# RYOBI LIMITED: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第114期(2025/01/01－2025/12/31) (S100XT40)
> Page: https://vizora.meequs.com/en/company/ryobi
> Retrieved: 2026-09-30T21:03:35.044Z

## Company

Ryobi, founded in 1943, is a company in Auto Parts listed on TSE Prime. It has 7,511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RYOBI LIMITED |
| Ticker | 5851 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5851.T) |
| Listing | TSE Prime |
| Head office | 広島県府中市目崎町762番地 |
| Representative (per filing) | 代表取締役社長 浦上 彰 |
| Founded | Dec 1943 |
| Share capital | ¥18.5B |
| Employees (consolidated) | 7,511 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.ryobi-group.co.jp (https://www.ryobi-group.co.jp/) |
| Corporate number | 8240001034478 |
| EDINET | E01379 |
| Industries (Vizora) | Auto Parts, Non-ferrous Metals & Wires, Theme Parks & Leisure Facilities, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100XT40, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54 | 25 |
| Profitability | 21.2 | 26 |
| Cash conversion | 70 | 25 |
| Efficiency | 46.3 | 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 89% of Ryobi's sales come from Die castings, with Printing equipment and Power tools and builders' hardware making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.4% from the prior year, operating profit +33.4%.

## Company structure

- Segment revenue mix: Die castings 88.7%、Printing equipment 7.7%、Power tools and builders' hardware 3.5%、Other 0.1%
- Revenue → net income: ¥309111000000 → ¥11702000000
- Net income → operating cash flow: ¥11702000000 → ¥13888000000（difference ¥2186000000）
- Main uses of operating cash flow: CapEx ¥20566000000 / dividends ¥2991000000 / buybacks ¥1500000000
- Change in cash: ¥-734000000
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 | ¥309.1B |  |
| Operating income | ¥12.7B | Margin 4.1% |
| Net income | ¥11.2B | Margin 3.6% |
| Free cash flow | -¥6.68B |  |
| Largest business | Die castings | of segment revenue 88.7% |
| Employees (consolidated) | 7,511 |  |
| EPS | ¥174.76 |  |
| Book value per share | ¥2671.48 |  |
| Equity ratio | 52.2% |  |
| Shares outstanding | 31,809,000 |  |
| Shareholders | 11,751 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -0.7 pp | Auto Parts |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 89% of positive segment profit
- FY2025, employees -5% while operating income rose 33%
- FY2025, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥170973000000 | ¥309111000000 | +80.8% |
| Operating income | ¥-1789000000 | ¥12665000000 | — |
| Operating margin | -1.0% | 4.1% | +5.1 pp |
| Employees | 7,396 people | 7,511 people | +1.6% |
| Cash and equivalents | ¥25405000000 | ¥27292000000 | +7.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ダイカスト → ダイカスト | 85.3% |
| 住建機器 → 住建機器 | 3.5% |
| 住建機器 → 事業再編・廃止 | 2.0% |
| 印刷機器 → 印刷機器 | 7.7% |
| 印刷機器 → 事業再編・廃止 | 1.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ダイカスト | 3.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Die castings | 5 years | +13.5% | ¥274310000000 | 4.1% | 2 |
| Printing equipment | 5 years | +8.8% | ¥23667000000 | 5.6% | 2 |
| Power tools and builders' hardware | 5 years | +2.9% | ¥10874000000 | 1.1% | 2 |
| Other | 5 years | +7.3% | ¥260000000 | -12.3% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 309,111 | 100.0% | S100XT40 |
| Cost of revenue | 270,257 | 87.4% | S100XT40 |
| Gross profit | 38,854 | 12.6% | S100XT40 |
| SG&A | 26,188 | 8.5% | S100XT40 |
| Operating income | 12,665 | 4.1% | S100XT40 |
| Ordinary income | 14,620 | 4.7% | S100XT40 |
| Pretax income | 15,876 | 5.1% | S100XT40 |
| Income tax | 4,174 | 1.4% | S100XT40 |
| Net income | 11,702 | 3.8% | S100XT40 |
| Net income attributable to owners | 11,182 | 3.6% | S100XT40 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 12.6% → Operating margin 4.1% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.4%; Core profit growth: +33.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 293,314 | 309,111 | 15,797 | +5.4% |
| Gross profit | 34,255 | 38,854 | 4,599 | +13.4% |
| Operating income | 9,494 | 12,665 | 3,171 | +33.4% |
| Net income attributable to owners | 6,935 | 11,182 | 4,247 | +61.2% |
| Operating cash flow | 29,162 | 13,888 | -15,274 | -52.4% |
| Free cash flow | 15,092 | -6,678 | -21,770 | -144.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 220,519 | 8,495 | 3.9% | 4,913 | 30,326 | 5,740 | S100L331 |
| FY ending Dec 2020 | 170,973 | -1,789 | -1.0% | -697 | 11,795 | -8,496 | S100NRKS |
| FY ending Dec 2021 | 198,073 | -1,524 | -0.8% | -4,397 | 14,900 | 3,049 | S100QGSK |
| FY ending Dec 2022 | 249,521 | 6,969 | 2.8% | 4,784 | 16,787 | -92 | S100T40Z |
| FY ending Dec 2023 | 282,693 | 12,214 | 4.3% | 10,115 | 26,005 | 9,683 | S100VGKQ |
| FY ending Dec 2024 | 293,314 | 9,494 | 3.2% | 6,935 | 29,162 | 15,092 | S100XT40 |
| FY ending Dec 2025 | 309,111 | 12,665 | 4.1% | 11,182 | 13,888 | -6,678 | S100XT40 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,243 | 7,375 | 7,497 | 7,939 | 7,511 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.6M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 43.1 years | 43.1 years | 43.1 years | 42.7 years | 42.7 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 19.1 years | 18.6 years | 18.5 years |

Year over year: Employees (consolidated) -5.4% · Revenue (consolidated) +5.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Die castings | 274,310 | 88.7% | 11,257 | 4.1% |
| Power tools and builders' hardware | 10,874 | 3.5% | 119 | 1.1% |
| Printing equipment | 23,667 | 7.7% | 1,321 | 5.6% |
| Other | 260 | 0.1% | -32 | -12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Die castings | 88.7% | 88.7% | -0.1 | 4.1% |
| Power tools and builders' hardware | 3.5% | 0.9% | -2.6 | 1.1% |
| Printing equipment | 7.7% | 10.4% | 2.7 | 5.6% |
| Other | 0.1% | — | — | -12.3% |

Loss-making segment (excluded from profit shares): Other -32 JPY mn

Segment → industry: Die castings → Auto Parts / Die castings → Non-ferrous Metals & Wires / Other → Theme Parks & Leisure Facilities / Power tools and builders' hardware → Housing Equipment & Building Materials / Printing equipment → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,888 | 4.5% | S100XT40 |
| Capital expenditure | 20,566 | 6.7% | S100XT40 |
| Free cash flow | -6,678 | -2.2% | 算出 |
| Investing cash flow | -22,529 | -7.3% | S100XT40 |
| Financing cash flow | 7,651 | 2.5% | S100XT40 |
| Dividends paid | 2,991 | 1.0% | S100XT40 |
| Share buyback | 1,500 | 0.5% | S100XT40 |
| Change in cash | -734 | -0.2% | S100XT40 |
| Cash and equivalents | 27,292 | 8.8% | S100XT40 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 27,388 | 26,099 | 26,401 | 28,026 | 27,292 | S100T40Z, S100VGKQ, S100XT40 |
| Total assets | 279,422 | 300,285 | 318,839 | 333,186 | 343,734 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Net assets | 131,717 | 143,723 | 160,721 | 176,976 | 189,550 | S100T40Z, S100VGKQ, S100XT40 |
| Share capital | 18,472 | 18,472 | 18,472 | 18,472 | 18,472 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Trade receivables | 44,327 | 58,337 | 64,298 | 59,571 | 65,505 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Property, plant and equipment | 117,158 | 123,959 | 123,447 | 128,951 | 129,314 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Intangible assets excluding goodwill | 3,159 | 2,803 | 2,619 | 3,150 | 2,672 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Goodwill | — | — | — | 409 | — | S100XT40 |
| Investment securities | 15,772 | 14,826 | 19,182 | 19,206 | 23,102 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Current assets | 129,591 | 145,341 | 156,646 | 161,058 | 165,392 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Current liabilities | 110,765 | 114,698 | 117,915 | 115,046 | 95,830 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Trade payables | 41,606 | 46,546 | 50,912 | 48,195 | 35,970 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Short-term borrowings | 36,498 | 39,942 | 36,625 | 33,033 | 29,414 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Long-term borrowings | 22,765 | 27,869 | 24,016 | 21,261 | 36,667 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Total liabilities | 147,705 | 156,561 | 158,118 | 156,209 | 154,184 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Non-controlling interests | 8,790 | 9,263 | 9,418 | 9,624 | 10,081 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Equity attributable to owners of parent | 111,588 | 116,136 | 124,711 | 128,940 | 135,681 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Retained earnings | 71,587 | 76,118 | 84,292 | 88,395 | 96,583 | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |
| Treasury stock | -346 | -346 | -347 | -347 | — | S100QGSK, S100T40Z, S100VGKQ, S100XT40 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XT40 |
| Receivables | 19% | S100XT40 |
| Property, plant and equipment | 37% | S100XT40 |
| Intangibles and goodwill | 1% | S100XT40 |
| Investment securities | 7% | S100XT40 |
| Other assets | 28% | S100XT40 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XT40 |
| Other liabilities | 34% | S100XT40 |
| Equity | 55% | S100XT40 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 279,422 | 300,285 | 318,839 | 333,186 | 343,734 |
| Equity | 131,717 | 143,723 | 160,721 | 176,976 | 189,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,388 | 26,099 | 26,401 | 28,026 | 27,292 |

## 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) | 41.8% | S100XT40 |
| Fixed assets ÷ total assets | 37.6% | S100XT40 |
| Goodwill ÷ parent equity | — | —, S100XT40 |

### 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) | 7.9% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.7% |
| Cash vs. profit gap | 2,706 JPY mn (of net income 24.2%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 162.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -1.6% | —× | — | S100QGSK |
| 2022 | 1.9% | 0.86× | 1.7% | 2.55× | 4.2% | S100T40Z |
| 2023 | 3.6% | 0.91× | 3.3% | 2.57× | 8.4% | S100VGKQ |
| 2024 | 2.4% | 0.90× | 2.1% | 2.57× | 5.5% | S100XT40 |
| 2025 | 3.6% | 0.91× | 3.3% | 2.56× | 8.5% | S100XT40 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菱工会持株会 | Major shareholder | 6.7% | 2025-12-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.8% | 2025-12-31 |
| UBS AG HONG KONG | Major shareholder | 5.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（その他信託口） | Major shareholder | 5.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（投資信託口） | Major shareholder | 5.1% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 3.9% | 2025-12-31 |
| 公益財団法人浦上奨学会 | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社日本カストディ銀行 （投資信託口） | Major shareholder | 3.2% | 2025-12-31 |
| 第一生命保険株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY | Major shareholder | 2.3% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In FY ending Dec 2025, revenue rose +5.4% to ¥309.1B from ¥293.3B.
- Operating income grew +33.4% to ¥12.7B, and net income attributable to owners rose +61.2% to ¥11.2B.
- Cash told a different story: operating cash flow fell -52.4% to ¥13.9B, and free cash flow turned negative at -¥6.68B.

### Drivers

- Die-casting output rose as car production recovered, and aluminum prices also lifted sales in Japan and abroad
- Higher die-casting sales covered rising fixed costs; the door closer and printing press businesses improved productivity
- Net income included a gain from selling shares held for business ties
- Operating cash flow fell as trade payables shrank and taxes were paid, while spending on plants and equipment increased

### Risks

- As cars go electric, demand for its current core parts, such as engine and transmission parts, may shift
- Sales lean heavily on the auto industry, so they move with global car production and sales
- Exchange rate swings change the yen value of overseas subsidiaries' results

Cited: Annual Securities Report, 114th term (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 114th term (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/01/01－2025/12/31) | S100XT40 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT40,, |
| 有価証券報告書－第113期(2024/01/01－2024/12/31) | S100VGKQ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGKQ,, |
| 有価証券報告書－第112期(2023/01/01－2023/12/31) | S100T40Z | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T40Z,, |
| 有価証券報告書－第111期(2022/01/01－2022/12/31) | S100QGSK | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGSK,, |
| 有価証券報告書－第110期(令和3年1月1日－令和3年12月31日) | S100NRKS | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRKS,, |
| 訂正有価証券報告書－第109期(令和2年1月1日－令和2年12月31日) | S100L331 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L331,, |

## 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).