# Mitsuchi Corporation: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/07/01－2026/06/30) (S100Z3JA)
> Page: https://vizora.meequs.com/en/company/mitsuchi
> Retrieved: 2026-09-30T18:04:24.754Z

## Company

Mitsuchi, founded in 1963, is a company in Auto Parts listed on TSE Standard. It has 458 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsuchi Corporation |
| Ticker | 3439 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3439.T) |
| Listing | TSE Standard |
| Head office | 愛知県春日井市牛山町1203番地 |
| Representative (per filing) | 代表取締役社長 下元守 |
| Founded | Jun 1963 |
| Share capital | ¥405.9M |
| Employees (consolidated) | 458 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | June |
| Corporate number | 9180001001260 |
| EDINET | E02491 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100Z3JA, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.3 | 110 |
| Profitability | 12.2 | 111 |
| Cash conversion | 94 | 108 |
| Efficiency | 24.8 | 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 64% of Mitsuchi's sales come from Japan, with Thailand and America making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.3% from the prior year, operating profit +163.5%.

## Company structure

- Segment revenue mix: Japan 64.5%、Thailand 20.6%、America 13.7%、China 1.2%、India 0.0%
- Revenue → net income: ¥12570107000 → ¥213154000
- Net income → operating cash flow: ¥213154000 → ¥1080674000（difference ¥867520000）
- Main uses of operating cash flow: CapEx ¥798651000 / dividends ¥93382000 / buybacks —
- Change in cash: ¥-329523000
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 | ¥12.6B |  |
| Operating income | ¥280.8M | Margin 2.2% |
| Net income | ¥213.2M | Margin 1.7% |
| Free cash flow | ¥282M |  |
| Largest business | Japan | of segment revenue 64.5% |
| Employees (consolidated) | 458 |  |
| EPS | ¥-87.79 |  |
| Book value per share | ¥1026.44 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 5,304,040 |  |
| Treasury shares | 627,600 |  |
| Shareholders | 783 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 23.4% | Cash ÷ revenue 29.1% |
| Vs. industry median margin | -2.5 pp | Auto Parts |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income
- FY2026, employees -2% while operating income rose 163%
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13783400000 | ¥12570107000 | -8.8% |
| Operating income | ¥431313000 | ¥280753000 | -34.9% |
| Operating margin | 3.1% | 2.2% | -0.9 pp |
| Employees | 517 people | 458 people | -11.4% |
| Cash and equivalents | ¥4006996000 | ¥3659214000 | -8.7% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 64.5% |
| 日本 → 事業再編・廃止 | 15.0% |
| 米国 → 米国 | 6.7% |
| タイ → タイ | 9.9% |
| 中国 → 中国 | 1.2% |
| 中国 → 事業再編・廃止 | 2.7% |
| 新設・再編 → 米国 | 7.0% |
| 新設・再編 → タイ | 10.7% |
| 新設・再編 → インド | 0.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | -5.8% | ¥8107222000 | -0.1% | 2 |
| Thailand | 5 years | +13.7% | ¥2588595000 | 16.0% | 2 |
| America | 5 years | +13.1% | ¥1722499000 | -0.5% | 2 |
| China | 5 years | -22.4% | ¥151780000 | -39.6% | 2 |
| India | — | — | ¥10000 | -420460.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,570 | 100.0% | S100Z3JA |
| Cost of revenue | 10,411 | 82.8% | S100Z3JA |
| Gross profit | 2,159 | 17.2% | S100Z3JA |
| SG&A | 1,878 | 14.9% | S100Z3JA |
| Operating income | 281 | 2.2% | S100Z3JA |
| Ordinary income | 464 | 3.7% | S100Z3JA |
| Pretax income | 389 | 3.1% | S100Z3JA |
| Income tax | 176 | 1.4% | S100Z3JA |
| Net income | 213 | 1.7% | S100Z3JA |
| Net income attributable to owners | 213 | 1.7% | S100Z3JA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.2% → Operating margin 2.2% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.3%; Core profit growth: +163.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 128.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,412 | 12,570 | 158 | +1.3% |
| Gross profit | 2,006 | 2,159 | 153 | +7.6% |
| Operating income | 107 | 281 | 174 | +163.5% |
| Net income attributable to owners | -117 | 213 | 330 | — |
| Operating cash flow | 886 | 1,081 | 195 | +22.0% |
| Free cash flow | 648 | 282 | -366 | -56.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 12,468 | 16 | 0.1% | -185 | 451 | -1,159 | S100MHZ6 |
| FY ending Jun 2021 | 13,783 | 431 | 3.1% | 416 | 1,456 | 1,041 | S100P8ZV |
| FY ending Jun 2022 | 12,448 | 354 | 2.8% | 395 | 842 | 441 | S100RWZY |
| FY ending Jun 2023 | 12,555 | -32 | -0.3% | -32 | 700 | -76 | S100UF1M |
| FY ending Jun 2024 | 13,148 | 466 | 3.5% | 419 | 1,325 | 1,134 | S100WQN3 |
| FY ending Jun 2025 | 12,412 | 107 | 0.9% | -117 | 886 | 648 | S100Z3JA |
| FY ending Jun 2026 | 12,570 | 281 | 2.2% | 213 | 1,081 | 282 | S100Z3JA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.4M |
| Operating income per employee (consolidated) | ¥613K |
| Net income per employee (consolidated) | ¥465.4K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 502 | 513 | 494 | 469 | 458 |
| Average salary (parent company) | ¥5.1M | ¥4.7M | ¥5.2M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 45.1 years | 42.5 years | 43.2 years | 42.8 years | 43.1 years |
| Average tenure (parent company) | 12.5 years | 12.7 years | 14.1 years | 12.8 years | 12.7 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +1.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 8,107 | 64.5% | -6 | -0.1% |
| America | 1,722 | 13.7% | -8 | -0.5% |
| Thailand | 2,589 | 20.6% | 414 | 16.0% |
| China | 152 | 1.2% | -60 | -39.6% |
| India | 0 | 0.0% | -42 | -420460.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 64.5% | — | — | -0.1% |
| America | 13.7% | — | — | -0.5% |
| Thailand | 20.6% | 100.0% | 79.4 | 16.0% |
| China | 1.2% | — | — | -39.6% |
| India | 0.0% | — | — | -420460.0% |

Loss-making segment (excluded from profit shares): Japan -6 JPY mn

Loss-making segment (excluded from profit shares): America -8 JPY mn

Loss-making segment (excluded from profit shares): China -60 JPY mn

Loss-making segment (excluded from profit shares): India -42 JPY mn

Segment → industry: India → Auto Parts / China → Auto Parts / Thailand → Auto Parts / America → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,081 | 8.6% | S100Z3JA |
| Capital expenditure | 799 | 6.4% | S100Z3JA |
| Free cash flow | 282 | 2.2% | 算出 |
| Investing cash flow | -598 | -4.8% | S100Z3JA |
| Financing cash flow | -1,025 | -8.2% | S100Z3JA |
| Dividends paid | 93 | 0.7% | S100Z3JA |
| Change in cash | -330 | -2.6% | S100Z3JA |
| Cash and equivalents | 3,659 | 29.1% | S100Z3JA |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,790 | 3,928 | 3,896 | 3,989 | 3,659 | S100UF1M, S100WQN3, S100Z3JA |
| Total assets | 16,411 | 16,683 | 16,451 | 15,858 | 15,633 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Net assets | 9,067 | 9,231 | 9,982 | 9,647 | 10,347 | S100UF1M, S100WQN3, S100Z3JA |
| Share capital | 406 | 406 | 406 | 406 | 406 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Trade receivables | 2,078 | 2,191 | 2,008 | 1,812 | 1,748 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Property, plant and equipment | 5,744 | 5,651 | 5,271 | 4,764 | 4,556 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Intangible assets excluding goodwill | 180 | 148 | 112 | 101 | 253 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Goodwill | 102 | 83 | 65 | — | — | S100RWZY, S100UF1M, S100WQN3 |
| Investment securities | 184 | 204 | 265 | 307 | 451 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Current assets | 10,028 | 10,366 | 10,474 | 10,353 | 9,985 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Current liabilities | 4,778 | 5,042 | 4,699 | 4,839 | 3,858 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Trade payables | 1,028 | 1,260 | 885 | 856 | 955 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Short-term borrowings | 1,000 | 1,400 | 1,400 | 2,000 | 1,300 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Long-term borrowings | 1,951 | 1,867 | 1,262 | 909 | 925 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Bonds | 190 | 100 | 50 | — | — | S100RWZY, S100UF1M, S100WQN3 |
| Interest-bearing debt | 3,140 | 3,367 | 2,712 | — | — | 算出 |
| Total liabilities | 7,344 | 7,452 | 6,469 | 6,211 | 5,286 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Equity attributable to owners of parent | 8,484 | 8,403 | 8,775 | 8,259 | 8,387 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Retained earnings | 7,608 | 7,528 | 7,899 | 7,655 | 7,775 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |
| Treasury stock | -135 | -135 | -135 | -407 | -398 | S100RWZY, S100UF1M, S100WQN3, S100Z3JA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100Z3JA |
| Receivables | 11% | S100Z3JA |
| Property, plant and equipment | 29% | S100Z3JA |
| Intangibles and goodwill | 2% | S100Z3JA |
| Investment securities | 3% | S100Z3JA |
| Other assets | 32% | S100Z3JA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Z3JA |
| Other liabilities | 28% | S100Z3JA |
| Equity | 66% | S100Z3JA |
| Other liabilities | 0% | S100Z3JA |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,411 | 16,683 | 16,451 | 15,858 | 15,633 |
| Equity | 9,067 | 9,231 | 9,982 | 9,647 | 10,347 |
| Interest-bearing debt | 3,140 | 3,367 | 2,712 | — | — |
| Cash | 3,790 | 3,928 | 3,896 | 3,989 | 3,659 |

## 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) | 36.2% | S100Z3JA |
| Fixed assets ÷ total assets | 29.1% | S100Z3JA |
| Goodwill ÷ parent equity | — | —, S100Z3JA |

### 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) | 23.4% |
| Cash ÷ revenue | 29.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 384.9% |
| Cash vs. profit gap | 868 JPY mn (of net income 407.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.8% |
| Shareholder payments — dividends / FCF | 33.1% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 55.3% |

## 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 | 3.2% | 0.76× | 2.4% | 1.93× | 4.7% | S100RWZY |
| 2023 | — | —× | -0.2% | —× | — | S100UF1M |
| 2024 | 3.2% | 0.79× | 2.5% | 1.93× | 4.9% | S100WQN3 |
| 2025 | — | —× | -0.7% | —× | — | S100Z3JA |
| 2026 | 1.7% | 0.80× | 1.4% | 1.89× | 2.6% | S100Z3JA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 17.1% | 2026-06-30 |
| 池谷 真理子 | Major shareholder | 4.5% | 2026-06-30 |
| 石黒 いづみ | Major shareholder | 4.5% | 2026-06-30 |
| 小野 実喜子 | Major shareholder | 4.5% | 2026-06-30 |
| 箕浦 義彦 | Major shareholder | 4.5% | 2026-06-30 |
| 箕浦 智康 | Major shareholder | 4.4% | 2026-06-30 |
| 箕浦 仁 | Major shareholder | 4.4% | 2026-06-30 |
| 箕浦 信彦 | Major shareholder | 3.9% | 2026-06-30 |
| 野田 正英 | Major shareholder | 3.3% | 2026-06-30 |
| 阿知波 珠美 | Major shareholder | 3.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/07/01－2026/06/30) | S100Z3JA | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3JA,, |
| 有価証券報告書－第63期(2024/07/01－2025/06/30) | S100WQN3 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQN3,, |
| 有価証券報告書－第62期(2023/07/01－2024/06/30) | S100UF1M | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UF1M,, |
| 有価証券報告書－第61期(2022/07/01－2023/06/30) | S100RWZY | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWZY,, |
| 有価証券報告書－第60期(令和3年7月1日－令和4年6月30日) | S100P8ZV | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8ZV,, |
| 有価証券報告書－第59期(令和2年7月1日－令和3年6月30日) | S100MHZ6 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHZ6,, |

## 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).