# Pacific Metals 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100期(2025/04/01－2026/03/31) (S100YDBT)
> Page: https://vizora.meequs.com/en/company/pacific-metals
> Retrieved: 2026-09-30T18:31:20.812Z

## Company

Pacific Metals, founded in 1949, is a company in Steel listed on TSE Prime. It has 425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Pacific Metals Co., Ltd. |
| Ticker | 5541 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5541.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 岩舘一夫 |
| Founded | Dec 1949 |
| Share capital | ¥13.9B |
| Employees (consolidated) | 425 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.pacific-metals.co.jp (https://www.pacific-metals.co.jp/) |
| Corporate number | 2010001008717 |
| EDINET | E01254 |
| Industries (Vizora) | Steel, Non-ferrous Metals & Wires, Chemicals |

> Profile source: annual securities report (S100YDBT, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2 | 25 |
| Profitability | 1.9 | 26 |
| Efficiency | 1.9 | 27 |

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 92% of Pacific Metals's sales come from Nickel, with Gas business and Other making up much of the rest.
- It lost about ¥53 for every ¥100 of sales at the operating level.
- Revenue changed -28.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.41B |  |
| Operating income | -¥4.97B | Margin -52.8% |
| Net income | ¥2.61B | Margin 27.7% |
| Free cash flow | ¥1.94B |  |
| Largest business | Nickel | of segment revenue 92.0% |
| Employees (consolidated) | 425 |  |
| EPS | ¥147.06 |  |
| Book value per share | ¥2400.83 |  |
| Equity ratio | 93.5% |  |
| Shares outstanding | 19,577,071 |  |
| Treasury shares | 2,189,400 |  |
| Shareholders | 19,615 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 27.3% | Cash ÷ revenue 195.4% |
| Vs. industry median margin | -58.4 pp | Non-ferrous Metals & Wires |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.2× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 92 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32217000000 | ¥9414000000 | -70.8% |
| Operating income | ¥-493000000 | ¥-4971000000 | — |
| Operating margin | -1.5% | -52.8% | -51.3 pp |
| Employees | 458 people | 425 people | -7.2% |
| Cash and equivalents | ¥22286000000 | ¥18394000000 | -17.5% |

### 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 |
| --- | ---: |
| ニッケル事業 → ニッケル事業 | 92.0% |
| ニッケル事業 → 事業再編・廃止 | 2.4% |
| ガス事業 → ガス事業 | 1.6% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 3.5% |
| 新設・再編 → ガス事業 | 6.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nickel | 5 years | -22.2% | ¥8660000000 | -55.7% | 2 |
| Gas business | 5 years | +6.7% | ¥711000000 | 1.7% | 2 |
| Other | 5 years | -49.5% | ¥42000000 | -400.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,414 | 100.0% | S100YDBT |
| Cost of revenue | 12,555 | 133.4% | S100YDBT |
| Gross profit | -3,140 | -33.4% | S100YDBT |
| SG&A | 1,830 | 19.4% | S100YDBT |
| Operating income | -4,971 | -52.8% | S100YDBT |
| Ordinary income | 3,323 | 35.3% | S100YDBT |
| Pretax income | 3,254 | 34.6% | S100YDBT |
| Income tax | 656 | 7.0% | S100YDBT |
| Net income | 2,597 | 27.6% | S100YDBT |
| Net income attributable to owners | 2,610 | 27.7% | S100YDBT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 133 |
| SG&A | 20 |
| Operating income | -53 |
| (Ref.) Net income | 28 |

### Margin funnel

Gross margin -33.4% → Operating margin -52.8% → Net margin 27.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,175 | 9,414 | -3,761 | -28.5% |
| Gross profit | -5,191 | -3,140 | 2,051 | — |
| Operating income | -7,368 | -4,971 | 2,397 | — |
| Net income attributable to owners | -1,667 | 2,610 | 4,277 | — |
| Operating cash flow | 3,011 | 2,420 | -591 | -19.6% |
| Free cash flow | 2,460 | 1,941 | -519 | -21.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,133 | -1,879 | -4.3% | 625 | -4,720 | -5,109 | S100LN1K |
| FY ending Mar 2021 | 32,217 | -493 | -1.5% | 1,162 | 5,829 | 5,495 | S100OCRF |
| FY ending Mar 2022 | 57,129 | 4,806 | 8.4% | 11,368 | 7,857 | 6,424 | S100R3C1 |
| FY ending Mar 2023 | 34,852 | -12,588 | -36.1% | -5,026 | -7,516 | -8,587 | S100TO74 |
| FY ending Mar 2024 | 15,521 | -9,114 | -58.7% | -1,074 | 2,793 | 2,234 | S100W2LK |
| FY ending Mar 2025 | 13,175 | -7,368 | -55.9% | -1,667 | 3,011 | 2,460 | S100YDBT |
| FY ending Mar 2026 | 9,414 | -4,971 | -52.8% | 2,610 | 2,420 | 1,941 | S100YDBT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | -¥11.7M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 460 | 468 | 459 | 441 | 425 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥5M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 40.0 years | 40.3 years | 40.9 years | 42.0 years | 43.3 years |
| Average tenure (parent company) | 16.9 years | 17.1 years | 18.0 years | 19.1 years | 20.4 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) -28.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nickel | 8,660 | 92.0% | -4,824 | -55.7% |
| Gas business | 711 | 7.6% | 12 | 1.7% |
| Other | 42 | 0.4% | -168 | -400.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nickel | 92.0% | — | — | -55.7% |
| Gas business | 7.6% | 100.0% | 92.4 | 1.7% |
| Other | 0.4% | — | — | -400.0% |

Loss-making segment (excluded from profit shares): Nickel -4,824 JPY mn

Loss-making segment (excluded from profit shares): Other -168 JPY mn

Segment → industry: Other → Steel / Nickel → Non-ferrous Metals & Wires / Gas business → Chemicals

## 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 | 2,420 | 25.7% | S100YDBT |
| Capital expenditure | 479 | 5.1% | S100YDBT |
| Free cash flow | 1,941 | 20.6% | 算出 |
| Investing cash flow | -1,739 | -18.5% | S100YDBT |
| Financing cash flow | -7,298 | -77.5% | S100YDBT |
| Dividends paid | 3,662 | 38.9% | S100YDBT |
| Change in cash | -6,580 | -69.9% | S100YDBT |
| Cash and equivalents | 18,394 | 195.4% | S100YDBT |

## 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 | 26,631 | 17,248 | 22,158 | 24,975 | 18,394 | S100TO74, S100W2LK, S100YDBT |
| Total assets | 89,852 | 78,825 | 73,790 | 71,795 | 67,327 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Net assets | 80,153 | 72,034 | 69,060 | 67,656 | 63,192 | S100TO74, S100W2LK, S100YDBT |
| Share capital | 13,922 | 13,922 | 13,922 | 13,922 | 13,922 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Property, plant and equipment | 7,734 | 8,383 | 7,388 | 7,273 | 7,105 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Intangible assets excluding goodwill | 1 | 239 | 285 | 12 | 10 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Investment securities | 23,903 | 25,518 | 23,687 | 24,873 | 26,385 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Current assets | 57,882 | 44,247 | 41,814 | 38,510 | 32,171 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Current liabilities | 5,508 | 2,539 | 1,674 | 1,230 | 1,050 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Trade payables | 1,341 | 760 | 234 | 112 | 76 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Total liabilities | 9,699 | 6,791 | 4,729 | 4,138 | 4,134 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Non-controlling interests | 287 | 287 | 274 | 267 | 254 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Equity attributable to owners of parent | 75,542 | 67,491 | 66,609 | 64,994 | 60,305 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Retained earnings | 58,590 | 50,540 | 49,658 | 48,044 | 46,985 | S100R3C1, S100TO74, S100W2LK, S100YDBT |
| Treasury stock | -450 | -452 | -452 | -453 | -4,083 | S100R3C1, S100TO74, S100W2LK, S100YDBT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YDBT |
| Property, plant and equipment | 11% | S100YDBT |
| Intangibles and goodwill | 0% | S100YDBT |
| Investment securities | 39% | S100YDBT |
| Other assets | 23% | S100YDBT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YDBT |
| Other liabilities | 6% | S100YDBT |
| Equity | 94% | S100YDBT |
| Other liabilities | 0% | S100YDBT |

### 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 | 89,852 | 78,825 | 73,790 | 71,795 | 67,327 |
| Equity | 80,153 | 72,034 | 69,060 | 67,656 | 63,192 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,631 | 17,248 | 22,158 | 24,975 | 18,394 |

## 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) | 75.5% | S100YDBT |
| Fixed assets ÷ total assets | 10.6% | S100YDBT |
| Goodwill ÷ parent equity | — | —, S100YDBT |

### 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) | 27.3% |
| Cash ÷ revenue | 195.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -190 JPY mn (of net income -7.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 140.3% |
| Shareholder payments — dividends / FCF | 188.7% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 71.9% |

## 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 | 19.9% | 0.64× | 12.7% | 1.19× | 15.0% | S100R3C1 |
| 2023 | — | —× | -6.0% | —× | — | S100TO74 |
| 2024 | — | —× | -1.4% | —× | — | S100W2LK |
| 2025 | — | —× | -2.3% | —× | — | S100YDBT |
| 2026 | 27.7% | 0.14× | 3.8% | 1.11× | 4.2% | S100YDBT |

## 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）（うち、投資信託433千株、年金信託17千株、その他1,162千株） | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）（うち、投資信託1,105千株、年金信託127千株、その他123千株） | Major shareholder | 7.8% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT（常任代理人株式会社三菱UFJ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 日本機設株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 堤 久幸 | Major shareholder | 1.9% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 1.6% | 2026-03-31 |
| 大平洋金属取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 東京短資株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YDBT | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDBT,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W2LK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2LK,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TO74 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO74,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R3C1 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3C1,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OCRF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCRF,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LN1K | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN1K,, |

## 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).