# HEPHAIST 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64期(2025/04/01－2026/03/31) (S100YGSS)
> Page: https://vizora.meequs.com/en/company/hephaist
> Retrieved: 2026-09-30T19:05:51.916Z

## Company

Hephaist, founded in 1962, is a company in Industrial Machinery listed on TSE Standard. It has 84 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HEPHAIST CO.,LTD. |
| Ticker | 6433 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6433.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川越市今福580番地1 |
| Representative (per filing) | 代表取締役社長 尾崎 浩太 |
| Founded | Jul 1962 |
| Share capital | ¥732.6M |
| Employees (consolidated) | 84 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.hephaist.co.jp (https://www.hephaist.co.jp/) |
| Corporate number | 6030001056900 |
| EDINET | E01727 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YGSS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.3 | 110 |
| Profitability | 0.4 | 122 |
| Efficiency | 1.2 | 122 |

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)

- Hephaist brought in ¥1.64B in revenue.
- It lost about ¥16 for every ¥100 of sales at the operating level.
- Revenue changed -27.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.64B |  |
| Operating income | -¥262.2M | Margin -16.0% |
| Net income | -¥718.5M | Margin -43.9% |
| Free cash flow | -¥171.3M |  |
| Employees (consolidated) | 84 |  |
| EPS | ¥-112.03 |  |
| Book value per share | ¥320.71 |  |
| Equity ratio | 50.8% |  |
| Shares outstanding | 6,316,000 |  |
| Treasury shares | 78,700 |  |
| Shareholders | 12,607 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 24.6% |
| Vs. industry median margin | -23.6 pp | Industrial Machinery |
| ROA | -15.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 16 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2248947000 | ¥1636795000 | -27.2% |
| Operating income | ¥88092000 | ¥-262208000 | -397.7% |
| Operating margin | 3.9% | -16.0% | -19.9 pp |
| Employees | 108 people | 84 people | -22.2% |
| Cash and equivalents | ¥953814000 | ¥402946000 | -57.8% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,637 | 100.0% | S100YGSS |
| Cost of revenue | 1,439 | 87.9% | S100YGSS |
| Gross profit | 198 | 12.1% | S100YGSS |
| SG&A | 460 | 28.1% | S100YGSS |
| Operating income | -262 | -16.0% | S100YGSS |
| Ordinary income | -299 | -18.3% | S100YGSS |
| Pretax income | -714 | -43.6% | S100YGSS |
| Income tax | 5 | 0.3% | S100YGSS |
| Net income | -719 | -43.9% | S100YGSS |
| Net income attributable to owners | -719 | -43.9% | S100YGSS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 28 |
| Operating income | -16 |
| (Ref.) Net income | -44 |

### Margin funnel

Gross margin 12.1% → Operating margin -16.0% → Net margin -43.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,245 | 1,637 | -608 | -27.1% |
| Gross profit | 334 | 198 | -136 | -40.8% |
| Operating income | -121 | -262 | -141 | — |
| Net income attributable to owners | -203 | -719 | -515 | — |
| Operating cash flow | -183 | -163 | 21 | — |
| Free cash flow | -207 | -171 | 36 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,319 | -21 | -0.9% | -343 | -79 | -186 | S100LT7F |
| FY ending Mar 2021 | 2,249 | 88 | 3.9% | 42 | 167 | 57 | S100OLQI |
| FY ending Mar 2022 | 2,742 | 229 | 8.3% | 218 | 417 | 226 | S100R9YA |
| FY ending Mar 2023 | 2,414 | -6 | -0.2% | -2 | -40 | -452 | S100TWR7 |
| FY ending Mar 2024 | 2,310 | -159 | -6.9% | -222 | 166 | -130 | S100W2C1 |
| FY ending Mar 2025 | 2,245 | -121 | -5.4% | -203 | -183 | -207 | S100YGSS |
| FY ending Mar 2026 | 1,637 | -262 | -16.0% | -719 | -163 | -171 | S100YGSS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | -¥3.1M |
| Net income per employee (consolidated) | -¥8.6M |

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) | 102 | 95 | 94 | 96 | 84 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5.1M | ¥4.8M | ¥4.4M |
| Average age (parent company) | 40.8 years | 42.7 years | 41.9 years | 41.7 years | 43.0 years |
| Average tenure (parent company) | 11.1 years | 12.2 years | 12.2 years | 12.3 years | 13.8 years |

Year over year: Employees (consolidated) -12.5% · Revenue (consolidated) -27.1%

## 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 | -163 | -9.9% | S100YGSS |
| Capital expenditure | 8 | 0.5% | S100YGSS |
| Free cash flow | -171 | -10.5% | 算出 |
| Investing cash flow | -26 | -1.6% | S100YGSS |
| Financing cash flow | 30 | 1.8% | S100YGSS |
| Dividends paid | 6 | 0.4% | S100YGSS |
| Share buyback | 0 | 0.0% | S100YGSS |
| Change in cash | -156 | -9.5% | S100YGSS |
| Cash and equivalents | 403 | 24.6% | S100YGSS |

## 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 | 973 | 864 | 885 | 559 | 403 | S100TWR7, S100W2C1, S100YGSS |
| Total assets | 4,897 | 5,147 | 5,383 | 5,008 | 4,139 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Net assets | 3,238 | 3,230 | 3,018 | 2,819 | 2,101 | S100TWR7, S100W2C1, S100YGSS |
| Share capital | 733 | 733 | 733 | 733 | 733 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Trade receivables | 351 | 337 | 256 | 216 | 182 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Property, plant and equipment | 1,867 | 2,165 | 2,339 | 2,284 | 1,798 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Intangible assets excluding goodwill | 13 | 8 | 11 | 7 | 6 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Current assets | 2,693 | 2,635 | 2,729 | 2,395 | 1,979 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Current liabilities | 1,016 | 955 | 1,070 | 860 | 777 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Trade payables | 224 | 163 | 155 | 88 | 34 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Short-term borrowings | 10 | 50 | — | — | 250 | S100R9YA, S100TWR7, S100YGSS |
| Long-term borrowings | 302 | 579 | 745 | 687 | 559 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Bonds | 61 | 38 | 15 | 8 | — | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Interest-bearing debt | 373 | 667 | — | — | — | 算出 |
| Total liabilities | 1,659 | 1,917 | 2,365 | 2,189 | 2,038 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Equity attributable to owners of parent | 3,221 | 3,205 | 2,987 | 2,778 | 2,053 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Retained earnings | 1,824 | 1,797 | 1,569 | 1,359 | 634 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |
| Treasury stock | -15 | -15 | -15 | -15 | -15 | S100R9YA, S100TWR7, S100W2C1, S100YGSS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGSS |
| Receivables | 4% | S100YGSS |
| Property, plant and equipment | 44% | S100YGSS |
| Intangibles and goodwill | 0% | S100YGSS |
| Other assets | 42% | S100YGSS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YGSS |
| Other liabilities | 48% | S100YGSS |
| Equity | 51% | S100YGSS |

### 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 | 4,897 | 5,147 | 5,383 | 5,008 | 4,139 |
| Equity | 3,238 | 3,230 | 3,018 | 2,819 | 2,101 |
| Interest-bearing debt | 373 | 667 | — | — | — |
| Cash | 973 | 864 | 885 | 559 | 403 |

## 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) | 109.9% | S100YGSS |
| Fixed assets ÷ total assets | 43.4% | S100YGSS |
| Goodwill ÷ parent equity | — | —, S100YGSS |

### 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) | 9.7% |
| Cash ÷ revenue | 24.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 556 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | — |

## 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 | 7.9% | 0.56× | 4.4% | 1.52× | 6.8% | S100R9YA |
| 2023 | — | —× | -0.0% | —× | — | S100TWR7 |
| 2024 | — | —× | -4.2% | —× | — | S100W2C1 |
| 2025 | — | —× | -3.9% | —× | — | S100YGSS |
| 2026 | — | —× | -15.7% | —× | — | S100YGSS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 尾崎浩太 | Major shareholder | 20.0% | 2026-03-31 |
| 尾崎文彦 | Major shareholder | 18.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-03-31 |
| 南 秀嗣 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| ＴＨＫ株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 高水永夫 | Major shareholder | 0.6% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YGSS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGSS,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W2C1 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2C1,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TWR7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWR7,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100R9YA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9YA,, |
| 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) | S100OLQI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLQI,, |
| 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) | S100LT7F | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT7F,, |

## 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).