributable to owners | 8,051 | 4.2% | S100YCUF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.1% → Operating margin 5.1% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.5%; Core profit growth: -28.6%
Operating leverage (core profit growth ÷ revenue growth): 4.38×
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 | 205,199 | 191,772 | -13,427 | -6.5% |
| Gross profit | 36,240 | 32,752 | -3,488 | -9.6% |
| Operating income | 13,749 | 9,813 | -3,936 | -28.6% |
| Net income attributable to owners | 11,322 | 8,051 | -3,271 | -28.9% |
| Operating cash flow | 19,138 | 21,429 | 2,291 | +12.0% |
| Free cash flow | 12,913 | 12,441 | -472 | -3.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 168,042 | 9,125 | 5.4% | 7,443 | 16,178 | 10,349 | S100LK4M |
| FY ending Mar 2021 | 152,785 | 4,987 | 3.3% | 4,987 | 6,811 | 1,490 | S100O8NP |
| FY ending Mar 2022 | 204,201 | -2,697 | -1.3% | -1,112 | -2,131 | -7,939 | S100QXHM |
| FY ending Mar 2023 | 235,387 | 13,907 | 5.9% | 12,508 | 6,708 | 1,480 | S100TK3X |
| FY ending Mar 2024 | 222,850 | 17,850 | 8.0% | 15,193 | 17,839 | 12,460 | S100VY6F |
| FY ending Mar 2025 | 205,199 | 13,749 | 6.7% | 11,322 | 19,138 | 12,913 | S100YCUF |
| FY ending Mar 2026 | 191,772 | 9,813 | 5.1% | 8,051 | 21,429 | 12,441 | S100YCUF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.5M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 2,041 | 2,071 | 2,108 | 2,101 | 2,168 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥7.3M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 38.5 years | 39.2 years | 39.8 years | 40.6 years | 40.6 years |
| Average tenure (parent company) | 16.7 years | 17.2 years | 17.6 years | 18.0 years | 18.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) -6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal | 174,307 | 90.9% | 10,289 | 5.9% |
| Agricultural materials | 12,716 | 6.6% | 275 | 2.2% |
| Other | 4,748 | 2.5% | 539 | 11.4% |

### 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 |
| --- | ---: |
| Metal | 90.9% |
| Agricultural materials | 6.6% |
| Other | 2.5% |

Segment → industry: Metal → Steel / Agricultural materials → Livestock, Feed & Fertilizer

## 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 | 21,429 | 11.2% | S100YCUF |
| Capital expenditure | 8,988 | 4.7% | S100YCUF |
| Free cash flow | 12,441 | 6.5% | 算出 |
| Investing cash flow | -9,592 | -5.0% | S100YCUF |
| Financing cash flow | -13,734 | -7.2% | S100YCUF |
| Dividends paid | 3,509 | 1.8% | S100YCUF |
| Share buyback | 3 | 0.0% | S100YCUF |
| Change in cash | -1,896 | -1.0% | S100YCUF |
| Cash and equivalents | 26,504 | 13.8% | S100YCUF |

## 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 | 16,605 | 21,947 | 24,387 | 28,400 | 26,504 | S100TK3X, S100VY6F, S100YCUF |
| Total assets | 223,377 | 253,552 | 270,813 | 254,159 | 255,507 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Net assets | 99,049 | 112,370 | 128,611 | 134,749 | 144,249 | S100TK3X, S100VY6F, S100YCUF |
| Share capital | 34,896 | 34,896 | 34,896 | 34,896 | 34,896 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Trade receivables | 44,346 | 56,543 | 68,053 | 54,385 | 48,486 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Inventories | 45,485 | 56,483 | 51,719 | 46,220 | 44,367 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Property, plant and equipment | 87,262 | 87,566 | 89,346 | 90,695 | 94,872 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Intangible assets excluding goodwill | 4,184 | 4,208 | 3,916 | 3,387 | 3,138 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Goodwill | 3,239 | 2,777 | 2,314 | 1,851 | 1,388 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Investment securities | 18,305 | 20,746 | 28,834 | 26,730 | 33,496 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Current assets | 108,888 | 135,771 | 145,009 | 129,800 | 120,357 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Current liabilities | 81,122 | 96,926 | 94,858 | 73,373 | 66,437 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Trade payables | 30,026 | 35,758 | 39,652 | 26,015 | 27,833 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Short-term borrowings | 41,627 | 45,102 | 37,555 | 33,165 | 26,283 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Long-term borrowings | 29,690 | 30,672 | 27,250 | 25,930 | 17,723 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Bonds | 210 | 90 | 5,000 | 5,000 | 10,000 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Interest-bearing debt | 71,527 | 75,864 | 69,805 | 64,095 | 54,006 | 算出 |
| Total liabilities | 124,327 | 141,181 | 142,201 | 119,410 | 111,257 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Non-controlling interests | 390 | 409 | 433 | 449 | 460 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Equity attributable to owners of parent | 91,360 | 103,136 | 114,083 | 121,926 | 126,464 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Retained earnings | 48,750 | 60,527 | 71,480 | 79,326 | 83,867 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |
| Treasury stock | -4,716 | -4,718 | -4,724 | -4,726 | -4,730 | S100QXHM, S100TK3X, S100VY6F, S100YCUF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YCUF |
| Receivables | 19% | S100YCUF |
| Inventories | 17% | S100YCUF |
| Property, plant and equipment | 37% | S100YCUF |
| Intangibles and goodwill | 2% | S100YCUF |
| Investment securities | 13% | S100YCUF |
| Other assets | 1% | S100YCUF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YCUF |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 12% | S100YCUF |
| Equity | 56% | S100YCUF |
| Other liabilities | 0% | S100YCUF |

### 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 | 223,377 | 253,552 | 270,813 | 254,159 | 255,507 |
| Equity | 99,049 | 112,370 | 128,611 | 134,749 | 144,249 |
| Interest-bearing debt | 71,527 | 75,864 | 69,805 | 64,095 | 54,006 |
| Cash | 16,605 | 21,947 | 24,387 | 28,400 | 26,504 |

## 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) | 49.5% | S100YCUF |
| Fixed assets ÷ total assets | 37.1% | S100YCUF |
| Goodwill ÷ parent equity | 1.1% | S100YCUF |

Goodwill over 4 years: 3,239 → 1,388 JPY; total investing cash flow: -30,327 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) | 10.4% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | -¥27.5B |
| Net debt ÷ operating cash flow | 1.28× |
| Cash conversion (operating CF ÷ operating income) | 218.4% |
| Cash vs. profit gap | 13,378 JPY mn (of net income 166.2%) |
| Shareholder returns / net income | 43.6% |
| Shareholder returns / FCF | 28.2% |
| Shareholder payments — dividends / net income | 43.6% |
| Shareholder payments — dividends / FCF | 28.2% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 44.8% |

## 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 | — | —× | -0.5% | —× | — | S100QXHM |
| 2023 | 5.3% | 0.99× | 5.2% | 2.45× | 12.9% | S100TK3X |
| 2024 | 6.8% | 0.85× | 5.8% | 2.41× | 14.0% | S100VY6F |
| 2025 | 5.5% | 0.78× | 4.3% | 2.22× | 9.6% | S100YCUF |
| 2026 | 4.2% | 0.75× | 3.2% | 2.05× | 6.5% | S100YCUF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄㈱ | Major shareholder | 17.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 7.5% | 2026-03-31 |
| 合鐵取引先持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 共英製鋼㈱ | Major shareholder | 3.5% | 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 | 2.4% | 2026-03-31 |
| ㈱みずほ銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| 東京鐵鋼㈱ | Major shareholder | 1.8% | 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 | 1.6% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 1.4% | 2026-03-31 |
| 合同製鐵グループ社員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YCUF | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCUF,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100VY6F | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY6F,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TK3X | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TK3X,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100QXHM | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXHM,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100O8NP | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8NP,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LK4M | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK4M,, |

## 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).