# MURO 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69期(2025/04/01－2026/03/31) (S100YGBE)
> Page: https://vizora.meequs.com/en/company/muro
> Retrieved: 2026-09-30T20:24:19.695Z

## Company

Muro, founded in 1958, is a company in Auto Parts listed on TSE Standard. It has 1,061 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MURO CORPORATION |
| Ticker | 7264 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7264.T) |
| Listing | TSE Standard |
| Head office | 栃木県宇都宮市清原工業団地7番地1 |
| Representative (per filing) | 代表取締役社長 室雅文 |
| Founded | Apr 1958 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 1,061 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.muro.co.jp (https://www.muro.co.jp/) |
| Corporate number | 7010901011914 |
| EDINET | E02234 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YGBE, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.7 | 110 |
| Profitability | 56.3 | 111 |
| Cash conversion | 27.3 | 108 |
| Efficiency | 21.2 | 111 |

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 89% of Muro's sales come from Metal related parts business, with Resin related prats business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +64.1%.

## Company structure

- Segment revenue mix: Metal related parts business 88.5%、Resin related prats business 6.5%、Other 4.9%
- Revenue → net income: ¥23143572000 → ¥714222000
- Net income → operating cash flow: ¥714222000 → ¥1523538000（difference ¥809316000）
- Main uses of operating cash flow: CapEx ¥876294000 / dividends ¥277694000 / buybacks —
- Change in cash: ¥-770698000
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 | ¥23.1B |  |
| Operating income | ¥1.24B | Margin 5.4% |
| Net income | ¥714.2M | Margin 3.1% |
| Free cash flow | ¥647.2M |  |
| Largest business | Metal related parts business | of segment revenue 88.5% |
| Employees (consolidated) | 1,061 |  |
| EPS | ¥156.27 |  |
| Book value per share | ¥3314.63 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 6,546,200 |  |
| Treasury shares | 504,200 |  |
| Shareholders | 3,115 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | +0.6 pp | Auto Parts |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees -3% while operating income rose 64%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18965187000 | ¥23143572000 | +22.0% |
| Operating income | ¥997647000 | ¥1239412000 | +24.2% |
| Operating margin | 5.3% | 5.4% | +0.1 pp |
| Employees | 1,122 people | 1,061 people | -5.4% |
| Cash and equivalents | ¥7038908000 | ¥6800619000 | -3.4% |

### 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 |
| --- | ---: |
| 金属関連部品事業 → 金属関連部品事業 | 88.1% |
| 樹脂関連部品事業 → 樹脂関連部品事業 | 6.5% |
| 樹脂関連部品事業 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 4.3% |
| 新設・再編 → 金属関連部品事業 | 0.5% |
| 新設・再編 → その他 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal related parts business | 5 years | +4.2% | ¥20488058000 | 10.7% | 2 |
| Resin related prats business | 5 years | +0.9% | ¥1514021000 | -1.0% | 2 |
| Other | 5 years | +6.8% | ¥1141492000 | -2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,144 | 100.0% | S100YGBE |
| Cost of revenue | 18,714 | 80.9% | S100YGBE |
| Gross profit | 4,430 | 19.1% | S100YGBE |
| SG&A | 3,190 | 13.8% | S100YGBE |
| Operating income | 1,239 | 5.4% | S100YGBE |
| Ordinary income | 1,206 | 5.2% | S100YGBE |
| Pretax income | 1,198 | 5.2% | S100YGBE |
| Income tax | 484 | 2.1% | S100YGBE |
| Net income | 714 | 3.1% | S100YGBE |
| Net income attributable to owners | 714 | 3.1% | S100YGBE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.1% → Operating margin 5.4% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +64.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 26.17×
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 | 22,590 | 23,144 | 554 | +2.5% |
| Gross profit | 3,926 | 4,430 | 503 | +12.8% |
| Operating income | 755 | 1,239 | 484 | +64.1% |
| Net income attributable to owners | 486 | 714 | 228 | +46.9% |
| Operating cash flow | 678 | 1,524 | 846 | +124.8% |
| Free cash flow | -543 | 647 | 1,191 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,402 | 1,257 | 5.9% | 847 | 1,606 | 105 | S100LNKX |
| FY ending Mar 2021 | 18,965 | 998 | 5.3% | 975 | 2,780 | 579 | S100OEDJ |
| FY ending Mar 2022 | 20,534 | 1,260 | 6.1% | 1,348 | 1,737 | -92 | S100R1F4 |
| FY ending Mar 2023 | 21,842 | 411 | 1.9% | 292 | 1,062 | -598 | S100TQPL |
| FY ending Mar 2024 | 23,656 | 1,446 | 6.1% | 1,317 | 3,877 | 1,394 | S100W290 |
| FY ending Mar 2025 | 22,590 | 755 | 3.3% | 486 | 678 | -543 | S100YGBE |
| FY ending Mar 2026 | 23,144 | 1,239 | 5.4% | 714 | 1,524 | 647 | S100YGBE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥673.2K |

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) | 1,135 | 1,167 | 1,145 | 1,096 | 1,061 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.3M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 38.2 years | 39.1 years | 40.0 years | 40.5 years | 41.1 years |
| Average tenure (parent company) | 14.5 years | 15.0 years | 15.9 years | 16.5 years | 16.8 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal related parts business | 20,488 | 88.5% | 2,193 | 10.7% |
| Resin related prats business | 1,514 | 6.5% | -15 | -1.0% |
| Other | 1,141 | 4.9% | -33 | -2.9% |

### 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 related parts business | 88.5% | 100.0% | 11.5 | 10.7% |
| Resin related prats business | 6.5% | — | — | -1.0% |
| Other | 4.9% | — | — | -2.9% |

Loss-making segment (excluded from profit shares): Resin related prats business -15 JPY mn

Loss-making segment (excluded from profit shares): Other -33 JPY mn

Segment → industry: Resin related prats business → Auto Parts / Metal related parts business → Auto Parts

## 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 | 1,524 | 6.6% | S100YGBE |
| Capital expenditure | 876 | 3.8% | S100YGBE |
| Free cash flow | 647 | 2.8% | 算出 |
| Investing cash flow | -1,041 | -4.5% | S100YGBE |
| Financing cash flow | -1,096 | -4.7% | S100YGBE |
| Dividends paid | 278 | 1.2% | S100YGBE |
| Change in cash | -771 | -3.3% | S100YGBE |
| Cash and equivalents | 6,801 | 29.4% | S100YGBE |

## 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 | 6,239 | 6,340 | 8,833 | 7,571 | 6,801 | S100TQPL, S100W290, S100YGBE |
| Total assets | 27,359 | 28,054 | 32,431 | 30,493 | 30,289 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Net assets | 19,314 | 19,736 | 21,679 | 22,070 | 22,739 | S100TQPL, S100W290, S100YGBE |
| Share capital | 1,095 | 1,095 | 1,095 | 1,095 | 1,095 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Trade receivables | 3,163 | 3,445 | 2,825 | 3,058 | 3,342 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Property, plant and equipment | 9,284 | 9,510 | 10,731 | 10,671 | 10,153 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Intangible assets excluding goodwill | 328 | 299 | 269 | 266 | 318 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Goodwill | 50 | 25 | — | — | — | S100R1F4, S100TQPL |
| Investment securities | 2,151 | 1,849 | 1,926 | 1,853 | 2,091 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Current assets | 14,374 | 15,283 | 17,483 | 16,358 | 16,670 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Current liabilities | 7,371 | 7,379 | 8,917 | 6,926 | 6,250 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Trade payables | 1,364 | 1,453 | 1,194 | 1,215 | 1,227 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Short-term borrowings | 960 | 1,110 | 1,502 | 1,110 | 810 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Long-term borrowings | 414 | 644 | 1,036 | 852 | 675 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Total liabilities | 8,046 | 8,319 | 10,752 | 8,423 | 7,551 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Equity attributable to owners of parent | 18,600 | 18,625 | 19,677 | 19,897 | 20,334 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Retained earnings | 16,996 | 17,022 | 18,073 | 18,293 | 18,730 | S100R1F4, S100TQPL, S100W290, S100YGBE |
| Treasury stock | -395 | -395 | -396 | -396 | -396 | S100R1F4, S100TQPL, S100W290, S100YGBE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGBE |
| Receivables | 11% | S100YGBE |
| Property, plant and equipment | 34% | S100YGBE |
| Intangibles and goodwill | 1% | S100YGBE |
| Investment securities | 7% | S100YGBE |
| Other assets | 25% | S100YGBE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGBE |
| Other liabilities | 21% | S100YGBE |
| Equity | 75% | S100YGBE |
| Other liabilities | 0% | S100YGBE |

### 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 | 27,359 | 28,054 | 32,431 | 30,493 | 30,289 |
| Equity | 19,314 | 19,736 | 21,679 | 22,070 | 22,739 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,239 | 6,340 | 8,833 | 7,571 | 6,801 |

## 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) | 43.9% | S100YGBE |
| Fixed assets ÷ total assets | 33.5% | S100YGBE |
| Goodwill ÷ parent equity | — | —, S100YGBE |

### 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) | 22.5% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.9% |
| Cash vs. profit gap | 809 JPY mn (of net income 113.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 42.9% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 68.3% |

## 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 | 6.6% | 0.75× | 4.9% | 1.47× | 7.2% | S100R1F4 |
| 2023 | 1.3% | 0.79× | 1.1% | 1.49× | 1.6% | S100TQPL |
| 2024 | 5.6% | 0.78× | 4.4% | 1.58× | 6.9% | S100W290 |
| 2025 | 2.2% | 0.72× | 1.5% | 1.59× | 2.5% | S100YGBE |
| 2026 | 3.1% | 0.76× | 2.4% | 1.51× | 3.6% | S100YGBE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社インテレクチュアル | Major shareholder | 27.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 室 信子 | Major shareholder | 4.9% | 2026-03-31 |
| ムロコーポレーション協力企業持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 室 弘子 | Major shareholder | 3.0% | 2026-03-31 |
| 室 雅文 | Major shareholder | 2.9% | 2026-03-31 |
| 烏山信用金庫 | Major shareholder | 2.4% | 2026-03-31 |
| ムロ社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YGBE | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGBE,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W290 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W290,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TQPL | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQPL,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100R1F4 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1F4,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OEDJ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEDJ,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LNKX | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNKX,, |

## 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).