# TAIHO KOGYO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第120期(2025/04/01－2026/03/31) (S100YQR5)
> Page: https://vizora.meequs.com/en/company/taiho-kogyo
> Retrieved: 2026-09-30T17:56:56.553Z

## Company

Taiho Kogyo, founded in 1939, is a company in Auto Parts listed on TSE Standard. It has 4,089 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIHO KOGYO CO., LTD. |
| Ticker | 6470 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6470.T) |
| Listing | TSE Standard |
| Head office | 愛知県豊田市緑ケ丘三丁目65番地 |
| Representative (per filing) | 代表取締役社長 新美俊生 |
| Founded | Dec 1939 |
| Share capital | ¥6.71B |
| Employees (consolidated) | 4,089 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.taihonet.co.jp (https://www.taihonet.co.jp/) |
| Corporate number | 7180301018584 |
| EDINET | E02199 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YQR5, filed 2026-07-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.5 | 110 |
| Profitability | 9.5 | 111 |
| Cash conversion | 88.4 | 108 |
| Efficiency | 54.5 | 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 89% of Taiho Kogyo's sales come from Components for automotive-related applications, with Equipment and Tools for automotive-related applications and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +324.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥119.4B |  |
| Operating income | ¥2.59B | Margin 2.2% |
| Net income | -¥5.97B | Margin -5.0% |
| Free cash flow | ¥3.91B |  |
| Largest business | Components for automotive-related applications | of segment revenue 88.8% |
| Employees (consolidated) | 4,089 |  |
| EPS | ¥-213.25 |  |
| Book value per share | ¥1170.82 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 29,172,000 |  |
| Treasury shares | 783,200 |  |
| Shareholders | 4,920 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 16.5% |
| Vs. industry median margin | -2.6 pp | Auto Parts |
| ROA | -5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 324%
- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥92945000000 | ¥119378000000 | +28.4% |
| Operating income | ¥710000000 | ¥2589000000 | +264.6% |
| Operating margin | 0.8% | 2.2% | +1.4 pp |
| Employees | 4,389 people | 4,089 people | -6.8% |
| Cash and equivalents | ¥20478000000 | ¥19687000000 | -3.9% |

### 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 |
| --- | ---: |
| 自動車部品関連事業 → 自動車部品関連事業 | 84.9% |
| 自動車製造用設備関連事業 → 自動車製造用設備関連事業 | 11.0% |
| 自動車製造用設備関連事業 → 事業再編・廃止 | 3.9% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 自動車部品関連事業 | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Components for automotive-related applications | 5 years | +6.1% | ¥106066000000 | 2.0% | 2 |
| Equipment and Tools for automotive-related applications | 5 years | -1.1% | ¥13147000000 | 3.8% | 2 |
| Other | 5 years | -1.7% | ¥164000000 | -30.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,378 | 100.0% | S100YQR5 |
| Cost of revenue | 101,710 | 85.2% | S100YQR5 |
| Gross profit | 17,667 | 14.8% | S100YQR5 |
| SG&A | 15,078 | 12.6% | S100YQR5 |
| Operating income | 2,589 | 2.2% | S100YQR5 |
| Ordinary income | 3,007 | 2.5% | S100YQR5 |
| Pretax income | -4,596 | -3.8% | S100YQR5 |
| Income tax | 1,205 | 1.0% | S100YQR5 |
| Net income | -5,801 | -4.9% | S100YQR5 |
| Net income attributable to owners | -5,967 | -5.0% | S100YQR5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 14.8% → Operating margin 2.2% → Net margin -5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +324.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 55.53×
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 | 112,789 | 119,378 | 6,589 | +5.8% |
| Gross profit | 15,837 | 17,667 | 1,830 | +11.6% |
| Operating income | 610 | 2,589 | 1,979 | +324.4% |
| Net income attributable to owners | -4,187 | -5,967 | -1,780 | — |
| Operating cash flow | 6,245 | 8,467 | 2,222 | +35.6% |
| Free cash flow | -3,824 | 3,913 | 7,737 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 104,149 | 2,413 | 2.3% | 991 | 9,795 | 3,108 | S100LIQ9 |
| FY ending Mar 2021 | 92,945 | 710 | 0.8% | 300 | 5,639 | 559 | S100O9QQ |
| FY ending Mar 2022 | 98,820 | 1,108 | 1.1% | 621 | 7,100 | 2,488 | S100QZAC |
| FY ending Mar 2023 | 105,161 | 694 | 0.7% | 399 | 5,870 | 200 | S100TPHT |
| FY ending Mar 2024 | 112,044 | 2,489 | 2.2% | 1,747 | 10,739 | 4,623 | S100VZ5A |
| FY ending Mar 2025 | 112,789 | 610 | 0.5% | -4,187 | 6,245 | -3,824 | S100YQR5 |
| FY ending Mar 2026 | 119,378 | 2,589 | 2.2% | -5,967 | 8,467 | 3,913 | S100YQR5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.2M |
| Operating income per employee (consolidated) | ¥633.2K |
| Net income per employee (consolidated) | -¥1.5M |

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) | 4,332 | 4,212 | 4,107 | 4,090 | 4,089 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.2M | ¥6.6M | ¥6.7M |
| Average age (parent company) | 38.4 years | 39.3 years | 40.0 years | 40.6 years | 40.4 years |
| Average tenure (parent company) | 14.3 years | 15.2 years | 15.9 years | 16.1 years | 16.7 years |

Year over year: Employees (consolidated) -0.0% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Components for automotive-related applications | 106,066 | 88.8% | 2,109 | 2.0% |
| Equipment and Tools for automotive-related applications | 13,147 | 11.0% | 501 | 3.8% |
| Other | 164 | 0.1% | -50 | -30.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Components for automotive-related applications | 88.8% | 80.8% | -8.0 | 2.0% |
| Equipment and Tools for automotive-related applications | 11.0% | 19.2% | 8.2 | 3.8% |
| Other | 0.1% | — | — | -30.5% |

Loss-making segment (excluded from profit shares): Other -50 JPY mn

Segment → industry: Components for automotive-related applications → Auto Parts / Equipment and Tools for automotive-related applications → 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 | 8,467 | 7.1% | S100YQR5 |
| Capital expenditure | 4,554 | 3.8% | S100YQR5 |
| Free cash flow | 3,913 | 3.3% | 算出 |
| Investing cash flow | -5,768 | -4.8% | S100YQR5 |
| Financing cash flow | -2,056 | -1.7% | S100YQR5 |
| Dividends paid | 566 | 0.5% | S100YQR5 |
| Share buyback | 0 | 0.0% | S100YQR5 |
| Change in cash | 835 | 0.7% | S100YQR5 |
| Cash and equivalents | 19,687 | 16.5% | S100YQR5 |

## 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 | 19,615 | 16,080 | 20,046 | 18,852 | 19,687 | S100TPHT, S100VZ5A, S100YQR5 |
| Total assets | 114,379 | 113,774 | 119,457 | 122,336 | 114,384 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Net assets | 66,305 | 67,085 | 72,587 | 69,283 | 64,344 | S100TPHT, S100VZ5A, S100YQR5 |
| Share capital | 6,712 | 6,712 | 6,712 | 6,712 | 6,712 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Trade receivables | 17,877 | 18,566 | 18,442 | 19,109 | 18,756 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Property, plant and equipment | 45,014 | 45,162 | 44,743 | 48,152 | 36,744 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Intangible assets excluding goodwill | 2,066 | 1,685 | 1,572 | 1,685 | 2,017 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Investment securities | 3,855 | 3,586 | 6,451 | 5,063 | 5,202 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Current assets | 59,375 | 58,827 | 62,536 | 63,902 | 66,161 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Current liabilities | 25,157 | 35,669 | 27,642 | 25,379 | 37,789 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Trade payables | 7,615 | 8,251 | 7,512 | 7,826 | 8,014 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Short-term borrowings | 319 | 431 | 323 | 446 | 647 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Long-term borrowings | 21,198 | 9,107 | 17,374 | 24,239 | 8,782 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Total liabilities | 48,074 | 46,688 | 46,870 | 53,052 | 50,040 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Non-controlling interests | 516 | 505 | 577 | 612 | 644 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Equity attributable to owners of parent | 62,656 | 62,301 | 63,529 | 58,394 | 51,926 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Retained earnings | 45,963 | 45,766 | 46,929 | 42,161 | 35,628 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |
| Treasury stock | -200 | -351 | -278 | -644 | -589 | S100QZAC, S100TPHT, S100VZ5A, S100YQR5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YQR5 |
| Receivables | 16% | S100YQR5 |
| Property, plant and equipment | 32% | S100YQR5 |
| Intangibles and goodwill | 2% | S100YQR5 |
| Investment securities | 5% | S100YQR5 |
| Other assets | 28% | S100YQR5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YQR5 |
| Other liabilities | 37% | S100YQR5 |
| Equity | 56% | S100YQR5 |

### 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 | 114,379 | 113,774 | 119,457 | 122,336 | 114,384 |
| Equity | 66,305 | 67,085 | 72,587 | 69,283 | 64,344 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,615 | 16,080 | 20,046 | 18,852 | 19,687 |

## 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) | 30.8% | S100YQR5 |
| Fixed assets ÷ total assets | 32.1% | S100YQR5 |
| Goodwill ÷ parent equity | — | —, S100YQR5 |

### 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) | 17.2% |
| Cash ÷ revenue | 16.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 327.0% |
| Cash vs. profit gap | 14,434 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 14.5% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 14.5% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 68.1% |

## 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 | 0.6% | 0.86× | 0.5% | 1.83× | 1.0% | S100QZAC |
| 2023 | 0.4% | 0.92× | 0.3% | 1.83× | 0.6% | S100TPHT |
| 2024 | 1.6% | 0.96× | 1.5% | 1.85× | 2.8% | S100VZ5A |
| 2025 | — | —× | -3.5% | —× | — | S100YQR5 |
| 2026 | — | —× | -5.0% | —× | — | S100YQR5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 34.1% | 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 | 16.3% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 5.0% | 2026-03-31 |
| 日本発条株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 大豊工業従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 大豊工業取引先持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０４４ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 豊田信用金庫 | Major shareholder | 1.0% | 2026-03-31 |
| 橋本律子 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YQR5 | 2026-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQR5,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100VZ5A | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ5A,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TPHT | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPHT,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100QZAC | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZAC,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100O9QQ | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9QQ,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LIQ9 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIQ9,, |

## 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).