# MITSUBA 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81期(2025/04/01－2026/03/31) (S100Y9OD)
> Page: https://vizora.meequs.com/en/company/mitsuba
> Retrieved: 2026-09-30T18:28:23.455Z

## Company

Mitsuba, founded in 1946, is a company in Auto Parts listed on TSE Prime. It has 21,202 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUBA Corporation |
| Ticker | 7280 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7280.T) |
| Listing | TSE Prime |
| Head office | 群馬県桐生市広沢町一丁目2681番地 |
| Representative (per filing) | 代表取締役社長 日野 貞実 |
| Founded | Mar 1946 |
| Share capital | ¥5B |
| Employees (consolidated) | 21,202 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.mitsuba.co.jp (https://www.mitsuba.co.jp/) |
| Corporate number | 1070001016632 |
| EDINET | E02205 |
| Industries (Vizora) | Auto Parts, IT Services & System Integration |

> Profile source: annual securities report (S100Y9OD, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.4 | 110 |
| Profitability | 74.3 | 111 |
| Cash conversion | 24.5 | 108 |
| Efficiency | 57.2 | 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 93% of Mitsuba's sales come from Transportation equipment related, with Information service making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.2% from the prior year, operating profit +14.2%.

## Company structure

- Segment revenue mix: Transportation equipment related 93.2%、Information service 6.8%
- Revenue → net income: ¥348599000000 → ¥11155000000
- Net income → operating cash flow: ¥11155000000 → ¥28610000000（difference ¥17455000000）
- Main uses of operating cash flow: CapEx ¥11644000000 / dividends ¥1039000000 / buybacks ¥0
- Change in cash: ¥3485000000
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 | ¥348.6B |  |
| Operating income | ¥23.9B | Margin 6.9% |
| Net income | ¥11.8B | Margin 3.4% |
| Free cash flow | ¥17B |  |
| Largest business | Transportation equipment related | of segment revenue 93.2% |
| Employees (consolidated) | 21,202 |  |
| EPS | ¥201.63 |  |
| Diluted EPS | ¥169.69 |  |
| Book value per share | ¥1136.11 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 46,154,000 |  |
| Treasury shares | 170,400 |  |
| Shareholders | 26,428 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 28.9% |
| Vs. industry median margin | +2.1 pp | Auto Parts |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, employees -3% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥269202000000 | ¥348599000000 | +29.5% |
| Operating income | ¥8548000000 | ¥23908000000 | +179.7% |
| Operating margin | 3.2% | 6.9% | +3.7 pp |
| Employees | 26,126 people | 21,202 people | -18.8% |
| Cash and equivalents | ¥77389000000 | ¥100627000000 | +30.0% |

### 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 |
| --- | ---: |
| 輸送用機器関連事業 → 輸送用機器関連事業 | 93.2% |
| 輸送用機器関連事業 → 事業再編・廃止 | 1.3% |
| 情報サービス事業 → 情報サービス事業 | 5.5% |
| 新設・再編 → 情報サービス事業 | 1.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 348,599 | 100.0% | S100Y9OD |
| Cost of revenue | 291,617 | 83.7% | S100Y9OD |
| Gross profit | 56,981 | 16.3% | S100Y9OD |
| SG&A | 33,072 | 9.5% | S100Y9OD |
| Operating income | 23,908 | 6.9% | S100Y9OD |
| Ordinary income | 23,945 | 6.9% | S100Y9OD |
| Pretax income | 17,706 | 5.1% | S100Y9OD |
| Income tax | 6,551 | 1.9% | S100Y9OD |
| Net income | 11,155 | 3.2% | S100Y9OD |
| Net income attributable to owners | 11,820 | 3.4% | S100Y9OD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 9 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.3% → Operating margin 6.9% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.2%; Core profit growth: +14.2%
Operating leverage (core profit growth ÷ revenue growth): -65.92×
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 | 349,353 | 348,599 | -754 | -0.2% |
| Gross profit | 54,286 | 56,981 | 2,695 | +5.0% |
| Operating income | 20,930 | 23,908 | 2,978 | +14.2% |
| Net income attributable to owners | 11,864 | 11,820 | -44 | -0.4% |
| Operating cash flow | 38,023 | 28,610 | -9,413 | -24.8% |
| Free cash flow | 29,169 | 16,966 | -12,203 | -41.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 304,224 | 8,531 | 2.8% | -13,804 | 15,305 | -10,810 | S100LKF5 |
| FY ending Mar 2021 | 269,202 | 8,548 | 3.2% | 732 | 15,410 | 7,798 | S100OBF4 |
| FY ending Mar 2022 | 286,482 | 7,187 | 2.5% | 83 | 11,746 | 520 | S100QYZZ |
| FY ending Mar 2023 | 319,500 | 6,718 | 2.1% | 1,185 | 29,618 | 19,748 | S100TNHY |
| FY ending Mar 2024 | 344,154 | 21,152 | 6.1% | 13,741 | 41,509 | 31,130 | S100W8I7 |
| FY ending Mar 2025 | 349,353 | 20,930 | 6.0% | 11,864 | 38,023 | 29,169 | S100Y9OD |
| FY ending Mar 2026 | 348,599 | 23,908 | 6.9% | 11,820 | 28,610 | 16,966 | S100Y9OD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥557.5K |

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) | 24,341 | 23,260 | 22,665 | 21,887 | 21,202 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.4M | ¥5.7M | ¥6M |
| Average age (parent company) | 40.6 years | 41.4 years | 42.2 years | 41.9 years | 42.4 years |
| Average tenure (parent company) | 17.6 years | 18.4 years | 19.0 years | 19.5 years | 19.1 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation equipment related | 320,081 | 93.2% | 20,081 | 6.3% |
| Information service | 23,286 | 6.8% | 2,996 | 12.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation equipment related | 93.2% | 87.0% | -6.2 | 6.3% |
| Information service | 6.8% | 13.0% | 6.2 | 12.9% |

Segment → industry: Transportation equipment related → Auto Parts / Information service → IT Services & System Integration

## 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 | 28,610 | 8.2% | S100Y9OD |
| Capital expenditure | 11,644 | 3.3% | S100Y9OD |
| Free cash flow | 16,966 | 4.9% | 算出 |
| Investing cash flow | -11,682 | -3.4% | S100Y9OD |
| Financing cash flow | -17,292 | -5.0% | S100Y9OD |
| Dividends paid | 1,039 | 0.3% | S100Y9OD |
| Share buyback | 0 | 0.0% | S100Y9OD |
| Change in cash | 3,485 | 1.0% | S100Y9OD |
| Cash and equivalents | 100,627 | 28.9% | S100Y9OD |

## 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 | 73,267 | 74,301 | 101,490 | 97,142 | 100,627 | S100TNHY, S100W8I7, S100Y9OD |
| Total assets | 342,750 | 328,452 | 357,492 | 333,534 | 348,669 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Net assets | 88,201 | 86,958 | 122,581 | 110,886 | 133,467 | S100TNHY, S100W8I7, S100Y9OD |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Property, plant and equipment | 99,385 | 93,681 | 94,294 | 83,881 | 77,335 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Intangible assets excluding goodwill | 3,416 | 3,683 | 3,410 | 3,114 | 2,673 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Investment securities | 15,882 | 15,713 | 18,298 | 16,201 | 16,164 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Current assets | 206,711 | 198,189 | 220,982 | 210,648 | 227,625 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Current liabilities | 115,447 | 130,513 | 168,575 | 152,281 | 131,046 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Trade payables | 25,382 | 20,397 | 21,609 | 20,634 | 23,555 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Short-term borrowings | 56,714 | 75,801 | 114,184 | 98,668 | 73,048 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Long-term borrowings | 121,827 | 93,571 | 48,866 | 51,882 | 64,639 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Bonds | 1,045 | 1,015 | 1,000 | 1,000 | — | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Interest-bearing debt | 179,586 | 170,387 | 164,050 | 151,550 | — | 算出 |
| Total liabilities | 254,549 | 241,493 | 234,911 | 222,648 | 215,202 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Non-controlling interests | 20,177 | 20,189 | 20,943 | 15,188 | 13,638 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Equity attributable to owners of parent | 65,067 | 59,017 | 75,407 | 74,762 | 86,896 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Retained earnings | 27,199 | 28,250 | 45,241 | 56,237 | 67,017 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |
| Treasury stock | -603 | -603 | -603 | -604 | -124 | S100QYZZ, S100TNHY, S100W8I7, S100Y9OD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Y9OD |
| Property, plant and equipment | 22% | S100Y9OD |
| Intangibles and goodwill | 1% | S100Y9OD |
| Investment securities | 5% | S100Y9OD |
| Other assets | 43% | S100Y9OD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y9OD |
| Other liabilities | 55% | S100Y9OD |
| Equity | 38% | S100Y9OD |

### 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 | 342,750 | 328,452 | 357,492 | 333,534 | 348,669 |
| Equity | 88,201 | 86,958 | 122,581 | 110,886 | 133,467 |
| Interest-bearing debt | 179,586 | 170,387 | 164,050 | 151,550 | — |
| Cash | 73,267 | 74,301 | 101,490 | 97,142 | 100,627 |

## 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) | 22.2% | S100Y9OD |
| Fixed assets ÷ total assets | 22.2% | S100Y9OD |
| Goodwill ÷ parent equity | — | —, S100Y9OD |

### 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) | 28.9% |
| Cash ÷ revenue | 28.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.7% |
| Cash vs. profit gap | 16,790 JPY mn (of net income 142.0%) |
| Shareholder returns / net income | 8.8% |
| Shareholder returns / FCF | 6.1% |
| Shareholder payments — dividends / net income | 8.8% |
| Shareholder payments — dividends / FCF | 6.1% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 40.8% |

## 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 | 0.0% | 0.84× | 0.0% | 5.27× | 0.1% | S100QYZZ |
| 2023 | 0.4% | 0.95× | 0.4% | 5.41× | 1.9% | S100TNHY |
| 2024 | 4.0% | 1.00× | 4.0% | 5.10× | 20.4% | S100W8I7 |
| 2025 | 3.4% | 1.01× | 3.4% | 4.60× | 15.8% | S100Y9OD |
| 2026 | 3.4% | 1.02× | 3.5% | 4.22× | 14.6% | S100Y9OD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 7.5% | 2026-03-31 |
| ㈱横浜銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 4.8% | 2026-03-31 |
| ミツバ取引先企業持株会 | Major shareholder | 4.4% | 2026-03-31 |
| 本田技研工業㈱ | Major shareholder | 3.6% | 2026-03-31 |
| ㈲サンフィールド・インダストリー | Major shareholder | 3.4% | 2026-03-31 |
| セコム損害保険㈱ | Major shareholder | 3.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行㈱(常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 2.3% | 2026-03-31 |
| ㈱足利銀行 | Major shareholder | 2.2% | 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 | 2.1% | 2026-03-31 |
| ㈱群馬銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 2.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥348.6B, almost unchanged from ¥349.4B (-0.2%).
- Operating income grew from ¥20.9B to ¥23.9B, up +14.2%, so the core business became more profitable.
- Net income stayed about flat at ¥11.8B (-0.4%), and operating cash flow fell -24.8% to ¥28.6B.

### Drivers

- Car parts sales in China stayed weak, but the motorcycle business in Asia and South America did well
- The IT services business grew on large projects for local governments, schools and energy companies, plus PC upgrade demand
- Impairment losses at subsidiaries in China kept the rise in operating income from reaching net income

### Risks

- Price competition with global mega-suppliers and local makers overseas, plus new entrants from other industries, could get tougher
- War, conflict or shifts in trade policy in the countries where it operates could hurt the business
- Higher prices for materials and energy, and sharp swings in emerging-market currencies, could raise costs

Cited: Annual securities report (FY ending Mar 2026) (Management's discussion and analysis); Annual securities report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100Y9OD | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9OD,, |
| 訂正有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W8I7 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8I7,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TNHY | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNHY,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100QYZZ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYZZ,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OBF4 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBF4,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LKF5 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKF5,, |

## 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).