# OGURA CLUTCH 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97期(2025/04/01－2026/03/31) (S100YJ6L)
> Page: https://vizora.meequs.com/en/company/ogura-clutch
> Retrieved: 2026-09-30T19:15:14.655Z

## Company

Ogura Clutch, founded in 1948, is a company in Auto Parts listed on TSE Standard. It has 1,755 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OGURA CLUTCH CO.,LTD. |
| Ticker | 6408 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6408.T) |
| Listing | TSE Standard |
| Head office | 群馬県桐生市相生町二丁目678番地 |
| Representative (per filing) | 代表取締役社長 小倉 康宏 |
| Founded | May 1948 |
| Share capital | ¥1.86B |
| Employees (consolidated) | 1,755 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.oguraclutch.co.jp (https://www.oguraclutch.co.jp/) |
| Corporate number | 1070001015725 |
| EDINET | E01647 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YJ6L, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 110 |
| Profitability | 31.1 | 111 |
| Cash conversion | 20.8 | 108 |
| Efficiency | 33.8 | 111 |
| Financial strength | 17.9 | 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 69% of Ogura Clutch's sales come from Transportation Products, with Industrial Products and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -5.1% from the prior year, operating profit +197.6%.

## Company structure

- Segment revenue mix: Transportation Products 69.3%、Industrial Products 29.5%、Other 1.2%
- Revenue → net income: ¥41664000000 → ¥1502000000
- Net income → operating cash flow: ¥1502000000 → ¥1614000000（difference ¥112000000）
- Main uses of operating cash flow: CapEx ¥1173000000 / dividends ¥74000000 / buybacks ¥1000000
- Change in cash: ¥629000000
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 | ¥41.7B |  |
| Operating income | ¥1.38B | Margin 3.3% |
| Net income | ¥1.5B | Margin 3.6% |
| Free cash flow | ¥441M |  |
| Largest business | Transportation Products | of segment revenue 69.3% |
| Employees (consolidated) | 1,755 |  |
| EPS | ¥739.82 |  |
| Book value per share | ¥8520.58 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 1,553,323 |  |
| Treasury shares | 57,400 |  |
| Shareholders | 680 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 17.1% | Net cash -¥10B · Cash ÷ revenue 19.4% |
| Vs. industry median margin | -1.4 pp | Auto Parts |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 198%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33609000000 | ¥41664000000 | +24.0% |
| Operating income | ¥-478000000 | ¥1381000000 | — |
| Operating margin | -1.4% | 3.3% | +4.7 pp |
| Employees | 2,016 people | 1,755 people | -12.9% |
| Cash and equivalents | ¥6762000000 | ¥8100000000 | +19.8% |

### 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 |
| --- | ---: |
| 輸送機器用事業 → 輸送機器用事業 | 69.3% |
| 輸送機器用事業 → 事業再編・廃止 | 1.5% |
| 一般産業用事業 → 一般産業用事業 | 26.1% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 1.9% |
| 新設・再編 → 一般産業用事業 | 3.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation Products | 5 years | +3.9% | ¥28866000000 | 2.7% | 2 |
| Industrial Products | 5 years | +7.0% | ¥12308000000 | 4.7% | 2 |
| Other | 5 years | -13.9% | ¥490000000 | 3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,664 | 100.0% | S100YJ6L |
| Cost of revenue | 34,354 | 82.5% | S100YJ6L |
| Gross profit | 7,310 | 17.5% | S100YJ6L |
| SG&A | 5,928 | 14.2% | S100YJ6L |
| Operating income | 1,381 | 3.3% | S100YJ6L |
| Ordinary income | 1,405 | 3.4% | S100YJ6L |
| Pretax income | 1,738 | 4.2% | S100YJ6L |
| Income tax | 235 | 0.6% | S100YJ6L |
| Net income | 1,502 | 3.6% | S100YJ6L |
| Net income attributable to owners | 1,502 | 3.6% | S100YJ6L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.5% → Operating margin 3.3% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.1%; Core profit growth: +197.6%
Operating leverage (core profit growth ÷ revenue growth): -38.69×
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 | 43,907 | 41,664 | -2,243 | -5.1% |
| Gross profit | 6,747 | 7,310 | 563 | +8.3% |
| Operating income | 464 | 1,381 | 917 | +197.6% |
| Net income attributable to owners | 1,162 | 1,502 | 340 | +29.3% |
| Operating cash flow | 2,794 | 1,614 | -1,180 | -42.2% |
| Free cash flow | 603 | 441 | -162 | -26.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,658 | 586 | 1.4% | 345 | 2,344 | 409 | S100LUNF |
| FY ending Mar 2021 | 33,609 | -478 | -1.4% | -1,579 | 1,160 | -443 | S100OM4R |
| FY ending Mar 2022 | 38,914 | -1,001 | -2.6% | -1,134 | -2,717 | -4,737 | S100R8F5 |
| FY ending Mar 2023 | 44,201 | 498 | 1.1% | 509 | 1,164 | -792 | S100TVOX |
| FY ending Mar 2024 | 43,491 | -320 | -0.7% | -598 | 2,932 | 723 | S100W782 |
| FY ending Mar 2025 | 43,907 | 464 | 1.1% | 1,162 | 2,794 | 603 | S100YJ6L |
| FY ending Mar 2026 | 41,664 | 1,381 | 3.3% | 1,502 | 1,614 | 441 | S100YJ6L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.7M |
| Operating income per employee (consolidated) | ¥786.9K |
| Net income per employee (consolidated) | ¥855.8K |

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) | 2,013 | 2,011 | 1,887 | 1,776 | 1,755 |
| Average salary (parent company) | ¥4.8M | ¥5.1M | ¥5.2M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 41.7 years | 42.8 years | 42.7 years | 43.2 years | 43.3 years |
| Average tenure (parent company) | 18.7 years | 19.1 years | 18.8 years | 19.2 years | 18.6 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) -5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation Products | 28,866 | 69.3% | 789 | 2.7% |
| Industrial Products | 12,308 | 29.5% | 574 | 4.7% |
| Other | 490 | 1.2% | 17 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation Products | 69.3% | 57.2% | -12.1 | 2.7% |
| Industrial Products | 29.5% | 41.6% | 12.1 | 4.7% |
| Other | 1.2% | 1.2% | 0.1 | 3.5% |

Segment → industry: Transportation Products → Auto Parts / Industrial Products → 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 | 1,614 | 3.9% | S100YJ6L |
| Capital expenditure | 1,173 | 2.8% | S100YJ6L |
| Free cash flow | 441 | 1.1% | 算出 |
| Investing cash flow | -683 | -1.6% | S100YJ6L |
| Financing cash flow | -413 | -1.0% | S100YJ6L |
| Dividends paid | 74 | 0.2% | S100YJ6L |
| Share buyback | 1 | 0.0% | S100YJ6L |
| Change in cash | 629 | 1.5% | S100YJ6L |
| Cash and equivalents | 8,100 | 19.4% | S100YJ6L |

## 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 | 6,742 | 5,831 | 7,199 | 7,470 | 8,100 | S100TVOX, S100W782, S100YJ6L |
| Total assets | 46,773 | 48,333 | 48,599 | 47,013 | 47,286 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Net assets | 14,076 | 15,057 | 15,357 | 17,701 | 19,857 | S100TVOX, S100W782, S100YJ6L |
| Share capital | 1,858 | 1,858 | 1,858 | 1,858 | 1,858 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Trade receivables | 8,129 | 9,450 | 7,906 | 8,437 | 8,444 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Property, plant and equipment | 11,944 | 12,682 | 13,190 | 12,983 | 12,637 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Intangible assets excluding goodwill | 610 | 824 | 779 | 788 | 753 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Goodwill | 98 | 88 | 70 | 58 | 41 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Investment securities | 1,566 | 924 | 951 | 1,010 | 1,202 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Current assets | 31,948 | 33,252 | 32,742 | 31,118 | 31,334 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Current liabilities | 26,197 | 26,142 | 25,223 | 22,087 | 20,752 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Trade payables | 4,307 | 4,119 | 3,927 | 3,838 | 3,300 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Short-term borrowings | 14,872 | 14,494 | 14,612 | 13,216 | 13,288 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Long-term borrowings | 4,761 | 4,973 | 4,709 | 4,202 | 3,958 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Bonds | — | 300 | 1,200 | 1,200 | 900 | S100TVOX, S100W782, S100YJ6L |
| Interest-bearing debt | — | 19,767 | 20,521 | 18,618 | 18,146 | 算出 |
| Total liabilities | 32,696 | 33,275 | 33,241 | 29,311 | 27,428 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Non-controlling interests | 20 | 17 | — | — | — | S100R8F5, S100TVOX |
| Equity attributable to owners of parent | 13,177 | 13,611 | 12,928 | 14,016 | 15,442 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Retained earnings | 9,909 | 10,344 | 9,671 | 10,759 | 12,186 | S100R8F5, S100TVOX, S100W782, S100YJ6L |
| Treasury stock | -351 | -351 | -352 | -352 | -354 | S100R8F5, S100TVOX, S100W782, S100YJ6L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJ6L |
| Receivables | 18% | S100YJ6L |
| Property, plant and equipment | 27% | S100YJ6L |
| Intangibles and goodwill | 2% | S100YJ6L |
| Investment securities | 2% | S100YJ6L |
| Other assets | 34% | S100YJ6L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YJ6L |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 13% | S100YJ6L |
| Equity | 42% | S100YJ6L |
| Other liabilities | 0% | S100YJ6L |

### 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 | 46,773 | 48,333 | 48,599 | 47,013 | 47,286 |
| Equity | 14,076 | 15,057 | 15,357 | 17,701 | 19,857 |
| Interest-bearing debt | — | 19,767 | 20,521 | 18,618 | 18,146 |
| Cash | 6,742 | 5,831 | 7,199 | 7,470 | 8,100 |

## 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) | 30.3% | S100YJ6L |
| Fixed assets ÷ total assets | 26.7% | S100YJ6L |
| Goodwill ÷ parent equity | 0.3% | S100YJ6L |

Goodwill over 4 years: 98 → 41 JPY; total investing cash flow: -6,225 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) | 17.1% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | -¥10B |
| Net debt ÷ operating cash flow | 6.22× |
| Cash conversion (operating CF ÷ operating income) | 116.9% |
| Cash vs. profit gap | 112 JPY mn (of net income 7.5%) |
| Shareholder returns / net income | 5.0% |
| Shareholder returns / FCF | 17.0% |
| Shareholder payments — dividends / net income | 4.9% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 42.3% |

## 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 | — | —× | -2.4% | —× | — | S100R8F5 |
| 2023 | 1.2% | 0.93× | 1.1% | 3.55× | 3.8% | S100TVOX |
| 2024 | — | —× | -1.2% | —× | — | S100W782 |
| 2025 | 2.6% | 0.92× | 2.4% | 3.55× | 8.6% | S100YJ6L |
| 2026 | 3.6% | 0.88× | 3.2% | 3.20× | 10.2% | S100YJ6L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 第一共栄ビル株式会社 | Major shareholder | 19.6% | 2026-03-31 |
| 小倉クラッチ取引先持株会 | Major shareholder | 10.8% | 2026-03-31 |
| 小倉 康宏 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社東和銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社群馬銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 黄 聖博 | Major shareholder | 4.8% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 小倉クラッチ従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 渡邉 浩司 | Major shareholder | 1.7% | 2026-03-31 |
| 前山株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YJ6L | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ6L,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W782 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W782,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TVOX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVOX,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R8F5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8F5,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OM4R | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM4R,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LUNF | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUNF,, |

## 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).