# MORY INDUSTRIES INC.: 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84期(2025/04/01－2026/03/31) (S100YEUF)
> Page: https://vizora.meequs.com/en/company/mory-industries
> Retrieved: 2026-09-30T19:50:45.656Z

## Company

Mory Industries, founded in 1929, is a company in Steel listed on TSE Standard. It has 695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORY INDUSTRIES INC. |
| Ticker | 5464 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5464.T) |
| Listing | TSE Standard |
| Head office | 大阪府河内長野市楠町東1615番地 (注) 上記は登記上の本店所在地であり、実際の本社業務は下記「最寄りの連絡場所」で行っております。 |
| Representative (per filing) | 代表取締役社長 森宏明 |
| Founded | Apr 1929 |
| Share capital | ¥7.36B |
| Employees (consolidated) | 695 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.mory.co.jp (https://www.mory.co.jp/) |
| Corporate number | 2120101034032 |
| EDINET | E01315 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YEUF, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 33 |
| Profitability | 92.9 | 35 |
| Cash conversion | 24.2 | 31 |
| Efficiency | 27.1 | 35 |

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 96% of Mory Industries's sales come from Japan, with Indonesia making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit -18.9%.

## Company structure

- Segment revenue mix: Japan 95.8%、Indonesia 4.2%
- Revenue → net income: ¥43288000000 → ¥3358000000
- Net income → operating cash flow: ¥3358000000 → ¥5062000000（difference ¥1704000000）
- Main uses of operating cash flow: CapEx ¥1886000000 / dividends ¥1598000000 / buybacks ¥0
- Change in cash: ¥-56000000
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 | ¥43.3B |  |
| Operating income | ¥4.38B | Margin 10.1% |
| Net income | ¥3.36B | Margin 7.8% |
| Free cash flow | ¥3.18B |  |
| Largest business | Japan | of segment revenue 95.8% |
| Employees (consolidated) | 695 |  |
| EPS | ¥92.03 |  |
| Book value per share | ¥1475.7 |  |
| Equity ratio | 80.5% |  |
| Shares outstanding | 38,831,000 |  |
| Treasury shares | 640,200 |  |
| Shareholders | 4,659 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 36.7% |
| Vs. industry median margin | +6.6 pp | Steel |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35112000000 | ¥43288000000 | +23.3% |
| Operating income | ¥2928000000 | ¥4378000000 | +49.5% |
| Operating margin | 8.3% | 10.1% | +1.8 pp |
| Employees | 681 people | 695 people | +2.1% |
| Cash and equivalents | ¥11053000000 | ¥15876000000 | +43.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 95.8% |
| 日本 → 事業再編・廃止 | 1.4% |
| インドネシア → インドネシア | 2.1% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → インドネシア | 2.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,288 | 100.0% | S100YEUF |
| Cost of revenue | 32,887 | 76.0% | S100YEUF |
| Gross profit | 10,400 | 24.0% | S100YEUF |
| SG&A | 6,022 | 13.9% | S100YEUF |
| Operating income | 4,378 | 10.1% | S100YEUF |
| Ordinary income | 4,879 | 11.3% | S100YEUF |
| Pretax income | 4,872 | 11.3% | S100YEUF |
| Income tax | 1,514 | 3.5% | S100YEUF |
| Net income | 3,358 | 7.8% | S100YEUF |
| Net income attributable to owners | 3,358 | 7.8% | S100YEUF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.0% → Operating margin 10.1% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.2%; Core profit growth: -18.9%
Operating leverage (core profit growth ÷ revenue growth): 3.05×
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 | 46,141 | 43,288 | -2,853 | -6.2% |
| Gross profit | 11,313 | 10,400 | -913 | -8.1% |
| Operating income | 5,396 | 4,378 | -1,018 | -18.9% |
| Net income attributable to owners | 4,128 | 3,358 | -770 | -18.7% |
| Operating cash flow | 4,058 | 5,062 | 1,004 | +24.7% |
| Free cash flow | 2,885 | 3,176 | 291 | +10.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,160 | 3,805 | 9.0% | 2,968 | 3,850 | 2,668 | S100LQDD |
| FY ending Mar 2021 | 35,112 | 2,928 | 8.3% | 2,477 | 3,902 | 2,400 | S100OCN7 |
| FY ending Mar 2022 | 43,076 | 5,683 | 13.2% | 4,320 | 4,997 | 3,448 | S100R5GZ |
| FY ending Mar 2023 | 48,712 | 6,734 | 13.8% | 5,290 | 2,299 | 1,526 | S100TUC9 |
| FY ending Mar 2024 | 47,898 | 5,896 | 12.3% | 4,519 | 6,638 | 5,467 | S100W00V |
| FY ending Mar 2025 | 46,141 | 5,396 | 11.7% | 4,128 | 4,058 | 2,885 | S100YEUF |
| FY ending Mar 2026 | 43,288 | 4,378 | 10.1% | 3,358 | 5,062 | 3,176 | S100YEUF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.3M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 680 | 667 | 689 | 680 | 695 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥5.9M | ¥6M | ¥6M |
| Average age (parent company) | 40.2 years | 40.2 years | 39.1 years | 38.7 years | 38.5 years |
| Average tenure (parent company) | 18.5 years | 18.4 years | 17.2 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) -6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41,483 | 95.8% | 4,349 | 10.5% |
| Indonesia | 1,804 | 4.2% | 28 | 1.6% |

### 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 | 95.8% | 99.4% | 3.5 | 10.5% |
| Indonesia | 4.2% | 0.6% | -3.5 | 1.6% |

Segment → industry: Indonesia → Steel / Japan → Steel

## 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 | 5,062 | 11.7% | S100YEUF |
| Capital expenditure | 1,886 | 4.4% | S100YEUF |
| Free cash flow | 3,176 | 7.3% | 算出 |
| Investing cash flow | -3,494 | -8.1% | S100YEUF |
| Financing cash flow | -1,638 | -3.8% | S100YEUF |
| Dividends paid | 1,598 | 3.7% | S100YEUF |
| Share buyback | 0 | 0.0% | S100YEUF |
| Change in cash | -56 | -0.1% | S100YEUF |
| Cash and equivalents | 15,876 | 36.7% | S100YEUF |

## 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 | 13,580 | 14,329 | 18,362 | 15,933 | 15,876 | S100TUC9, S100W00V, S100YEUF |
| Total assets | 62,527 | 65,761 | 70,304 | 69,842 | 72,659 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Net assets | 46,311 | 50,732 | 54,605 | 55,572 | 58,554 | S100TUC9, S100W00V, S100YEUF |
| Share capital | 7,360 | 7,360 | 7,360 | 7,360 | 7,360 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Trade receivables | 9,154 | 9,750 | 9,159 | 8,512 | 7,562 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Inventories | 11,327 | 13,118 | 11,535 | 12,021 | 11,496 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Property, plant and equipment | 15,966 | 15,694 | 16,041 | 16,214 | 17,390 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Intangible assets excluding goodwill | 75 | 66 | 60 | 136 | 141 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Investment securities | 3,535 | 3,942 | 4,890 | 7,068 | 9,028 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Current assets | 40,162 | 43,527 | 45,839 | 43,053 | 41,490 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Current liabilities | 14,163 | 12,287 | 13,332 | 11,049 | 10,516 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Trade payables | 3,453 | 3,838 | 2,564 | 2,651 | 2,072 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Short-term borrowings | 500 | 500 | 500 | 500 | 500 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Long-term borrowings | 670 | 1,300 | 506 | 1,470 | 1,300 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Total liabilities | 16,216 | 15,028 | 15,698 | 14,269 | 14,104 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Non-controlling interests | 35 | 47 | 57 | 57 | 61 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Equity attributable to owners of parent | 44,413 | 48,617 | 51,426 | 52,970 | 54,734 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Retained earnings | 29,904 | 34,107 | 36,919 | 39,261 | 41,016 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |
| Treasury stock | 0 | 0 | -2 | -801 | -791 | S100R5GZ, S100TUC9, S100W00V, S100YEUF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YEUF |
| Receivables | 10% | S100YEUF |
| Inventories | 16% | S100YEUF |
| Property, plant and equipment | 24% | S100YEUF |
| Intangibles and goodwill | 0% | S100YEUF |
| Investment securities | 13% | S100YEUF |
| Other assets | 15% | S100YEUF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YEUF |
| Other liabilities | 16% | S100YEUF |
| Equity | 81% | S100YEUF |
| Other liabilities | 0% | S100YEUF |

### 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 | 62,527 | 65,761 | 70,304 | 69,842 | 72,659 |
| Equity | 46,311 | 50,732 | 54,605 | 55,572 | 58,554 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,580 | 14,329 | 18,362 | 15,933 | 15,876 |

## 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) | 40.2% | S100YEUF |
| Fixed assets ÷ total assets | 23.9% | S100YEUF |
| Goodwill ÷ parent equity | — | —, S100YEUF |

### 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) | 21.9% |
| Cash ÷ revenue | 36.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.6% |
| Cash vs. profit gap | 1,704 JPY mn (of net income 50.7%) |
| Shareholder returns / net income | 47.6% |
| Shareholder returns / FCF | 50.3% |
| Shareholder payments — dividends / net income | 47.6% |
| Shareholder payments — dividends / FCF | 50.3% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 69.0% |

## 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 | 10.0% | 0.69× | 6.9% | 1.41× | 9.7% | S100R5GZ |
| 2023 | 10.9% | 0.76× | 8.2% | 1.38× | 11.4% | S100TUC9 |
| 2024 | 9.4% | 0.70× | 6.6% | 1.36× | 9.0% | S100W00V |
| 2025 | 8.9% | 0.66× | 5.9% | 1.34× | 7.9% | S100YEUF |
| 2026 | 7.8% | 0.61× | 4.7% | 1.32× | 6.2% | S100YEUF |

## 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 | 7.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.1% | 2026-03-31 |
| 森 明信 | Major shareholder | 5.8% | 2026-03-31 |
| 大同生命保険株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.8% | 2026-03-31 |
| INTERACTIVE BROKERS LCC（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 | 5.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 公益財団法人森教育振興会 | Major shareholder | 3.2% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YEUF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEUF,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W00V | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W00V,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TUC9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUC9,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R5GZ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5GZ,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OCN7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCN7,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LQDD | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQDD,, |

## 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).