# Sumitomo Rubber Industries, Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第134期(2025/01/01－2025/12/31) (S100XT7A)
> Page: https://vizora.meequs.com/en/company/sumitomo-rubber-industries
> Retrieved: 2026-09-30T21:44:09.407Z

## Company

Sumitomo Rubber Industries, founded in 1917, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 37,671 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Rubber Industries, Ltd. |
| Ticker | 5110 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5110.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区脇浜町三丁目6番9号 |
| Representative (per filing) | 代表取締役社長 山本 悟 |
| Founded | Mar 1917 |
| Share capital | ¥42.7B |
| Employees (consolidated) | 37,671 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.srigroup.co.jp (https://www.srigroup.co.jp/) |
| Corporate number | 6140001008691 |
| EDINET | E01110 |
| Industries (Vizora) | Sporting Goods & Fitness, Tires & Rubber |

> Profile source: annual securities report (S100XT7A, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 14 |
| Profitability | 39.3 | 14 |
| Cash conversion | 75 | 14 |
| Efficiency | 89.3 | 14 |

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 86% of Sumitomo Rubber Industries's sales come from Tires, with Sports and Industrial and other products making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +638.3%.

## Company structure

- Segment revenue mix: Tires 86.5%、Sports 10.4%、Industrial and other products 3.1%
- Revenue → net income: ¥1207061000000 → ¥52704000000
- Net income → operating cash flow: ¥52704000000 → ¥150427000000（difference ¥97723000000）
- Main uses of operating cash flow: CapEx ¥179077000000 / dividends ¥16821000000 / buybacks —
- Change in cash: ¥-1740000000
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 | ¥1.21T |  |
| Operating income | ¥82.6B | Margin 6.8% |
| Net income | ¥50.4B | Margin 4.2% |
| Free cash flow | -¥28.6B |  |
| Largest business | Tires | of segment revenue 86.5% |
| Employees (consolidated) | 37,671 |  |
| EPS | ¥191.62 |  |
| Book value per share | ¥1915.51 |  |
| Equity ratio | 49.0% | Derived from disclosed figures |
| Shares outstanding | 263,043,000 |  |
| Treasury shares | 206,800 |  |
| Shareholders | 40,224 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 6.8% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | -1.2 pp | Tires & Rubber |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 638%
- FY2025, operating cash flow is 3.0× net income
- FY2025, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥790817000000 | ¥1207061000000 | +52.6% |
| Operating income | ¥38701000000 | ¥82584000000 | +113.4% |
| Operating margin | 4.9% | 6.8% | +1.9 pp |
| Employees | 39,298 people | 37,671 people | -4.1% |
| Cash and equivalents | ¥74203000000 | ¥98642000000 | +32.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| タイヤ → タイヤ | 86.0% |
| スポーツ → スポーツ | 8.9% |
| 産業品他 → 産業品他 | 3.1% |
| 産業品他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → タイヤ | 0.5% |
| 新設・再編 → スポーツ | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tires | 5 years | +9.0% | ¥1043683000000 | 7.6% | 2 |
| Sports | 5 years | +12.3% | ¥125574000000 | 5.4% | 2 |
| Industrial and other products | 5 years | -1.5% | ¥37804000000 | 11.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,207,061 | 100.0% | S100XT7A |
| Cost of revenue | 838,694 | 69.5% | S100XT7A |
| Gross profit | 368,367 | 30.5% | S100XT7A |
| SG&A | 277,581 | 23.0% | S100XT7A |
| Operating income | 82,584 | 6.8% | S100XT7A |
| Pretax income | 77,789 | 6.4% | S100XT7A |
| Income tax | 25,085 | 2.1% | S100XT7A |
| Net income | 52,704 | 4.4% | S100XT7A |
| Net income attributable to owners | 50,379 | 4.2% | S100XT7A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 23 |
| Other operating | 1 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.5% → Operating margin 6.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +638.3%
Operating leverage (core profit growth ÷ revenue growth): -1613.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,211,856 | 1,207,061 | -4,795 | -0.4% |
| Gross profit | 358,288 | 368,367 | 10,079 | +2.8% |
| Operating income | 11,186 | 82,584 | 71,398 | +638.3% |
| Net income attributable to owners | 9,865 | 50,379 | 40,514 | +410.7% |
| Operating cash flow | 104,325 | 150,427 | 46,102 | +44.2% |
| Free cash flow | 32,088 | -28,650 | -60,738 | -189.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 756,696 | — | — | 41,364 | 128,190 | — | S100L2B3 |
| FY ending Dec 2017 | 877,866 | — | — | 46,979 | 76,109 | — | S100NP4H |
| FY ending Dec 2018 | 894,243 | — | — | 36,246 | 82,820 | — | S100QGUV |
| FY ending Dec 2019 | 893,310 | 33,065 | 3.7% | 12,072 | 91,458 | 27,254 | S100L2B3 |
| FY ending Dec 2020 | 790,817 | 38,701 | 4.9% | 22,596 | 123,504 | 77,495 | S100NP4H |
| FY ending Dec 2021 | 936,039 | 49,169 | 5.3% | 29,470 | 63,090 | 10,091 | S100QGUV |
| FY ending Dec 2022 | 1,098,664 | 14,988 | 1.4% | 9,415 | 27,869 | -47,046 | S100T676 |
| FY ending Dec 2023 | 1,177,399 | 64,490 | 5.5% | 37,048 | 169,800 | 97,508 | S100VINI |
| FY ending Dec 2024 | 1,211,856 | 11,186 | 0.9% | 9,865 | 104,325 | 32,088 | S100XT7A |
| FY ending Dec 2025 | 1,207,061 | 82,584 | 6.8% | 50,379 | 150,427 | -28,650 | S100XT7A |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 40,055 | 40,365 | 39,975 | 37,995 | 37,671 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.3M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 40.6 years | 40.5 years | 40.7 years | 40.8 years | 40.2 years |
| Average tenure (parent company) | 15.3 years | 14.9 years | 14.8 years | 14.6 years | 14.4 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) -0.4%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tires | 1,043,683 | 86.5% | 79,812 | 7.6% |
| Sports | 125,574 | 10.4% | 6,831 | 5.4% |
| Industrial and other products | 37,804 | 3.1% | 4,159 | 11.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tires | 86.5% | 87.9% | 1.4 | 7.6% |
| Sports | 10.4% | 7.5% | -2.9 | 5.4% |
| Industrial and other products | 3.1% | 4.6% | 1.4 | 11.0% |

Segment → industry: Sports → Sporting Goods & Fitness / Industrial and other products → Tires & Rubber / Tires → Tires & Rubber

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 150,427 | 12.5% | S100XT7A |
| Capital expenditure | 179,077 | 14.8% | S100XT7A |
| Free cash flow | -28,650 | -2.4% | 算出 |
| Investing cash flow | -186,556 | -15.5% | S100XT7A |
| Financing cash flow | 30,880 | 2.6% | S100XT7A |
| Dividends paid | 16,821 | 1.4% | S100XT7A |
| Change in cash | -1,740 | -0.1% | S100XT7A |
| Cash and equivalents | 98,642 | 8.2% | S100XT7A |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 75,093 | 73,846 | 90,251 | 100,382 | 98,642 | S100T676, S100VINI, S100XT7A |
| Total assets | 1,086,169 | 1,225,202 | 1,266,732 | 1,341,123 | 1,459,932 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Net assets | 513,543 | 563,863 | 641,430 | 675,810 | 736,310 | S100T676, S100VINI, S100XT7A |
| Share capital | 42,658 | 42,658 | 42,658 | 42,658 | 42,658 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Property, plant and equipment | 389,795 | 436,307 | 451,621 | 444,047 | 466,456 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Goodwill | 26,287 | 26,412 | 29,704 | 29,457 | 47,222 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Current assets | 533,081 | 623,899 | 624,719 | 669,762 | 679,314 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Total liabilities | 572,626 | 661,339 | 625,302 | 665,313 | 723,622 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Equity attributable to owners of parent | 501,540 | 546,200 | 624,114 | 656,134 | 716,080 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Retained earnings | 481,455 | 478,379 | 522,716 | 520,815 | 555,993 | S100QGUV, S100T676, S100VINI, S100XT7A |
| Treasury stock | -85 | -61 | -43 | -26 | -368 | S100QGUV, S100T676, S100VINI, S100XT7A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XT7A |
| Property, plant and equipment | 32% | S100XT7A |
| Intangibles and goodwill | 3% | — |
| Other assets | 58% | S100XT7A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XT7A |
| Equity | 50% | S100XT7A |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,086,169 | 1,225,202 | 1,266,732 | 1,341,123 | 1,459,932 |
| Equity | 513,543 | 563,863 | 641,430 | 675,810 | 736,310 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 75,093 | 73,846 | 90,251 | 100,382 | 98,642 |

## 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) | 38.6% | S100XT7A |
| Fixed assets ÷ total assets | 32.0% | S100XT7A |
| Goodwill ÷ parent equity | 6.6% | S100XT7A |

Goodwill over 4 years: 26,287 → 47,222 JPY; total investing cash flow: -446,165 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) | 6.8% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 182.2% |
| Cash vs. profit gap | 100,048 JPY mn (of net income 198.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.8% |
| Investing CF relative to operating CF | 124.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.1% | 0.86× | 2.7% | 2.17× | 5.9% | S100QGUV |
| 2022 | 0.9% | 0.95× | 0.8% | 2.21× | 1.8% | S100T676 |
| 2023 | 3.1% | 0.94× | 3.0% | 2.13× | 6.3% | S100VINI |
| 2024 | 0.8% | 0.93× | 0.8% | 2.04× | 1.5% | S100XT7A |
| 2025 | 4.2% | 0.86× | 3.6% | 2.04× | 7.3% | S100XT7A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 住友電気工業株式会社 | Major shareholder | 28.9% | 2025-12-31 |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 14.0% | 2025-12-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 6.3% | 2025-12-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社 オペレーション本部） | Major shareholder | 2.8% | 2025-12-31 |
| NORTHERN TRUST CO.（AVFC） RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 2.5% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.2% | 2025-12-31 |
| 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 | 2.0% | 2025-12-31 |
| NORTHERN TRUST CO.（AVFC） RE U.S. TAX EXEMPTED PENSION FUNDS （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 1.6% | 2025-12-31 |
| NORTHERN TRUST CO．（AVFC） RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ部） | Major shareholder | 1.2% | 2025-12-31 |
| 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 | 1.0% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.21T, about the same as the year before.
- Profits bounced back: operating income rose +638.3% from ¥11.2B to ¥82.6B, and net income attributable to owners rose +410.7% from ¥9.87B to ¥50.4B.
- Operating cash flow grew to ¥150.4B, but capital expenditure of ¥179.1B was larger, so free cash flow turned negative at -¥28.6B.

### Drivers

- Impairment losses and restructuring costs booked in the prior year fell away, lifting operating income
- In tires, price increases, cost cuts and the closure of the North American plant offset higher US tariffs and labor costs
- Tire unit sales fell as the company dropped low-margin products and put profitability ahead of volume in markets such as Asia

### Risks

- A slump in the auto industry could cut demand for car tires and reduce business with large customers
- Higher tariffs or import restrictions could lower sales or raise the cost ratio
- Product defects could lead to recall, replacement or compensation costs

Cited: Annual Securities Report (134th 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 (134th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第134期(2025/01/01－2025/12/31) | S100XT7A | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT7A,, |
| 有価証券報告書－第133期(2024/01/01－2024/12/31) | S100VINI | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VINI,, |
| 有価証券報告書－第132期(2023/01/01－2023/12/31) | S100T676 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T676,, |
| 有価証券報告書－第131期(2022/01/01－2022/12/31) | S100QGUV | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGUV,, |
| 有価証券報告書－第130期(令和3年1月1日－令和3年12月31日) | S100NP4H | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP4H,, |
| 有価証券報告書－第129期(令和2年1月1日－令和2年12月31日) | S100L2B3 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2B3,, |

## 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).