# MORIROKU COMPANY, 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) (S100YE00)
> Page: https://vizora.meequs.com/en/company/moriroku
> Retrieved: 2026-09-30T17:49:13.006Z

## Company

Moriroku Company, founded in 1916, is a company in Auto Parts listed on TSE Prime. It has 3,873 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORIROKU COMPANY, LTD. |
| Ticker | 4249 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4249.T) |
| Listing | TSE Prime |
| Head office | 東京都港区南青山一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 最高経営責任者 黒瀨 直樹 |
| Founded | Mar 1916 |
| Share capital | ¥1.64B |
| Employees (consolidated) | 3,873 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.moriroku.co.jp (https://www.moriroku.co.jp/) |
| Corporate number | 9010401054420 |
| EDINET | E33603 |
| Industries (Vizora) | Auto Parts, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YE00, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.5 | 110 |
| Profitability | 33.8 | 111 |
| Cash conversion | 47.7 | 108 |
| Efficiency | 65.3 | 111 |
| Financial strength | 75 | 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 81% of Moriroku Company's sales come from Plastic products, with Chemical business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -8.4% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Plastic products 81.0%、Chemical business 19.0%
- Revenue → net income: ¥133871000000 → ¥2502000000
- Net income → operating cash flow: ¥2502000000 → ¥7721000000（difference ¥5219000000）
- Main uses of operating cash flow: CapEx ¥7760000000 / dividends ¥1603000000 / buybacks ¥900000000
- Change in cash: ¥-3804000000
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 | ¥133.9B |  |
| Operating income | ¥4.64B | Margin 3.5% |
| Net income | ¥2.45B | Margin 1.8% |
| Free cash flow | -¥39M |  |
| Largest business | Plastic products | of segment revenue 81.0% |
| Employees (consolidated) | 3,873 |  |
| EPS | ¥981.06 |  |
| Book value per share | ¥2196.9 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 14,410,000 |  |
| Treasury shares | 40,100 |  |
| Shareholders | 4,888 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 12.4% | Net cash -¥2.69B · Cash ÷ revenue 11.4% |
| Vs. industry median margin | -1.3 pp | Auto Parts |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, employees -11% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥155460000000 | ¥133871000000 | -13.9% |
| Operating income | ¥5672000000 | ¥4638000000 | -18.2% |
| Operating margin | 3.6% | 3.5% | -0.2 pp |
| Employees | 4,550 people | 3,873 people | -14.9% |
| Cash and equivalents | ¥17933000000 | ¥15305000000 | -14.7% |

### 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 |
| --- | ---: |
| 樹脂加工製品事業 → 樹脂加工製品事業 | 60.0% |
| ケミカル事業 → ケミカル事業 | 19.0% |
| ケミカル事業 → 事業再編・廃止 | 21.0% |
| 新設・再編 → 樹脂加工製品事業 | 21.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 133,871 | 100.0% | S100YE00 |
| Cost of revenue | 109,683 | 81.9% | S100YE00 |
| Gross profit | 24,188 | 18.1% | S100YE00 |
| SG&A | 19,549 | 14.6% | S100YE00 |
| Operating income | 4,638 | 3.5% | S100YE00 |
| Ordinary income | 3,993 | 3.0% | S100YE00 |
| Pretax income | 4,237 | 3.2% | S100YE00 |
| Income tax | 1,735 | 1.3% | S100YE00 |
| Net income | 2,502 | 1.9% | S100YE00 |
| Net income attributable to owners | 2,447 | 1.8% | S100YE00 |

## 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 18.1% → Operating margin 3.5% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.4%; Core profit growth: +12.2%
Operating leverage (core profit growth ÷ revenue growth): -1.45×
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 | 146,174 | 133,871 | -12,303 | -8.4% |
| Gross profit | 23,604 | 24,188 | 584 | +2.5% |
| Operating income | 4,135 | 4,638 | 503 | +12.2% |
| Net income attributable to owners | -7,814 | 2,447 | 10,261 | — |
| Operating cash flow | 9,348 | 7,721 | -1,627 | -17.4% |
| Free cash flow | 2,240 | -39 | -2,279 | -101.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 170,773 | 5,497 | 3.2% | 3,525 | 6,042 | -7,298 | S100LM0V |
| FY ending Mar 2021 | 155,460 | 5,672 | 3.6% | 375 | 9,693 | 2,226 | S100O9B4 |
| FY ending Mar 2022 | 128,842 | 2,846 | 2.2% | 4,259 | 3,434 | -3,971 | S100R1J8 |
| FY ending Mar 2023 | 142,019 | 1,335 | 0.9% | 1,346 | 9,495 | 1,323 | S100TNA4 |
| FY ending Mar 2024 | 145,638 | 5,706 | 3.9% | 3,022 | 14,764 | 8,002 | S100W166 |
| FY ending Mar 2025 | 146,174 | 4,135 | 2.8% | -7,814 | 9,348 | 2,240 | S100YE00 |
| FY ending Mar 2026 | 133,871 | 4,638 | 3.5% | 2,447 | 7,721 | -39 | S100YE00 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.6M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥631.8K |

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) | 4,521 | 4,342 | 4,447 | 4,360 | 3,873 |
| Average salary (parent company) | ¥7.3M | ¥7.2M | ¥7.2M | ¥8M | ¥6.4M |
| Average age (parent company) | 42.1 years | 42.7 years | 44.2 years | 45.3 years | 43.0 years |
| Average tenure (parent company) | 11.5 years | 11.9 years | 14.2 years | 14.9 years | 16.9 years |

Year over year: Employees (consolidated) -11.2% · Revenue (consolidated) -8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plastic products | 108,413 | 81.0% | 5,562 | 5.1% |
| Chemical business | 25,458 | 19.0% | 1,544 | 6.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plastic products | 81.0% | 78.3% | -2.7 | 5.1% |
| Chemical business | 19.0% | 21.7% | 2.7 | 6.1% |

Segment → industry: Plastic products → Auto Parts / Chemical business → 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 | 7,721 | 5.8% | S100YE00 |
| Capital expenditure | 7,760 | 5.8% | S100YE00 |
| Free cash flow | -39 | -0.0% | 算出 |
| Investing cash flow | -7,546 | -5.6% | S100YE00 |
| Financing cash flow | -4,428 | -3.3% | S100YE00 |
| Dividends paid | 1,603 | 1.2% | S100YE00 |
| Share buyback | 900 | 0.7% | S100YE00 |
| Change in cash | -3,804 | -2.8% | S100YE00 |
| Cash and equivalents | 15,305 | 11.4% | S100YE00 |

## 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 | 18,358 | 17,658 | 19,444 | 19,088 | 15,305 | S100TNA4, S100W166, S100YE00 |
| Total assets | 137,125 | 131,797 | 140,556 | 124,634 | 123,733 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Net assets | 72,067 | 70,683 | 76,423 | 64,911 | 67,355 | S100TNA4, S100W166, S100YE00 |
| Share capital | 1,640 | 1,640 | 1,640 | 1,640 | 1,640 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Property, plant and equipment | 44,619 | 46,148 | 45,610 | 40,128 | 37,649 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Intangible assets excluding goodwill | 981 | 948 | 953 | 1,460 | 1,586 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Investment securities | 11,868 | 8,477 | 12,544 | 7,553 | 8,484 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Current assets | 77,058 | 73,679 | 78,212 | 72,793 | 72,178 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Current liabilities | 55,961 | 53,502 | 53,253 | 52,805 | 49,289 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Trade payables | 21,801 | 19,543 | 22,676 | 18,914 | 18,579 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Short-term borrowings | 21,236 | 21,451 | 16,943 | 15,675 | 15,096 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Long-term borrowings | 3,510 | 2,757 | 3,957 | 2,314 | 2,216 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Bonds | — | — | 1,029 | 859 | 688 | S100W166, S100YE00 |
| Interest-bearing debt | — | — | 21,929 | 18,848 | 18,000 | 算出 |
| Total liabilities | 65,057 | 61,114 | 64,132 | 59,723 | 56,377 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Non-controlling interests | 1,377 | 1,356 | 1,304 | 1,248 | 1,205 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Equity attributable to owners of parent | 61,694 | 60,296 | 60,800 | 51,067 | 51,071 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Retained earnings | 56,622 | 56,484 | 57,947 | 48,546 | 48,195 | S100R1J8, S100TNA4, S100W166, S100YE00 |
| Treasury stock | -1,350 | -2,626 | -1,467 | -518 | -162 | S100R1J8, S100TNA4, S100W166, S100YE00 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YE00 |
| Property, plant and equipment | 31% | S100YE00 |
| Intangibles and goodwill | 1% | S100YE00 |
| Investment securities | 7% | S100YE00 |
| Other assets | 49% | S100YE00 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YE00 |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 16% | S100YE00 |
| Equity | 54% | S100YE00 |
| Other liabilities | 0% | S100YE00 |

### 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 | 137,125 | 131,797 | 140,556 | 124,634 | 123,733 |
| Equity | 72,067 | 70,683 | 76,423 | 64,911 | 67,355 |
| Interest-bearing debt | — | — | 21,929 | 18,848 | 18,000 |
| Cash | 18,358 | 17,658 | 19,444 | 19,088 | 15,305 |

## 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) | 28.1% | S100YE00 |
| Fixed assets ÷ total assets | 30.4% | S100YE00 |
| Goodwill ÷ parent equity | — | —, S100YE00 |

### 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) | 12.4% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | -¥2.69B |
| Net debt ÷ operating cash flow | 0.35× |
| Cash conversion (operating CF ÷ operating income) | 166.5% |
| Cash vs. profit gap | 5,274 JPY mn (of net income 215.5%) |
| Shareholder returns / net income | 102.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 97.7% |

## 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 | 3.3% | 0.94× | 3.1% | 2.22× | 6.9% | S100R1J8 |
| 2023 | 0.9% | 1.06× | 1.0% | 2.20× | 2.2% | S100TNA4 |
| 2024 | 2.1% | 1.07× | 2.2% | 2.25× | 5.0% | S100W166 |
| 2025 | — | —× | -5.9% | —× | — | S100YE00 |
| 2026 | 1.8% | 1.08× | 2.0% | 2.43× | 4.8% | S100YE00 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・三井化学株式会社退職給付信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| 森六従業員持株会 | Major shareholder | 7.6% | 2026-03-31 |
| 森 茂 | Major shareholder | 6.7% | 2026-03-31 |
| 本田技研工業株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社阿波銀行 | Major shareholder | 3.7% | 2026-03-31 |
| CHARLES SCHWAB FBO CUSTOMER （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| 井染 敏子 | Major shareholder | 1.8% | 2026-03-31 |
| 森 豊子 | Major shareholder | 1.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YE00 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE00,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100W166 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W166,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TNA4 | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNA4,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R1J8 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1J8,, |
| 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) | S100O9B4 | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9B4,, |
| 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) | S100LM0V | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM0V,, |

## 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).