# MIYAIRI VALVE MFG.CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2025/04/01－2026/03/31) (S100YKBD)
> Page: https://vizora.meequs.com/en/company/miyairi-valve-mfg
> Retrieved: 2026-09-30T19:15:31.833Z

## Company

Miyairi Valve MFG., founded in 1949, is a company in Industrial Machinery listed on TSE Standard. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MIYAIRI VALVE MFG. CO., LTD. |
| Ticker | 6495 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6495.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座西一丁目2番地 |
| Representative (per filing) | 代表取締役社長 西田 憲司 |
| Founded | Apr 1949 |
| Share capital | ¥1.99B |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.miyairi-valve.co.jp (https://www.miyairi-valve.co.jp/) |
| Corporate number | 8010001034955 |
| EDINET | E01624 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YKBD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.9 | 110 |
| Profitability | 8.6 | 122 |
| Cash conversion | 87.5 | 116 |
| Efficiency | 66 | 122 |

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)

- Miyairi Valve MFG. brought in ¥7.04B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +35.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7044209000 → ¥60685000
- Net income → operating cash flow: ¥60685000 → ¥314831000（difference ¥254146000）
- Main uses of operating cash flow: CapEx ¥198534000 / dividends ¥96181000 / buybacks —
- Change in cash: ¥-82968000
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 | ¥7.04B |  |
| Operating income | ¥111.1M | Margin 1.6% |
| Net income | ¥60.7M | Margin 0.9% |
| Free cash flow | ¥116.3M |  |
| Employees (consolidated) | 151 |  |
| EPS | ¥1.26 |  |
| Book value per share | ¥82.69 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 48,849,935 |  |
| Treasury shares | 694,600 |  |
| Shareholders | 18,207 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 3.0% | Cash ÷ revenue 3.7% |
| Vs. industry median margin | -6 pp | Industrial Machinery |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.2× net income
- FY2026, employees -1% while operating income rose 35%
- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4652555000 | ¥7044209000 | +51.4% |
| Operating income | ¥84884000 | ¥111053000 | +30.8% |
| Operating margin | 1.8% | 1.6% | -0.2 pp |
| Employees | 163 people | 151 people | -7.4% |
| Cash and equivalents | ¥218339000 | ¥260826000 | +19.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,044 | 100.0% | S100YKBD |
| Cost of revenue | 5,978 | 84.9% | S100YKBD |
| Gross profit | 1,066 | 15.1% | S100YKBD |
| SG&A | 955 | 13.6% | S100YKBD |
| Operating income | 111 | 1.6% | S100YKBD |
| Ordinary income | 100 | 1.4% | S100YKBD |
| Pretax income | 94 | 1.3% | S100YKBD |
| Income tax | 34 | 0.5% | S100YKBD |
| Net income | 61 | 0.9% | S100YKBD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 15.1% → Operating margin 1.6% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +35.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.31×
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 | 6,786 | 7,044 | 259 | +3.8% |
| Gross profit | 1,045 | 1,066 | 21 | +2.0% |
| Operating income | 82 | 111 | 29 | +35.5% |
| Operating cash flow | 104 | 315 | 211 | +202.4% |
| Free cash flow | -492 | 116 | 609 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,722 | 36 | 0.8% | 5 | -68 | -196 | S100LQME |
| FY ending Mar 2021 | 4,653 | 85 | 1.8% | 45 | 373 | 342 | S100OGWP |
| FY ending Mar 2022 | 5,386 | 73 | 1.3% | 41 | 535 | 465 | S100R40Z |
| FY ending Mar 2023 | 6,331 | 265 | 4.2% | 233 | 825 | 653 | S100TUHG |
| FY ending Mar 2024 | 6,158 | 211 | 3.4% | 177 | 435 | 170 | S100W3CI |
| FY ending Mar 2025 | 6,786 | 82 | 1.2% | -75 | 104 | -492 | S100YKBD |
| FY ending Mar 2026 | 7,044 | 111 | 1.6% | 61 | 315 | 116 | S100YKBD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥735.5K |
| Net income per employee (consolidated) | ¥401.9K |

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) | 156 | 151 | 155 | 153 | 151 |
| Average salary (parent company) | ¥5M | ¥5.9M | ¥6.1M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 44.1 years | 43.7 years | 44.2 years | 45.1 years | 45.2 years |
| Average tenure (parent company) | 16.1 years | 15.4 years | 15.2 years | 15.9 years | 15.9 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 315 | 4.5% | S100YKBD |
| Capital expenditure | 199 | 2.8% | S100YKBD |
| Free cash flow | 116 | 1.7% | 算出 |
| Investing cash flow | -261 | -3.7% | S100YKBD |
| Financing cash flow | -137 | -1.9% | S100YKBD |
| Dividends paid | 96 | 1.4% | S100YKBD |
| Change in cash | -83 | -1.2% | S100YKBD |
| Cash and equivalents | 261 | 3.7% | S100YKBD |

## 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 | 208 | 284 | 388 | 344 | 261 | S100TUHG, S100W3CI, S100YKBD |
| Total assets | 8,175 | 8,140 | 8,645 | 8,898 | 8,812 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Net assets | 3,881 | 4,080 | 4,178 | 3,976 | 3,982 | S100TUHG, S100W3CI, S100YKBD |
| Share capital | 1,993 | 1,993 | 1,993 | 1,993 | 1,993 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Property, plant and equipment | 3,868 | 3,890 | 4,142 | 4,415 | 4,202 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Intangible assets excluding goodwill | 16 | 23 | 84 | 69 | 53 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Investment securities | 321 | 324 | 321 | 297 | 461 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Current assets | 3,539 | 3,406 | 3,522 | 3,523 | 3,565 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Current liabilities | 2,390 | 2,270 | 2,717 | 2,803 | 2,675 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Short-term borrowings | 1,180 | 931 | 1,197 | 1,353 | 1,243 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Long-term borrowings | 641 | 473 | 331 | 703 | 783 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Total liabilities | 4,295 | 4,059 | 4,467 | 4,922 | 4,830 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Equity attributable to owners of parent | 2,108 | 2,300 | 2,389 | 2,223 | 2,187 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Retained earnings | 235 | 420 | 501 | 330 | 294 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |
| Treasury stock | -125 | -117 | -109 | -104 | -104 | S100R40Z, S100TUHG, S100W3CI, S100YKBD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YKBD |
| Property, plant and equipment | 48% | S100YKBD |
| Intangibles and goodwill | 1% | S100YKBD |
| Investment securities | 5% | S100YKBD |
| Other assets | 43% | S100YKBD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YKBD |
| Equity | 45% | S100YKBD |
| Other liabilities | 0% | S100YKBD |

### 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 | 8,175 | 8,140 | 8,645 | 8,898 | 8,812 |
| Equity | 3,881 | 4,080 | 4,178 | 3,976 | 3,982 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 208 | 284 | 388 | 344 | 261 |

## 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) | 59.7% | S100YKBD |
| Fixed assets ÷ total assets | 47.7% | S100YKBD |
| Goodwill ÷ parent equity | — | —, S100YKBD |

### 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) | 3.0% |
| Cash ÷ revenue | 3.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 283.5% |
| Cash vs. profit gap | 254 JPY mn (of net income 418.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 158.5% |
| Shareholder payments — dividends / FCF | 82.7% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 82.9% |

## 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 | 0.8% | 0.66× | 0.5% | 3.88× | 1.9% | S100R40Z |
| 2023 | 3.7% | 0.78× | 2.9% | 3.70× | 10.6% | S100TUHG |
| 2024 | 2.9% | 0.73× | 2.1% | 3.58× | 7.5% | S100W3CI |
| 2025 | — | —× | -0.9% | —× | — | S100YKBD |
| 2026 | 0.9% | 0.80× | 0.7% | 4.02× | 2.8% | S100YKBD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 昌栄機工株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 宮入バルブ製作所取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 清野 正廣 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＣＫサンエツ | Major shareholder | 2.1% | 2026-03-31 |
| 森下 均 | Major shareholder | 1.5% | 2026-03-31 |
| 宮入バルブ従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 阿部 五美 | Major shareholder | 1.1% | 2026-03-31 |
| 保母 伸子 | Major shareholder | 0.9% | 2026-03-31 |
| 前田 富枝 | Major shareholder | 0.8% | 2026-03-31 |
| 竹内 美和子 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YKBD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKBD,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W3CI | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3CI,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TUHG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUHG,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R40Z | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R40Z,, |
| 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) | S100OGWP | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGWP,, |
| 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) | S100LQME | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQME,, |

## 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).