# Makita 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114期(2025/04/01－2026/03/31) (S100YH4M)
> Page: https://vizora.meequs.com/en/company/makita
> Retrieved: 2026-09-30T21:43:57.514Z

## Company

Makita, founded in 1938, is a company in Industrial Machinery listed on TSE Prime. It has 17,586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Makita Corporation |
| Ticker | 6586 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6586.T) |
| Listing | TSE Prime |
| Head office | 愛知県安城市住吉町三丁目11番8号 |
| Representative (per filing) | 取締役社長 後藤宗利 |
| Founded | Dec 1938 |
| Share capital | ¥23.8B |
| Employees (consolidated) | 17,586 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.makita.co.jp (https://www.makita.co.jp/) |
| Corporate number | 2180301013342 |
| EDINET | E01920 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YH4M, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35 | 110 |
| Profitability | 79.9 | 122 |
| Cash conversion | 47 | 116 |
| Efficiency | 38.1 | 122 |

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 51% of Makita's sales come from Europe, with Japan and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit -2.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥777.6B |  |
| Operating income | ¥104.7B | Margin 13.5% |
| Net income | ¥79.4B | Margin 10.2% |
| Free cash flow | — |  |
| Largest business | Europe | of segment revenue 50.6% |
| Employees (consolidated) | 17,586 |  |
| EPS | ¥299.95 |  |
| Book value per share | ¥1984.27 |  |
| Equity ratio | 84.4% | Derived from disclosed figures |
| Shares outstanding | 280,017,000 |  |
| Treasury shares | 21,602,600 |  |
| Shareholders | 14,380 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 33.1% |
| Vs. industry median margin | +5.9 pp | Industrial Machinery |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥608331000000 | ¥777600000000 | +27.8% |
| Operating income | ¥88464000000 | ¥104705000000 | +18.4% |
| Operating margin | 14.5% | 13.5% | -1.1 pp |
| Employees | 18,624 people | 17,586 people | -5.6% |
| Cash and equivalents | ¥148640000000 | ¥257385000000 | +73.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 19.5% |
| 日本 → 事業再編・廃止 | 2.1% |
| 欧州 → 欧州 | 46.8% |
| 北米 → 北米 | 10.5% |
| 北米 → 事業再編・廃止 | 4.8% |
| アジア → アジア | 4.1% |
| その他 → その他 | 12.3% |
| 新設・再編 → 欧州 | 3.8% |
| 新設・再編 → アジア | 0.3% |
| 新設・再編 → その他 | 2.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Europe | 5 years | +6.7% | ¥393338000000 | 9.9% | 2 |
| Japan | 5 years | +2.9% | ¥151458000000 | 25.7% | 2 |
| Other | 5 years | +9.4% | ¥116838000000 | 4.7% | 2 |
| North America | 5 years | -2.5% | ¥81633000000 | 2.8% | 2 |
| Asia | 5 years | +6.3% | ¥34333000000 | 88.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 777,600 | 100.0% | S100YH4M |
| Cost of revenue | 493,630 | 63.5% | S100YH4M |
| Gross profit | 283,971 | 36.5% | S100YH4M |
| SG&A | 179,266 | 23.1% | S100YH4M |
| Operating income | 104,705 | 13.5% | S100YH4M |
| Pretax income | 108,017 | 13.9% | S100YH4M |
| Income tax | 28,579 | 3.7% | S100YH4M |
| Net income | 79,438 | 10.2% | S100YH4M |
| Net income attributable to owners | 79,414 | 10.2% | S100YH4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 23 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 36.5% → Operating margin 13.5% → Net margin 10.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.2%; Core profit growth: -2.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.67×
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 | 753,130 | 777,600 | 24,470 | +3.2% |
| Gross profit | 271,426 | 283,971 | 12,545 | +4.6% |
| Operating income | 107,038 | 104,705 | -2,333 | -2.2% |
| Net income attributable to owners | 79,338 | 79,414 | 76 | +0.1% |
| Operating cash flow | 129,874 | 102,336 | -27,538 | -21.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 414,999 | — | — | 44,782 | 63,351 | — | S100LOJA |
| FY ending Mar 2018 | 477,298 | — | — | 54,943 | 34,191 | — | S100OL05 |
| FY ending Mar 2019 | 490,578 | — | — | 55,750 | 23,155 | — | S100R22E |
| FY ending Mar 2020 | 492,617 | 64,046 | 13.0% | 47,731 | 57,310 | — | S100LOJA |
| FY ending Mar 2021 | 608,331 | 88,464 | 14.5% | 62,018 | 64,537 | — | S100OL05 |
| FY ending Mar 2022 | 739,260 | 91,728 | 12.4% | 64,770 | -103,660 | — | S100R22E |
| FY ending Mar 2023 | 764,702 | 28,246 | 3.7% | 11,705 | 44,430 | — | S100TQUH |
| FY ending Mar 2024 | 741,391 | 66,169 | 8.9% | 43,691 | 237,086 | — | S100W2Z1 |
| FY ending Mar 2025 | 753,130 | 107,038 | 14.2% | 79,338 | 129,874 | — | S100YH4M |
| FY ending Mar 2026 | 777,600 | 104,705 | 13.5% | 79,414 | 102,336 | — | S100YH4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.2M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 20,233 | 18,804 | 17,669 | 17,641 | 17,586 |
| Average salary (parent company) | ¥7.2M | ¥7M | ¥6.5M | ¥7M | ¥7.5M |
| Average age (parent company) | 40.2 years | 39.8 years | 39.7 years | 39.9 years | 39.8 years |
| Average tenure (parent company) | 16.8 years | 16.4 years | 16.4 years | 16.5 years | 16.5 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 151,458 | 19.5% | 38,935 | 25.7% |
| Europe | 393,338 | 50.6% | 39,015 | 9.9% |
| North America | 81,633 | 10.5% | 2,306 | 2.8% |
| Asia | 34,333 | 4.4% | 30,364 | 88.4% |
| Other | 116,838 | 15.0% | 5,519 | 4.7% |

### 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 | 19.5% | 33.5% | 14.0 | 25.7% |
| Europe | 50.6% | 33.6% | -17.0 | 9.9% |
| North America | 10.5% | 2.0% | -8.5 | 2.8% |
| Asia | 4.4% | 26.1% | 21.7 | 88.4% |
| Other | 15.0% | 4.8% | -10.3 | 4.7% |

Segment → industry: Asia → Industrial Machinery / North America → Industrial Machinery / Europe → Industrial Machinery / Japan → 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 | 102,336 | 13.2% | S100YH4M |
| Investing cash flow | -17,634 | -2.3% | S100YH4M |
| Financing cash flow | -99,167 | -12.8% | S100YH4M |
| Dividends paid | 29,504 | 3.8% | S100YH4M |
| Share buyback | 55,928 | 7.2% | S100YH4M |
| Change in cash | 4,106 | 0.5% | S100YH4M |
| Cash and equivalents | 257,385 | 33.1% | S100YH4M |

## 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 | 71,057 | 162,720 | 196,645 | 253,279 | 257,385 | S100TQUH, S100W2Z1, S100YH4M |
| Total assets | 1,007,497 | 1,099,351 | 1,055,808 | 1,106,525 | 1,181,185 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Net assets | 752,530 | 775,699 | 875,206 | 932,495 | 1,004,541 | S100TQUH, S100W2Z1, S100YH4M |
| Share capital | 23,805 | 23,805 | 23,805 | 23,805 | 23,805 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Property, plant and equipment | 243,636 | 265,638 | 277,248 | 266,609 | 278,067 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Goodwill | 721 | 721 | 721 | 721 | 721 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Current assets | 684,959 | 753,439 | 693,635 | 756,437 | 808,192 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Total liabilities | 254,967 | 323,652 | 180,602 | 174,030 | 176,644 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Equity attributable to owners of parent | 746,344 | 769,247 | 868,156 | 926,005 | 997,340 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Retained earnings | 640,577 | 629,314 | 669,359 | 732,556 | 779,488 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |
| Treasury stock | -11,540 | -11,528 | -21,501 | -21,470 | -76,727 | S100R22E, S100TQUH, S100W2Z1, S100YH4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YH4M |
| Property, plant and equipment | 23% | S100YH4M |
| Intangibles and goodwill | 0% | — |
| Other assets | 55% | S100YH4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YH4M |
| Equity | 85% | S100YH4M |

### 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 | 1,007,497 | 1,099,351 | 1,055,808 | 1,106,525 | 1,181,185 |
| Equity | 752,530 | 775,699 | 875,206 | 932,495 | 1,004,541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 71,057 | 162,720 | 196,645 | 253,279 | 257,385 |

## 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) | 35.8% | S100YH4M |
| Fixed assets ÷ total assets | 23.5% | S100YH4M |
| Goodwill ÷ parent equity | 0.1% | S100YH4M |

Goodwill over 4 years: 721 → 721 JPY; total investing cash flow: -146,696 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) | 21.8% |
| Cash ÷ revenue | 33.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.7% |
| Cash vs. profit gap | 22,922 JPY mn (of net income 28.9%) |
| Shareholder returns / net income | 107.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 17.2% |

## 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 | 8.8% | 0.73× | 6.4% | 1.35× | 8.7% | S100R22E |
| 2023 | 1.5% | 0.73× | 1.1% | 1.39× | 1.5% | S100TQUH |
| 2024 | 5.9% | 0.69× | 4.1% | 1.32× | 5.3% | S100W2Z1 |
| 2025 | 10.5% | 0.70× | 7.3% | 1.21× | 8.8% | S100YH4M |
| 2026 | 10.2% | 0.68× | 6.9% | 1.19× | 8.3% | S100YH4M |

## 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 | 13.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社マルワ | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.2% | 2026-03-31 |
| マキタ取引先投資会 | Major shareholder | 2.2% | 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 | 2.1% | 2026-03-31 |
| 全国共済農業協同組合連合会(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 | 2.0% | 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 | 1.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DR HOLDERS (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 rose +3.2% to ¥777.6B, from ¥753.1B a year earlier.
- Gross profit grew +4.6% to ¥284B, but operating income fell -2.2% to ¥104.7B.
- Net income was flat at ¥79.4B (+0.1%), while operating cash flow dropped -21.2% to ¥102.3B.

### Drivers

- Most of the sales growth came from a weaker yen; without currency effects sales were roughly flat, and unit volumes declined
- Currency and ongoing cost cuts lowered the cost ratio, but more sales staff and higher advertising spending pushed operating income down
- Operating cash flow fell mainly because changes in trade receivables and payables worked against it

### Risks

- Demand depends on housing starts, public works and the wider economy; in North America, slower housing investment and tougher competition already cut sales
- With most sales overseas, exchange-rate swings have a large effect on results
- A large share of production sits in one area of China, exposing it to disasters, tariff changes and similar disruptions

Cited: Annual Securities Report, 114th fiscal term (Apr 2025 – Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 114th fiscal term (Apr 2025 – Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YH4M | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH4M,, |
| 有価証券報告書－第113期(2024/04/01－2025/03/31) | S100W2Z1 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2Z1,, |
| 有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TQUH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQUH,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R22E | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R22E,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100OL05 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL05,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LOJA | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOJA,, |

## 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).