# Mitsubishi Steel Mfg. 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102期(2025/04/01－2026/03/31) (S100YCQQ)
> Page: https://vizora.meequs.com/en/company/mitsubishi-steel-mfg
> Retrieved: 2026-09-30T20:40:37.863Z

## Company

Mitsubishi Steel Mfg., founded in 1949, is a company in Steel listed on TSE Prime. It has 3,864 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Steel Mfg.Co.,Ltd. |
| Ticker | 5632 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5632.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区月島四丁目16番13号 |
| Representative (per filing) | 代表取締役社長執行役員 山口淳 |
| Founded | Dec 1949 |
| Share capital | ¥10B |
| Employees (consolidated) | 3,864 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.mitsubishisteel.co.jp (https://www.mitsubishisteel.co.jp/) |
| Corporate number | 8010001058095 |
| EDINET | E01233 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YCQQ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.4 | 33 |
| Profitability | 41.4 | 35 |
| Cash conversion | 62.9 | 31 |
| Efficiency | 92.9 | 35 |

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)

- Mitsubishi Steel Mfg. brought in ¥154.6B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -27.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥154557000000 → ¥3630000000
- Net income → operating cash flow: ¥3630000000 → ¥10084000000（difference ¥6454000000）
- Main uses of operating cash flow: CapEx ¥3586000000 / dividends ¥1140000000 / buybacks ¥0
- Change in cash: ¥982000000
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 | ¥154.6B |  |
| Operating income | ¥4.79B | Margin 3.1% |
| Net income | ¥3.06B | Margin 2.0% |
| Free cash flow | ¥6.5B |  |
| Employees (consolidated) | 3,864 |  |
| EPS | ¥109.85 |  |
| Book value per share | ¥1845.56 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 15,709,000 |  |
| Treasury shares | 273,400 |  |
| Shareholders | 14,648 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 11.1% |
| Vs. industry median margin | -0.4 pp | Steel |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, parent-company salary changed +37% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥97804000000 | ¥154557000000 | +58.0% |
| Operating income | ¥-4943000000 | ¥4788000000 | — |
| Operating margin | -5.1% | 3.1% | +8.2 pp |
| Employees | 4,163 people | 3,864 people | -7.2% |
| Cash and equivalents | ¥22979000000 | ¥17123000000 | -25.5% |

### 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 |
| --- | ---: |
| 特殊鋼鋼材 → 事業再編・廃止 | 42.0% |
| ばね → 事業再編・廃止 | 39.3% |
| 素形材 → 事業再編・廃止 | 8.5% |
| 機器装置 → 事業再編・廃止 | 8.8% |
| その他 → 事業再編・廃止 | 1.5% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 154,557 | 100.0% | S100YCQQ |
| Cost of revenue | 133,729 | 86.5% | S100YCQQ |
| Gross profit | 20,828 | 13.5% | S100YCQQ |
| SG&A | 16,039 | 10.4% | S100YCQQ |
| Operating income | 4,788 | 3.1% | S100YCQQ |
| Ordinary income | 4,017 | 2.6% | S100YCQQ |
| Pretax income | 3,954 | 2.6% | S100YCQQ |
| Income tax | 323 | 0.2% | S100YCQQ |
| Net income | 3,630 | 2.3% | S100YCQQ |
| Net income attributable to owners | 3,055 | 2.0% | S100YCQQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.5% → Operating margin 3.1% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -27.1%
Operating leverage (core profit growth ÷ revenue growth): 8.59×
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 | 159,584 | 154,557 | -5,027 | -3.2% |
| Gross profit | 23,712 | 20,828 | -2,884 | -12.2% |
| Operating income | 6,564 | 4,788 | -1,776 | -27.1% |
| Net income attributable to owners | 2,363 | 3,055 | 692 | +29.3% |
| Operating cash flow | 6,010 | 10,084 | 4,074 | +67.8% |
| Free cash flow | 1,224 | 6,498 | 5,274 | +430.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 117,138 | 436 | 0.4% | -14,070 | -924 | -9,395 | S100LOON |
| FY ending Mar 2021 | 97,804 | -4,943 | -5.1% | -5,528 | 3,777 | -330 | S100ODQ8 |
| FY ending Mar 2022 | 146,292 | 6,270 | 4.3% | 4,068 | -1,924 | -4,456 | S100RJUH |
| FY ending Mar 2023 | 170,537 | 5,547 | 3.3% | 2,190 | -2,777 | -5,476 | S100UNY2 |
| FY ending Mar 2024 | 169,943 | 4,808 | 2.8% | -969 | 6,477 | 2,418 | S100W032 |
| FY ending Mar 2025 | 159,584 | 6,564 | 4.1% | 2,363 | 6,010 | 1,224 | S100YCQQ |
| FY ending Mar 2026 | 154,557 | 4,788 | 3.1% | 3,055 | 10,084 | 6,498 | S100YCQQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥790.6K |

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) | 4,041 | 4,030 | 4,076 | 3,841 | 3,864 |
| Average salary (parent company) | ¥5.7M | ¥7M | ¥7.2M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 42.9 years | 43.1 years | 43.6 years | 43.5 years | 43.3 years |
| Average tenure (parent company) | 20.5 years | 20.5 years | 21.0 years | 20.6 years | 20.2 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -3.2%

## 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 | 10,084 | 6.5% | S100YCQQ |
| Capital expenditure | 3,586 | 2.3% | S100YCQQ |
| Free cash flow | 6,498 | 4.2% | 算出 |
| Investing cash flow | -726 | -0.5% | S100YCQQ |
| Financing cash flow | -8,699 | -5.6% | S100YCQQ |
| Dividends paid | 1,140 | 0.7% | S100YCQQ |
| Share buyback | 0 | 0.0% | S100YCQQ |
| Change in cash | 982 | 0.6% | S100YCQQ |
| Cash and equivalents | 17,123 | 11.1% | S100YCQQ |

## 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 | 19,951 | 30,599 | 22,215 | 16,141 | 17,123 | S100UNY2, S100W032, S100YCQQ |
| Total assets | 142,962 | 156,409 | 147,071 | 138,667 | 141,517 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Net assets | 48,913 | 49,688 | 47,832 | 49,851 | 56,520 | S100UNY2, S100W032, S100YCQQ |
| Share capital | 10,003 | 10,003 | 10,003 | 10,003 | 10,003 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Property, plant and equipment | 38,719 | 37,893 | 38,348 | 38,174 | 38,085 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Intangible assets excluding goodwill | 1,002 | 744 | 790 | 661 | 569 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Investment securities | 6,335 | 5,298 | 5,914 | 6,009 | 6,787 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Current assets | 90,339 | 105,808 | 92,916 | 83,281 | 82,218 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Current liabilities | 57,373 | 49,388 | 48,659 | 45,429 | 47,525 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Trade payables | 15,553 | 16,247 | — | — | — | S100RJUH |
| Short-term borrowings | 25,193 | 20,339 | 20,120 | 22,787 | 21,367 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Long-term borrowings | 22,312 | 44,587 | 35,619 | 28,224 | 22,037 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Total liabilities | 94,048 | 106,721 | 99,238 | 88,815 | 84,997 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Non-controlling interests | 6,047 | 6,208 | 6,684 | 7,207 | 7,837 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Equity attributable to owners of parent | 44,840 | 45,793 | 43,630 | 44,332 | 46,243 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Retained earnings | 33,436 | 34,855 | 32,881 | 33,723 | 35,635 | S100RJUH, S100UNY2, S100W032, S100YCQQ |
| Treasury stock | -1,301 | -1,301 | -1,484 | -1,620 | -1,619 | S100RJUH, S100UNY2, S100W032, S100YCQQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YCQQ |
| Property, plant and equipment | 27% | S100YCQQ |
| Intangibles and goodwill | 0% | S100YCQQ |
| Investment securities | 5% | S100YCQQ |
| Other assets | 56% | S100YCQQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YCQQ |
| Equity | 40% | S100YCQQ |

### 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 | 142,962 | 156,409 | 147,071 | 138,667 | 141,517 |
| Equity | 48,913 | 49,688 | 47,832 | 49,851 | 56,520 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,951 | 30,599 | 22,215 | 16,141 | 17,123 |

## 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) | 24.6% | S100YCQQ |
| Fixed assets ÷ total assets | 26.9% | S100YCQQ |
| Goodwill ÷ parent equity | — | —, S100YCQQ |

### 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) | 12.1% |
| Cash ÷ revenue | 11.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.6% |
| Cash vs. profit gap | 7,029 JPY mn (of net income 230.1%) |
| Shareholder returns / net income | 37.3% |
| Shareholder returns / FCF | 17.5% |
| Shareholder payments — dividends / net income | 37.3% |
| Shareholder payments — dividends / FCF | 17.5% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 7.2% |

## 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 | 2.8% | 1.02× | 2.8% | 3.19× | 9.1% | S100RJUH |
| 2023 | 1.3% | 1.14× | 1.5% | 3.30× | 4.8% | S100UNY2 |
| 2024 | — | —× | -0.6% | —× | — | S100W032 |
| 2025 | 1.5% | 1.12× | 1.7% | 3.25× | 5.4% | S100YCQQ |
| 2026 | 2.0% | 1.10× | 2.2% | 3.09× | 6.7% | S100YCQQ |

## 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 | 10.8% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.6% | 2026-03-31 |
| 三菱製鋼共栄会 | Major shareholder | 3.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(役員報酬BIP信託口・76119口) | Major shareholder | 2.0% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.7% | 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 | 1.6% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YCQQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCQQ,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W032 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W032,, |
| 訂正有価証券報告書－第100期(2023/04/01－2024/03/31) | S100UNY2 | 2024-11-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UNY2,, |
| 訂正有価証券報告書－第99期(2022/04/01－2023/03/31) | S100RJUH | 2023-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RJUH,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100ODQ8 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODQ8,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LOON | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOON,, |

## 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).