# LIXIL 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84期(2025/04/01－2026/03/31) (S100YD5L)
> Page: https://vizora.meequs.com/en/company/lixil
> Retrieved: 2026-09-30T20:59:18.239Z

## Company

Lixil, founded in 1967, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 48,073 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIXIL Corporation |
| Ticker | 5938 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5938.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西品川一丁目1番1号 大崎ガーデンタワー |
| Representative (per filing) | 代表執行役社長兼CEO 瀬戸 欣哉 |
| Founded | Sep 1967 |
| Share capital | ¥68.8B |
| Employees (consolidated) | 48,073 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.lixil.com (https://www.lixil.com/) |
| Corporate number | 5010601004914 |
| EDINET | E01317 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YD5L, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 56 |
| Profitability | 28.4 | 58 |
| Cash conversion | 91 | 50 |
| Efficiency | 45.7 | 58 |

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 54% of Lixil's sales come from Water Technology business, with Housing Technology business and Living business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -4.3%.

## Company structure

- Segment revenue mix: Water Technology business 53.5%、Housing Technology business 34.3%、Living business 12.1%
- Revenue → net income: ¥1510704000000 → ¥8772000000
- Net income → operating cash flow: ¥8772000000 → ¥82689000000（difference ¥73917000000）
- Main uses of operating cash flow: CapEx ¥42824000000 / dividends ¥25862000000 / buybacks —
- Change in cash: ¥-7903000000
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 | ¥1.51T |  |
| Operating income | ¥28.4B | Margin 1.9% |
| Net income | ¥8.14B | Margin 0.5% |
| Free cash flow | ¥39.9B |  |
| Largest business | Water Technology business | of segment revenue 53.5% |
| Employees (consolidated) | 48,073 |  |
| EPS | ¥28.33 |  |
| Diluted EPS | ¥28.33 |  |
| Book value per share | ¥1369.79 |  |
| Equity ratio | 35.3% | Derived from disclosed figures |
| Shares outstanding | 287,514,000 |  |
| Treasury shares | 72,000 |  |
| Shareholders | 220,759 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 7.7% |
| Vs. industry median margin | -2.6 pp | Housing Equipment & Building Materials |
| ROE | 1.3% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 10.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1378255000000 | ¥1510704000000 | +9.6% |
| Operating income | ¥35842000000 | ¥28403000000 | -20.8% |
| Operating margin | 2.6% | 1.9% | -0.7 pp |
| Employees | 51,879 people | 48,073 people | -7.3% |
| Cash and equivalents | ¥111061000000 | ¥115624000000 | +4.1% |

### 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 |
| --- | ---: |
| ウォーターテクノロジー事業 → ウォーターテクノロジー事業 | 53.5% |
| ウォーターテクノロジー事業 → 事業再編・廃止 | 2.4% |
| ハウジングテクノロジー事業 → ハウジングテクノロジー事業 | 34.0% |
| ビルディングテクノロジー事業 → 事業再編・廃止 | 6.8% |
| 住宅・サービス事業等 → 事業再編・廃止 | 3.3% |
| 新設・再編 → ハウジングテクノロジー事業 | 0.3% |
| 新設・再編 → リビング事業 | 12.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Water Technology business | 5 years | +1.0% | ¥808842000000 | 5.6% | 2 |
| Housing Technology business | 5 years | +2.0% | ¥518432000000 | 5.2% | 2 |
| Living business | — | — | ¥183430000000 | 4.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,510,704 | 100.0% | S100YD5L |
| Cost of revenue | 995,554 | 65.9% | S100YD5L |
| Gross profit | 515,150 | 34.1% | S100YD5L |
| SG&A | 476,650 | 31.6% | S100YD5L |
| Operating income | 28,403 | 1.9% | S100YD5L |
| Pretax income | 15,708 | 1.0% | S100YD5L |
| Income tax | 6,936 | 0.5% | S100YD5L |
| Net income | 8,772 | 0.6% | S100YD5L |
| Net income attributable to owners | 8,143 | 0.5% | S100YD5L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Other operating | 1 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 34.1% → Operating margin 1.9% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -4.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.83×
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 | 1,504,697 | 1,510,704 | 6,007 | +0.4% |
| Gross profit | 498,113 | 515,150 | 17,037 | +3.4% |
| Operating income | 29,687 | 28,403 | -1,284 | -4.3% |
| Net income attributable to owners | 2,001 | 8,143 | 6,142 | +306.9% |
| Operating cash flow | 100,002 | 82,689 | -17,313 | -17.3% |
| Free cash flow | 54,832 | 39,865 | -14,967 | -27.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,633,229 | — | — | 42,503 | 132,531 | — | S100NCQY |
| FY ending Mar 2018 | 1,829,344 | — | — | 54,581 | 116,362 | — | S100OB6V |
| FY ending Mar 2019 | 1,692,432 | — | — | -52,193 | 69,351 | — | S100R0AV |
| FY ending Mar 2020 | 1,514,449 | 32,010 | 2.1% | 12,518 | 157,701 | 89,066 | S100NCQY |
| FY ending Mar 2021 | 1,378,255 | 35,842 | 2.6% | 33,048 | 151,043 | 82,545 | S100OB6V |
| FY ending Mar 2022 | 1,428,578 | 69,471 | 4.9% | 48,603 | 118,296 | 69,662 | S100R0AV |
| FY ending Mar 2023 | 1,495,987 | 24,903 | 1.7% | 15,991 | 15,005 | -40,344 | S100TO9T |
| FY ending Mar 2024 | 1,483,224 | 16,351 | 1.1% | -13,908 | 47,990 | -4,883 | S100VYMK |
| FY ending Mar 2025 | 1,504,697 | 29,687 | 2.0% | 2,001 | 100,002 | 54,832 | S100YD5L |
| FY ending Mar 2026 | 1,510,704 | 28,403 | 1.9% | 8,143 | 82,689 | 39,865 | S100YD5L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥590.8K |
| Net income per employee (consolidated) | ¥169.4K |

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) | 51,640 | 51,501 | 49,310 | 48,660 | 48,073 |
| Average salary (parent company) | ¥7M | ¥6.9M | ¥6.9M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 44.9 years | 45.4 years | 45.7 years | 46.0 years | 46.2 years |
| Average tenure (parent company) | 21.2 years | 20.6 years | 20.2 years | 20.3 years | 20.3 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Water Technology business | 808,842 | 53.5% | 45,438 | 5.6% |
| Housing Technology business | 518,432 | 34.3% | 26,710 | 5.2% |
| Living business | 183,430 | 12.1% | 7,842 | 4.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Water Technology business | 53.5% | 56.8% | 3.3 | 5.6% |
| Housing Technology business | 34.3% | 33.4% | -0.9 | 5.2% |
| Living business | 12.1% | 9.8% | -2.3 | 4.3% |

Segment → industry: Living business → Housing Equipment & Building Materials / Housing Technology business → Housing Equipment & Building Materials / Water Technology business → Housing Equipment & Building Materials

## 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 | 82,689 | 5.5% | S100YD5L |
| Capital expenditure | 42,824 | 2.8% | S100YD5L |
| Free cash flow | 39,865 | 2.6% | 算出 |
| Investing cash flow | -23,593 | -1.6% | S100YD5L |
| Financing cash flow | -72,468 | -4.8% | S100YD5L |
| Dividends paid | 25,862 | 1.7% | S100YD5L |
| Change in cash | -7,903 | -0.5% | S100YD5L |
| Cash and equivalents | 115,624 | 7.7% | S100YD5L |

## 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 | 100,404 | 106,677 | 124,485 | 123,527 | 115,624 | S100TO9T, S100VYMK, S100YD5L |
| Total assets | 1,782,882 | 1,853,534 | 1,886,595 | 1,830,804 | 1,883,927 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Net assets | 614,968 | 627,720 | 644,338 | 620,070 | 668,361 | S100TO9T, S100VYMK, S100YD5L |
| Share capital | 68,418 | 68,418 | 68,530 | 68,654 | 68,807 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Property, plant and equipment | 373,301 | 376,964 | 378,056 | 365,552 | 363,757 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Goodwill | 194,093 | 210,099 | 234,367 | 231,117 | 256,410 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Current assets | 714,607 | 744,533 | 730,778 | 701,241 | 718,949 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Total liabilities | 1,167,914 | 1,225,814 | 1,242,257 | 1,210,734 | 1,215,566 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Equity attributable to owners of parent | 612,385 | 625,433 | 642,511 | 617,886 | 664,838 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Retained earnings | 267,920 | 267,162 | 226,897 | 206,637 | 199,431 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |
| Treasury stock | -47,542 | -113 | -126 | -138 | -147 | S100R0AV, S100TO9T, S100VYMK, S100YD5L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YD5L |
| Property, plant and equipment | 19% | S100YD5L |
| Intangibles and goodwill | 14% | — |
| Other assets | 61% | S100YD5L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YD5L |
| Equity | 35% | S100YD5L |

### 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 | 1,782,882 | 1,853,534 | 1,886,595 | 1,830,804 | 1,883,927 |
| Equity | 614,968 | 627,720 | 644,338 | 620,070 | 668,361 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 100,404 | 106,677 | 124,485 | 123,527 | 115,624 |

## 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) | 24.1% | S100YD5L |
| Fixed assets ÷ total assets | 19.3% | S100YD5L |
| Goodwill ÷ parent equity | 38.6% | S100YD5L |

Goodwill over 4 years: 194,093 → 256,410 JPY; total investing cash flow: -135,720 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) | 6.1% |
| Cash ÷ revenue | 7.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 291.1% |
| Cash vs. profit gap | 74,546 JPY mn (of net income 915.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 317.6% |
| Shareholder payments — dividends / FCF | 64.9% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 28.5% |

## 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 | 3.4% | 0.80× | 2.7% | 2.91× | 7.9% | S100R0AV |
| 2023 | 1.1% | 0.82× | 0.9% | 2.94× | 2.6% | S100TO9T |
| 2024 | — | —× | -0.7% | —× | — | S100VYMK |
| 2025 | 0.1% | 0.81× | 0.1% | 2.95× | 0.3% | S100YD5L |
| 2026 | 0.5% | 0.81× | 0.4% | 2.90× | 1.3% | S100YD5L |

## 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 | 12.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| LIXIL従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) SUB A/C AMERICAN CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 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 | 1.4% | 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 | 1.3% | 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 | 1.3% | 2026-03-31 |
| LIXIL取引先持株会 | Major shareholder | 1.2% | 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 | 1.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.51T, essentially flat from ¥1.5T (+0.4%).
- Gross profit grew to ¥515.1B (+3.4%), but operating income fell to ¥28.4B (-4.3%).
- Net income attributable to owners rose from ¥2B to ¥8.14B (+306.9%).
- Operating cash flow dropped to ¥82.7B (-17.3%) and free cash flow to ¥39.9B (-27.3%).

### Drivers

- In Japan, new-home sales were weak, but renovation demand for bathrooms and insulated windows held up; overseas, Europe improved and the Middle East and India kept growing.
- Price increases and restructuring savings lifted core profit, but extra restructuring charges pushed operating income down.
- Net income grew mainly because tax rate changes at overseas subsidiaries cut tax expense. Operating cash flow fell mostly because more cash was tied up in working capital.

### Risks

- Higher prices for aluminum, copper, resin, logistics and energy could squeeze profits.
- A sharp drop in Japanese housing starts would hurt sales for new homes.
- Geopolitical tension, including the Middle East, and currency swings could disrupt supply and shift reported results.

Cited: Annual Securities Report, 84th fiscal year (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, 84th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YD5L | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD5L,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100VYMK | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYMK,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TO9T | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO9T,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R0AV | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0AV,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OB6V | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB6V,, |
| 訂正有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100NCQY | 2022-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NCQY,, |

## 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).