# KOITO MANUFACTURING 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126期(2025/04/01－2026/03/31) (S100YHHQ)
> Page: https://vizora.meequs.com/en/company/koito-manufacturing
> Retrieved: 2026-09-30T19:51:05.717Z

## Company

Koito Manufacturing, founded in 1936, is a company in Auto Parts listed on TSE Prime. It has 21,507 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOITO MANUFACTURING CO., LTD. |
| Ticker | 7276 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7276.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区北品川五丁目1番18号 住友不動産大崎ツインビル東館 |
| Representative (per filing) | 代表取締役社長 加藤 充明 |
| Founded | Apr 1936 |
| Share capital | ¥14.3B |
| Employees (consolidated) | 21,507 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.koito.co.jp (https://www.koito.co.jp/) |
| Corporate number | 1010401009745 |
| EDINET | E02140 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YHHQ, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.5 | 110 |
| Profitability | 59 | 111 |
| Cash conversion | 59.7 | 108 |
| Efficiency | 59.9 | 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 39% of Koito Manufacturing's sales come from Japan, with Americas and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +14.6%.

## Company structure

- Segment revenue mix: Japan 38.8%、Americas 34.7%、Asia 17.2%、China 5.6%、Europe 3.7%
- Revenue → net income: ¥947610000000 → ¥20645000000
- Net income → operating cash flow: ¥20645000000 → ¥99905000000（difference ¥79260000000）
- Main uses of operating cash flow: CapEx ¥54549000000 / dividends — / buybacks ¥47752000000
- Change in cash: ¥24006000000
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 | ¥947.6B |  |
| Operating income | ¥51.4B | Margin 5.4% |
| Net income | ¥16.5B | Margin 1.7% |
| Free cash flow | ¥45.4B |  |
| Largest business | Japan | of segment revenue 38.8% |
| Employees (consolidated) | 21,507 |  |
| EPS | ¥32.81 |  |
| Diluted EPS | ¥32.8 |  |
| Book value per share | ¥1148.6 |  |
| Equity ratio | 68.1% |  |
| Shares outstanding | 307,833,000 |  |
| Treasury shares | 44,609,200 |  |
| Shareholders | 16,051 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.8% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | +0.7 pp | Auto Parts |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.0× net income
- FY2026, segment profit share differs by -27 points
- FY2026, employees -8% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥706376000000 | ¥947610000000 | +34.2% |
| Operating income | ¥56707000000 | ¥51438000000 | -9.3% |
| Operating margin | 8.0% | 5.4% | -2.6 pp |
| Employees | 23,799 people | 21,507 people | -9.6% |
| Cash and equivalents | ¥161855000000 | ¥125271000000 | -22.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 38.8% |
| 日本 → 事業再編・廃止 | 9.5% |
| 北米 → 事業再編・廃止 | 20.3% |
| 中国 → 中国 | 5.6% |
| 中国 → 事業再編・廃止 | 9.0% |
| アジア → アジア | 12.2% |
| 欧州 → 欧州 | 3.7% |
| 欧州 → 事業再編・廃止 | 0.2% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 米州 | 34.7% |
| 新設・再編 → アジア | 5.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +1.5% | ¥367826000000 | 6.8% | 2 |
| Americas | — | — | ¥328641000000 | 1.1% | 2 |
| Asia | 5 years | +13.5% | ¥162683000000 | 11.6% | 2 |
| China | 5 years | -12.4% | ¥53332000000 | 1.0% | 2 |
| Europe | 5 years | +4.9% | ¥35125000000 | 2.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 947,610 | 100.0% | S100YHHQ |
| Cost of revenue | 836,125 | 88.2% | S100YHHQ |
| Gross profit | 111,485 | 11.8% | S100YHHQ |
| SG&A | 60,046 | 6.3% | S100YHHQ |
| Operating income | 51,438 | 5.4% | S100YHHQ |
| Ordinary income | 58,791 | 6.2% | S100YHHQ |
| Pretax income | 36,281 | 3.8% | S100YHHQ |
| Income tax | 15,635 | 1.6% | S100YHHQ |
| Net income | 20,645 | 2.2% | S100YHHQ |
| Net income attributable to owners | 16,539 | 1.7% | S100YHHQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 6 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.8% → Operating margin 5.4% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +14.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.34×
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 | 916,709 | 947,610 | 30,901 | +3.4% |
| Gross profit | 96,671 | 111,485 | 14,814 | +15.3% |
| Operating income | 44,873 | 51,438 | 6,565 | +14.6% |
| Net income attributable to owners | 46,240 | 16,539 | -29,701 | -64.2% |
| Operating cash flow | 88,363 | 99,905 | 11,542 | +13.1% |
| Free cash flow | 40,077 | 45,356 | 5,279 | +13.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 800,928 | 82,411 | 10.3% | 58,022 | 84,972 | 30,176 | S100LTYU |
| FY ending Mar 2021 | 706,376 | 56,707 | 8.0% | 37,612 | 74,962 | 41,429 | S100OJFV |
| FY ending Mar 2022 | 760,719 | 53,434 | 7.0% | 38,340 | 65,707 | 36,775 | S100RFJR |
| FY ending Mar 2023 | 864,719 | 46,847 | 5.4% | 29,660 | 59,762 | 19,928 | S100TUUL |
| FY ending Mar 2024 | 950,295 | 55,995 | 5.9% | 40,879 | 96,370 | 59,255 | S100W48W |
| FY ending Mar 2025 | 916,709 | 44,873 | 4.9% | 46,240 | 88,363 | 40,077 | S100YHHQ |
| FY ending Mar 2026 | 947,610 | 51,438 | 5.4% | 16,539 | 99,905 | 45,356 | S100YHHQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥769K |

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) | 23,454 | 23,488 | 23,807 | 23,332 | 21,507 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 42.0 years | 42.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 19.0 years | 20.0 years | 20.0 years | 20.0 years | 20.0 years |

Year over year: Employees (consolidated) -7.8% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 367,826 | 38.8% | 24,832 | 6.8% |
| Americas | 328,641 | 34.7% | 3,539 | 1.1% |
| China | 53,332 | 5.6% | 534 | 1.0% |
| Asia | 162,683 | 17.2% | 18,949 | 11.6% |
| Europe | 35,125 | 3.7% | 800 | 2.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 38.8% | 51.0% | 12.2 | 6.8% |
| Americas | 34.7% | 7.3% | -27.4 | 1.1% |
| China | 5.6% | 1.1% | -4.5 | 1.0% |
| Asia | 17.2% | 38.9% | 21.8 | 11.6% |
| Europe | 3.7% | 1.6% | -2.1 | 2.3% |

Segment → industry: Europe → Auto Parts / Asia → Auto Parts / China → Auto Parts / Americas → Auto Parts / Japan → Auto Parts

## 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 | 99,905 | 10.5% | S100YHHQ |
| Capital expenditure | 54,549 | 5.8% | S100YHHQ |
| Free cash flow | 45,356 | 4.8% | 算出 |
| Investing cash flow | -10,840 | -1.1% | S100YHHQ |
| Financing cash flow | -71,433 | -7.5% | S100YHHQ |
| Share buyback | 47,752 | 5.0% | S100YHHQ |
| Change in cash | 24,006 | 2.5% | S100YHHQ |
| Cash and equivalents | 125,271 | 13.2% | S100YHHQ |

## 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 | 169,581 | 145,798 | 134,560 | 101,265 | 125,271 | S100TUUL, S100W48W, S100YHHQ |
| Total assets | 855,237 | 905,909 | 965,595 | 889,952 | 906,201 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Net assets | 627,315 | 670,506 | 719,270 | 679,865 | 676,086 | S100TUUL, S100W48W, S100YHHQ |
| Share capital | 14,270 | 14,270 | 14,270 | 14,270 | 14,270 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Inventories | 90,760 | 95,669 | 95,796 | 95,100 | 96,671 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Property, plant and equipment | 182,608 | 194,320 | 206,305 | 209,643 | 222,419 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Intangible assets excluding goodwill | 3,103 | 2,692 | 2,482 | 15,614 | 5,973 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Goodwill | — | — | — | 9,740 | — | S100YHHQ |
| Investment securities | 73,856 | 95,510 | 147,537 | 100,620 | 98,256 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Current assets | 579,086 | 594,042 | 582,498 | 546,361 | 557,452 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Current liabilities | 181,404 | 186,918 | 192,479 | 173,359 | 193,474 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Trade payables | 102,641 | 107,216 | 103,100 | 100,990 | 96,128 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Short-term borrowings | 24,531 | 22,647 | 14,295 | 5,728 | 1,920 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Long-term borrowings | 490 | — | — | — | — | S100RFJR |
| Total liabilities | 227,922 | 235,402 | 246,324 | 210,086 | 230,115 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Non-controlling interests | 36,157 | 41,675 | 47,338 | 52,663 | 59,261 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Equity attributable to owners of parent | 537,578 | 558,585 | 551,691 | 531,285 | 484,687 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Retained earnings | 509,958 | 530,939 | 524,380 | 553,720 | 554,495 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |
| Treasury stock | -49 | -45 | -148 | -49,941 | -97,357 | S100RFJR, S100TUUL, S100W48W, S100YHHQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHHQ |
| Inventories | 11% | S100YHHQ |
| Property, plant and equipment | 24% | S100YHHQ |
| Intangibles and goodwill | 1% | S100YHHQ |
| Investment securities | 11% | S100YHHQ |
| Other assets | 39% | S100YHHQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YHHQ |
| Other liabilities | 15% | S100YHHQ |
| Equity | 74% | S100YHHQ |

### 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 | 855,237 | 905,909 | 965,595 | 889,952 | 906,201 |
| Equity | 627,315 | 670,506 | 719,270 | 679,865 | 676,086 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 169,581 | 145,798 | 134,560 | 101,265 | 125,271 |

## 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) | 23.5% | S100YHHQ |
| Fixed assets ÷ total assets | 24.5% | S100YHHQ |
| Goodwill ÷ parent equity | — | —, S100YHHQ |

### 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) | 13.8% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.2% |
| Cash vs. profit gap | 83,366 JPY mn (of net income 504.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 10.9% |

## 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 | 5.0% | 0.89× | 4.5% | 1.59× | 7.1% | S100RFJR |
| 2023 | 3.4% | 0.98× | 3.4% | 1.61× | 5.4% | S100TUUL |
| 2024 | 4.3% | 1.02× | 4.4% | 1.69× | 7.4% | S100W48W |
| 2025 | 5.0% | 0.99× | 5.0% | 1.71× | 8.5% | S100YHHQ |
| 2026 | 1.7% | 1.06× | 1.8% | 1.77× | 3.3% | S100YHHQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車㈱ | Major shareholder | 21.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 10.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ (常任代理人 ㈱みずほ銀行) | Major shareholder | 5.1% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ (常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 4.4% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 3.7% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 第一生命保険㈱ | Major shareholder | 3.0% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 住友生命保険(相) | Major shareholder | 1.8% | 2026-03-31 |
| 日亜化学工業㈱ | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥947.6B, up +3.4% from ¥916.7B.
- Operating income grew faster, rising +14.6% from ¥44.9B to ¥51.4B.
- Net income went the other way, falling -64.2% from ¥46.2B to ¥16.5B.
- Operating cash flow rose +13.1% to ¥99.9B.

### Drivers

- New orders, stronger hybrid demand in the Americas and customer sales campaigns lifted volumes of the models Koito supplies.
- Higher volumes in Japan and the Americas plus productivity gains outweighed US tariffs and higher fixed costs in the LiDAR business.
- Net income fell because Koito booked impairment losses (write-downs of asset values) on its LiDAR and China businesses.

### Risks

- Its Japanese plants are concentrated in Shizuoka, so a major earthquake such as a Nankai Trough quake could halt production and deliveries.
- As lamps carry more electronics, a defect can lead to larger recalls and higher costs.
- If a supplier cannot deliver because of disasters, trade policy or chip shortages, production could be disrupted.

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) | S100YHHQ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHHQ,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W48W | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W48W,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TUUL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUUL,, |
| 訂正有価証券報告書－第123期(2022/04/01－2023/03/31) | S100RFJR | 2023-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFJR,, |
| 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) | S100OJFV | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJFV,, |
| 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) | S100LTYU | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTYU,, |

## 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).