# SHIMANO INC.: 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119期(2025/01/01－2025/12/31) (S100XQSE)
> Page: https://vizora.meequs.com/en/company/shimano
> Retrieved: 2026-09-30T20:59:23.090Z

## Company

Shimano, founded in 1921, is a company in Bicycles listed on TSE Prime. It has 10,242 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIMANO INC. |
| Ticker | 7309 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7309.T) |
| Listing | TSE Prime |
| Head office | 堺市堺区老松町3丁77番地 |
| Representative (per filing) | 代表取締役社長 島野泰三 |
| Founded | Feb 1921 |
| Share capital | ¥35.6B |
| Employees (consolidated) | 10,242 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | December |
| Website | www.shimano.com (https://www.shimano.com/) |
| Corporate number | 3120101003399 |
| EDINET | E02257 |
| Industries (Vizora) | Bicycles, Sporting Goods & Fitness |

> Profile source: annual securities report (S100XQSE, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Bicycles (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 3 |
| Profitability | 87.5 | 4 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 12.5 | 4 |

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 76% of Shimano's sales come from Bicycle components, with Fishing tackle making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -20.6%.

## Company structure

- Segment revenue mix: Bicycle components 76.2%、Fishing tackle 23.8%
- Revenue → net income: ¥466243000000 → ¥34156000000
- Net income → operating cash flow: ¥34156000000 → ¥63780000000（difference ¥29624000000）
- Main uses of operating cash flow: CapEx ¥45766000000 / dividends ¥28609000000 / buybacks ¥50006000000
- Change in cash: ¥-57509000000
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 | ¥466.2B |  |
| Operating income | ¥51.7B | Margin 11.1% |
| Net income | ¥34B | Margin 7.3% |
| Free cash flow | ¥18B |  |
| Largest business | Bicycle components | of segment revenue 76.2% |
| Employees (consolidated) | 10,242 |  |
| EPS | ¥1482.77 |  |
| Book value per share | ¥3626.68 |  |
| Equity ratio | 92.5% |  |
| Shares outstanding | 86,530,000 |  |
| Treasury shares | 131,400 |  |
| Shareholders | 8,848 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 50.4% | Cash ÷ revenue 101.4% |
| Vs. industry median margin | +5.2 pp | Bicycles |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.7× dividends
- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥378040000000 | ¥466243000000 | +23.3% |
| Operating income | ¥82701000000 | ¥51677000000 | -37.5% |
| Operating margin | 21.9% | 11.1% | -10.8 pp |
| Employees | 12,244 people | 10,242 people | -16.4% |
| Cash and equivalents | ¥300197000000 | ¥472800000000 | +57.5% |

### 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 |
| --- | ---: |
| 自転車部品 → 自転車部品 | 76.2% |
| 自転車部品 → 事業再編・廃止 | 2.6% |
| 釣具 → 釣具 | 21.2% |
| 新設・再編 → 釣具 | 2.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 466,243 | 100.0% | S100XQSE |
| Cost of revenue | 299,627 | 64.3% | S100XQSE |
| Gross profit | 166,616 | 35.7% | S100XQSE |
| SG&A | 114,938 | 24.7% | S100XQSE |
| Operating income | 51,677 | 11.1% | S100XQSE |
| Ordinary income | 47,029 | 10.1% | S100XQSE |
| Pretax income | 56,358 | 12.1% | S100XQSE |
| Income tax | 22,201 | 4.8% | S100XQSE |
| Net income | 34,156 | 7.3% | S100XQSE |
| Net income attributable to owners | 33,991 | 7.3% | S100XQSE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 25 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 35.7% → Operating margin 11.1% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -20.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.09×
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 | 450,993 | 466,243 | 15,250 | +3.4% |
| Gross profit | 172,303 | 166,616 | -5,687 | -3.3% |
| Operating income | 65,085 | 51,677 | -13,408 | -20.6% |
| Net income attributable to owners | 76,329 | 33,991 | -42,338 | -55.5% |
| Operating cash flow | 87,032 | 63,780 | -23,252 | -26.7% |
| Free cash flow | 41,455 | 18,014 | -23,441 | -56.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 363,230 | 68,010 | 18.7% | 51,833 | 67,897 | 41,943 | S100L203 |
| FY ending Dec 2020 | 378,040 | 82,701 | 21.9% | 63,472 | 91,050 | 63,485 | S100NQC5 |
| FY ending Dec 2021 | 546,515 | 148,287 | 27.1% | 115,937 | 112,439 | 92,405 | S100QH4Z |
| FY ending Dec 2022 | 628,909 | 169,158 | 26.9% | 128,178 | 110,684 | 83,172 | S100T5J9 |
| FY ending Dec 2023 | 474,362 | 83,653 | 17.6% | 61,142 | 114,567 | 83,252 | S100VGFP |
| FY ending Dec 2024 | 450,993 | 65,085 | 14.4% | 76,329 | 87,032 | 41,455 | S100XQSE |
| FY ending Dec 2025 | 466,243 | 51,677 | 11.1% | 33,991 | 63,780 | 18,014 | S100XQSE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.5M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 13,179 | 11,364 | 9,703 | 10,130 | 10,242 |
| Average salary (parent company) | ¥8.5M | ¥8.7M | ¥8.5M | ¥8.6M | ¥9M |
| Average age (parent company) | 40.2 years | 40.6 years | 41.3 years | 41.3 years | 41.6 years |
| Average tenure (parent company) | 14.2 years | 13.6 years | 14.2 years | 13.8 years | 13.8 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bicycle components | 354,972 | 76.2% | 42,841 | 12.1% |
| Fishing tackle | 110,832 | 23.8% | 8,865 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bicycle components | 76.2% | 82.9% | 6.6 | 12.1% |
| Fishing tackle | 23.8% | 17.1% | -6.6 | 8.0% |

Segment → industry: Bicycle components → Bicycles / Fishing tackle → Sporting Goods & Fitness

## 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 | 63,780 | 13.7% | S100XQSE |
| Capital expenditure | 45,766 | 9.8% | S100XQSE |
| Free cash flow | 18,014 | 3.9% | 算出 |
| Investing cash flow | -40,675 | -8.7% | S100XQSE |
| Financing cash flow | -80,319 | -17.2% | S100XQSE |
| Dividends paid | 28,609 | 6.1% | S100XQSE |
| Share buyback | 50,006 | 10.7% | S100XQSE |
| Change in cash | -57,509 | -12.3% | S100XQSE |
| Cash and equivalents | 472,800 | 101.4% | S100XQSE |

## 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 | 357,773 | 417,266 | 481,982 | 530,310 | 472,800 | S100T5J9, S100VGFP, S100XQSE |
| Total assets | 705,370 | 826,413 | 871,731 | 958,953 | 938,250 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Net assets | 616,651 | 741,095 | 802,396 | 883,613 | 869,501 | S100T5J9, S100VGFP, S100XQSE |
| Share capital | 35,613 | 35,613 | 35,613 | 35,613 | 35,613 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Trade receivables | 52,186 | 55,201 | 31,602 | 39,902 | 38,460 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Property, plant and equipment | 139,405 | 147,244 | 157,982 | 182,708 | 201,141 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Intangible assets excluding goodwill | 16,128 | 19,841 | 21,989 | 24,960 | 29,323 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Goodwill | 3,274 | 3,065 | 1,898 | 1,661 | 1,455 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Investment securities | 14,061 | 19,694 | 23,781 | 25,892 | 29,348 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Current assets | 528,544 | 628,754 | 652,753 | 711,461 | 666,119 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Current liabilities | 81,528 | 78,608 | 61,834 | 55,802 | 58,917 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Short-term borrowings | 3,133 | 2,151 | — | — | — | S100QH4Z, S100T5J9 |
| Long-term borrowings | 2 | — | — | — | — | S100QH4Z |
| Total liabilities | 88,719 | 85,318 | 69,334 | 75,339 | 68,748 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Non-controlling interests | 659 | 986 | 1,230 | 1,215 | 1,245 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Equity attributable to owners of parent | 594,232 | 666,485 | 687,162 | 715,438 | 670,554 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Retained earnings | 566,263 | 638,141 | 647,172 | 675,370 | 630,717 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |
| Treasury stock | -13,284 | -12,909 | -1,264 | -1,186 | -1,100 | S100QH4Z, S100T5J9, S100VGFP, S100XQSE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XQSE |
| Receivables | 4% | S100XQSE |
| Property, plant and equipment | 22% | S100XQSE |
| Intangibles and goodwill | 3% | S100XQSE |
| Investment securities | 3% | S100XQSE |
| Other assets | 18% | S100XQSE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100XQSE |
| Equity | 93% | S100XQSE |
| Other liabilities | 0% | S100XQSE |

### 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 | 705,370 | 826,413 | 871,731 | 958,953 | 938,250 |
| Equity | 616,651 | 741,095 | 802,396 | 883,613 | 869,501 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 357,773 | 417,266 | 481,982 | 530,310 | 472,800 |

## 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) | 43.1% | S100XQSE |
| Fixed assets ÷ total assets | 21.4% | S100XQSE |
| Goodwill ÷ parent equity | 0.2% | S100XQSE |

Goodwill over 4 years: 3,274 → 1,455 JPY; total investing cash flow: -161,752 JPY. This does not imply causation.

### 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) | 50.4% |
| Cash ÷ revenue | 101.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.4% |
| Cash vs. profit gap | 29,789 JPY mn (of net income 87.6%) |
| Shareholder returns / net income | 231.3% |
| Shareholder returns / FCF | 436.4% |
| Shareholder payments — dividends / net income | 84.2% |
| Shareholder payments — dividends / FCF | 158.8% |
| CapEx intensity (capex ÷ revenue) | 9.8% |
| Investing CF relative to operating CF | 63.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 21.2% | 0.77× | 16.4% | 1.19× | 19.5% | S100QH4Z |
| 2022 | 20.4% | 0.82× | 16.7% | 1.22× | 20.3% | S100T5J9 |
| 2023 | 12.9% | 0.56× | 7.2% | 1.25× | 9.0% | S100VGFP |
| 2024 | 16.9% | 0.49× | 8.3% | 1.31× | 10.9% | S100XQSE |
| 2025 | 7.3% | 0.49× | 3.6% | 1.37× | 4.9% | S100XQSE |

## 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 | 12.9% | 2025-12-31 |
| 湊興産株式会社 | Major shareholder | 9.2% | 2025-12-31 |
| JP MORGAN CHASE BANK 380055(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 7.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 3.6% | 2025-12-31 |
| 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 | 3.0% | 2025-12-31 |
| 株式会社スリーエス | Major shareholder | 2.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2025-12-31 |
| STICHTING PENSIOEN FONDS ZORG EN WELZIJN(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.8% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.8% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 grew +3.4% to ¥466.2B, up from ¥451B.
- Profits went the other way: gross profit fell -3.3% and operating income dropped -20.6% to ¥51.7B.
- Net income attributable to owners fell from ¥76.3B to ¥34B, down -55.5%.

### Drivers

- Sales got a lift from steady bike sales in European shops and solid fishing tackle demand outside Japan.
- Bike dealers in some regions were still working through excess stock, so overseas orders and production fell, which cut gross profit.
- Higher wages, software costs, and advertising and shipping for new products pushed up SG&A, and larger foreign exchange losses hit profit further.

### Risks

- Big currency swings affect how overseas earnings convert into yen and what raw materials cost.
- Political and economic instability in key markets, such as rising tariffs, could disrupt production and sales.
- If rivals quickly catch up on technology, Shimano's products could lose their edge and face tougher price competition.

Cited: Annual Securities Report (119th term) (Management's analysis of financial condition and results); Annual Securities Report (119th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/01/01－2025/12/31) | S100XQSE | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQSE,, |
| 有価証券報告書－第118期(2024/01/01－2024/12/31) | S100VGFP | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGFP,, |
| 有価証券報告書－第117期(2023/01/01－2023/12/31) | S100T5J9 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5J9,, |
| 有価証券報告書－第116期(2022/01/01－2022/12/31) | S100QH4Z | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH4Z,, |
| 有価証券報告書－第115期(令和3年1月1日－令和3年12月31日) | S100NQC5 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQC5,, |
| 有価証券報告書－第114期(令和2年1月1日－令和2年12月31日) | S100L203 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L203,, |

## 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).