# THE HANSHIN DIESEL WORKS, LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第161期(2025/04/01－2026/03/31) (S100YJVP)
> Page: https://vizora.meequs.com/en/company/hanshin-diesel-works
> Retrieved: 2026-09-30T20:42:16.763Z

## Company

THE Hanshin Diesel Works, founded in 1918, is a company in Shipbuilding listed on TSE Standard. It has 302 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Hanshin Diesel Works,Ltd. |
| Ticker | 6018 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6018.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区海岸通8番地 神港ビル |
| Representative (per filing) | 代表取締役社長 木下 和彦 |
| Founded | Jan 1918 |
| Share capital | ¥829.1M |
| Employees (consolidated) | 302 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.hanshin-dw.co.jp (https://www.hanshin-dw.co.jp/) |
| Corporate number | 1140001010149 |
| EDINET | E01471 |
| Industries (Vizora) | Shipbuilding |

> Profile source: annual securities report (S100YJVP, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 8 |
| Profitability | 16.7 | 9 |
| Cash conversion | 18.8 | 8 |
| Efficiency | 16.7 | 9 |

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)

- THE Hanshin Diesel Works brought in ¥14B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +34.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14028540000 → ¥736030000
- Net income → operating cash flow: ¥736030000 → ¥414182000（difference ¥-321848000）
- Main uses of operating cash flow: CapEx ¥604341000 / dividends ¥338745000 / buybacks —
- Change in cash: ¥-633060000
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 | ¥14B |  |
| Operating income | ¥824.1M | Margin 5.9% |
| Net income | ¥736M | Margin 5.2% |
| Free cash flow | -¥190.2M |  |
| Employees (consolidated) | 302 |  |
| EPS | ¥227.12 |  |
| Diluted EPS | ¥225.81 |  |
| Book value per share | ¥4814.81 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 3,248,000 |  |
| Treasury shares | 6,600 |  |
| Shareholders | 938 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 28.8% |
| Vs. industry median margin | -3.7 pp | Shipbuilding |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9438115000 | ¥14028540000 | +48.6% |
| Operating income | ¥472812000 | ¥824080000 | +74.3% |
| Operating margin | 5.0% | 5.9% | +0.9 pp |
| Employees | 274 people | 302 people | +10.2% |
| Cash and equivalents | ¥2909944000 | ¥4036165000 | +38.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,029 | 100.0% | S100YJVP |
| Cost of revenue | 11,099 | 79.1% | 算出 |
| Gross profit | 2,929 | 20.9% | S100YJVP |
| SG&A | 2,105 | 15.0% | S100YJVP |
| Operating income | 824 | 5.9% | S100YJVP |
| Ordinary income | 954 | 6.8% | S100YJVP |
| Pretax income | 940 | 6.7% | S100YJVP |
| Income tax | 204 | 1.5% | S100YJVP |
| Net income | 736 | 5.2% | S100YJVP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.9% → Operating margin 5.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +34.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.69×
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 | 13,337 | 14,029 | 691 | +5.2% |
| Gross profit | 2,421 | 2,929 | 508 | +21.0% |
| Operating income | 612 | 824 | 212 | +34.7% |
| Operating cash flow | 1,592 | 414 | -1,178 | -74.0% |
| Free cash flow | 988 | -190 | -1,178 | -119.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,518 | 937 | 8.1% | 675 | 873 | 608 | S100LUDJ |
| FY ending Mar 2021 | 9,438 | 473 | 5.0% | 359 | -140 | -456 | S100OIPL |
| FY ending Mar 2022 | 10,142 | 549 | 5.4% | 394 | 893 | 561 | S100R79D |
| FY ending Mar 2023 | 9,064 | 550 | 6.1% | 407 | 1,177 | 599 | S100TPVL |
| FY ending Mar 2024 | 9,637 | 551 | 5.7% | 456 | 1,104 | 211 | S100W7AH |
| FY ending Mar 2025 | 13,337 | 612 | 4.6% | 536 | 1,592 | 988 | S100YJVP |
| FY ending Mar 2026 | 14,029 | 824 | 5.9% | 736 | 414 | -190 | S100YJVP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| 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) | 277 | 278 | 276 | 288 | 302 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.2M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 41.0 years | 42.0 years | 43.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 19.0 years | 20.0 years | 20.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +5.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 414 | 3.0% | S100YJVP |
| Capital expenditure | 604 | 4.3% | S100YJVP |
| Free cash flow | -190 | -1.4% | 算出 |
| Investing cash flow | -683 | -4.9% | S100YJVP |
| Financing cash flow | -353 | -2.5% | S100YJVP |
| Dividends paid | 339 | 2.4% | S100YJVP |
| Change in cash | -633 | -4.5% | S100YJVP |
| Cash and equivalents | 4,036 | 28.8% | S100YJVP |

## 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 | 4,352 | 4,620 | 3,299 | 4,669 | 4,036 | S100TPVL, S100W7AH, S100YJVP |
| Total assets | 19,787 | 20,985 | 22,751 | 25,000 | 25,798 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Net assets | 13,466 | 13,853 | 14,416 | 14,797 | 15,633 | S100TPVL, S100W7AH, S100YJVP |
| Share capital | 817 | 820 | 825 | 829 | 829 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Property, plant and equipment | 7,526 | 7,800 | 8,395 | 8,529 | 8,423 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Intangible assets excluding goodwill | 198 | 239 | 353 | 443 | 438 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Investment securities | 745 | 1,093 | 1,627 | 1,944 | 2,571 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Current assets | 10,700 | 11,229 | 11,354 | 13,026 | 13,290 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Current liabilities | 3,258 | 3,943 | 5,147 | 6,982 | 6,878 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Total liabilities | 6,321 | 7,132 | 8,335 | 10,204 | 10,165 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Equity attributable to owners of parent | 9,834 | 10,119 | 10,422 | 10,774 | 11,181 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Retained earnings | 8,972 | 9,250 | 9,544 | 9,887 | 10,282 | S100R79D, S100TPVL, S100W7AH, S100YJVP |
| Treasury stock | -13 | -13 | -13 | -13 | -9 | S100R79D, S100TPVL, S100W7AH, S100YJVP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJVP |
| Property, plant and equipment | 33% | S100YJVP |
| Intangibles and goodwill | 2% | S100YJVP |
| Investment securities | 10% | S100YJVP |
| Other assets | 40% | S100YJVP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJVP |
| Equity | 61% | S100YJVP |

### 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 | 19,787 | 20,985 | 22,751 | 25,000 | 25,798 |
| Equity | 13,466 | 13,853 | 14,416 | 14,797 | 15,633 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,352 | 4,620 | 3,299 | 4,669 | 4,036 |

## 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) | 60.0% | S100YJVP |
| Fixed assets ÷ total assets | 32.6% | S100YJVP |
| Goodwill ÷ parent equity | — | —, S100YJVP |

### 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) | 15.6% |
| Cash ÷ revenue | 28.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.3% |
| Cash vs. profit gap | -322 JPY mn (of net income -43.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 164.9% |

## 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 | 3.9% | 0.51× | 2.0% | 2.01× | 4.0% | S100R79D |
| 2023 | 4.5% | 0.44× | 2.0% | 2.04× | 4.1% | S100TPVL |
| 2024 | 4.7% | 0.44× | 2.1% | 2.13× | 4.4% | S100W7AH |
| 2025 | 4.0% | 0.56× | 2.2% | 2.25× | 5.1% | S100YJVP |
| 2026 | 5.2% | 0.55× | 2.9% | 2.31× | 6.7% | S100YJVP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 8.3% | 2026-03-31 |
| 阪神ディーゼル取引先持株会 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社オゾネ | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社アンダーウッド | Major shareholder | 4.5% | 2026-03-31 |
| 木 下 和 彦 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社ノザワ | Major shareholder | 2.9% | 2026-03-31 |
| 玉 越 裕 美 子 | Major shareholder | 2.9% | 2026-03-31 |
| 京阪神興業株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第161期(2025/04/01－2026/03/31) | S100YJVP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJVP,, |
| 有価証券報告書－第160期(2024/04/01－2025/03/31) | S100W7AH | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7AH,, |
| 有価証券報告書－第159期(2023/04/01－2024/03/31) | S100TPVL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPVL,, |
| 有価証券報告書－第158期(2022/04/01－2023/03/31) | S100R79D | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R79D,, |
| 有価証券報告書－第157期(令和3年4月1日－令和4年3月31日) | S100OIPL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIPL,, |
| 有価証券報告書－第156期(令和2年4月1日－令和3年3月31日) | S100LUDJ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUDJ,, |

## 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).