# KOBELCO WIRE COMPANY, 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94期(2025/04/01－2026/03/31) (S100YJTL)
> Page: https://vizora.meequs.com/en/company/kobelco-wire
> Retrieved: 2026-09-30T21:00:52.222Z

## Company

Kobelco Wire Company, founded in 1917, is a company in Steel listed on TSE Standard. It has 927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOBELCO WIRE COMPANY, LTD. |
| Ticker | 5660 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5660.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市中浜町10番地1 |
| Representative (per filing) | 代表取締役社長 北山修二 |
| Founded | Dec 1917 |
| Share capital | ¥8.06B |
| Employees (consolidated) | 927 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.shinko-wire.co.jp (https://www.shinko-wire.co.jp/) |
| Corporate number | 2140001049112 |
| EDINET | E01282 |
| Industries (Vizora) | Steel, General Contractors |

> Profile source: annual securities report (S100YJTL, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 33 |
| Profitability | 21.4 | 35 |
| Cash conversion | 56.5 | 31 |
| Efficiency | 55.7 | 35 |

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 54% of Kobelco Wire Company's sales come from Special steel wire related, with Wire rope related and Engineering related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.6% from the prior year, operating profit -44.0%.

## Company structure

- Segment revenue mix: Special steel wire related 54.2%、Wire rope related 41.2%、Engineering related 4.5%、Other 0.2%
- Revenue → net income: ¥33074000000 → ¥1120000000
- Net income → operating cash flow: ¥1120000000 → ¥1254000000（difference ¥134000000）
- Main uses of operating cash flow: CapEx ¥1531000000 / dividends ¥324000000 / buybacks ¥0
- Change in cash: ¥-527000000
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 | ¥33.1B |  |
| Operating income | ¥653M | Margin 2.0% |
| Net income | ¥1.12B | Margin 3.4% |
| Free cash flow | -¥277M |  |
| Largest business | Special steel wire related | of segment revenue 54.2% |
| Employees (consolidated) | 927 |  |
| EPS | ¥153.87 |  |
| Book value per share | ¥3915.56 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 5,912,999 |  |
| Treasury shares | 3,300 |  |
| Shareholders | 2,747 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 6.3% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | -1.5 pp | Steel |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26827000000 | ¥33074000000 | +23.3% |
| Operating income | ¥-166000000 | ¥653000000 | — |
| Operating margin | -0.6% | 2.0% | +2.6 pp |
| Employees | 921 people | 927 people | +0.7% |
| Cash and equivalents | ¥3141000000 | ¥2803000000 | -10.8% |

### 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 |
| --- | ---: |
| 特殊鋼線関連事業 → 特殊鋼線関連事業 | 54.2% |
| 特殊鋼線関連事業 → 事業再編・廃止 | 0.7% |
| 鋼索関連事業 → 鋼索関連事業 | 39.2% |
| エンジニアリング関連事業 → エンジニアリング関連事業 | 4.5% |
| エンジニアリング関連事業 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 鋼索関連事業 | 2.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Special steel wire related | 5 years | +4.0% | ¥17913000000 | 1.6% | 2 |
| Wire rope related | 5 years | +5.3% | ¥13626000000 | 3.5% | 2 |
| Engineering related | 5 years | -0.7% | ¥1472000000 | -10.9% | 2 |
| Other | 5 years | -1.6% | ¥61000000 | 83.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,074 | 100.0% | S100YJTL |
| Cost of revenue | 27,365 | 82.7% | S100YJTL |
| Gross profit | 5,708 | 17.3% | S100YJTL |
| SG&A | 5,054 | 15.3% | S100YJTL |
| Operating income | 653 | 2.0% | S100YJTL |
| Ordinary income | 660 | 2.0% | S100YJTL |
| Pretax income | 1,415 | 4.3% | S100YJTL |
| Income tax | 295 | 0.9% | S100YJTL |
| Net income | 1,120 | 3.4% | S100YJTL |
| Net income attributable to owners | 1,120 | 3.4% | S100YJTL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.3% → Operating margin 2.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.6%; Core profit growth: -44.0%
Operating leverage (core profit growth ÷ revenue growth): 12.39×
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 | 34,293 | 33,074 | -1,219 | -3.6% |
| Gross profit | 5,867 | 5,708 | -159 | -2.7% |
| Operating income | 1,167 | 653 | -514 | -44.0% |
| Net income attributable to owners | 1,034 | 1,120 | 86 | +8.3% |
| Operating cash flow | 1,133 | 1,254 | 121 | +10.7% |
| Free cash flow | 190 | -277 | -467 | -245.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,281 | 912 | 3.0% | 430 | 288 | -758 | S100LKQF |
| FY ending Mar 2021 | 26,827 | -166 | -0.6% | 208 | 764 | -116 | S100OEF5 |
| FY ending Mar 2022 | 29,448 | 748 | 2.5% | 599 | 887 | -109 | S100R7EZ |
| FY ending Mar 2023 | 31,280 | 938 | 3.0% | 832 | 583 | -209 | S100TR8X |
| FY ending Mar 2024 | 32,726 | 1,023 | 3.1% | 906 | 1,369 | 525 | S100W371 |
| FY ending Mar 2025 | 34,293 | 1,167 | 3.4% | 1,034 | 1,133 | 190 | S100YJTL |
| FY ending Mar 2026 | 33,074 | 653 | 2.0% | 1,120 | 1,254 | -277 | S100YJTL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥704.4K |
| Net income per employee (consolidated) | ¥1.2M |

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) | 920 | 901 | 894 | 899 | 927 |
| Average salary (parent company) | ¥5.9M | ¥6.2M | ¥6.2M | ¥6.7M | ¥7M |
| Average age (parent company) | 40.3 years | 41.2 years | 41.9 years | 42.4 years | 42.4 years |
| Average tenure (parent company) | 15.4 years | 16.1 years | 17.1 years | 13.5 years | 17.3 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) -3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Special steel wire related | 17,913 | 54.2% | 283 | 1.6% |
| Wire rope related | 13,626 | 41.2% | 480 | 3.5% |
| Engineering related | 1,472 | 4.5% | -161 | -10.9% |
| Other | 61 | 0.2% | 51 | 83.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Special steel wire related | 54.2% | 34.8% | -19.4 | 1.6% |
| Wire rope related | 41.2% | 59.0% | 17.8 | 3.5% |
| Engineering related | 4.5% | — | — | -10.9% |
| Other | 0.2% | 6.3% | 6.1 | 83.6% |

Loss-making segment (excluded from profit shares): Engineering related -161 JPY mn

Segment → industry: Wire rope related → Steel / Special steel wire related → Steel / Engineering related → General Contractors

## 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 | 1,254 | 3.8% | S100YJTL |
| Capital expenditure | 1,531 | 4.6% | S100YJTL |
| Free cash flow | -277 | -0.8% | 算出 |
| Investing cash flow | -1,211 | -3.7% | S100YJTL |
| Financing cash flow | -581 | -1.8% | S100YJTL |
| Dividends paid | 324 | 1.0% | S100YJTL |
| Share buyback | 0 | 0.0% | S100YJTL |
| Change in cash | -527 | -1.6% | S100YJTL |
| Cash and equivalents | 2,803 | 8.5% | S100YJTL |

## 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 | 2,808 | 2,392 | 3,025 | 3,330 | 2,803 | S100TR8X, S100W371, S100YJTL |
| Total assets | 41,578 | 42,006 | 43,197 | 44,081 | 44,582 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Net assets | 21,085 | 21,713 | 22,831 | 24,022 | 25,386 | S100TR8X, S100W371, S100YJTL |
| Share capital | 8,062 | 8,062 | 8,062 | 8,062 | 8,062 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Property, plant and equipment | 14,269 | 14,014 | 13,862 | 13,979 | 14,506 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Intangible assets excluding goodwill | 154 | 164 | 261 | 247 | 268 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Investment securities | 1,584 | 1,799 | 1,886 | 1,883 | 1,766 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Current assets | 22,626 | 22,925 | 23,682 | 24,471 | 24,138 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Current liabilities | 10,751 | 11,837 | 10,418 | 11,615 | 10,494 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Trade payables | 3,180 | 3,162 | 2,722 | 2,593 | 2,500 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Short-term borrowings | 4,806 | 5,371 | 4,901 | 6,044 | 5,504 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Long-term borrowings | 4,367 | 3,891 | 5,275 | 4,326 | 4,772 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Bonds | 900 | — | — | — | — | S100R7EZ |
| Interest-bearing debt | 10,073 | — | — | — | — | 算出 |
| Total liabilities | 20,493 | 20,293 | 20,366 | 20,059 | 19,195 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Equity attributable to owners of parent | 19,838 | 20,345 | 20,955 | 21,664 | 22,459 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Retained earnings | 3,613 | 4,120 | 4,731 | 5,440 | 6,236 | S100R7EZ, S100TR8X, S100W371, S100YJTL |
| Treasury stock | -2 | -2 | -3 | -3 | -4 | S100R7EZ, S100TR8X, S100W371, S100YJTL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YJTL |
| Property, plant and equipment | 32% | S100YJTL |
| Intangibles and goodwill | 1% | S100YJTL |
| Investment securities | 4% | S100YJTL |
| Other assets | 57% | S100YJTL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJTL |
| Other liabilities | 37% | S100YJTL |
| Equity | 57% | S100YJTL |
| Other liabilities | 0% | S100YJTL |

### 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 | 41,578 | 42,006 | 43,197 | 44,081 | 44,582 |
| Equity | 21,085 | 21,713 | 22,831 | 24,022 | 25,386 |
| Interest-bearing debt | 10,073 | — | — | — | — |
| Cash | 2,808 | 2,392 | 3,025 | 3,330 | 2,803 |

## 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) | 43.9% | S100YJTL |
| Fixed assets ÷ total assets | 32.5% | S100YJTL |
| Goodwill ÷ parent equity | — | —, S100YJTL |

### 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) | 6.3% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.0% |
| Cash vs. profit gap | 134 JPY mn (of net income 12.0%) |
| Shareholder returns / net income | 28.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 96.6% |

## 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 | 2.0% | 0.71× | 1.4% | 2.10× | 3.0% | S100R7EZ |
| 2023 | 2.7% | 0.75× | 2.0% | 2.08× | 4.1% | S100TR8X |
| 2024 | 2.8% | 0.77× | 2.1% | 2.06× | 4.4% | S100W371 |
| 2025 | 3.0% | 0.79× | 2.4% | 2.05× | 4.9% | S100YJTL |
| 2026 | 3.4% | 0.75× | 2.5% | 2.01× | 5.1% | S100YJTL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社神戸製鋼所 | Major shareholder | 43.5% | 2026-03-31 |
| 神鋼鋼線取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 神鋼鋼線従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 神鋼商事株式会社 | Major shareholder | 1.7% | 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 | 1.7% | 2026-03-31 |
| 三井物産スチール株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 丸山 三千夫 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2025/04/01－2026/03/31) | S100YJTL | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJTL,, |
| 有価証券報告書－第93期(2024/04/01－2025/03/31) | S100W371 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W371,, |
| 有価証券報告書－第92期(2023/04/01－2024/03/31) | S100TR8X | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR8X,, |
| 有価証券報告書－第91期(2022/04/01－2023/03/31) | S100R7EZ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7EZ,, |
| 有価証券報告書－第90期(令和3年4月1日－令和4年3月31日) | S100OEF5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEF5,, |
| 有価証券報告書－第89期(令和2年4月1日－令和3年3月31日) | S100LKQF | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKQF,, |

## 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).