# ShinMaywa Industries, 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102期(2025/04/01－2026/03/31) (S100YFNV)
> Page: https://vizora.meequs.com/en/company/shinmaywa-industries
> Retrieved: 2026-09-30T21:11:21.293Z

## Company

ShinMaywa Industries, founded in 1920, is a company in Trucks & Buses listed on TSE Prime. It has 7,313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ShinMaywa Industries, Ltd. |
| Ticker | 7224 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7224.T) |
| Listing | TSE Prime |
| Head office | 兵庫県宝塚市新明和町1番1号 |
| Representative (per filing) | 取締役社長 槶原敬士 |
| Founded | Feb 1920 |
| Share capital | ¥16B |
| Employees (consolidated) | 7,313 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.shinmaywa.co.jp (https://www.shinmaywa.co.jp/) |
| Corporate number | 7140001082323 |
| EDINET | E02252 |
| Industries (Vizora) | Trucks & Buses, Industrial Machinery, Waste Management & Recycling, Aerospace, Defense |

> Profile source: annual securities report (S100YFNV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Trucks & Buses (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 3 |
| Profitability | 37.5 | 4 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 62.5 | 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 41% of ShinMaywa Industries's sales come from Special purpose trucks, with Parking systems and Aircraft making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Special purpose trucks 41.3%、Parking systems 17.8%、Aircraft 14.6%、Fluid 10.5%、Industrial machinery and environmental systems 9.6%
- Revenue → net income: ¥285024000000 → ¥11542000000
- Net income → operating cash flow: ¥11542000000 → ¥24364000000（difference ¥12822000000）
- Main uses of operating cash flow: CapEx ¥10305000000 / dividends ¥3570000000 / buybacks —
- Change in cash: ¥8165000000
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 | ¥285B |  |
| Operating income | ¥16.3B | Margin 5.7% |
| Net income | ¥11.5B | Margin 4.0% |
| Free cash flow | ¥14.1B |  |
| Largest business | Special purpose trucks | of segment revenue 41.3% |
| Employees (consolidated) | 7,313 |  |
| EPS | ¥123.34 |  |
| Book value per share | ¥906.16 |  |
| Equity ratio | 42.2% |  |
| Shares outstanding | 70,000,000 |  |
| Treasury shares | 3,856,600 |  |
| Shareholders | 24,529 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | -0.1 pp | Trucks & Buses |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209226000000 | ¥285024000000 | +36.2% |
| Operating income | ¥10479000000 | ¥16329000000 | +55.8% |
| Operating margin | 5.0% | 5.7% | +0.7 pp |
| Employees | 5,288 people | 7,313 people | +38.3% |
| Cash and equivalents | ¥22667000000 | ¥35898000000 | +58.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 特装車 → 特装車 | 41.3% |
| 特装車 → 事業再編・廃止 | 4.0% |
| パーキングシステム → パーキングシステム | 16.8% |
| 産機・環境システム → 産機・環境システム | 9.6% |
| 産機・環境システム → 事業再編・廃止 | 8.2% |
| 航空機 → 航空機 | 12.4% |
| その他 → その他 | 6.3% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → パーキングシステム | 1.0% |
| 新設・再編 → 流体 | 10.5% |
| 新設・再編 → 航空機 | 2.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Special purpose trucks | 5 years | +4.4% | ¥117583000000 | 5.2% | 2 |
| Parking systems | 5 years | +7.6% | ¥50745000000 | 9.7% | 2 |
| Aircraft | 5 years | +9.9% | ¥41558000000 | 6.2% | 2 |
| Fluid | 4 years | +9.6% | ¥29986000000 | 15.6% | 2 |
| Industrial machinery and environmental systems | 5 years | -6.0% | ¥27323000000 | 2.1% | 2 |
| Other | 5 years | +2.1% | ¥17827000000 | 8.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 285,024 | 100.0% | S100YFNV |
| Cost of revenue | 235,649 | 82.7% | S100YFNV |
| Gross profit | 49,375 | 17.3% | S100YFNV |
| SG&A | 33,046 | 11.6% | S100YFNV |
| Operating income | 16,329 | 5.7% | S100YFNV |
| Ordinary income | 16,324 | 5.7% | S100YFNV |
| Pretax income | 15,997 | 5.6% | S100YFNV |
| Income tax | 4,455 | 1.6% | S100YFNV |
| Net income | 11,542 | 4.0% | S100YFNV |
| Net income attributable to owners | 11,507 | 4.0% | S100YFNV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.3% → Operating margin 5.7% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +16.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.42×
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 | 266,441 | 285,024 | 18,583 | +7.0% |
| Gross profit | 44,753 | 49,375 | 4,622 | +10.3% |
| Operating income | 13,970 | 16,329 | 2,359 | +16.9% |
| Net income attributable to owners | 8,957 | 11,507 | 2,550 | +28.5% |
| Operating cash flow | 20,499 | 24,364 | 3,865 | +18.9% |
| Free cash flow | 9,203 | 14,059 | 4,856 | +52.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 227,231 | 12,836 | 5.6% | 7,378 | 8,509 | -721 | S100LN0P |
| FY ending Mar 2021 | 209,226 | 10,479 | 5.0% | 5,487 | 18,120 | 11,750 | S100OD22 |
| FY ending Mar 2022 | 216,823 | 10,569 | 4.9% | 6,907 | 15,998 | 10,694 | S100R213 |
| FY ending Mar 2023 | 225,175 | 9,293 | 4.1% | 7,313 | 6,404 | 1,529 | S100TNHH |
| FY ending Mar 2024 | 257,060 | 11,765 | 4.6% | 7,279 | 14,065 | 7,768 | S100W0XQ |
| FY ending Mar 2025 | 266,441 | 13,970 | 5.2% | 8,957 | 20,499 | 9,203 | S100YFNV |
| FY ending Mar 2026 | 285,024 | 16,329 | 5.7% | 11,507 | 24,364 | 14,059 | S100YFNV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 5,783 | 5,932 | 6,181 | 6,473 | 7,313 |
| Average salary (parent company) | ¥6.9M | ¥6.7M | ¥6.6M | ¥7.3M | ¥7.8M |
| Average age (parent company) | 43.7 years | 44.0 years | 43.8 years | 43.5 years | 44.0 years |
| Average tenure (parent company) | 14.4 years | 14.7 years | 14.9 years | 14.8 years | 14.2 years |

Year over year: Employees (consolidated) +13.0% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Special purpose trucks | 117,583 | 41.3% | 6,166 | 5.2% |
| Parking systems | 50,745 | 17.8% | 4,922 | 9.7% |
| Industrial machinery and environmental systems | 27,323 | 9.6% | 571 | 2.1% |
| Fluid | 29,986 | 10.5% | 4,679 | 15.6% |
| Aircraft | 41,558 | 14.6% | 2,593 | 6.2% |
| Other | 17,827 | 6.3% | 1,512 | 8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Special purpose trucks | 41.3% | 30.2% | -11.1 | 5.2% |
| Parking systems | 17.8% | 24.1% | 6.3 | 9.7% |
| Industrial machinery and environmental systems | 9.6% | 2.8% | -6.8 | 2.1% |
| Fluid | 10.5% | 22.9% | 12.4 | 15.6% |
| Aircraft | 14.6% | 12.7% | -1.9 | 6.2% |
| Other | 6.3% | 7.4% | 1.1 | 8.5% |

Segment → industry: Special purpose trucks → Trucks & Buses / Parking systems → Industrial Machinery / Industrial machinery and environmental systems → Industrial Machinery / Industrial machinery and environmental systems → Waste Management & Recycling / Fluid → Industrial Machinery / Aircraft → Aerospace / Aircraft → Defense

## 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 | 24,364 | 8.5% | S100YFNV |
| Capital expenditure | 10,305 | 3.6% | S100YFNV |
| Free cash flow | 14,059 | 4.9% | 算出 |
| Investing cash flow | -10,571 | -3.7% | S100YFNV |
| Financing cash flow | -6,259 | -2.2% | S100YFNV |
| Dividends paid | 3,570 | 1.3% | S100YFNV |
| Change in cash | 8,165 | 2.9% | S100YFNV |
| Cash and equivalents | 35,898 | 12.6% | S100YFNV |

## 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 | 26,549 | 22,535 | 22,891 | 28,282 | 35,898 | S100TNHH, S100W0XQ, S100YFNV |
| Total assets | 221,206 | 226,907 | 260,102 | 266,443 | 296,056 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Net assets | 94,261 | 100,439 | 108,734 | 113,066 | 125,687 | S100TNHH, S100W0XQ, S100YFNV |
| Share capital | 15,981 | 15,981 | 15,981 | 15,981 | 15,981 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Property, plant and equipment | 42,430 | 42,488 | 45,008 | 49,550 | 52,822 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Intangible assets excluding goodwill | 2,876 | 2,702 | 2,619 | 2,898 | 3,074 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Investment securities | 11,588 | 11,170 | 14,944 | 14,483 | 18,953 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Current assets | 148,615 | 152,491 | 178,056 | 179,037 | 199,542 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Current liabilities | 65,903 | 68,522 | 122,415 | 93,393 | 119,399 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Trade payables | 25,898 | 27,310 | 34,166 | 31,302 | 45,212 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Short-term borrowings | 2,891 | 6,372 | 7,580 | 6,198 | 4,960 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Long-term borrowings | 44,519 | 42,234 | 13,000 | 44,000 | 35,000 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Bonds | 1,600 | 800 | — | — | — | S100R213, S100TNHH |
| Interest-bearing debt | 49,010 | 49,406 | — | — | — | 算出 |
| Total liabilities | 126,945 | 126,467 | 151,367 | 153,377 | 170,369 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Non-controlling interests | 1,795 | 1,692 | 1,725 | 1,039 | 805 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Equity attributable to owners of parent | 91,617 | 96,037 | 100,333 | 104,657 | 112,635 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Retained earnings | 65,852 | 70,236 | 74,445 | 79,414 | 87,356 | S100R213, S100TNHH, S100W0XQ, S100YFNV |
| Treasury stock | -5,954 | -5,838 | -5,753 | -5,582 | -5,508 | S100R213, S100TNHH, S100W0XQ, S100YFNV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFNV |
| Property, plant and equipment | 18% | S100YFNV |
| Intangibles and goodwill | 1% | S100YFNV |
| Investment securities | 6% | S100YFNV |
| Other assets | 63% | S100YFNV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YFNV |
| Other liabilities | 42% | S100YFNV |
| Equity | 43% | S100YFNV |

### 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 | 221,206 | 226,907 | 260,102 | 266,443 | 296,056 |
| Equity | 94,261 | 100,439 | 108,734 | 113,066 | 125,687 |
| Interest-bearing debt | 49,010 | 49,406 | — | — | — |
| Cash | 26,549 | 22,535 | 22,891 | 28,282 | 35,898 |

## 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) | 18.5% | S100YFNV |
| Fixed assets ÷ total assets | 17.8% | S100YFNV |
| Goodwill ÷ parent equity | — | —, S100YFNV |

### 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) | 12.1% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.2% |
| Cash vs. profit gap | 12,857 JPY mn (of net income 111.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.0% |
| Shareholder payments — dividends / FCF | 25.4% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 43.4% |

## 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 | 3.2% | 0.98× | 3.1% | 2.41× | 7.5% | S100R213 |
| 2023 | 3.2% | 1.00× | 3.3% | 2.39× | 7.8% | S100TNHH |
| 2024 | 2.8% | 1.06× | 3.0% | 2.48× | 7.4% | S100W0XQ |
| 2025 | 3.4% | 1.01× | 3.4% | 2.57× | 8.7% | S100YFNV |
| 2026 | 4.0% | 1.01× | 4.1% | 2.59× | 10.6% | S100YFNV |

## 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 | 11.5% | 2026-03-31 |
| 三信株式会社 | Major shareholder | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.8% | 2026-03-31 |
| 新明和グループ従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 東洋ビルメンテナンス株式会社 | 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) | Major shareholder | 2.1% | 2026-03-31 |
| 新明和グループ取引先持株会 | Major shareholder | 1.9% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS(常任代理人 香港上海銀行東京支店) | 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) | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YFNV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFNV,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W0XQ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0XQ,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TNHH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNHH,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R213 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R213,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OD22 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD22,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LN0P | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN0P,, |

## 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).