# JTEKT Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2025/04/01－2026/03/31) (S100YEL3)
> Page: https://vizora.meequs.com/en/company/jtekt
> Retrieved: 2026-09-30T20:48:31.987Z

## Company

Jtekt, founded in 1935, is a company in Auto Parts listed on TSE Prime. It has 43,233 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JTEKT Corporation |
| Ticker | 6473 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6473.T) |
| Listing | TSE Prime |
| Head office | 愛知県刈谷市朝日町一丁目1番地 |
| Representative (per filing) | 取締役社長 近藤禎人 |
| Founded | Jan 1935 |
| Share capital | ¥45.6B |
| Employees (consolidated) | 43,233 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.jtekt.co.jp (https://www.jtekt.co.jp/) |
| Corporate number | 9120001079055 |
| EDINET | E01602 |
| Industries (Vizora) | Auto Parts, Machine Tools, Industrial Machinery |

> Profile source: annual securities report (S100YEL3, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.9 | 110 |
| Profitability | 5 | 111 |
| Cash conversion | 96.8 | 108 |
| Efficiency | 86.9 | 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 71% of Jtekt's sales come from Mobilities, with Industrial machine and Bearing and Machine tools making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit -35.4%.

## Company structure

- Segment revenue mix: Mobilities 71.0%、Industrial machine and Bearing 18.0%、Machine tools 11.0%
- Revenue → net income: ¥1924950000000 → ¥14409000000
- Net income → operating cash flow: ¥14409000000 → ¥108495000000（difference ¥94086000000）
- Main uses of operating cash flow: CapEx ¥89491000000 / dividends ¥17510000000 / buybacks ¥2000000
- Change in cash: ¥18489000000
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 | ¥1.92T |  |
| Operating income | ¥24.8B | Margin 1.3% |
| Net income | ¥12B | Margin 0.6% |
| Free cash flow | ¥19B |  |
| Largest business | Mobilities | of segment revenue 71.0% |
| Employees (consolidated) | 43,233 |  |
| EPS | ¥37.62 |  |
| Diluted EPS | ¥37.6 |  |
| Book value per share | ¥1415.16 |  |
| Equity ratio | 50.1% | Derived from disclosed figures |
| Shares outstanding | 318,608,000 |  |
| Treasury shares | 313,600 |  |
| Shareholders | 24,811 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 8.7% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | -3.5 pp | Auto Parts |
| ROE | 1.6% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.1× net income
- FY2026, one segment accounts for 62% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1246286000000 | ¥1924950000000 | +54.5% |
| Operating income | ¥12920000000 | ¥24847000000 | +92.3% |
| Operating margin | 1.0% | 1.3% | +0.3 pp |
| Employees | 48,332 people | 43,233 people | -10.5% |
| Cash and equivalents | ¥118645000000 | ¥137550000000 | +15.9% |

### 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 |
| --- | ---: |
| 自動車 → 自動車 | 35.8% |
| 機械器具部品 → 事業再編・廃止 | 47.2% |
| 産機・軸受 → 産機・軸受 | 11.4% |
| 工作機械 → 工作機械 | 5.5% |
| 新設・再編 → 自動車 | 35.2% |
| 新設・再編 → 産機・軸受 | 6.6% |
| 新設・再編 → 工作機械 | 5.4% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobilities | 5 years | +10.1% | ¥1367005000000 | 3.4% | 2 |
| Industrial machine and Bearing | 5 years | +5.1% | ¥347067000000 | 3.2% | 2 |
| Machine tools | 5 years | +10.1% | ¥210877000000 | 8.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,924,950 | 100.0% | S100YEL3 |
| Cost of revenue | 1,627,914 | 84.6% | S100YEL3 |
| Gross profit | 297,035 | 15.4% | S100YEL3 |
| SG&A | 221,355 | 11.5% | S100YEL3 |
| Operating income | 24,847 | 1.3% | S100YEL3 |
| Pretax income | 27,377 | 1.4% | S100YEL3 |
| Income tax | 12,968 | 0.7% | S100YEL3 |
| Net income | 14,409 | 0.7% | S100YEL3 |
| Net income attributable to owners | 11,974 | 0.6% | S100YEL3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Other operating | 3 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.4% → Operating margin 1.3% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.2%; Core profit growth: -35.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.44×
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 | 1,884,397 | 1,924,950 | 40,553 | +2.2% |
| Gross profit | 281,291 | 297,035 | 15,744 | +5.6% |
| Operating income | 38,452 | 24,847 | -13,605 | -35.4% |
| Net income attributable to owners | 13,713 | 11,974 | -1,739 | -12.7% |
| Operating cash flow | 80,238 | 108,495 | 28,257 | +35.2% |
| Free cash flow | -8,060 | 19,004 | 27,064 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 1,520,886 | — | — | 27,248 | 104,147 | — | S100R0HE |
| FY ending Mar 2020 | 1,418,896 | 16,158 | 1.1% | -3,794 | 62,312 | -17,555 | S100LKSI |
| FY ending Mar 2021 | 1,246,286 | 12,920 | 1.0% | 800 | 91,757 | 36,509 | S100OGUN |
| FY ending Mar 2022 | 1,428,426 | 36,401 | 2.5% | 20,682 | 67,039 | 24,355 | S100R0HE |
| FY ending Mar 2023 | 1,678,146 | 49,325 | 2.9% | 34,276 | 78,279 | 19,621 | S100TR7O |
| FY ending Mar 2024 | 1,891,504 | 62,196 | 3.3% | 40,257 | 154,461 | 73,013 | S100W1C3 |
| FY ending Mar 2025 | 1,884,397 | 38,452 | 2.0% | 13,713 | 80,238 | -8,060 | S100YEL3 |
| FY ending Mar 2026 | 1,924,950 | 24,847 | 1.3% | 11,974 | 108,495 | 19,004 | S100YEL3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.5M |
| Operating income per employee (consolidated) | ¥574.7K |
| Net income per employee (consolidated) | ¥277K |

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) | 47,167 | 46,053 | 45,717 | 45,018 | 43,233 |
| Average salary (parent company) | ¥6.8M | ¥7.1M | ¥7.2M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 40.5 years | 40.9 years | 41.2 years | 41.3 years | 41.4 years |
| Average tenure (parent company) | 16.6 years | 17.2 years | 17.4 years | 17.3 years | 17.2 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobilities | 1,367,005 | 71.0% | 46,717 | 3.4% |
| Industrial machine and Bearing | 347,067 | 18.0% | 11,210 | 3.2% |
| Machine tools | 210,877 | 11.0% | 17,440 | 8.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobilities | 71.0% | 62.0% | -9.0 | 3.4% |
| Industrial machine and Bearing | 18.0% | 14.9% | -3.2 | 3.2% |
| Machine tools | 11.0% | 23.1% | 12.2 | 8.3% |

Segment → industry: Mobilities → Auto Parts / Machine tools → Machine Tools / Industrial machine and Bearing → Industrial Machinery

## 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 | 108,495 | 5.6% | S100YEL3 |
| Capital expenditure | 89,491 | 4.6% | S100YEL3 |
| Free cash flow | 19,004 | 1.0% | 算出 |
| Investing cash flow | -52,704 | -2.7% | S100YEL3 |
| Financing cash flow | -46,977 | -2.4% | S100YEL3 |
| Dividends paid | 17,510 | 0.9% | S100YEL3 |
| Share buyback | 2 | 0.0% | S100YEL3 |
| Change in cash | 18,489 | 1.0% | S100YEL3 |
| Cash and equivalents | 137,550 | 7.1% | S100YEL3 |

## 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 | 124,254 | 123,850 | 167,019 | 119,060 | 137,550 | S100TR7O, S100W1C3, S100YEL3 |
| Total assets | 1,386,463 | 1,441,355 | 1,628,514 | 1,565,391 | 1,577,696 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Net assets | 660,415 | 700,735 | 822,770 | 777,469 | 825,230 | S100TR7O, S100W1C3, S100YEL3 |
| Share capital | 45,591 | 45,591 | 45,591 | 45,591 | 45,591 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Property, plant and equipment | 460,012 | 466,972 | 476,426 | 480,570 | 498,102 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Goodwill | 7,877 | 7,916 | 8,662 | 8,387 | 8,191 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Current assets | 685,497 | 735,299 | 805,476 | 762,843 | 799,218 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Total liabilities | 726,048 | 740,619 | 805,743 | 787,922 | 752,465 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Equity attributable to owners of parent | 624,012 | 667,234 | 788,984 | 745,044 | 790,206 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Retained earnings | 443,960 | 475,777 | 568,463 | 530,733 | 546,587 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |
| Treasury stock | -430 | -416 | -396 | -330 | -316 | S100R0HE, S100TR7O, S100W1C3, S100YEL3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YEL3 |
| Property, plant and equipment | 32% | S100YEL3 |
| Intangibles and goodwill | 0% | — |
| Other assets | 59% | S100YEL3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YEL3 |
| Equity | 52% | S100YEL3 |
| Other liabilities | 0% | S100YEL3 |

### 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 | 1,386,463 | 1,441,355 | 1,628,514 | 1,565,391 | 1,577,696 |
| Equity | 660,415 | 700,735 | 822,770 | 777,469 | 825,230 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 124,254 | 123,850 | 167,019 | 119,060 | 137,550 |

## 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) | 25.9% | S100YEL3 |
| Fixed assets ÷ total assets | 31.6% | S100YEL3 |
| Goodwill ÷ parent equity | 1.0% | S100YEL3 |

Goodwill over 4 years: 7,877 → 8,191 JPY; total investing cash flow: -277,366 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) | 8.7% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 436.7% |
| Cash vs. profit gap | 96,521 JPY mn (of net income 806.1%) |
| Shareholder returns / net income | 146.3% |
| Shareholder returns / FCF | 92.1% |
| Shareholder payments — dividends / net income | 146.2% |
| Shareholder payments — dividends / FCF | 92.1% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 48.6% |

## 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 | 1.4% | 1.03× | 1.5% | 2.22× | 3.3% | S100R0HE |
| 2023 | 2.0% | 1.19× | 2.4% | 2.19× | 5.3% | S100TR7O |
| 2024 | 2.1% | 1.23× | 2.6% | 2.11× | 5.5% | S100W1C3 |
| 2025 | 0.7% | 1.18× | 0.9% | 2.08× | 1.8% | S100YEL3 |
| 2026 | 0.6% | 1.22× | 0.8% | 2.05× | 1.6% | S100YEL3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 24.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(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 |
| 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 | 2.4% | 2026-03-31 |
| ジェイテクト従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 1.2% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥1.92T, up 2.2% from ¥1.88T the year before.
- Operating income, however, fell 35.4% from ¥38.5B to ¥24.8B, and net income attributable to owners slipped 12.7% to ¥12B.
- Operating cash flow rose 35.2% to ¥108.5B, and free cash flow swung back to a positive ¥19B after a negative year.

### Drivers

- A weaker yen and higher sales in Japan and North America lifted revenue
- Costs booked for restructuring in Europe and the Americas were the main reason operating income fell
- Lower inventories and receivables boosted operating cash flow

### Risks

- The business leans heavily on the auto industry, and Toyota, its largest shareholder, is also a major customer, so results track car demand
- Price competition is getting tougher, partly because Chinese carmakers are pushing low prices
- Changes in US and other tariffs or trade rules could raise costs or hurt sales

Cited: Annual Securities Report (126th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (126th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YEL3 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEL3,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W1C3 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1C3,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TR7O | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR7O,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R0HE | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0HE,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OGUN | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGUN,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LKSI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKSI,, |

## 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).