# Sumitomo Metal Mining Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第101期(2025/04/01－2026/03/31) (S100YJ6N)
> Page: https://vizora.meequs.com/en/company/sumitomo-metal-mining
> Retrieved: 2026-09-30T19:08:05.405Z

## Company

Sumitomo Metal Mining, founded in 1927, is a company in Batteries listed on TSE Prime. It has 7,507 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Metal Mining Co., Ltd. |
| Ticker | 5713 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5713.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋5丁目11番3号 |
| Representative (per filing) | 代表取締役社長 松本 伸弘 |
| Founded | Jul 1927 |
| Share capital | ¥93.2B |
| Employees (consolidated) | 7,507 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.smm.co.jp (https://www.smm.co.jp/) |
| Corporate number | 9010401015273 |
| EDINET | E00023 |
| Industries (Vizora) | Batteries, Oil, Gas & Mining, Non-ferrous Metals & Wires, Semiconductor Materials |

> Profile source: annual securities report (S100YJ6N, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66 | 25 |
| Efficiency | 13 | 27 |

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 74% of Sumitomo Metal Mining's sales come from Smelting and Refining, with Materials and Mineral Resources making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.3% from the prior year.

## Company structure

- Segment revenue mix: Smelting and Refining 74.4%、Materials 14.3%、Mineral Resources 11.1%、Other 0.2%
- Revenue → net income: ¥1741586000000 → ¥188739000000
- Net income → operating cash flow: ¥188739000000 → ¥101810000000（difference ¥-86929000000）
- Main uses of operating cash flow: CapEx ¥85591000000 / dividends ¥32712000000 / buybacks ¥15025000000
- Change in cash: ¥-42944000000
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 | ¥1.74T |  |
| Operating income | — | Margin — |
| Net income | ¥176.3B | Margin 10.1% |
| Free cash flow | ¥16.2B |  |
| Largest business | Smelting and Refining | of segment revenue 74.4% |
| Employees (consolidated) | 7,507 |  |
| EPS | ¥649.55 |  |
| Diluted EPS | ¥649.53 |  |
| Book value per share | ¥4977.52 |  |
| Equity ratio | 58.3% | Derived from disclosed figures |
| Shares outstanding | 290,814,000 |  |
| Treasury shares | 20,264,200 |  |
| Shareholders | 75,540 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 3.3% | Cash ÷ revenue 6.7% |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥926122000000 | ¥1741586000000 | +88.1% |
| Employees | 7,072 people | 7,507 people | +6.2% |
| Cash and equivalents | ¥158373000000 | ¥116768000000 | -26.3% |

### 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 |
| --- | ---: |
| 資源 → 資源 | 8.2% |
| 製錬 → 製錬 | 70.9% |
| 材料 → 材料 | 14.3% |
| 材料 → 事業再編・廃止 | 6.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 資源 | 2.9% |
| 新設・再編 → 製錬 | 3.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Smelting and Refining | 5 years | +14.6% | ¥1296277000000 | — | 2 |
| Materials | 5 years | +5.6% | ¥249585000000 | — | 2 |
| Mineral Resources | 5 years | +20.5% | ¥192448000000 | — | 2 |
| Other | 5 years | -3.2% | ¥3276000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,741,586 | 100.0% | S100YJ6N |
| Cost of revenue | 1,467,083 | 84.2% | S100YJ6N |
| Gross profit | 274,503 | 15.8% | S100YJ6N |
| SG&A | 83,302 | 4.8% | S100YJ6N |
| Pretax income | 255,680 | 14.7% | S100YJ6N |
| Income tax | 66,941 | 3.8% | S100YJ6N |
| Net income | 188,739 | 10.8% | S100YJ6N |
| Net income attributable to owners | 176,290 | 10.1% | S100YJ6N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 5 |
| Operating income | 11 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 15.8% → Net margin 10.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,593,348 | 1,741,586 | 148,238 | +9.3% |
| Gross profit | 58,505 | 274,503 | 215,998 | +369.2% |
| Net income attributable to owners | 16,487 | 176,290 | 159,803 | +969.3% |
| Operating cash flow | 149,644 | 101,810 | -47,834 | -32.0% |
| Free cash flow | 27,488 | 16,219 | -11,269 | -41.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 929,746 | — | — | 90,227 | 78,552 | — | S100OG4X |
| FY ending Mar 2019 | 912,208 | — | — | 66,790 | 114,744 | — | S100R3B5 |
| FY ending Mar 2020 | 851,946 | — | — | 60,600 | 136,545 | 90,072 | S100LYZW |
| FY ending Mar 2021 | 926,122 | — | — | 94,604 | 91,522 | 51,052 | S100OG4X |
| FY ending Mar 2022 | 1,259,091 | — | — | 281,037 | 159,489 | 102,919 | S100R3B5 |
| FY ending Mar 2023 | 1,422,989 | — | — | 160,585 | 120,382 | -10,528 | S100U4XX |
| FY ending Mar 2024 | 1,445,388 | — | — | 58,601 | 210,675 | 82,597 | S100W5I3 |
| FY ending Mar 2025 | 1,593,348 | — | — | 16,487 | 149,644 | 27,488 | S100YJ6N |
| FY ending Mar 2026 | 1,741,586 | — | — | 176,290 | 101,810 | 16,219 | S100YJ6N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥232M |
| Net income per employee (consolidated) | ¥23.5M |

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) | 7,202 | 7,330 | 7,496 | 7,402 | 7,507 |
| Average salary (parent company) | ¥7.9M | ¥8.3M | ¥8.2M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 42.3 years | 41.5 years | 40.7 years | 40.5 years | 40.8 years |
| Average tenure (parent company) | 18.9 years | 18.0 years | 17.0 years | 16.7 years | 16.8 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +9.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mineral Resources | 192,448 | 11.1% | — | — |
| Smelting and Refining | 1,296,277 | 74.4% | — | — |
| Materials | 249,585 | 14.3% | — | — |
| Other | 3,276 | 0.2% | — | — |

### 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 |
| --- | ---: |
| Mineral Resources | 11.1% |
| Smelting and Refining | 74.4% |
| Materials | 14.3% |
| Other | 0.2% |

Segment → industry: Materials → Batteries / Mineral Resources → Oil, Gas & Mining / Smelting and Refining → Non-ferrous Metals & Wires / Materials → Semiconductor Materials

## 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 | 101,810 | 5.8% | S100YJ6N |
| Capital expenditure | 85,591 | 4.9% | S100YJ6N |
| Free cash flow | 16,219 | 0.9% | 算出 |
| Investing cash flow | -185,248 | -10.6% | S100YJ6N |
| Financing cash flow | 36,736 | 2.1% | S100YJ6N |
| Dividends paid | 32,712 | 1.9% | S100YJ6N |
| Share buyback | 15,025 | 0.9% | S100YJ6N |
| Change in cash | -42,944 | -2.5% | S100YJ6N |
| Cash and equivalents | 116,768 | 6.7% | S100YJ6N |

## 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 | 213,977 | 215,007 | 151,022 | 159,712 | 116,768 | S100U4XX, S100W5I3, S100YJ6N |
| Total assets | 2,268,756 | 2,707,899 | 3,027,714 | 3,068,622 | 3,559,006 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Net assets | 1,557,418 | 1,789,296 | 1,973,380 | 2,049,386 | 2,291,998 | S100U4XX, S100W5I3, S100YJ6N |
| Share capital | 93,242 | 93,242 | 93,242 | 93,242 | 93,242 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Property, plant and equipment | 507,822 | 629,451 | 759,484 | 675,459 | 722,250 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Goodwill | 772 | 772 | 772 | 772 | 772 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Current assets | 915,119 | 1,022,843 | 924,421 | 976,294 | 1,180,611 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Total liabilities | 711,338 | 918,603 | 1,054,334 | 1,019,236 | 1,267,008 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Equity attributable to owners of parent | 1,445,329 | 1,631,671 | 1,785,104 | 1,845,737 | 2,074,835 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Retained earnings | 1,175,626 | 1,266,322 | 1,295,920 | 1,288,853 | 1,464,434 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |
| Treasury stock | -38,056 | -38,076 | -38,099 | -37,489 | -52,514 | S100R3B5, S100U4XX, S100W5I3, S100YJ6N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YJ6N |
| Property, plant and equipment | 20% | S100YJ6N |
| Intangibles and goodwill | 0% | — |
| Other assets | 77% | S100YJ6N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YJ6N |
| Equity | 64% | S100YJ6N |

### 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 | 2,268,756 | 2,707,899 | 3,027,714 | 3,068,622 | 3,559,006 |
| Equity | 1,557,418 | 1,789,296 | 1,973,380 | 2,049,386 | 2,291,998 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 213,977 | 215,007 | 151,022 | 159,712 | 116,768 |

## 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) | 41.5% | S100YJ6N |
| Fixed assets ÷ total assets | 20.3% | S100YJ6N |
| Goodwill ÷ parent equity | 0.0% | S100YJ6N |

Goodwill over 4 years: 772 → 772 JPY; total investing cash flow: -798,726 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) | 3.3% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -74,480 JPY mn (of net income -42.2%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | 294.3% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 201.7% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 182.0% |

## 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 | 22.3% | 0.55× | 12.4% | 1.57× | 19.4% | S100R3B5 |
| 2023 | 11.3% | 0.57× | 6.5% | 1.62× | 10.4% | S100U4XX |
| 2024 | 4.1% | 0.50× | 2.0% | 1.68× | 3.4% | S100W5I3 |
| 2025 | 1.0% | 0.52× | 0.5% | 1.68× | 0.9% | S100YJ6N |
| 2026 | 10.1% | 0.53× | 5.3% | 1.69× | 9.0% | S100YJ6N |

## 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 | 17.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 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 | 4.3% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| 住友生命保険相互会社 | 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 | 1.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |
| RBC IST 15 PCT 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 | 1.0% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 rose +9.3%, from ¥1.59T to ¥1.74T.
- Net income climbed +969.3% to ¥176.3B from ¥16.5B, largely because the heavy impairment losses booked the year before did not recur.
- Cash moved the other way: operating cash flow fell -32.0% to ¥101.8B, and free cash flow fell -41.0% to ¥16.2B.

### Drivers

- Average copper and gold prices were higher than the year before, with gold hitting a record high
- The Côté gold mine in Canada and the nickel plants in Japan ran smoothly, and electrolytic nickel output reached a record
- Last year's large impairments on an overseas nickel refining subsidiary and on battery materials did not repeat

### Risks

- Swings in copper, nickel and gold prices and in the yen feed straight into mining and smelting profit
- Terms for buying copper concentrate have worsened, which squeezes smelting margins
- The materials business faces fast-changing markets and could lose ground to rivals' new technology

Cited: Annual Securities Report, 101st fiscal 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, 101st fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YJ6N | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ6N,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W5I3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5I3,, |
| 訂正有価証券報告書－第99期(2023/04/01－2024/03/31) | S100U4XX | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4XX,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R3B5 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3B5,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OG4X | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG4X,, |
| 訂正有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LYZW | 2021-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYZW,, |

## 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).