# SHOEI CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2024/10/01－2025/09/30) (S100XC55)
> Page: https://vizora.meequs.com/en/company/shoei
> Retrieved: 2026-09-30T20:26:02.448Z

## Company

Shoei, founded in 1959, is a company in Motorcycles listed on TSE Prime. It has 670 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOEI CO., LTD. |
| Ticker | 7839 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7839.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区台東一丁目31番7号 |
| Representative (per filing) | 代表取締役社長 石田 健一郎 |
| Founded | Mar 1959 |
| Share capital | ¥1.42B |
| Employees (consolidated) | 670 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | September |
| Corporate number | 5010501005434 |
| EDINET | E02470 |
| Industries (Vizora) | Motorcycles |

> Profile source: annual securities report (S100XC55, filed 2025-12-22). As of filing

## Key points (generated from figures)

- Shoei brought in ¥32.4B in revenue.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed -9.6% from the prior year, operating profit -13.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥32363623000 → ¥6318367000
- Net income → operating cash flow: ¥6318367000 → ¥9757207000（difference ¥3438840000）
- Main uses of operating cash flow: CapEx ¥1373773000 / dividends ¥3676077000 / buybacks —
- Change in cash: ¥4589507000
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 | ¥32.4B |  |
| Operating income | ¥8.9B | Margin 27.5% |
| Net income | ¥6.32B | Margin 19.5% |
| Free cash flow | ¥8.38B |  |
| Employees (consolidated) | 670 |  |
| EPS | ¥94.08 |  |
| Book value per share | ¥483.37 |  |
| Equity ratio | 85.1% |  |
| Shares outstanding | 53,713,716 |  |
| Treasury shares | 1,136,300 |  |
| Shareholders | 22,789 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 52.7% | Cash ÷ revenue 61.6% |
| ROE | 21.1% | Derived from disclosed figures |
| ROA | 17.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 53% of total assets
- FY2025, operating income keeps 27 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19479662000 | ¥32363623000 | +66.1% |
| Operating income | ¥4740159000 | ¥8899156000 | +87.7% |
| Operating margin | 24.3% | 27.5% | +3.2 pp |
| Employees | 479 people | 670 people | +39.9% |
| Cash and equivalents | ¥9383136000 | ¥19941931000 | +112.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,364 | 100.0% | S100XC55 |
| Cost of revenue | 17,340 | 53.6% | S100XC55 |
| Gross profit | 15,024 | 46.4% | S100XC55 |
| SG&A | 6,125 | 18.9% | S100XC55 |
| Operating income | 8,899 | 27.5% | S100XC55 |
| Ordinary income | 8,900 | 27.5% | S100XC55 |
| Pretax income | 8,884 | 27.5% | S100XC55 |
| Income tax | 2,566 | 7.9% | S100XC55 |
| Net income | 6,318 | 19.5% | S100XC55 |
| Net income attributable to owners | 6,318 | 19.5% | S100XC55 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 19 |
| Operating income | 27 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 46.4% → Operating margin 27.5% → Net margin 19.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.6%; Core profit growth: -13.9%
Operating leverage (core profit growth ÷ revenue growth): 1.45×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 35,791 | 32,364 | -3,427 | -9.6% |
| Gross profit | 16,115 | 15,024 | -1,091 | -6.8% |
| Operating income | 10,330 | 8,899 | -1,431 | -13.9% |
| Net income attributable to owners | 7,378 | 6,318 | -1,059 | -14.4% |
| Operating cash flow | 9,719 | 9,757 | 38 | +0.4% |
| Free cash flow | 6,488 | 8,383 | 1,895 | +29.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 18,616 | 4,204 | 22.6% | 2,935 | 3,383 | 2,373 | S100KG3X |
| FY ending Sep 2020 | 19,480 | 4,740 | 24.3% | 3,348 | 4,542 | 3,270 | S100N4SO |
| FY ending Sep 2021 | 23,753 | 6,025 | 25.4% | 4,407 | 5,216 | 3,977 | S100PVNI |
| FY ending Sep 2022 | 28,954 | 8,382 | 29.0% | 6,019 | 6,027 | 4,325 | S100SLXB |
| FY ending Sep 2023 | 33,617 | 9,826 | 29.2% | 7,069 | 6,355 | 4,058 | S100V0SV |
| FY ending Sep 2024 | 35,791 | 10,330 | 28.9% | 7,378 | 9,719 | 6,488 | S100XC55 |
| FY ending Sep 2025 | 32,364 | 8,899 | 27.5% | 6,318 | 9,757 | 8,383 | S100XC55 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥13.3M |
| Net income per employee (consolidated) | ¥9.4M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 503 | 532 | 569 | 635 | 670 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥5.8M | ¥5.7M | ¥5.5M |
| Average age (parent company) | 40.1 years | 39.2 years | 38.1 years | 36.9 years | 36.9 years |
| Average tenure (parent company) | 16.0 years | 15.3 years | 14.5 years | 12.9 years | 12.8 years |

Year over year: Employees (consolidated) +5.5% · Revenue (consolidated) -9.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,757 | 30.1% | S100XC55 |
| Capital expenditure | 1,374 | 4.2% | S100XC55 |
| Free cash flow | 8,383 | 25.9% | 算出 |
| Investing cash flow | -1,394 | -4.3% | S100XC55 |
| Financing cash flow | -3,773 | -11.7% | S100XC55 |
| Dividends paid | 3,676 | 11.4% | S100XC55 |
| Change in cash | 4,590 | 14.2% | S100XC55 |
| Cash and equivalents | 19,942 | 61.6% | S100XC55 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,426 | 13,887 | 14,767 | 15,352 | 19,942 | S100SLXB, S100V0SV, S100XC55 |
| Total assets | 23,778 | 29,429 | 32,805 | 35,086 | 37,848 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Net assets | 18,529 | 22,895 | 27,145 | 29,546 | 32,236 | S100SLXB, S100V0SV, S100XC55 |
| Share capital | 1,422 | 1,422 | 1,422 | 1,422 | 1,422 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Trade receivables | 2,394 | — | — | — | — | S100PVNI |
| Property, plant and equipment | 3,875 | 4,694 | 5,566 | 7,415 | 7,388 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Intangible assets excluding goodwill | 116 | 136 | 160 | 184 | 177 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Current assets | 18,854 | 23,533 | 25,558 | 26,536 | 29,610 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Current liabilities | 3,906 | 5,418 | 4,706 | 4,608 | 4,927 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Total liabilities | 5,249 | 6,533 | 5,660 | 5,540 | 5,612 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Non-controlling interests | 18 | 18 | 15 | 13 | 12 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Equity attributable to owners of parent | 18,944 | 22,824 | 26,620 | 28,610 | 31,322 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Retained earnings | 17,291 | 21,103 | 25,162 | 29,071 | 31,711 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |
| Treasury stock | -187 | -120 | -383 | -2,302 | -2,233 | S100PVNI, S100SLXB, S100V0SV, S100XC55 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XC55 |
| Property, plant and equipment | 20% | S100XC55 |
| Intangibles and goodwill | 0% | S100XC55 |
| Other assets | 27% | S100XC55 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XC55 |
| Equity | 85% | S100XC55 |
| Other liabilities | 0% | S100XC55 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,778 | 29,429 | 32,805 | 35,086 | 37,848 |
| Equity | 18,529 | 22,895 | 27,145 | 29,546 | 32,236 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,426 | 13,887 | 14,767 | 15,352 | 19,942 |

## 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) | 22.8% | S100XC55 |
| Fixed assets ÷ total assets | 19.5% | S100XC55 |
| Goodwill ÷ parent equity | — | —, S100XC55 |

### 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) | 52.7% |
| Cash ÷ revenue | 61.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.6% |
| Cash vs. profit gap | 3,439 JPY mn (of net income 54.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.2% |
| Shareholder payments — dividends / FCF | 43.8% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 14.3% |

## 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 | 18.6% | 1.00× | 18.5% | 1.26× | 23.3% | S100PVNI |
| 2022 | 20.8% | 1.09× | 22.6% | 1.27× | 28.8% | S100SLXB |
| 2023 | 21.0% | 1.08× | 22.7% | 1.26× | 28.6% | S100V0SV |
| 2024 | 20.6% | 1.05× | 21.7% | 1.23× | 26.7% | S100XC55 |
| 2025 | 19.5% | 0.89× | 17.3% | 1.22× | 21.1% | S100XC55 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.9% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.2% | 2025-09-30 |
| 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 | 6.5% | 2025-09-30 |
| アルク産業株式会社 | Major shareholder | 5.3% | 2025-09-30 |
| 明和産業株式会社 | Major shareholder | 3.0% | 2025-09-30 |
| ＲＢＣ ＩＳＴ １５ ＰＣＴ ＮＯＮ ＬＥＮＤＩＮＧ ＡＣＣＯＵＮＴ － ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2025-09-30 |
| 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% | 2025-09-30 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社クラレ | Major shareholder | 1.8% | 2025-09-30 |
| 岡田商事株式会社 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2024/10/01－2025/09/30) | S100XC55 | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC55,, |
| 有価証券報告書－第68期(2023/10/01－2024/09/30) | S100V0SV | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0SV,, |
| 訂正有価証券報告書－第67期(2022/10/01－2023/09/30) | S100SLXB | 2024-01-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SLXB,, |
| 有価証券報告書－第66期(令和3年10月1日－令和4年9月30日) | S100PVNI | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVNI,, |
| 有価証券報告書－第65期(令和2年10月1日－令和3年9月30日) | S100N4SO | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4SO,, |
| 有価証券報告書－第64期(令和1年10月1日－令和2年9月30日) | S100KG3X | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG3X,, |

## 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).