# Mitsuboshi Belting 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111期(2025/04/01－2026/03/31) (S100YJBU)
> Page: https://vizora.meequs.com/en/company/mitsuboshi-belting
> Retrieved: 2026-09-30T20:31:17.190Z

## Company

Mitsuboshi Belting, founded in 1919, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 4,568 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsuboshi Belting Ltd. |
| Ticker | 5192 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5192.T) |
| Listing | TSE Prime |
| Head office | 神戸市長田区浜添通4丁目1番21号 |
| Representative (per filing) | 代表取締役社長 池田浩 |
| Founded | Oct 1919 |
| Share capital | ¥8.15B |
| Employees (consolidated) | 4,568 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.mitsuboshi.com (https://www.mitsuboshi.com/) |
| Corporate number | 6140001016934 |
| EDINET | E01098 |
| Industries (Vizora) | Housing Equipment & Building Materials, Tires & Rubber |

> Profile source: annual securities report (S100YJBU, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 14 |
| Profitability | 60.7 | 14 |
| Cash conversion | 46.4 | 14 |
| Efficiency | 25 | 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 55% of Mitsuboshi Belting's sales come from Overseas belts, with Domestic belts and Building and construction materials making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Overseas belts 55.0%、Domestic belts 31.4%、Building and construction materials 7.3%、Other 6.2%
- Revenue → net income: ¥92298000000 → ¥7392000000
- Net income → operating cash flow: ¥7392000000 → ¥10310000000（difference ¥2918000000）
- Main uses of operating cash flow: CapEx ¥7766000000 / dividends ¥5248000000 / buybacks ¥1000000000
- Change in cash: ¥-4999000000
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 | ¥92.3B |  |
| Operating income | ¥8.68B | Margin 9.4% |
| Net income | ¥7.39B | Margin 8.0% |
| Free cash flow | ¥2.54B |  |
| Largest business | Overseas belts | of segment revenue 55.0% |
| Employees (consolidated) | 4,568 |  |
| EPS | ¥232.17 |  |
| Book value per share | ¥2221.16 |  |
| Equity ratio | 78.2% |  |
| Shares outstanding | 31,104,000 |  |
| Treasury shares | 3,136,300 |  |
| Shareholders | 31,289 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 28.0% |
| Vs. industry median margin | +1.4 pp | Tires & Rubber |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64862000000 | ¥92298000000 | +42.3% |
| Operating income | ¥4968000000 | ¥8678000000 | +74.7% |
| Operating margin | 7.7% | 9.4% | +1.7 pp |
| Employees | 4,271 people | 4,568 people | +7.0% |
| Cash and equivalents | ¥33741000000 | ¥25844000000 | -23.4% |

### 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 |
| --- | ---: |
| 国内ベルト → 国内ベルト | 31.4% |
| 国内ベルト → 事業再編・廃止 | 6.8% |
| 海外ベルト → 海外ベルト | 45.7% |
| 建設資材 → 建設資材 | 7.3% |
| 建設資材 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 6.2% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 海外ベルト | 9.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas belts | 5 years | +11.4% | ¥50787000000 | 8.8% | 2 |
| Domestic belts | 5 years | +3.2% | ¥28975000000 | 25.3% | 2 |
| Building and construction materials | 5 years | +3.3% | ¥6769000000 | 1.3% | 2 |
| Other | 5 years | +4.1% | ¥5765000000 | 6.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 92,298 | 100.0% | S100YJBU |
| Cost of revenue | 64,176 | 69.5% | S100YJBU |
| Gross profit | 28,121 | 30.5% | S100YJBU |
| SG&A | 19,443 | 21.1% | S100YJBU |
| Operating income | 8,678 | 9.4% | S100YJBU |
| Ordinary income | 10,178 | 11.0% | S100YJBU |
| Pretax income | 10,388 | 11.3% | S100YJBU |
| Income tax | 2,996 | 3.2% | S100YJBU |
| Net income | 7,392 | 8.0% | S100YJBU |
| Net income attributable to owners | 7,392 | 8.0% | S100YJBU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 30.5% → Operating margin 9.4% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.42×
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 | 90,510 | 92,298 | 1,788 | +2.0% |
| Gross profit | 28,093 | 28,121 | 28 | +0.1% |
| Operating income | 8,928 | 8,678 | -250 | -2.8% |
| Net income attributable to owners | 9,060 | 7,392 | -1,668 | -18.4% |
| Operating cash flow | 7,751 | 10,310 | 2,559 | +33.0% |
| Free cash flow | 758 | 2,544 | 1,786 | +235.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 71,051 | 7,299 | 10.3% | 5,464 | 7,914 | 3,547 | S100LTKV |
| FY ending Mar 2021 | 64,862 | 4,968 | 7.7% | 4,066 | 8,612 | 4,894 | S100OL46 |
| FY ending Mar 2022 | 74,870 | 7,640 | 10.2% | 6,380 | 9,044 | 2,986 | S100R9DH |
| FY ending Mar 2023 | 82,911 | 9,030 | 10.9% | 7,071 | 9,341 | 3,741 | S100TWCJ |
| FY ending Mar 2024 | 84,014 | 7,759 | 9.2% | 7,102 | 11,926 | 6,881 | S100W75T |
| FY ending Mar 2025 | 90,510 | 8,928 | 9.9% | 9,060 | 7,751 | 758 | S100YJBU |
| FY ending Mar 2026 | 92,298 | 8,678 | 9.4% | 7,392 | 10,310 | 2,544 | S100YJBU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 4,201 | 4,342 | 4,471 | 4,495 | 4,568 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7M | ¥7.2M | ¥7.3M |
| Average age (parent company) | 41.2 years | 41.2 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 17.2 years | 18.1 years | 18.0 years | 17.1 years | 17.1 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic belts | 28,975 | 31.4% | 7,338 | 25.3% |
| Overseas belts | 50,787 | 55.0% | 4,474 | 8.8% |
| Building and construction materials | 6,769 | 7.3% | 88 | 1.3% |
| Other | 5,765 | 6.2% | 364 | 6.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic belts | 31.4% | 59.8% | 28.4 | 25.3% |
| Overseas belts | 55.0% | 36.5% | -18.5 | 8.8% |
| Building and construction materials | 7.3% | 0.7% | -6.6 | 1.3% |
| Other | 6.2% | 3.0% | -3.3 | 6.3% |

Segment → industry: Building and construction materials → Housing Equipment & Building Materials / Overseas belts → Tires & Rubber / Domestic belts → Tires & Rubber

## 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 | 10,310 | 11.2% | S100YJBU |
| Capital expenditure | 7,766 | 8.4% | S100YJBU |
| Free cash flow | 2,544 | 2.8% | 算出 |
| Investing cash flow | -7,048 | -7.6% | S100YJBU |
| Financing cash flow | -9,363 | -10.1% | S100YJBU |
| Dividends paid | 5,248 | 5.7% | S100YJBU |
| Share buyback | 1,000 | 1.1% | S100YJBU |
| Change in cash | -4,999 | -5.4% | S100YJBU |
| Cash and equivalents | 25,844 | 28.0% | S100YJBU |

## 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 | 33,063 | 33,494 | 35,045 | 30,843 | 25,844 | S100TWCJ, S100W75T, S100YJBU |
| Total assets | 118,963 | 121,682 | 135,627 | 128,161 | 129,884 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Net assets | 86,877 | 87,601 | 98,247 | 95,786 | 101,619 | S100TWCJ, S100W75T, S100YJBU |
| Share capital | 8,150 | 8,150 | 8,150 | 8,150 | 8,150 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Property, plant and equipment | 26,671 | 28,399 | 30,458 | 32,227 | 34,530 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Intangible assets excluding goodwill | 891 | 791 | 625 | 741 | 646 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Goodwill | — | 130 | 88 | 65 | 42 | S100TWCJ, S100W75T, S100YJBU |
| Investment securities | 15,179 | 13,597 | 22,614 | 16,189 | 18,001 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Current assets | 74,540 | 77,331 | 80,107 | 77,289 | 74,976 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Current liabilities | 22,215 | 21,862 | 23,731 | 21,768 | 18,113 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Trade payables | 9,898 | 9,889 | 10,033 | 9,646 | 9,072 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Short-term borrowings | 2,327 | 2,329 | 2,303 | 2,303 | — | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Long-term borrowings | 900 | 4,000 | 3,000 | 2,000 | 1,000 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Total liabilities | 32,086 | 34,081 | 37,380 | 32,375 | 28,265 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Equity attributable to owners of parent | 74,188 | 73,552 | 73,481 | 75,526 | 76,763 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Retained earnings | 70,315 | 70,818 | 68,088 | 71,042 | 73,186 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |
| Treasury stock | -6,395 | -7,559 | -4,868 | -5,960 | -6,906 | S100R9DH, S100TWCJ, S100W75T, S100YJBU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJBU |
| Property, plant and equipment | 27% | S100YJBU |
| Intangibles and goodwill | 0% | S100YJBU |
| Investment securities | 14% | S100YJBU |
| Other assets | 39% | S100YJBU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJBU |
| Other liabilities | 15% | S100YJBU |
| Equity | 78% | S100YJBU |

### 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 | 118,963 | 121,682 | 135,627 | 128,161 | 129,884 |
| Equity | 86,877 | 87,601 | 98,247 | 95,786 | 101,619 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,063 | 33,494 | 35,045 | 30,843 | 25,844 |

## 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) | 37.4% | S100YJBU |
| Fixed assets ÷ total assets | 26.6% | S100YJBU |
| Goodwill ÷ parent equity | 0.1% | S100YJBU |

### 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) | 19.9% |
| Cash ÷ revenue | 28.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.8% |
| Cash vs. profit gap | 2,918 JPY mn (of net income 39.5%) |
| Shareholder returns / net income | 84.5% |
| Shareholder returns / FCF | 245.6% |
| Shareholder payments — dividends / net income | 71.0% |
| Shareholder payments — dividends / FCF | 206.3% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 68.4% |

## 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 | 8.5% | 0.63× | 5.4% | 1.60× | 8.6% | S100R9DH |
| 2023 | 8.5% | 0.69× | 5.9% | 1.63× | 9.6% | S100TWCJ |
| 2024 | 8.5% | 0.65× | 5.5% | 1.75× | 9.7% | S100W75T |
| 2025 | 10.0% | 0.69× | 6.9% | 1.77× | 12.2% | S100YJBU |
| 2026 | 8.0% | 0.72× | 5.7% | 1.69× | 9.7% | S100YJBU |

## 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 | 14.0% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 星友持株会 | Major shareholder | 4.0% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.9% | 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 | 2.5% | 2026-03-31 |
| 三ツ星ベルト社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 三信㈱ | Major shareholder | 1.8% | 2026-03-31 |
| ＫＩＳＣＯ㈱ | Major shareholder | 1.5% | 2026-03-31 |
| 小田 芳裕 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YJBU | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJBU,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100W75T | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W75T,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TWCJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWCJ,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R9DH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9DH,, |
| 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) | S100OL46 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL46,, |
| 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) | S100LTKV | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTKV,, |

## 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).