# MINEBEA MITSUMI Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YISS)
> Page: https://vizora.meequs.com/en/company/minebea-mitsumi
> Retrieved: 2026-09-30T22:10:50.865Z

## Company

Minebea Mitsumi, founded in 1951, is a company in Auto Parts listed on TSE Prime. It has 81,383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MINEBEA MITSUMI Inc. |
| Ticker | 6479 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6479.T) |
| Listing | TSE Prime |
| Head office | 長野県北佐久郡御代田町大字御代田4106番地73 (同所は登記上の本店所在地で実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役 会長 CEO 貝沼 由久 |
| Founded | Jul 1951 |
| Share capital | ¥68.3B |
| Employees (consolidated) | 81,383 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.minebeamitsumi.com (https://www.minebeamitsumi.com/) |
| Corporate number | 8100001007753 |
| EDINET | E01607 |
| Industries (Vizora) | Auto Parts, Semiconductors, Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100YISS, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.4 | 13 |
| Profitability | 67.9 | 14 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 89.3 | 14 |

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 35% of Minebea Mitsumi's sales come from Semiconductor and Electronics, with Motor, Lighting and Sensing and Access Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +9.3% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Semiconductor and Electronics 35.5%、Motor, Lighting and Sensing 27.4%、Access Solutions 20.0%、Precision Technologies 16.9%、Other 0.3%
- Revenue → net income: ¥1664387000000 → ¥99234000000
- Net income → operating cash flow: ¥99234000000 → ¥94850000000（difference ¥-4384000000）
- Main uses of operating cash flow: CapEx ¥87563000000 / dividends ¥20080000000 / buybacks ¥2000000
- Change in cash: ¥13266000000
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 | ¥1.66T |  |
| Operating income | ¥104B | Margin 6.2% |
| Net income | ¥99B | Margin 6.0% |
| Free cash flow | ¥7.29B |  |
| Largest business | Semiconductor and Electronics | of segment revenue 35.5% |
| Employees (consolidated) | 81,383 |  |
| EPS | ¥246.6 |  |
| Diluted EPS | ¥246.59 |  |
| Book value per share | ¥664.12 |  |
| Equity ratio | 49.5% | Derived from disclosed figures |
| Shares outstanding | 427,080,606 |  |
| Treasury shares | 25,138,500 |  |
| Shareholders | 28,901 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | +3 pp | Semiconductors |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 30 points
- FY2026, employees -2% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥988424000000 | ¥1664387000000 | +68.4% |
| Operating income | ¥51166000000 | ¥103979000000 | +103.2% |
| Operating margin | 5.2% | 6.2% | +1.1 pp |
| Employees | 83,011 people | 81,383 people | -2.0% |
| Cash and equivalents | ¥165479000000 | ¥227522000000 | +37.5% |

### 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 |
| --- | ---: |
| 機械加工品 → 事業再編・廃止 | 15.9% |
| 電子機器 → 事業再編・廃止 | 35.0% |
| ミツミ事業 → 事業再編・廃止 | 35.6% |
| ユーシン事業 → 事業再編・廃止 | 13.4% |
| その他 → その他 | 0.1% |
| 新設・再編 → プレシジョンテクノロジーズ | 16.9% |
| 新設・再編 → モーター・ライティング＆センシング | 27.4% |
| 新設・再編 → セミコンダクタ＆エレクトロニクス | 35.5% |
| 新設・再編 → アクセスソリューションズ | 20.0% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Semiconductor and Electronics | 3 years | +3.6% | ¥590263000000 | 4.5% | 2 |
| Motor, Lighting and Sensing | 3 years | +7.6% | ¥456517000000 | 5.9% | 2 |
| Access Solutions | 3 years | +19.5% | ¥332249000000 | 5.1% | 2 |
| Precision Technologies | 3 years | +12.5% | ¥281151000000 | 22.1% | 2 |
| Other | 5 years | +32.5% | ¥4207000000 | -63.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,664,387 | 100.0% | S100YISS |
| Cost of revenue | 1,371,377 | 82.4% | S100YISS |
| Gross profit | 293,010 | 17.6% | S100YISS |
| SG&A | 190,281 | 11.4% | S100YISS |
| Operating income | 103,979 | 6.2% | S100YISS |
| Pretax income | 133,779 | 8.0% | S100YISS |
| Income tax | 34,545 | 2.1% | S100YISS |
| Net income | 99,234 | 6.0% | S100YISS |
| Net income attributable to owners | 99,034 | 6.0% | S100YISS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.6% → Operating margin 6.2% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.3%; Core profit growth: +10.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.08×
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 | 1,522,703 | 1,664,387 | 141,684 | +9.3% |
| Gross profit | 270,402 | 293,010 | 22,608 | +8.4% |
| Operating income | 94,482 | 103,979 | 9,497 | +10.1% |
| Net income attributable to owners | 59,457 | 99,034 | 39,577 | +66.6% |
| Operating cash flow | 133,672 | 94,850 | -38,822 | -29.0% |
| Free cash flow | 45,123 | 7,287 | -37,836 | -83.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 633,991 | — | — | 52,293 | 82,692 | — | S100LT8J |
| FY ending Mar 2018 | 881,413 | — | — | 50,326 | 92,201 | — | S100OJPE |
| FY ending Mar 2019 | 884,723 | — | — | 60,142 | 100,722 | — | S100R8J3 |
| FY ending Mar 2020 | 978,445 | 58,647 | 6.0% | 45,975 | 86,486 | 38,119 | S100LT8J |
| FY ending Mar 2021 | 988,424 | 51,166 | 5.2% | 38,759 | 93,763 | 48,260 | S100OJPE |
| FY ending Mar 2022 | 1,124,140 | 92,136 | 8.2% | 68,935 | 78,417 | 8,309 | S100R8J3 |
| FY ending Mar 2023 | 1,292,203 | 97,530 | 7.5% | 73,152 | 44,093 | -92,624 | S100TUYU |
| FY ending Mar 2024 | 1,402,127 | 73,536 | 5.2% | 54,035 | 101,759 | 22,123 | S100W5ZE |
| FY ending Mar 2025 | 1,522,703 | 94,482 | 6.2% | 59,457 | 133,672 | 45,123 | S100YISS |
| FY ending Mar 2026 | 1,664,387 | 103,979 | 6.2% | 99,034 | 94,850 | 7,287 | S100YISS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 81,659 | 87,752 | 83,886 | 83,256 | 81,383 |
| Average salary (parent company) | ¥7.1M | ¥7.3M | ¥7.3M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 45.0 years | 45.3 years | 45.4 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 16.5 years | 16.7 years | 16.5 years | 16.5 years | 15.9 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +9.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precision Technologies | 281,151 | 16.9% | 62,245 | 22.1% |
| Motor, Lighting and Sensing | 456,517 | 27.4% | 26,929 | 5.9% |
| Semiconductor and Electronics | 590,263 | 35.5% | 26,669 | 4.5% |
| Access Solutions | 332,249 | 20.0% | 17,087 | 5.1% |
| Other | 4,207 | 0.3% | -2,657 | -63.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precision Technologies | 16.9% | 46.8% | 29.9 | 22.1% |
| Motor, Lighting and Sensing | 27.4% | 20.3% | -7.2 | 5.9% |
| Semiconductor and Electronics | 35.5% | 20.1% | -15.4 | 4.5% |
| Access Solutions | 20.0% | 12.9% | -7.1 | 5.1% |
| Other | 0.3% | — | — | -63.2% |

Loss-making segment (excluded from profit shares): Other -2,657 JPY mn

Segment → industry: Access Solutions → Auto Parts / Semiconductor and Electronics → Semiconductors / Semiconductor and Electronics → Electronic Components / Motor, Lighting and Sensing → Electronic Components / Precision Technologies → 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 | 94,850 | 5.7% | S100YISS |
| Capital expenditure | 87,563 | 5.3% | S100YISS |
| Free cash flow | 7,287 | 0.4% | 算出 |
| Investing cash flow | -82,775 | -5.0% | S100YISS |
| Financing cash flow | -16,133 | -1.0% | S100YISS |
| Dividends paid | 20,080 | 1.2% | S100YISS |
| Share buyback | 2 | 0.0% | S100YISS |
| Change in cash | 13,266 | 0.8% | S100YISS |
| Cash and equivalents | 227,522 | 13.7% | S100YISS |

## 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 | 163,588 | 144,671 | 146,664 | 214,256 | 227,522 | S100TUYU, S100W5ZE, S100YISS |
| Total assets | 1,104,192 | 1,299,828 | 1,416,122 | 1,584,814 | 1,814,837 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Net assets | 541,435 | 639,118 | 715,724 | 754,625 | 911,031 | S100TUYU, S100W5ZE, S100YISS |
| Share capital | 68,259 | 68,259 | 68,259 | 68,259 | 68,259 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Property, plant and equipment | 336,385 | 451,370 | 497,870 | 529,008 | 585,303 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Goodwill | 42,865 | 46,332 | 47,722 | 60,516 | 61,164 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Current assets | 666,122 | 732,396 | 792,306 | 904,144 | 1,028,731 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Total liabilities | 562,757 | 660,710 | 700,398 | 830,189 | 903,806 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Equity attributable to owners of parent | 538,610 | 629,125 | 704,139 | 743,452 | 898,971 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Retained earnings | 320,755 | 378,805 | 415,318 | 457,053 | 536,885 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |
| Treasury stock | -43,964 | -42,226 | -51,860 | -59,931 | -59,901 | S100R8J3, S100TUYU, S100W5ZE, S100YISS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YISS |
| Property, plant and equipment | 32% | S100YISS |
| Intangibles and goodwill | 3% | — |
| Other assets | 52% | S100YISS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YISS |
| Equity | 50% | S100YISS |

### 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 | 1,104,192 | 1,299,828 | 1,416,122 | 1,584,814 | 1,814,837 |
| Equity | 541,435 | 639,118 | 715,724 | 754,625 | 911,031 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 163,588 | 144,671 | 146,664 | 214,256 | 227,522 |

## 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) | 35.2% | S100YISS |
| Fixed assets ÷ total assets | 32.3% | S100YISS |
| Goodwill ÷ parent equity | 6.8% | S100YISS |

Goodwill over 4 years: 42,865 → 61,164 JPY; total investing cash flow: -454,726 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) | 12.5% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.2% |
| Cash vs. profit gap | -4,184 JPY mn (of net income -4.2%) |
| Shareholder returns / net income | 20.3% |
| Shareholder returns / FCF | 275.6% |
| Shareholder payments — dividends / net income | 20.3% |
| Shareholder payments — dividends / FCF | 275.6% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 87.3% |

## 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 | 6.1% | 1.02× | 6.2% | 2.05× | 12.8% | S100R8J3 |
| 2023 | 5.7% | 1.08× | 6.1% | 2.06× | 12.5% | S100TUYU |
| 2024 | 3.9% | 1.03× | 4.0% | 2.04× | 8.1% | S100W5ZE |
| 2025 | 3.9% | 1.01× | 4.0% | 2.07× | 8.2% | S100YISS |
| 2026 | 6.0% | 0.98× | 5.8% | 2.07× | 12.1% | S100YISS |

## 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 | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.0% | 2026-03-31 |
| 公益財団法人高橋産業経済研究財団 ※１ | Major shareholder | 3.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人：株式会社日本カストディ銀行） | Major shareholder | 3.8% | 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 | 3.1% | 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 | 2.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ＫＩビジネスパートナーズ | Major shareholder | 2.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |

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

- In FY ending Mar 2026, revenue grew +9.3% to ¥1.66T and operating income grew +10.1% to ¥104B.
- Net income rose +66.6%, from ¥59.5B to ¥99B, helped by gains outside the core business.
- Cash generation went the other way: operating cash flow fell -29.0% to ¥94.8B, and free cash flow shrank to ¥7.29B.

### Drivers

- Ball bearing sales rose on steady demand from data center servers and aircraft.
- Demand for fan motors increased, and sales of mechanical components grew in the semiconductor and electronics business.
- Pretax income includes a fair-value gain on financial assets the company holds, plus results from Minebea Linear Motion, acquired during the year.

### Risks

- A large share of sales and production is overseas, so sharp currency moves can hit results.
- Its main markets are highly competitive and exposed to sudden drops in demand, low-price rivals, tariffs, and raw material costs.
- Conflicts, tariff policy, or trade controls could cut off materials or logistics and disrupt production and sales.

Cited: Annual Securities Report (80th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (80th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YISS | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YISS,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W5ZE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5ZE,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TUYU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYU,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R8J3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8J3,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OJPE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJPE,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LT8J | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT8J,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| パプスト・モートレン・ゲーエムベーハー・ウント・コー・カーゲー | Co-development | 精密モーター製造技術の導入契約（当社が導入） | S100YISS |
| エルスリーハリス・テクノロジーズ・インク | Co-development | 投下器BRU-47製造技術の導入契約（当社が導入） | S100YISS |
| シーゲート・テクノロジー・インク | Co-development | 流体軸受・HDD用スピンドルモーター製造技術の導入 | S100YISS |
| パナソニック | Co-development | モーター関連の特許実施許諾（当社が許諾を受ける） | S100YISS |

## 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).