Mitsuboshi BeltingMitsuboshi Belting Ltd.5192東証プライムゴム製品FY ending Mar 2026, consolidated, J-GAAP

Mitsuboshi Belting revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed +2.0% from the prior year, operating profit -2.8%.

Five-year trend

Revenue¥92.3B
FY ending Mar 2022: ¥74.9B¥74.9BFY ending Mar 2023: ¥82.9B¥82.9BFY ending Mar 2024: ¥84B¥84BFY ending Mar 2025: ¥90.5B¥90.5BFY ending Mar 2026: ¥92.3B¥92.3BFY22FY23FY24FY25FY26
Operating income¥8.68B
FY ending Mar 2022: ¥7.64B¥7.64BFY ending Mar 2023: ¥9.03B¥9.03BFY ending Mar 2024: ¥7.76B¥7.76BFY ending Mar 2025: ¥8.93B¥8.93BFY ending Mar 2026: ¥8.68B¥8.68BFY22FY23FY24FY25FY26
Operating margin9.4%
FY ending Mar 2022: 10.2%10.2%FY ending Mar 2023: 10.9%10.9%FY ending Mar 2024: 9.2%9.2%FY ending Mar 2025: 9.9%9.9%FY ending Mar 2026: 9.4%9.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin8.0%
Asset turnover0.72×
ROA5.7%
ROA5.7%
Financial leverage1.69×
ROE9.7%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin8.0%
2022: 8.5%8.5%2023: 8.5%8.5%2024: 8.5%8.5%2025: 10.0%10.0%2026: 8.0%8.0%2223242526
Asset turnover0.72×
2022: 0.63×0.63×2023: 0.69×0.69×2024: 0.65×0.65×2025: 0.69×0.69×2026: 0.72×0.72×2223242526
ROA5.7%
2022: 5.4%5.4%2023: 5.9%5.9%2024: 5.5%5.5%2025: 6.9%6.9%2026: 5.7%5.7%2223242526
Financial leverage1.69×
2022: 1.60×1.60×2023: 1.63×1.63×2024: 1.75×1.75×2025: 1.77×1.77×2026: 1.69×1.69×2223242526
ROE9.7%
2022: 8.6%8.6%2023: 9.6%9.6%2024: 9.7%9.7%2025: 12.2%12.2%2026: 9.7%9.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20228.5%0.63×5.4%1.60×8.6%
20238.5%0.69×5.9%1.63×9.6%
20248.5%0.65×5.5%1.75×9.7%
202510.0%0.69×6.9%1.77×12.2%
20268.0%0.72×5.7%1.69×9.7%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue37.4%
2021: 36.2%36.2%2022: 35.6%35.6%2023: 34.3%34.3%2024: 36.3%36.3%2025: 35.6%35.6%2026: 37.4%37.4%212223242526
PPE ÷ total assets26.6%
2021: 21.8%21.8%2022: 22.4%22.4%2023: 23.3%23.3%2024: 22.5%22.5%2025: 25.1%25.1%2026: 26.6%26.6%212223242526
Goodwill ÷ parent equity0.1%
2023: 0.2%0.2%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.1%0.1%212223242526
Goodwill balance¥42M
2023: ¥130M¥130M2024: ¥88M¥88M2025: ¥65M¥65M2026: ¥42M¥42M212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥3.33B
2021: ¥2.67B¥2.67B2022: ¥2.96B¥2.96B2023: ¥3.18B¥3.18B2024: ¥3.25B¥3.25B2025: ¥3.37B¥3.37B2026: ¥3.33B¥3.33B212223242526
R&D / revenue3.6%
2021: 4.1%4.1%2022: 4.0%4.0%2023: 3.8%3.8%2024: 3.9%3.9%2025: 3.7%3.7%2026: 3.6%3.6%212223242526
Receivable days—
2021: 90d90d212223242526
Payable days52d
2021: 69d69d2022: 70d70d2023: 64d64d2024: 63d63d2025: 56d56d2026: 52d52d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue74,87082,91184,01490,51092,298
Cost of revenue51,44256,33858,45862,41664,176
Gross profit23,42726,57225,55528,09328,121
SG&A15,78717,54217,79619,16519,443
Operating income7,6409,0307,7598,9288,678
Pretax income8,7409,81410,28712,67310,388
Income tax2,3592,7423,1843,6122,996
Net income attributable to owners6,3807,0717,1029,0607,392
Operating margin10.2%10.9%9.2%9.9%9.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 20%
Property, plant and equipment 27%
0%
Investment securities 14%
Other assets 39%

Funding

7%
Other liabilities 15%
Equity 78%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥33.1B¥33.5B¥35B¥30.8B¥25.8B
Total assets¥119B¥121.7B¥135.6B¥128.2B¥129.9B
Net assets¥86.9B¥87.6B¥98.2B¥95.8B¥101.6B
Share capital¥8.15B¥8.15B¥8.15B¥8.15B¥8.15B
Property, plant and equipment¥26.7B¥28.4B¥30.5B¥32.2B¥34.5B
Intangible assets excluding goodwill¥891M¥791M¥625M¥741M¥646M
Goodwill—¥130M¥88M¥65M¥42M
Investment securities¥15.2B¥13.6B¥22.6B¥16.2B¥18B
Current assets¥74.5B¥77.3B¥80.1B¥77.3B¥75B
Current liabilities¥22.2B¥21.9B¥23.7B¥21.8B¥18.1B
Trade payables¥9.9B¥9.89B¥10B¥9.65B¥9.07B
Short-term borrowings¥2.33B¥2.33B¥2.3B¥2.3B—
Long-term borrowings¥900M¥4B¥3B¥2B¥1B
Total liabilities¥32.1B¥34.1B¥37.4B¥32.4B¥28.3B
Equity attributable to owners of parent¥74.2B¥73.6B¥73.5B¥75.5B¥76.8B
Retained earnings¥70.3B¥70.8B¥68.1B¥71B¥73.2B
Treasury stock-¥6.39B-¥7.56B-¥4.87B-¥5.96B-¥6.91B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第111期(2025/04/01-2026/03/31)

    ID S100YJBU2026-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第110期(2024/04/01-2025/03/31)

    ID S100W75T2025-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第109期(2023/04/01-2024/03/31)

    ID S100TWCJ2024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第108期(2022/04/01-2023/03/31)

    ID S100R9DH2023-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書-第107期(令和3年4月1日-令和4年3月31日)

    ID S100OL462022-06-29Open
  • EDINET (FSA Japan)

    有価証券報告書-第106期(令和2年4月1日-令和3年3月31日)

    ID S100LTKV2021-06-29Open

Extracted from XBRL: 51 / Derived from other figures: 1

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