# SUMINOE Co., Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第137期(2025/06/01－2026/05/31) (S100YYVN)
> Page: https://vizora.meequs.com/en/company/suminoe
> Retrieved: 2026-09-30T18:10:40.425Z

## Company

Suminoe, founded in 1930, is a company in Textiles & Fibers listed on TSE Prime. It has 2,986 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUMINOE Co., Ltd. |
| Ticker | 3501 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3501.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南船場三丁目11番20号 |
| Representative (per filing) | 取締役社長 永田鉄平 |
| Founded | Dec 1930 |
| Share capital | ¥9.55B |
| Employees (consolidated) | 2,986 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | May |
| Website | suminoe.co.jp (https://suminoe.co.jp/) |
| Corporate number | 3120001082312 |
| EDINET | E00574 |
| Industries (Vizora) | Textiles & Fibers, Auto Parts, Housing Equipment & Building Materials, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YYVN, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.5 | 110 |
| Profitability | 11.3 | 111 |
| Cash conversion | 69.9 | 108 |
| Efficiency | 78.8 | 111 |

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 61% of Suminoe's sales come from Automotive textiles and traffic facilities, with Interior fittings and Functional materials making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -21.1%.

## Company structure

- Segment revenue mix: Automotive textiles and traffic facilities 60.6%、Interior fittings 36.5%、Functional materials 2.4%、Other 0.5%
- Revenue → net income: ¥107633000000 → ¥492000000
- Net income → operating cash flow: ¥492000000 → ¥4999000000（difference ¥4507000000）
- Main uses of operating cash flow: CapEx ¥1481000000 / dividends ¥549000000 / buybacks ¥0
- Change in cash: ¥-420000000
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 | ¥107.6B |  |
| Operating income | ¥2.37B | Margin 2.2% |
| Net income | -¥340M | Margin -0.3% |
| Free cash flow | ¥3.52B |  |
| Largest business | Automotive textiles and traffic facilities | of segment revenue 60.6% |
| Employees (consolidated) | 2,986 |  |
| EPS | ¥-22.15 |  |
| Book value per share | ¥1726.78 |  |
| Equity ratio | 36.2% |  |
| Shares outstanding | 15,364,000 |  |
| Treasury shares | 2,097,900 |  |
| Shareholders | 12,871 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 7.7% |
| Vs. industry median margin | -2.6 pp | Auto Parts |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥79702000000 | ¥107633000000 | +35.0% |
| Operating income | ¥1049000000 | ¥2369000000 | +125.8% |
| Operating margin | 1.3% | 2.2% | +0.9 pp |
| Employees | 2,724 people | 2,986 people | +9.6% |
| Cash and equivalents | ¥10756000000 | ¥8276000000 | -23.1% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インテリア事業 → インテリア事業 | 36.5% |
| インテリア事業 → 事業再編・廃止 | 2.4% |
| 自動車・車両内装事業 → 自動車・車両内装事業 | 56.6% |
| 機能資材事業 → 機能資材事業 | 2.4% |
| 機能資材事業 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 0.5% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 自動車・車両内装事業 | 4.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive textiles and traffic facilities | 5 years | +7.7% | ¥65237000000 | 4.5% | 2 |
| Interior fittings | 5 years | +4.8% | ¥39260000000 | 3.7% | 2 |
| Functional materials | 5 years | -3.4% | ¥2631000000 | 2.1% | 2 |
| Other | 5 years | +2.5% | ¥503000000 | 26.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 107,633 | 100.0% | S100YYVN |
| Cost of revenue | 85,336 | 79.3% | S100YYVN |
| Gross profit | 22,296 | 20.7% | S100YYVN |
| SG&A | 19,927 | 18.5% | S100YYVN |
| Operating income | 2,369 | 2.2% | S100YYVN |
| Ordinary income | 2,764 | 2.6% | S100YYVN |
| Pretax income | 2,901 | 2.7% | S100YYVN |
| Income tax | 2,408 | 2.2% | S100YYVN |
| Net income | 492 | 0.5% | S100YYVN |
| Net income attributable to owners | -340 | -0.3% | S100YYVN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 19 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 20.7% → Operating margin 2.2% → Net margin -0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -21.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.77×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 104,791 | 107,633 | 2,842 | +2.7% |
| Gross profit | 22,343 | 22,296 | -47 | -0.2% |
| Operating income | 3,001 | 2,369 | -632 | -21.1% |
| Net income attributable to owners | 669 | -340 | -1,009 | -150.8% |
| Operating cash flow | 2,283 | 4,999 | 2,716 | +119.0% |
| Free cash flow | -226 | 3,518 | 3,744 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 91,512 | 1,557 | 1.7% | 142 | 5,901 | 3,932 | S100MC69 |
| FY ending May 2021 | 79,702 | 1,049 | 1.3% | 409 | 4,167 | 1,896 | S100P3LN |
| FY ending May 2022 | 81,713 | 110 | 0.1% | 281 | 375 | -3,642 | S100RRGE |
| FY ending May 2023 | 94,828 | 1,294 | 1.4% | 320 | 1,803 | -1,208 | S100UAEC |
| FY ending May 2024 | 103,478 | 3,300 | 3.2% | 874 | 7,450 | 4,176 | S100WLEX |
| FY ending May 2025 | 104,791 | 3,001 | 2.9% | 669 | 2,283 | -226 | S100YYVN |
| FY ending May 2026 | 107,633 | 2,369 | 2.2% | -340 | 4,999 | 3,518 | S100YYVN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | ¥793.4K |
| Net income per employee (consolidated) | -¥113.9K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,640 | 2,779 | 2,812 | 2,943 | 2,986 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.8M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 44.4 years | 44.5 years | 45.3 years | 44.9 years | 44.5 years |
| Average tenure (parent company) | 19.0 years | 20.4 years | 19.2 years | 21.1 years | 20.4 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Interior fittings | 39,260 | 36.5% | 1,455 | 3.7% |
| Automotive textiles and traffic facilities | 65,237 | 60.6% | 2,928 | 4.5% |
| Functional materials | 2,631 | 2.4% | 54 | 2.1% |
| Other | 503 | 0.5% | 131 | 26.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Interior fittings | 36.5% | 31.9% | -4.6 | 3.7% |
| Automotive textiles and traffic facilities | 60.6% | 64.1% | 3.5 | 4.5% |
| Functional materials | 2.4% | 1.2% | -1.3 | 2.1% |
| Other | 0.5% | 2.9% | 2.4 | 26.0% |

Segment → industry: Functional materials → Textiles & Fibers / Automotive textiles and traffic facilities → Auto Parts / Interior fittings → Housing Equipment & Building Materials / Interior fittings → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,999 | 4.6% | S100YYVN |
| Capital expenditure | 1,481 | 1.4% | S100YYVN |
| Free cash flow | 3,518 | 3.3% | 算出 |
| Investing cash flow | -1,775 | -1.6% | S100YYVN |
| Financing cash flow | -4,158 | -3.9% | S100YYVN |
| Dividends paid | 549 | 0.5% | S100YYVN |
| Share buyback | 0 | 0.0% | S100YYVN |
| Change in cash | -420 | -0.4% | S100YYVN |
| Cash and equivalents | 8,276 | 7.7% | S100YYVN |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,970 | 6,929 | 8,153 | 8,697 | 8,276 | S100UAEC, S100WLEX, S100YYVN |
| Total assets | 84,801 | 88,151 | 92,199 | 94,976 | 91,748 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Net assets | 33,448 | 34,113 | 37,687 | 37,163 | 39,822 | S100UAEC, S100WLEX, S100YYVN |
| Share capital | 9,554 | 9,554 | 9,554 | 9,554 | 9,554 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Property, plant and equipment | 29,553 | 29,976 | 30,914 | 31,376 | 31,700 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Intangible assets excluding goodwill | 1,834 | 1,656 | 1,510 | 1,605 | 1,642 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Investment securities | 4,304 | 4,904 | 6,396 | 4,534 | 6,614 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Current assets | 46,749 | 48,880 | 50,949 | 54,931 | 49,728 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Current liabilities | 35,046 | 36,008 | 35,479 | 42,606 | 36,311 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Trade payables | 12,063 | 10,237 | 11,519 | 10,678 | 9,554 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Short-term borrowings | 12,399 | 12,841 | 8,249 | 13,995 | 13,395 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Long-term borrowings | 5,600 | 7,438 | 8,840 | 5,929 | 5,572 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Bonds | 1,000 | 1,000 | 1,000 | — | — | S100RRGE, S100UAEC, S100WLEX |
| Interest-bearing debt | 18,999 | 21,279 | 18,089 | — | — | 算出 |
| Total liabilities | 51,352 | 54,037 | 54,511 | 57,813 | 51,925 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Non-controlling interests | 5,144 | 5,251 | 5,649 | 5,981 | 6,629 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Equity attributable to owners of parent | 19,711 | 19,458 | 21,431 | 21,324 | 20,459 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Retained earnings | 11,480 | 11,207 | 12,198 | 12,358 | 11,462 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |
| Treasury stock | -3,949 | -3,913 | -2,709 | -2,976 | -2,945 | S100RRGE, S100UAEC, S100WLEX, S100YYVN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YYVN |
| Property, plant and equipment | 35% | S100YYVN |
| Intangibles and goodwill | 2% | S100YYVN |
| Investment securities | 7% | S100YYVN |
| Other assets | 47% | S100YYVN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YYVN |
| Other liabilities | 46% | S100YYVN |
| Equity | 43% | S100YYVN |
| Other liabilities | 0% | S100YYVN |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 84,801 | 88,151 | 92,199 | 94,976 | 91,748 |
| Equity | 33,448 | 34,113 | 37,687 | 37,163 | 39,822 |
| Interest-bearing debt | 18,999 | 21,279 | 18,089 | — | — |
| Cash | 7,970 | 6,929 | 8,153 | 8,697 | 8,276 |

## 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) | 29.5% | S100YYVN |
| Fixed assets ÷ total assets | 34.6% | S100YYVN |
| Goodwill ÷ parent equity | — | —, S100YYVN |

### 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) | 9.0% |
| Cash ÷ revenue | 7.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.0% |
| Cash vs. profit gap | 5,339 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 15.6% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 15.6% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 35.5% |

## 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 | 0.3% | 0.96× | 0.3% | 4.30× | 1.4% | S100RRGE |
| 2023 | 0.3% | 1.10× | 0.4% | 4.42× | 1.6% | S100UAEC |
| 2024 | 0.8% | 1.15× | 1.0% | 4.41× | 4.3% | S100WLEX |
| 2025 | 0.6% | 1.12× | 0.7% | 4.38× | 3.1% | S100YYVN |
| 2026 | — | —× | -0.4% | —× | — | S100YYVN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社髙島屋 | Major shareholder | 13.9% | 2026-05-31 |
| 日本生命保険相互会社 | Major shareholder | 7.2% | 2026-05-31 |
| 丸紅株式会社 | Major shareholder | 5.5% | 2026-05-31 |
| 林テレンプホールディングス株式会社 | Major shareholder | 3.5% | 2026-05-31 |
| SUMINOE共栄会 | Major shareholder | 2.4% | 2026-05-31 |
| SUMINOE従業員持株会 | Major shareholder | 2.1% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社(退職給付信託ユニチカ口) | Major shareholder | 1.8% | 2026-05-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.7% | 2026-05-31 |
| ヒューリック株式会社 | Major shareholder | 1.1% | 2026-05-31 |
| 株式会社池田泉州銀行 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第137期(2025/06/01－2026/05/31) | S100YYVN | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYVN,, |
| 有価証券報告書－第136期(2024/06/01－2025/05/31) | S100WLEX | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLEX,, |
| 有価証券報告書－第135期(2023/06/01－2024/05/31) | S100UAEC | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAEC,, |
| 有価証券報告書－第134期(2022/06/01－2023/05/31) | S100RRGE | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRGE,, |
| 有価証券報告書－第133期(令和3年6月1日－令和4年5月31日) | S100P3LN | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3LN,, |
| 有価証券報告書－第132期(令和2年6月1日－令和3年5月31日) | S100MC69 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC69,, |

## 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).