# T.RAD Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第124期(2025/04/01－2026/03/31) (S100Y8UO)
> Page: https://vizora.meequs.com/en/company/t-rad
> Retrieved: 2026-09-30T17:58:18.407Z

## Company

T.rad, founded in 1936, is a company in Auto Parts listed on TSE Prime. It has 4,087 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T.RAD Co., Ltd. |
| Ticker | 7236 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7236.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木3丁目25番3号 |
| Representative (per filing) | 代表取締役 CEO 兼 COO 社長執行役員 宮﨑 富夫 |
| Founded | Nov 1936 |
| Share capital | ¥8.57B |
| Employees (consolidated) | 4,087 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | trad.co.jp (https://trad.co.jp/) |
| Corporate number | 3011001015719 |
| EDINET | E02155 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100Y8UO, filed 2026-06-05). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.7 | 110 |
| Profitability | 75.2 | 111 |
| Cash conversion | 19.9 | 108 |
| Efficiency | 96.8 | 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 46% of T.rad's sales come from Japan, with United States and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +53.8%.

## Company structure

- Segment revenue mix: Japan 46.0%、United States 27.1%、Asia 15.0%、China 8.2%、Europe 3.5%
- Revenue → net income: ¥162278000000 → ¥8774000000
- Net income → operating cash flow: ¥8774000000 → ¥12558000000（difference ¥3784000000）
- Main uses of operating cash flow: CapEx ¥7650000000 / dividends ¥1896000000 / buybacks ¥4293000000
- Change in cash: ¥-137000000
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 | ¥162.3B |  |
| Operating income | ¥11.2B | Margin 6.9% |
| Net income | ¥8.77B | Margin 5.4% |
| Free cash flow | ¥4.91B |  |
| Largest business | Japan | of segment revenue 46.0% |
| Employees (consolidated) | 4,087 |  |
| EPS | ¥1594.83 |  |
| Book value per share | ¥6497.13 |  |
| Equity ratio | 53.2% |  |
| Shares outstanding | 5,900,000 |  |
| Treasury shares | 217,300 |  |
| Shareholders | 3,504 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 15.6% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | +2.2 pp | Auto Parts |
| ROE | 21.2% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends
- FY2026, employees -4% while operating income rose 54%
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥113046000000 | ¥162278000000 | +43.6% |
| Operating income | ¥1264000000 | ¥11249000000 | +790.0% |
| Operating margin | 1.1% | 6.9% | +5.8 pp |
| Employees | 4,549 people | 4,087 people | -10.2% |
| Cash and equivalents | ¥14614000000 | ¥15560000000 | +6.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 44.4% |
| 米国 → 米国 | 20.8% |
| 欧州 → 欧州 | 2.6% |
| アジア → アジア | 10.4% |
| 中国 → 中国 | 8.2% |
| 中国 → 事業再編・廃止 | 12.5% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 日本 | 1.7% |
| 新設・再編 → 米国 | 6.2% |
| 新設・再編 → 欧州 | 0.9% |
| 新設・再編 → アジア | 4.6% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +8.3% | ¥74712000000 | 5.3% | 2 |
| United States | 5 years | +13.3% | ¥43946000000 | 1.3% | 2 |
| Asia | 5 years | +15.6% | ¥24299000000 | 20.8% | 2 |
| China | 5 years | -10.7% | ¥13330000000 | 10.5% | 2 |
| Europe | 5 years | +13.7% | ¥5667000000 | 0.6% | 2 |
| Other | 5 years | -21.5% | ¥322000000 | 27.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 162,278 | 100.0% | S100Y8UO |
| Cost of revenue | 139,134 | 85.7% | S100Y8UO |
| Gross profit | 23,144 | 14.3% | S100Y8UO |
| SG&A | 11,894 | 7.3% | S100Y8UO |
| Operating income | 11,249 | 6.9% | S100Y8UO |
| Ordinary income | 12,378 | 7.6% | S100Y8UO |
| Pretax income | 12,604 | 7.8% | S100Y8UO |
| Income tax | 3,829 | 2.4% | S100Y8UO |
| Net income | 8,774 | 5.4% | S100Y8UO |
| Net income attributable to owners | 8,765 | 5.4% | S100Y8UO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 7 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.3% → Operating margin 6.9% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +53.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 28.13×
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 | 159,235 | 162,278 | 3,043 | +1.9% |
| Gross profit | 20,127 | 23,144 | 3,017 | +15.0% |
| Operating income | 7,316 | 11,249 | 3,933 | +53.8% |
| Net income attributable to owners | 4,250 | 8,765 | 4,515 | +106.2% |
| Operating cash flow | 7,563 | 12,558 | 4,995 | +66.0% |
| Free cash flow | 2,277 | 4,908 | 2,631 | +115.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 130,524 | 2,843 | 2.2% | 1,435 | 3,093 | -4,907 | S100LS4B |
| FY ending Mar 2021 | 113,046 | 1,264 | 1.1% | -1,239 | 7,475 | 1,653 | S100OH1C |
| FY ending Mar 2022 | 133,581 | 5,041 | 3.8% | 3,600 | 7,262 | 1,450 | S100R41W |
| FY ending Mar 2023 | 149,413 | 1,050 | 0.7% | -3,595 | 4,376 | -2,470 | S100TOSK |
| FY ending Mar 2024 | 158,659 | 4,350 | 2.7% | 1,245 | 16,968 | 9,762 | S100VYN1 |
| FY ending Mar 2025 | 159,235 | 7,316 | 4.6% | 4,250 | 7,563 | 2,277 | S100Y8UO |
| FY ending Mar 2026 | 162,278 | 11,249 | 6.9% | 8,765 | 12,558 | 4,908 | S100Y8UO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.7M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 4,641 | 4,496 | 4,365 | 4,270 | 4,087 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.2M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 40.4 years | 40.7 years | 40.9 years | 41.3 years | 41.4 years |
| Average tenure (parent company) | 17.4 years | 17.6 years | 17.7 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 74,712 | 46.0% | 3,957 | 5.3% |
| United States | 43,946 | 27.1% | 591 | 1.3% |
| Europe | 5,667 | 3.5% | 35 | 0.6% |
| Asia | 24,299 | 15.0% | 5,044 | 20.8% |
| China | 13,330 | 8.2% | 1,402 | 10.5% |
| Other | 322 | 0.2% | 88 | 27.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 46.0% | 35.6% | -10.4 | 5.3% |
| United States | 27.1% | 5.3% | -21.8 | 1.3% |
| Europe | 3.5% | 0.3% | -3.2 | 0.6% |
| Asia | 15.0% | 45.4% | 30.4 | 20.8% |
| China | 8.2% | 12.6% | 4.4 | 10.5% |
| Other | 0.2% | 0.8% | 0.6 | 27.3% |

Segment → industry: China → Auto Parts / Asia → Auto Parts / Europe → Auto Parts / United States → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 12,558 | 7.7% | S100Y8UO |
| Capital expenditure | 7,650 | 4.7% | S100Y8UO |
| Free cash flow | 4,908 | 3.0% | 算出 |
| Investing cash flow | -7,204 | -4.4% | S100Y8UO |
| Financing cash flow | -5,869 | -3.6% | S100Y8UO |
| Dividends paid | 1,896 | 1.2% | S100Y8UO |
| Share buyback | 4,293 | 2.6% | S100Y8UO |
| Change in cash | -137 | -0.1% | S100Y8UO |
| Cash and equivalents | 15,560 | 9.6% | S100Y8UO |

## 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 | 13,404 | 10,361 | 20,204 | 15,698 | 15,560 | S100TOSK, S100VYN1, S100Y8UO |
| Total assets | 93,756 | 94,098 | 103,087 | 97,486 | 99,725 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Net assets | 46,732 | 43,851 | 45,286 | 48,744 | 53,070 | S100TOSK, S100VYN1, S100Y8UO |
| Share capital | 8,570 | 8,570 | 8,570 | 8,570 | 8,570 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Property, plant and equipment | 30,200 | 29,179 | 28,135 | 28,331 | 30,394 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Intangible assets excluding goodwill | 1,613 | 2,153 | 3,125 | 1,883 | 1,788 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Investment securities | 2,392 | 2,967 | 1,998 | 2,841 | 3,275 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Current assets | 57,835 | 58,138 | 66,617 | 61,419 | 58,790 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Current liabilities | 37,377 | 37,958 | 39,043 | 32,003 | 26,343 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Trade payables | 13,994 | 13,886 | 15,685 | 12,550 | 11,773 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Short-term borrowings | 10,390 | 11,045 | 7,531 | 6,040 | 3,330 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Long-term borrowings | 6,720 | 8,159 | 14,340 | 12,590 | 16,170 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Total liabilities | 47,024 | 50,246 | 57,801 | 48,742 | 46,654 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Non-controlling interests | 2,228 | 1,589 | 396 | 54 | 63 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Equity attributable to owners of parent | 42,505 | 37,571 | 37,877 | 40,059 | 42,683 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Retained earnings | 27,004 | 22,100 | 22,510 | 25,512 | 28,815 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |
| Treasury stock | -421 | -452 | -114 | -901 | -1,565 | S100R41W, S100TOSK, S100VYN1, S100Y8UO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100Y8UO |
| Property, plant and equipment | 30% | S100Y8UO |
| Intangibles and goodwill | 2% | S100Y8UO |
| Investment securities | 3% | S100Y8UO |
| Other assets | 49% | S100Y8UO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100Y8UO |
| Other liabilities | 35% | S100Y8UO |
| Equity | 53% | S100Y8UO |
| Other liabilities | 0% | S100Y8UO |

### 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 | 93,756 | 94,098 | 103,087 | 97,486 | 99,725 |
| Equity | 46,732 | 43,851 | 45,286 | 48,744 | 53,070 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,404 | 10,361 | 20,204 | 15,698 | 15,560 |

## 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) | 18.7% | S100Y8UO |
| Fixed assets ÷ total assets | 30.5% | S100Y8UO |
| Goodwill ÷ parent equity | — | —, S100Y8UO |

### 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) | 15.6% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.6% |
| Cash vs. profit gap | 3,793 JPY mn (of net income 43.3%) |
| Shareholder returns / net income | 70.6% |
| Shareholder returns / FCF | 126.1% |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | 38.6% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 57.4% |

## 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 | 2.7% | 1.42× | 3.8% | 2.21× | 8.5% | S100R41W |
| 2023 | — | —× | -3.8% | —× | — | S100TOSK |
| 2024 | 0.8% | 1.61× | 1.3% | 2.61× | 3.3% | S100VYN1 |
| 2025 | 2.7% | 1.59× | 4.2% | 2.57× | 10.9% | S100Y8UO |
| 2026 | 5.4% | 1.65× | 8.9% | 2.38× | 21.2% | S100Y8UO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社陣屋コネクト | Major shareholder | 38.7% | 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 | 8.0% | 2026-03-31 |
| 山崎金属産業株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| ティラド自社株投資会 | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 | Major shareholder | 1.1% | 2026-03-31 |
| 田中 博 | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレー ＭＵＦＧ証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 嘉納 裕躬 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100Y8UO | 2026-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y8UO,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100VYN1 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYN1,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TOSK | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOSK,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R41W | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R41W,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OH1C | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH1C,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LS4B | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS4B,, |

## 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).