# METALART CORPORATION: 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95期(2025/04/01－2026/03/31) (S100YLLM)
> Page: https://vizora.meequs.com/en/company/metalart
> Retrieved: 2026-09-30T21:38:26.253Z

## Company

Metalart, founded in 1943, is a company in Auto Parts listed on TSE Standard. It has 668 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | METALART CORPORATION |
| Ticker | 5644 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5644.T) |
| Listing | TSE Standard |
| Head office | 滋賀県草津市野路三丁目2番18号 |
| Representative (per filing) | 代表取締役社長 友岡正明 |
| Founded | Aug 1943 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 668 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.metalart.co.jp (https://www.metalart.co.jp/) |
| Corporate number | 9160001013183 |
| EDINET | E02185 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YLLM, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.2 | 110 |
| Profitability | 89.6 | 111 |
| Cash conversion | 29.2 | 108 |
| Efficiency | 50.9 | 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)

- Metalart brought in ¥45.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +30.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥45289000000 → ¥3048000000
- Net income → operating cash flow: ¥3048000000 → ¥4908000000（difference ¥1860000000）
- Main uses of operating cash flow: CapEx ¥3002000000 / dividends ¥413000000 / buybacks ¥149000000
- Change in cash: ¥989000000
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 | ¥45.3B |  |
| Operating income | ¥3.9B | Margin 8.6% |
| Net income | ¥2.69B | Margin 5.9% |
| Free cash flow | ¥1.91B |  |
| Employees (consolidated) | 668 |  |
| EPS | ¥2030.17 |  |
| Book value per share | ¥7519.9 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 3,157,382 |  |
| Treasury shares | 294,700 |  |
| Shareholders | 1,618 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 23.2% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | +3.9 pp | Auto Parts |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 30%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28257000000 | ¥45289000000 | +60.3% |
| Operating income | ¥1763000000 | ¥3905000000 | +121.5% |
| Operating margin | 6.2% | 8.6% | +2.4 pp |
| Employees | 723 people | 668 people | -7.6% |
| Cash and equivalents | ¥8367000000 | ¥10724000000 | +28.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,289 | 100.0% | S100YLLM |
| Cost of revenue | 38,816 | 85.7% | S100YLLM |
| Gross profit | 6,473 | 14.3% | S100YLLM |
| SG&A | 2,567 | 5.7% | S100YLLM |
| Operating income | 3,905 | 8.6% | S100YLLM |
| Ordinary income | 4,193 | 9.3% | S100YLLM |
| Pretax income | 4,193 | 9.3% | S100YLLM |
| Income tax | 1,145 | 2.5% | S100YLLM |
| Net income | 3,048 | 6.7% | S100YLLM |
| Net income attributable to owners | 2,693 | 5.9% | S100YLLM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 6 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.3% → Operating margin 8.6% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +30.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.00×
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 | 43,954 | 45,289 | 1,335 | +3.0% |
| Gross profit | 5,396 | 6,473 | 1,077 | +20.0% |
| Operating income | 2,995 | 3,905 | 910 | +30.4% |
| Net income attributable to owners | 1,998 | 2,693 | 695 | +34.8% |
| Operating cash flow | 5,482 | 4,908 | -574 | -10.5% |
| Free cash flow | 1,483 | 1,906 | 423 | +28.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,641 | 1,251 | 3.8% | 832 | 2,747 | 1,379 | S100LQ96 |
| FY ending Mar 2021 | 28,257 | 1,763 | 6.2% | 1,364 | 4,994 | 3,937 | S100OE7Q |
| FY ending Mar 2022 | 35,010 | 3,206 | 9.2% | 2,215 | 1,823 | -407 | S100R578 |
| FY ending Mar 2023 | 44,238 | 3,804 | 8.6% | 2,632 | 4,019 | 543 | S100TRGN |
| FY ending Mar 2024 | 45,021 | 2,921 | 6.5% | 2,119 | 3,899 | 302 | S100W4SB |
| FY ending Mar 2025 | 43,954 | 2,995 | 6.8% | 1,998 | 5,482 | 1,483 | S100YLLM |
| FY ending Mar 2026 | 45,289 | 3,905 | 8.6% | 2,693 | 4,908 | 1,906 | S100YLLM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.8M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥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) | 709 | 693 | 682 | 671 | 668 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥5.8M | ¥6M | ¥6.1M |
| Average age (parent company) | 40.9 years | 41.9 years | 42.6 years | 43.0 years | 43.7 years |
| Average tenure (parent company) | 13.9 years | 15.0 years | 15.8 years | 16.3 years | 17.1 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +3.0%

## 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 | 4,908 | 10.8% | S100YLLM |
| Capital expenditure | 3,002 | 6.6% | S100YLLM |
| Free cash flow | 1,906 | 4.2% | 算出 |
| Investing cash flow | -3,046 | -6.7% | S100YLLM |
| Financing cash flow | -1,091 | -2.4% | S100YLLM |
| Dividends paid | 413 | 0.9% | S100YLLM |
| Share buyback | 149 | 0.3% | S100YLLM |
| Change in cash | 989 | 2.2% | S100YLLM |
| Cash and equivalents | 10,724 | 23.7% | S100YLLM |

## 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 | 7,990 | 8,175 | 9,491 | 9,734 | 10,724 | S100TRGN, S100W4SB, S100YLLM |
| Total assets | 38,635 | 42,322 | 44,024 | 44,261 | 46,263 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Net assets | 19,589 | 22,331 | 25,277 | 26,514 | 29,215 | S100TRGN, S100W4SB, S100YLLM |
| Share capital | 2,143 | 2,143 | 2,143 | 2,143 | 2,143 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Trade receivables | — | — | 4,907 | 5,126 | 5,320 | S100W4SB, S100YLLM |
| Property, plant and equipment | 14,791 | 15,630 | 17,356 | 18,752 | 19,787 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Intangible assets excluding goodwill | 32 | 34 | 28 | 28 | 53 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Investment securities | 167 | 180 | 278 | 243 | 313 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Current assets | 23,016 | 25,838 | 25,614 | 24,461 | 25,405 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Current liabilities | 18,174 | 17,428 | 16,717 | 14,673 | 14,899 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Short-term borrowings | 3,800 | 2,140 | 3,700 | 2,319 | 2,919 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Long-term borrowings | 60 | 1,700 | 1,200 | 2,200 | 1,400 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Total liabilities | 19,045 | 19,990 | 18,746 | 17,746 | 17,047 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Non-controlling interests | 2,023 | 2,345 | 2,867 | 3,051 | 3,179 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Equity attributable to owners of parent | 17,067 | 19,310 | 21,082 | 22,564 | 24,713 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Retained earnings | 13,139 | 15,548 | 17,320 | 18,952 | 21,231 | S100R578, S100TRGN, S100W4SB, S100YLLM |
| Treasury stock | -211 | -376 | -377 | -527 | -663 | S100R578, S100TRGN, S100W4SB, S100YLLM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YLLM |
| Receivables | 11% | S100YLLM |
| Property, plant and equipment | 43% | S100YLLM |
| Intangibles and goodwill | 0% | S100YLLM |
| Investment securities | 1% | S100YLLM |
| Other assets | 22% | S100YLLM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YLLM |
| Equity | 63% | S100YLLM |
| Other liabilities | 0% | S100YLLM |

### 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 | 38,635 | 42,322 | 44,024 | 44,261 | 46,263 |
| Equity | 19,589 | 22,331 | 25,277 | 26,514 | 29,215 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,990 | 8,175 | 9,491 | 9,734 | 10,724 |

## 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) | 43.7% | S100YLLM |
| Fixed assets ÷ total assets | 42.8% | S100YLLM |
| Goodwill ÷ parent equity | — | —, S100YLLM |

### 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) | 23.2% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.7% |
| Cash vs. profit gap | 2,215 JPY mn (of net income 82.3%) |
| Shareholder returns / net income | 20.9% |
| Shareholder returns / FCF | 29.5% |
| Shareholder payments — dividends / net income | 15.3% |
| Shareholder payments — dividends / FCF | 21.7% |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 62.1% |

## 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 | 6.3% | 0.91× | 5.7% | 2.26× | 13.0% | S100R578 |
| 2023 | 5.9% | 1.09× | 6.5% | 2.23× | 14.5% | S100TRGN |
| 2024 | 4.7% | 1.04× | 4.9% | 2.14× | 10.5% | S100W4SB |
| 2025 | 4.5% | 1.00× | 4.5% | 2.02× | 9.2% | S100YLLM |
| 2026 | 5.9% | 1.00× | 5.9% | 1.91× | 11.4% | S100YLLM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ダイハツ工業㈱ | Major shareholder | 36.2% | 2026-03-31 |
| ㈱ゴーシュー | Major shareholder | 4.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.1% | 2026-03-31 |
| 松 澤 孝 一 | Major shareholder | 3.9% | 2026-03-31 |
| ㈱滋賀銀行 | Major shareholder | 3.5% | 2026-03-31 |
| RE FUND 107-CLIENT AC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| ㈱りそな銀行 | Major shareholder | 2.1% | 2026-03-31 |
| メタルアート社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 上田八木短資㈱ | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YLLM | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLLM,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W4SB | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4SB,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TRGN | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRGN,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R578 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R578,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OE7Q | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE7Q,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LQ96 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ96,, |

## 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).