# MOLITEC STEEL 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85期(2025/04/01－2026/03/31) (S100YGQQ)
> Page: https://vizora.meequs.com/en/company/molitec-steel
> Retrieved: 2026-09-30T17:57:00.076Z

## Company

Molitec Steel, founded in 2002, is a company in Steel listed on TSE Standard. It has 727 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MOLITEC STEEL CO., LTD. |
| Ticker | 5986 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5986.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区谷町六丁目18番31号 |
| Representative (per filing) | 代表取締役社長 門高司 |
| Founded | Nov 2002 |
| Share capital | ¥1.85B |
| Employees (consolidated) | 727 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Corporate number | 7120001077572 |
| EDINET | E01411 |
| Industries (Vizora) | Steel, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGQQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.9 | 179 |
| Profitability | 10.5 | 185 |
| Cash conversion | 86.9 | 179 |
| Efficiency | 37 | 185 |

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 69% of Molitec Steel's sales come from Metal materials, with Press worked products and Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit +12.1%.

## Company structure

- Segment revenue mix: Metal materials 69.4%、Press worked products 15.3%、Overseas 12.0%、Heat-treated products 3.3%
- Revenue → net income: ¥48192811000 → ¥1043989000
- Net income → operating cash flow: ¥1043989000 → ¥937911000（difference ¥-106078000）
- Main uses of operating cash flow: CapEx ¥405698000 / dividends ¥89598000 / buybacks ¥22000
- Change in cash: ¥116345000
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 | ¥48.2B |  |
| Operating income | ¥444.7M | Margin 0.9% |
| Net income | ¥1.04B | Margin 2.2% |
| Free cash flow | ¥532.2M |  |
| Largest business | Metal materials | of segment revenue 69.4% |
| Employees (consolidated) | 727 |  |
| EPS | ¥32.21 |  |
| Book value per share | ¥592.02 |  |
| Equity ratio | 45.9% |  |
| Shares outstanding | 22,558,063 |  |
| Treasury shares | 153,700 |  |
| Shareholders | 8,836 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 10.2% |
| Vs. industry median margin | -2 pp | Specialty Trading & Wholesale |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22292871000 | ¥48192811000 | +116.2% |
| Operating income | ¥-437557000 | ¥444669000 | — |
| Operating margin | -2.0% | 0.9% | +2.9 pp |
| Employees | 613 people | 727 people | +18.6% |
| Cash and equivalents | ¥3467025000 | ¥4916268000 | +41.8% |

### 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 |
| --- | ---: |
| 商事部門 → 商事部門 | 56.0% |
| 焼入鋼帯部門 → 焼入鋼帯部門 | 3.3% |
| 焼入鋼帯部門 → 事業再編・廃止 | 1.5% |
| 鈑金加工品部門 → 鈑金加工品部門 | 15.3% |
| 鈑金加工品部門 → 事業再編・廃止 | 7.6% |
| 海外事業 → 海外事業 | 12.0% |
| 海外事業 → 事業再編・廃止 | 4.3% |
| 新設・再編 → 商事部門 | 13.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal materials | 5 years | +21.8% | ¥33462020000 | 1.2% | 2 |
| Press worked products | 5 years | +7.6% | ¥7360928000 | 6.8% | 2 |
| Overseas | 5 years | +9.8% | ¥5770041000 | 5.2% | 2 |
| Heat-treated products | 5 years | +8.3% | ¥1599821000 | 8.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,193 | 100.0% | S100YGQQ |
| Cost of revenue | 43,291 | 89.8% | S100YGQQ |
| Gross profit | 4,902 | 10.2% | S100YGQQ |
| SG&A | 4,457 | 9.2% | S100YGQQ |
| Operating income | 445 | 0.9% | S100YGQQ |
| Ordinary income | 630 | 1.3% | S100YGQQ |
| Pretax income | 1,397 | 2.9% | S100YGQQ |
| Income tax | 353 | 0.7% | S100YGQQ |
| Net income | 1,044 | 2.2% | S100YGQQ |
| Net income attributable to owners | 1,043 | 2.2% | S100YGQQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 9 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.2% → Operating margin 0.9% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.6%; Core profit growth: +12.1%
Operating leverage (core profit growth ÷ revenue growth): -2.65×
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 | 50,499 | 48,193 | -2,306 | -4.6% |
| Gross profit | 4,775 | 4,902 | 127 | +2.7% |
| Operating income | 397 | 445 | 48 | +12.1% |
| Net income attributable to owners | 329 | 1,043 | 713 | +216.5% |
| Operating cash flow | -1,759 | 938 | 2,697 | — |
| Free cash flow | -2,311 | 532 | 2,843 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,678 | 44 | 0.2% | 81 | -787 | -2,028 | S100M0EY |
| FY ending Mar 2021 | 22,293 | -438 | -2.0% | -330 | 774 | -83 | S100OP92 |
| FY ending Mar 2022 | 27,565 | 204 | 0.7% | 254 | -502 | -982 | S100R6M9 |
| FY ending Mar 2023 | 36,334 | -75 | -0.2% | -705 | -317 | -975 | S100TRTZ |
| FY ending Mar 2024 | 50,775 | 260 | 0.5% | 312 | 1,840 | 1,268 | S100W3DP |
| FY ending Mar 2025 | 50,499 | 397 | 0.8% | 329 | -1,759 | -2,311 | S100YGQQ |
| FY ending Mar 2026 | 48,193 | 445 | 0.9% | 1,043 | 938 | 532 | S100YGQQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.3M |
| Operating income per employee (consolidated) | ¥611.6K |
| Net income per employee (consolidated) | ¥1.4M |

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) | 605 | 685 | 734 | 727 | 727 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥5M | ¥5.1M | ¥5.8M |
| Average age (parent company) | 39.0 years | 41.0 years | 42.0 years | 42.0 years | 43.0 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 15.0 years | 15.0 years | 16.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal materials | 33,462 | 69.4% | 404 | 1.2% |
| Heat-treated products | 1,600 | 3.3% | 135 | 8.5% |
| Press worked products | 7,361 | 15.3% | 500 | 6.8% |
| Overseas | 5,770 | 12.0% | 300 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Metal materials | 69.4% | 30.2% | -39.3 | 1.2% |
| Heat-treated products | 3.3% | 10.1% | 6.8 | 8.5% |
| Press worked products | 15.3% | 37.3% | 22.0 | 6.8% |
| Overseas | 12.0% | 22.4% | 10.4 | 5.2% |

Segment → industry: Press worked products → Steel / Heat-treated products → Steel / Overseas → Specialty Trading & Wholesale / Metal materials → Specialty Trading & Wholesale

## 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 | 938 | 1.9% | S100YGQQ |
| Capital expenditure | 406 | 0.8% | S100YGQQ |
| Free cash flow | 532 | 1.1% | 算出 |
| Investing cash flow | 442 | 0.9% | S100YGQQ |
| Financing cash flow | -1,345 | -2.8% | S100YGQQ |
| Dividends paid | 90 | 0.2% | S100YGQQ |
| Share buyback | 0 | 0.0% | S100YGQQ |
| Change in cash | 116 | 0.2% | S100YGQQ |
| Cash and equivalents | 4,916 | 10.2% | S100YGQQ |

## 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 | 2,661 | 4,775 | 5,639 | 4,800 | 4,916 | S100TRTZ, S100W3DP, S100YGQQ |
| Total assets | 23,833 | 36,492 | 37,226 | 36,525 | 35,157 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Net assets | 13,249 | 12,924 | 14,178 | 14,611 | 16,215 | S100TRTZ, S100W3DP, S100YGQQ |
| Share capital | 1,849 | 1,849 | 1,849 | 1,849 | 1,849 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Property, plant and equipment | 5,877 | 6,789 | 6,931 | 6,644 | 6,556 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Intangible assets excluding goodwill | 83 | 134 | 318 | 291 | 269 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Investment securities | 1,616 | 1,840 | 2,790 | 2,637 | 3,004 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Current assets | 15,676 | 26,799 | 26,468 | 26,362 | 24,696 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Current liabilities | 8,627 | 20,914 | 19,499 | 18,950 | 15,783 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Trade payables | 6,977 | 10,729 | 10,811 | 8,451 | 6,303 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Short-term borrowings | 530 | 4,502 | 3,630 | 4,946 | 3,782 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Long-term borrowings | 658 | 866 | 1,580 | 1,168 | 1,149 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Total liabilities | 10,583 | 23,568 | 23,048 | 21,914 | 18,941 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Non-controlling interests | 67 | 68 | 71 | 70 | 74 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Equity attributable to owners of parent | 12,416 | 11,622 | 11,867 | 12,107 | 13,059 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Retained earnings | 9,132 | 8,338 | 8,583 | 8,823 | 9,775 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |
| Treasury stock | -41 | -41 | -41 | -41 | -41 | S100R6M9, S100TRTZ, S100W3DP, S100YGQQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGQQ |
| Property, plant and equipment | 19% | S100YGQQ |
| Intangibles and goodwill | 1% | S100YGQQ |
| Investment securities | 8% | S100YGQQ |
| Other assets | 58% | S100YGQQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YGQQ |
| Other liabilities | 36% | S100YGQQ |
| Equity | 46% | S100YGQQ |
| Other liabilities | 0% | S100YGQQ |

### 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 | 23,833 | 36,492 | 37,226 | 36,525 | 35,157 |
| Equity | 13,249 | 12,924 | 14,178 | 14,611 | 16,215 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,661 | 4,775 | 5,639 | 4,800 | 4,916 |

## 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) | 13.6% | S100YGQQ |
| Fixed assets ÷ total assets | 18.6% | S100YGQQ |
| Goodwill ÷ parent equity | — | —, S100YGQQ |

### 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) | 14.0% |
| Cash ÷ revenue | 10.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.9% |
| Cash vs. profit gap | -105 JPY mn (of net income -10.0%) |
| Shareholder returns / net income | 8.6% |
| Shareholder returns / FCF | 16.8% |
| Shareholder payments — dividends / net income | 8.6% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 47.2% |

## 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 | 0.9% | 1.16× | 1.1% | 1.92× | 2.0% | S100R6M9 |
| 2023 | — | —× | -2.3% | —× | — | S100TRTZ |
| 2024 | 0.6% | 1.38× | 0.8% | 3.14× | 2.7% | S100W3DP |
| 2025 | 0.7% | 1.37× | 0.9% | 3.08× | 2.7% | S100YGQQ |
| 2026 | 2.2% | 1.34× | 2.9% | 2.85× | 8.3% | S100YGQQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社関西みらい銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 水 元 公 仁 | Major shareholder | 2.8% | 2026-03-31 |
| 大同生命保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 森 浩 之 | Major shareholder | 2.3% | 2026-03-31 |
| 榎 本 里 司 | Major shareholder | 2.2% | 2026-03-31 |
| 森 泰 之 | Major shareholder | 1.9% | 2026-03-31 |
| モリテックスチール従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YGQQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQQ,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W3DP | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3DP,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TRTZ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRTZ,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R6M9 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6M9,, |
| 訂正有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OP92 | 2022-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OP92,, |
| 訂正有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100M0EY | 2021-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0EY,, |

## 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).