# ISUZU MOTORS LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第124期(2025/04/01－2026/03/31) (S100YFBQ)
> Page: https://vizora.meequs.com/en/company/isuzu-motors
> Retrieved: 2026-09-30T20:32:56.032Z

## Company

Isuzu, founded in 1937, is a company in Leasing listed on TSE Prime. It has 43,005 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISUZU MOTORS LIMITED |
| Ticker | 7202 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7202.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区高島1丁目2番5号 |
| Representative (per filing) | 取締役社長CEO 山口 真宏 |
| Founded | Apr 1937 |
| Share capital | ¥40.6B |
| Employees (consolidated) | 43,005 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.isuzu.co.jp (https://www.isuzu.co.jp/) |
| Corporate number | 5010701000904 |
| EDINET | E02143 |
| Industries (Vizora) | Leasing, Trucks & Buses |

> Profile source: annual securities report (S100YFBQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Trucks & Buses (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 62.5 | 4 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 37.5 | 4 |

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 94% of Isuzu's sales come from Automobile, with Financial services making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit -11.2%.

## Company structure

- Segment revenue mix: Automobile 94.2%、Financial services 5.8%
- Revenue → net income: ¥3479074000000 → ¥174618000000
- Net income → operating cash flow: ¥174618000000 → ¥247419000000（difference ¥72801000000）
- Main uses of operating cash flow: CapEx ¥216212000000 / dividends ¥64834000000 / buybacks ¥50009000000
- Change in cash: ¥26719000000
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 | ¥3.48T |  |
| Operating income | ¥203.7B | Margin 5.9% |
| Net income | ¥134.9B | Margin 3.9% |
| Free cash flow | ¥31.2B |  |
| Largest business | Automobile | of segment revenue 94.2% |
| Employees (consolidated) | 43,005 |  |
| EPS | ¥193.14 |  |
| Diluted EPS | ¥193.07 |  |
| Book value per share | ¥1202.73 |  |
| Equity ratio | 40.4% | Derived from disclosed figures |
| Shares outstanding | 688,751,769 |  |
| Treasury shares | 190,900 |  |
| Shareholders | 97,693 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | +0.1 pp | Trucks & Buses |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1908150000000 | ¥3479074000000 | — |
| Operating income | ¥95732000000 | ¥203703000000 | — |
| Operating margin | 5.0% | 5.9% | +0.8 pp |
| Employees | 36,224 people | 43,005 people | — |
| Cash and equivalents | ¥386670000000 | ¥376246000000 | — |

### 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 → 自動車事業 | 94.2% |
| 新設・再編 → 金融事業 | 5.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,479,074 | 100.0% | S100YFBQ |
| Cost of revenue | 2,814,173 | 80.9% | S100YFBQ |
| Gross profit | 664,900 | 19.1% | S100YFBQ |
| SG&A | 466,168 | 13.4% | S100YFBQ |
| Operating income | 203,703 | 5.9% | S100YFBQ |
| Pretax income | 230,575 | 6.6% | S100YFBQ |
| Income tax | 55,956 | 1.6% | S100YFBQ |
| Net income | 174,618 | 5.0% | S100YFBQ |
| Net income attributable to owners | 134,876 | 3.9% | S100YFBQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 13 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.1% → Operating margin 5.9% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.5%; Core profit growth: -11.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.49×
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 | 3,235,648 | 3,479,074 | 243,426 | +7.5% |
| Gross profit | 662,302 | 664,900 | 2,598 | +0.4% |
| Operating income | 229,461 | 203,703 | -25,758 | -11.2% |
| Net income attributable to owners | 140,062 | 134,876 | -5,186 | -3.7% |
| Operating cash flow | 254,059 | 247,419 | -6,640 | -2.6% |
| Free cash flow | 40,532 | 31,207 | -9,325 | -23.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,953,186 | 146,444 | 7.5% | 93,858 | 151,352 | 49,703 | S100DGFT |
| FY ending Mar 2018 | 2,070,359 | 166,765 | 8.1% | 105,663 | 176,804 | 77,367 | S100G7N6 |
| FY ending Mar 2019 | 2,149,168 | 176,781 | 8.2% | 113,444 | 156,546 | 61,778 | S100J2IP |
| FY ending Mar 2020 | 2,079,936 | 140,582 | 6.8% | 81,232 | 123,701 | 20,234 | S100LPZS |
| FY ending Mar 2021 | 1,908,150 | 95,732 | 5.0% | 42,708 | 222,918 | 125,027 | S100OHML |
| FY ending Mar 2022 | 2,514,291 | 187,197 | 7.4% | 126,193 | 172,056 | 71,731 | S100R6CY |
| FY ending Mar 2023 | 3,195,537 | 253,546 | 7.9% | 151,743 | 227,085 | 119,766 | S100TUA9 |
| FY ending Mar 2024 | 3,404,633 | 281,641 | 8.3% | 168,996 | 308,738 | 132,683 | S100W4GF |
| FY ending Mar 2025 | 3,235,648 | 229,461 | 7.1% | 140,062 | 254,059 | 40,532 | S100YFBQ |
| FY ending Mar 2026 | 3,479,074 | 203,703 | 5.9% | 134,876 | 247,419 | 31,207 | S100YFBQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.9M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 44,299 | 44,495 | 45,034 | 42,117 | 43,005 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.9M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 41.2 years | 41.0 years | 40.8 years | 40.6 years | 40.1 years |
| Average tenure (parent company) | 18.7 years | 18.3 years | 17.3 years | 16.5 years | 15.6 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile | 3,277,275 | 94.2% | 189,851 | 5.8% |
| Financial services | 201,798 | 5.8% | 13,930 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile | 94.2% | 93.2% | -1.0 | 5.8% |
| Financial services | 5.8% | 6.8% | 1.0 | 6.9% |

Segment → industry: Financial services → Leasing / Automobile → Trucks & Buses

## 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 | 247,419 | 7.1% | S100YFBQ |
| Capital expenditure | 216,212 | 6.2% | S100YFBQ |
| Free cash flow | 31,207 | 0.9% | 算出 |
| Investing cash flow | -169,996 | -4.9% | S100YFBQ |
| Financing cash flow | -83,237 | -2.4% | S100YFBQ |
| Dividends paid | 64,834 | 1.9% | S100YFBQ |
| Share buyback | 50,009 | 1.4% | S100YFBQ |
| Change in cash | 26,719 | 0.8% | S100YFBQ |
| Cash and equivalents | 376,246 | 10.8% | S100YFBQ |

## 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 | 341,713 | 358,231 | 367,315 | 358,711 | 376,246 | S100TUA9, S100W4GF, S100YFBQ |
| Total assets | 2,856,139 | 3,035,459 | 3,261,538 | 3,303,310 | 3,663,138 | S100R6CY, S100W4GF, S100YFBQ |
| Net assets | 1,394,425 | 1,434,404 | 1,535,735 | 1,537,659 | 1,663,986 | S100TUA9, S100W4GF, S100YFBQ |
| Share capital | 40,644 | 40,644 | 40,644 | 40,644 | 40,644 | S100R6CY, S100W4GF, S100YFBQ |
| Property, plant and equipment | 918,881 | 808,267 | 785,354 | 838,723 | 923,587 | S100R6CY, S100W4GF, S100YFBQ |
| Intangible assets excluding goodwill | 87,407 | 74,678 | 89,584 | — | — | S100R6CY, S100TUA9 |
| Goodwill | 20,519 | 15,213 | 15,213 | 15,213 | 15,213 | S100R6CY, S100W4GF, S100YFBQ |
| Investment securities | 249,832 | 218,844 | 283,581 | — | — | S100R6CY, S100TUA9 |
| Current assets | 1,490,745 | 1,680,352 | 1,853,283 | 1,815,343 | 2,046,894 | S100R6CY, S100W4GF, S100YFBQ |
| Current liabilities | 898,195 | 968,832 | 1,083,144 | — | — | S100R6CY, S100TUA9 |
| Trade payables | 436,365 | 496,833 | 476,578 | — | — | S100R6CY, S100TUA9 |
| Short-term borrowings | 139,160 | 117,880 | 204,590 | — | — | S100R6CY, S100TUA9 |
| Long-term borrowings | 286,650 | 285,044 | 239,266 | — | — | S100R6CY, S100TUA9 |
| Bonds | 80,000 | 80,000 | 80,000 | — | — | S100R6CY, S100TUA9 |
| Interest-bearing debt | 505,810 | 482,924 | 523,856 | — | — | 算出 |
| Total liabilities | 1,461,714 | 1,601,054 | 1,725,803 | 1,765,651 | 1,999,151 | S100R6CY, S100W4GF, S100YFBQ |
| Non-controlling interests | 200,324 | 201,725 | 198,333 | — | — | S100R6CY, S100TUA9 |
| Equity attributable to owners of parent | 1,008,332 | 1,232,102 | 1,381,942 | 1,372,863 | 1,479,509 | S100R6CY, S100W4GF, S100YFBQ |
| Retained earnings | 928,371 | 1,103,085 | 1,213,034 | 1,162,408 | 1,201,580 | S100R6CY, S100W4GF, S100YFBQ |
| Treasury stock | -3,290 | -3,234 | -53,133 | -2,364 | -2,355 | S100R6CY, S100W4GF, S100YFBQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YFBQ |
| Property, plant and equipment | 25% | S100YFBQ |
| Intangibles and goodwill | 1% | — |
| Other assets | 64% | S100YFBQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YFBQ |
| Equity | 45% | S100YFBQ |
| Other liabilities | 0% | S100YFBQ |

### 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 | 2,856,139 | 3,035,459 | 3,261,538 | 3,303,310 | 3,663,138 |
| Equity | 1,394,425 | 1,434,404 | 1,535,735 | 1,537,659 | 1,663,986 |
| Interest-bearing debt | 505,810 | 482,924 | 523,856 | — | — |
| Cash | 341,713 | 358,231 | 367,315 | 358,711 | 376,246 |

## 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) | 26.5% | S100YFBQ |
| Fixed assets ÷ total assets | 25.2% | S100YFBQ |
| Goodwill ÷ parent equity | 1.0% | S100YFBQ |

Goodwill over 4 years: 20,519 → 15,213 JPY; total investing cash flow: -1,013,786 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) | 10.3% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.5% |
| Cash vs. profit gap | 112,543 JPY mn (of net income 83.4%) |
| Shareholder returns / net income | 85.1% |
| Shareholder returns / FCF | 368.0% |
| Shareholder payments — dividends / net income | 48.1% |
| Shareholder payments — dividends / FCF | 207.8% |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 68.7% |

## 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 | 5.0% | 0.88× | 4.4% | 2.83× | 12.5% | S100R6CY |
| 2023 | 4.7% | 1.08× | 5.2% | 2.63× | 13.5% | S100TUA9, S100W4GF |
| 2024 | 5.0% | 1.08× | 5.4% | 2.41× | 12.9% | S100W4GF |
| 2025 | 4.3% | 0.99× | 4.3% | 2.38× | 10.2% | S100YFBQ |
| 2026 | 3.9% | 1.00× | 3.9% | 2.44× | 9.5% | S100YFBQ |

## 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 | 13.4% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 伊藤忠自動車投資合同会社 | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.0% | 2026-03-31 |
| トヨタ自動車株式会社 | 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 | 2.5% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2026-03-31 |
| 全国共済農業協同組合連合会 （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 | 1.5% | 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 | 1.5% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 grew +7.5%, from ¥3.24T to ¥3.48T.
- Profit went the other way: operating income fell -11.2% to ¥203.7B, and net income slipped -3.7% to ¥134.9B.
- Gross profit was nearly flat at ¥664.9B (+0.4%).
- Operating cash flow was ¥247.4B (-2.6%), and free cash flow dropped -23.0% to ¥31.2B.

### Drivers

- Unit sales rose in Japan on steady demand, and abroad trucks grew in the Middle East, Africa and Latin America while pickups grew in Africa and Oceania.
- Price increases and higher volumes added profit, but U.S. tariffs, higher material costs, a stronger yen and more spending on growth projects outweighed them.
- Shipments to the Middle East were halted because of the situation in the region, which also hurt profit.

### Risks

- An economic slowdown in key markets such as Japan, Thailand and the U.S. could shrink demand for commercial vehicles.
- Additional tariffs have made the global economic outlook harder to read.
- Wars, changes of government and other geopolitical shifts could disrupt sourcing, production and sales.

Cited: Annual Securities Report, 124th fiscal term (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 124th fiscal term (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YFBQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFBQ,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W4GF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4GF,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TUA9 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUA9,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R6CY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6CY,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OHML | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHML,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LPZS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPZS,, |
| 有価証券報告書－第118期(平成31年4月1日－令和2年3月31日) | S100J2IP | 2020-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100J2IP,, |
| 有価証券報告書－第117期(平成30年4月1日－平成31年3月31日) | S100G7N6 | 2019-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G7N6,, |
| 有価証券報告書－第116期(平成29年4月1日－平成30年3月31日) | S100DGFT | 2018-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100DGFT,, |
| 有価証券報告書－第115期(2016/04/01－2017/03/31) | S100AO6K | 2017-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100AO6K,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| トヨタ | Capital alliance | 資本提携（商用事業での協業） | S100Y8NY |
| スズキ | Alliance | 商用事業の協業に関する共同企画契約（トヨタ等と5社） | S100YFG2 |

## 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).