# MURAKAMI CORPORATION: 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83期(2025/04/01－2026/03/31) (S100YHRX)
> Page: https://vizora.meequs.com/en/company/murakami
> Retrieved: 2026-09-30T20:24:06.303Z

## Company

Murakami, founded in 1948, is a company in Auto Parts listed on TSE Standard. It has 3,682 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MURAKAMI CORPORATION |
| Ticker | 7292 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7292.T) |
| Listing | TSE Standard |
| Head office | 静岡県静岡市葵区伝馬町11番地5 |
| Representative (per filing) | 代表取締役社長 村上太郎 |
| Founded | Mar 1948 |
| Share capital | ¥3.17B |
| Employees (consolidated) | 3,682 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.murakami-kaimeido.co.jp (https://www.murakami-kaimeido.co.jp/) |
| Corporate number | 3080001005194 |
| EDINET | E02217 |
| Industries (Vizora) | Auto Parts, Glass & Ceramics |

> Profile source: annual securities report (S100YHRX, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 32.4 | 17 |
| Cash conversion | 46.9 | 16 |
| Efficiency | 97.1 | 17 |

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 44% of Murakami's sales come from Japan, with Asia and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit +3.3%.

## Company structure

- Segment revenue mix: Japan 44.4%、Asia 28.6%、North America 27.0%
- Revenue → net income: ¥115651000000 → ¥7229000000
- Net income → operating cash flow: ¥7229000000 → ¥9938000000（difference ¥2709000000）
- Main uses of operating cash flow: CapEx ¥5971000000 / dividends ¥2601000000 / buybacks ¥0
- Change in cash: ¥-1960000000
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 | ¥115.7B |  |
| Operating income | ¥9.16B | Margin 7.9% |
| Net income | ¥6.08B | Margin 5.3% |
| Free cash flow | ¥3.97B |  |
| Largest business | Japan | of segment revenue 44.4% |
| Employees (consolidated) | 3,682 |  |
| EPS | ¥341.32 |  |
| Book value per share | ¥5066.8 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 12,100,000 |  |
| Treasury shares | 514,900 |  |
| Shareholders | 1,817 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 35.4% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | +3.2 pp | Auto Parts |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 28 points
- FY2026, cash is 35% of total assets
- FY2026, employees -2% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥74147000000 | ¥115651000000 | +56.0% |
| Operating income | ¥5109000000 | ¥9156000000 | +79.2% |
| Operating margin | 6.9% | 7.9% | +1 pp |
| Employees | 3,183 people | 3,682 people | +15.7% |
| Cash and equivalents | ¥31634000000 | ¥43218000000 | +36.6% |

### 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 | 44.4% |
| 日本 → 事業再編・廃止 | 15.4% |
| アジア → アジア | 24.4% |
| 北米 → 北米 | 15.8% |
| 新設・再編 → アジア | 4.2% |
| 新設・再編 → 北米 | 11.2% |

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 | +3.0% | ¥51306000000 | 3.4% | 2 |
| Asia | 5 years | +12.9% | ¥33104000000 | 14.3% | 2 |
| North America | 5 years | +21.7% | ¥31240000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 115,651 | 100.0% | S100YHRX |
| Cost of revenue | 97,214 | 84.1% | S100YHRX |
| Gross profit | 18,436 | 15.9% | S100YHRX |
| SG&A | 9,280 | 8.0% | S100YHRX |
| Operating income | 9,156 | 7.9% | S100YHRX |
| Ordinary income | 10,408 | 9.0% | S100YHRX |
| Pretax income | 10,133 | 8.8% | S100YHRX |
| Income tax | 2,904 | 2.5% | S100YHRX |
| Net income | 7,229 | 6.3% | S100YHRX |
| Net income attributable to owners | 6,079 | 5.3% | S100YHRX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 8 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.9% → Operating margin 7.9% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.9%; Core profit growth: +3.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.56×
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 | 109,205 | 115,651 | 6,446 | +5.9% |
| Gross profit | 17,263 | 18,436 | 1,173 | +6.8% |
| Operating income | 8,861 | 9,156 | 295 | +3.3% |
| Net income attributable to owners | 5,943 | 6,079 | 136 | +2.3% |
| Operating cash flow | 9,842 | 9,938 | 96 | +1.0% |
| Free cash flow | 5,565 | 3,967 | -1,598 | -28.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 77,668 | 7,025 | 9.0% | 4,961 | 7,689 | 2,755 | S100LS4Q |
| FY ending Mar 2021 | 74,147 | 5,109 | 6.9% | 3,699 | 8,385 | 4,889 | S100OCV4 |
| FY ending Mar 2022 | 73,595 | 4,864 | 6.6% | 3,865 | 6,033 | 3,325 | S100R1IF |
| FY ending Mar 2023 | 90,643 | 5,584 | 6.2% | 5,370 | 7,771 | 4,858 | S100U0Q4 |
| FY ending Mar 2024 | 104,601 | 8,336 | 8.0% | 5,887 | 11,917 | 8,214 | S100W6YA |
| FY ending Mar 2025 | 109,205 | 8,861 | 8.1% | 5,943 | 9,842 | 5,565 | S100YHRX |
| FY ending Mar 2026 | 115,651 | 9,156 | 7.9% | 6,079 | 9,938 | 3,967 | S100YHRX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥2.5M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,222 | 3,501 | 3,760 | 3,746 | 3,682 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.5M | ¥6.8M | ¥7M |
| Average age (parent company) | 42.6 years | 42.6 years | 43.0 years | 43.1 years | 43.4 years |
| Average tenure (parent company) | 18.5 years | 18.5 years | 18.5 years | 18.7 years | 19.0 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 51,306 | 44.4% | 1,726 | 3.4% |
| Asia | 33,104 | 28.6% | 4,750 | 14.3% |
| North America | 31,240 | 27.0% | 1,935 | 6.2% |

### 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 | 44.4% | 20.5% | -23.8 | 3.4% |
| Asia | 28.6% | 56.5% | 27.8 | 14.3% |
| North America | 27.0% | 23.0% | -4.0 | 6.2% |

Segment → industry: North America → Auto Parts / Asia → Auto Parts / Japan → Auto Parts / Asia → Glass & Ceramics / Japan → Glass & Ceramics

## 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 | 9,938 | 8.6% | S100YHRX |
| Capital expenditure | 5,971 | 5.2% | S100YHRX |
| Free cash flow | 3,967 | 3.4% | 算出 |
| Investing cash flow | -8,536 | -7.4% | S100YHRX |
| Financing cash flow | -3,961 | -3.4% | S100YHRX |
| Dividends paid | 2,601 | 2.2% | S100YHRX |
| Share buyback | 0 | 0.0% | S100YHRX |
| Change in cash | -1,960 | -1.7% | S100YHRX |
| Cash and equivalents | 43,218 | 37.4% | S100YHRX |

## 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 | 33,737 | 37,632 | 41,340 | 45,179 | 43,218 | S100U0Q4, S100W6YA, S100YHRX |
| Total assets | 89,199 | 100,359 | 106,814 | 115,526 | 122,183 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Net assets | 72,022 | 79,027 | 86,065 | 92,261 | 98,108 | S100U0Q4, S100W6YA, S100YHRX |
| Share capital | 3,165 | 3,165 | 3,165 | 3,165 | 3,165 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Trade receivables | 11,505 | 14,304 | 14,576 | 16,588 | 17,275 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Property, plant and equipment | 23,685 | 24,204 | 24,613 | 26,033 | 27,467 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Intangible assets excluding goodwill | 1,400 | 1,360 | 1,222 | 1,176 | 1,302 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Investment securities | 4,432 | 3,993 | 5,558 | 4,831 | 8,028 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Current assets | 56,354 | 66,929 | 70,677 | 78,598 | 80,416 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Current liabilities | 13,991 | 19,497 | 17,733 | 20,029 | 20,202 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Trade payables | 7,574 | 9,891 | 10,256 | 12,129 | 11,984 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Long-term borrowings | 1,600 | — | — | — | — | S100R1IF |
| Total liabilities | 17,176 | 21,332 | 20,748 | 23,264 | 24,075 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Non-controlling interests | 2,328 | 2,918 | 3,085 | 3,338 | 3,253 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Equity attributable to owners of parent | 66,674 | 70,607 | 73,106 | 77,026 | 80,558 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Retained earnings | 61,630 | 66,094 | 68,171 | 72,032 | 75,505 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |
| Treasury stock | -1,556 | -2,088 | -1,656 | -1,619 | -1,591 | S100R1IF, S100U0Q4, S100W6YA, S100YHRX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YHRX |
| Receivables | 14% | S100YHRX |
| Property, plant and equipment | 23% | S100YHRX |
| Intangibles and goodwill | 1% | S100YHRX |
| Investment securities | 7% | S100YHRX |
| Other assets | 20% | S100YHRX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHRX |
| Other liabilities | 10% | S100YHRX |
| Equity | 80% | S100YHRX |

### 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 | 89,199 | 100,359 | 106,814 | 115,526 | 122,183 |
| Equity | 72,022 | 79,027 | 86,065 | 92,261 | 98,108 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,737 | 37,632 | 41,340 | 45,179 | 43,218 |

## 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) | 23.7% | S100YHRX |
| Fixed assets ÷ total assets | 22.5% | S100YHRX |
| Goodwill ÷ parent equity | — | —, S100YHRX |

### 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) | 35.4% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.5% |
| Cash vs. profit gap | 3,859 JPY mn (of net income 63.5%) |
| Shareholder returns / net income | 42.8% |
| Shareholder returns / FCF | 65.6% |
| Shareholder payments — dividends / net income | 42.8% |
| Shareholder payments — dividends / FCF | 65.6% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 85.9% |

## 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 | 5.3% | 0.83× | 4.3% | 1.34× | 5.8% | S100R1IF |
| 2023 | 5.9% | 0.96× | 5.7% | 1.38× | 7.8% | S100U0Q4 |
| 2024 | 5.6% | 1.01× | 5.7% | 1.44× | 8.2% | S100W6YA |
| 2025 | 5.4% | 0.98× | 5.3% | 1.48× | 7.9% | S100YHRX |
| 2026 | 5.3% | 0.97× | 5.1% | 1.51× | 7.7% | S100YHRX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社豊英社 | Major shareholder | 16.1% | 2026-03-31 |
| 村上太郎 | Major shareholder | 12.6% | 2026-03-31 |
| ＮＩＰＰＯＮ ＡＣＴＩＶＥ ＶＡＬＵＥ ＦＵＮＤ ＰＬＣ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社中島屋ホテルズ | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| スルガ銀行株式会社 | Major shareholder | 2.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YHRX | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRX,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W6YA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6YA,, |
| 訂正有価証券報告書－第81期(2023/04/01－2024/03/31) | S100U0Q4 | 2024-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U0Q4,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R1IF | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1IF,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OCV4 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCV4,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LS4Q | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS4Q,, |

## 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).