# IWAKI 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71期(2025/04/01－2026/03/31) (S100YHPM)
> Page: https://vizora.meequs.com/en/company/iwaki
> Retrieved: 2026-09-30T20:25:13.574Z

## Company

Iwaki, founded in 1956, is a company in Industrial Machinery listed on TSE Prime. It has 1,146 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IWAKI CO.,LTD. |
| Ticker | 6237 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6237.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田須田町二丁目6番6号 |
| Representative (per filing) | 代表取締役社長 藤中 茂 |
| Founded | Apr 1956 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 1,146 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.iwakipumps.co.jp (https://www.iwakipumps.co.jp/) |
| Corporate number | 3010001011026 |
| EDINET | E32189 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YHPM, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.2 | 110 |
| Profitability | 77.5 | 122 |
| Cash conversion | 44.4 | 116 |
| Efficiency | 75 | 122 |

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)

- Iwaki brought in ¥47.7B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥47692294000 → ¥4905297000
- Net income → operating cash flow: ¥4905297000 → ¥5251083000（difference ¥345786000）
- Main uses of operating cash flow: CapEx ¥2742351000 / dividends ¥1770474000 / buybacks ¥97000
- Change in cash: ¥946747000
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 | ¥47.7B |  |
| Operating income | ¥5.92B | Margin 12.4% |
| Net income | ¥4.84B | Margin 10.1% |
| Free cash flow | ¥2.51B |  |
| Employees (consolidated) | 1,146 |  |
| EPS | ¥210.74 |  |
| Book value per share | ¥1331.7 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 22,490,000 |  |
| Treasury shares | 307,500 |  |
| Shareholders | 2,557 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 18.6% |
| Vs. industry median margin | +4.8 pp | Industrial Machinery |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28162392000 | ¥47692294000 | +69.3% |
| Operating income | ¥1706534000 | ¥5924731000 | +247.2% |
| Operating margin | 6.1% | 12.4% | +6.4 pp |
| Employees | 994 people | 1,146 people | +15.3% |
| Cash and equivalents | ¥6936133000 | ¥8888420000 | +28.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,692 | 100.0% | S100YHPM |
| Cost of revenue | 28,622 | 60.0% | S100YHPM |
| Gross profit | 19,071 | 40.0% | S100YHPM |
| SG&A | 13,146 | 27.6% | S100YHPM |
| Operating income | 5,925 | 12.4% | S100YHPM |
| Ordinary income | 6,725 | 14.1% | S100YHPM |
| Pretax income | 6,744 | 14.1% | S100YHPM |
| Income tax | 1,838 | 3.9% | S100YHPM |
| Net income | 4,905 | 10.3% | S100YHPM |
| Net income attributable to owners | 4,835 | 10.1% | S100YHPM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 28 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 40.0% → Operating margin 12.4% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.32×
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 | 45,763 | 47,692 | 1,929 | +4.2% |
| Gross profit | 18,498 | 19,071 | 572 | +3.1% |
| Operating income | 5,845 | 5,925 | 80 | +1.4% |
| Net income attributable to owners | 4,468 | 4,835 | 367 | +8.2% |
| Operating cash flow | 3,464 | 5,251 | 1,788 | +51.6% |
| Free cash flow | 2,696 | 2,509 | -187 | -6.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,637 | 2,114 | 7.4% | 2,123 | 2,138 | 1,447 | S100LULM |
| FY ending Mar 2021 | 28,162 | 1,707 | 6.1% | 2,091 | 2,090 | 1,495 | S100OLDG |
| FY ending Mar 2022 | 32,440 | 2,139 | 6.6% | 2,397 | 2,711 | 2,083 | S100R6RF |
| FY ending Mar 2023 | 37,730 | 2,255 | 6.0% | 4,258 | 1,915 | 620 | S100TVSB |
| FY ending Mar 2024 | 44,539 | 5,465 | 12.3% | 4,460 | 2,564 | 1,479 | S100W3U3 |
| FY ending Mar 2025 | 45,763 | 5,845 | 12.8% | 4,468 | 3,464 | 2,696 | S100YHPM |
| FY ending Mar 2026 | 47,692 | 5,925 | 12.4% | 4,835 | 5,251 | 2,509 | S100YHPM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.6M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 1,007 | 1,112 | 1,124 | 1,121 | 1,146 |
| Average salary (parent company) | ¥6.6M | ¥7.2M | ¥7.2M | ¥6.8M | ¥7M |
| Average age (parent company) | 42.2 years | 42.5 years | 42.4 years | 42.6 years | 42.9 years |
| Average tenure (parent company) | 17.9 years | 18.3 years | 18.1 years | 18.3 years | 18.5 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +4.2%

## 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 | 5,251 | 11.0% | S100YHPM |
| Capital expenditure | 2,742 | 5.8% | S100YHPM |
| Free cash flow | 2,509 | 5.3% | 算出 |
| Investing cash flow | -3,385 | -7.1% | S100YHPM |
| Financing cash flow | -1,278 | -2.7% | S100YHPM |
| Dividends paid | 1,770 | 3.7% | S100YHPM |
| Share buyback | 0 | 0.0% | S100YHPM |
| Change in cash | 947 | 2.0% | S100YHPM |
| Cash and equivalents | 8,888 | 18.6% | S100YHPM |

## 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 | 8,574 | 8,692 | 6,773 | 7,942 | 8,888 | S100TVSB, S100W3U3, S100YHPM |
| Total assets | 37,964 | 45,252 | 49,098 | 54,151 | 55,844 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Net assets | 25,252 | 28,869 | 33,522 | 38,110 | 41,483 | S100TVSB, S100W3U3, S100YHPM |
| Share capital | 1,045 | 1,045 | 1,045 | 1,045 | 1,045 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Property, plant and equipment | 5,697 | 6,436 | 6,836 | 8,663 | 9,469 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Intangible assets excluding goodwill | 1,263 | 3,450 | 3,016 | 2,867 | 2,505 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Goodwill | 707 | 2,346 | 2,241 | 2,148 | 1,894 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Investment securities | 2,110 | 1,397 | 1,396 | 2,162 | 2,695 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Current assets | 27,371 | 32,187 | 35,465 | 37,405 | 37,842 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Current liabilities | 11,035 | 13,717 | 12,814 | 12,106 | 9,326 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Trade payables | 2,493 | 3,687 | 1,885 | 1,766 | 2,178 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Short-term borrowings | 1,245 | 1,171 | 1,056 | 1,088 | 1,062 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Long-term borrowings | 563 | 1,168 | 1,013 | 858 | 2,074 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Total liabilities | 12,712 | 16,382 | 15,577 | 16,041 | 14,362 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Non-controlling interests | 74 | 163 | 240 | 224 | 131 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Equity attributable to owners of parent | 23,473 | 26,730 | 30,127 | 33,246 | 36,053 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Retained earnings | 22,341 | 25,531 | 28,780 | 31,790 | 34,854 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |
| Treasury stock | -587 | -520 | -411 | -376 | -308 | S100R6RF, S100TVSB, S100W3U3, S100YHPM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHPM |
| Property, plant and equipment | 17% | S100YHPM |
| Intangibles and goodwill | 8% | S100YHPM |
| Investment securities | 5% | S100YHPM |
| Other assets | 54% | S100YHPM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YHPM |
| Other liabilities | 22% | S100YHPM |
| Equity | 74% | S100YHPM |
| Other liabilities | 0% | S100YHPM |

### 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 | 37,964 | 45,252 | 49,098 | 54,151 | 55,844 |
| Equity | 25,252 | 28,869 | 33,522 | 38,110 | 41,483 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,574 | 8,692 | 6,773 | 7,942 | 8,888 |

## 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) | 19.9% | S100YHPM |
| Fixed assets ÷ total assets | 17.0% | S100YHPM |
| Goodwill ÷ parent equity | 5.3% | S100YHPM |

Goodwill over 4 years: 707 → 1,894 JPY; total investing cash flow: -8,604 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) | 15.9% |
| Cash ÷ revenue | 18.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.6% |
| Cash vs. profit gap | 416 JPY mn (of net income 8.6%) |
| Shareholder returns / net income | 36.6% |
| Shareholder returns / FCF | 70.6% |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | 70.6% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 64.5% |

## 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 | 7.4% | 0.85× | 6.3% | 1.62× | 10.2% | S100R6RF |
| 2023 | 11.3% | 0.91× | 10.2% | 1.66× | 17.0% | S100TVSB |
| 2024 | 10.0% | 0.94× | 9.5% | 1.66× | 15.7% | S100W3U3 |
| 2025 | 9.8% | 0.89× | 8.7% | 1.63× | 14.1% | S100YHPM |
| 2026 | 10.1% | 0.87× | 8.8% | 1.59× | 14.0% | S100YHPM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CHARON FINANCE GMBH （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社藤中ホールディングス | Major shareholder | 12.2% | 2026-03-31 |
| 藤中 茂 | Major shareholder | 8.4% | 2026-03-31 |
| 藤中 留美 | Major shareholder | 7.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| イワキ産業株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 藤中 裕子 | Major shareholder | 3.1% | 2026-03-31 |
| CACEIS BANK, LUXEMBOURG BRANCH/AIF CLIENTS ASSETS （常任代理人 香港上海銀行株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| イワキ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 藤中 秀子 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YHPM | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHPM,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W3U3 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3U3,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TVSB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVSB,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R6RF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6RF,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OLDG | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLDG,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LULM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LULM,, |

## 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).