# HARADA INDUSTRY CO.,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69期(2025/04/01－2026/03/31) (S100YJHN)
> Page: https://vizora.meequs.com/en/company/harada-industry
> Retrieved: 2026-09-30T20:26:27.457Z

## Company

Harada Industry, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 4,000 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HARADA INDUSTRY CO.,LTD. |
| Ticker | 6904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6904.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区南大井六丁目26番2号 |
| Representative (per filing) | 代表取締役社長 三宅 康晴 |
| Founded | Nov 1947 |
| Share capital | ¥2.02B |
| Employees (consolidated) | 4,000 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.harada.com (https://www.harada.com/) |
| Corporate number | 9010701008191 |
| EDINET | E01857 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YJHN, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.9 | 110 |
| Profitability | 63.5 | 111 |
| Cash conversion | 52.3 | 108 |
| Efficiency | 73.4 | 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 44% of Harada Industry's sales come from Japan, with North and Central Americas and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -5.9% from the prior year, operating profit +38.7%.

## Company structure

- Segment revenue mix: Japan 43.9%、North and Central Americas 29.3%、Asia 16.2%、Europe 10.6%
- Revenue → net income: ¥42192309000 → ¥433729000
- Net income → operating cash flow: ¥433729000 → ¥4168221000（difference ¥3734492000）
- Main uses of operating cash flow: CapEx ¥552044000 / dividends ¥169802000 / buybacks —
- Change in cash: ¥534363000
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 | ¥42.2B |  |
| Operating income | ¥2.4B | Margin 5.7% |
| Net income | ¥433.7M | Margin 1.0% |
| Free cash flow | ¥3.62B |  |
| Largest business | Japan | of segment revenue 43.9% |
| Employees (consolidated) | 4,000 |  |
| EPS | ¥21.99 |  |
| Book value per share | ¥361.41 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 21,758,000 |  |
| Treasury shares | 606,000 |  |
| Shareholders | 30,506 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +0.9 pp | Auto Parts |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.6× net income
- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 55 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34705105000 | ¥42192309000 | +21.6% |
| Operating income | ¥-1089213000 | ¥2398047000 | — |
| Operating margin | -3.1% | 5.7% | +8.8 pp |
| Employees | 5,266 people | 4,000 people | -24.0% |
| Cash and equivalents | ¥4641301000 | ¥6982965000 | +50.5% |

### 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 | 37.9% |
| アジア → アジア | 16.2% |
| アジア → 事業再編・廃止 | 5.5% |
| 北中米 → 北中米 | 27.9% |
| 欧州 → 欧州 | 10.6% |
| 欧州 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 日本 | 6.0% |
| 新設・再編 → 北中米 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.1% | ¥18537436000 | 2.4% | 2 |
| North and Central Americas | 5 years | +5.0% | ¥12343283000 | 0.1% | 2 |
| Asia | 5 years | -1.9% | ¥6845303000 | 28.0% | 2 |
| Europe | 5 years | +0.7% | ¥4466286000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,192 | 100.0% | S100YJHN |
| Cost of revenue | 32,657 | 77.4% | S100YJHN |
| Gross profit | 9,535 | 22.6% | S100YJHN |
| SG&A | 7,137 | 16.9% | S100YJHN |
| Operating income | 2,398 | 5.7% | S100YJHN |
| Ordinary income | 2,311 | 5.5% | S100YJHN |
| Pretax income | 1,745 | 4.1% | S100YJHN |
| Income tax | 1,311 | 3.1% | S100YJHN |
| Net income | 434 | 1.0% | S100YJHN |
| Net income attributable to owners | 434 | 1.0% | S100YJHN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 17 |
| Operating income | 6 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.6% → Operating margin 5.7% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.9%; Core profit growth: +38.7%
Operating leverage (core profit growth ÷ revenue growth): -6.60×
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 | 44,817 | 42,192 | -2,625 | -5.9% |
| Gross profit | 9,234 | 9,535 | 301 | +3.3% |
| Operating income | 1,729 | 2,398 | 669 | +38.7% |
| Net income attributable to owners | 166 | 434 | 268 | +160.9% |
| Operating cash flow | 856 | 4,168 | 3,312 | +387.0% |
| Free cash flow | 105 | 3,616 | 3,511 | +3328.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,137 | 683 | 1.7% | 200 | 521 | -665 | S100LRR4 |
| FY ending Mar 2021 | 34,705 | -1,089 | -3.1% | -1,293 | -152 | -772 | S100OGD7 |
| FY ending Mar 2022 | 35,811 | -1,163 | -3.2% | -1,106 | -3,570 | -4,259 | S100R60S |
| FY ending Mar 2023 | 42,105 | -722 | -1.7% | -1,531 | 559 | -97 | S100TSC6 |
| FY ending Mar 2024 | 46,993 | 1,026 | 2.2% | 886 | 2,424 | 1,686 | S100W8RQ |
| FY ending Mar 2025 | 44,817 | 1,729 | 3.9% | 166 | 856 | 105 | S100YJHN |
| FY ending Mar 2026 | 42,192 | 2,398 | 5.7% | 434 | 4,168 | 3,616 | S100YJHN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.5M |
| Operating income per employee (consolidated) | ¥599.5K |
| Net income per employee (consolidated) | ¥108.4K |

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) | 4,744 | 4,348 | 4,352 | 3,985 | 4,000 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥6M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 46.7 years | 47.7 years | 47.0 years | 48.3 years | 48.7 years |
| Average tenure (parent company) | 18.6 years | 19.3 years | 18.3 years | 18.4 years | 18.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 18,537 | 43.9% | 443 | 2.4% |
| Asia | 6,845 | 16.2% | 1,919 | 28.0% |
| North and Central Americas | 12,343 | 29.3% | 7 | 0.1% |
| Europe | 4,466 | 10.6% | 316 | 7.1% |

### 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 | 43.9% | 16.5% | -27.4 | 2.4% |
| Asia | 16.2% | 71.4% | 55.2 | 28.0% |
| North and Central Americas | 29.3% | 0.3% | -29.0 | 0.1% |
| Europe | 10.6% | 11.8% | 1.2 | 7.1% |

Segment → industry: Europe → Auto Parts / North and Central Americas → Auto Parts / Asia → 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 | 4,168 | 9.9% | S100YJHN |
| Capital expenditure | 552 | 1.3% | S100YJHN |
| Free cash flow | 3,616 | 8.6% | 算出 |
| Investing cash flow | -570 | -1.3% | S100YJHN |
| Financing cash flow | -3,120 | -7.4% | S100YJHN |
| Dividends paid | 170 | 0.4% | S100YJHN |
| Change in cash | 534 | 1.3% | S100YJHN |
| Cash and equivalents | 6,983 | 16.6% | S100YJHN |

## 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 | 3,727 | 5,949 | 5,142 | 6,449 | 6,983 | S100TSC6, S100W8RQ, S100YJHN |
| Total assets | 35,943 | 40,132 | 37,598 | 38,932 | 35,843 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Net assets | 11,205 | 11,167 | 11,913 | 13,381 | 13,710 | S100TSC6, S100W8RQ, S100YJHN |
| Share capital | 2,019 | 2,019 | 2,019 | 2,019 | 2,019 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Property, plant and equipment | 6,330 | 6,882 | 6,381 | 6,340 | 5,614 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Intangible assets excluding goodwill | 166 | 146 | 98 | 63 | 66 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Current assets | 26,378 | 29,709 | 27,393 | 28,809 | 26,652 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Current liabilities | 23,143 | 27,408 | 23,721 | 23,832 | 20,665 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Trade payables | 2,826 | 3,043 | 2,785 | 3,393 | 2,313 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Short-term borrowings | 16,089 | 19,219 | 14,866 | 16,534 | 14,067 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Long-term borrowings | 500 | — | — | — | — | S100R60S |
| Total liabilities | 24,737 | 28,965 | 25,685 | 25,551 | 22,134 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Equity attributable to owners of parent | 11,471 | 9,831 | 10,608 | 10,148 | 10,423 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Retained earnings | 7,595 | 5,955 | 6,732 | 6,572 | 6,847 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |
| Treasury stock | -2 | -2 | -2 | -302 | -302 | S100R60S, S100TSC6, S100W8RQ, S100YJHN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJHN |
| Property, plant and equipment | 16% | S100YJHN |
| Intangibles and goodwill | 0% | S100YJHN |
| Other assets | 65% | S100YJHN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJHN |
| Other liabilities | 55% | S100YJHN |
| Equity | 38% | S100YJHN |
| Other liabilities | 0% | S100YJHN |

### 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 | 35,943 | 40,132 | 37,598 | 38,932 | 35,843 |
| Equity | 11,205 | 11,167 | 11,913 | 13,381 | 13,710 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,727 | 5,949 | 5,142 | 6,449 | 6,983 |

## 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) | 13.3% | S100YJHN |
| Fixed assets ÷ total assets | 15.7% | S100YJHN |
| Goodwill ÷ parent equity | — | —, S100YJHN |

### 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) | 19.5% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.8% |
| Cash vs. profit gap | 3,734 JPY mn (of net income 861.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | 4.7% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 13.7% |

## 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 | — | —× | -3.1% | —× | — | S100R60S |
| 2023 | — | —× | -4.0% | —× | — | S100TSC6 |
| 2024 | 1.9% | 1.21× | 2.3% | 3.80× | 8.7% | S100W8RQ |
| 2025 | 0.4% | 1.17× | 0.4% | 3.69× | 1.6% | S100YJHN |
| 2026 | 1.0% | 1.13× | 1.2% | 3.63× | 4.2% | S100YJHN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エスジェーエス | Major shareholder | 39.7% | 2026-03-31 |
| 原田 章二 | Major shareholder | 11.1% | 2026-03-31 |
| 原田 恵吾 | Major shareholder | 4.7% | 2026-03-31 |
| 原田 恭子 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 0.9% | 2026-03-31 |
| 原田 悠吾 | Major shareholder | 0.9% | 2026-03-31 |
| 原田工業従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YJHN | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJHN,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W8RQ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8RQ,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TSC6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSC6,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R60S | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R60S,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OGD7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGD7,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LRR4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRR4,, |

## 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).