# KOMATSU LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, US GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第157期(2025/04/01－2026/03/31) (S100YD25)
> Page: https://vizora.meequs.com/en/company/komatsu
> Retrieved: 2026-09-30T21:00:52.790Z

## Company

Komatsu, founded in 1921, is a company in Construction & Farm Machinery listed on TSE Prime. It has 67,279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMATSU LTD. |
| Ticker | 6301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6301.T) |
| Listing | TSE Prime |
| Head office | 東京都港区海岸一丁目2番20号 |
| Representative (per filing) | 代表取締役社長 今吉 琢也 |
| Founded | May 1921 |
| Employees (consolidated) | 67,279 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.komatsu.jp (https://www.komatsu.jp/) |
| Corporate number | 1010401010455 |
| EDINET | E01532 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100YD25, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.2 | 17 |
| Efficiency | 38.2 | 17 |

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)

- Komatsu brought in ¥4.13T in revenue.
- Revenue changed +0.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.13T |  |
| Operating income | — | Margin — |
| Net income | ¥376.4B | Margin 9.1% |
| Free cash flow | — |  |
| Employees (consolidated) | 67,279 |  |
| EPS | ¥204.95 |  |
| Diluted EPS | ¥204.95 |  |
| Book value per share | ¥937.51 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 930,340,000 |  |
| Treasury shares | 28,279,900 |  |
| Shareholders | 209,011 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 6.8% | Cash ÷ revenue 10.6% |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2189512000000 | ¥4132751000000 | +88.8% |
| Employees | 61,564 people | 67,279 people | +9.3% |
| Cash and equivalents | ¥241803000000 | ¥439701000000 | +81.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,132,751 | 100.0% | S100YD25 |
| Pretax income | 537,258 | 13.0% | S100YD25 |
| Net income attributable to owners | 376,391 | 9.1% | S100YD25 |

Operating income is not available as a machine-readable numeric value for this company. See the income statement table in its filing.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,104,395 | 4,132,751 | 28,356 | +0.7% |
| Net income attributable to owners | 439,614 | 376,391 | -63,223 | -14.4% |
| Operating cash flow | 517,167 | 448,963 | -68,204 | -13.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,802,989 | — | — | 113,381 | 256,126 | — | S100LIWM |
| FY ending Mar 2018 | 2,501,107 | — | — | 196,410 | 148,394 | — | S100O9ZQ |
| FY ending Mar 2019 | 2,725,243 | — | — | 256,491 | 202,548 | — | S100QYNI |
| FY ending Mar 2020 | 2,444,870 | — | — | 153,844 | 295,181 | — | S100TLVE |
| FY ending Mar 2021 | 2,189,512 | — | — | 106,237 | 354,129 | — | S100VXAI |
| FY ending Mar 2022 | 2,802,323 | — | — | 224,927 | 300,970 | — | S100YD25 |
| FY ending Mar 2023 | 3,543,475 | — | — | 326,398 | 206,474 | — | S100YD25 |
| FY ending Mar 2024 | 3,865,122 | — | — | 393,426 | 434,778 | — | S100YD25 |
| FY ending Mar 2025 | 4,104,395 | — | — | 439,614 | 517,167 | — | S100YD25 |
| FY ending Mar 2026 | 4,132,751 | — | — | 376,391 | 448,963 | — | S100YD25 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.4M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 62,774 | 64,343 | 65,738 | 66,697 | 67,279 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥8.3M | ¥8.6M | ¥9M |
| Average age (parent company) | 40.4 years | 40.9 years | 41.2 years | 41.5 years | 41.7 years |
| Average tenure (parent company) | 15.9 years | 16.4 years | 16.7 years | 16.9 years | 17.1 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +0.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, US GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 448,963 | 10.9% | S100YD25 |
| Investing cash flow | -199,232 | -4.8% | S100YD25 |
| Financing cash flow | -208,536 | -5.0% | S100YD25 |
| Change in cash | 41,195 | 1.0% | 算出 |
| Cash and equivalents | 439,701 | 10.6% | S100YD25 |

## 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 | 315,360 | 289,975 | 403,178 | 385,569 | 439,701 | S100YD25 |
| Total assets | 4,347,522 | 4,875,847 | 5,636,656 | 5,773,523 | 6,423,941 | S100YD25 |

### 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 | 4,347,522 | 4,875,847 | 5,636,656 | 5,773,523 | 6,423,941 |
| Equity | — | — | — | — | — |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 315,360 | 289,975 | 403,178 | 385,569 | 439,701 |

### 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) | 6.8% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 72,572 JPY mn (of net income 19.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 44.4% |

## 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 | — | —× | 5.2% | —× | — | S100YD25 |
| 2023 | — | —× | 7.1% | —× | — | S100YD25 |
| 2024 | — | —× | 7.5% | —× | — | S100YD25 |
| 2025 | — | —× | 7.7% | —× | — | S100YD25 |
| 2026 | — | —× | 6.2% | —× | — | S100YD25 |

## 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 | 17.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 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 | 2.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DEPOSITARY RECEIPT HOLDERS （常任代理人 株式会社三井住友銀行） | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥4.13T, barely changed from ¥4.1T a year earlier (+0.7%).
- Net income attributable to owners fell from ¥439.6B to ¥376.4B, down -14.4%.
- Operating cash flow also declined, from ¥517.2B to ¥449B (-13.2%).

### Drivers

- In construction and mining equipment, fewer units were sold, but higher selling prices kept revenue above the prior year
- Profit in that same business was squeezed by rising costs, including the impact of US tariffs, and by lower sales volume
- The financing business earned more thanks to cheaper funding and higher interest income, and industrial machinery grew on large presses for carmakers and more maintenance work on excimer lasers

### Risks

- Demand for construction and mining equipment depends on housing starts, infrastructure spending and commodity prices, and the company expects it to stay volatile in the short term
- Higher steel and energy prices, parts shortages or shipping disruptions could raise costs or cost the company sales
- Most sales are overseas, so a stronger yen hurts results; the company also points to tariff policies and geopolitical risks such as the situation in the Middle East

Cited: Annual Securities Report, 157th fiscal term (Apr 2025 – Mar 2026) (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, 157th fiscal term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第157期(2025/04/01－2026/03/31) | S100YD25 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD25,, |
| 有価証券報告書－第156期(2024/04/01－2025/03/31) | S100VXAI | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXAI,, |
| 有価証券報告書－第155期(2023/04/01－2024/03/31) | S100TLVE | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLVE,, |
| 有価証券報告書－第154期(2022/04/01－2023/03/31) | S100QYNI | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYNI,, |
| 有価証券報告書－第153期(令和3年4月1日－令和4年3月31日) | S100O9ZQ | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9ZQ,, |
| 有価証券報告書－第152期(令和2年4月1日－令和3年3月31日) | S100LIWM | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIWM,, |

## 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).