# KUBOTA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第136期(2025/01/01－2025/12/31) (S100XR0M)
> Page: https://vizora.meequs.com/en/company/kubota
> Retrieved: 2026-09-30T20:25:24.036Z

## Company

Kubota, founded in 1930, is a company in Waste Management & Recycling listed on TSE Prime. It has 52,503 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUBOTA CORPORATION |
| Ticker | 6326 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6326.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区敷津東一丁目2番47号 (注)2026年5月1日に本店は下記に移転する予定です。 大阪市北区大深町5番54号 |
| Representative (per filing) | 代表取締役社長 CEO 花田晋吾 |
| Founded | Dec 1930 |
| Share capital | ¥84.1B |
| Employees (consolidated) | 52,503 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | December |
| Website | www.kubota.co.jp (https://www.kubota.co.jp/) |
| Corporate number | 1120001037978 |
| EDINET | E01267 |
| Industries (Vizora) | Waste Management & Recycling, Construction & Farm Machinery |

> Profile source: annual securities report (S100XR0M, filed 2026-03-16). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 17 |
| Profitability | 53.1 | 16 |
| Cash conversion | 63.3 | 15 |
| Efficiency | 2.9 | 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)

- About 88% of Kubota's sales come from Machinery, with Water and Environment making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -15.9%.

## Company structure

- Segment revenue mix: Machinery 87.5%、Water and Environment 12.5%
- Revenue → net income: ¥3018891000000 → ¥216756000000
- Net income → operating cash flow: ¥216756000000 → ¥327901000000（difference ¥111145000000）
- Main uses of operating cash flow: CapEx ¥185898000000 / dividends ¥57178000000 / buybacks ¥20003000000
- Change in cash: ¥-18171000000
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 | ¥3.02T |  |
| Operating income | ¥265.5B | Margin 8.8% |
| Net income | ¥186.7B | Margin 6.2% |
| Free cash flow | ¥142B |  |
| Largest business | Machinery | of segment revenue 87.5% |
| Employees (consolidated) | 52,503 |  |
| EPS | ¥163.44 |  |
| Book value per share | ¥796.79 |  |
| Equity ratio | 42.3% | Derived from disclosed figures |
| Shares outstanding | 1,138,716,000 |  |
| Treasury shares | 1,024,300 |  |
| Shareholders | 115,854 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 9.2% |
| Vs. industry median margin | +0.2 pp | Construction & Farm Machinery |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1853234000000 | ¥3018891000000 | +62.9% |
| Operating income | ¥175284000000 | ¥265470000000 | +51.5% |
| Operating margin | 9.5% | 8.8% | -0.7 pp |
| Employees | 41,605 people | 52,503 people | +26.2% |
| Cash and equivalents | ¥222919000000 | ¥276959000000 | +24.2% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 機械 → 機械 | 82.7% |
| 水・環境 → 水・環境 | 12.5% |
| 水・環境 → 事業再編・廃止 | 4.8% |
| 新設・再編 → 機械 | 4.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,018,891 | 100.0% | S100XR0M |
| Cost of revenue | 2,134,577 | 70.7% | S100XR0M |
| Gross profit | 884,314 | 29.3% | 算出 |
| SG&A | 609,108 | 20.2% | S100XR0M |
| Operating income | 265,470 | 8.8% | S100XR0M |
| Pretax income | 282,140 | 9.3% | S100XR0M |
| Income tax | 68,125 | 2.3% | S100XR0M |
| Net income | 216,756 | 7.2% | S100XR0M |
| Net income attributable to owners | 186,687 | 6.2% | S100XR0M |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.3% → Operating margin 8.8% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -15.9%
Growth quality: revenue-led
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,016,281 | 3,018,891 | 2,610 | +0.1% |
| Gross profit | 927,980 | 884,314 | -43,666 | -4.7% |
| Operating income | 315,636 | 265,470 | -50,166 | -15.9% |
| Net income attributable to owners | 230,437 | 186,687 | -43,750 | -19.0% |
| Operating cash flow | 282,084 | 327,901 | 45,817 | +16.2% |
| Free cash flow | 68,087 | 142,003 | 73,916 | +108.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,596,091 | — | — | 132,485 | 184,978 | — | S100KYRY |
| FY ending Dec 2017 | 1,751,038 | — | — | 134,160 | 137,185 | — | S100O0MA |
| FY ending Dec 2018 | 1,850,316 | — | — | 138,595 | 89,148 | — | S100QFK4 |
| FY ending Dec 2019 | 1,920,042 | 201,654 | 10.5% | 149,061 | 82,410 | -12,449 | S100KYRY |
| FY ending Dec 2020 | 1,853,234 | 175,284 | 9.5% | 128,524 | 142,919 | 58,166 | S100O0MA |
| FY ending Dec 2021 | 2,196,766 | 244,565 | 11.1% | 174,765 | 92,511 | -33,212 | S100QFK4 |
| FY ending Dec 2022 | 2,676,980 | 214,387 | 8.0% | 156,472 | -7,680 | -177,331 | S100T32K |
| FY ending Dec 2023 | 3,020,711 | 328,829 | 10.9% | 238,455 | -17,273 | -189,753 | S100VPNV |
| FY ending Dec 2024 | 3,016,281 | 315,636 | 10.5% | 230,437 | 282,084 | 68,087 | S100XR0M |
| FY ending Dec 2025 | 3,018,891 | 265,470 | 8.8% | 186,687 | 327,901 | 142,003 | S100XR0M |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.5M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 43,293 | 50,352 | 52,608 | 52,094 | 52,503 |
| Average salary (parent company) | ¥7.9M | ¥8.1M | ¥8M | ¥8.2M | ¥8.6M |
| Average age (parent company) | 40.4 years | 40.1 years | 40.0 years | 39.9 years | 39.9 years |
| Average tenure (parent company) | 14.9 years | 14.2 years | 13.8 years | 13.5 years | 14.3 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +0.1%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machinery | 2,628,618 | 87.5% | 253,638 | 9.6% |
| Water and Environment | 374,352 | 12.5% | 32,983 | 8.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machinery | 87.5% | 88.5% | 1.0 | 9.6% |
| Water and Environment | 12.5% | 11.5% | -1.0 | 8.8% |

Segment → industry: Water and Environment → Waste Management & Recycling / Machinery → Construction & Farm Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 327,901 | 10.9% | S100XR0M |
| Capital expenditure | 185,898 | 6.2% | S100XR0M |
| Free cash flow | 142,003 | 4.7% | 算出 |
| Investing cash flow | -163,726 | -5.4% | S100XR0M |
| Financing cash flow | -184,462 | -6.1% | S100XR0M |
| Dividends paid | 57,178 | 1.9% | S100XR0M |
| Share buyback | 20,003 | 0.7% | S100XR0M |
| Change in cash | -18,171 | -0.6% | S100XR0M |
| Cash and equivalents | 276,959 | 9.2% | S100XR0M |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 258,639 | 225,799 | 222,118 | 295,130 | 276,959 | S100T32K, S100VPNV, S100XR0M |
| Total assets | 3,773,656 | 4,765,053 | 5,359,247 | 6,018,665 | 6,204,909 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Net assets | 1,785,109 | 2,102,488 | 2,416,067 | 2,739,766 | 2,873,024 | S100T32K, S100VPNV, S100XR0M |
| Share capital | 84,130 | 84,130 | 84,130 | 84,130 | 84,130 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Property, plant and equipment | 496,312 | 644,245 | 727,061 | 861,840 | 940,382 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Goodwill | 10,355 | 134,597 | 145,715 | 143,325 | 139,868 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Current assets | 1,867,415 | 2,287,780 | 2,580,371 | 2,867,458 | 2,923,181 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Total liabilities | 1,988,547 | 2,662,565 | 2,943,180 | 3,278,899 | 3,331,885 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Equity attributable to owners of parent | 1,678,035 | 1,874,490 | 2,175,773 | 2,477,314 | 2,622,985 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Retained earnings | 1,439,631 | 1,529,248 | 1,693,681 | 1,832,348 | 1,955,883 | S100QFK4, S100T32K, S100VPNV, S100XR0M |
| Treasury stock | -134 | -3,557 | -3,209 | -2,747 | -2,929 | S100QFK4, S100T32K, S100VPNV, S100XR0M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XR0M |
| Property, plant and equipment | 15% | S100XR0M |
| Intangibles and goodwill | 2% | — |
| Other assets | 78% | S100XR0M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100XR0M |
| Equity | 46% | S100XR0M |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,773,656 | 4,765,053 | 5,359,247 | 6,018,665 | 6,204,909 |
| Equity | 1,785,109 | 2,102,488 | 2,416,067 | 2,739,766 | 2,873,024 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 258,639 | 225,799 | 222,118 | 295,130 | 276,959 |

## 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) | 31.1% | S100XR0M |
| Fixed assets ÷ total assets | 15.2% | S100XR0M |
| Goodwill ÷ parent equity | 5.3% | S100XR0M |

Goodwill over 4 years: 10,355 → 139,868 JPY; total investing cash flow: -991,915 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) | 4.5% |
| Cash ÷ revenue | 9.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.5% |
| Cash vs. profit gap | 141,214 JPY mn (of net income 75.6%) |
| Shareholder returns / net income | 41.3% |
| Shareholder returns / FCF | 54.4% |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 40.3% |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 49.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.0% | 0.58× | 4.6% | 2.25× | 10.4% | S100QFK4 |
| 2022 | 5.8% | 0.63× | 3.7% | 2.40× | 8.8% | S100T32K |
| 2023 | 7.9% | 0.60× | 4.7% | 2.50× | 11.8% | S100VPNV |
| 2024 | 7.6% | 0.53× | 4.1% | 2.45× | 9.9% | S100XR0M |
| 2025 | 6.2% | 0.49× | 3.1% | 2.40× | 7.3% | S100XR0M |

## 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 | 15.1% | 2025-12-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 6.3% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 5.5% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.3% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ (常任代理人 株式会社みずほ銀行) | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.9% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.7% | 2025-12-31 |
| クボタグループファンド | Major shareholder | 1.4% | 2025-12-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 1.4% | 2025-12-31 |

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

- Revenue in FY ending Dec 2025 was ¥3.02T, almost unchanged at +0.1%.
- Profits fell: gross profit was down 4.7%, operating income down 15.9% to ¥265.5B, and net income down 19.0% to ¥186.7B.
- Cash generation improved, with operating cash flow up 16.2% to ¥327.9B and free cash flow rising from ¥68.1B to ¥142B.

### Drivers

- US tariffs raised costs, and the machinery business sold fewer units with a less profitable product mix
- In North America, tractor sales fell as dealers cut inventory and construction equipment sales settled to normal demand, while farm machinery in Japan and sales in India grew
- Lower dealer incentives slowed the growth of finance receivables and working capital went down, lifting operating cash flow

### Risks

- Changes in tariffs and trade policy, especially in the US, can raise costs or hurt sales
- Most sales are overseas, so a stronger yen tends to weigh on results
- Higher interest rates raise incentive costs, particularly in the US

Cited: Annual Securities Report (136th 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 (136th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第136期(2025/01/01－2025/12/31) | S100XR0M | 2026-03-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR0M,, |
| 訂正有価証券報告書－第135期(2024/01/01－2024/12/31) | S100VPNV | 2025-05-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VPNV,, |
| 有価証券報告書－第134期(2023/01/01－2023/12/31) | S100T32K | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T32K,, |
| 有価証券報告書－第133期(2022/01/01－2022/12/31) | S100QFK4 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFK4,, |
| 訂正有価証券報告書－第132期(令和3年1月1日－令和3年12月31日) | S100O0MA | 2022-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O0MA,, |
| 有価証券報告書－第131期(令和2年1月1日－令和2年12月31日) | S100KYRY | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYRY,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日立建機 | Supply/OEM | クボタからミニショベルを OEM で購入 | S100YIBR |

## 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).