# SUBARU CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第95期(2025/04/01－2026/03/31) (S100YFKZ)
> Page: https://vizora.meequs.com/en/company/subaru
> Retrieved: 2026-09-30T19:09:25.049Z

## Company

Subaru, founded in 1953, is a company in Automobiles listed on TSE Prime. It has 37,542 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUBARU CORPORATION |
| Ticker | 7270 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7270.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿一丁目20番8号 |
| Representative (per filing) | 代表取締役社長 大崎 篤 |
| Founded | Jul 1953 |
| Share capital | ¥153.8B |
| Employees (consolidated) | 37,542 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.subaru.co.jp (https://www.subaru.co.jp/) |
| Corporate number | 5011101019196 |
| EDINET | E02152 |
| Industries (Vizora) | Automobiles, Aerospace, Defense |

> Profile source: annual securities report (S100YFKZ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Automobiles (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 31.3 | 8 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 43.8 | 8 |

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 97% of Subaru's sales come from Automobiles, with Aerospace and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit -90.1%.

## Company structure

- Segment revenue mix: Automobiles 96.9%、Aerospace 3.0%、Other 0.1%
- Revenue → net income: ¥4784965000000 → ¥90905000000
- Net income → operating cash flow: ¥90905000000 → ¥358227000000（difference ¥267322000000）
- Main uses of operating cash flow: CapEx ¥234366000000 / dividends ¥90290000000 / buybacks ¥50005000000
- Change in cash: ¥63874000000
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 | ¥4.78T |  |
| Operating income | ¥40.1B | Margin 0.8% |
| Net income | ¥90.8B | Margin 1.9% |
| Free cash flow | ¥123.9B |  |
| Largest business | Automobiles | of segment revenue 96.9% |
| Employees (consolidated) | 37,542 |  |
| EPS | ¥125.5 |  |
| Diluted EPS | ¥125.49 |  |
| Book value per share | ¥1925.91 |  |
| Equity ratio | 50.6% | Derived from disclosed figures |
| Shares outstanding | 717,335,000 |  |
| Treasury shares | 1,906,800 |  |
| Shareholders | 119,328 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -1 pp | Automobiles |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.9× net income
- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2830210000000 | ¥4784965000000 | +69.1% |
| Operating income | ¥102468000000 | ¥40120000000 | -60.8% |
| Operating margin | 3.6% | 0.8% | -2.8 pp |
| Employees | 36,070 people | 37,542 people | +4.1% |
| Cash and equivalents | ¥907326000000 | ¥1005334000000 | +10.8% |

### 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 |
| --- | ---: |
| 自動車 → 自動車 | 96.7% |
| 航空宇宙 → 航空宇宙 | 3.0% |
| 航空宇宙 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 自動車 | 0.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobiles | 5 years | +11.1% | ¥4638342000000 | 0.7% | 2 |
| Aerospace | 5 years | +10.1% | ¥141667000000 | 2.5% | 2 |
| Other | 5 years | -0.2% | ¥4956000000 | 73.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,784,965 | 100.0% | S100YFKZ |
| Cost of revenue | 4,065,478 | 85.0% | S100YFKZ |
| Gross profit | 719,487 | 15.0% | S100YFKZ |
| SG&A | 373,610 | 7.8% | S100YFKZ |
| Operating income | 40,120 | 0.8% | S100YFKZ |
| Pretax income | 107,469 | 2.2% | S100YFKZ |
| Income tax | 16,564 | 0.3% | S100YFKZ |
| Net income | 90,905 | 1.9% | S100YFKZ |
| Net income attributable to owners | 90,842 | 1.9% | S100YFKZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Other operating | 6 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.0% → Operating margin 0.8% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.1%; Core profit growth: -90.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -42.56×
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 | 4,685,763 | 4,784,965 | 99,202 | +2.1% |
| Gross profit | 980,344 | 719,487 | -260,857 | -26.6% |
| Operating income | 405,308 | 40,120 | -365,188 | -90.1% |
| Net income attributable to owners | 338,062 | 90,842 | -247,220 | -73.1% |
| Operating cash flow | 492,136 | 358,227 | -133,909 | -27.2% |
| Free cash flow | 321,275 | 123,861 | -197,414 | -61.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 3,325,992 | 410,810 | 12.4% | 282,354 | 345,442 | 181,668 | S100DBN2 |
| FY ending Mar 2018 | 3,232,695 | 379,447 | 11.7% | 220,354 | 366,298 | 216,401 | S100G1EC |
| FY ending Mar 2019 | 3,156,150 | 181,724 | 5.8% | 141,418 | 250,732 | 120,111 | S100IWST |
| FY ending Mar 2020 | 3,344,109 | 210,319 | 6.3% | 152,587 | 210,134 | 78,444 | S100LW1Z |
| FY ending Mar 2021 | 2,830,210 | 102,468 | 3.6% | 76,510 | 289,376 | 164,651 | S100OB9K |
| FY ending Mar 2022 | 2,744,520 | 90,452 | 3.3% | 70,007 | 195,651 | 94,400 | S100R15B |
| FY ending Mar 2023 | 3,774,468 | 267,483 | 7.1% | 200,431 | 503,759 | 368,762 | S100TO9E |
| FY ending Mar 2024 | 4,702,947 | 468,198 | 10.0% | 385,084 | 767,665 | 579,518 | S100W1AE |
| FY ending Mar 2025 | 4,685,763 | 405,308 | 8.6% | 338,062 | 492,136 | 321,275 | S100YFKZ |
| FY ending Mar 2026 | 4,784,965 | 40,120 | 0.8% | 90,842 | 358,227 | 123,861 | S100YFKZ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥127.5M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 36,910 | 37,521 | 37,693 | 37,866 | 37,542 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6.9M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 39.1 years | 39.3 years | 39.6 years | 39.8 years | 40.0 years |
| Average tenure (parent company) | 16.0 years | 16.1 years | 16.1 years | 15.9 years | 15.7 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +2.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobiles | 4,638,342 | 96.9% | 32,086 | 0.7% |
| Aerospace | 141,667 | 3.0% | 3,500 | 2.5% |
| Other | 4,956 | 0.1% | 3,616 | 73.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobiles | 96.9% | 81.8% | -15.1 | 0.7% |
| Aerospace | 3.0% | 8.9% | 6.0 | 2.5% |
| Other | 0.1% | 9.2% | 9.1 | 73.0% |

Segment → industry: Automobiles → Automobiles / Aerospace → Aerospace / Aerospace → Defense

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 358,227 | 7.5% | S100YFKZ |
| Capital expenditure | 234,366 | 4.9% | S100YFKZ |
| Free cash flow | 123,861 | 2.6% | 算出 |
| Investing cash flow | -114,650 | -2.4% | S100YFKZ |
| Financing cash flow | -217,816 | -4.6% | S100YFKZ |
| Dividends paid | 90,290 | 1.9% | S100YFKZ |
| Share buyback | 50,005 | 1.0% | S100YFKZ |
| Change in cash | 63,874 | 1.3% | S100YFKZ |
| Cash and equivalents | 1,005,334 | 21.0% | S100YFKZ |

## 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 | 883,074 | 979,529 | 1,048,000 | 941,460 | 1,005,334 | S100TO9E, S100W1AE, S100YFKZ |
| Total assets | 3,543,753 | 3,944,150 | 4,814,149 | 5,088,246 | 5,492,301 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Net assets | 1,901,019 | 2,109,947 | 2,565,394 | 2,715,708 | 2,781,661 | S100TO9E, S100W1AE, S100YFKZ |
| Share capital | 153,795 | 153,795 | 153,795 | 153,795 | 153,795 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Property, plant and equipment | 841,553 | 861,846 | 969,096 | 1,061,846 | 1,221,752 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Current assets | 2,042,243 | 2,429,765 | 3,019,173 | 3,191,220 | 3,374,405 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Total liabilities | 1,642,734 | 1,834,203 | 2,248,755 | 2,372,538 | 2,710,640 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Equity attributable to owners of parent | 1,890,789 | 2,100,973 | 2,563,204 | 2,714,517 | 2,780,407 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Retained earnings | 1,466,322 | 1,623,699 | 1,906,933 | 2,106,478 | 2,067,283 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |
| Treasury stock | -6,324 | -6,136 | -4,616 | -4,649 | -4,751 | S100R15B, S100TO9E, S100W1AE, S100YFKZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YFKZ |
| Property, plant and equipment | 22% | S100YFKZ |
| Other assets | 60% | S100YFKZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YFKZ |
| Equity | 51% | S100YFKZ |

### 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 | 3,543,753 | 3,944,150 | 4,814,149 | 5,088,246 | 5,492,301 |
| Equity | 1,901,019 | 2,109,947 | 2,565,394 | 2,715,708 | 2,781,661 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 883,074 | 979,529 | 1,048,000 | 941,460 | 1,005,334 |

## 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) | 25.5% | S100YFKZ |
| Fixed assets ÷ total assets | 22.2% | S100YFKZ |
| Goodwill ÷ parent equity | — | —, S100YFKZ |

### 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) | 18.3% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 892.9% |
| Cash vs. profit gap | 267,385 JPY mn (of net income 294.3%) |
| Shareholder returns / net income | 154.4% |
| Shareholder returns / FCF | 113.3% |
| Shareholder payments — dividends / net income | 99.4% |
| Shareholder payments — dividends / FCF | 72.9% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 32.0% |

## 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 | 2.6% | 0.77× | 2.0% | 1.87× | 3.7% | S100R15B |
| 2023 | 5.3% | 1.01× | 5.4% | 1.88× | 10.0% | S100TO9E |
| 2024 | 8.2% | 1.07× | 8.8% | 1.88× | 16.5% | S100W1AE |
| 2025 | 7.2% | 0.95× | 6.8% | 1.88× | 12.8% | S100YFKZ |
| 2026 | 1.9% | 0.90× | 1.7% | 1.93× | 3.3% | S100YFKZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 21.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.4% | 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済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |
| ＮＳＬ ＤＴＴ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ １ （常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| 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 | 1.0% | 2026-03-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥4.78T, up 2.1% from ¥4.69T.
- Operating income, however, dropped 90.1%, from ¥405.3B to ¥40.1B.
- Net income attributable to owners fell 73.1% to ¥90.8B, and operating cash flow slipped 27.2% to ¥358.2B.

### Drivers

- Fewer cars sold and a stronger yen held revenue back, but better pricing and model mix still lifted sales
- Additional US tariffs cut deeply into profit in the automobile business
- Subaru booked costs tied to environmental regulations, including losses on regulatory credits, along with EV-related expenses
- A domestic production line was paused for work to build EVs in-house, which reduced output and shipments

### Risks

- Changes in US tariff policy could add duties on cars exported from Japan and on imported parts used at its US plant
- A downturn or tougher price competition in North America, its largest market, would hit sales and profit
- A stronger yen shrinks dollar-based revenue and profit when converted into yen

Cited: Annual Securities Report (95th term) (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 (95th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YFKZ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFKZ,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W1AE | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1AE,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TO9E | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO9E,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R15B | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R15B,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OB9K | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB9K,, |
| 訂正有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LW1Z | 2021-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW1Z,, |
| 有価証券報告書－第89期(平成31年4月1日－令和2年3月31日) | S100IWST | 2020-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IWST,, |
| 有価証券報告書－第88期(平成30年4月1日－平成31年3月31日) | S100G1EC | 2019-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G1EC,, |
| 有価証券報告書－第87期(平成29年4月1日－平成30年3月31日) | S100DBN2 | 2018-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100DBN2,, |
| 有価証券報告書－第86期(2016/04/01－2017/03/31) | S100AM60 | 2017-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100AM60,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| トヨタ | Capital alliance | 業務資本提携（2006年の業務提携を2019年に拡大） | S100Y8NY |
| トヨタ | Alliance | 業務提携（2006年） | S100YFKZ |
| ダイハツ工業株式会社 | Co-development | トヨタ・ダイハツとの開発・生産における協力関係 | S100YFKZ |

## 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).