# HISAKA WORKS,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97期(2025/04/01－2026/03/31) (S100YJL5)
> Page: https://vizora.meequs.com/en/company/hisaka-works
> Retrieved: 2026-09-30T22:16:07.939Z

## Company

Hisaka Works, founded in 1942, is a company in Industrial Machinery listed on TSE Prime. It has 1,063 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HISAKA WORKS, LTD. |
| Ticker | 6247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6247.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区曾根崎二丁目12番7号 |
| Representative (per filing) | 代表取締役社長社長執行役員 宇佐美 俊哉 |
| Founded | May 1942 |
| Share capital | ¥4.15B |
| Employees (consolidated) | 1,063 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.hisaka.co.jp (https://www.hisaka.co.jp/) |
| Corporate number | 1120001087750 |
| EDINET | E01643 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJL5, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.2 | 110 |
| Profitability | 48 | 122 |
| Cash conversion | 19.4 | 116 |
| Efficiency | 12.7 | 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)

- About 50% of Hisaka Works's sales come from Process engineering division, with Heat exchanger division and Valve division making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +17.0% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Process engineering division 49.9%、Heat exchanger division 38.4%、Valve division 11.5%、Other 0.2%
- Revenue → net income: ¥44890000000 → ¥3463000000
- Net income → operating cash flow: ¥3463000000 → ¥1706000000（difference ¥-1757000000）
- Main uses of operating cash flow: CapEx ¥2839000000 / dividends ¥1361000000 / buybacks ¥1344000000
- Change in cash: ¥-905000000
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 | ¥44.9B |  |
| Operating income | ¥3.3B | Margin 7.4% |
| Net income | ¥3.45B | Margin 7.7% |
| Free cash flow | -¥1.13B |  |
| Largest business | Process engineering division | of segment revenue 49.9% |
| Employees (consolidated) | 1,063 |  |
| EPS | ¥115.24 |  |
| Book value per share | ¥2218.12 |  |
| Equity ratio | 75.9% |  |
| Shares outstanding | 28,732,800 |  |
| Treasury shares | 2,438,800 |  |
| Shareholders | 8,330 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 14.3% | Cash ÷ revenue 26.5% |
| Vs. industry median margin | -0.2 pp | Industrial Machinery |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28437000000 | ¥44890000000 | +57.9% |
| Operating income | ¥1409000000 | ¥3303000000 | +134.4% |
| Operating margin | 5.0% | 7.4% | +2.4 pp |
| Employees | 925 people | 1,063 people | +14.9% |
| Cash and equivalents | ¥13922000000 | ¥11918000000 | -14.4% |

### 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 |
| --- | ---: |
| 熱交換器 → 熱交換器 | 38.4% |
| 熱交換器 → 事業再編・廃止 | 1.3% |
| プロセスエンジニアリング → プロセスエンジニアリング | 46.1% |
| バルブ → バルブ | 11.5% |
| バルブ → 事業再編・廃止 | 2.3% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → プロセスエンジニアリング | 3.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Process engineering division | 5 years | +11.3% | ¥22405000000 | 9.5% | 2 |
| Heat exchanger division | 5 years | +8.8% | ¥17229000000 | 5.7% | 2 |
| Valve division | 5 years | +5.6% | ¥5183000000 | 7.1% | 2 |
| Other | 5 years | -5.0% | ¥72000000 | 72.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,890 | 100.0% | S100YJL5 |
| Cost of revenue | 34,513 | 76.9% | S100YJL5 |
| Gross profit | 10,377 | 23.1% | S100YJL5 |
| SG&A | 7,073 | 15.8% | S100YJL5 |
| Operating income | 3,303 | 7.4% | S100YJL5 |
| Ordinary income | 3,620 | 8.1% | S100YJL5 |
| Pretax income | 4,783 | 10.7% | S100YJL5 |
| Income tax | 1,320 | 2.9% | S100YJL5 |
| Net income | 3,463 | 7.7% | S100YJL5 |
| Net income attributable to owners | 3,449 | 7.7% | S100YJL5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.1% → Operating margin 7.4% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.0%; Core profit growth: +12.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.75×
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 | 38,353 | 44,890 | 6,537 | +17.0% |
| Gross profit | 9,773 | 10,377 | 604 | +6.2% |
| Operating income | 2,930 | 3,303 | 373 | +12.7% |
| Net income attributable to owners | 3,782 | 3,449 | -333 | -8.8% |
| Operating cash flow | 4,720 | 1,706 | -3,014 | -63.9% |
| Free cash flow | -771 | -1,133 | -362 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,511 | 2,274 | 7.0% | 2,080 | 2,018 | -1,371 | S100LPU7 |
| FY ending Mar 2021 | 28,437 | 1,409 | 5.0% | 1,212 | 3,933 | 2,575 | S100ORT8 |
| FY ending Mar 2022 | 30,085 | 1,819 | 6.0% | 2,058 | 3,147 | 1,355 | S100R83K |
| FY ending Mar 2023 | 34,074 | 1,912 | 5.6% | 2,040 | 1,485 | -3,493 | S100TVB9 |
| FY ending Mar 2024 | 34,180 | 2,457 | 7.2% | 2,420 | -461 | -6,125 | S100W8GV |
| FY ending Mar 2025 | 38,353 | 2,930 | 7.6% | 3,782 | 4,720 | -771 | S100YJL5 |
| FY ending Mar 2026 | 44,890 | 3,303 | 7.4% | 3,449 | 1,706 | -1,133 | S100YJL5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 919 | 940 | 1,011 | 1,032 | 1,063 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 40.0 years | 40.1 years | 40.4 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 15.2 years | 15.1 years | 15.3 years | 15.3 years | 15.2 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +17.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Heat exchanger division | 17,229 | 38.4% | 988 | 5.7% |
| Process engineering division | 22,405 | 49.9% | 2,129 | 9.5% |
| Valve division | 5,183 | 11.5% | 366 | 7.1% |
| Other | 72 | 0.2% | 52 | 72.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Heat exchanger division | 38.4% | 27.9% | -10.4 | 5.7% |
| Process engineering division | 49.9% | 60.2% | 10.3 | 9.5% |
| Valve division | 11.5% | 10.4% | -1.2 | 7.1% |
| Other | 0.2% | 1.5% | 1.3 | 72.2% |

Segment → industry: Valve division → Industrial Machinery / Process engineering division → Industrial Machinery / Heat exchanger division → Industrial Machinery

## 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 | 1,706 | 3.8% | S100YJL5 |
| Capital expenditure | 2,839 | 6.3% | S100YJL5 |
| Free cash flow | -1,133 | -2.5% | 算出 |
| Investing cash flow | 363 | 0.8% | S100YJL5 |
| Financing cash flow | -3,144 | -7.0% | S100YJL5 |
| Dividends paid | 1,361 | 3.0% | S100YJL5 |
| Share buyback | 1,344 | 3.0% | S100YJL5 |
| Change in cash | -905 | -2.0% | S100YJL5 |
| Cash and equivalents | 11,918 | 26.5% | S100YJL5 |

## 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 | 16,141 | 13,871 | 13,746 | 12,824 | 11,918 | S100TVB9, S100W8GV, S100YJL5 |
| Total assets | 67,302 | 70,977 | 82,017 | 82,697 | 83,082 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Net assets | 54,378 | 56,302 | 60,301 | 60,019 | 63,280 | S100TVB9, S100W8GV, S100YJL5 |
| Share capital | 4,150 | 4,150 | 4,150 | 4,150 | 4,150 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Property, plant and equipment | 15,562 | 19,562 | 23,965 | 27,077 | 26,282 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Intangible assets excluding goodwill | 627 | 512 | 613 | 1,309 | 1,704 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Goodwill | 101 | 79 | 57 | 35 | 12 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Investment securities | 12,910 | 13,284 | 16,170 | 12,387 | 15,239 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Current assets | 35,404 | 35,274 | 38,636 | 38,651 | 35,832 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Current liabilities | 10,442 | 11,907 | 12,884 | 14,779 | 12,363 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Trade payables | 3,178 | 3,152 | 3,709 | 2,787 | 3,201 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Long-term borrowings | — | — | 1,000 | 1,000 | 666 | S100W8GV, S100YJL5 |
| Bonds | — | — | 4,000 | 4,000 | 2,668 | S100W8GV, S100YJL5 |
| Total liabilities | 12,924 | 14,675 | 21,715 | 22,677 | 19,802 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Non-controlling interests | 137 | 146 | 317 | 374 | 239 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Equity attributable to owners of parent | 48,457 | 49,546 | 51,061 | 52,635 | 53,201 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Retained earnings | 39,446 | 40,501 | 41,983 | 44,369 | 46,454 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |
| Treasury stock | -3,957 | -3,923 | -3,892 | -1,321 | -2,627 | S100R83K, S100TVB9, S100W8GV, S100YJL5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YJL5 |
| Property, plant and equipment | 32% | S100YJL5 |
| Intangibles and goodwill | 2% | S100YJL5 |
| Investment securities | 18% | S100YJL5 |
| Other assets | 34% | S100YJL5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJL5 |
| Other liabilities | 20% | S100YJL5 |
| Equity | 76% | S100YJL5 |

### 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 | 67,302 | 70,977 | 82,017 | 82,697 | 83,082 |
| Equity | 54,378 | 56,302 | 60,301 | 60,019 | 63,280 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,141 | 13,871 | 13,746 | 12,824 | 11,918 |

## 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) | 58.5% | S100YJL5 |
| Fixed assets ÷ total assets | 31.6% | S100YJL5 |
| Goodwill ÷ parent equity | 0.0% | S100YJL5 |

Goodwill over 4 years: 101 → 12 JPY; total investing cash flow: -9,729 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) | 14.3% |
| Cash ÷ revenue | 26.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.7% |
| Cash vs. profit gap | -1,743 JPY mn (of net income -50.5%) |
| Shareholder returns / net income | 78.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 21.3% |

## 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 | 6.8% | 0.45× | 3.1% | 1.39× | 4.2% | S100R83K |
| 2023 | 6.0% | 0.49× | 3.0% | 1.41× | 4.2% | S100TVB9 |
| 2024 | 7.1% | 0.45× | 3.2% | 1.52× | 4.8% | S100W8GV |
| 2025 | 9.9% | 0.47× | 4.6% | 1.59× | 7.3% | S100YJL5 |
| 2026 | 7.7% | 0.54× | 4.2% | 1.57× | 6.5% | S100YJL5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.6% | 2026-03-31 |
| 因幡電機産業株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.0% | 2026-03-31 |
| 日阪製作所協力業者持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 日阪製作所従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社タクマ | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YJL5 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJL5,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W8GV | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8GV,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TVB9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVB9,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R83K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R83K,, |
| 訂正有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100ORT8 | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORT8,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LPU7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPU7,, |

## 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).