# KOMORI  CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YJ3O)
> Page: https://vizora.meequs.com/en/company/komori
> Retrieved: 2026-09-30T19:42:07.115Z

## Company

Komori, founded in 1946, is a company in Industrial Machinery listed on TSE Prime. It has 2,622 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOMORI CORPORATION |
| Ticker | 6349 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6349.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区吾妻橋3丁目11番1号 |
| Representative (per filing) | 代表取締役社長 持田 訓 |
| Founded | Dec 1946 |
| Share capital | ¥37.7B |
| Employees (consolidated) | 2,622 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Corporate number | 9010601010719 |
| EDINET | E01667 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJ3O, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 110 |
| Profitability | 52 | 122 |
| Cash conversion | 12.5 | 116 |
| Efficiency | 36.5 | 122 |
| Financial strength | 94.4 | 9 |

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 48% of Komori's sales come from Japan, with Europe and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +32.2%.

## Company structure

- Segment revenue mix: Japan 48.2%、Europe 24.6%、North America 11.1%、China Area 10.2%、Other 6.0%
- Revenue → net income: ¥118611000000 → ¥7371000000
- Net income → operating cash flow: ¥7371000000 → ¥3533000000（difference ¥-3838000000）
- Main uses of operating cash flow: CapEx ¥3837000000 / dividends ¥4433000000 / buybacks ¥0
- Change in cash: ¥-4549000000
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 | ¥118.6B |  |
| Operating income | ¥9.4B | Margin 7.9% |
| Net income | ¥7.37B | Margin 6.2% |
| Free cash flow | -¥304M |  |
| Largest business | Japan | of segment revenue 48.2% |
| Employees (consolidated) | 2,622 |  |
| EPS | ¥153.25 |  |
| Book value per share | ¥2113.86 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 53,478,840 |  |
| Treasury shares | 6,300 |  |
| Shareholders | 10,358 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 29.7% | Net cash ¥43.7B · Cash ÷ revenue 44.6% |
| Vs. industry median margin | +0.4 pp | Industrial Machinery |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by 40 points
- FY2026, employees 0% while operating income rose 32%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71825000000 | ¥118611000000 | +65.1% |
| Operating income | ¥-2332000000 | ¥9404000000 | — |
| Operating margin | -3.2% | 7.9% | +11.2 pp |
| Employees | 2,686 people | 2,622 people | -2.4% |
| Cash and equivalents | ¥54321000000 | ¥52851000000 | -2.7% |

### 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 | 48.2% |
| 日本 → 事業再編・廃止 | 11.0% |
| 北米 → 北米 | 7.5% |
| 欧州 → 欧州 | 17.8% |
| 中華圏 → 中華圏 | 10.2% |
| 中華圏 → 事業再編・廃止 | 3.6% |
| その他 → その他 | 1.8% |
| 新設・再編 → 北米 | 3.6% |
| 新設・再編 → 欧州 | 6.8% |
| 新設・再編 → その他 | 4.2% |

Segment revenue source references: 10 (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 | +5.4% | ¥55271000000 | 17.4% | 2 |
| Europe | 5 years | +17.2% | ¥28178000000 | -6.8% | 2 |
| North America | 5 years | +18.7% | ¥12689000000 | 4.9% | 2 |
| China Area | 5 years | +3.3% | ¥11698000000 | 1.1% | 2 |
| Other | 5 years | +39.9% | ¥6900000000 | 7.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 118,611 | 100.0% | S100YJ3O |
| Cost of revenue | 74,958 | 63.2% | S100YJ3O |
| Gross profit | 43,653 | 36.8% | S100YJ3O |
| SG&A | 34,249 | 28.9% | S100YJ3O |
| Operating income | 9,404 | 7.9% | S100YJ3O |
| Ordinary income | 10,718 | 9.0% | S100YJ3O |
| Pretax income | 10,814 | 9.1% | S100YJ3O |
| Income tax | 3,443 | 2.9% | S100YJ3O |
| Net income | 7,371 | 6.2% | S100YJ3O |
| Net income attributable to owners | 7,371 | 6.2% | S100YJ3O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 29 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 36.8% → Operating margin 7.9% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +32.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.73×
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 | 111,050 | 118,611 | 7,561 | +6.8% |
| Gross profit | 39,491 | 43,653 | 4,162 | +10.5% |
| Operating income | 7,115 | 9,404 | 2,289 | +32.2% |
| Net income attributable to owners | 7,247 | 7,371 | 124 | +1.7% |
| Operating cash flow | 17,018 | 3,533 | -13,485 | -79.2% |
| Free cash flow | 14,742 | -304 | -15,046 | -102.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 77,646 | -3,404 | -4.4% | -25,473 | 1,807 | 745 | S100LMY4 |
| FY ending Mar 2021 | 71,825 | -2,332 | -3.2% | -2,068 | 8,174 | 7,037 | S100OAY5 |
| FY ending Mar 2022 | 87,623 | 2,267 | 2.6% | 6,158 | 9,281 | 7,359 | S100QZ8I |
| FY ending Mar 2023 | 97,914 | 5,719 | 5.8% | 5,716 | 4,475 | 2,762 | S100TNTZ |
| FY ending Mar 2024 | 104,278 | 4,898 | 4.7% | 4,641 | -8,051 | -9,603 | S100VYJU |
| FY ending Mar 2025 | 111,050 | 7,115 | 6.4% | 7,247 | 17,018 | 14,742 | S100YJ3O |
| FY ending Mar 2026 | 118,611 | 9,404 | 7.9% | 7,371 | 3,533 | -304 | S100YJ3O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.2M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 2,613 | 2,567 | 2,562 | 2,625 | 2,622 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.1M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 43.1 years | 43.0 years | 43.2 years | 43.1 years | 42.9 years |
| Average tenure (parent company) | 18.9 years | 18.8 years | 18.9 years | 18.5 years | 17.9 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 55,271 | 48.2% | 9,637 | 17.4% |
| North America | 12,689 | 11.1% | 625 | 4.9% |
| Europe | 28,178 | 24.6% | -1,919 | -6.8% |
| China Area | 11,698 | 10.2% | 133 | 1.1% |
| Other | 6,900 | 6.0% | 492 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 48.2% | 88.5% | 40.3 | 17.4% |
| North America | 11.1% | 5.7% | -5.3 | 4.9% |
| Europe | 24.6% | — | — | -6.8% |
| China Area | 10.2% | 1.2% | -9.0 | 1.1% |
| Other | 6.0% | 4.5% | -1.5 | 7.1% |

Loss-making segment (excluded from profit shares): Europe -1,919 JPY mn

Segment → industry: China Area → Industrial Machinery / Europe → Industrial Machinery / North America → Industrial Machinery / Japan → 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 | 3,533 | 3.0% | S100YJ3O |
| Capital expenditure | 3,837 | 3.2% | S100YJ3O |
| Free cash flow | -304 | -0.3% | 算出 |
| Investing cash flow | -2,908 | -2.5% | S100YJ3O |
| Financing cash flow | -6,072 | -5.1% | S100YJ3O |
| Dividends paid | 4,433 | 3.7% | S100YJ3O |
| Share buyback | 0 | 0.0% | S100YJ3O |
| Change in cash | -4,549 | -3.8% | S100YJ3O |
| Cash and equivalents | 52,851 | 44.6% | S100YJ3O |

## 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 | 60,321 | 60,945 | 49,664 | 57,400 | 52,851 | S100TNTZ, S100VYJU, S100YJ3O |
| Total assets | 157,081 | 165,523 | 167,588 | 172,946 | 178,158 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Net assets | 103,382 | 107,133 | 114,467 | 115,498 | 122,896 | S100TNTZ, S100VYJU, S100YJ3O |
| Share capital | 37,714 | 37,714 | 37,714 | 37,714 | 37,714 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Property, plant and equipment | 16,966 | 18,038 | 18,715 | 20,782 | 23,424 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Intangible assets excluding goodwill | 3,937 | 3,271 | 1,290 | 2,540 | 2,447 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Goodwill | 2,427 | 2,085 | 319 | 1,038 | 939 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Investment securities | 9,384 | 10,370 | 17,716 | 13,749 | 17,828 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Current assets | 116,269 | 123,646 | 118,963 | 124,039 | 121,364 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Current liabilities | 39,049 | 44,362 | 37,719 | 53,178 | 40,646 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Trade payables | 6,576 | 8,298 | 7,101 | 7,442 | 7,198 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Short-term borrowings | 850 | 377 | 620 | 191 | 101 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Long-term borrowings | 357 | 238 | 181 | 114 | 57 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Bonds | 10,000 | 10,000 | 10,000 | — | 9,000 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Interest-bearing debt | 11,207 | 10,615 | 10,801 | — | 9,158 | 算出 |
| Total liabilities | 53,698 | 58,389 | 53,121 | 57,447 | 55,261 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Non-controlling interests | 95 | 168 | — | — | — | S100QZ8I, S100TNTZ |
| Equity attributable to owners of parent | 99,300 | 101,948 | 102,144 | 105,926 | 108,861 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Retained earnings | 27,416 | 28,693 | 29,433 | 31,305 | 34,238 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |
| Treasury stock | -3,619 | -2,248 | -2,289 | -380 | -378 | S100QZ8I, S100TNTZ, S100VYJU, S100YJ3O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YJ3O |
| Property, plant and equipment | 13% | S100YJ3O |
| Intangibles and goodwill | 2% | S100YJ3O |
| Investment securities | 10% | S100YJ3O |
| Other assets | 45% | S100YJ3O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJ3O |
| Interest-bearing debt | 5% | 算出 |
| Other liabilities | 22% | S100YJ3O |
| Equity | 69% | S100YJ3O |
| Other liabilities | 0% | S100YJ3O |

### 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 | 157,081 | 165,523 | 167,588 | 172,946 | 178,158 |
| Equity | 103,382 | 107,133 | 114,467 | 115,498 | 122,896 |
| Interest-bearing debt | 11,207 | 10,615 | 10,801 | — | 9,158 |
| Cash | 60,321 | 60,945 | 49,664 | 57,400 | 52,851 |

## 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) | 19.7% | S100YJ3O |
| Fixed assets ÷ total assets | 13.1% | S100YJ3O |
| Goodwill ÷ parent equity | 0.9% | S100YJ3O |

Goodwill over 4 years: 2,427 → 939 JPY; total investing cash flow: -9,111 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) | 29.7% |
| Cash ÷ revenue | 44.6% |
| Net cash (cash − interest-bearing debt) | ¥43.7B |
| Net debt ÷ operating cash flow | -12.37× |
| Cash conversion (operating CF ÷ operating income) | 37.6% |
| Cash vs. profit gap | -3,838 JPY mn (of net income -52.1%) |
| Shareholder returns / net income | 60.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 82.3% |

## 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 | 7.0% | 0.56× | 3.9% | 1.58× | 6.2% | S100QZ8I |
| 2023 | 5.8% | 0.61× | 3.5% | 1.60× | 5.7% | S100TNTZ |
| 2024 | 4.5% | 0.63× | 2.8% | 1.63× | 4.5% | S100VYJU |
| 2025 | 6.5% | 0.65× | 4.3% | 1.64× | 7.0% | S100YJ3O |
| 2026 | 6.2% | 0.68× | 4.2% | 1.63× | 6.9% | S100YJ3O |

## 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 | 11.9% | 2026-03-31 |
| 小森コーポレーション取引先持株会 | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 3.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 小森紀子 | Major shareholder | 3.0% | 2026-03-31 |
| 小森善仁 | Major shareholder | 3.0% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE US 10PCT CLIENTS LENDING(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 2.3% | 2026-03-31 |
| 小森善治 | Major shareholder | 2.0% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YJ3O | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ3O,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VYJU | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYJU,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TNTZ | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNTZ,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100QZ8I | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ8I,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OAY5 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAY5,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LMY4 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMY4,, |

## 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).