# Taihei Machinery Works,Limited: 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139期(2025/04/01－2026/03/31) (S100YIVE)
> Page: https://vizora.meequs.com/en/company/taihei-machinery-works
> Retrieved: 2026-09-30T19:55:10.037Z

## Company

Taihei Machinery Works, founded in 1925, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 158 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Taihei Machinery Works, Limited |
| Ticker | 6342 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6342.T) |
| Listing | TSE Standard |
| Head office | 愛知県小牧市大字入鹿出新田字宮前955番8 |
| Representative (per filing) | 代表取締役社長 尾関 修康 |
| Founded | May 1925 |
| Share capital | ¥750M |
| Employees (consolidated) | 158 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Corporate number | 6180001076066 |
| EDINET | E01547 |
| Industries (Vizora) | Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YIVE, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.7 | 110 |
| Profitability | 58.6 | 122 |
| Cash conversion | 3 | 116 |
| Efficiency | 25.8 | 122 |

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 51% of Taihei Machinery Works's sales come from Plywood Machinery, with Woodworking Machinery and House building materials making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -19.0% from the prior year, operating profit -37.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.36B |  |
| Operating income | ¥571.9M | Margin 9.0% |
| Net income | ¥438.4M | Margin 6.9% |
| Free cash flow | -¥1.85B |  |
| Largest business | Plywood Machinery | of segment revenue 50.5% |
| Employees (consolidated) | 158 |  |
| EPS | ¥369.43 |  |
| Book value per share | ¥5573.74 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 1,500,000 |  |
| Treasury shares | 198,900 |  |
| Shareholders | 945 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 34.4% |
| Vs. industry median margin | +1.4 pp | Industrial Machinery |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3538441000 | ¥6359118000 | +79.7% |
| Operating income | ¥-81292000 | ¥571918000 | — |
| Operating margin | -2.3% | 9.0% | +11.3 pp |
| Employees | 156 people | 158 people | +1.3% |
| Cash and equivalents | ¥4357494000 | ¥2186712000 | -49.8% |

### 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 |
| --- | ---: |
| 合板機械事業 → 合板機械事業 | 50.5% |
| 合板機械事業 → 事業再編・廃止 | 1.6% |
| 木工機械事業 → 木工機械事業 | 25.9% |
| 住宅建材事業 → 住宅建材事業 | 14.9% |
| 住宅建材事業 → 事業再編・廃止 | 7.1% |
| 新設・再編 → 木工機械事業 | 8.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plywood Machinery | 5 years | +11.7% | ¥3212084000 | 11.5% | 2 |
| Woodworking Machinery | 5 years | +19.2% | ¥2201417000 | 13.1% | 2 |
| House building materials | 5 years | +4.0% | ¥945616000 | 3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,359 | 100.0% | S100YIVE |
| Cost of revenue | 4,778 | 75.1% | S100YIVE |
| Gross profit | 1,581 | 24.9% | S100YIVE |
| SG&A | 1,009 | 15.9% | S100YIVE |
| Operating income | 572 | 9.0% | S100YIVE |
| Ordinary income | 603 | 9.5% | S100YIVE |
| Pretax income | 574 | 9.0% | S100YIVE |
| Income tax | 135 | 2.1% | S100YIVE |
| Net income | 438 | 6.9% | S100YIVE |
| Net income attributable to owners | 438 | 6.9% | S100YIVE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.9% → Operating margin 9.0% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -19.0%; Core profit growth: -37.0%
Operating leverage (core profit growth ÷ revenue growth): 1.94×
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 | 7,856 | 6,359 | -1,496 | -19.0% |
| Gross profit | 2,251 | 1,581 | -671 | -29.8% |
| Operating income | 908 | 572 | -336 | -37.0% |
| Net income attributable to owners | 577 | 438 | -138 | -24.0% |
| Operating cash flow | 61 | -882 | -942 | -1548.0% |
| Free cash flow | -266 | -1,847 | -1,581 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,725 | 662 | 9.8% | 223 | 1,297 | 1,250 | S100LPO1 |
| FY ending Mar 2021 | 3,538 | -81 | -2.3% | 4 | 336 | 326 | S100OCU5 |
| FY ending Mar 2022 | 4,938 | 186 | 3.8% | 223 | -463 | -479 | S100R10S |
| FY ending Mar 2023 | 6,438 | 743 | 11.5% | 683 | 1,439 | 1,416 | S100TTZ2 |
| FY ending Mar 2024 | 8,843 | 1,432 | 16.2% | 1,066 | 1,694 | 1,556 | S100W4LI |
| FY ending Mar 2025 | 7,856 | 908 | 11.6% | 577 | 61 | -266 | S100YIVE |
| FY ending Mar 2026 | 6,359 | 572 | 9.0% | 438 | -882 | -1,847 | S100YIVE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.2M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 160 | 157 | 156 | 164 | 158 |
| Average salary (parent company) | ¥5.3M | ¥6.3M | ¥7.4M | ¥7M | ¥5.6M |
| Average age (parent company) | 38.0 years | 38.5 years | 38.7 years | 38.8 years | 38.4 years |
| Average tenure (parent company) | 15.7 years | 16.1 years | 16.5 years | 15.6 years | 13.8 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) -19.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plywood Machinery | 3,212 | 50.5% | 370 | 11.5% |
| Woodworking Machinery | 2,201 | 34.6% | 289 | 13.1% |
| House building materials | 946 | 14.9% | 33 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plywood Machinery | 50.5% | 53.5% | 2.9 | 11.5% |
| Woodworking Machinery | 34.6% | 41.8% | 7.2 | 13.1% |
| House building materials | 14.9% | 4.8% | -10.1 | 3.5% |

Segment → industry: House building materials → Housing Equipment & Building Materials / Woodworking Machinery → Industrial Machinery / Plywood Machinery → Industrial Machinery

## 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 | -882 | -13.9% | S100YIVE |
| Capital expenditure | 965 | 15.2% | S100YIVE |
| Free cash flow | -1,847 | -29.0% | 算出 |
| Investing cash flow | -880 | -13.8% | S100YIVE |
| Financing cash flow | -224 | -3.5% | S100YIVE |
| Dividends paid | 153 | 2.4% | S100YIVE |
| Share buyback | 0 | 0.0% | S100YIVE |
| Change in cash | -1,976 | -31.1% | S100YIVE |
| Cash and equivalents | 2,187 | 34.4% | S100YIVE |

## 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 | 3,886 | 4,373 | 4,417 | 4,163 | 2,187 | S100TTZ2, S100W4LI, S100YIVE |
| Total assets | 8,589 | 9,927 | 12,032 | 10,394 | 9,556 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Net assets | 5,252 | 5,845 | 6,853 | 6,896 | 7,241 | S100TTZ2, S100W4LI, S100YIVE |
| Share capital | 750 | 750 | 750 | 750 | 750 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Property, plant and equipment | 1,301 | 1,256 | 1,377 | 1,535 | 2,364 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Intangible assets excluding goodwill | 26 | 20 | 13 | 27 | 35 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Investment securities | 49 | 260 | 478 | 583 | 675 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Current assets | 6,933 | 7,880 | 9,601 | 7,705 | 5,893 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Current liabilities | 2,745 | 3,659 | 4,787 | 3,093 | 1,959 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Trade payables | 1,050 | 1,533 | 1,985 | 320 | — | S100R10S, S100TTZ2, S100W4LI |
| Short-term borrowings | 800 | 800 | 700 | 700 | 700 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Long-term borrowings | 212 | 100 | 54 | — | — | S100R10S, S100TTZ2, S100W4LI |
| Total liabilities | 3,337 | 4,082 | 5,179 | 3,499 | 2,315 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Equity attributable to owners of parent | 5,238 | 5,824 | 6,819 | 6,859 | 7,164 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Retained earnings | 4,519 | 5,119 | 6,031 | 6,430 | 6,713 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |
| Treasury stock | -142 | -160 | -117 | -494 | -473 | S100R10S, S100TTZ2, S100W4LI, S100YIVE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YIVE |
| Property, plant and equipment | 25% | S100YIVE |
| Intangibles and goodwill | 0% | S100YIVE |
| Investment securities | 7% | S100YIVE |
| Other assets | 45% | S100YIVE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YIVE |
| Equity | 76% | S100YIVE |

### 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 | 8,589 | 9,927 | 12,032 | 10,394 | 9,556 |
| Equity | 5,252 | 5,845 | 6,853 | 6,896 | 7,241 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,886 | 4,373 | 4,417 | 4,163 | 2,187 |

## 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) | 37.2% | S100YIVE |
| Fixed assets ÷ total assets | 24.7% | S100YIVE |
| Goodwill ÷ parent equity | — | —, S100YIVE |

### 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) | 22.9% |
| Cash ÷ revenue | 34.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -154.1% |
| Cash vs. profit gap | -1,320 JPY mn (of net income -301.1%) |
| Shareholder returns / net income | 35.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.2% |
| Investing CF relative to operating CF | — |

## 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 | 4.5% | 0.57× | 2.6% | 1.64× | 4.3% | S100R10S |
| 2023 | 10.6% | 0.70× | 7.4% | 1.67× | 12.4% | S100TTZ2 |
| 2024 | 12.1% | 0.81× | 9.7% | 1.74× | 16.9% | S100W4LI |
| 2025 | 7.3% | 0.70× | 5.1% | 1.64× | 8.4% | S100YIVE |
| 2026 | 6.9% | 0.64× | 4.4% | 1.42× | 6.3% | S100YIVE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平製作所自社株投資会 | Major shareholder | 8.0% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 7.3% | 2026-03-31 |
| 太平製作所取引先持株会 | Major shareholder | 7.2% | 2026-03-31 |
| インタラクティブ・ブローカーズ証券株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社名南製作所 | Major shareholder | 3.0% | 2026-03-31 |
| 内藤 幸男 | Major shareholder | 2.9% | 2026-03-31 |
| 齊藤 武 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社大東工作所 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第139期(2025/04/01－2026/03/31) | S100YIVE | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVE,, |
| 有価証券報告書－第138期(2024/04/01－2025/03/31) | S100W4LI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4LI,, |
| 有価証券報告書－第137期(2023/04/01－2024/03/31) | S100TTZ2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZ2,, |
| 有価証券報告書－第136期(2022/04/01－2023/03/31) | S100R10S | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R10S,, |
| 有価証券報告書－第135期(令和3年4月1日－令和4年3月31日) | S100OCU5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCU5,, |
| 有価証券報告書－第134期(令和2年4月1日－令和3年3月31日) | S100LPO1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPO1,, |

## 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).