# SHIBAURA MACHINE 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103期(2025/04/01－2026/03/31) (S100YLEZ)
> Page: https://vizora.meequs.com/en/company/shibaura-machine
> Retrieved: 2026-09-30T20:48:39.807Z

## Company

Shibaura Machine, founded in 1938, is a company in Robots & Factory Automation listed on TSE Prime. It has 3,175 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIBAURA MACHINE CO., LTD. |
| Ticker | 6104 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6104.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目2番2号 |
| Representative (per filing) | 取締役社長 坂元 繁友 |
| Founded | Dec 1938 |
| Share capital | ¥12.5B |
| Employees (consolidated) | 3,175 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.shibaura-machine.co.jp (https://www.shibaura-machine.co.jp/) |
| Corporate number | 3010001034836 |
| EDINET | E01482 |
| Industries (Vizora) | Robots & Factory Automation, Machine Tools, Industrial Machinery |

> Profile source: annual securities report (S100YLEZ, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 110 |
| Profitability | 18.4 | 122 |
| Cash conversion | 2.2 | 116 |
| Efficiency | 49.6 | 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 74% of Shibaura Machine's sales come from Molding machinery, with Machine tools and Control systems making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -21.0% from the prior year, operating profit -69.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥132.8B |  |
| Operating income | ¥4.37B | Margin 3.3% |
| Net income | ¥1.03B | Margin 0.8% |
| Free cash flow | -¥11.3B |  |
| Largest business | Molding machinery | of segment revenue 74.4% |
| Employees (consolidated) | 3,175 |  |
| EPS | ¥103.76 |  |
| Book value per share | ¥3918.14 |  |
| Equity ratio | 68.3% |  |
| Shares outstanding | 24,820,406 |  |
| Treasury shares | 1,173,300 |  |
| Shareholders | 9,825 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | -4.3 pp | Industrial Machinery |
| ROE | 1.0% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 24 points
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥92635000000 | ¥132815000000 | +43.4% |
| Operating income | ¥381000000 | ¥4367000000 | +1046.2% |
| Operating margin | 0.4% | 3.3% | +2.9 pp |
| Employees | 3,081 people | 3,175 people | +3.1% |
| Cash and equivalents | ¥42417000000 | ¥42720000000 | +0.7% |

### 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 |
| --- | ---: |
| 成形機 → 成形機 | 35.0% |
| 成形機 → 事業再編・廃止 | 35.0% |
| 工作機械 → 工作機械 | 11.4% |
| 工作機械 → 事業再編・廃止 | 11.4% |
| 制御機械 → 制御機械 | 3.2% |
| 制御機械 → 事業再編・廃止 | 3.2% |
| その他 → その他 | 0.9% |
| 新設・再編 → 成形機 | 39.4% |
| 新設・再編 → 工作機械 | 7.7% |
| 新設・再編 → 制御機械 | 1.7% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Molding machinery | 5 years | +9.0% | ¥98854000000 | 2.8% | 2 |
| Machine tools | 5 years | +3.9% | ¥25278000000 | 8.2% | 2 |
| Control systems | 5 years | +2.2% | ¥6501000000 | -7.5% | 2 |
| Other | 5 years | +6.1% | ¥2182000000 | 1.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 132,815 | 100.0% | S100YLEZ |
| Cost of revenue | 91,460 | 68.9% | S100YLEZ |
| Gross profit | 41,354 | 31.1% | S100YLEZ |
| SG&A | 36,987 | 27.8% | S100YLEZ |
| Operating income | 4,367 | 3.3% | S100YLEZ |
| Ordinary income | 5,002 | 3.8% | S100YLEZ |
| Pretax income | 3,554 | 2.7% | S100YLEZ |
| Income tax | 2,525 | 1.9% | S100YLEZ |
| Net income | 1,028 | 0.8% | S100YLEZ |
| Net income attributable to owners | 1,028 | 0.8% | S100YLEZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 28 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 31.1% → Operating margin 3.3% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -21.0%; Core profit growth: -69.0%
Operating leverage (core profit growth ÷ revenue growth): 3.28×
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 | 168,191 | 132,815 | -35,376 | -21.0% |
| Gross profit | 53,547 | 41,354 | -12,193 | -22.8% |
| Operating income | 14,095 | 4,367 | -9,728 | -69.0% |
| Net income attributable to owners | 12,597 | 1,028 | -11,569 | -91.8% |
| Operating cash flow | 8,331 | -8,661 | -16,992 | -204.0% |
| Free cash flow | 5,399 | -11,335 | -16,734 | -309.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 116,761 | 3,529 | 3.0% | 7,338 | 5,312 | 3,796 | S100LL49 |
| FY ending Mar 2021 | 92,635 | 381 | 0.4% | -2,898 | 192 | -1,572 | S100OLYA |
| FY ending Mar 2022 | 107,777 | 4,236 | 3.9% | 3,725 | 11,299 | 9,694 | S100R4UB |
| FY ending Mar 2023 | 123,197 | 5,765 | 4.7% | 6,441 | 934 | -1,716 | S100TPWF |
| FY ending Mar 2024 | 160,653 | 13,614 | 8.5% | 17,920 | 9,307 | 6,089 | S100W00Q |
| FY ending Mar 2025 | 168,191 | 14,095 | 8.4% | 12,597 | 8,331 | 5,399 | S100YLEZ |
| FY ending Mar 2026 | 132,815 | 4,367 | 3.3% | 1,028 | -8,661 | -11,335 | S100YLEZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥323.8K |

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) | 3,049 | 3,037 | 3,057 | 2,982 | 3,175 |
| Average salary (parent company) | ¥5.8M | ¥6.4M | ¥6.5M | ¥7.2M | ¥7.1M |
| Average age (parent company) | 43.1 years | 43.6 years | 43.6 years | 43.7 years | 43.8 years |
| Average tenure (parent company) | 18.9 years | 19.4 years | 19.3 years | 19.5 years | 19.6 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) -21.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Molding machinery | 98,854 | 74.4% | 2,739 | 2.8% |
| Machine tools | 25,278 | 19.0% | 2,066 | 8.2% |
| Control systems | 6,501 | 4.9% | -488 | -7.5% |
| Other | 2,182 | 1.6% | 24 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Molding machinery | 74.4% | 56.7% | -17.7 | 2.8% |
| Machine tools | 19.0% | 42.8% | 23.8 | 8.2% |
| Control systems | 4.9% | — | — | -7.5% |
| Other | 1.6% | 0.5% | -1.1 | 1.1% |

Loss-making segment (excluded from profit shares): Control systems -488 JPY mn

Segment → industry: Control systems → Robots & Factory Automation / Machine tools → Machine Tools / Molding machinery → 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 | -8,661 | -6.5% | S100YLEZ |
| Capital expenditure | 2,674 | 2.0% | S100YLEZ |
| Free cash flow | -11,335 | -8.5% | 算出 |
| Investing cash flow | -1,618 | -1.2% | S100YLEZ |
| Financing cash flow | -3,508 | -2.6% | S100YLEZ |
| Dividends paid | 3,309 | 2.5% | S100YLEZ |
| Share buyback | 0 | 0.0% | S100YLEZ |
| Change in cash | -12,004 | -9.0% | S100YLEZ |
| Cash and equivalents | 42,720 | 32.2% | S100YLEZ |

## 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 | 51,710 | 50,855 | 51,588 | 54,341 | 42,720 | S100TPWF, S100W00Q, S100YLEZ |
| Total assets | 166,989 | 205,100 | 253,172 | 199,607 | 173,476 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Net assets | 83,515 | 89,118 | 111,705 | 117,171 | 118,541 | S100TPWF, S100W00Q, S100YLEZ |
| Share capital | 12,484 | 12,484 | 12,484 | 12,484 | 12,484 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Property, plant and equipment | 21,146 | 20,277 | 33,522 | 33,973 | 33,512 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Intangible assets excluding goodwill | 843 | 821 | 1,219 | 1,150 | 984 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Goodwill | — | — | 463 | 378 | 324 | S100W00Q, S100YLEZ |
| Investment securities | 8,686 | 8,214 | 13,752 | 11,754 | 12,006 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Current assets | 134,461 | 173,288 | 203,059 | 151,150 | 124,745 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Current liabilities | 70,766 | 107,001 | 130,329 | 71,472 | 44,578 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Trade payables | 23,729 | 36,544 | 31,016 | 13,965 | 12,924 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Short-term borrowings | 10,917 | 14,011 | 11,030 | 10,135 | 10,733 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Long-term borrowings | 3,300 | — | — | — | 59 | S100R4UB, S100YLEZ |
| Total liabilities | 83,474 | 115,982 | 141,466 | 82,436 | 54,935 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Equity attributable to owners of parent | 76,075 | 80,727 | 95,286 | 102,613 | 100,754 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Retained earnings | 68,374 | 64,594 | 79,140 | 82,222 | 80,313 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |
| Treasury stock | -16,322 | -7,889 | -7,877 | -3,631 | -3,583 | S100R4UB, S100TPWF, S100W00Q, S100YLEZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YLEZ |
| Property, plant and equipment | 19% | S100YLEZ |
| Intangibles and goodwill | 1% | S100YLEZ |
| Investment securities | 7% | S100YLEZ |
| Other assets | 48% | S100YLEZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YLEZ |
| Other liabilities | 24% | S100YLEZ |
| Equity | 68% | S100YLEZ |

### 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 | 166,989 | 205,100 | 253,172 | 199,607 | 173,476 |
| Equity | 83,515 | 89,118 | 111,705 | 117,171 | 118,541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 51,710 | 50,855 | 51,588 | 54,341 | 42,720 |

## 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) | 25.2% | S100YLEZ |
| Fixed assets ÷ total assets | 19.3% | S100YLEZ |
| Goodwill ÷ parent equity | 0.3% | S100YLEZ |

### 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) | 24.6% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -198.3% |
| Cash vs. profit gap | -9,689 JPY mn (of net income -942.5%) |
| Shareholder returns / net income | 321.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 321.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## 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 | 3.5% | 0.65× | 2.2% | 2.20× | 4.9% | S100R4UB |
| 2023 | 5.2% | 0.66× | 3.5% | 2.37× | 8.2% | S100TPWF |
| 2024 | 11.2% | 0.70× | 7.8% | 2.60× | 20.4% | S100W00Q |
| 2025 | 7.5% | 0.74× | 5.6% | 2.29× | 12.7% | S100YLEZ |
| 2026 | 0.8% | 0.71× | 0.6% | 1.83× | 1.0% | S100YLEZ |

## 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) | Major shareholder | 16.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 芝浦機械従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 芝浦機械取引先持株会 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決裁営業部） | Major shareholder | 1.9% | 2026-03-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY（常任代理人 香港上海銀行） | Major shareholder | 1.8% | 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裁営業部） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YLEZ | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLEZ,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W00Q | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W00Q,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TPWF | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPWF,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R4UB | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4UB,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OLYA | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLYA,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LL49 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL49,, |

## 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).