# PEGASUS 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80期(2025/04/01－2026/03/31) (S100YGO3)
> Page: https://vizora.meequs.com/en/company/pegasus
> Retrieved: 2026-09-30T19:03:19.246Z

## Company

Pegasus, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 1,576 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PEGASUS CO., LTD. |
| Ticker | 6262 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6262.T) |
| Listing | TSE Standard |
| Head office | 大阪市福島区鷺洲五丁目7-2 |
| Representative (per filing) | 代表取締役社長 美馬成望 |
| Founded | Jan 1947 |
| Share capital | ¥2.26B |
| Employees (consolidated) | 1,576 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.pegasus.co.jp (https://www.pegasus.co.jp/) |
| Corporate number | 6120001036356 |
| EDINET | E01731 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YGO3, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.9 | 110 |
| Profitability | 24.2 | 122 |
| Cash conversion | 86.6 | 116 |
| Efficiency | 6.1 | 122 |

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 64% of Pegasus's sales come from Apparel Machinery Division, with Automotive Division making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -39.8%.

## Company structure

- Segment revenue mix: Apparel Machinery Division 63.9%、Automotive Division 36.1%
- Revenue → net income: ¥21657868000 → ¥463924000
- Net income → operating cash flow: ¥463924000 → ¥2630700000（difference ¥2166776000）
- Main uses of operating cash flow: CapEx ¥486317000 / dividends ¥446591000 / buybacks ¥823906000
- Change in cash: ¥567028000
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 | ¥21.7B |  |
| Operating income | ¥946.8M | Margin 4.4% |
| Net income | ¥323.5M | Margin 1.5% |
| Free cash flow | ¥2.14B |  |
| Largest business | Apparel Machinery Division | of segment revenue 63.9% |
| Employees (consolidated) | 1,576 |  |
| EPS | ¥27.6 |  |
| Book value per share | ¥689.94 |  |
| Equity ratio | 72.5% |  |
| Shares outstanding | 24,828,600 |  |
| Treasury shares | 887,000 |  |
| Shareholders | 7,400 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.8% | Cash ÷ revenue 41.1% |
| Vs. industry median margin | -3.2 pp | Industrial Machinery |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 8.1× net income
- FY2026, buybacks were 1.8× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12422454000 | ¥21657868000 | +74.3% |
| Operating income | ¥516945000 | ¥946795000 | +83.2% |
| Operating margin | 4.2% | 4.4% | +0.2 pp |
| Employees | 1,281 people | 1,576 people | +23.0% |
| Cash and equivalents | ¥8313915000 | ¥8900395000 | +7.1% |

### 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 |
| --- | ---: |
| 工業用ミシン → 事業再編・廃止 | 63.2% |
| オートモーティヴ → オートモーティヴ | 18.4% |
| ダイカスト部品 → 事業再編・廃止 | 18.4% |
| 新設・再編 → アパレルマシナリー | 63.9% |
| 新設・再編 → オートモーティヴ | 17.7% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,658 | 100.0% | S100YGO3 |
| Cost of revenue | 14,577 | 67.3% | S100YGO3 |
| Gross profit | 7,081 | 32.7% | S100YGO3 |
| SG&A | 6,134 | 28.3% | S100YGO3 |
| Operating income | 947 | 4.4% | S100YGO3 |
| Ordinary income | 1,104 | 5.1% | S100YGO3 |
| Pretax income | 831 | 3.8% | S100YGO3 |
| Income tax | 367 | 1.7% | S100YGO3 |
| Net income | 464 | 2.1% | S100YGO3 |
| Net income attributable to owners | 324 | 1.5% | S100YGO3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 32.7% → Operating margin 4.4% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -39.8%
Operating leverage (core profit growth ÷ revenue growth): 22.95×
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 | 22,040 | 21,658 | -382 | -1.7% |
| Gross profit | 7,411 | 7,081 | -330 | -4.5% |
| Operating income | 1,573 | 947 | -627 | -39.8% |
| Net income attributable to owners | 965 | 324 | -641 | -66.5% |
| Operating cash flow | 2,442 | 2,631 | 188 | +7.7% |
| Free cash flow | 1,377 | 2,144 | 768 | +55.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,969 | 500 | 3.3% | -206 | 603 | -980 | S100LJDI |
| FY ending Mar 2021 | 12,422 | 517 | 4.2% | 707 | 2,257 | 1,790 | S100OE0V |
| FY ending Mar 2022 | 20,498 | 1,847 | 9.0% | 1,572 | 1,881 | 1,118 | S100R0OX |
| FY ending Mar 2023 | 25,289 | 2,657 | 10.5% | 2,295 | 1,859 | 213 | S100TU3M |
| FY ending Mar 2024 | 17,543 | 39 | 0.2% | -73 | 766 | -1,854 | S100W5A8 |
| FY ending Mar 2025 | 22,040 | 1,573 | 7.1% | 965 | 2,442 | 1,377 | S100YGO3 |
| FY ending Mar 2026 | 21,658 | 947 | 4.4% | 324 | 2,631 | 2,144 | S100YGO3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.7M |
| Operating income per employee (consolidated) | ¥600.8K |
| Net income per employee (consolidated) | ¥205.3K |

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) | 1,521 | 1,485 | 1,498 | 1,497 | 1,576 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥5.9M | ¥5.8M | ¥5.6M |
| Average age (parent company) | 47.6 years | 48.2 years | 47.2 years | 46.6 years | 45.6 years |
| Average tenure (parent company) | 22.3 years | 23.7 years | 21.7 years | 20.3 years | 18.8 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Apparel Machinery Division | 13,831 | 63.9% | 1,186 | 8.6% |
| Automotive Division | 7,827 | 36.1% | 973 | 12.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Apparel Machinery Division | 63.9% | 54.9% | -8.9 | 8.6% |
| Automotive Division | 36.1% | 45.1% | 8.9 | 12.4% |

Segment → industry: Automotive Division → Auto Parts / Apparel Machinery 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 | 2,631 | 12.1% | S100YGO3 |
| Capital expenditure | 486 | 2.2% | S100YGO3 |
| Free cash flow | 2,144 | 9.9% | 算出 |
| Investing cash flow | -311 | -1.4% | S100YGO3 |
| Financing cash flow | -1,999 | -9.2% | S100YGO3 |
| Dividends paid | 447 | 2.1% | S100YGO3 |
| Share buyback | 824 | 3.8% | S100YGO3 |
| Change in cash | 567 | 2.6% | S100YGO3 |
| Cash and equivalents | 8,900 | 41.1% | S100YGO3 |

## 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 | 9,733 | 9,225 | 8,634 | 8,333 | 8,900 | S100TU3M, S100W5A8, S100YGO3 |
| Total assets | 35,134 | 39,508 | 42,950 | 46,392 | 44,964 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Net assets | 25,367 | 29,200 | 30,604 | 33,637 | 33,817 | S100TU3M, S100W5A8, S100YGO3 |
| Share capital | 2,256 | 2,256 | 2,256 | 2,256 | 2,256 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Trade receivables | 5,676 | 6,141 | 5,738 | 8,243 | 6,761 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Property, plant and equipment | 8,513 | 10,410 | 13,294 | 13,840 | 13,145 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Intangible assets excluding goodwill | 536 | 44 | 31 | 33 | 23 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Investment securities | 145 | 147 | 791 | 513 | 90 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Current assets | 25,472 | 28,372 | 28,079 | 31,075 | 30,622 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Current liabilities | 6,701 | 7,864 | 8,657 | 7,775 | 6,995 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Trade payables | 2,396 | 2,832 | 2,482 | 3,721 | 2,574 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Short-term borrowings | 2,621 | 3,019 | 3,861 | 2,350 | 2,350 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Long-term borrowings | 1,557 | 1,172 | 2,617 | 3,671 | 2,895 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Total liabilities | 9,767 | 10,308 | 12,346 | 12,754 | 11,147 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Non-controlling interests | 767 | 900 | 996 | 1,160 | 1,202 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Equity attributable to owners of parent | 22,168 | 23,768 | 23,273 | 24,114 | 23,167 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Retained earnings | 16,929 | 18,529 | 18,034 | 18,875 | 18,752 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |
| Treasury stock | -5 | -5 | -5 | -5 | -829 | S100R0OX, S100TU3M, S100W5A8, S100YGO3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YGO3 |
| Receivables | 15% | S100YGO3 |
| Property, plant and equipment | 29% | S100YGO3 |
| Intangibles and goodwill | 0% | S100YGO3 |
| Investment securities | 0% | S100YGO3 |
| Other assets | 36% | S100YGO3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YGO3 |
| Other liabilities | 19% | S100YGO3 |
| Equity | 75% | S100YGO3 |
| Other liabilities | 0% | S100YGO3 |

### 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 | 35,134 | 39,508 | 42,950 | 46,392 | 44,964 |
| Equity | 25,367 | 29,200 | 30,604 | 33,637 | 33,817 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,733 | 9,225 | 8,634 | 8,333 | 8,900 |

## 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) | 60.7% | S100YGO3 |
| Fixed assets ÷ total assets | 29.2% | S100YGO3 |
| Goodwill ÷ parent equity | — | —, S100YGO3 |

### 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) | 19.8% |
| Cash ÷ revenue | 41.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 277.9% |
| Cash vs. profit gap | 2,307 JPY mn (of net income 713.1%) |
| Shareholder returns / net income | 392.7% |
| Shareholder returns / FCF | 59.2% |
| Shareholder payments — dividends / net income | 138.0% |
| Shareholder payments — dividends / FCF | 20.8% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 11.8% |

## 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 | 7.7% | 0.58× | 4.5% | 1.58× | 7.1% | S100R0OX |
| 2023 | 9.1% | 0.68× | 6.1% | 1.62× | 10.0% | S100TU3M |
| 2024 | — | —× | -0.2% | —× | — | S100W5A8 |
| 2025 | 4.4% | 0.49× | 2.2% | 1.89× | 4.1% | S100YGO3 |
| 2026 | 1.5% | 0.47× | 0.7% | 1.93× | 1.4% | S100YGO3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 立花証券株式会社 | Major shareholder | 15.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社美馬 | Major shareholder | 6.5% | 2026-03-31 |
| 板 東 敬 三 | Major shareholder | 3.1% | 2026-03-31 |
| 吉 田 隆 子 | Major shareholder | 3.0% | 2026-03-31 |
| 美 馬 成 望 | Major shareholder | 2.7% | 2026-03-31 |
| 美 馬 正 道 | Major shareholder | 2.0% | 2026-03-31 |
| トリリオン投資事業有限責任組合 | Major shareholder | 1.9% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ）ＲＥＵ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳＳＥＣ ＬＥＮＤＩＮＧ （常任代理人 香港上海銀行東京支店)） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YGO3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGO3,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W5A8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5A8,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TU3M | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU3M,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R0OX | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0OX,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OE0V | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE0V,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LJDI | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJDI,, |

## 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).