# Makino Milling Machine Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第87期(2025/04/01－2026/03/31) (S100YEQK)
> Page: https://vizora.meequs.com/en/company/makino-milling-machine
> Retrieved: 2026-09-30T21:09:32.338Z

## Company

Makino Milling Machine, founded in 1975, is a company in Machine Tools listed on TSE Prime. It has 4,777 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Makino Milling Machine Co., Ltd. |
| Ticker | 6135 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6135.T) |
| Listing | TSE Prime |
| Head office | 東京都目黒区中根2丁目3番19号 |
| Representative (per filing) | 取締役社長 宮崎正太郎 |
| Founded | Feb 1975 |
| Share capital | ¥21.1B |
| Employees (consolidated) | 4,777 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.makino.co.jp (https://www.makino.co.jp/) |
| Corporate number | 7013201005504 |
| EDINET | E01496 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YEQK, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.5 | 34 |
| Profitability | 66.2 | 34 |
| Cash conversion | 50 | 31 |
| Efficiency | 66.2 | 34 |
| Financial strength | 83.3 | 3 |

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 46% of Makino Milling Machine's sales come from Two, with Three and One making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +35.2%.

## Company structure

- Segment revenue mix: Two 46.5%、Three 28.8%、One 17.9%、Four 6.9%
- Revenue → net income: ¥261184000000 → ¥21005000000
- Net income → operating cash flow: ¥21005000000 → ¥33227000000（difference ¥12222000000）
- Main uses of operating cash flow: CapEx ¥18299000000 / dividends ¥2337000000 / buybacks ¥5000000
- Change in cash: ¥11084000000
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 | ¥261.2B |  |
| Operating income | ¥25B | Margin 9.6% |
| Net income | ¥21B | Margin 8.0% |
| Free cash flow | ¥14.9B |  |
| Largest business | Two | of segment revenue 46.5% |
| Employees (consolidated) | 4,777 |  |
| EPS | ¥490.11 |  |
| Book value per share | ¥5078.21 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 24,893,841 |  |
| Treasury shares | 1,502,100 |  |
| Shareholders | 2,407 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 17.8% | Net cash ¥46.4B · Cash ÷ revenue 28.8% |
| Vs. industry median margin | +2.5 pp | Machine Tools |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 35%
- FY2026, segment profit share differs by 32 points
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116737000000 | ¥261184000000 | +123.7% |
| Operating income | ¥-3612000000 | ¥25035000000 | — |
| Operating margin | -3.1% | 9.6% | +12.7 pp |
| Employees | 4,451 people | 4,777 people | +7.3% |
| Cash and equivalents | ¥74644000000 | ¥75151000000 | +0.7% |

### 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 |
| --- | ---: |
| Ⅰ → Ⅰ | 17.9% |
| Ⅰ → 事業再編・廃止 | 12.4% |
| Ⅱ → Ⅱ | 35.2% |
| Ⅲ → Ⅲ | 27.8% |
| Ⅳ → Ⅳ | 6.8% |
| 新設・再編 → Ⅱ | 11.3% |
| 新設・再編 → Ⅲ | 1.0% |
| 新設・再編 → Ⅳ | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Two | 5 years | +24.2% | ¥121426000000 | 7.2% | 2 |
| Three | 5 years | +18.3% | ¥75123000000 | 4.4% | 2 |
| One | 5 years | +5.7% | ¥46668000000 | 25.8% | 2 |
| Four | 5 years | +17.7% | ¥17966000000 | 0.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 261,184 | 100.0% | S100YEQK |
| Cost of revenue | 178,860 | 68.5% | S100YEQK |
| Gross profit | 82,324 | 31.5% | S100YEQK |
| SG&A | 57,289 | 21.9% | S100YEQK |
| Operating income | 25,035 | 9.6% | S100YEQK |
| Ordinary income | 27,299 | 10.5% | S100YEQK |
| Pretax income | 28,225 | 10.8% | S100YEQK |
| Income tax | 7,219 | 2.8% | S100YEQK |
| Net income | 21,005 | 8.0% | S100YEQK |
| Net income attributable to owners | 20,992 | 8.0% | S100YEQK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 22 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 31.5% → Operating margin 9.6% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +35.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.06×
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 | 234,216 | 261,184 | 26,968 | +11.5% |
| Gross profit | 72,439 | 82,324 | 9,885 | +13.6% |
| Operating income | 18,516 | 25,035 | 6,519 | +35.2% |
| Net income attributable to owners | 14,415 | 20,992 | 6,577 | +45.6% |
| Operating cash flow | 13,571 | 33,227 | 19,656 | +144.8% |
| Free cash flow | -1,374 | 14,928 | 16,302 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 159,401 | 3,514 | 2.2% | 830 | 8,811 | 1,371 | S100LNHM |
| FY ending Mar 2021 | 116,737 | -3,612 | -3.1% | -2,703 | 18,036 | 12,642 | S100OAYS |
| FY ending Mar 2022 | 186,591 | 11,300 | 6.1% | 12,042 | 14,943 | 6,476 | S100R1AS |
| FY ending Mar 2023 | 227,985 | 17,492 | 7.7% | 16,073 | 2,948 | -3,475 | S100TPGU |
| FY ending Mar 2024 | 225,360 | 16,372 | 7.3% | 15,981 | 12,910 | 3,333 | S100W0JN |
| FY ending Mar 2025 | 234,216 | 18,516 | 7.9% | 14,415 | 13,571 | -1,374 | S100YEQK |
| FY ending Mar 2026 | 261,184 | 25,035 | 9.6% | 20,992 | 33,227 | 14,928 | S100YEQK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 4,524 | 4,692 | 4,782 | 4,814 | 4,777 |
| Average salary (parent company) | ¥5.9M | ¥7.3M | ¥7.2M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 42.3 years | 42.8 years | 43.3 years | 43.3 years | 43.6 years |
| Average tenure (parent company) | 17.5 years | 17.7 years | 18.4 years | 18.6 years | 19.0 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| One | 46,668 | 17.9% | 12,063 | 25.8% |
| Two | 121,426 | 46.5% | 8,744 | 7.2% |
| Three | 75,123 | 28.8% | 3,325 | 4.4% |
| Four | 17,966 | 6.9% | 91 | 0.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| One | 17.9% | 49.8% | 31.9 | 25.8% |
| Two | 46.5% | 36.1% | -10.4 | 7.2% |
| Three | 28.8% | 13.7% | -15.0 | 4.4% |
| Four | 6.9% | 0.4% | -6.5 | 0.5% |

Segment → industry: Four → Machine Tools / Three → Machine Tools / Two → Machine Tools / One → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33,227 | 12.7% | S100YEQK |
| Capital expenditure | 18,299 | 7.0% | S100YEQK |
| Free cash flow | 14,928 | 5.7% | 算出 |
| Investing cash flow | -16,152 | -6.2% | S100YEQK |
| Financing cash flow | -9,178 | -3.5% | S100YEQK |
| Dividends paid | 2,337 | 0.9% | S100YEQK |
| Share buyback | 5 | 0.0% | S100YEQK |
| Change in cash | 11,084 | 4.2% | S100YEQK |
| Cash and equivalents | 75,151 | 28.8% | S100YEQK |

## 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 | 75,712 | 69,467 | 72,578 | 64,067 | 75,151 | S100TPGU, S100W0JN, S100YEQK |
| Total assets | 325,579 | 348,461 | 362,335 | 367,037 | 423,026 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Net assets | 178,778 | 197,787 | 221,553 | 226,650 | 261,429 | S100TPGU, S100W0JN, S100YEQK |
| Share capital | 21,142 | 21,142 | 21,142 | 21,142 | 21,142 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Property, plant and equipment | 75,315 | 79,215 | 86,470 | 94,221 | 110,804 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Intangible assets excluding goodwill | 3,611 | 2,952 | 3,150 | 3,539 | 3,569 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Investment securities | 25,827 | 27,100 | 28,156 | 25,226 | 30,549 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Current assets | 212,257 | 229,713 | 231,576 | 228,604 | 259,229 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Current liabilities | 89,895 | 90,698 | 82,124 | 97,610 | 130,601 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Trade payables | 25,313 | 20,068 | 18,345 | 19,125 | 22,448 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Short-term borrowings | — | — | 2,277 | 8,143 | 16,759 | S100W0JN, S100YEQK |
| Long-term borrowings | 23,800 | 26,228 | 24,500 | 13,000 | 7,000 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Bonds | 20,000 | 20,000 | 20,000 | 15,000 | 5,000 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Interest-bearing debt | — | — | 46,777 | 36,143 | 28,759 | 算出 |
| Total liabilities | 146,801 | 150,674 | 140,782 | 140,387 | 161,596 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Non-controlling interests | 886 | 499 | 385 | 364 | 372 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Equity attributable to owners of parent | 155,716 | 168,681 | 180,149 | 188,843 | 207,534 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Retained earnings | 101,513 | 114,714 | 127,113 | 137,760 | 156,414 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |
| Treasury stock | -4,014 | -4,233 | -5,199 | -7,175 | -7,163 | S100R1AS, S100TPGU, S100W0JN, S100YEQK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YEQK |
| Property, plant and equipment | 26% | S100YEQK |
| Intangibles and goodwill | 1% | S100YEQK |
| Investment securities | 7% | S100YEQK |
| Other assets | 48% | S100YEQK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YEQK |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 26% | S100YEQK |
| Equity | 62% | S100YEQK |
| Other liabilities | 0% | S100YEQK |

### 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 | 325,579 | 348,461 | 362,335 | 367,037 | 423,026 |
| Equity | 178,778 | 197,787 | 221,553 | 226,650 | 261,429 |
| Interest-bearing debt | — | — | 46,777 | 36,143 | 28,759 |
| Cash | 75,712 | 69,467 | 72,578 | 64,067 | 75,151 |

## 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) | 42.4% | S100YEQK |
| Fixed assets ÷ total assets | 26.2% | S100YEQK |
| Goodwill ÷ parent equity | — | —, S100YEQK |

### 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) | 17.8% |
| Cash ÷ revenue | 28.8% |
| Net cash (cash − interest-bearing debt) | ¥46.4B |
| Net debt ÷ operating cash flow | -1.40× |
| Cash conversion (operating CF ÷ operating income) | 132.7% |
| Cash vs. profit gap | 12,235 JPY mn (of net income 58.3%) |
| Shareholder returns / net income | 11.2% |
| Shareholder returns / FCF | 15.7% |
| Shareholder payments — dividends / net income | 11.1% |
| Shareholder payments — dividends / FCF | 15.7% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 48.6% |

## 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 | 6.5% | 0.57× | 3.7% | 2.09× | 7.7% | S100R1AS |
| 2023 | 7.1% | 0.68× | 4.8% | 2.08× | 9.9% | S100TPGU |
| 2024 | 7.1% | 0.63× | 4.5% | 2.04× | 9.2% | S100W0JN |
| 2025 | 6.2% | 0.64× | 4.0% | 1.98× | 7.8% | S100YEQK |
| 2026 | 8.0% | 0.66× | 5.3% | 1.99× | 10.6% | S100YEQK |

## 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 | 10.1% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 8.0% | 2026-03-31 |
| 公益財団法人工作機械技術振興財団 | Major shareholder | 3.8% | 2026-03-31 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣ ＬＴＤ ＥＱ ＣＯ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| ＭＬＩ ＦＯＲ ＳＥＧＲＥＧＡＴＥＤ ＰＢ ＣＬＩＥＮＴ（常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＡＳＩＡ ＥＱＵＩＴＩＥＳ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 牧野 二郎 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YEQK | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEQK,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W0JN | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0JN,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TPGU | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPGU,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R1AS | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1AS,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OAYS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAYS,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LNHM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNHM,, |

## 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).