# Neturen Co., 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115期(2025/04/01－2026/03/31) (S100YIP6)
> Page: https://vizora.meequs.com/en/company/neturen
> Retrieved: 2026-09-30T21:35:11.573Z

## Company

Neturen, founded in 1940, is a company in Auto Parts listed on TSE Prime. It has 1,651 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Neturen Co., Ltd. |
| Ticker | 5976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5976.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東五反田二丁目17番1号 |
| Representative (per filing) | 代表取締役社長執行役員 大宮 克己 |
| Founded | Jul 1940 |
| Share capital | ¥6.42B |
| Employees (consolidated) | 1,651 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.k-neturen.co.jp (https://www.k-neturen.co.jp/) |
| Corporate number | 1010701003241 |
| EDINET | E01400 |
| Industries (Vizora) | Auto Parts, Steel, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YIP6, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 110 |
| Profitability | 29.3 | 111 |
| Cash conversion | 15.3 | 108 |
| Efficiency | 11.3 | 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 62% of Neturen's sales come from Specialty Steel and Wire Products Division, with Induction Heat Treatment Service and Heating Machine Division and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +17.0%.

## Company structure

- Segment revenue mix: Specialty Steel and Wire Products Division 62.3%、Induction Heat Treatment Service and Heating Machine Division 33.5%、Other 4.1%
- Revenue → net income: ¥58277000000 → ¥1771000000
- Net income → operating cash flow: ¥1771000000 → ¥1773000000（difference ¥2000000）
- Main uses of operating cash flow: CapEx ¥4031000000 / dividends ¥2005000000 / buybacks ¥2000000000
- Change in cash: ¥-3375000000
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 | ¥58.3B |  |
| Operating income | ¥1.89B | Margin 3.2% |
| Net income | ¥1.33B | Margin 2.3% |
| Free cash flow | -¥2.26B |  |
| Largest business | Specialty Steel and Wire Products Division | of segment revenue 62.3% |
| Employees (consolidated) | 1,651 |  |
| EPS | ¥34.14 |  |
| Book value per share | ¥1280.95 |  |
| Equity ratio | 66.0% |  |
| Shares outstanding | 32,805,400 |  |
| Treasury shares | 200,600 |  |
| Shareholders | 44,809 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 24.4% |
| Vs. industry median margin | -1.5 pp | Auto Parts |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, segment profit share differs by -38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42567000000 | ¥58277000000 | +36.9% |
| Operating income | ¥920000000 | ¥1892000000 | +105.7% |
| Operating margin | 2.2% | 3.2% | +1.1 pp |
| Employees | 1,571 people | 1,651 people | +5.1% |
| Cash and equivalents | ¥13309000000 | ¥14204000000 | +6.7% |

### 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 |
| --- | ---: |
| 製品事業部関連事業 → 製品事業部関連事業 | 57.6% |
| ＩＨ事業部関連事業 → ＩＨ事業部関連事業 | 33.5% |
| ＩＨ事業部関連事業 → 事業再編・廃止 | 8.5% |
| その他 → その他 | 0.3% |
| 新設・再編 → 製品事業部関連事業 | 4.7% |
| 新設・再編 → その他 | 3.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Specialty Steel and Wire Products Division | 5 years | +8.2% | ¥36335000000 | 1.3% | 2 |
| Induction Heat Treatment Service and Heating Machine Division | 5 years | +1.8% | ¥19526000000 | 6.7% | 2 |
| Other | 5 years | +79.1% | ¥2416000000 | 5.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,277 | 100.0% | S100YIP6 |
| Cost of revenue | 47,069 | 80.8% | S100YIP6 |
| Gross profit | 11,208 | 19.2% | S100YIP6 |
| SG&A | 9,315 | 16.0% | S100YIP6 |
| Operating income | 1,892 | 3.2% | S100YIP6 |
| Ordinary income | 2,663 | 4.6% | S100YIP6 |
| Pretax income | 2,344 | 4.0% | S100YIP6 |
| Income tax | 573 | 1.0% | S100YIP6 |
| Net income | 1,771 | 3.0% | S100YIP6 |
| Net income attributable to owners | 1,329 | 2.3% | S100YIP6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.2% → Operating margin 3.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +17.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.71×
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 | 57,563 | 58,277 | 714 | +1.2% |
| Gross profit | 10,346 | 11,208 | 862 | +8.3% |
| Operating income | 1,617 | 1,892 | 275 | +17.0% |
| Net income attributable to owners | 1,815 | 1,329 | -486 | -26.8% |
| Operating cash flow | 4,107 | 1,773 | -2,334 | -56.8% |
| Free cash flow | 1,426 | -2,258 | -3,684 | -258.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,806 | 2,087 | 4.3% | 250 | 6,298 | 1,866 | S100LRMQ |
| FY ending Mar 2021 | 42,567 | 920 | 2.2% | 268 | 3,969 | 2,542 | S100OHAZ |
| FY ending Mar 2022 | 53,004 | 3,704 | 7.0% | 2,690 | 6,335 | 5,329 | S100R7TC |
| FY ending Mar 2023 | 57,524 | 2,396 | 4.2% | 381 | 3,888 | 2,603 | S100TV2Z |
| FY ending Mar 2024 | 57,205 | 1,632 | 2.9% | 1,542 | 4,193 | 1,664 | S100W6ZZ |
| FY ending Mar 2025 | 57,563 | 1,617 | 2.8% | 1,815 | 4,107 | 1,426 | S100YIP6 |
| FY ending Mar 2026 | 58,277 | 1,892 | 3.2% | 1,329 | 1,773 | -2,258 | S100YIP6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥805K |

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) | 1,604 | 1,596 | 1,627 | 1,595 | 1,651 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.1M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 38.7 years | 39.6 years | 40.2 years | 40.8 years | 41.1 years |
| Average tenure (parent company) | 13.0 years | 13.3 years | 13.5 years | 13.9 years | 14.3 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Specialty Steel and Wire Products Division | 36,335 | 62.3% | 464 | 1.3% |
| Induction Heat Treatment Service and Heating Machine Division | 19,526 | 33.5% | 1,301 | 6.7% |
| Other | 2,416 | 4.1% | 122 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Specialty Steel and Wire Products Division | 62.3% | 24.6% | -37.8 | 1.3% |
| Induction Heat Treatment Service and Heating Machine Division | 33.5% | 68.9% | 35.4 | 6.7% |
| Other | 4.1% | 6.5% | 2.3 | 5.0% |

Segment → industry: Specialty Steel and Wire Products Division → Auto Parts / Specialty Steel and Wire Products Division → Steel / Other → Real Estate Development & Leasing / Induction Heat Treatment Service and Heating Machine Division → Industrial Machinery

## 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 | 1,773 | 3.0% | S100YIP6 |
| Capital expenditure | 4,031 | 6.9% | S100YIP6 |
| Free cash flow | -2,258 | -3.9% | 算出 |
| Investing cash flow | -5,235 | -9.0% | S100YIP6 |
| Financing cash flow | -121 | -0.2% | S100YIP6 |
| Dividends paid | 2,005 | 3.4% | S100YIP6 |
| Share buyback | 2,000 | 3.4% | S100YIP6 |
| Change in cash | -3,375 | -5.8% | S100YIP6 |
| Cash and equivalents | 14,204 | 24.4% | S100YIP6 |

## 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 | 18,099 | 16,911 | 14,810 | 17,580 | 14,204 | S100TV2Z, S100W6ZZ, S100YIP6 |
| Total assets | 82,003 | 79,888 | 80,613 | 83,760 | 88,146 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Net assets | 66,859 | 66,549 | 66,471 | 66,329 | 65,378 | S100TV2Z, S100W6ZZ, S100YIP6 |
| Share capital | 6,418 | 6,418 | 6,418 | 6,418 | 6,418 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Property, plant and equipment | 28,067 | 25,486 | 26,067 | 26,297 | 29,318 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Intangible assets excluding goodwill | 778 | 805 | 1,027 | 1,067 | 2,709 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Goodwill | — | — | — | — | 1,626 | S100YIP6 |
| Investment securities | 8,737 | 9,809 | 9,984 | 9,857 | 10,949 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Current assets | 42,723 | 42,383 | 41,753 | 44,785 | 43,753 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Current liabilities | 13,026 | 11,797 | 12,794 | 11,205 | 13,060 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Trade payables | 3,755 | 3,913 | 3,958 | 3,337 | 4,035 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Short-term borrowings | 1,412 | 1,262 | 670 | 1,947 | 3,799 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Long-term borrowings | 738 | 138 | 16 | 4,846 | 7,819 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Total liabilities | 15,144 | 13,338 | 14,142 | 17,431 | 22,768 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Non-controlling interests | 7,212 | 7,155 | 6,465 | 6,788 | 7,159 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Equity attributable to owners of parent | 57,209 | 54,997 | 53,724 | 51,785 | 49,141 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Retained earnings | 49,174 | 47,639 | 46,397 | 43,850 | 41,239 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |
| Treasury stock | -790 | -688 | -816 | -197 | -230 | S100R7TC, S100TV2Z, S100W6ZZ, S100YIP6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YIP6 |
| Property, plant and equipment | 33% | S100YIP6 |
| Intangibles and goodwill | 5% | S100YIP6 |
| Investment securities | 13% | S100YIP6 |
| Other assets | 33% | S100YIP6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIP6 |
| Other liabilities | 21% | S100YIP6 |
| Equity | 74% | S100YIP6 |

### 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 | 82,003 | 79,888 | 80,613 | 83,760 | 88,146 |
| Equity | 66,859 | 66,549 | 66,471 | 66,329 | 65,378 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,099 | 16,911 | 14,810 | 17,580 | 14,204 |

## 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) | 50.3% | S100YIP6 |
| Fixed assets ÷ total assets | 33.3% | S100YIP6 |
| Goodwill ÷ parent equity | 3.3% | S100YIP6 |

### 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) | 16.1% |
| Cash ÷ revenue | 24.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.7% |
| Cash vs. profit gap | 444 JPY mn (of net income 33.4%) |
| Shareholder returns / net income | 301.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 150.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 295.3% |

## 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 | 5.1% | 0.65× | 3.3% | 1.43× | 4.7% | S100R7TC |
| 2023 | 0.7% | 0.71× | 0.5% | 1.44× | 0.7% | S100TV2Z |
| 2024 | 2.7% | 0.71× | 1.9% | 1.48× | 2.8% | S100W6ZZ |
| 2025 | 3.2% | 0.70× | 2.2% | 1.56× | 3.4% | S100YIP6 |
| 2026 | 2.3% | 0.68× | 1.5% | 1.70× | 2.6% | S100YIP6 |

## 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 | 11.1% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| ネツレン協力企業持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 本間 常夫 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YIP6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIP6,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W6ZZ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6ZZ,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TV2Z | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV2Z,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R7TC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7TC,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OHAZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHAZ,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LRMQ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRMQ,, |

## 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).