# MITSUBOSHI 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81期(2025/04/01－2026/03/31) (S100YG3G)
> Page: https://vizora.meequs.com/en/company/mitsuboshi
> Retrieved: 2026-09-30T17:49:02.987Z

## Company

Mitsuboshi, founded in 1947, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 326 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUBOSHI CO.,LTD. |
| Ticker | 5820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5820.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区本町一丁目4番8号 |
| Representative (per filing) | 代表取締役社長 青木 邦博 |
| Founded | Mar 1947 |
| Share capital | ¥1.27B |
| Employees (consolidated) | 326 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.kk-mitsuboshi.co.jp (https://www.kk-mitsuboshi.co.jp/) |
| Corporate number | 7120001025481 |
| EDINET | E01351 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Chemicals |

> Profile source: annual securities report (S100YG3G, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38 | 25 |
| Profitability | 13.5 | 26 |
| Cash conversion | 86 | 25 |
| Efficiency | 42.6 | 27 |

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 71% of Mitsuboshi's sales come from Electric Wire, with Polymatec and Heating Wire making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +152.2%.

## Company structure

- Segment revenue mix: Electric Wire 71.2%、Polymatec 21.2%、Heating Wire 7.6%
- Revenue → net income: ¥11728353000 → ¥246541000
- Net income → operating cash flow: ¥246541000 → ¥627470000（difference ¥380929000）
- Main uses of operating cash flow: CapEx ¥286656000 / dividends ¥58288000 / buybacks —
- Change in cash: ¥586974000
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 | ¥11.7B |  |
| Operating income | ¥355.2M | Margin 3.0% |
| Net income | ¥246.5M | Margin 2.1% |
| Free cash flow | ¥340.8M |  |
| Largest business | Electric Wire | of segment revenue 71.2% |
| Employees (consolidated) | 326 |  |
| EPS | ¥55.2 |  |
| Diluted EPS | ¥52.3 |  |
| Book value per share | ¥1658.33 |  |
| Equity ratio | 52.0% |  |
| Shares outstanding | 4,279,965 |  |
| Treasury shares | 354,400 |  |
| Shareholders | 4,186 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | -2.6 pp | Non-ferrous Metals & Wires |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7637791000 | ¥11728353000 | +53.6% |
| Operating income | ¥197261000 | ¥355195000 | +80.1% |
| Operating margin | 2.6% | 3.0% | +0.4 pp |
| Employees | 227 people | 326 people | +43.6% |
| Cash and equivalents | ¥1752462000 | ¥2626748000 | +49.9% |

### 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 |
| --- | ---: |
| 電線 → 電線 | 66.3% |
| ポリマテック → ポリマテック | 21.2% |
| ポリマテック → 事業再編・廃止 | 4.0% |
| 電熱線 → 電熱線 | 7.6% |
| 電熱線 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 電線 | 4.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electric Wire | 5 years | +10.5% | ¥8349543000 | 5.7% | 2 |
| Polymatec | 5 years | +5.3% | ¥2490553000 | -5.2% | 2 |
| Heating Wire | 5 years | +6.5% | ¥888256000 | 1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,728 | 100.0% | S100YG3G |
| Cost of revenue | 9,562 | 81.5% | S100YG3G |
| Gross profit | 2,167 | 18.5% | S100YG3G |
| SG&A | 1,812 | 15.4% | S100YG3G |
| Operating income | 355 | 3.0% | S100YG3G |
| Ordinary income | 388 | 3.3% | S100YG3G |
| Pretax income | 379 | 3.2% | S100YG3G |
| Income tax | 133 | 1.1% | S100YG3G |
| Net income | 247 | 2.1% | S100YG3G |
| Net income attributable to owners | 247 | 2.1% | S100YG3G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.5% → Operating margin 3.0% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +152.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 19.40×
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 | 10,875 | 11,728 | 853 | +7.8% |
| Gross profit | 1,893 | 2,167 | 274 | +14.5% |
| Operating income | 141 | 355 | 214 | +152.2% |
| Net income attributable to owners | 216 | 247 | 31 | +14.4% |
| Operating cash flow | 155 | 627 | 473 | +306.0% |
| Free cash flow | -44 | 341 | 384 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,522 | 202 | 2.4% | 185 | 250 | -279 | S100LNQ2 |
| FY ending Mar 2021 | 7,638 | 197 | 2.6% | 188 | 632 | 515 | S100OH26 |
| FY ending Mar 2022 | 9,187 | 237 | 2.6% | 281 | -352 | -455 | S100R3D8 |
| FY ending Mar 2023 | 9,947 | 156 | 1.6% | -68 | 105 | 17 | S100TTID |
| FY ending Mar 2024 | 10,330 | 60 | 0.6% | 124 | 113 | -246 | S100WWNS |
| FY ending Mar 2025 | 10,875 | 141 | 1.3% | 216 | 155 | -44 | S100YG3G |
| FY ending Mar 2026 | 11,728 | 355 | 3.0% | 247 | 627 | 341 | S100YG3G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥756.3K |

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) | 231 | 237 | 318 | 314 | 326 |
| Average salary (parent company) | ¥4.9M | ¥4.8M | ¥5.1M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 40.6 years | 41.1 years | 41.7 years | 41.3 years | 40.3 years |
| Average tenure (parent company) | 15.6 years | 16.0 years | 15.5 years | 14.5 years | 13.9 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric Wire | 8,350 | 71.2% | 476 | 5.7% |
| Polymatec | 2,491 | 21.2% | -130 | -5.2% |
| Heating Wire | 888 | 7.6% | 9 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric Wire | 71.2% | 98.2% | 27.0 | 5.7% |
| Polymatec | 21.2% | — | — | -5.2% |
| Heating Wire | 7.6% | 1.8% | -5.8 | 1.0% |

Loss-making segment (excluded from profit shares): Polymatec -130 JPY mn

Segment → industry: Heating Wire → Non-ferrous Metals & Wires / Electric Wire → Non-ferrous Metals & Wires / Polymatec → Chemicals

## 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 | 627 | 5.4% | S100YG3G |
| Capital expenditure | 287 | 2.4% | S100YG3G |
| Free cash flow | 341 | 2.9% | 算出 |
| Investing cash flow | -290 | -2.5% | S100YG3G |
| Financing cash flow | 242 | 2.1% | S100YG3G |
| Dividends paid | 58 | 0.5% | S100YG3G |
| Change in cash | 587 | 5.0% | S100YG3G |
| Cash and equivalents | 2,627 | 22.4% | S100YG3G |

## 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 | 1,072 | 1,616 | 1,675 | 2,040 | 2,627 | S100TTID, S100WWNS, S100YG3G |
| Total assets | 10,419 | 10,950 | 12,708 | 12,728 | 13,905 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Net assets | 6,171 | 6,072 | 6,598 | 6,663 | 7,246 | S100TTID, S100WWNS, S100YG3G |
| Share capital | 1,137 | 1,137 | 1,137 | 1,137 | 1,274 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Property, plant and equipment | 2,807 | 2,782 | 3,965 | 4,009 | 4,088 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Intangible assets excluding goodwill | 179 | 152 | 166 | 132 | 71 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Goodwill | — | — | 13 | 12 | — | S100WWNS, S100YG3G |
| Investment securities | 510 | 452 | 657 | 467 | 634 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Current assets | 6,874 | 7,508 | 7,846 | 8,017 | 9,024 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Current liabilities | 2,828 | 3,364 | 3,629 | 3,447 | 4,036 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Trade payables | 546 | 585 | 706 | 631 | 862 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Short-term borrowings | 46 | 413 | 393 | 527 | 551 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Long-term borrowings | 1,090 | 1,246 | 1,928 | 2,120 | 2,122 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Total liabilities | 4,249 | 4,878 | 6,110 | 6,065 | 6,659 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Non-controlling interests | — | — | -0 | — | — | S100WWNS |
| Equity attributable to owners of parent | 5,871 | 5,746 | 6,114 | 6,271 | 6,736 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Retained earnings | 3,747 | 3,610 | 3,676 | 3,833 | 4,021 | S100R3D8, S100TTID, S100WWNS, S100YG3G |
| Treasury stock | -146 | -145 | -144 | -144 | -143 | S100R3D8, S100TTID, S100WWNS, S100YG3G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YG3G |
| Property, plant and equipment | 29% | S100YG3G |
| Intangibles and goodwill | 0% | S100YG3G |
| Investment securities | 5% | S100YG3G |
| Other assets | 47% | S100YG3G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YG3G |
| Other liabilities | 42% | S100YG3G |
| Equity | 52% | S100YG3G |
| Other liabilities | 0% | S100YG3G |

### 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 | 10,419 | 10,950 | 12,708 | 12,728 | 13,905 |
| Equity | 6,171 | 6,072 | 6,598 | 6,663 | 7,246 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,072 | 1,616 | 1,675 | 2,040 | 2,627 |

## 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) | 34.9% | S100YG3G |
| Fixed assets ÷ total assets | 29.4% | S100YG3G |
| Goodwill ÷ parent equity | — | —, S100YG3G |

### 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) | 18.9% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.7% |
| Cash vs. profit gap | 381 JPY mn (of net income 154.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.6% |
| Shareholder payments — dividends / FCF | 17.1% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 46.2% |

## 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 | 3.1% | 0.88× | 2.7% | 1.77× | 4.8% | S100R3D8 |
| 2023 | — | —× | -0.6% | —× | — | S100TTID |
| 2024 | 1.2% | 0.87× | 1.0% | 1.99× | 2.1% | S100WWNS |
| 2025 | 2.0% | 0.86× | 1.7% | 2.05× | 3.5% | S100YG3G |
| 2026 | 2.1% | 0.88× | 1.9% | 2.05× | 3.8% | S100YG3G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| スイス・プランツ有限責任事業組合 | Major shareholder | 6.1% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 有限会社杉山製作所 | Major shareholder | 3.5% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| FRANCIS CAPITAL INC （常任代理人 福永 活也） | Major shareholder | 2.9% | 2026-03-31 |
| ミツワ樹脂工業株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 有限会社ツカモト | Major shareholder | 2.8% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.8% | 2026-03-31 |
| 本多 敏行 | Major shareholder | 2.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YG3G | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG3G,, |
| 訂正有価証券報告書－第80期(2024/04/01－2025/03/31) | S100WWNS | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWNS,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TTID | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTID,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R3D8 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3D8,, |
| 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) | S100OH26 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH26,, |
| 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) | S100LNQ2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNQ2,, |

## 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).