# ICHIKOH INDUSTRIES, LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第96期(2025/01/01－2025/12/31) (S100XTYP)
> Page: https://vizora.meequs.com/en/company/ichikoh-industries
> Retrieved: 2026-09-30T17:55:51.195Z

## Company

Ichikoh Industries, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 2,693 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHIKOH INDUSTRIES, LTD. |
| Ticker | 7244 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7244.T) |
| Listing | TSE Prime |
| Head office | 神奈川県伊勢原市板戸80番地 |
| Representative (per filing) | 代表取締役社長 ヴィラット クリストフ |
| Founded | Dec 1939 |
| Share capital | ¥9.02B |
| Employees (consolidated) | 2,693 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.ichikoh.com (https://www.ichikoh.com/) |
| Corporate number | 9021001035727 |
| EDINET | E02177 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100XTYP, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5 | 110 |
| Profitability | 51.8 | 111 |
| Cash conversion | 68.1 | 108 |
| Efficiency | 36.5 | 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)

- Ichikoh Industries brought in ¥117.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -6.7% from the prior year, operating profit +19.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥117089000000 → ¥6341000000
- Net income → operating cash flow: ¥6341000000 → ¥12008000000（difference ¥5667000000）
- Main uses of operating cash flow: CapEx ¥4589000000 / dividends ¥1298000000 / buybacks —
- Change in cash: ¥-210000000
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 | ¥117.1B |  |
| Operating income | ¥5.82B | Margin 5.0% |
| Net income | ¥6.2B | Margin 5.3% |
| Free cash flow | ¥7.42B |  |
| Employees (consolidated) | 2,693 |  |
| EPS | ¥82.05 |  |
| Book value per share | ¥566.63 |  |
| Equity ratio | 61.0% |  |
| Shares outstanding | 96,431,000 |  |
| Treasury shares | 181,900 |  |
| Shareholders | 5,808 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +0.2 pp | Auto Parts |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -8% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥113859000000 | ¥117089000000 | +2.8% |
| Operating income | ¥2468000000 | ¥5815000000 | +135.6% |
| Operating margin | 2.2% | 5.0% | +2.8 pp |
| Employees | 3,602 people | 2,693 people | -25.2% |
| Cash and equivalents | ¥5426000000 | ¥12431000000 | +129.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車部品 → 事業再編・廃止 | 93.2% |
| 用品 → 事業再編・廃止 | 6.1% |
| その他 → 事業再編・廃止 | 0.8% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,089 | 100.0% | S100XTYP |
| Cost of revenue | 96,169 | 82.1% | S100XTYP |
| Gross profit | 20,919 | 17.9% | S100XTYP |
| SG&A | 15,103 | 12.9% | S100XTYP |
| Operating income | 5,815 | 5.0% | S100XTYP |
| Ordinary income | 7,566 | 6.5% | S100XTYP |
| Pretax income | 7,351 | 6.3% | S100XTYP |
| Income tax | 1,010 | 0.9% | S100XTYP |
| Net income | 6,341 | 5.4% | S100XTYP |
| Net income attributable to owners | 6,203 | 5.3% | S100XTYP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.9% → Operating margin 5.0% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.7%; Core profit growth: +19.1%
Operating leverage (core profit growth ÷ revenue growth): -2.83×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 125,544 | 117,089 | -8,455 | -6.7% |
| Gross profit | 21,904 | 20,919 | -985 | -4.5% |
| Operating income | 4,883 | 5,815 | 932 | +19.1% |
| Net income attributable to owners | 4,470 | 6,203 | 1,733 | +38.8% |
| Operating cash flow | 11,047 | 12,008 | 961 | +8.7% |
| Free cash flow | 7,396 | 7,419 | 23 | +0.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 133,053 | 6,440 | 4.8% | 5,214 | 16,122 | 3,983 | S100L1N0 |
| FY ending Dec 2020 | 113,859 | 2,468 | 2.2% | 2,857 | 11,219 | -723 | S100NQZ4 |
| FY ending Dec 2021 | 125,510 | 5,562 | 4.4% | 3,983 | 9,209 | 3,111 | S100QGMY |
| FY ending Dec 2022 | 135,451 | 3,937 | 2.9% | 4,423 | 13,005 | 7,643 | S100T5XW |
| FY ending Dec 2023 | 145,897 | 7,422 | 5.1% | 7,838 | 13,372 | 8,049 | S100VIK2 |
| FY ending Dec 2024 | 125,544 | 4,883 | 3.9% | 4,470 | 11,047 | 7,396 | S100XTYP |
| FY ending Dec 2025 | 117,089 | 5,815 | 5.0% | 6,203 | 12,008 | 7,419 | S100XTYP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,519 | 3,521 | 3,163 | 2,930 | 2,693 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.3M | ¥6.6M | ¥6.5M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 16.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -8.1% · Revenue (consolidated) -6.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,008 | 10.3% | S100XTYP |
| Capital expenditure | 4,589 | 3.9% | S100XTYP |
| Free cash flow | 7,419 | 6.3% | 算出 |
| Investing cash flow | -10,762 | -9.2% | S100XTYP |
| Financing cash flow | -2,117 | -1.8% | S100XTYP |
| Dividends paid | 1,298 | 1.1% | S100XTYP |
| Change in cash | -210 | -0.2% | S100XTYP |
| Cash and equivalents | 12,431 | 10.6% | S100XTYP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,720 | 8,631 | 8,937 | 12,642 | 12,431 | S100T5XW, S100VIK2, S100XTYP |
| Total assets | 112,521 | 125,915 | 129,417 | 130,089 | 129,641 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Net assets | 49,523 | 55,007 | 64,730 | 70,951 | 80,120 | S100T5XW, S100VIK2, S100XTYP |
| Share capital | 8,986 | 8,986 | 8,996 | 9,003 | 9,017 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Trade receivables | 19,091 | 27,121 | 24,401 | 16,606 | — | S100QGMY, S100T5XW, S100VIK2 |
| Property, plant and equipment | 45,352 | 41,656 | 39,701 | 38,461 | 37,759 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Intangible assets excluding goodwill | 995 | 859 | 123 | 38 | 41 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Investment securities | 1,373 | 2,268 | 2,958 | 3,474 | 4,368 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Current assets | 48,160 | 63,280 | 67,337 | 66,512 | 69,394 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Current liabilities | 49,290 | 58,485 | 53,910 | 48,082 | 38,813 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Trade payables | 29,209 | 18,666 | 15,724 | 14,091 | — | S100QGMY, S100T5XW, S100VIK2 |
| Short-term borrowings | 300 | 1,400 | 1,150 | 13 | — | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Long-term borrowings | 2,942 | 920 | — | — | — | S100QGMY, S100T5XW |
| Total liabilities | 62,997 | 70,907 | 64,686 | 59,138 | 49,521 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Non-controlling interests | 603 | 673 | 692 | 902 | 1,013 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Equity attributable to owners of parent | 51,511 | 56,096 | 62,993 | 66,323 | 71,255 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Retained earnings | 40,073 | 44,660 | 51,536 | 54,853 | 59,758 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |
| Treasury stock | -54 | -55 | -55 | -56 | -56 | S100QGMY, S100T5XW, S100VIK2, S100XTYP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XTYP |
| Property, plant and equipment | 29% | S100XTYP |
| Intangibles and goodwill | 0% | S100XTYP |
| Investment securities | 3% | S100XTYP |
| Other assets | 58% | S100XTYP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XTYP |
| Equity | 62% | S100XTYP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 112,521 | 125,915 | 129,417 | 130,089 | 129,641 |
| Equity | 49,523 | 55,007 | 64,730 | 70,951 | 80,120 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,720 | 8,631 | 8,937 | 12,642 | 12,431 |

## 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) | 32.2% | S100XTYP |
| Fixed assets ÷ total assets | 29.1% | S100XTYP |
| Goodwill ÷ parent equity | — | —, S100XTYP |

### 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) | 9.6% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 206.5% |
| Cash vs. profit gap | 5,805 JPY mn (of net income 93.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 89.6% |

## 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 | 3.2% | 1.12× | 3.5% | 2.18× | 7.7% | S100QGMY |
| 2022 | 3.3% | 1.14× | 3.7% | 2.22× | 8.2% | S100T5XW |
| 2023 | 5.4% | 1.14× | 6.1% | 2.14× | 13.2% | S100VIK2 |
| 2024 | 3.6% | 0.97× | 3.4% | 2.01× | 6.9% | S100XTYP |
| 2025 | 5.3% | 0.90× | 4.8% | 1.89× | 9.0% | S100XTYP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヴァレオ・マネジメント (常任代理人 ㈱三菱ＵＦＪ銀行、みずほ証券㈱) | Major shareholder | 61.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.2% | 2025-12-31 |
| BNP PARIBAS MADRID / 2S / JASDEC / SPANISH RESIDENTS / UCITS ASSETS（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 4.5% | 2025-12-31 |
| 日本カストディ銀行㈱（信託口） | Major shareholder | 3.0% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス㈱） | Major shareholder | 1.4% | 2025-12-31 |
| 日本生命保険（相）(常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 1.0% | 2025-12-31 |
| BNY GCM CLIRNT ACCOUNT JPRD AC ISG(FE-AC)(常任代理人 ㈱三菱ＵＦＪ銀行) | Major shareholder | 0.9% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG / 2S / JASDEC SECURITIES / UCITS ASSETS（香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 0.8% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)（常任代理人 野村證券㈱） | Major shareholder | 0.8% | 2025-12-31 |
| MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB（常任代理人 BOFA証券㈱） | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/01/01－2025/12/31) | S100XTYP | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTYP,, |
| 有価証券報告書－第95期(2024/01/01－2024/12/31) | S100VIK2 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIK2,, |
| 有価証券報告書－第94期(2023/01/01－2023/12/31) | S100T5XW | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5XW,, |
| 有価証券報告書－第93期(2022/01/01－2022/12/31) | S100QGMY | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGMY,, |
| 有価証券報告書－第92期(令和3年1月1日－令和3年12月31日) | S100NQZ4 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQZ4,, |
| 有価証券報告書－第91期(令和2年1月1日－令和2年12月31日) | S100L1N0 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1N0,, |

## 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).