# PIOLAX,INC.: 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110期(2025/04/01－2026/03/31) (S100YDNF)
> Page: https://vizora.meequs.com/en/company/piolax
> Retrieved: 2026-09-30T17:58:17.033Z

## Company

Piolax, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 2,784 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIOLAX,INC. |
| Ticker | 5988 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5988.T) |
| Listing | TSE Prime |
| Head office | 横浜市保土ケ谷区岩井町51番地 |
| Representative (per filing) | 代表取締役社長 山田 聡 |
| Founded | Sep 1939 |
| Share capital | ¥2.96B |
| Employees (consolidated) | 2,784 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.piolax.co.jp (https://www.piolax.co.jp/) |
| Corporate number | 7020001030260 |
| EDINET | E01438 |
| Industries (Vizora) | Auto Parts, Medical Devices |

> Profile source: annual securities report (S100YDNF, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 110 |
| Profitability | 17.6 | 111 |
| Cash conversion | 66.2 | 108 |
| Efficiency | 2.3 | 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 91% of Piolax's sales come from Automobil-related, with Medical making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -2.1% from the prior year, operating profit -38.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥62B |  |
| Operating income | ¥1.47B | Margin 2.4% |
| Net income | -¥21M | Margin -0.0% |
| Free cash flow | -¥6.93B |  |
| Largest business | Automobil-related | of segment revenue 91.5% |
| Employees (consolidated) | 2,784 |  |
| EPS | ¥105.7 |  |
| Book value per share | ¥1396.16 |  |
| Equity ratio | 63.9% |  |
| Shares outstanding | 37,054,000 |  |
| Treasury shares | 12,637,000 |  |
| Shareholders | 16,664 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 36.7% |
| Vs. industry median margin | -2.4 pp | Auto Parts |
| ROA | -0.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 8.6× dividends
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥50152000000 | ¥62045000000 | +23.7% |
| Operating income | ¥4018000000 | ¥1470000000 | -63.4% |
| Operating margin | 8.0% | 2.4% | -5.6 pp |
| Employees | 2,952 people | 2,784 people | -5.7% |
| Cash and equivalents | ¥31161000000 | ¥22773000000 | -26.9% |

### 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 |
| --- | ---: |
| 自動車関連等 → 自動車関連等 | 91.5% |
| 医療機器 → 医療機器 | 8.5% |
| 医療機器 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 自動車関連等 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,045 | 100.0% | S100YDNF |
| Cost of revenue | 48,316 | 77.9% | S100YDNF |
| Gross profit | 13,728 | 22.1% | S100YDNF |
| SG&A | 12,258 | 19.8% | S100YDNF |
| Operating income | 1,470 | 2.4% | S100YDNF |
| Ordinary income | 1,453 | 2.3% | S100YDNF |
| Pretax income | 763 | 1.2% | S100YDNF |
| Income tax | 769 | 1.2% | S100YDNF |
| Net income | -5 | -0.0% | S100YDNF |
| Net income attributable to owners | -21 | -0.0% | S100YDNF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 20 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 22.1% → Operating margin 2.4% → Net margin -0.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.1%; Core profit growth: -38.3%
Operating leverage (core profit growth ÷ revenue growth): 18.57×
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 | 63,351 | 62,045 | -1,306 | -2.1% |
| Gross profit | 14,271 | 13,728 | -543 | -3.8% |
| Operating income | 2,382 | 1,470 | -912 | -38.3% |
| Net income attributable to owners | 1,792 | -21 | -1,813 | -101.2% |
| Operating cash flow | 8,124 | 3,003 | -5,121 | -63.0% |
| Free cash flow | 3,364 | -6,934 | -10,298 | -306.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 62,480 | 6,753 | 10.8% | 5,231 | 8,583 | 4,495 | S100LN3L |
| FY ending Mar 2021 | 50,152 | 4,018 | 8.0% | 3,962 | 7,343 | 4,752 | S100OGJ0 |
| FY ending Mar 2022 | 55,144 | 5,216 | 9.5% | 4,224 | 6,441 | 3,752 | S100R6IU |
| FY ending Mar 2023 | 58,422 | 3,949 | 6.8% | 3,375 | 6,068 | 1,709 | S100TT6J |
| FY ending Mar 2024 | 64,551 | 4,756 | 7.4% | 4,013 | 8,365 | 832 | S100WRN5 |
| FY ending Mar 2025 | 63,351 | 2,382 | 3.8% | 1,792 | 8,124 | 3,364 | S100YDNF |
| FY ending Mar 2026 | 62,045 | 1,470 | 2.4% | -21 | 3,003 | -6,934 | S100YDNF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥528K |
| Net income per employee (consolidated) | -¥7.5K |

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) | 2,852 | 2,824 | 2,883 | 2,895 | 2,784 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.1M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 40.9 years | 40.9 years | 41.1 years | 41.7 years | 42.0 years |
| Average tenure (parent company) | 15.9 years | 16.1 years | 16.3 years | 15.8 years | 16.2 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) -2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobil-related | 56,770 | 91.5% | 2,368 | 4.2% |
| Medical | 5,274 | 8.5% | 278 | 5.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobil-related | 91.5% | 89.5% | -2.0 | 4.2% |
| Medical | 8.5% | 10.5% | 2.0 | 5.3% |

Segment → industry: Automobil-related → Auto Parts / Medical → Medical Devices

## 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 | 3,003 | 4.8% | S100YDNF |
| Capital expenditure | 9,937 | 16.0% | S100YDNF |
| Free cash flow | -6,934 | -11.2% | 算出 |
| Investing cash flow | -7,561 | -12.2% | S100YDNF |
| Financing cash flow | -3,137 | -5.1% | S100YDNF |
| Dividends paid | 2,793 | 4.5% | S100YDNF |
| Share buyback | 23,979 | 38.6% | S100YDNF |
| Change in cash | -7,462 | -12.0% | S100YDNF |
| Cash and equivalents | 22,773 | 36.7% | S100YDNF |

## 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 | 29,925 | 29,068 | 24,750 | 30,236 | 22,773 | S100TT6J, S100WRN5, S100YDNF |
| Total assets | 109,674 | 115,458 | 121,416 | 105,464 | 101,415 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Net assets | 98,332 | 104,250 | 107,944 | 91,781 | 66,144 | S100TT6J, S100WRN5, S100YDNF |
| Share capital | 2,960 | 2,960 | 2,960 | 2,960 | 2,960 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Property, plant and equipment | 23,736 | 25,514 | 30,165 | 33,572 | 35,836 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Intangible assets excluding goodwill | 1,705 | 1,607 | 1,565 | 1,563 | 1,458 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Investment securities | 18,723 | 20,064 | 21,311 | 4,546 | 4,670 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Current assets | 64,135 | 66,906 | 67,062 | 64,398 | 58,140 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Current liabilities | 8,821 | 8,281 | 9,442 | 12,218 | 33,541 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Short-term borrowings | — | — | — | — | 24,171 | S100YDNF |
| Total liabilities | 11,341 | 11,208 | 13,472 | 13,683 | 35,271 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Non-controlling interests | 1,440 | 1,579 | 1,646 | 1,335 | 1,289 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Equity attributable to owners of parent | 94,077 | 95,225 | 94,932 | 77,571 | 50,777 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Retained earnings | 93,221 | 94,362 | 94,068 | 77,441 | 74,625 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |
| Treasury stock | -4,677 | -4,670 | -4,732 | -5,403 | -29,381 | S100R6IU, S100TT6J, S100WRN5, S100YDNF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YDNF |
| Property, plant and equipment | 35% | S100YDNF |
| Intangibles and goodwill | 1% | S100YDNF |
| Investment securities | 5% | S100YDNF |
| Other assets | 36% | S100YDNF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YDNF |
| Equity | 65% | S100YDNF |

### 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 | 109,674 | 115,458 | 121,416 | 105,464 | 101,415 |
| Equity | 98,332 | 104,250 | 107,944 | 91,781 | 66,144 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,925 | 29,068 | 24,750 | 30,236 | 22,773 |

## 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) | 57.8% | S100YDNF |
| Fixed assets ÷ total assets | 35.3% | S100YDNF |
| Goodwill ÷ parent equity | — | —, S100YDNF |

### 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 | 36.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 204.3% |
| Cash vs. profit gap | 3,024 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.0% |
| Investing CF relative to operating CF | 251.8% |

## 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% | 0.50× | 3.9% | 1.17× | 4.5% | S100R6IU |
| 2023 | 5.8% | 0.52× | 3.0% | 1.19× | 3.6% | S100TT6J |
| 2024 | 6.2% | 0.55× | 3.4% | 1.25× | 4.2% | S100WRN5 |
| 2025 | 2.8% | 0.56× | 1.6% | 1.32× | 2.1% | S100YDNF |
| 2026 | — | —× | -0.0% | —× | — | S100YDNF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社佐賀鉄工所 | Major shareholder | 19.8% | 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 | 9.2% | 2026-03-31 |
| 加藤 一彦 | Major shareholder | 4.5% | 2026-03-31 |
| パイオラックス取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 合同会社はつき | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.0% | 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 | 1.7% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YDNF | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDNF,, |
| 訂正有価証券報告書－第109期(2024/04/01－2025/03/31) | S100WRN5 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRN5,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TT6J | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT6J,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R6IU | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6IU,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OGJ0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGJ0,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LN3L | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN3L,, |

## 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).