# HOKUETSU METAL 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110期(2025/04/01－2026/03/31) (S100YG3Z)
> Page: https://vizora.meequs.com/en/company/hokuetsu-metal
> Retrieved: 2026-09-30T20:00:01.493Z

## Company

Hokuetsu Metal, founded in 1942, is a company in Steel listed on TSE Standard. It has 483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKUETSU METAL Co., Ltd. |
| Ticker | 5446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5446.T) |
| Listing | TSE Standard |
| Head office | 新潟県長岡市蔵王三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 加納 愛仁 |
| Founded | Jun 1942 |
| Share capital | ¥1.97B |
| Employees (consolidated) | 483 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.hokume.co.jp (https://www.hokume.co.jp/) |
| Corporate number | 9110001023162 |
| EDINET | E01260 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YG3Z, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 33 |
| Profitability | 1.4 | 35 |
| Efficiency | 78.6 | 35 |

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)

- Hokuetsu Metal brought in ¥23.6B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -17.9% from the prior year, operating profit -146.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥23.6B |  |
| Operating income | -¥309.2M | Margin -1.3% |
| Net income | -¥339.4M | Margin -1.4% |
| Free cash flow | ¥700.3M |  |
| Employees (consolidated) | 483 |  |
| EPS | ¥-79.77 |  |
| Book value per share | ¥4410.22 |  |
| Equity ratio | 69.3% |  |
| Shares outstanding | 3,994,000 |  |
| Treasury shares | 69,600 |  |
| Shareholders | 3,733 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 9.7% |
| Vs. industry median margin | -4.8 pp | Steel |
| ROA | -1.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21815517000 | ¥23598291000 | +8.2% |
| Operating income | ¥549748000 | ¥-309165000 | -156.2% |
| Operating margin | 2.5% | -1.3% | -3.8 pp |
| Employees | 468 people | 483 people | +3.2% |
| Cash and equivalents | ¥6190500000 | ¥2289458000 | -63.0% |

### 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 | 23,598 | 100.0% | S100YG3Z |
| Cost of revenue | 20,912 | 88.6% | S100YG3Z |
| Gross profit | 2,686 | 11.4% | S100YG3Z |
| SG&A | 2,996 | 12.7% | S100YG3Z |
| Operating income | -309 | -1.3% | S100YG3Z |
| Ordinary income | -201 | -0.9% | S100YG3Z |
| Pretax income | -215 | -0.9% | S100YG3Z |
| Income tax | 125 | 0.5% | S100YG3Z |
| Net income | -339 | -1.4% | S100YG3Z |
| Net income attributable to owners | -339 | -1.4% | S100YG3Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 13 |
| Operating income | -1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 11.4% → Operating margin -1.3% → Net margin -1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 28,730 | 23,598 | -5,131 | -17.9% |
| Gross profit | 3,848 | 2,686 | -1,162 | -30.2% |
| Operating income | 668 | -309 | -977 | -146.3% |
| Net income attributable to owners | 572 | -339 | -912 | -159.3% |
| Operating cash flow | 1,618 | 1,664 | 46 | +2.8% |
| Free cash flow | 584 | 700 | 116 | +19.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,562 | 1,428 | 6.3% | 962 | 1,787 | 408 | S100LK4G |
| FY ending Mar 2021 | 21,816 | 550 | 2.5% | 729 | 1,734 | 88 | S100OLA2 |
| FY ending Mar 2022 | 27,356 | -763 | -2.8% | -968 | -2,467 | -4,525 | S100QZWW |
| FY ending Mar 2023 | 31,041 | 1,040 | 3.4% | 1,012 | 899 | -469 | S100TNUI |
| FY ending Mar 2024 | 31,824 | 529 | 1.7% | 468 | 2,028 | 658 | S100W06V |
| FY ending Mar 2025 | 28,730 | 668 | 2.3% | 572 | 1,618 | 584 | S100YG3Z |
| FY ending Mar 2026 | 23,598 | -309 | -1.3% | -339 | 1,664 | 700 | S100YG3Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.9M |
| Operating income per employee (consolidated) | -¥640.1K |
| Net income per employee (consolidated) | -¥702.7K |

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) | 478 | 487 | 493 | 492 | 483 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.4M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 42.1 years | 42.2 years | 42.4 years | 42.5 years | 43.1 years |
| Average tenure (parent company) | 16.1 years | 15.4 years | 14.9 years | 15.5 years | 16.2 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -17.9%

## 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 | 1,664 | 7.1% | S100YG3Z |
| Capital expenditure | 964 | 4.1% | S100YG3Z |
| Free cash flow | 700 | 3.0% | 算出 |
| Investing cash flow | -964 | -4.1% | S100YG3Z |
| Financing cash flow | -649 | -2.7% | S100YG3Z |
| Dividends paid | 153 | 0.6% | S100YG3Z |
| Change in cash | 51 | 0.2% | S100YG3Z |
| Cash and equivalents | 2,289 | 9.7% | S100YG3Z |

## 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 | 2,710 | 2,250 | 2,771 | 2,238 | 2,289 | S100TNUI, S100W06V, S100YG3Z |
| Total assets | 26,537 | 27,962 | 28,760 | 26,689 | 25,848 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Net assets | 15,366 | 16,417 | 16,969 | 17,793 | 17,913 | S100TNUI, S100W06V, S100YG3Z |
| Share capital | 1,969 | 1,969 | 1,969 | 1,969 | 1,969 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Trade receivables | 2,202 | 3,023 | 3,592 | 2,950 | 2,318 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Inventories | 5,116 | 5,441 | 4,238 | 4,334 | 4,012 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Property, plant and equipment | 9,703 | 9,831 | 10,305 | 10,272 | 9,912 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Intangible assets excluding goodwill | 23 | 32 | 39 | 79 | 206 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Investment securities | 1,368 | 1,518 | 1,785 | 2,199 | 3,023 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Current assets | 13,990 | 15,223 | 15,386 | 12,994 | 11,663 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Current liabilities | 8,299 | 9,109 | 9,088 | 6,417 | 5,432 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Trade payables | 4,661 | 4,645 | 5,006 | 3,021 | 2,544 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Short-term borrowings | 1,950 | 2,450 | 2,158 | 1,593 | 1,452 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Long-term borrowings | 1,712 | 1,262 | 1,510 | 1,116 | 765 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Bonds | 100 | 100 | — | — | — | S100QZWW, S100TNUI |
| Interest-bearing debt | 3,762 | 3,812 | — | — | — | 算出 |
| Total liabilities | 11,172 | 11,545 | 11,791 | 8,896 | 7,934 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Equity attributable to owners of parent | 14,998 | 15,893 | 16,035 | 16,551 | 16,068 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Retained earnings | 11,761 | 12,651 | 12,785 | 13,298 | 12,806 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |
| Treasury stock | -172 | -168 | -160 | -157 | -148 | S100QZWW, S100TNUI, S100W06V, S100YG3Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YG3Z |
| Receivables | 9% | S100YG3Z |
| Inventories | 15% | S100YG3Z |
| Property, plant and equipment | 38% | S100YG3Z |
| Intangibles and goodwill | 1% | S100YG3Z |
| Investment securities | 12% | S100YG3Z |
| Other assets | 16% | S100YG3Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YG3Z |
| Other liabilities | 21% | S100YG3Z |
| Equity | 69% | S100YG3Z |
| Other liabilities | 0% | S100YG3Z |

### 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 | 26,537 | 27,962 | 28,760 | 26,689 | 25,848 |
| Equity | 15,366 | 16,417 | 16,969 | 17,793 | 17,913 |
| Interest-bearing debt | 3,762 | 3,812 | — | — | — |
| Cash | 2,710 | 2,250 | 2,771 | 2,238 | 2,289 |

## 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) | 42.0% | S100YG3Z |
| Fixed assets ÷ total assets | 38.3% | S100YG3Z |
| Goodwill ÷ parent equity | — | —, S100YG3Z |

### 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) | 8.9% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,003 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 57.9% |

## 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 | — | —× | -3.6% | —× | — | S100QZWW |
| 2023 | 3.3% | 1.14× | 3.7% | 1.76× | 6.6% | S100TNUI |
| 2024 | 1.5% | 1.12× | 1.6% | 1.78× | 2.9% | S100W06V |
| 2025 | 2.0% | 1.04× | 2.1% | 1.70× | 3.5% | S100YG3Z |
| 2026 | — | —× | -1.3% | —× | — | S100YG3Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トピー工業株式会社 | Major shareholder | 33.7% | 2026-03-31 |
| 伊藤忠メタルズ株式会社 | Major shareholder | 8.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 北越メタル社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社関茂助商店 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.7% | 2026-03-31 |
| 公益財団法人山口育英奨学会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YG3Z | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG3Z,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W06V | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W06V,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TNUI | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNUI,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100QZWW | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZWW,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OLA2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLA2,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LK4G | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK4G,, |

## 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).