# Japan Engine Corporation: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第129期(2025/04/01－2026/03/31) (S100YH5Z)
> Page: https://vizora.meequs.com/en/company/japan-engine
> Retrieved: 2026-09-30T19:42:01.541Z

## Company

Japan Engine, founded in 1910, is a company in Shipbuilding listed on TSE Standard. It has 394 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Engine Corporation |
| Ticker | 6016 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6016.T) |
| Listing | TSE Standard |
| Head office | 兵庫県明石市二見町南二見1番地38 |
| Representative (per filing) | 代表取締役社長 川島 健 |
| Founded | Nov 1910 |
| Share capital | ¥2.21B |
| Employees (consolidated) | 394 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.j-eng.co.jp (https://www.j-eng.co.jp/) |
| Corporate number | 3140001036976 |
| EDINET | E01474 |
| Industries (Vizora) | Shipbuilding |

> Profile source: annual securities report (S100YH5Z, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 94.4 | 9 |
| Cash conversion | 6.3 | 8 |
| Efficiency | 61.1 | 9 |

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)

- Japan Engine brought in ¥29.7B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +7.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29707108000 → ¥4758460000
- Net income → operating cash flow: ¥4758460000 → ¥2551515000（difference ¥-2206945000）
- Main uses of operating cash flow: CapEx ¥2848839000 / dividends ¥635094000 / buybacks ¥1133000
- Change in cash: ¥-1978028000
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 | ¥29.7B |  |
| Operating income | ¥5.46B | Margin 18.4% |
| Net income | ¥4.76B | Margin 16.0% |
| Free cash flow | -¥297.3M |  |
| Employees (consolidated) | 394 |  |
| EPS | ¥567.58 |  |
| Book value per share | ¥2193.51 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 8,400,000 |  |
| Treasury shares | 16,300 |  |
| Shareholders | 3,922 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | +8.8 pp | Shipbuilding |
| ROE | 30.5% | Derived from disclosed figures |
| ROA | 14.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.3× its level five years ago

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13164135000 | ¥29707108000 | — |
| Operating income | ¥576160000 | ¥5458304000 | — |
| Operating margin | 4.4% | 18.4% | +14 pp |
| Employees | 345 people | 394 people | — |
| Cash and equivalents | ¥4087818000 | ¥5433692000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,707 | 100.0% | S100YH5Z |
| Cost of revenue | 19,960 | 67.2% | S100YH5Z |
| Gross profit | 9,747 | 32.8% | S100YH5Z |
| SG&A | 4,289 | 14.4% | S100YH5Z |
| Operating income | 5,458 | 18.4% | S100YH5Z |
| Ordinary income | 6,433 | 21.7% | S100YH5Z |
| Pretax income | 6,420 | 21.6% | S100YH5Z |
| Income tax | 1,661 | 5.6% | S100YH5Z |
| Net income | 4,758 | 16.0% | S100YH5Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 15 |
| Operating income | 18 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 32.8% → Operating margin 18.4% → Net margin 16.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +7.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.47×
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 | 28,863 | 29,707 | 844 | +2.9% |
| Gross profit | 8,227 | 9,747 | 1,520 | +18.5% |
| Operating income | 5,091 | 5,458 | 367 | +7.2% |
| Operating cash flow | 6,751 | 2,552 | -4,199 | -62.2% |
| Free cash flow | 2,332 | -297 | -2,630 | -112.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,152 | 212 | 2.1% | 358 | 1,076 | 560 | S100LQNW |
| FY ending Mar 2021 | 11,688 | 429 | 3.7% | 323 | -76 | -1,144 | S100OLKH |
| FY ending Mar 2022 | 13,164 | 576 | 4.4% | 548 | 1,710 | 1,455 | S100OLKH |
| FY ending Mar 2022 | 13,158 | 565 | 4.3% | 548 | 1,803 | 1,549 | S100RAB9 |
| FY ending Mar 2023 | 15,249 | 442 | 2.9% | 809 | 2,500 | 1,437 | S100TWXD |
| FY ending Mar 2024 | 20,970 | 2,189 | 10.4% | 2,548 | 391 | -379 | S100W2S0 |
| FY ending Mar 2025 | 28,863 | 5,091 | 17.6% | 4,326 | 6,751 | 2,332 | S100YH5Z |
| FY ending Mar 2026 | 29,707 | 5,458 | 18.4% | 4,758 | 2,552 | -297 | S100YH5Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.4M |
| Operating income per employee (consolidated) | ¥13.9M |
| Net income per employee (consolidated) | ¥12.1M |

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) | 333 | 355 | 367 | 382 | 394 |
| Average salary (parent company) | — | ¥5.9M | ¥6.1M | ¥6.6M | ¥7M |
| Average age (parent company) | — | 41.2 years | 41.1 years | 41.2 years | 41.2 years |
| Average tenure (parent company) | — | 8.9 years | 9.0 years | 9.3 years | 9.5 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,552 | 8.6% | S100YH5Z |
| Capital expenditure | 2,849 | 9.6% | S100YH5Z |
| Free cash flow | -297 | -1.0% | 算出 |
| Investing cash flow | -3,113 | -10.5% | S100YH5Z |
| Financing cash flow | -1,416 | -4.8% | S100YH5Z |
| Dividends paid | 635 | 2.1% | S100YH5Z |
| Share buyback | 1 | 0.0% | S100YH5Z |
| Change in cash | -1,978 | -6.7% | S100YH5Z |
| Cash and equivalents | 5,434 | 18.3% | S100YH5Z |

## 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 | 4,088 | 4,262 | 4,281 | 7,412 | 5,434 | S100TWXD, S100W2S0, S100YH5Z |
| Total assets | 17,438 | 20,416 | 25,003 | 32,961 | 31,957 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Net assets | 6,554 | 7,344 | 9,750 | 13,881 | 18,390 | S100TWXD, S100W2S0, S100YH5Z |
| Share capital | 2,215 | 2,215 | 2,215 | 2,215 | 2,215 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Property, plant and equipment | 3,212 | 4,046 | 3,959 | 8,547 | 8,336 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Intangible assets excluding goodwill | 143 | 97 | 144 | 165 | 173 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Investment securities | 143 | 157 | 180 | 810 | 1,543 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Current assets | 13,382 | 15,205 | 20,164 | 22,788 | 21,376 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Current liabilities | 8,637 | 10,446 | 12,074 | 15,058 | 10,656 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Long-term borrowings | 1,552 | 1,969 | 2,564 | 3,578 | 2,355 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Total liabilities | 10,884 | 13,072 | 15,254 | 19,080 | 13,568 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Equity attributable to owners of parent | 6,560 | 7,302 | 9,686 | 13,564 | 17,684 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Retained earnings | 2,643 | 3,385 | 5,771 | 9,650 | 13,771 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |
| Treasury stock | -8 | -8 | -10 | -11 | -12 | S100RAB9, S100TWXD, S100W2S0, S100YH5Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YH5Z |
| Property, plant and equipment | 26% | S100YH5Z |
| Intangibles and goodwill | 1% | S100YH5Z |
| Investment securities | 5% | S100YH5Z |
| Other assets | 51% | S100YH5Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YH5Z |
| Equity | 58% | S100YH5Z |

### 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 | 17,438 | 20,416 | 25,003 | 32,961 | 31,957 |
| Equity | 6,554 | 7,344 | 9,750 | 13,881 | 18,390 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,088 | 4,262 | 4,281 | 7,412 | 5,434 |

## 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) | 28.1% | S100YH5Z |
| Fixed assets ÷ total assets | 26.1% | S100YH5Z |
| Goodwill ÷ parent equity | — | —, S100YH5Z |

### 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) | 17.0% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.7% |
| Cash vs. profit gap | -2,207 JPY mn (of net income -46.4%) |
| Shareholder returns / net income | 13.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.6% |
| Investing CF relative to operating CF | 122.0% |

## 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 | 4.2% | 0.75× | 3.1% | 2.66× | 8.4% | S100YH5Z, S100RAB9 |
| 2023 | 5.3% | 0.81× | 4.3% | 2.73× | 11.7% | S100TWXD |
| 2024 | 12.2% | 0.92× | 11.2% | 2.67× | 30.0% | S100W2S0 |
| 2025 | 15.0% | 1.00× | 14.9% | 2.49× | 37.2% | S100YH5Z |
| 2026 | 16.0% | 0.92× | 14.7% | 2.08× | 30.5% | S100YH5Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱重工業株式会社 | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社名村造船所 | Major shareholder | 10.0% | 2026-03-31 |
| 株式会社シーケービー | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社カナックス | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社新来島どっく | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 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） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社赤阪鐵工所 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社山田クラブ21 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第129期(2025/04/01－2026/03/31) | S100YH5Z | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH5Z,, |
| 有価証券報告書－第128期(2024/04/01－2025/03/31) | S100W2S0 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2S0,, |
| 有価証券報告書－第127期(2023/04/01－2024/03/31) | S100TWXD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXD,, |
| 有価証券報告書－第126期(2022/04/01－2023/03/31) | S100RAB9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAB9,, |
| 有価証券報告書－第125期(令和3年4月1日－令和4年3月31日) | S100OLKH | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLKH,, |
| 有価証券報告書－第124期(令和2年4月1日－令和3年3月31日) | S100LQNW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQNW,, |

## 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).