# HI-LEX CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第82期(2024/11/01－2025/10/31) (S100XGCL)
> Page: https://vizora.meequs.com/en/company/hi-lex
> Retrieved: 2026-09-30T18:31:23.385Z

## Company

Hi-Lex, founded in 1963, is a company in Auto Parts listed on TSE Standard. It has 12,071 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HI-LEX CORPORATION |
| Ticker | 7279 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7279.T) |
| Listing | TSE Standard |
| Head office | 兵庫県宝塚市栄町一丁目12番28号 |
| Representative (per filing) | 代表取締役社長 寺浦 太郎 |
| Founded | Nov 1963 |
| Share capital | ¥5.66B |
| Employees (consolidated) | 12,071 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | October |
| Website | www.hi-lex.co.jp (https://www.hi-lex.co.jp/) |
| Corporate number | 1140001081875 |
| EDINET | E02204 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100XGCL, filed 2026-01-23). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.8 | 110 |
| Profitability | 3.2 | 111 |
| Cash conversion | 91.2 | 108 |
| Efficiency | 72.5 | 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 34% of Hi-Lex's sales come from North America, with Asia and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit +829.0%.

## Company structure

- Segment revenue mix: North America 33.9%、Asia 23.3%、Japan 17.6%、China 15.8%、Europe 8.4%
- Revenue → net income: ¥304123000000 → ¥9655000000
- Net income → operating cash flow: ¥9655000000 → ¥12023000000（difference ¥2368000000）
- Main uses of operating cash flow: CapEx ¥8776000000 / dividends ¥1614000000 / buybacks ¥1500000000
- Change in cash: ¥6208000000
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 | ¥304.1B |  |
| Operating income | ¥3.39B | Margin 1.1% |
| Net income | ¥8.42B | Margin 2.8% |
| Free cash flow | ¥3.25B |  |
| Largest business | North America | of segment revenue 33.9% |
| Employees (consolidated) | 12,071 |  |
| EPS | ¥45.01 |  |
| Diluted EPS | ¥44.99 |  |
| Book value per share | ¥2454.52 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 38,216,759 |  |
| Treasury shares | 1,225,300 |  |
| Shareholders | 2,497 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.7% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -3.6 pp | Auto Parts |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees 0% while operating income rose 829%
- FY2025, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥195784000000 | ¥304123000000 | +55.3% |
| Operating income | ¥-952000000 | ¥3391000000 | — |
| Operating margin | -0.5% | 1.1% | +1.6 pp |
| Employees | 12,776 people | 12,071 people | -5.5% |
| Cash and equivalents | ¥43266000000 | ¥54684000000 | +26.4% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. 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 | 17.6% |
| 日本 → 事業再編・廃止 | 3.7% |
| 北米 → 北米 | 32.2% |
| 中国 → 中国 | 15.8% |
| 中国 → 事業再編・廃止 | 0.5% |
| アジア → アジア | 22.8% |
| 欧州 → 欧州 | 7.2% |
| 南米 → 南米 | 0.3% |
| 新設・再編 → 北米 | 1.6% |
| 新設・再編 → アジア | 0.5% |
| 新設・再編 → 欧州 | 1.3% |
| 新設・再編 → 南米 | 0.7% |

Segment revenue source references: 12 (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 | +10.3% | ¥102987000000 | 0.3% | 2 |
| Asia | 5 years | +9.7% | ¥70962000000 | 4.4% | 2 |
| Japan | 5 years | +5.1% | ¥53546000000 | 2.4% | 2 |
| China | 5 years | +8.6% | ¥47960000000 | 2.7% | 2 |
| Europe | 5 years | +12.8% | ¥25650000000 | -0.3% | 2 |
| South America | 5 years | +42.2% | ¥3014000000 | -3.8% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 304,123 | 100.0% | S100XGCL |
| Cost of revenue | 270,165 | 88.8% | S100XGCL |
| Gross profit | 33,957 | 11.2% | S100XGCL |
| SG&A | 30,565 | 10.1% | S100XGCL |
| Operating income | 3,391 | 1.1% | S100XGCL |
| Ordinary income | 7,272 | 2.4% | S100XGCL |
| Pretax income | 11,216 | 3.7% | S100XGCL |
| Income tax | 1,560 | 0.5% | S100XGCL |
| Net income | 9,655 | 3.2% | S100XGCL |
| Net income attributable to owners | 8,419 | 2.8% | S100XGCL |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 10 |
| Operating income | 1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 11.2% → Operating margin 1.1% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.4%; Core profit growth: +829.0%
Operating leverage (core profit growth ÷ revenue growth): -600.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 308,382 | 304,123 | -4,259 | -1.4% |
| Gross profit | 30,971 | 33,957 | 2,986 | +9.6% |
| Operating income | 365 | 3,391 | 3,026 | +829.0% |
| Net income attributable to owners | 1,973 | 8,419 | 6,446 | +326.7% |
| Operating cash flow | 11,813 | 12,023 | 210 | +1.8% |
| Free cash flow | 836 | 3,247 | 2,411 | +288.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 240,002 | 6,789 | 2.8% | 3,495 | 13,093 | 3,099 | S100KZFA |
| FY ending Oct 2020 | 195,784 | -952 | -0.5% | -3,513 | 12,775 | 4,430 | S100N2XK |
| FY ending Oct 2021 | 217,754 | 685 | 0.3% | 4,896 | 2,214 | -5,773 | S100PXOE |
| FY ending Oct 2022 | 255,616 | -4,856 | -1.9% | -7,120 | 489 | -9,066 | S100SLCW |
| FY ending Oct 2023 | 298,623 | 2,980 | 1.0% | -2,991 | 16,913 | 7,370 | S100V3Z2 |
| FY ending Oct 2024 | 308,382 | 365 | 0.1% | 1,973 | 11,813 | 836 | S100XGCL |
| FY ending Oct 2025 | 304,123 | 3,391 | 1.1% | 8,419 | 12,023 | 3,247 | S100XGCL |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.2M |
| Operating income per employee (consolidated) | ¥280.9K |
| Net income per employee (consolidated) | ¥697.5K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,865 | 12,446 | 13,002 | 12,092 | 12,071 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 41.5 years | 41.9 years | 42.3 years | 43.5 years | 44.1 years |
| Average tenure (parent company) | 16.8 years | 17.0 years | 17.0 years | 17.5 years | 17.9 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -1.4%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 53,546 | 17.6% | 1,295 | 2.4% |
| North America | 102,987 | 33.9% | 349 | 0.3% |
| China | 47,960 | 15.8% | 1,295 | 2.7% |
| Asia | 70,962 | 23.3% | 3,102 | 4.4% |
| Europe | 25,650 | 8.4% | -85 | -0.3% |
| South America | 3,014 | 1.0% | -116 | -3.8% |

### 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 | 17.6% | 21.4% | 3.8 | 2.4% |
| North America | 33.9% | 5.8% | -28.1 | 0.3% |
| China | 15.8% | 21.4% | 5.7 | 2.7% |
| Asia | 23.3% | 51.3% | 28.0 | 4.4% |
| Europe | 8.4% | — | — | -0.3% |
| South America | 1.0% | — | — | -3.8% |

Loss-making segment (excluded from profit shares): Europe -85 JPY mn

Loss-making segment (excluded from profit shares): South America -116 JPY mn

Segment → industry: South America → Auto Parts / Europe → Auto Parts / 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 Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,023 | 4.0% | S100XGCL |
| Capital expenditure | 8,776 | 2.9% | S100XGCL |
| Free cash flow | 3,247 | 1.1% | 算出 |
| Investing cash flow | 665 | 0.2% | S100XGCL |
| Financing cash flow | -6,892 | -2.3% | S100XGCL |
| Dividends paid | 1,614 | 0.5% | S100XGCL |
| Share buyback | 1,500 | 0.5% | S100XGCL |
| Change in cash | 6,208 | 2.0% | S100XGCL |
| Cash and equivalents | 54,684 | 18.0% | S100XGCL |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 41,461 | 39,056 | 41,554 | 48,476 | 54,684 | S100SLCW, S100V3Z2, S100XGCL |
| Total assets | 248,033 | 270,314 | 280,994 | 270,260 | 276,997 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Net assets | 180,546 | 188,778 | 191,179 | 184,587 | 191,692 | S100SLCW, S100V3Z2, S100XGCL |
| Share capital | 5,657 | 5,657 | 5,657 | 5,657 | 5,657 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Trade receivables | 32,427 | — | — | — | — | S100PXOE |
| Property, plant and equipment | 63,010 | 68,766 | 66,052 | 63,250 | 62,220 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Intangible assets excluding goodwill | 3,778 | 3,604 | 4,027 | 3,966 | 3,566 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Goodwill | 1,671 | 1,418 | 1,244 | 1,047 | 932 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Investment securities | 51,842 | 46,291 | 49,996 | 45,612 | 43,724 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Current assets | 122,262 | 143,258 | 151,671 | 146,659 | 156,554 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Current liabilities | 50,747 | 67,268 | 74,029 | 69,689 | 72,237 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Trade payables | 25,599 | 35,710 | 39,535 | 36,225 | 38,689 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Short-term borrowings | 3,568 | 8,676 | 9,921 | 9,404 | 7,491 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Long-term borrowings | 1,872 | 1,738 | 1,370 | 1,423 | 1,012 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Total liabilities | 67,487 | 81,535 | 89,814 | 85,673 | 85,304 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Non-controlling interests | 14,992 | 16,424 | 15,752 | 15,592 | 16,548 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Equity attributable to owners of parent | 143,217 | 135,738 | 131,054 | 129,773 | 135,197 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Retained earnings | 131,001 | 122,605 | 118,337 | 117,467 | 124,391 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |
| Treasury stock | -1,287 | -1,217 | -1,217 | -1,215 | -2,693 | S100PXOE, S100SLCW, S100V3Z2, S100XGCL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XGCL |
| Property, plant and equipment | 22% | S100XGCL |
| Intangibles and goodwill | 2% | S100XGCL |
| Investment securities | 16% | S100XGCL |
| Other assets | 40% | S100XGCL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100XGCL |
| Other liabilities | 17% | S100XGCL |
| Equity | 69% | S100XGCL |
| Other liabilities | 0% | S100XGCL |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 248,033 | 270,314 | 280,994 | 270,260 | 276,997 |
| Equity | 180,546 | 188,778 | 191,179 | 184,587 | 191,692 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 41,461 | 39,056 | 41,554 | 48,476 | 54,684 |

## 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) | 20.5% | S100XGCL |
| Fixed assets ÷ total assets | 22.5% | S100XGCL |
| Goodwill ÷ parent equity | 0.7% | S100XGCL |

Goodwill over 4 years: 1,671 → 932 JPY; total investing cash flow: -19,497 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) | 19.7% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 354.6% |
| Cash vs. profit gap | 3,604 JPY mn (of net income 42.8%) |
| Shareholder returns / net income | 37.0% |
| Shareholder returns / FCF | 95.9% |
| Shareholder payments — dividends / net income | 19.2% |
| Shareholder payments — dividends / FCF | 49.7% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 5.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.2% | 0.88× | 2.0% | 1.73× | 3.4% | S100PXOE |
| 2022 | — | —× | -2.7% | —× | — | S100SLCW |
| 2023 | — | —× | -1.1% | —× | — | S100V3Z2 |
| 2024 | 0.6% | 1.12× | 0.7% | 2.11× | 1.5% | S100XGCL |
| 2025 | 2.8% | 1.11× | 3.1% | 2.07× | 6.4% | S100XGCL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 寺浦興産株式会社 | Major shareholder | 28.1% | 2025-10-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.3% | 2025-10-31 |
| 公益財団法人寺浦奨学会 | Major shareholder | 4.2% | 2025-10-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.1% | 2025-10-31 |
| 西川ゴム工業株式会社 | Major shareholder | 2.8% | 2025-10-31 |
| 本田技研工業株式会社 | Major shareholder | 2.3% | 2025-10-31 |
| ビ－エヌワイエムエスエ－エヌブイ ビ－エヌワイエムアイエル ダブリユ－エス ゼノア ジヤパン エクイテイ インカム フアンド （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2025-10-31 |
| 株式会社アルファ | Major shareholder | 2.2% | 2025-10-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.0% | 2025-10-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Oct 2025 was ¥304.1B, down -1.4% from ¥308.4B.
- Profits recovered sharply anyway: operating income rose from ¥365M to ¥3.39B, and net income from ¥1.97B to ¥8.42B.
- Net income got an extra lift from gains on selling shares it held, on top of the better core business.
- Operating cash flow was ¥12B and free cash flow was ¥3.25B.

### Drivers

- Major customers cut production in North America and Europe, which pulled revenue down
- Operating income improved after the company closed or shrank sites in North America, China and Asia, and a one-off equipment problem at a North American subsidiary last year was resolved
- Selling shares held for business-relationship reasons produced a one-time gain that boosted net income

### Risks

- As cars move to by-wire systems (electric signals replacing mechanical links), it is uncertain whether new products can stay as competitive as its control cables
- Sharp moves in exchange rates could hit results and the balance sheet
- Big swings in the price of steel and resin, its main materials, could affect earnings

Cited: Annual securities report, 82nd term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 82nd term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2024/11/01－2025/10/31) | S100XGCL | 2026-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGCL,, |
| 有価証券報告書－第81期(2023/11/01－2024/10/31) | S100V3Z2 | 2025-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V3Z2,, |
| 有価証券報告書－第80期(2022/11/01－2023/10/31) | S100SLCW | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SLCW,, |
| 有価証券報告書－第79期(2021/11/01－2022/10/31) | S100PXOE | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PXOE,, |
| 有価証券報告書－第78期(令和2年11月1日－令和3年10月31日) | S100N2XK | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2XK,, |
| 訂正有価証券報告書－第77期(令和1年11月1日－令和2年10月31日) | S100KZFA | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZFA,, |

## 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).