# The Lead Co., Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YGCM)
> Page: https://vizora.meequs.com/en/company/lead
> Retrieved: 2026-09-30T20:55:07.909Z

## Company

The Lead, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Lead Co., Inc. |
| Ticker | 6982 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6982.T) |
| Listing | TSE Standard |
| Head office | 埼玉県熊谷市弥藤吾578番地 |
| Representative (per filing) | 取締役社長 岩崎元治 |
| Founded | Aug 1947 |
| Share capital | ¥658.2M |
| Employees (consolidated) | 172 |
| Average salary (parent only) | ¥3.8M |
| Fiscal year end | March |
| Website | www.lead.co.jp (https://www.lead.co.jp/) |
| Corporate number | 9030001085467 |
| EDINET | E01916 |
| Industries (Vizora) | Auto Parts, Bicycles, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YGCM, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.8 | 110 |
| Profitability | 1.4 | 111 |
| Efficiency | 3.2 | 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 90% of The Lead's sales come from Automobile parts, with In-house products and Other making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +22.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.14B |  |
| Operating income | -¥111.7M | Margin -2.2% |
| Net income | -¥69.3M | Margin -1.3% |
| Free cash flow | ¥247.3M |  |
| Largest business | Automobile parts | of segment revenue 89.8% |
| Employees (consolidated) | 172 |  |
| EPS | ¥-26.78 |  |
| Book value per share | ¥982.92 |  |
| Equity ratio | 29.2% |  |
| Shares outstanding | 2,632,960 |  |
| Treasury shares | 43,200 |  |
| Shareholders | 1,210 |  |
| Average salary (parent only) | ¥3.8M | Filing company only |
| Cash ratio | 17.5% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | -6.9 pp | Auto Parts |
| ROA | -0.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4748062000 | ¥5141745000 | +8.3% |
| Operating income | ¥-261010000 | ¥-111737000 | — |
| Operating margin | -5.5% | -2.2% | +3.3 pp |
| Employees | 182 people | 172 people | -5.5% |
| Cash and equivalents | ¥1342011000 | ¥1522909000 | +13.5% |

### 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 |
| --- | ---: |
| 自動車用部品 → 自動車用部品 | 89.8% |
| 自動車用部品 → 事業再編・廃止 | 2.5% |
| 自社製品 → 自社製品 | 6.9% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 自社製品 | 2.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile parts | 5 years | +0.9% | ¥4619081000 | -4.2% | 2 |
| In-house products | 5 years | +8.3% | ¥494553000 | 13.8% | 2 |
| Other | 5 years | -4.7% | ¥28111000 | 68.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,142 | 100.0% | S100YGCM |
| Cost of revenue | 4,680 | 91.0% | S100YGCM |
| Gross profit | 462 | 9.0% | S100YGCM |
| SG&A | 573 | 11.1% | S100YGCM |
| Operating income | -112 | -2.2% | S100YGCM |
| Ordinary income | -80 | -1.6% | S100YGCM |
| Pretax income | -95 | -1.9% | S100YGCM |
| Income tax | -26 | -0.5% | S100YGCM |
| Net income | -69 | -1.3% | S100YGCM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 11 |
| Operating income | -2 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 9.0% → Operating margin -2.2% → Net margin -1.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,186 | 5,142 | 956 | +22.8% |
| Gross profit | 514 | 462 | -53 | -10.2% |
| Operating income | -91 | -112 | -21 | — |
| Operating cash flow | 273 | 800 | 526 | +192.6% |
| Free cash flow | -332 | 247 | 579 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,445 | 124 | 1.9% | 113 | 787 | 712 | S100LSJT |
| FY ending Mar 2021 | 4,748 | -261 | -5.5% | -123 | 192 | -198 | S100OK4M |
| FY ending Mar 2022 | 3,964 | -268 | -6.8% | -188 | 606 | 433 | S100R738 |
| FY ending Mar 2023 | 5,021 | 141 | 2.8% | 185 | 590 | 329 | S100TRZJ |
| FY ending Mar 2024 | 5,059 | 10 | 0.2% | 48 | 436 | 215 | S100W65H |
| FY ending Mar 2025 | 4,186 | -91 | -2.2% | -105 | 273 | -332 | S100YGCM |
| FY ending Mar 2026 | 5,142 | -112 | -2.2% | -69 | 800 | 247 | S100YGCM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | -¥649.6K |
| Net income per employee (consolidated) | -¥402.8K |

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) | 179 | 177 | 174 | 178 | 172 |
| Average salary (parent company) | ¥3.5M | ¥3.7M | ¥3.8M | ¥3.8M | ¥3.8M |
| Average age (parent company) | 41.2 years | 41.7 years | 42.3 years | 42.8 years | 43.6 years |
| Average tenure (parent company) | 17.3 years | 17.4 years | 17.8 years | 17.6 years | 18.1 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +22.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile parts | 4,619 | 89.8% | -195 | -4.2% |
| In-house products | 495 | 9.6% | 68 | 13.8% |
| Real estate for rent | — | 0.0% | 28 | — |
| Other | 28 | 0.5% | 19 | 68.1% |

Segment → industry: Automobile parts → Auto Parts / In-house products → Bicycles / Real estate for rent → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 800 | 15.6% | S100YGCM |
| Capital expenditure | 552 | 10.7% | S100YGCM |
| Free cash flow | 247 | 4.8% | 算出 |
| Investing cash flow | -535 | -10.4% | S100YGCM |
| Financing cash flow | -127 | -2.5% | S100YGCM |
| Dividends paid | 26 | 0.5% | S100YGCM |
| Change in cash | 137 | 2.7% | S100YGCM |
| Cash and equivalents | 1,523 | 29.6% | S100YGCM |

## 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 | 1,710 | 1,565 | 1,585 | 1,386 | 1,523 | S100TRZJ, S100W65H, S100YGCM |
| Total assets | 8,145 | 8,178 | 8,556 | 7,883 | 8,706 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Net assets | 2,396 | 2,600 | 2,881 | 2,600 | 2,545 | S100TRZJ, S100W65H, S100YGCM |
| Share capital | 658 | 658 | 658 | 658 | 658 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Property, plant and equipment | 4,433 | 4,134 | 4,220 | 4,257 | 4,738 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Intangible assets excluding goodwill | 3 | 2 | 1 | 3 | 2 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Investment securities | 686 | 731 | 1,117 | 937 | 996 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Current assets | 2,938 | 3,239 | 3,133 | 2,569 | 2,860 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Current liabilities | 2,742 | 2,755 | 2,912 | 2,517 | 2,720 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Short-term borrowings | 690 | 610 | 610 | 810 | 610 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Long-term borrowings | 1,946 | 1,850 | 1,702 | 1,826 | 1,873 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Total liabilities | 5,749 | 5,578 | 5,674 | 5,283 | 6,161 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Equity attributable to owners of parent | 1,209 | 1,381 | 1,400 | 1,267 | 1,178 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Retained earnings | 371 | 543 | 553 | 422 | 327 | S100R738, S100TRZJ, S100W65H, S100YGCM |
| Treasury stock | -32 | -32 | -26 | -30 | -24 | S100R738, S100TRZJ, S100W65H, S100YGCM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YGCM |
| Property, plant and equipment | 54% | S100YGCM |
| Intangibles and goodwill | 0% | S100YGCM |
| Investment securities | 11% | S100YGCM |
| Other assets | 17% | S100YGCM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100YGCM |
| Equity | 29% | S100YGCM |
| Other liabilities | 0% | S100YGCM |

### 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 | 8,145 | 8,178 | 8,556 | 7,883 | 8,706 |
| Equity | 2,396 | 2,600 | 2,881 | 2,600 | 2,545 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,710 | 1,565 | 1,585 | 1,386 | 1,523 |

## 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) | 92.1% | S100YGCM |
| Fixed assets ÷ total assets | 54.4% | S100YGCM |
| Goodwill ÷ parent equity | — | —, S100YGCM |

### 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) | 17.5% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 869 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 10.3% |
| CapEx intensity (capex ÷ revenue) | 10.7% |
| Investing CF relative to operating CF | 66.9% |

## 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 | — | —× | -2.3% | —× | — | S100R738 |
| 2023 | 3.7% | 0.62× | 2.3% | 6.30× | 14.3% | S100TRZJ |
| 2024 | 1.0% | 0.60× | 0.6% | 6.02× | 3.5% | S100W65H |
| 2025 | — | —× | -1.3% | —× | — | S100YGCM |
| 2026 | — | —× | -0.8% | —× | — | S100YGCM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩崎 元治 | Major shareholder | 12.4% | 2026-03-31 |
| 有田 泰志 | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社アイ・ティ・シー | Major shareholder | 6.8% | 2026-03-31 |
| リード共栄投資会 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 埼玉興業株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 浅野 裕衣 | Major shareholder | 2.3% | 2026-03-31 |
| むさし証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 岩崎 和子 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YGCM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCM,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W65H | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W65H,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TRZJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRZJ,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R738 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R738,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OK4M | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK4M,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LSJT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSJT,, |

## 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).