# IKUYO 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87期(2025/04/01－2026/03/31) (S100YLTN)
> Page: https://vizora.meequs.com/en/company/ikuyo
> Retrieved: 2026-09-30T19:49:49.900Z

## Company

Ikuyo, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 337 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IKUYO CO.,LTD. |
| Ticker | 7273 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7273.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂四丁目9番25号 (2026年4月1日から本店所在地 神奈川県厚木市上依知3019番地が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 孫峰 |
| Founded | May 1947 |
| Share capital | ¥4.75B |
| Employees (consolidated) | 337 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.ikuyo194.co.jp (https://www.ikuyo194.co.jp/) |
| Corporate number | 9021001023731 |
| EDINET | E02226 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YLTN, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.7 | 110 |
| Profitability | 6.8 | 111 |
| Cash conversion | 97.7 | 108 |
| Efficiency | 87.8 | 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 100% of Ikuyo's sales come from auto parts, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +70.0% from the prior year, operating profit +1274.9%.

## Company structure

- Segment revenue mix: auto parts 99.8%、Other 0.2%
- Revenue → net income: ¥30144583000 → ¥3121985000
- Net income → operating cash flow: ¥3121985000 → ¥3665718000（difference ¥543733000）
- Main uses of operating cash flow: CapEx ¥2824929000 / dividends ¥654161000 / buybacks ¥80041000
- Change in cash: ¥2744816000
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 | ¥30.1B |  |
| Operating income | ¥540M | Margin 1.8% |
| Net income | ¥2.76B | Margin 9.1% |
| Free cash flow | ¥840.8M |  |
| Largest business | auto parts | of segment revenue 99.8% |
| Employees (consolidated) | 337 |  |
| EPS | ¥99.57 |  |
| Diluted EPS | ¥84.96 |  |
| Book value per share | ¥409.73 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 29,385,000 |  |
| Treasury shares | 123,700 |  |
| Shareholders | 3,915 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 12.9% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | -3 pp | Auto Parts |
| ROE | 28.8% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +47% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10500406000 | ¥30144583000 | +187.1% |
| Operating income | ¥-375761000 | ¥540040000 | — |
| Operating margin | -3.6% | 1.8% | +5.4 pp |
| Employees | 198 people | 337 people | +70.2% |
| Cash and equivalents | ¥1118925000 | ¥4241302000 | +279.1% |

### 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 |
| --- | ---: |
| 新設・再編 → 自動車部品 | 99.8% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,145 | 100.0% | S100YLTN |
| Cost of revenue | 25,675 | 85.2% | S100YLTN |
| Gross profit | 4,469 | 14.8% | S100YLTN |
| SG&A | 3,929 | 13.0% | S100YLTN |
| Operating income | 540 | 1.8% | S100YLTN |
| Ordinary income | 167 | 0.6% | S100YLTN |
| Pretax income | 5,504 | 18.3% | S100YLTN |
| Income tax | 2,382 | 7.9% | S100YLTN |
| Net income | 3,122 | 10.4% | S100YLTN |
| Net income attributable to owners | 2,757 | 9.1% | S100YLTN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 14.8% → Operating margin 1.8% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +70.0%; Core profit growth: +1274.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.22×
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 | 17,736 | 30,145 | 12,408 | +70.0% |
| Gross profit | 2,004 | 4,469 | 2,466 | +123.1% |
| Operating income | 39 | 540 | 501 | +1274.9% |
| Net income attributable to owners | 45 | 2,757 | 2,712 | +6088.2% |
| Operating cash flow | 761 | 3,666 | 2,904 | +381.5% |
| Free cash flow | -865 | 841 | 1,705 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,648 | 380 | 2.4% | 275 | 1,006 | -1,114 | S100LQ5Q |
| FY ending Mar 2021 | 10,500 | -376 | -3.6% | -513 | 808 | -907 | S100OJTP |
| FY ending Mar 2022 | 13,239 | 356 | 2.7% | 432 | 1,993 | 977 | S100R67X |
| FY ending Mar 2023 | 14,609 | 695 | 4.8% | 494 | 876 | -1,605 | S100TUGF |
| FY ending Mar 2024 | 17,351 | 712 | 4.1% | 489 | 2,053 | -511 | S100W6U0 |
| FY ending Mar 2025 | 17,736 | 39 | 0.2% | 45 | 761 | -865 | S100YLTN |
| FY ending Mar 2026 | 30,145 | 540 | 1.8% | 2,757 | 3,666 | 841 | S100YLTN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥8.2M |

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) | 197 | 193 | 190 | 189 | 337 |
| Average salary (parent company) | ¥4.7M | ¥5.2M | ¥5.7M | ¥5.3M | ¥6.8M |
| Average age (parent company) | 42.4 years | 42.9 years | 42.9 years | 41.6 years | 41.2 years |
| Average tenure (parent company) | 17.8 years | 18.1 years | 18.2 years | 16.5 years | 16.8 years |

Year over year: Employees (consolidated) +78.3% · Revenue (consolidated) +70.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| auto parts | 30,098 | 99.8% | 907 | 3.0% |
| Other | 47 | 0.2% | -367 | -783.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| auto parts | 99.8% | 100.0% | 0.2 | 3.0% |
| Other | 0.2% | — | — | -783.8% |

Loss-making segment (excluded from profit shares): Other -367 JPY mn

Segment → industry: auto parts → Auto Parts

## 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 | 3,666 | 12.2% | S100YLTN |
| Capital expenditure | 2,825 | 9.4% | S100YLTN |
| Free cash flow | 841 | 2.8% | 算出 |
| Investing cash flow | -4,858 | -16.1% | S100YLTN |
| Financing cash flow | 3,823 | 12.7% | S100YLTN |
| Dividends paid | 654 | 2.2% | S100YLTN |
| Share buyback | 80 | 0.3% | S100YLTN |
| Change in cash | 2,745 | 9.1% | S100YLTN |
| Cash and equivalents | 4,241 | 14.1% | S100YLTN |

## 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 | 2,283 | 1,349 | 1,670 | 1,496 | 4,241 | S100TUGF, S100W6U0, S100YLTN |
| Total assets | 11,181 | 14,001 | 15,481 | 16,255 | 32,888 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Net assets | 4,833 | 5,270 | 6,045 | 7,071 | 16,256 | S100TUGF, S100W6U0, S100YLTN |
| Share capital | 2,298 | 2,298 | 2,298 | 2,658 | 4,749 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Trade receivables | — | — | — | 3,078 | 5,768 | S100YLTN |
| Property, plant and equipment | 4,837 | 7,190 | 7,947 | 7,160 | 8,995 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Intangible assets excluding goodwill | 399 | 424 | 505 | 487 | 3,969 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Goodwill | — | — | — | — | 1,459 | S100YLTN |
| Investment securities | 294 | 410 | 367 | 350 | 1,971 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Current assets | 5,525 | 5,874 | 6,569 | 8,153 | 15,281 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Current liabilities | 3,905 | 6,008 | 6,689 | 6,949 | 9,828 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Trade payables | 2,536 | 3,033 | 3,668 | 2,326 | 2,883 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Short-term borrowings | — | 420 | 840 | 1,000 | 1,188 | S100TUGF, S100W6U0, S100YLTN |
| Long-term borrowings | 1,620 | 1,890 | 2,020 | 1,590 | 1,881 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Total liabilities | 6,348 | 8,730 | 9,436 | 9,184 | 16,632 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Non-controlling interests | 34 | 34 | 40 | 44 | 2,907 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Equity attributable to owners of parent | 4,774 | 5,251 | 5,709 | 6,429 | 12,692 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Retained earnings | 2,479 | 2,957 | 3,415 | 3,414 | 5,458 | S100R67X, S100TUGF, S100W6U0, S100YLTN |
| Treasury stock | -27 | -27 | -27 | -27 | -50 | S100R67X, S100TUGF, S100W6U0, S100YLTN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YLTN |
| Receivables | 18% | S100YLTN |
| Property, plant and equipment | 27% | S100YLTN |
| Intangibles and goodwill | 16% | S100YLTN |
| Investment securities | 6% | S100YLTN |
| Other assets | 20% | S100YLTN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YLTN |
| Other liabilities | 42% | S100YLTN |
| Equity | 49% | S100YLTN |

### 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 | 11,181 | 14,001 | 15,481 | 16,255 | 32,888 |
| Equity | 4,833 | 5,270 | 6,045 | 7,071 | 16,256 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,283 | 1,349 | 1,670 | 1,496 | 4,241 |

## 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) | 29.8% | S100YLTN |
| Fixed assets ÷ total assets | 27.4% | S100YLTN |
| Goodwill ÷ parent equity | 11.5% | S100YLTN |

### 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) | 12.9% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 678.8% |
| Cash vs. profit gap | 909 JPY mn (of net income 33.0%) |
| Shareholder returns / net income | 26.6% |
| Shareholder returns / FCF | 87.3% |
| Shareholder payments — dividends / net income | 23.7% |
| Shareholder payments — dividends / FCF | 77.8% |
| CapEx intensity (capex ÷ revenue) | 9.4% |
| Investing CF relative to operating CF | 132.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.3% | 1.18× | 3.9% | 2.34× | 9.1% | S100R67X |
| 2023 | 3.4% | 1.16× | 3.9% | 2.51× | 9.9% | S100TUGF |
| 2024 | 2.8% | 1.18× | 3.3% | 2.69× | 8.9% | S100W6U0 |
| 2025 | 0.3% | 1.12× | 0.3% | 2.61× | 0.7% | S100YLTN |
| 2026 | 9.1% | 1.23× | 11.2% | 2.57× | 28.8% | S100YLTN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日東株式会社 | Major shareholder | 42.8% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＩＮＧＡＰＯＲＥ／２ＳＢＮＰ ＰＡＲＩＢＡＳ ＳＩＮＧＡＰＯＲＥ／２ＳＶＡＴＥ ＬＩＭＩＴＥＤ（常任代理人 香港上海銀行東京支店） | Major shareholder | 22.6% | 2026-03-31 |
| ＤＢＳ ＢＡＮＫ ＬＴＤ．７００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| 水野 弘 | Major shareholder | 2.3% | 2026-03-31 |
| 酒井 宏修 | Major shareholder | 2.1% | 2026-03-31 |
| ヤイズボデー工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 黄 小雄 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社紀文食品 | Major shareholder | 1.1% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YLTN | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLTN,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W6U0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6U0,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TUGF | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUGF,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R67X | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R67X,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OJTP | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJTP,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LQ5Q | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ5Q,, |

## 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).