# MORITO CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第88期(2024/12/01－2025/11/30) (S100XMFU)
> Page: https://vizora.meequs.com/en/company/morito
> Retrieved: 2026-09-30T18:10:41.592Z

## Company

Morito, founded in 1935, is a company in Auto Parts listed on TSE Prime. It has 1,708 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORITO CO., LTD. |
| Ticker | 9837 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9837.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南本町4丁目2番4号 |
| Representative (per filing) | 代表取締役社長 一坪 隆紀 |
| Founded | Dec 1935 |
| Share capital | ¥3.53B |
| Employees (consolidated) | 1,708 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | November |
| Website | www.morito.co.jp (https://www.morito.co.jp/) |
| Corporate number | 3120001077568 |
| EDINET | E02703 |
| Industries (Vizora) | Auto Parts, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XMFU, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.2 | 110 |
| Profitability | 66.2 | 111 |
| Cash conversion | 13.4 | 108 |
| Efficiency | 59 | 111 |
| Financial strength | 96.4 | 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 73% of Morito's sales come from Japan, with Asia and Europe and America making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +17.2% from the prior year, operating profit +16.2%.

## Company structure

- Segment revenue mix: Japan 72.6%、Asia 14.6%、Europe and America 12.8%
- Revenue → net income: ¥56867188000 → ¥2916860000
- Net income → operating cash flow: ¥2916860000 → ¥2994796000（difference ¥77936000）
- Main uses of operating cash flow: CapEx ¥960800000 / dividends ¥1792051000 / buybacks ¥1060893000
- Change in cash: ¥-6058691000
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 | ¥56.9B |  |
| Operating income | ¥3.33B | Margin 5.9% |
| Net income | ¥2.92B | Margin 5.1% |
| Free cash flow | ¥2.03B |  |
| Largest business | Japan | of segment revenue 72.6% |
| Employees (consolidated) | 1,708 |  |
| EPS | ¥31.41 |  |
| Book value per share | ¥1215.62 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 26,800,000 |  |
| Treasury shares | 697,200 |  |
| Shareholders | 18,867 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 16.9% | Net cash ¥7.45B · Cash ÷ revenue 16.5% |
| Vs. industry median margin | +1.1 pp | Auto Parts |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40727340000 | ¥56867188000 | +39.6% |
| Operating income | ¥856467000 | ¥3333803000 | +289.3% |
| Operating margin | 2.1% | 5.9% | +3.8 pp |
| Employees | 1,386 people | 1,708 people | +23.2% |
| Cash and equivalents | ¥10052070000 | ¥9401479000 | -6.5% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. 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 | 70.7% |
| アジア → アジア | 14.6% |
| アジア → 事業再編・廃止 | 3.2% |
| 欧米 → 欧米 | 11.5% |
| 新設・再編 → 日本 | 1.9% |
| 新設・再編 → 欧米 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.5% | ¥41310945000 | 6.2% | 2 |
| Asia | 5 years | +2.8% | ¥8280679000 | 9.3% | 2 |
| Europe and America | 5 years | +9.2% | ¥7275563000 | 5.2% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,867 | 100.0% | S100XMFU |
| Cost of revenue | 39,480 | 69.4% | S100XMFU |
| Gross profit | 17,387 | 30.6% | S100XMFU |
| SG&A | 14,054 | 24.7% | S100XMFU |
| Operating income | 3,334 | 5.9% | S100XMFU |
| Ordinary income | 3,625 | 6.4% | S100XMFU |
| Pretax income | 4,255 | 7.5% | S100XMFU |
| Income tax | 1,338 | 2.4% | S100XMFU |
| Net income | 2,917 | 5.1% | S100XMFU |
| Net income attributable to owners | 2,917 | 5.1% | S100XMFU |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 30.6% → Operating margin 5.9% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.2%; Core profit growth: +16.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,537 | 56,867 | 8,330 | +17.2% |
| Gross profit | 14,138 | 17,387 | 3,249 | +23.0% |
| Operating income | 2,869 | 3,334 | 465 | +16.2% |
| Net income attributable to owners | 2,572 | 2,917 | 345 | +13.4% |
| Operating cash flow | 4,620 | 2,995 | -1,625 | -35.2% |
| Free cash flow | 4,056 | 2,034 | -2,022 | -49.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 45,988 | 1,734 | 3.8% | 1,403 | 3,614 | 2,494 | S100KV5T |
| FY ending Nov 2020 | 40,727 | 856 | 2.1% | 470 | 2,463 | 2,129 | S100NKT5 |
| FY ending Nov 2021 | 43,637 | 1,620 | 3.7% | 1,407 | 2,644 | 1,791 | S100QAT7 |
| FY ending Nov 2022 | 48,478 | 2,117 | 4.4% | 1,674 | 851 | 240 | S100SZ2R |
| FY ending Nov 2023 | 48,530 | 2,464 | 5.1% | 2,218 | 4,399 | 3,857 | S100VBDS |
| FY ending Nov 2024 | 48,537 | 2,869 | 5.9% | 2,572 | 4,620 | 4,056 | S100XMFU |
| FY ending Nov 2025 | 56,867 | 3,334 | 5.9% | 2,917 | 2,995 | 2,034 | S100XMFU |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.3M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,328 | 1,273 | 1,490 | 1,509 | 1,708 |
| Average salary (parent company) | ¥6.8M | ¥6.4M | ¥7.1M | ¥7.4M | ¥7.3M |
| Average age (parent company) | 42.9 years | 42.8 years | 42.4 years | 42.6 years | 42.4 years |
| Average tenure (parent company) | 10.4 years | 10.7 years | 10.8 years | 11.2 years | 10.6 years |

Year over year: Employees (consolidated) +13.2% · Revenue (consolidated) +17.2%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41,311 | 72.6% | 2,570 | 6.2% |
| Asia | 8,281 | 14.6% | 773 | 9.3% |
| Europe and America | 7,276 | 12.8% | 375 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 72.6% | 69.1% | -3.5 | 6.2% |
| Asia | 14.6% | 20.8% | 6.2 | 9.3% |
| Europe and America | 12.8% | 10.1% | -2.7 | 5.2% |

Segment → industry: Europe and America → Auto Parts / Asia → Auto Parts / Japan → Auto Parts / Europe and America → Specialty Trading & Wholesale / Asia → Specialty Trading & Wholesale / Japan → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,995 | 5.3% | S100XMFU |
| Capital expenditure | 961 | 1.7% | S100XMFU |
| Free cash flow | 2,034 | 3.6% | 算出 |
| Investing cash flow | -5,016 | -8.8% | S100XMFU |
| Financing cash flow | -4,142 | -7.3% | S100XMFU |
| Dividends paid | 1,792 | 3.2% | S100XMFU |
| Share buyback | 1,061 | 1.9% | S100XMFU |
| Change in cash | -6,059 | -10.7% | S100XMFU |
| Cash and equivalents | 9,401 | 16.5% | S100XMFU |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,020 | 10,396 | 13,010 | 15,460 | 9,401 | S100SZ2R, S100VBDS, S100XMFU |
| Total assets | 45,938 | 50,272 | 51,429 | 52,477 | 55,499 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Net assets | 33,915 | 36,684 | 38,457 | 39,276 | 39,833 | S100SZ2R, S100VBDS, S100XMFU |
| Share capital | 3,532 | 3,532 | 3,532 | 3,532 | 3,532 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Trade receivables | 8,364 | — | — | — | — | S100QAT7 |
| Property, plant and equipment | 9,877 | 10,167 | 10,044 | 9,779 | 10,641 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Intangible assets excluding goodwill | 3,470 | 3,867 | 3,562 | 3,089 | 5,598 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Goodwill | 2,432 | 2,712 | 2,495 | 2,127 | 3,530 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Investment securities | 4,486 | 4,466 | 5,422 | 6,387 | 6,594 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Current assets | 26,958 | 30,481 | 31,149 | 32,050 | 31,001 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Current liabilities | 7,508 | 9,310 | 8,589 | 8,887 | 10,217 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Trade payables | 3,601 | 4,685 | 3,659 | 3,451 | 4,205 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Short-term borrowings | 50 | 50 | 50 | 50 | 600 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Long-term borrowings | 1,703 | 1,423 | 1,167 | 863 | 1,050 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Bonds | — | — | — | — | 300 | S100XMFU |
| Interest-bearing debt | — | — | — | — | 1,950 | 算出 |
| Total liabilities | 12,023 | 13,588 | 12,972 | 13,200 | 15,666 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Equity attributable to owners of parent | 31,477 | 31,860 | 32,674 | 33,129 | 33,222 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Retained earnings | 26,727 | 27,539 | 28,538 | 29,566 | 30,652 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |
| Treasury stock | -2,290 | -2,174 | -2,437 | -3,044 | -963 | S100QAT7, S100SZ2R, S100VBDS, S100XMFU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XMFU |
| Property, plant and equipment | 19% | S100XMFU |
| Intangibles and goodwill | 16% | S100XMFU |
| Investment securities | 12% | S100XMFU |
| Other assets | 36% | S100XMFU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XMFU |
| Interest-bearing debt | 3% | 算出 |
| Other liabilities | 17% | S100XMFU |
| Equity | 72% | S100XMFU |
| Other liabilities | 0% | S100XMFU |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,938 | 50,272 | 51,429 | 52,477 | 55,499 |
| Equity | 33,915 | 36,684 | 38,457 | 39,276 | 39,833 |
| Interest-bearing debt | — | — | — | — | 1,950 |
| Cash | 11,020 | 10,396 | 13,010 | 15,460 | 9,401 |

## 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) | 18.7% | S100XMFU |
| Fixed assets ÷ total assets | 19.2% | S100XMFU |
| Goodwill ÷ parent equity | 10.6% | S100XMFU |

Goodwill over 4 years: 2,432 → 3,530 JPY; total investing cash flow: -4,836 JPY. This does not imply causation.

### 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) | 16.9% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | ¥7.45B |
| Net debt ÷ operating cash flow | -2.49× |
| Cash conversion (operating CF ÷ operating income) | 89.8% |
| Cash vs. profit gap | 78 JPY mn (of net income 2.7%) |
| Shareholder returns / net income | 97.8% |
| Shareholder returns / FCF | 140.3% |
| Shareholder payments — dividends / net income | 61.4% |
| Shareholder payments — dividends / FCF | 88.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 167.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.2% | 0.95× | 3.1% | 1.46× | 4.5% | S100QAT7 |
| 2022 | 3.5% | 1.01× | 3.5% | 1.52× | 5.3% | S100SZ2R |
| 2023 | 4.6% | 0.95× | 4.4% | 1.58× | 6.9% | S100VBDS |
| 2024 | 5.3% | 0.93× | 5.0% | 1.58× | 7.8% | S100XMFU |
| 2025 | 5.1% | 1.05× | 5.4% | 1.63× | 8.8% | S100XMFU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.2% | 2025-11-30 |
| 明治安田生命保険相互会社 | Major shareholder | 6.5% | 2025-11-30 |
| カネエム工業株式会社 | Major shareholder | 6.0% | 2025-11-30 |
| 株式会社クラレ | Major shareholder | 5.1% | 2025-11-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.0% | 2025-11-30 |
| モリト社員持株会 | Major shareholder | 2.0% | 2025-11-30 |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 1.4% | 2025-11-30 |
| 株式会社みずほ銀行 | Major shareholder | 1.4% | 2025-11-30 |
| モリト共栄会 | Major shareholder | 1.2% | 2025-11-30 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.9% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2024/12/01－2025/11/30) | S100XMFU | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMFU,, |
| 有価証券報告書－第87期(2023/12/01－2024/11/30) | S100VBDS | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBDS,, |
| 有価証券報告書－第86期(2022/12/01－2023/11/30) | S100SZ2R | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ2R,, |
| 有価証券報告書－第85期(2021/12/01－2022/11/30) | S100QAT7 | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAT7,, |
| 有価証券報告書－第84期(令和2年12月1日－令和3年11月30日) | S100NKT5 | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKT5,, |
| 有価証券報告書－第83期(令和1年12月1日－令和2年11月30日) | S100KV5T | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV5T,, |

## 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).