# TAKEUCHI MFG.CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/03/01－2026/02/28) (S100Y78J)
> Page: https://vizora.meequs.com/en/company/takeuchi-mfg
> Retrieved: 2026-09-30T21:33:19.920Z

## Company

Takeuchi MFG., founded in 1963, is a company in Construction & Farm Machinery listed on TSE Prime. It has 1,366 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKEUCHI MFG.CO.,LTD. |
| Ticker | 6432 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6432.T) |
| Listing | TSE Prime |
| Head office | 長野県埴科郡坂城町大字上平205番地(本社・本社工場) |
| Representative (per filing) | 代表取締役社長 竹内 敏也 |
| Founded | Aug 1963 |
| Share capital | ¥3.63B |
| Employees (consolidated) | 1,366 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | February |
| Website | www.takeuchi-mfg.co.jp (https://www.takeuchi-mfg.co.jp/) |
| Corporate number | 4100001011503 |
| EDINET | E01723 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100Y78J, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 17 |
| Profitability | 96.9 | 16 |
| Cash conversion | 43.3 | 15 |
| Efficiency | 85.3 | 17 |

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 57% of Takeuchi MFG.'s sales come from United States of America, with Japan and United Kingdom making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: United States of America 57.1%、Japan 30.1%、United Kingdom 8.0%、France 4.8%、China 0.0%
- Revenue → net income: ¥225284000000 → ¥28270000000
- Net income → operating cash flow: ¥28270000000 → ¥22889000000（difference ¥-5381000000）
- Main uses of operating cash flow: CapEx ¥3269000000 / dividends ¥9218000000 / buybacks ¥70000000
- Change in cash: ¥10188000000
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 | ¥225.3B |  |
| Operating income | ¥37.7B | Margin 16.7% |
| Net income | ¥28.3B | Margin 12.5% |
| Free cash flow | ¥19.6B |  |
| Largest business | United States of America | of segment revenue 57.1% |
| Employees (consolidated) | 1,366 |  |
| EPS | ¥455.67 |  |
| Book value per share | ¥2485.05 |  |
| Equity ratio | 83.0% |  |
| Shares outstanding | 48,999,000 |  |
| Treasury shares | 2,714,000 |  |
| Shareholders | 19,296 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | +8.1 pp | Construction & Farm Machinery |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 12.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, segment profit share differs by 48 points
- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112254000000 | ¥225284000000 | +100.7% |
| Operating income | ¥13207000000 | ¥37687000000 | +185.4% |
| Operating margin | 11.8% | 16.7% | +5 pp |
| Employees | 906 people | 1,366 people | +50.8% |
| Cash and equivalents | ¥39619000000 | ¥56235000000 | +41.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 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 | 30.1% |
| 日本 → 事業再編・廃止 | 9.6% |
| 米国 → 米国 | 46.5% |
| 英国 → 英国 | 7.6% |
| フランス → フランス | 4.8% |
| フランス → 事業再編・廃止 | 1.4% |
| 中国 → 中国 | 0.0% |
| 中国 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 米国 | 10.6% |
| 新設・再編 → 英国 | 0.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| United States of America | 5 years | +19.8% | ¥128711000000 | 5.2% | 2 |
| Japan | 5 years | +8.8% | ¥67812000000 | 46.2% | 2 |
| United Kingdom | 5 years | +16.1% | ¥17976000000 | 6.9% | 2 |
| France | 5 years | +9.3% | ¥10776000000 | 5.4% | 2 |
| China | 5 years | -34.6% | ¥6000000 | 4233.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 225,284 | 100.0% | S100Y78J |
| Cost of revenue | 169,098 | 75.1% | S100Y78J |
| Gross profit | 56,186 | 24.9% | S100Y78J |
| SG&A | 18,498 | 8.2% | S100Y78J |
| Operating income | 37,687 | 16.7% | S100Y78J |
| Ordinary income | 39,187 | 17.4% | S100Y78J |
| Pretax income | 39,187 | 17.4% | S100Y78J |
| Income tax | 10,917 | 4.8% | S100Y78J |
| Net income | 28,270 | 12.5% | S100Y78J |
| Net income attributable to owners | 28,270 | 12.5% | S100Y78J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 8 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 24.9% → Operating margin 16.7% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +1.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.26×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 213,230 | 225,284 | 12,054 | +5.7% |
| Gross profit | 56,009 | 56,186 | 177 | +0.3% |
| Operating income | 37,142 | 37,687 | 545 | +1.5% |
| Net income attributable to owners | 26,113 | 28,270 | 2,157 | +8.3% |
| Operating cash flow | 8,283 | 22,889 | 14,606 | +176.3% |
| Free cash flow | 4,943 | 19,620 | 14,677 | +296.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 115,913 | 12,649 | 10.9% | 9,091 | 5,489 | 2,259 | S100LEQQ |
| FY ending Feb 2021 | 112,254 | 13,207 | 11.8% | 9,765 | 10,378 | 8,333 | S100O49O |
| FY ending Feb 2022 | 140,892 | 17,764 | 12.6% | 13,348 | 13,780 | 9,178 | S100QTVK |
| FY ending Feb 2023 | 178,966 | 21,221 | 11.9% | 15,979 | 8,537 | -464 | S100TR66 |
| FY ending Feb 2024 | 212,627 | 35,296 | 16.6% | 26,149 | 24,640 | 16,778 | S100VTA8 |
| FY ending Feb 2025 | 213,230 | 37,142 | 17.4% | 26,113 | 8,283 | 4,943 | S100Y78J |
| FY ending Feb 2026 | 225,284 | 37,687 | 16.7% | 28,270 | 22,889 | 19,620 | S100Y78J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥164.9M |
| Operating income per employee (consolidated) | ¥27.6M |
| Net income per employee (consolidated) | ¥20.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 917 | 1,053 | 1,198 | 1,277 | 1,366 |
| Average salary (parent company) | ¥5.4M | ¥6M | ¥6.6M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 37.7 years | 37.5 years | 37.3 years | 36.6 years | 36.6 years |
| Average tenure (parent company) | 10.8 years | 10.3 years | 10.5 years | 9.7 years | 9.8 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 67,812 | 30.1% | 31,363 | 46.2% |
| United States of America | 128,711 | 57.1% | 6,735 | 5.2% |
| United Kingdom | 17,976 | 8.0% | 1,238 | 6.9% |
| France | 10,776 | 4.8% | 578 | 5.4% |
| China | 6 | 0.0% | 254 | 4233.3% |

### 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 | 30.1% | 78.1% | 48.0 | 46.2% |
| United States of America | 57.1% | 16.8% | -40.4 | 5.2% |
| United Kingdom | 8.0% | 3.1% | -4.9 | 6.9% |
| France | 4.8% | 1.4% | -3.3 | 5.4% |
| China | 0.0% | 0.6% | 0.6 | 4233.3% |

Segment → industry: China → Construction & Farm Machinery / France → Construction & Farm Machinery / United Kingdom → Construction & Farm Machinery / United States of America → Construction & Farm Machinery / Japan → Construction & Farm Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 22,889 | 10.2% | S100Y78J |
| Capital expenditure | 3,269 | 1.5% | S100Y78J |
| Free cash flow | 19,620 | 8.7% | 算出 |
| Investing cash flow | -3,758 | -1.7% | S100Y78J |
| Financing cash flow | -9,326 | -4.1% | S100Y78J |
| Dividends paid | 9,218 | 4.1% | S100Y78J |
| Share buyback | 70 | 0.0% | S100Y78J |
| Change in cash | 10,188 | 4.5% | S100Y78J |
| Cash and equivalents | 56,235 | 25.0% | S100Y78J |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 46,648 | 43,519 | 54,682 | 46,047 | 56,235 | S100TR66, S100VTA8, S100Y78J |
| Total assets | 137,201 | 158,785 | 198,153 | 217,718 | 225,133 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Net assets | 104,083 | 121,802 | 147,625 | 167,000 | 186,935 | S100TR66, S100VTA8, S100Y78J |
| Share capital | 3,632 | 3,632 | 3,632 | 3,632 | 3,632 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Trade receivables | 25,737 | 35,739 | 44,572 | 45,586 | 44,829 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Property, plant and equipment | 15,382 | 22,721 | 28,196 | 29,091 | 29,020 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Intangible assets excluding goodwill | 682 | 759 | 829 | 672 | 879 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Investment securities | 1,385 | 1,008 | 767 | 168 | 367 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Current assets | 116,705 | 130,459 | 161,920 | 177,254 | 183,948 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Current liabilities | 32,537 | 36,376 | 49,872 | 49,974 | 37,405 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Total liabilities | 33,117 | 36,983 | 50,527 | 50,718 | 38,197 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Equity attributable to owners of parent | 101,723 | 114,409 | 135,879 | 147,448 | 166,391 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Retained earnings | 96,444 | 109,177 | 130,648 | 149,217 | 168,230 | S100QTVK, S100TR66, S100VTA8, S100Y78J |
| Treasury stock | -1,985 | -2,032 | -2,032 | -9,033 | -9,104 | S100QTVK, S100TR66, S100VTA8, S100Y78J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y78J |
| Receivables | 20% | S100Y78J |
| Property, plant and equipment | 13% | S100Y78J |
| Intangibles and goodwill | 0% | S100Y78J |
| Investment securities | 0% | S100Y78J |
| Other assets | 42% | S100Y78J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100Y78J |
| Equity | 83% | S100Y78J |
| Other liabilities | 0% | S100Y78J |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 137,201 | 158,785 | 198,153 | 217,718 | 225,133 |
| Equity | 104,083 | 121,802 | 147,625 | 167,000 | 186,935 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 46,648 | 43,519 | 54,682 | 46,047 | 56,235 |

## 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) | 12.9% | S100Y78J |
| Fixed assets ÷ total assets | 12.9% | S100Y78J |
| Goodwill ÷ parent equity | — | —, S100Y78J |

### 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) | 25.0% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.7% |
| Cash vs. profit gap | -5,381 JPY mn (of net income -19.0%) |
| Shareholder returns / net income | 32.9% |
| Shareholder returns / FCF | 47.3% |
| Shareholder payments — dividends / net income | 32.6% |
| Shareholder payments — dividends / FCF | 47.0% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 16.4% |

## 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 | 9.5% | 1.03× | 9.7% | 1.35× | 13.1% | S100QTVK |
| 2023 | 8.9% | 1.21× | 10.8% | 1.37× | 14.8% | S100TR66 |
| 2024 | 12.3% | 1.19× | 14.7% | 1.43× | 20.9% | S100VTA8 |
| 2025 | 12.2% | 1.03× | 12.6% | 1.47× | 18.4% | S100Y78J |
| 2026 | 12.5% | 1.02× | 12.8% | 1.41× | 18.0% | S100Y78J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テイク | Major shareholder | 19.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 10.6% | 2026-02-28 |
| 株式会社日本カストディ銀行 | Major shareholder | 8.6% | 2026-02-28 |
| 東京中小企業投資育成株式会社 | Major shareholder | 3.9% | 2026-02-28 |
| 株式会社八十二長野銀行 （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 | 3.9% | 2026-02-28 |
| 竹内 好敏 | Major shareholder | 3.2% | 2026-02-28 |
| 野村信託銀行株式会社 | Major shareholder | 1.7% | 2026-02-28 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| 岩崎 泰次 | Major shareholder | 1.5% | 2026-02-28 |
| 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 | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/01－2026/02/28) | S100Y78J | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y78J,, |
| 有価証券報告書－第63期(2024/03/01－2025/02/28) | S100VTA8 | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTA8,, |
| 訂正有価証券報告書－第62期(2023/03/01－2024/02/29) | S100TR66 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR66,, |
| 有価証券報告書－第61期(2022/03/01－2023/02/28) | S100QTVK | 2023-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTVK,, |
| 有価証券報告書－第60期(令和3年3月1日－令和4年2月28日) | S100O49O | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O49O,, |
| 有価証券報告書－第59期(令和2年3月1日－令和3年2月28日) | S100LEQQ | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEQQ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| HUPPENKOTHEN GmbH & Co KG | Supply/OEM | オーストリアの販売店として竹内製作所の建設機械を供給 | S100Y78J |

## 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).