# TAKUMA 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122期(2025/04/01－2026/03/31) (S100YB3J)
> Page: https://vizora.meequs.com/en/company/takuma
> Retrieved: 2026-09-30T21:34:17.719Z

## Company

Takuma, founded in 1938, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 4,504 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKUMA CO., LTD. |
| Ticker | 6013 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6013.T) |
| Listing | TSE Prime |
| Head office | 兵庫県尼崎市金楽寺町二丁目2番33号 |
| Representative (per filing) | 代表取締役社長兼社長執行役員 濵田 州朗 |
| Founded | Jun 1938 |
| Share capital | ¥13.4B |
| Employees (consolidated) | 4,504 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | www.takuma.co.jp (https://www.takuma.co.jp/) |
| Corporate number | 4140001053517 |
| EDINET | E01469 |
| Industries (Vizora) | Plant Engineering & Building Services, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YB3J, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.4 | 72 |
| Profitability | 52 | 76 |
| Cash conversion | 91.2 | 74 |
| Efficiency | 32.2 | 76 |

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 76% of Takuma's sales come from Domestic environment and energy, with Package boiler and Equipment and system business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: Domestic environment and energy 76.5%、Package boiler 16.2%、Equipment and system business 5.1%、Overseas environment and energy 2.2%
- Revenue → net income: ¥165620000000 → ¥13857000000
- Net income → operating cash flow: ¥13857000000 → ¥24655000000（difference ¥10798000000）
- Main uses of operating cash flow: CapEx ¥1320000000 / dividends ¥5878000000 / buybacks ¥7880000000
- Change in cash: ¥-2725000000
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 | ¥165.6B |  |
| Operating income | ¥15.4B | Margin 9.3% |
| Net income | ¥13.7B | Margin 8.3% |
| Free cash flow | ¥23.3B |  |
| Largest business | Domestic environment and energy | of segment revenue 76.5% |
| Employees (consolidated) | 4,504 |  |
| EPS | ¥154.22 |  |
| Book value per share | ¥1124.66 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 75,689,000 |  |
| Treasury shares | 2,835,900 |  |
| Shareholders | 5,182 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 21.3% |
| Vs. industry median margin | +0.2 pp | Plant Engineering & Building Services |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥146726000000 | ¥165620000000 | +12.9% |
| Operating income | ¥10473000000 | ¥15409000000 | +47.1% |
| Operating margin | 7.1% | 9.3% | +2.2 pp |
| Employees | 3,925 people | 4,504 people | +14.8% |
| Cash and equivalents | ¥42957000000 | ¥35347000000 | -17.7% |

### 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 |
| --- | ---: |
| 環境・エネルギー（国内）事業 → 環境・エネルギー（国内）事業 | 76.5% |
| 環境・エネルギー（国内）事業 → 事業再編・廃止 | 5.6% |
| 環境・エネルギー（海外）事業 → 環境・エネルギー（海外）事業 | 0.8% |
| 民生熱エネルギー事業 → 民生熱エネルギー事業 | 11.5% |
| 設備・システム事業 → 設備・システム事業 | 5.1% |
| 設備・システム事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 環境・エネルギー（海外）事業 | 1.4% |
| 新設・再編 → 民生熱エネルギー事業 | 4.7% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic environment and energy | 5 years | +1.0% | ¥126668000000 | 12.3% | 2 |
| Package boiler | 5 years | +9.7% | ¥26803000000 | 6.9% | 2 |
| Equipment and system business | 5 years | +0.8% | ¥8520000000 | 12.3% | 2 |
| Overseas environment and energy | 5 years | +25.1% | ¥3627000000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 165,620 | 100.0% | S100YB3J |
| Cost of revenue | 126,353 | 76.3% | S100YB3J |
| Gross profit | 39,266 | 23.7% | S100YB3J |
| SG&A | 23,856 | 14.4% | S100YB3J |
| Operating income | 15,409 | 9.3% | S100YB3J |
| Ordinary income | 16,279 | 9.8% | S100YB3J |
| Pretax income | 20,106 | 12.1% | S100YB3J |
| Income tax | 6,249 | 3.8% | S100YB3J |
| Net income | 13,857 | 8.4% | S100YB3J |
| Net income attributable to owners | 13,732 | 8.3% | S100YB3J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 15 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.7% → Operating margin 9.3% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +13.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.45×
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 | 151,161 | 165,620 | 14,459 | +9.6% |
| Gross profit | 33,693 | 39,266 | 5,573 | +16.5% |
| Operating income | 13,532 | 15,409 | 1,877 | +13.9% |
| Net income attributable to owners | 10,391 | 13,732 | 3,341 | +32.2% |
| Operating cash flow | -4,066 | 24,655 | 28,721 | — |
| Free cash flow | -6,641 | 23,335 | 29,976 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 134,454 | 9,600 | 7.1% | 7,445 | -11,732 | -13,288 | S100LLKX |
| FY ending Mar 2021 | 146,726 | 10,473 | 7.1% | 7,529 | -1,680 | -4,034 | S100OBH6 |
| FY ending Mar 2022 | 134,092 | 9,928 | 7.4% | 7,434 | 9,000 | 7,429 | S100QZW9 |
| FY ending Mar 2023 | 142,651 | 13,813 | 9.7% | 9,621 | 32,191 | 26,282 | S100TOXB |
| FY ending Mar 2024 | 149,166 | 10,229 | 6.9% | 8,754 | -12,222 | -17,731 | S100W49Z |
| FY ending Mar 2025 | 151,161 | 13,532 | 9.0% | 10,391 | -4,066 | -6,641 | S100YB3J |
| FY ending Mar 2026 | 165,620 | 15,409 | 9.3% | 13,732 | 24,655 | 23,335 | S100YB3J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.8M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3M |

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) | 4,145 | 4,247 | 4,278 | 4,372 | 4,504 |
| Average salary (parent company) | ¥8.6M | ¥8.5M | ¥8.7M | ¥8.9M | ¥9.2M |
| Average age (parent company) | 42.9 years | 42.8 years | 42.5 years | 42.3 years | 42.2 years |
| Average tenure (parent company) | 14.9 years | 14.8 years | 14.4 years | 14.3 years | 14.3 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic environment and energy | 126,668 | 76.5% | 15,624 | 12.3% |
| Overseas environment and energy | 3,627 | 2.2% | 102 | 2.8% |
| Package boiler | 26,803 | 16.2% | 1,844 | 6.9% |
| Equipment and system business | 8,520 | 5.1% | 1,048 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic environment and energy | 76.5% | 83.9% | 7.4 | 12.3% |
| Overseas environment and energy | 2.2% | 0.5% | -1.6 | 2.8% |
| Package boiler | 16.2% | 9.9% | -6.3 | 6.9% |
| Equipment and system business | 5.1% | 5.6% | 0.5 | 12.3% |

Segment → industry: Equipment and system business → Plant Engineering & Building Services / Overseas environment and energy → Plant Engineering & Building Services / Domestic environment and energy → Plant Engineering & Building Services / Domestic environment and energy → Waste Management & Recycling / Package boiler → 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 | 24,655 | 14.9% | S100YB3J |
| Capital expenditure | 1,320 | 0.8% | S100YB3J |
| Free cash flow | 23,335 | 14.1% | 算出 |
| Investing cash flow | -1,742 | -1.1% | S100YB3J |
| Financing cash flow | -25,769 | -15.6% | S100YB3J |
| Dividends paid | 5,878 | 3.5% | S100YB3J |
| Share buyback | 7,880 | 4.8% | S100YB3J |
| Change in cash | -2,725 | -1.6% | S100YB3J |
| Cash and equivalents | 35,347 | 21.3% | S100YB3J |

## 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 | 41,244 | 63,911 | 39,938 | 38,073 | 35,347 | S100TOXB, S100W49Z, S100YB3J |
| Total assets | 174,535 | 179,688 | 191,180 | 190,919 | 190,475 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Net assets | 94,354 | 101,167 | 111,000 | 109,563 | 113,586 | S100TOXB, S100W49Z, S100YB3J |
| Share capital | 13,367 | 13,367 | 13,367 | 13,367 | 13,367 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Property, plant and equipment | 12,346 | 18,436 | 19,579 | 18,763 | 18,748 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Intangible assets excluding goodwill | 298 | 540 | 900 | 958 | 1,396 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Investment securities | 17,012 | 18,280 | 24,567 | 22,102 | 25,045 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Current assets | 134,315 | 134,249 | 139,477 | 136,309 | 132,899 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Current liabilities | 68,704 | 66,840 | 68,201 | 69,515 | 64,674 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Trade payables | 33,070 | 26,610 | 26,517 | 25,028 | 19,771 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Short-term borrowings | 300 | 220 | 753 | 12,086 | 770 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Long-term borrowings | — | — | — | — | 76 | S100YB3J |
| Total liabilities | 80,181 | 78,521 | 80,179 | 81,355 | 76,888 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Non-controlling interests | 445 | 567 | 658 | 829 | 1,027 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Equity attributable to owners of parent | 89,981 | 95,370 | 100,387 | 100,569 | 100,772 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Retained earnings | 75,507 | 82,045 | 86,960 | 89,846 | 88,946 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |
| Treasury stock | -2,765 | -3,916 | -3,827 | -6,352 | -5,248 | S100QZW9, S100TOXB, S100W49Z, S100YB3J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YB3J |
| Property, plant and equipment | 10% | S100YB3J |
| Intangibles and goodwill | 1% | S100YB3J |
| Investment securities | 13% | S100YB3J |
| Other assets | 58% | S100YB3J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YB3J |
| Other liabilities | 30% | S100YB3J |
| Equity | 60% | S100YB3J |
| Other liabilities | 0% | S100YB3J |

### 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 | 174,535 | 179,688 | 191,180 | 190,919 | 190,475 |
| Equity | 94,354 | 101,167 | 111,000 | 109,563 | 113,586 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 41,244 | 63,911 | 39,938 | 38,073 | 35,347 |

## 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) | 11.3% | S100YB3J |
| Fixed assets ÷ total assets | 9.8% | S100YB3J |
| Goodwill ÷ parent equity | — | —, S100YB3J |

### 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) | 18.6% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.0% |
| Cash vs. profit gap | 10,923 JPY mn (of net income 79.5%) |
| Shareholder returns / net income | 100.2% |
| Shareholder returns / FCF | 59.0% |
| Shareholder payments — dividends / net income | 42.8% |
| Shareholder payments — dividends / FCF | 25.2% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 7.1% |

## 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 | 5.5% | 0.77× | 4.3% | 1.94× | 8.3% | S100QZW9 |
| 2023 | 6.7% | 0.81× | 5.4% | 1.91× | 10.4% | S100TOXB |
| 2024 | 5.9% | 0.80× | 4.7% | 1.89× | 8.9% | S100W49Z |
| 2025 | 6.9% | 0.79× | 5.4% | 1.90× | 10.3% | S100YB3J |
| 2026 | 8.3% | 0.87× | 7.2% | 1.89× | 13.6% | S100YB3J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.0% | 2026-03-31 |
| 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 | 7.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.3% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者株式会社日本カストディ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| タクマ共栄会 | Major shareholder | 3.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０２５(常任代理人 株式会社みずほ銀行 決済営業部) | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 2.0% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ ＳＥＣＵＲＩＴＩＥＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ(常任代理人 香港上海銀行東京支店セキュリティ・サービシズ・オペレーションズ部) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YB3J | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB3J,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W49Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49Z,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TOXB | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOXB,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100QZW9 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZW9,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OBH6 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBH6,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LLKX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLKX,, |

## 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).