# The Japan Steel Works, 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100期(2025/04/01－2026/03/31) (S100Y7BQ)
> Page: https://vizora.meequs.com/en/company/japan-steel-works
> Retrieved: 2026-09-30T17:59:46.767Z

## Company

The Japan Steel Works, founded in 1907, is a company in Steel listed on TSE Prime. It has 5,419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE JAPAN STEEL WORKS, LTD. |
| Ticker | 5631 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5631.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目11番1号 |
| Representative (per filing) | 代表取締役社長 松尾 敏夫 |
| Founded | Nov 1907 |
| Share capital | ¥19.9B |
| Employees (consolidated) | 5,419 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.jsw.co.jp (https://www.jsw.co.jp/) |
| Corporate number | 5010701019531 |
| EDINET | E01232 |
| Industries (Vizora) | Steel, Electrical Equipment, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100Y7BQ, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.6 | 110 |
| Profitability | 61.9 | 122 |
| Cash conversion | 4.7 | 116 |
| Efficiency | 34 | 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)

- About 82% of The Japan Steel Works's sales come from Industrial Machinery Products, with Steel and Engineering Products and Other Businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +10.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥274.9B |  |
| Operating income | ¥25.3B | Margin 9.2% |
| Net income | ¥19.2B | Margin 7.0% |
| Free cash flow | -¥40.6B |  |
| Largest business | Industrial Machinery Products | of segment revenue 82.3% |
| Employees (consolidated) | 5,419 |  |
| EPS | ¥211.3 |  |
| Book value per share | ¥2142.52 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 74,415,909 |  |
| Treasury shares | 805,100 |  |
| Shareholders | 21,269 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 28.2% |
| Vs. industry median margin | +1.6 pp | Industrial Machinery |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥198041000000 | ¥274852000000 | +38.8% |
| Operating income | ¥10226000000 | ¥25306000000 | +147.5% |
| Operating margin | 5.2% | 9.2% | +4 pp |
| Employees | 5,442 people | 5,419 people | -0.4% |
| Cash and equivalents | ¥88759000000 | ¥77387000000 | -12.8% |

### 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 |
| --- | ---: |
| 産業機械事業 → 産業機械事業 | 79.0% |
| 素形材・エンジニアリング事業 → 素形材・エンジニアリング事業 | 16.7% |
| 素形材・エンジニアリング事業 → 事業再編・廃止 | 2.8% |
| その他事業 → その他事業 | 1.0% |
| その他事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 産業機械事業 | 3.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Machinery Products | 5 years | +7.7% | ¥226248000000 | 8.9% | 2 |
| Steel and Engineering Products | 5 years | +3.5% | ¥45795000000 | 19.4% | 2 |
| Other Businesses | 5 years | -2.2% | ¥2808000000 | 3.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 274,852 | 100.0% | S100Y7BQ |
| Cost of revenue | 210,593 | 76.6% | S100Y7BQ |
| Gross profit | 64,259 | 23.4% | S100Y7BQ |
| SG&A | 38,952 | 14.2% | S100Y7BQ |
| Operating income | 25,306 | 9.2% | S100Y7BQ |
| Ordinary income | 26,051 | 9.5% | S100Y7BQ |
| Pretax income | 27,831 | 10.1% | S100Y7BQ |
| Income tax | 8,454 | 3.1% | S100Y7BQ |
| Net income | 19,377 | 7.0% | S100Y7BQ |
| Net income attributable to owners | 19,239 | 7.0% | S100Y7BQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 14 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 23.4% → Operating margin 9.2% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +10.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.03×
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 | 248,556 | 274,852 | 26,296 | +10.6% |
| Gross profit | 60,993 | 64,259 | 3,266 | +5.4% |
| Operating income | 22,824 | 25,306 | 2,482 | +10.9% |
| Net income attributable to owners | 17,961 | 19,239 | 1,278 | +7.1% |
| Operating cash flow | -4,567 | -16,893 | -12,326 | — |
| Free cash flow | -19,677 | -40,586 | -20,909 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 217,527 | 18,709 | 8.6% | 9,310 | 18,959 | 6,135 | S100LKRJ |
| FY ending Mar 2021 | 198,041 | 10,226 | 5.2% | 6,893 | 14,712 | 6,436 | S100ODZE |
| FY ending Mar 2022 | 213,790 | 15,460 | 7.2% | 13,948 | 22,325 | 13,520 | S100R38W |
| FY ending Mar 2023 | 238,721 | 13,846 | 5.8% | 11,974 | -986 | -7,093 | S100TOYI |
| FY ending Mar 2024 | 252,501 | 18,014 | 7.1% | 14,278 | 21,707 | 11,843 | S100W0UU |
| FY ending Mar 2025 | 248,556 | 22,824 | 9.2% | 17,961 | -4,567 | -19,677 | S100Y7BQ |
| FY ending Mar 2026 | 274,852 | 25,306 | 9.2% | 19,239 | -16,893 | -40,586 | S100Y7BQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.7M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 5,329 | 4,966 | 5,115 | 5,283 | 5,419 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥6.9M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 39.6 years | 39.3 years | 39.0 years | 38.8 years | 38.8 years |
| Average tenure (parent company) | 13.7 years | 12.5 years | 12.7 years | 12.5 years | 12.6 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +10.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Machinery Products | 226,248 | 82.3% | 20,039 | 8.9% |
| Steel and Engineering Products | 45,795 | 16.7% | 8,874 | 19.4% |
| Other Businesses | 2,808 | 1.0% | 88 | 3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Machinery Products | 82.3% | 69.1% | -13.2 | 8.9% |
| Steel and Engineering Products | 16.7% | 30.6% | 13.9 | 19.4% |
| Other Businesses | 1.0% | 0.3% | -0.7 | 3.1% |

Segment → industry: Steel and Engineering Products → Steel / Steel and Engineering Products → Electrical Equipment / Other Businesses → Real Estate Development & Leasing / Industrial Machinery Products → Industrial Machinery

## 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 | -16,893 | -6.1% | S100Y7BQ |
| Capital expenditure | 23,693 | 8.6% | S100Y7BQ |
| Free cash flow | -40,586 | -14.8% | 算出 |
| Investing cash flow | -17,103 | -6.2% | S100Y7BQ |
| Financing cash flow | 36,089 | 13.1% | S100Y7BQ |
| Dividends paid | 6,771 | 2.5% | S100Y7BQ |
| Change in cash | 2,237 | 0.8% | S100Y7BQ |
| Cash and equivalents | 77,387 | 28.2% | S100Y7BQ |

## 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 | 105,799 | 86,400 | 96,902 | 75,150 | 77,387 | S100TOYI, S100W0UU, S100Y7BQ |
| Total assets | 339,729 | 348,358 | 366,775 | 398,122 | 429,983 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Net assets | 151,083 | 160,636 | 178,613 | 195,101 | 213,831 | S100TOYI, S100W0UU, S100Y7BQ |
| Share capital | 19,778 | 19,799 | 19,818 | 19,837 | 19,865 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Property, plant and equipment | 44,509 | 44,583 | 46,723 | 55,622 | 69,754 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Intangible assets excluding goodwill | 1,951 | 1,537 | 1,658 | 2,240 | 3,734 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Goodwill | 407 | 242 | 80 | — | — | S100R38W, S100TOYI, S100W0UU |
| Investment securities | 19,602 | 19,388 | 25,276 | 24,629 | 26,484 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Current assets | 252,091 | 263,856 | 274,209 | 295,595 | 311,599 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Current liabilities | 134,413 | 137,412 | 143,909 | 167,637 | 129,052 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Trade payables | 31,500 | 34,715 | 30,357 | 29,545 | 24,559 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Short-term borrowings | 10,412 | 10,905 | 12,360 | 12,473 | 11,683 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Long-term borrowings | 31,142 | 29,118 | 25,272 | 19,440 | 74,141 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Total liabilities | 188,646 | 187,721 | 188,161 | 203,020 | 216,151 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Non-controlling interests | 1,643 | 1,536 | 1,629 | 1,881 | 1,400 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Equity attributable to owners of parent | 146,765 | 154,108 | 164,155 | 177,149 | 189,653 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Retained earnings | 123,790 | 131,093 | 141,103 | 154,059 | 166,527 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |
| Treasury stock | -2,314 | -2,315 | -2,316 | -2,317 | -2,320 | S100R38W, S100TOYI, S100W0UU, S100Y7BQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y7BQ |
| Property, plant and equipment | 16% | S100Y7BQ |
| Intangibles and goodwill | 1% | S100Y7BQ |
| Investment securities | 6% | S100Y7BQ |
| Other assets | 59% | S100Y7BQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y7BQ |
| Other liabilities | 44% | S100Y7BQ |
| Equity | 50% | S100Y7BQ |
| Other liabilities | 0% | S100Y7BQ |

### 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 | 339,729 | 348,358 | 366,775 | 398,122 | 429,983 |
| Equity | 151,083 | 160,636 | 178,613 | 195,101 | 213,831 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 105,799 | 86,400 | 96,902 | 75,150 | 77,387 |

## 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) | 25.4% | S100Y7BQ |
| Fixed assets ÷ total assets | 16.2% | S100Y7BQ |
| Goodwill ÷ parent equity | — | —, S100Y7BQ |

### 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) | 18.0% |
| Cash ÷ revenue | 28.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -66.8% |
| Cash vs. profit gap | -36,132 JPY mn (of net income -187.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.6% |
| Investing CF relative to operating CF | — |

## 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 | 6.5% | 0.63× | 4.1% | 2.31× | 9.5% | S100R38W |
| 2023 | 5.0% | 0.69× | 3.5% | 2.29× | 8.0% | S100TOYI |
| 2024 | 5.7% | 0.71× | 4.0% | 2.25× | 9.0% | S100W0UU |
| 2025 | 7.2% | 0.65× | 4.7% | 2.24× | 10.5% | S100Y7BQ |
| 2026 | 7.0% | 0.66× | 4.6% | 2.26× | 10.5% | S100Y7BQ |

## 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 | 16.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.7% | 2026-03-31 |
| 大樹生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.8% | 2026-03-31 |
| ステート ストリート バンク アンドトラスト カンパニー ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.4% | 2026-03-31 |
| バンク オブ ニユーヨーク ジーシーエム クライアント アカウント ジエイピーアールデイ アイエスジー エフイー－エイシー （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 月島ホールディングス株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100Y7BQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7BQ,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W0UU | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0UU,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TOYI | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOYI,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R38W | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R38W,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100ODZE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZE,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LKRJ | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKRJ,, |

## 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).