# PUNCH INDUSTRY 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52期(2025/04/01－2026/03/31) (S100YE8P)
> Page: https://vizora.meequs.com/en/company/punch-industry
> Retrieved: 2026-09-30T22:40:33.246Z

## Company

Punch Industry, founded in 1975, is a company in Machine Tools listed on TSE Standard. It has 3,480 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PUNCH INDUSTRY CO., LTD. |
| Ticker | 6165 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6165.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区南大井六丁目22番7号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 森久保 哲司 |
| Founded | Mar 1975 |
| Share capital | ¥4.04B |
| Employees (consolidated) | 3,480 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.punch.co.jp (https://www.punch.co.jp/) |
| Corporate number | 7010401054620 |
| EDINET | E27063 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YE8P, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.7 | 34 |
| Profitability | 30.9 | 34 |
| Cash conversion | 24.2 | 31 |
| Efficiency | 98.5 | 34 |

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)

- Punch Industry brought in ¥42.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +20.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥42100000000 → ¥856000000
- Net income → operating cash flow: ¥856000000 → ¥1865000000（difference ¥1009000000）
- Main uses of operating cash flow: CapEx ¥1120000000 / dividends ¥519000000 / buybacks —
- Change in cash: ¥-54000000
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 | ¥42.1B |  |
| Operating income | ¥2.03B | Margin 4.8% |
| Net income | ¥851M | Margin 2.0% |
| Free cash flow | ¥745M |  |
| Employees (consolidated) | 3,480 |  |
| EPS | ¥22.39 |  |
| Diluted EPS | ¥22.38 |  |
| Book value per share | ¥313.91 |  |
| Equity ratio | 67.3% |  |
| Shares outstanding | 27,622,000 |  |
| Treasury shares | 86,200 |  |
| Shareholders | 7,669 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | -2.3 pp | Machine Tools |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32462017000 | ¥42100000000 | +29.7% |
| Operating income | ¥1613162000 | ¥2031000000 | +25.9% |
| Operating margin | 5.0% | 4.8% | -0.1 pp |
| Employees | 4,006 people | 3,480 people | -13.1% |
| Cash and equivalents | ¥3962135000 | ¥6433000000 | +62.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,100 | 100.0% | S100YE8P |
| Cost of revenue | 30,785 | 73.1% | S100YE8P |
| Gross profit | 11,315 | 26.9% | S100YE8P |
| SG&A | 9,283 | 22.0% | S100YE8P |
| Operating income | 2,031 | 4.8% | S100YE8P |
| Ordinary income | 2,201 | 5.2% | S100YE8P |
| Pretax income | 1,688 | 4.0% | S100YE8P |
| Income tax | 832 | 2.0% | S100YE8P |
| Net income | 856 | 2.0% | S100YE8P |
| Net income attributable to owners | 851 | 2.0% | S100YE8P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 22 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 26.9% → Operating margin 4.8% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +20.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.56×
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 | 40,822 | 42,100 | 1,278 | +3.1% |
| Gross profit | 10,810 | 11,315 | 505 | +4.7% |
| Operating income | 1,685 | 2,031 | 346 | +20.5% |
| Net income attributable to owners | 868 | 851 | -17 | -2.0% |
| Operating cash flow | 2,271 | 1,865 | -406 | -17.9% |
| Free cash flow | 1,135 | 745 | -390 | -34.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,349 | 836 | 2.4% | -3,486 | 2,490 | 637 | S100LONH |
| FY ending Mar 2021 | 32,462 | 1,613 | 5.0% | 478 | 2,943 | 2,359 | S100ODTR |
| FY ending Mar 2022 | 39,359 | 3,042 | 7.7% | 2,041 | 2,941 | 1,869 | S100R22T |
| FY ending Mar 2023 | 42,799 | 2,436 | 5.7% | 1,390 | 2,560 | 1,274 | S100TUBU |
| FY ending Mar 2024 | 38,344 | 1,240 | 3.2% | -577 | 1,276 | 363 | S100W13L |
| FY ending Mar 2025 | 40,822 | 1,685 | 4.1% | 868 | 2,271 | 1,135 | S100YE8P |
| FY ending Mar 2026 | 42,100 | 2,031 | 4.8% | 851 | 1,865 | 745 | S100YE8P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.1M |
| Operating income per employee (consolidated) | ¥583.6K |
| Net income per employee (consolidated) | ¥244.5K |

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) | 3,979 | 3,923 | 3,575 | 3,463 | 3,480 |
| Average salary (parent company) | ¥4.7M | ¥5M | ¥5.3M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 41.9 years | 42.7 years | 39.3 years | 40.0 years | 40.9 years |
| Average tenure (parent company) | 15.0 years | 15.6 years | 14.2 years | 15.1 years | 15.6 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +3.1%

## 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 | 1,865 | 4.4% | S100YE8P |
| Capital expenditure | 1,120 | 2.7% | S100YE8P |
| Free cash flow | 745 | 1.8% | 算出 |
| Investing cash flow | -1,276 | -3.0% | S100YE8P |
| Financing cash flow | -696 | -1.7% | S100YE8P |
| Dividends paid | 519 | 1.2% | S100YE8P |
| Change in cash | -54 | -0.1% | S100YE8P |
| Cash and equivalents | 6,433 | 15.3% | S100YE8P |

## 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 | 4,669 | 5,212 | 6,003 | 6,450 | 6,433 | S100TUBU, S100W13L, S100YE8P |
| Total assets | 28,774 | 30,455 | 29,649 | 32,970 | 34,300 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Net assets | 16,307 | 19,052 | 18,750 | 22,038 | 23,079 | S100TUBU, S100W13L, S100YE8P |
| Share capital | 2,945 | 3,406 | 3,406 | 4,040 | 4,040 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Property, plant and equipment | 7,013 | 7,314 | 6,848 | 7,259 | 7,610 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Intangible assets excluding goodwill | 178 | 695 | 618 | 612 | 296 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Goodwill | — | 466 | 417 | 368 | 92 | S100TUBU, S100W13L, S100YE8P |
| Investment securities | — | — | 0 | 1,248 | 1,328 | S100W13L, S100YE8P |
| Current assets | 21,280 | 22,077 | 21,903 | 23,518 | 24,745 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Current liabilities | 10,001 | 9,180 | 7,605 | 8,668 | 9,533 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Trade payables | 2,739 | 2,667 | 2,628 | 2,990 | 3,250 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Short-term borrowings | 1,775 | 1,300 | — | 900 | 1,800 | S100R22T, S100TUBU, S100YE8P |
| Long-term borrowings | 908 | 675 | 2,202 | 1,278 | 432 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Total liabilities | 12,467 | 11,403 | 10,899 | 10,931 | 11,220 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Non-controlling interests | 17 | 23 | 24 | 27 | — | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Equity attributable to owners of parent | 14,378 | 16,381 | 15,259 | 16,949 | 17,296 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Retained earnings | 9,058 | 10,101 | 8,961 | 9,360 | 9,692 | S100R22T, S100TUBU, S100W13L, S100YE8P |
| Treasury stock | -136 | -94 | -76 | -53 | -40 | S100R22T, S100TUBU, S100W13L, S100YE8P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YE8P |
| Property, plant and equipment | 22% | S100YE8P |
| Intangibles and goodwill | 1% | S100YE8P |
| Investment securities | 4% | S100YE8P |
| Other assets | 54% | S100YE8P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YE8P |
| Other liabilities | 23% | S100YE8P |
| Equity | 67% | S100YE8P |
| Other liabilities | 0% | S100YE8P |

### 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 | 28,774 | 30,455 | 29,649 | 32,970 | 34,300 |
| Equity | 16,307 | 19,052 | 18,750 | 22,038 | 23,079 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,669 | 5,212 | 6,003 | 6,450 | 6,433 |

## 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) | 18.1% | S100YE8P |
| Fixed assets ÷ total assets | 22.2% | S100YE8P |
| Goodwill ÷ parent equity | 0.5% | S100YE8P |

### 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) | 18.8% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.8% |
| Cash vs. profit gap | 1,014 JPY mn (of net income 119.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 61.0% |
| Shareholder payments — dividends / FCF | 69.7% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 68.4% |

## 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 | 5.2% | 1.37× | 7.1% | 2.00× | 14.2% | S100R22T |
| 2023 | 3.2% | 1.45× | 4.7% | 1.93× | 9.0% | S100TUBU |
| 2024 | — | —× | -1.9% | —× | — | S100W13L |
| 2025 | 2.1% | 1.30× | 2.8% | 1.94× | 5.4% | S100YE8P |
| 2026 | 2.0% | 1.25× | 2.5% | 1.96× | 5.0% | S100YE8P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エム・ティ興産株式会社 | Major shareholder | 13.8% | 2026-03-31 |
| 株式会社ミスミグループ本社 | Major shareholder | 10.9% | 2026-03-31 |
| CLEARSTREAM BANKING S.A. （常任代理人 香港上海銀行） | Major shareholder | 8.8% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 大畑 雅稔 | Major shareholder | 3.3% | 2026-03-31 |
| 森久保 哲司 | Major shareholder | 2.4% | 2026-03-31 |
| パンチ工業従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 森久保 有司 | Major shareholder | 2.4% | 2026-03-31 |
| JP JPMSE LUX RE JEFFERIES INTL LTD EQ CO (常任代理人 （株）三菱UFJ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| 神庭 道子 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YE8P | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE8P,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W13L | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W13L,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TUBU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBU,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R22T | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R22T,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100ODTR | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODTR,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LONH | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LONH,, |

## 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).