# TBK 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90期(2025/04/01－2026/03/31) (S100YLAF)
> Page: https://vizora.meequs.com/en/company/tbk
> Retrieved: 2026-09-30T21:31:16.451Z

## Company

TBK, founded in 1949, is a company in Auto Parts listed on TSE Standard. It has 1,893 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TBK Co., Ltd. |
| Ticker | 7277 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7277.T) |
| Listing | TSE Standard |
| Head office | 東京都町田市南成瀬四丁目21番地1 |
| Representative (per filing) | 代表取締役社長 尾方 馨 |
| Founded | Aug 1949 |
| Share capital | ¥5.19B |
| Employees (consolidated) | 1,893 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.tbk-jp.com (https://www.tbk-jp.com/) |
| Corporate number | 5012301001794 |
| EDINET | E02201 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YLAF, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.2 | 110 |
| Profitability | 23.9 | 111 |
| Cash conversion | 84.7 | 108 |
| Efficiency | 50 | 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 58% of TBK's sales come from Japan, with rest of Asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +59.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥54.8B |  |
| Operating income | ¥1.5B | Margin 2.7% |
| Net income | -¥131M | Margin -0.2% |
| Free cash flow | ¥1.17B |  |
| Largest business | Japan | of segment revenue 57.7% |
| Employees (consolidated) | 1,893 |  |
| EPS | ¥2.63 |  |
| Book value per share | ¥527.72 |  |
| Equity ratio | 55.5% |  |
| Shares outstanding | 32,694,135 |  |
| Treasury shares | 104,100 |  |
| Shareholders | 31,353 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 13.4% |
| Vs. industry median margin | -2 pp | Auto Parts |
| ROA | -0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43956000000 | ¥54756000000 | +24.6% |
| Operating income | ¥644000000 | ¥1496000000 | +132.3% |
| Operating margin | 1.5% | 2.7% | +1.3 pp |
| Employees | 2,060 people | 1,893 people | -8.1% |
| Cash and equivalents | ¥4151000000 | ¥7344000000 | +76.9% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 57.7% |
| 日本 → 事業再編・廃止 | 1.9% |
| アジア → アジア | 34.9% |
| アジア → 事業再編・廃止 | 0.7% |
| 北米 → 北米 | 0.0% |
| 北米 → 事業再編・廃止 | 4.9% |
| 新設・再編 → 中国 | 7.4% |

Segment revenue source references: 7 (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 | +3.8% | ¥31586000000 | 1.7% | 2 |
| rest of Asia | 5 years | +4.1% | ¥19106000000 | 6.4% | 2 |
| China | 4 years | +1.5% | ¥4054000000 | -2.6% | 2 |
| North America | 5 years | -66.6% | ¥9000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,756 | 100.0% | S100YLAF |
| Cost of revenue | 47,931 | 87.5% | S100YLAF |
| Gross profit | 6,825 | 12.5% | S100YLAF |
| SG&A | 5,329 | 9.7% | S100YLAF |
| Operating income | 1,496 | 2.7% | S100YLAF |
| Ordinary income | 1,730 | 3.2% | S100YLAF |
| Pretax income | 925 | 1.7% | S100YLAF |
| Income tax | 924 | 1.7% | S100YLAF |
| Net income | 0 | 0.0% | S100YLAF |
| Net income attributable to owners | -131 | -0.2% | S100YLAF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 12.5% → Operating margin 2.7% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +59.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 94.12×
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 | 54,415 | 54,756 | 341 | +0.6% |
| Gross profit | 5,790 | 6,825 | 1,035 | +17.9% |
| Operating income | 941 | 1,496 | 555 | +59.0% |
| Net income attributable to owners | -1,204 | -131 | 1,073 | — |
| Operating cash flow | 3,894 | 4,001 | 107 | +2.7% |
| Free cash flow | 1,386 | 1,171 | -215 | -15.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,340 | 1,261 | 2.5% | -3,116 | 3,765 | -385 | S100LUYR |
| FY ending Mar 2021 | 43,956 | 644 | 1.5% | -191 | 5,565 | 3,166 | S100OKTK |
| FY ending Mar 2022 | 51,194 | 598 | 1.2% | 783 | 4,292 | 1,801 | S100R9X0 |
| FY ending Mar 2023 | 53,522 | -628 | -1.2% | -2,065 | 2,539 | -1,434 | S100TXD3 |
| FY ending Mar 2024 | 56,659 | 903 | 1.6% | 332 | 3,163 | -321 | S100WAMQ |
| FY ending Mar 2025 | 54,415 | 941 | 1.7% | -1,204 | 3,894 | 1,386 | S100YLAF |
| FY ending Mar 2026 | 54,756 | 1,496 | 2.7% | -131 | 4,001 | 1,171 | S100YLAF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.9M |
| Operating income per employee (consolidated) | ¥790.3K |
| Net income per employee (consolidated) | -¥69.2K |

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) | 2,008 | 1,956 | 1,885 | 1,880 | 1,893 |
| Average salary (parent company) | ¥5.1M | ¥5.5M | ¥5.1M | ¥5.5M | ¥5.8M |
| Average age (parent company) | 40.6 years | 41.1 years | 42.3 years | 42.9 years | 42.3 years |
| Average tenure (parent company) | 13.9 years | 14.4 years | 17.0 years | 16.0 years | 15.7 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 31,586 | 57.7% | 534 | 1.7% |
| rest of Asia | 19,106 | 34.9% | 1,232 | 6.4% |
| China | 4,054 | 7.4% | -107 | -2.6% |
| North America | 9 | 0.0% | 9 | 100.0% |

### 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 | 57.7% | 30.1% | -27.6 | 1.7% |
| rest of Asia | 34.9% | 69.4% | 34.5 | 6.4% |
| China | 7.4% | — | — | -2.6% |
| North America | 0.0% | 0.5% | 0.5 | 100.0% |

Loss-making segment (excluded from profit shares): China -107 JPY mn

Segment → industry: North America → Auto Parts / China → Auto Parts / rest of Asia → 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 | 4,001 | 7.3% | S100YLAF |
| Capital expenditure | 2,830 | 5.2% | S100YLAF |
| Free cash flow | 1,171 | 2.1% | 算出 |
| Investing cash flow | -1,647 | -3.0% | S100YLAF |
| Financing cash flow | 492 | 0.9% | S100YLAF |
| Dividends paid | 226 | 0.4% | S100YLAF |
| Share buyback | 0 | 0.0% | S100YLAF |
| Change in cash | 3,220 | 5.9% | S100YLAF |
| Cash and equivalents | 7,344 | 13.4% | S100YLAF |

## 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 | 4,213 | 3,924 | 4,254 | 4,123 | 7,344 | S100TXD3, S100WAMQ, S100YLAF |
| Total assets | 50,476 | 52,179 | 56,536 | 53,125 | 56,511 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Net assets | 28,479 | 27,529 | 29,358 | 29,112 | 32,384 | S100TXD3, S100WAMQ, S100YLAF |
| Share capital | 4,617 | 4,617 | 4,617 | 4,617 | 5,186 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Trade receivables | — | — | — | 13,475 | 13,199 | S100YLAF |
| Inventories | 6,837 | 7,775 | 8,646 | 7,514 | 7,335 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Property, plant and equipment | 19,035 | 20,940 | 22,054 | 21,515 | 21,539 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Intangible assets excluding goodwill | 345 | 227 | 215 | 261 | 323 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Goodwill | 121 | 32 | — | — | — | S100R9X0, S100TXD3 |
| Investment securities | 2,975 | 3,065 | 3,413 | 3,364 | 3,726 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Current assets | 24,888 | 26,105 | 29,074 | 26,402 | 29,276 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Current liabilities | 15,960 | 18,625 | 20,884 | 17,774 | 17,978 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Trade payables | 4,964 | 5,703 | 7,342 | 6,308 | 6,159 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Short-term borrowings | 5,504 | 7,075 | 7,542 | 6,535 | 6,711 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Long-term borrowings | 1,642 | 1,730 | 1,455 | 1,336 | 868 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Total liabilities | 21,996 | 24,650 | 27,178 | 24,013 | 24,126 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Non-controlling interests | 490 | 621 | 749 | 862 | 1,025 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Equity attributable to owners of parent | 25,219 | 22,965 | 23,188 | 21,738 | 22,519 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Retained earnings | 20,800 | 18,536 | 18,726 | 17,266 | 16,907 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |
| Treasury stock | -463 | -453 | -419 | -409 | -407 | S100R9X0, S100TXD3, S100WAMQ, S100YLAF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YLAF |
| Receivables | 23% | S100YLAF |
| Inventories | 13% | S100YLAF |
| Property, plant and equipment | 38% | S100YLAF |
| Intangibles and goodwill | 1% | S100YLAF |
| Investment securities | 7% | S100YLAF |
| Other assets | 5% | S100YLAF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YLAF |
| Other liabilities | 32% | S100YLAF |
| Equity | 57% | S100YLAF |
| Other liabilities | 0% | S100YLAF |

### 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 | 50,476 | 52,179 | 56,536 | 53,125 | 56,511 |
| Equity | 28,479 | 27,529 | 29,358 | 29,112 | 32,384 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,213 | 3,924 | 4,254 | 4,123 | 7,344 |

## 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) | 39.3% | S100YLAF |
| Fixed assets ÷ total assets | 38.1% | S100YLAF |
| Goodwill ÷ parent equity | — | —, S100YLAF |

### 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) | 13.0% |
| Cash ÷ revenue | 13.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 267.4% |
| Cash vs. profit gap | 4,132 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 19.3% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 19.3% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 41.2% |

## 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 | 1.5% | 1.01× | 1.6% | 2.00× | 3.1% | S100R9X0 |
| 2023 | — | —× | -4.0% | —× | — | S100TXD3 |
| 2024 | 0.6% | 1.04× | 0.6% | 2.36× | 1.4% | S100WAMQ |
| 2025 | — | —× | -2.2% | —× | — | S100YLAF |
| 2026 | — | —× | -0.2% | —× | — | S100YLAF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BRAKES INDIA PRIVATE LIMITED （常任代理人 みずほ証券株式会社） | Major shareholder | 10.0% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| SKANDINAVISKA ENSKILDA BANKEN AB FBO ATHANASE INDUSTR. PARTNERS FUND Ⅱ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 6.5% | 2026-03-31 |
| 朝日生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社横浜銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 三菱重工エンジン＆ターボチャージャ株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.5% | 2026-03-31 |
| 学校法人帝京大学 | Major shareholder | 1.7% | 2026-03-31 |
| ＴＢＫ自社株投資会 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YLAF | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLAF,, |
| 訂正有価証券報告書－第89期(2024/04/01－2025/03/31) | S100WAMQ | 2025-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAMQ,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TXD3 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXD3,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R9X0 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9X0,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OKTK | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKTK,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LUYR | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUYR,, |

## 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).