# MEIWA Industry 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71期(2025/04/01－2026/03/31) (S100YIWC)
> Page: https://vizora.meequs.com/en/company/meiwa-industry
> Retrieved: 2026-09-30T22:20:48.422Z

## Company

MEIWA Industry, founded in 1956, is a company in Auto Parts listed on TSE Standard. It has 372 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIWA INDUSTRY CO.,LTD. |
| Ticker | 7284 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7284.T) |
| Listing | TSE Standard |
| Head office | 神奈川県厚木市寿町三丁目1番1号 ルリエ本厚木 |
| Representative (per filing) | 代表取締役社長 飯塚 清 |
| Founded | May 1956 |
| Share capital | ¥2.17B |
| Employees (consolidated) | 372 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.meiwasangyo.co.jp (https://www.meiwasangyo.co.jp/) |
| Corporate number | 9021001020555 |
| EDINET | E02387 |
| Industries (Vizora) | Auto Parts, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YIWC, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 110 |
| Profitability | 5.9 | 111 |
| Cash conversion | 99.5 | 108 |
| Efficiency | 43.7 | 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 91% of MEIWA Industry's sales come from Automobile part, with Housing making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit -26.7%.

## Company structure

- Segment revenue mix: Automobile part 91.0%、Housing 9.0%
- Revenue → net income: ¥23065238000 → ¥77571000
- Net income → operating cash flow: ¥77571000 → ¥3667513000（difference ¥3589942000）
- Main uses of operating cash flow: CapEx ¥1060114000 / dividends ¥174108000 / buybacks ¥198000
- Change in cash: ¥1086439000
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 | ¥23.1B |  |
| Operating income | ¥370.4M | Margin 1.6% |
| Net income | ¥77.6M | Margin 0.3% |
| Free cash flow | ¥2.61B |  |
| Largest business | Automobile part | of segment revenue 91.0% |
| Employees (consolidated) | 372 |  |
| EPS | ¥68.09 |  |
| Book value per share | ¥3174.17 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 3,502,859 |  |
| Treasury shares | 4,000 |  |
| Shareholders | 2,804 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -3.2 pp | Auto Parts |
| ROE | 0.8% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 47.3× net income
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18311358000 | ¥23065238000 | +26.0% |
| Operating income | ¥-515548000 | ¥370431000 | — |
| Operating margin | -2.8% | 1.6% | +4.4 pp |
| Employees | 516 people | 372 people | -27.9% |
| Cash and equivalents | ¥3294829000 | ¥4655653000 | +41.3% |

### 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 |
| --- | ---: |
| 自動車部品 → 自動車部品 | 91.0% |
| 自動車部品 → 事業再編・廃止 | 1.6% |
| 住宅 → 住宅 | 7.4% |
| 新設・再編 → 住宅 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,065 | 100.0% | S100YIWC |
| Cost of revenue | 19,761 | 85.7% | S100YIWC |
| Gross profit | 3,304 | 14.3% | S100YIWC |
| SG&A | 2,934 | 12.7% | S100YIWC |
| Operating income | 370 | 1.6% | S100YIWC |
| Ordinary income | 245 | 1.1% | S100YIWC |
| Pretax income | 244 | 1.1% | S100YIWC |
| Income tax | 166 | 0.7% | S100YIWC |
| Net income | 78 | 0.3% | S100YIWC |
| Net income attributable to owners | 78 | 0.3% | S100YIWC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 14.3% → Operating margin 1.6% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.8%; Core profit growth: -26.7%
Operating leverage (core profit growth ÷ revenue growth): 33.49×
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 | 23,250 | 23,065 | -185 | -0.8% |
| Gross profit | 3,478 | 3,304 | -174 | -5.0% |
| Operating income | 505 | 370 | -135 | -26.7% |
| Net income attributable to owners | 453 | 78 | -375 | -82.9% |
| Operating cash flow | 107 | 3,668 | 3,561 | +3333.5% |
| Free cash flow | -1,024 | 2,607 | 3,632 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,362 | 163 | 0.7% | 269 | 1,813 | 470 | S100LQV4 |
| FY ending Mar 2021 | 18,311 | -516 | -2.8% | -1,029 | 446 | -938 | S100OMB4 |
| FY ending Mar 2022 | 19,680 | 257 | 1.3% | 308 | 661 | -72 | S100R8D0 |
| FY ending Mar 2023 | 21,196 | 68 | 0.3% | -74 | 686 | -413 | S100TXVQ |
| FY ending Mar 2024 | 22,394 | -422 | -1.9% | -306 | 560 | -334 | S100W8HJ |
| FY ending Mar 2025 | 23,250 | 505 | 2.2% | 453 | 107 | -1,024 | S100YIWC |
| FY ending Mar 2026 | 23,065 | 370 | 1.6% | 78 | 3,668 | 2,607 | S100YIWC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62M |
| Operating income per employee (consolidated) | ¥995.8K |
| Net income per employee (consolidated) | ¥208.5K |

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) | 504 | 481 | 449 | 397 | 372 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.9M | ¥6.2M | ¥6.6M |
| Average age (parent company) | 43.9 years | 43.8 years | 44.6 years | 45.2 years | 44.7 years |
| Average tenure (parent company) | 20.4 years | 21.2 years | 22.0 years | 22.1 years | 21.2 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) -0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile part | 20,972 | 91.0% | 301 | 1.4% |
| Housing | 2,083 | 9.0% | 70 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile part | 91.0% | 81.1% | -9.8 | 1.4% |
| Housing | 9.0% | 18.9% | 9.8 | 3.4% |

Segment → industry: Automobile part → Auto Parts / Housing → Housing Equipment & Building Materials

## 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 | 3,668 | 15.9% | S100YIWC |
| Capital expenditure | 1,060 | 4.6% | S100YIWC |
| Free cash flow | 2,607 | 11.3% | 算出 |
| Investing cash flow | -1,101 | -4.8% | S100YIWC |
| Financing cash flow | -1,531 | -6.6% | S100YIWC |
| Dividends paid | 174 | 0.8% | S100YIWC |
| Share buyback | 0 | 0.0% | S100YIWC |
| Change in cash | 1,086 | 4.7% | S100YIWC |
| Cash and equivalents | 4,656 | 20.2% | S100YIWC |

## 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 | 3,858 | 3,375 | 4,459 | 3,569 | 4,656 | S100TXVQ, S100W8HJ, S100YIWC |
| Total assets | 23,045 | 23,502 | 24,765 | 24,976 | 22,873 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Net assets | 10,777 | 11,066 | 11,017 | 12,004 | 12,107 | S100TXVQ, S100W8HJ, S100YIWC |
| Share capital | 2,167 | 2,167 | 2,167 | 2,167 | 2,167 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Property, plant and equipment | 7,921 | 8,127 | 7,854 | 8,063 | 8,140 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Intangible assets excluding goodwill | 403 | 414 | 532 | 526 | 511 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Investment securities | 822 | 853 | 774 | 684 | 811 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Current assets | 12,775 | 12,994 | 14,323 | 14,404 | 12,268 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Current liabilities | 8,918 | 8,987 | 10,809 | 10,116 | 7,768 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Trade payables | 4,104 | 4,437 | 4,269 | 2,995 | 1,627 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Short-term borrowings | 2,290 | 3,268 | 4,501 | 4,773 | 3,139 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Long-term borrowings | 1,095 | 1,510 | 798 | 846 | 726 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Total liabilities | 12,268 | 12,436 | 13,749 | 12,972 | 10,766 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Equity attributable to owners of parent | 9,840 | 9,591 | 9,110 | 9,388 | 9,290 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Retained earnings | 5,299 | 5,050 | 4,570 | 4,847 | 4,750 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100R8D0, S100TXVQ, S100W8HJ, S100YIWC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIWC |
| Property, plant and equipment | 36% | S100YIWC |
| Intangibles and goodwill | 2% | S100YIWC |
| Investment securities | 4% | S100YIWC |
| Other assets | 38% | S100YIWC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIWC |
| Other liabilities | 40% | S100YIWC |
| Equity | 53% | S100YIWC |

### 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 | 23,045 | 23,502 | 24,765 | 24,976 | 22,873 |
| Equity | 10,777 | 11,066 | 11,017 | 12,004 | 12,107 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,858 | 3,375 | 4,459 | 3,569 | 4,656 |

## 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) | 35.3% | S100YIWC |
| Fixed assets ÷ total assets | 35.6% | S100YIWC |
| Goodwill ÷ parent equity | — | —, S100YIWC |

### 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) | 20.4% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 990.1% |
| Cash vs. profit gap | 3,590 JPY mn (of net income 4627.9%) |
| Shareholder returns / net income | 224.7% |
| Shareholder returns / FCF | 6.7% |
| Shareholder payments — dividends / net income | 224.4% |
| Shareholder payments — dividends / FCF | 6.7% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 30.0% |

## 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 | 1.6% | 0.85× | 1.3% | 2.34× | 3.1% | S100R8D0 |
| 2023 | — | —× | -0.3% | —× | — | S100TXVQ |
| 2024 | — | —× | -1.3% | —× | — | S100W8HJ |
| 2025 | 1.9% | 0.93× | 1.8% | 2.69× | 4.9% | S100YIWC |
| 2026 | 0.3% | 0.96× | 0.3% | 2.56× | 0.8% | S100YIWC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太陽生命保険株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社陽栄 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 黄 聖博 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社プライムポリマー | Major shareholder | 3.4% | 2026-03-31 |
| 江川 源 | Major shareholder | 3.3% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 三井物産プラスチック株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YIWC | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIWC,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W8HJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8HJ,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TXVQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXVQ,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R8D0 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8D0,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OMB4 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMB4,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LQV4 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQV4,, |

## 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).