# KYB Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第104期(2025/04/01－2026/03/31) (S100YHB1)
> Page: https://vizora.meequs.com/en/company/kyb
> Retrieved: 2026-09-30T18:28:25.244Z

## Company

KYB, founded in 1935, is a company in Auto Parts listed on TSE Prime. It has 13,418 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYB Corporation |
| Ticker | 7242 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7242.T) |
| Listing | TSE Prime |
| Head office | 東京都港区浜松町二丁目4番1号 |
| Representative (per filing) | 代表取締役社長執行役員兼CEO 川瀬 正裕 |
| Founded | Mar 1935 |
| Share capital | ¥27.6B |
| Employees (consolidated) | 13,418 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.kyb.co.jp (https://www.kyb.co.jp/) |
| Corporate number | 8010401007296 |
| EDINET | E02147 |
| Industries (Vizora) | Auto Parts, Aerospace, Defense, Industrial Machinery |

> Profile source: annual securities report (S100YHB1, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.1 | 110 |
| Profitability | 78.8 | 111 |
| Cash conversion | 5.1 | 108 |
| Efficiency | 53.6 | 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 71% of KYB's sales come from Automotive components (AC) operations, with Hydraulic components (HC) operations and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +54.1%.

## Company structure

- Segment revenue mix: Automotive components (AC) operations 71.5%、Hydraulic components (HC) operations 25.7%、Other 1.4%、Aircraft Components 1.4%
- Revenue → net income: ¥481529000000 → ¥30642000000
- Net income → operating cash flow: ¥30642000000 → ¥19506000000（difference ¥-11136000000）
- Main uses of operating cash flow: CapEx ¥22312000000 / dividends ¥7059000000 / buybacks ¥12512000000
- Change in cash: ¥2747000000
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 | ¥481.5B |  |
| Operating income | ¥34.9B | Margin 7.3% |
| Net income | ¥29B | Margin 6.0% |
| Free cash flow | -¥2.81B |  |
| Largest business | Automotive components (AC) operations | of segment revenue 71.5% |
| Employees (consolidated) | 13,418 |  |
| EPS | ¥631.99 |  |
| Diluted EPS | ¥631.79 |  |
| Book value per share | ¥2808 |  |
| Equity ratio | 50.6% | Derived from disclosed figures |
| Shares outstanding | 50,468,000 |  |
| Treasury shares | 7,299,000 |  |
| Shareholders | 10,453 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 10.4% |
| Vs. industry median margin | +2.5 pp | Auto Parts |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.8× dividends
- FY2026, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥328037000000 | ¥481529000000 | +46.8% |
| Operating income | ¥18297000000 | ¥34932000000 | +90.9% |
| Operating margin | 5.6% | 7.3% | +1.7 pp |
| Employees | 14,718 people | 13,418 people | -8.8% |
| Cash and equivalents | ¥68700000000 | ¥50176000000 | -27.0% |

### 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 |
| --- | ---: |
| AC事業 → AC事業 | 59.1% |
| HC事業 → HC事業 | 25.7% |
| HC事業 → 事業再編・廃止 | 9.4% |
| 航空機器事業 → 航空機器事業 | 1.2% |
| システム製品 → 事業再編・廃止 | 1.8% |
| その他 → その他 | 1.4% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → AC事業 | 12.3% |
| 新設・再編 → 航空機器事業 | 0.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive components (AC) operations | 5 years | +11.7% | ¥344066000000 | 6.8% | 2 |
| Hydraulic components (HC) operations | 5 years | +1.1% | ¥123869000000 | 3.6% | 2 |
| Other | 5 years | -6.0% | ¥6873000000 | 16.6% | 2 |
| Aircraft Components | 5 years | +11.7% | ¥6721000000 | 6.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 481,529 | 100.0% | S100YHB1 |
| Cost of revenue | 383,586 | 79.7% | S100YHB1 |
| Gross profit | 97,943 | 20.3% | S100YHB1 |
| SG&A | 68,558 | 14.2% | S100YHB1 |
| Operating income | 34,932 | 7.3% | S100YHB1 |
| Pretax income | 34,928 | 7.3% | S100YHB1 |
| Income tax | 4,285 | 0.9% | S100YHB1 |
| Net income | 30,642 | 6.4% | S100YHB1 |
| Net income attributable to owners | 29,036 | 6.0% | S100YHB1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Other operating | -1 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.3% → Operating margin 7.3% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +54.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.49×
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 | 438,316 | 481,529 | 43,213 | +9.9% |
| Gross profit | 82,645 | 97,943 | 15,298 | +18.5% |
| Operating income | 22,671 | 34,932 | 12,261 | +54.1% |
| Net income attributable to owners | 14,899 | 29,036 | 14,137 | +94.9% |
| Operating cash flow | 43,847 | 19,506 | -24,341 | -55.5% |
| Free cash flow | 26,798 | -2,806 | -29,604 | -110.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 355,316 | — | — | 14,544 | 31,153 | — | S100LQ0A |
| FY ending Mar 2018 | 393,743 | — | — | 15,202 | 29,252 | — | S100OD4N |
| FY ending Mar 2019 | 412,214 | — | — | -24,757 | 17,047 | — | S100R1PF |
| FY ending Mar 2021 | 328,037 | 18,297 | 5.6% | 17,087 | 20,826 | 9,578 | S100OD4N |
| FY ending Mar 2022 | 388,360 | 30,001 | 7.7% | 22,549 | 24,247 | 14,951 | S100R1PF |
| FY ending Mar 2023 | 431,205 | 32,547 | 7.5% | 27,210 | 23,914 | 12,290 | S100TRK3 |
| FY ending Mar 2024 | 442,781 | 22,417 | 5.1% | 15,818 | 39,861 | 15,249 | S100W29I |
| FY ending Mar 2025 | 438,316 | 22,671 | 5.2% | 14,899 | 43,847 | 26,798 | S100YHB1 |
| FY ending Mar 2026 | 481,529 | 34,932 | 7.3% | 29,036 | 19,506 | -2,806 | S100YHB1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 14,472 | 13,920 | 13,634 | 12,951 | 13,418 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥7M | ¥6.8M | ¥7.1M |
| Average age (parent company) | 40.8 years | 41.1 years | 41.3 years | 41.6 years | 41.9 years |
| Average tenure (parent company) | 16.3 years | 16.9 years | 16.7 years | 17.1 years | 17.4 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +9.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive components (AC) operations | 344,066 | 71.5% | 23,358 | 6.8% |
| Hydraulic components (HC) operations | 123,869 | 25.7% | 4,461 | 3.6% |
| Aircraft Components | 6,721 | 1.4% | 440 | 6.5% |
| Other | 6,873 | 1.4% | 1,138 | 16.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive components (AC) operations | 71.5% | 79.5% | 8.0 | 6.8% |
| Hydraulic components (HC) operations | 25.7% | 15.2% | -10.5 | 3.6% |
| Aircraft Components | 1.4% | 1.5% | 0.1 | 6.5% |
| Other | 1.4% | 3.9% | 2.4 | 16.6% |

Segment → industry: Automotive components (AC) operations → Auto Parts / Aircraft Components → Aerospace / Aircraft Components → Defense / Hydraulic components (HC) operations → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 19,506 | 4.1% | S100YHB1 |
| Capital expenditure | 22,312 | 4.6% | S100YHB1 |
| Free cash flow | -2,806 | -0.6% | 算出 |
| Investing cash flow | -6,616 | -1.4% | S100YHB1 |
| Financing cash flow | -12,320 | -2.6% | S100YHB1 |
| Dividends paid | 7,059 | 1.5% | S100YHB1 |
| Share buyback | 12,512 | 2.6% | S100YHB1 |
| Change in cash | 2,747 | 0.6% | S100YHB1 |
| Cash and equivalents | 50,176 | 10.4% | S100YHB1 |

## 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 | 52,118 | 43,585 | 46,637 | 47,428 | 50,176 | S100TRK3, S100W29I, S100YHB1 |
| Total assets | 434,187 | 446,836 | 476,530 | 463,112 | 493,726 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Net assets | 160,914 | 191,036 | 226,408 | 235,023 | 259,904 | S100TRK3, S100W29I, S100YHB1 |
| Share capital | 27,648 | 27,648 | 27,648 | 27,648 | 27,648 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Property, plant and equipment | 159,803 | 158,360 | 156,950 | 157,591 | 164,381 | S100TRK3, S100W29I, S100YHB1 |
| Goodwill | 266 | 268 | 248 | 248 | 4 | S100TRK3, S100W29I, S100YHB1 |
| Current assets | 240,421 | 251,952 | 255,944 | 258,337 | 276,209 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Total liabilities | 273,273 | 255,800 | 250,122 | 228,089 | 233,822 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Equity attributable to owners of parent | 153,411 | 182,830 | 217,191 | 225,537 | 249,785 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Retained earnings | 76,007 | 98,492 | 123,076 | 136,935 | 166,797 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |
| Treasury stock | -605 | -583 | -842 | -7,100 | -22,925 | S100R1PF, S100TRK3, S100W29I, S100YHB1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YHB1 |
| Property, plant and equipment | 33% | S100YHB1 |
| Intangibles and goodwill | 0% | — |
| Other assets | 57% | S100YHB1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YHB1 |
| Equity | 53% | S100YHB1 |

### 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 | 434,187 | 446,836 | 476,530 | 463,112 | 493,726 |
| Equity | 160,914 | 191,036 | 226,408 | 235,023 | 259,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 52,118 | 43,585 | 46,637 | 47,428 | 50,176 |

## 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) | 34.1% | S100YHB1 |
| Fixed assets ÷ total assets | 33.3% | S100YHB1 |
| Goodwill ÷ parent equity | 0.0% | S100YHB1 |

Goodwill over 4 years: 266 → 4 JPY; total investing cash flow: -88,640 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) | 10.2% |
| Cash ÷ revenue | 10.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.8% |
| Cash vs. profit gap | -9,530 JPY mn (of net income -32.8%) |
| Shareholder returns / net income | 67.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 33.9% |

## 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 | 5.8% | 0.89× | 5.2% | 2.83× | 14.7% | S100R1PF |
| 2023 | 6.3% | 0.98× | 6.2% | 2.62× | 16.2% | S100TRK3 |
| 2024 | 3.6% | 0.96× | 3.4% | 2.31× | 7.9% | S100W29I |
| 2025 | 3.4% | 0.93× | 3.2% | 2.12× | 6.7% | S100YHB1 |
| 2026 | 6.0% | 1.01× | 6.1% | 2.01× | 12.2% | S100YHB1 |

## 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 | 11.0% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| カヤバ協力会社持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.7% | 2026-03-31 |
| 日立建機株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 3.2% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 2.7% | 2026-03-31 |
| カヤバ従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505223(常任代理人(株)みずほ銀行決済営業部) | Major shareholder | 2.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥481.5B, up +9.9% from ¥438.3B.
- Profit grew much faster: operating income rose +54.1% to ¥34.9B, and net income nearly doubled, up +94.9% to ¥29B.
- Cash told a different story, with operating cash flow down -55.5% to ¥19.5B and free cash flow slipping to -¥2.81B.

### Drivers

- Car OEM parts sold more in Japan, Europe and the US, motorcycle orders were strong, and construction equipment exports to Europe and the US held up fairly well.
- Productivity gains in the US lowered costs, and the Chita Kogyo acquisition added a one-time gain from buying below net asset value.
- Operating cash flow fell because receivables rose while payables went down.

### Risks

- Demand depends on global car and construction equipment output, so an economic slowdown would hit profits hard.
- US tariffs and conflicts in the Middle East and Ukraine could disrupt production and sales or push up material costs.
- Most sales come from overseas, so big currency swings can move results.

Cited: Annual securities report (FY ending 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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YHB1 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHB1,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W29I | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W29I,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TRK3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRK3,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R1PF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1PF,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OD4N | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD4N,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LQ0A | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ0A,, |

## 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).