# IHI Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第209期(2025/04/01－2026/03/31) (S100YENT)
> Page: https://vizora.meequs.com/en/company/ihi
> Retrieved: 2026-09-30T18:59:08.649Z

## Company

IHI, founded in 1889, is a company in Electrical Equipment listed on TSE Prime. It has 26,224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IHI Corporation |
| Ticker | 7013 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7013.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 井手博 |
| Founded | Jan 1889 |
| Share capital | ¥107.2B |
| Employees (consolidated) | 26,224 |
| Average salary (parent only) | ¥10M |
| Fiscal year end | March |
| Website | www.ihi.co.jp (https://www.ihi.co.jp/) |
| Corporate number | 4010601031604 |
| EDINET | E02128 |
| Industries (Vizora) | Electrical Equipment, Plant Engineering & Building Services, General Contractors, Industrial Machinery, Auto Parts, Aerospace, Defense |

> Profile source: annual securities report (S100YENT, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 68.2 | 11 |
| Cash conversion | 30 | 5 |
| Efficiency | 80.8 | 13 |

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 39% of IHI's sales come from Aero Engine, Space and Defense, with Industrial System and General-Purpose Machinery and Resources, Energy and Environment making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +15.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.64T |  |
| Operating income | ¥165.5B | Margin 10.1% |
| Net income | ¥161B | Margin 9.8% |
| Free cash flow | — |  |
| Largest business | Aero Engine, Space and Defense | of segment revenue 39.4% |
| Employees (consolidated) | 26,224 |  |
| EPS | ¥151.88 |  |
| Diluted EPS | ¥151.86 |  |
| Book value per share | ¥420.34 |  |
| Equity ratio | 26.9% | Derived from disclosed figures |
| Shares outstanding | 1,082,759,000 |  |
| Treasury shares | 18,833,800 |  |
| Shareholders | 240,986 |  |
| Average salary (parent only) | ¥10M | Filing company only |
| Cash ratio | 6.4% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | +32 pp | Aerospace |
| ROE | 28.4% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +36% over five years
- FY2026, employees -6% while operating income rose 15%
- FY2026, segment profit share differs by 20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1112906000000 | ¥1643402000000 | +47.7% |
| Operating income | ¥27961000000 | ¥165534000000 | +492.0% |
| Operating margin | 2.5% | 10.1% | +7.6 pp |
| Employees | 29,149 people | 26,224 people | -10.0% |
| Cash and equivalents | ¥120766000000 | ¥155084000000 | +28.4% |

### 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 |
| --- | ---: |
| 資源・エネルギー・環境 → 資源・エネルギー・環境 | 22.7% |
| 資源・エネルギー・環境 → 事業再編・廃止 | 5.6% |
| 社会基盤・海洋 → 事業再編・廃止 | 13.3% |
| 産業システム・汎用機械 → 産業システム・汎用機械 | 26.7% |
| 産業システム・汎用機械 → 事業再編・廃止 | 5.9% |
| 航空・宇宙・防衛 → 航空・宇宙・防衛 | 22.4% |
| その他 → その他 | 3.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 社会基盤 | 7.9% |
| 新設・再編 → 航空・宇宙・防衛 | 17.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Aero Engine, Space and Defense | 5 years | +21.1% | ¥648135000000 | 17.3% | 2 |
| Industrial System and General-Purpose Machinery | 5 years | +3.9% | ¥438896000000 | 7.0% | 2 |
| Resources, Energy and Environment | 5 years | +3.4% | ¥373475000000 | 1.6% | 2 |
| Social Infrastructure | 3 years | -7.9% | ¥129642000000 | 2.9% | 2 |
| Other | 5 years | +7.6% | ¥53254000000 | 67.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,643,402 | 100.0% | S100YENT |
| Cost of revenue | 1,263,891 | 76.9% | S100YENT |
| Gross profit | 379,511 | 23.1% | S100YENT |
| SG&A | 242,695 | 14.8% | S100YENT |
| Operating income | 165,534 | 10.1% | S100YENT |
| Pretax income | 185,490 | 11.3% | S100YENT |
| Income tax | 20,266 | 1.2% | S100YENT |
| Net income | 165,224 | 10.1% | S100YENT |
| Net income attributable to owners | 160,992 | 9.8% | S100YENT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Other operating | -2 |
| Operating income | 10 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 23.1% → Operating margin 10.1% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +15.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.06×
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 | 1,626,831 | 1,643,402 | 16,571 | +1.0% |
| Gross profit | 374,514 | 379,511 | 4,997 | +1.3% |
| Operating income | 143,517 | 165,534 | 22,017 | +15.3% |
| Net income attributable to owners | 112,740 | 160,992 | 48,252 | +42.8% |
| Operating cash flow | 177,634 | 121,360 | -56,274 | -31.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,263,178 | 47,859 | 3.8% | 8,204 | 42,484 | — | S100LPBU |
| FY ending Mar 2021 | 1,112,906 | 27,961 | 2.5% | 13,093 | 36,380 | — | S100PIW1 |
| FY ending Mar 2022 | 1,172,904 | 81,497 | 6.9% | 66,065 | 114,155 | — | S100R30V |
| FY ending Mar 2023 | 1,352,940 | 81,985 | 6.1% | 44,545 | 54,116 | — | S100TTMU |
| FY ending Mar 2024 | 1,322,591 | -70,138 | -5.3% | -68,214 | 62,117 | — | S100W1K1 |
| FY ending Mar 2025 | 1,626,831 | 143,517 | 8.8% | 112,740 | 177,634 | — | S100YENT |
| FY ending Mar 2026 | 1,643,402 | 165,534 | 10.1% | 160,992 | 121,360 | — | S100YENT |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.7M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 28,801 | 28,486 | 28,237 | 27,990 | 26,224 |
| Average salary (parent company) | ¥7.4M | ¥7.9M | ¥8.4M | ¥8.1M | ¥10M |
| Average age (parent company) | 40.8 years | 41.4 years | 41.8 years | 41.1 years | 42.4 years |
| Average tenure (parent company) | 16.1 years | 16.5 years | 16.6 years | 15.8 years | 15.2 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +1.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Resources, Energy and Environment | 373,475 | 22.7% | 5,959 | 1.6% |
| Social Infrastructure | 129,642 | 7.9% | 3,727 | 2.9% |
| Industrial System and General-Purpose Machinery | 438,896 | 26.7% | 30,778 | 7.0% |
| Aero Engine, Space and Defense | 648,135 | 39.4% | 112,429 | 17.3% |
| Other | 53,254 | 3.2% | 35,881 | 67.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Resources, Energy and Environment | 22.7% | 3.2% | -19.6 | 1.6% |
| Social Infrastructure | 7.9% | 2.0% | -5.9 | 2.9% |
| Industrial System and General-Purpose Machinery | 26.7% | 16.3% | -10.4 | 7.0% |
| Aero Engine, Space and Defense | 39.4% | 59.6% | 20.1 | 17.3% |
| Other | 3.2% | 19.0% | 15.8 | 67.4% |

Segment → industry: Resources, Energy and Environment → Electrical Equipment / Resources, Energy and Environment → Plant Engineering & Building Services / Social Infrastructure → General Contractors / Industrial System and General-Purpose Machinery → Industrial Machinery / Industrial System and General-Purpose Machinery → Auto Parts / Aero Engine, Space and Defense → Aerospace / Aero Engine, Space and Defense → Defense

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 121,360 | 7.4% | S100YENT |
| Investing cash flow | -18,423 | -1.1% | S100YENT |
| Financing cash flow | -97,894 | -6.0% | S100YENT |
| Dividends paid | 21,228 | 1.3% | S100YENT |
| Change in cash | 13,071 | 0.8% | S100YENT |
| Cash and equivalents | 155,084 | 9.4% | S100YENT |

## 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 | 145,489 | 124,749 | 138,805 | 136,809 | 155,084 | S100R30V, S100TTMU, S100YENT |
| Total assets | 1,879,673 | 1,941,964 | 2,097,810 | 2,240,392 | 2,428,559 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Net assets | 407,039 | 456,251 | 402,268 | 508,660 | 681,531 | S100TTMU, S100W1K1, S100YENT |
| Share capital | 107,165 | 107,165 | 107,165 | 107,165 | 107,165 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Property, plant and equipment | 230,306 | 225,032 | 236,777 | 241,970 | 240,010 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Goodwill | 6,094 | 6,486 | 6,338 | 6,276 | 4,931 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Current assets | 1,023,992 | 1,085,744 | 1,210,708 | 1,302,263 | 1,451,394 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Total liabilities | 1,472,634 | 1,485,713 | 1,695,542 | 1,731,732 | 1,747,028 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Equity attributable to owners of parent | 382,134 | 431,245 | 375,989 | 481,726 | 652,243 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Retained earnings | 213,026 | 251,915 | 177,403 | 280,100 | 441,645 | S100R30V, S100TTMU, S100W1K1, S100YENT |
| Treasury stock | -8,815 | -8,746 | -8,589 | -8,576 | -9,454 | S100R30V, S100TTMU, S100W1K1, S100YENT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YENT |
| Property, plant and equipment | 10% | S100YENT |
| Intangibles and goodwill | 0% | — |
| Other assets | 84% | S100YENT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100YENT |
| Equity | 28% | S100YENT |

### 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 | 1,879,673 | 1,941,964 | 2,097,810 | 2,240,392 | 2,428,559 |
| Equity | 407,039 | 456,251 | 402,268 | 508,660 | 681,531 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 145,489 | 124,749 | 138,805 | 136,809 | 155,084 |

## 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) | 14.6% | S100YENT |
| Fixed assets ÷ total assets | 9.9% | S100YENT |
| Goodwill ÷ parent equity | 0.8% | S100YENT |

Goodwill over 4 years: 6,094 → 4,931 JPY; total investing cash flow: -153,363 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) | 6.4% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.3% |
| Cash vs. profit gap | -39,632 JPY mn (of net income -24.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 15.2% |

## 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 | 5.6% | 0.62× | 3.5% | 4.92× | 17.3% | S100R30V |
| 2023 | 3.3% | 0.71× | 2.3% | 4.70× | 11.0% | S100TTMU |
| 2024 | — | —× | -3.4% | —× | — | S100W1K1 |
| 2025 | 6.9% | 0.75× | 5.2% | 5.06× | 26.3% | S100YENT |
| 2026 | 9.8% | 0.70× | 6.9% | 4.12× | 28.4% | S100YENT |

## 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 | 14.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2026-03-31 |
| ＩＨＩ共栄会 | Major shareholder | 1.7% | 2026-03-31 |
| J.P. MORGAN BANK LUXEMBOURG S. A. 384513 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| ＩＨＩ従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.64T, almost unchanged from ¥1.63T (+1.0%).
- Profit grew much faster: operating income rose from ¥143.5B to ¥165.5B (+15.3%), and net income attributable to owners from ¥112.7B to ¥161B (+42.8%).
- Operating cash flow fell from ¥177.6B to ¥121.4B (-31.7%).

### Drivers

- Sales lost ground from divested businesses and the fading of large projects from the prior year, but growth in defense and commercial aircraft engines, plus stronger demand and better pricing for turbochargers, made up for it.
- Operating income was lifted by better margins in nuclear, the absence of last year's turbocharger restructuring costs, and gains on selling the materials handling business and investment property. Higher engine maintenance costs, more R&D spending and weaker overseas energy projects held it back.
- A weaker yen and higher equity-method income pushed net income up further.

### Risks

- Subsidiary IHI Aerospace was suspended from JAXA bidding after billing based on false reports, and compliance failures can lead to penalties and lost trust.
- Middle East tensions, US-China friction and export controls could disrupt supply chains or cost sales.
- Larger-than-expected currency swings can hit results through overseas contracts and purchasing.

Cited: Annual Securities Report, 209th term (Apr 2025 - Mar 2026) (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, 209th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第209期(2025/04/01－2026/03/31) | S100YENT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YENT,, |
| 有価証券報告書－第208期(2024/04/01－2025/03/31) | S100W1K1 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1K1,, |
| 有価証券報告書－第207期(2023/04/01－2024/03/31) | S100TTMU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTMU,, |
| 有価証券報告書－第206期(2022/04/01－2023/03/31) | S100R30V | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R30V,, |
| 訂正有価証券報告書－第205期(令和3年4月1日－令和4年3月31日) | S100PIW1 | 2022-11-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PIW1,, |
| 有価証券報告書－第204期(令和2年4月1日－令和3年3月31日) | S100LPBU | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPBU,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| GEAE Technology,Inc. | Alliance | GE系から航空エンジン（T700・F110）の製造・販売権を導入（ライセンス生産） | S100YENT |
| Rolls－Royce Corporation | Alliance | ロールス・ロイスからT56ターボプロップエンジンの製造・販売権を導入 | S100YENT |
| RTX Corporation | Alliance | RTXからF100・F135エンジンの製造権を導入（ライセンス生産） | S100YENT |
| Turbo Systems Switzerland Ltd. | Alliance | 子会社がターボ過給機の日本での独占製造権を取得（JVに付随） | S100YENT |
| Lockheed Martin Corporation | Alliance | 子会社IHIエアロスペースが多連装ロケットシステムの製造・販売権を導入 | S100YENT |

## 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).