# H-ONE CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/04/01－2026/03/31) (S100YFUA)
> Page: https://vizora.meequs.com/en/company/h-one
> Retrieved: 2026-09-30T19:05:00.512Z

## Company

H-One, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 4,584 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | H-ONE CO.,LTD. |
| Ticker | 5989 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5989.T) |
| Listing | TSE Prime |
| Head office | 埼玉県さいたま市大宮区桜木町一丁目195番地1大宮ソラミチKOZ11階 |
| Representative (per filing) | 代表取締役社長執行役員 真弓世紀 |
| Founded | Apr 1939 |
| Share capital | ¥4.37B |
| Employees (consolidated) | 4,584 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.h1-co.jp (https://www.h1-co.jp/) |
| Corporate number | 3030001011684 |
| EDINET | E02222 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YFUA, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.7 | 110 |
| Profitability | 77 | 111 |
| Cash conversion | 61.6 | 108 |
| Efficiency | 68 | 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 54% of H-One's sales come from North America, with Japan and China making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -8.1% from the prior year, operating profit +23.5%.

## Company structure

- Segment revenue mix: North America 53.7%、Japan 22.1%、China 15.5%、Asia 8.7%
- Revenue → net income: ¥209659000000 → ¥12417000000
- Net income → operating cash flow: ¥12417000000 → ¥28599000000（difference ¥16182000000）
- Main uses of operating cash flow: CapEx ¥25957000000 / dividends ¥1938000000 / buybacks ¥0
- Change in cash: ¥3031000000
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 | ¥209.7B |  |
| Operating income | ¥14.6B | Margin 7.0% |
| Net income | ¥11B | Margin 5.2% |
| Free cash flow | ¥2.64B |  |
| Largest business | North America | of segment revenue 53.7% |
| Employees (consolidated) | 4,584 |  |
| EPS | ¥390.06 |  |
| Diluted EPS | ¥386.55 |  |
| Book value per share | ¥1360.75 |  |
| Equity ratio | 38.7% | Derived from disclosed figures |
| Shares outstanding | 28,392,830 |  |
| Treasury shares | 2,000 |  |
| Shareholders | 13,183 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 10.9% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | +2.2 pp | Auto Parts |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, employees -16% while operating income rose 24%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥163927000000 | ¥209659000000 | +27.9% |
| Operating income | ¥3732000000 | ¥14648000000 | +292.5% |
| Operating margin | 2.3% | 7.0% | +4.7 pp |
| Employees | 7,198 people | 4,584 people | -36.3% |
| Cash and equivalents | ¥3595000000 | ¥22341000000 | +521.4% |

### 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 | 22.1% |
| 日本 → 事業再編・廃止 | 1.0% |
| 北米 → 北米 | 35.1% |
| 中国 → 中国 | 15.5% |
| 中国 → 事業再編・廃止 | 17.3% |
| アジア・大洋州 → 事業再編・廃止 | 9.0% |
| 新設・再編 → 北米 | 18.6% |
| 新設・再編 → アジア | 8.7% |

Segment revenue source references: 8 (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 | +14.4% | ¥112577000000 | 5.2% | 2 |
| Japan | 5 years | +4.1% | ¥46318000000 | 11.0% | 2 |
| China | 5 years | -9.6% | ¥32431000000 | 9.7% | 2 |
| Asia | 2 years | -26.0% | ¥18332000000 | 11.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 209,659 | 100.0% | S100YFUA |
| Cost of revenue | 176,873 | 84.4% | S100YFUA |
| Gross profit | 32,786 | 15.6% | S100YFUA |
| SG&A | 16,351 | 7.8% | S100YFUA |
| Operating income | 14,648 | 7.0% | S100YFUA |
| Pretax income | 15,270 | 7.3% | S100YFUA |
| Income tax | 2,852 | 1.4% | S100YFUA |
| Net income | 12,417 | 5.9% | S100YFUA |
| Net income attributable to owners | 10,974 | 5.2% | S100YFUA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 8 |
| Other operating | 1 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.6% → Operating margin 7.0% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.1%; Core profit growth: +23.5%
Operating leverage (core profit growth ÷ revenue growth): -2.90×
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 | 228,145 | 209,659 | -18,486 | -8.1% |
| Gross profit | 31,705 | 32,786 | 1,081 | +3.4% |
| Operating income | 11,860 | 14,648 | 2,788 | +23.5% |
| Net income attributable to owners | 10,728 | 10,974 | 246 | +2.3% |
| Operating cash flow | 21,079 | 28,599 | 7,520 | +35.7% |
| Free cash flow | 4,855 | 2,642 | -2,213 | -45.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 182,737 | — | — | 6,058 | 18,606 | — | S100LMVZ |
| FY ending Mar 2018 | 201,000 | — | — | 6,197 | 16,925 | — | S100OIFH |
| FY ending Mar 2019 | 196,718 | — | — | 4,071 | 25,492 | — | S100RI87 |
| FY ending Mar 2020 | 182,659 | 3,594 | 2.0% | 1,223 | 15,552 | 1,569 | S100LMVZ |
| FY ending Mar 2021 | 163,927 | 3,732 | 2.3% | 2,838 | 14,576 | 3,570 | S100OIFH |
| FY ending Mar 2022 | 170,588 | -4,046 | -2.4% | -1,390 | 5,713 | -16,671 | S100RI87 |
| FY ending Mar 2023 | 225,511 | -9,270 | -4.1% | -6,993 | 21,962 | 7,655 | S100TTMV |
| FY ending Mar 2024 | 232,730 | -18,826 | -8.1% | -21,656 | 19,494 | 4,627 | S100W6QU |
| FY ending Mar 2025 | 228,145 | 11,860 | 5.2% | 10,728 | 21,079 | 4,855 | S100YFUA |
| FY ending Mar 2026 | 209,659 | 14,648 | 7.0% | 10,974 | 28,599 | 2,642 | S100YFUA |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 6,763 | 6,656 | 6,178 | 5,449 | 4,584 |
| Average salary (parent company) | ¥6.6M | ¥6.5M | ¥6.3M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 44.3 years | 45.0 years | 45.8 years | 45.9 years | 46.6 years |
| Average tenure (parent company) | 20.8 years | 21.6 years | 22.4 years | 22.3 years | 22.9 years |

Year over year: Employees (consolidated) -15.9% · Revenue (consolidated) -8.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 46,318 | 22.1% | 5,074 | 11.0% |
| North America | 112,577 | 53.7% | 5,860 | 5.2% |
| China | 32,431 | 15.5% | 3,143 | 9.7% |
| Asia | 18,332 | 8.7% | 2,138 | 11.7% |

### 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 | 22.1% | 31.3% | 9.2 | 11.0% |
| North America | 53.7% | 36.1% | -17.6 | 5.2% |
| China | 15.5% | 19.4% | 3.9 | 9.7% |
| Asia | 8.7% | 13.2% | 4.4 | 11.7% |

Segment → industry: Asia → Auto Parts / China → 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 28,599 | 13.6% | S100YFUA |
| Capital expenditure | 25,957 | 12.4% | S100YFUA |
| Free cash flow | 2,642 | 1.3% | 算出 |
| Investing cash flow | -23,851 | -11.4% | S100YFUA |
| Financing cash flow | -4,846 | -2.3% | S100YFUA |
| Dividends paid | 1,938 | 0.9% | S100YFUA |
| Share buyback | 0 | 0.0% | S100YFUA |
| Change in cash | 3,031 | 1.4% | S100YFUA |
| Cash and equivalents | 22,341 | 10.7% | S100YFUA |

## 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 | 7,188 | 10,420 | 18,892 | 19,310 | 22,341 | S100TTMV, S100W6QU, S100YFUA |
| Total assets | 193,980 | 187,315 | 181,597 | 178,534 | 205,407 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Net assets | 75,606 | 68,919 | 55,555 | 65,541 | 82,919 | S100TTMV, S100W6QU, S100YFUA |
| Share capital | 4,366 | 4,366 | 4,366 | 4,366 | 4,366 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Property, plant and equipment | 89,866 | 82,851 | 67,628 | 68,599 | 88,656 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Goodwill | 833 | 862 | 424 | 401 | 415 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Current assets | 86,008 | 85,078 | 89,867 | 86,362 | 88,842 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Total liabilities | 118,373 | 118,395 | 126,041 | 112,992 | 122,487 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Equity attributable to owners of parent | 72,919 | 68,582 | 55,181 | 64,000 | 79,391 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Retained earnings | 47,584 | 39,888 | 17,700 | 27,840 | 37,021 | S100RI87, S100TTMV, S100W6QU, S100YFUA |
| Treasury stock | -209 | -327 | -298 | -239 | -173 | S100RI87, S100TTMV, S100W6QU, S100YFUA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YFUA |
| Property, plant and equipment | 43% | S100YFUA |
| Intangibles and goodwill | 0% | — |
| Other assets | 46% | S100YFUA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YFUA |
| Equity | 40% | S100YFUA |
| Other liabilities | 0% | S100YFUA |

### 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 | 193,980 | 187,315 | 181,597 | 178,534 | 205,407 |
| Equity | 75,606 | 68,919 | 55,555 | 65,541 | 82,919 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,188 | 10,420 | 18,892 | 19,310 | 22,341 |

## 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) | 42.3% | S100YFUA |
| Fixed assets ÷ total assets | 43.2% | S100YFUA |
| Goodwill ÷ parent equity | 0.5% | S100YFUA |

Goodwill over 4 years: 833 → 415 JPY; total investing cash flow: -84,720 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) | 10.9% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 195.2% |
| Cash vs. profit gap | 17,625 JPY mn (of net income 160.6%) |
| Shareholder returns / net income | 17.7% |
| Shareholder returns / FCF | 73.4% |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 73.4% |
| CapEx intensity (capex ÷ revenue) | 12.4% |
| Investing CF relative to operating CF | 83.4% |

## 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 | — | —× | -0.7% | —× | — | S100RI87 |
| 2023 | — | —× | -3.7% | —× | — | S100TTMV |
| 2024 | — | —× | -11.7% | —× | — | S100W6QU |
| 2025 | 4.7% | 1.27× | 6.0% | 3.02× | 18.0% | S100YFUA |
| 2026 | 5.2% | 1.09× | 5.7% | 2.68× | 15.3% | S100YFUA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 21.3% | 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 | 7.9% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 4.2% | 2026-03-31 |
| エイチワン従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| ＪＦＥ商事株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 平田 宇理 | Major shareholder | 1.7% | 2026-03-31 |
| 中條 祐子 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YFUA | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFUA,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W6QU | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6QU,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TTMV | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTMV,, |
| 訂正有価証券報告書－第17期(2022/04/01－2023/03/31) | S100RI87 | 2023-08-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RI87,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OIFH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIFH,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LMVZ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMVZ,, |

## 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).