# MABUCHI MOTOR CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2025/01/01－2025/12/31) (S100XUAX)
> Page: https://vizora.meequs.com/en/company/mabuchi-motor
> Retrieved: 2026-09-30T19:49:51.483Z

## Company

Mabuchi Motor, founded in 1958, is a company in Electronic Components listed on TSE Prime. It has 17,408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MABUCHI MOTOR CO., LTD. |
| Ticker | 6592 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6592.T) |
| Listing | TSE Prime |
| Head office | 千葉県松戸市松飛台430番地 |
| Representative (per filing) | 代表取締役社長 高橋 徹 |
| Founded | Aug 1958 |
| Share capital | ¥20.7B |
| Employees (consolidated) | 17,408 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.mabuchi-motor.co.jp (https://www.mabuchi-motor.co.jp/) |
| Corporate number | 2040001036954 |
| EDINET | E01944 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100XUAX, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.5 | 53 |
| Profitability | 83 | 56 |
| Cash conversion | 53.1 | 48 |
| Efficiency | 24.1 | 56 |

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 47% of Mabuchi Motor's sales come from Asia, with Europe and United States making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +17.7%.

## Company structure

- Segment revenue mix: Asia 46.9%、Europe 23.0%、United States 17.9%、Japan 12.1%
- Revenue → net income: ¥200417000000 → ¥26272000000
- Net income → operating cash flow: ¥26272000000 → ¥35364000000（difference ¥9092000000）
- Main uses of operating cash flow: CapEx ¥10256000000 / dividends ¥9662000000 / buybacks ¥7000000000
- Change in cash: ¥9363000000
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 | ¥200.4B |  |
| Operating income | ¥25.5B | Margin 12.7% |
| Net income | ¥26.3B | Margin 13.1% |
| Free cash flow | ¥25.1B |  |
| Largest business | Asia | of segment revenue 46.9% |
| Employees (consolidated) | 17,408 |  |
| EPS | ¥157.26 |  |
| Diluted EPS | ¥157.23 |  |
| Book value per share | ¥806.48 |  |
| Equity ratio | 90.3% |  |
| Shares outstanding | 130,324,924 |  |
| Treasury shares | 6,862,000 |  |
| Shareholders | 30,752 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 37.8% | Cash ÷ revenue 69.8% |
| Vs. industry median margin | +6.8 pp | Electronic Components |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 26 points
- FY2025, cash is 38% of total assets
- FY2025, employees -3% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116432000000 | ¥200417000000 | +72.1% |
| Operating income | ¥12900000000 | ¥25467000000 | +97.4% |
| Operating margin | 11.1% | 12.7% | +1.6 pp |
| Employees | 21,477 people | 17,408 people | -18.9% |
| Cash and equivalents | ¥110190000000 | ¥139930000000 | +27.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 9.9% |
| アジア → アジア | 46.9% |
| アジア → 事業再編・廃止 | 3.7% |
| アメリカ → アメリカ | 17.1% |
| ヨーロッパ → ヨーロッパ | 22.3% |
| 新設・再編 → 日本 | 2.2% |
| 新設・再編 → アメリカ | 0.8% |
| 新設・再編 → ヨーロッパ | 0.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +9.8% | ¥94047000000 | 16.6% | 2 |
| Europe | 5 years | +12.2% | ¥46177000000 | -1.7% | 2 |
| United States | 5 years | +12.5% | ¥35897000000 | 2.0% | 2 |
| Japan | 5 years | +16.1% | ¥24295000000 | 40.7% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 200,417 | 100.0% | S100XUAX |
| Cost of revenue | 140,624 | 70.2% | S100XUAX |
| Gross profit | 59,793 | 29.8% | S100XUAX |
| SG&A | 34,325 | 17.1% | S100XUAX |
| Operating income | 25,467 | 12.7% | S100XUAX |
| Ordinary income | 35,078 | 17.5% | S100XUAX |
| Pretax income | 34,964 | 17.4% | S100XUAX |
| Income tax | 8,691 | 4.3% | S100XUAX |
| Net income | 26,272 | 13.1% | S100XUAX |
| Net income attributable to owners | 26,272 | 13.1% | S100XUAX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 17 |
| Operating income | 13 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 29.8% → Operating margin 12.7% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +17.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.24×
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 | 196,212 | 200,417 | 4,205 | +2.1% |
| Gross profit | 52,875 | 59,793 | 6,918 | +13.1% |
| Operating income | 21,644 | 25,467 | 3,823 | +17.7% |
| Net income attributable to owners | 12,831 | 26,272 | 13,441 | +104.8% |
| Operating cash flow | 40,133 | 35,364 | -4,769 | -11.9% |
| Free cash flow | 26,066 | 25,108 | -958 | -3.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 131,807 | 17,544 | 13.3% | 14,234 | 25,830 | 10,439 | S100L3JX |
| FY ending Dec 2020 | 116,432 | 12,900 | 11.1% | 8,987 | 18,741 | 11,005 | S100O1AT |
| FY ending Dec 2021 | 134,595 | 13,800 | 10.3% | 14,251 | 8,743 | -879 | S100QGBC |
| FY ending Dec 2022 | 156,706 | 10,824 | 6.9% | 14,295 | 10,206 | -267 | S100T6GJ |
| FY ending Dec 2023 | 178,663 | 15,536 | 8.7% | 19,416 | 31,741 | 18,735 | S100VJ78 |
| FY ending Dec 2024 | 196,212 | 21,644 | 11.0% | 12,831 | 40,133 | 26,066 | S100XUAX |
| FY ending Dec 2025 | 200,417 | 25,467 | 12.7% | 26,272 | 35,364 | 25,108 | S100XUAX |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 20,894 | 20,248 | 19,808 | 18,032 | 17,408 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥7M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 44.3 years | 44.9 years | 45.0 years | 44.6 years | 43.3 years |
| Average tenure (parent company) | 18.3 years | 18.8 years | 18.7 years | 18.0 years | 15.9 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +2.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 24,295 | 12.1% | 9,892 | 40.7% |
| Asia | 94,047 | 46.9% | 15,572 | 16.6% |
| United States | 35,897 | 17.9% | 719 | 2.0% |
| Europe | 46,177 | 23.0% | -771 | -1.7% |

### 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 | 12.1% | 37.8% | 25.7 | 40.7% |
| Asia | 46.9% | 59.5% | 12.5 | 16.6% |
| United States | 17.9% | 2.7% | -15.2 | 2.0% |
| Europe | 23.0% | — | — | -1.7% |

Loss-making segment (excluded from profit shares): Europe -771 JPY mn

Segment → industry: Europe → Electronic Components / United States → Electronic Components / Asia → Electronic Components / Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 35,364 | 17.6% | S100XUAX |
| Capital expenditure | 10,256 | 5.1% | S100XUAX |
| Free cash flow | 25,108 | 12.5% | 算出 |
| Investing cash flow | -10,517 | -5.2% | S100XUAX |
| Financing cash flow | -17,386 | -8.7% | S100XUAX |
| Dividends paid | 9,662 | 4.8% | S100XUAX |
| Share buyback | 7,000 | 3.5% | S100XUAX |
| Change in cash | 9,363 | 4.7% | S100XUAX |
| Cash and equivalents | 139,930 | 69.8% | S100XUAX |

## 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 | 103,539 | 101,255 | 112,301 | 130,567 | 139,930 | S100T6GJ, S100VJ78, S100XUAX |
| Total assets | 285,704 | 307,786 | 336,605 | 354,989 | 370,163 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Net assets | 259,909 | 280,175 | 305,030 | 319,622 | 334,236 | S100T6GJ, S100VJ78, S100XUAX |
| Share capital | 20,704 | 20,704 | 20,704 | 20,704 | 20,704 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Trade receivables | 24,009 | 28,944 | 33,895 | 37,335 | 38,726 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Property, plant and equipment | 83,760 | 90,386 | 100,074 | 95,515 | 95,859 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Intangible assets excluding goodwill | 5,497 | 5,477 | 5,576 | 5,892 | 6,808 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Goodwill | 2,708 | 2,853 | 3,055 | 3,808 | 3,867 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Investment securities | 8,730 | 9,064 | 10,588 | 12,415 | 16,366 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Current assets | 185,577 | 200,554 | 217,884 | 238,478 | 247,715 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Current liabilities | 21,136 | 21,442 | 24,890 | 28,823 | 28,311 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Trade payables | 7,442 | 7,989 | 8,865 | 7,692 | 10,363 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Long-term borrowings | 122 | 1,112 | 830 | 517 | 1,299 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Total liabilities | 25,794 | 27,611 | 31,574 | 35,366 | 35,927 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Equity attributable to owners of parent | 250,020 | 253,355 | 261,294 | 258,327 | 268,278 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Retained earnings | 219,773 | 222,620 | 230,335 | 227,314 | 243,922 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |
| Treasury stock | -10,877 | -10,389 | -10,165 | -10,111 | -16,768 | S100QGBC, S100T6GJ, S100VJ78, S100XUAX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XUAX |
| Receivables | 10% | S100XUAX |
| Property, plant and equipment | 26% | S100XUAX |
| Intangibles and goodwill | 3% | S100XUAX |
| Investment securities | 4% | S100XUAX |
| Other assets | 19% | S100XUAX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XUAX |
| Other liabilities | 7% | S100XUAX |
| Equity | 90% | S100XUAX |

### 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 | 285,704 | 307,786 | 336,605 | 354,989 | 370,163 |
| Equity | 259,909 | 280,175 | 305,030 | 319,622 | 334,236 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 103,539 | 101,255 | 112,301 | 130,567 | 139,930 |

## 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) | 47.8% | S100XUAX |
| Fixed assets ÷ total assets | 25.9% | S100XUAX |
| Goodwill ÷ parent equity | 1.4% | S100XUAX |

Goodwill over 4 years: 2,708 → 3,867 JPY; total investing cash flow: -65,313 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) | 37.8% |
| Cash ÷ revenue | 69.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.9% |
| Cash vs. profit gap | 9,092 JPY mn (of net income 34.6%) |
| Shareholder returns / net income | 63.4% |
| Shareholder returns / FCF | 66.4% |
| Shareholder payments — dividends / net income | 36.8% |
| Shareholder payments — dividends / FCF | 38.5% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 29.7% |

## 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 | 10.6% | 0.47× | 5.0% | 1.14× | 5.7% | S100QGBC |
| 2022 | 9.1% | 0.53× | 4.8% | 1.18× | 5.7% | S100T6GJ |
| 2023 | 10.9% | 0.55× | 6.0% | 1.25× | 7.5% | S100VJ78 |
| 2024 | 6.5% | 0.57× | 3.7% | 1.33× | 4.9% | S100XUAX |
| 2025 | 13.1% | 0.55× | 7.2% | 1.38× | 10.0% | S100XUAX |

## 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% | 2025-12-31 |
| 馬渕 隆一 | Major shareholder | 8.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2025-12-31 |
| 公益財団法人マブチ国際育英財団 | Major shareholder | 5.0% | 2025-12-31 |
| 有限会社プルミエ | Major shareholder | 3.4% | 2025-12-31 |
| 馬渕 喬 | Major shareholder | 3.3% | 2025-12-31 |
| 馬渕 保 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社レイ・コーポレーション | Major shareholder | 2.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 日置 貴史) | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/01/01－2025/12/31) | S100XUAX | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUAX,, |
| 有価証券報告書－第84期(2024/01/01－2024/12/31) | S100VJ78 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ78,, |
| 有価証券報告書－第83期(2023/01/01－2023/12/31) | S100T6GJ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6GJ,, |
| 有価証券報告書－第82期(2022/01/01－2022/12/31) | S100QGBC | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGBC,, |
| 訂正有価証券報告書－第81期(令和3年1月1日－令和3年12月31日) | S100O1AT | 2022-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O1AT,, |
| 有価証券報告書－第80期(令和2年1月1日－令和2年12月31日) | S100L3JX | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3JX,, |

## 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).