# TECHNOFLEX CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XU8H)
> Page: https://vizora.meequs.com/en/company/technoflex
> Retrieved: 2026-09-30T20:58:07.649Z

## Company

Technoflex, founded in 1977, is a company in Auto Parts listed on TSE Standard. It has 809 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TECHNOFLEX CORPORATION |
| Ticker | 3449 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3449.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区蔵前1丁目5番1号 |
| Representative (per filing) | 代表取締役社長兼社長執行役員 前島 岳 |
| Founded | Aug 1977 |
| Share capital | ¥1B |
| Employees (consolidated) | 809 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.technoflex.co.jp (https://www.technoflex.co.jp/) |
| Corporate number | 3010501032975 |
| EDINET | E35294 |
| Industries (Vizora) | Auto Parts, Plant Engineering & Building Services, Disaster Prevention & Infrastructure Maintenance, Nursing Care, Industrial Machinery |

> Profile source: annual securities report (S100XU8H, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.5 | 110 |
| Profitability | 87.3 | 122 |
| Cash conversion | 56.5 | 116 |
| Efficiency | 44.7 | 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 58% of Technoflex's sales come from Fitting Business, with Disaster prevention and construction business and Automobile and Robot Business making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +18.1% from the prior year, operating profit +78.4%.

## Company structure

- Segment revenue mix: Fitting Business 58.1%、Disaster prevention and construction business 26.1%、Automobile and Robot Business 8.0%、Care service business 7.3%、Other 0.4%
- Revenue → net income: ¥26025002000 → ¥3123183000
- Net income → operating cash flow: ¥3123183000 → ¥5219019000（difference ¥2095836000）
- Main uses of operating cash flow: CapEx ¥1046982000 / dividends ¥989672000 / buybacks ¥44000
- Change in cash: ¥2763369000
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 | ¥26B |  |
| Operating income | ¥3.92B | Margin 15.1% |
| Net income | ¥3.12B | Margin 12.0% |
| Free cash flow | ¥4.17B |  |
| Largest business | Fitting Business | of segment revenue 58.1% |
| Employees (consolidated) | 809 |  |
| EPS | ¥103.84 |  |
| Diluted EPS | ¥103.58 |  |
| Book value per share | ¥1000.24 |  |
| Equity ratio | 65.9% |  |
| Shares outstanding | 21,360,000 |  |
| Treasury shares | 3,026,900 |  |
| Shareholders | 8,026 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 30.2% |
| Vs. industry median margin | +7.5 pp | Industrial Machinery |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 78%
- FY2025, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18734268000 | ¥26025002000 | +38.9% |
| Operating income | ¥1965312000 | ¥3919392000 | +99.4% |
| Operating margin | 10.5% | 15.1% | +4.6 pp |
| Employees | 850 people | 809 people | -4.8% |
| Cash and equivalents | ¥4918100000 | ¥7868669000 | +60.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 継手事業 → 継手事業 | 58.0% |
| 防災・工事事業 → 防災・工事事業 | 23.8% |
| 自動車・ロボット事業 → 自動車・ロボット事業 | 8.0% |
| 自動車・ロボット事業 → 事業再編・廃止 | 0.7% |
| 介護事業 → 介護事業 | 7.3% |
| 介護事業 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 継手事業 | 0.1% |
| 新設・再編 → 防災・工事事業 | 2.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fitting Business | 5 years | +6.8% | ¥15125913000 | 18.7% | 2 |
| Disaster prevention and construction business | 5 years | +8.8% | ¥6799116000 | 22.2% | 2 |
| Automobile and Robot Business | 5 years | +4.9% | ¥2092291000 | 4.7% | 2 |
| Care service business | 5 years | +2.8% | ¥1906300000 | 6.6% | 2 |
| Other | 5 years | +0.5% | ¥101380000 | 42.1% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,025 | 100.0% | S100XU8H |
| Cost of revenue | 17,129 | 65.8% | S100XU8H |
| Gross profit | 8,896 | 34.2% | S100XU8H |
| SG&A | 4,976 | 19.1% | S100XU8H |
| Operating income | 3,919 | 15.1% | S100XU8H |
| Ordinary income | 3,924 | 15.1% | S100XU8H |
| Pretax income | 4,556 | 17.5% | S100XU8H |
| Income tax | 1,432 | 5.5% | S100XU8H |
| Net income | 3,123 | 12.0% | S100XU8H |
| Net income attributable to owners | 3,123 | 12.0% | S100XU8H |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 19 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 34.2% → Operating margin 15.1% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.1%; Core profit growth: +78.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.34×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,041 | 26,025 | 3,984 | +18.1% |
| Gross profit | 6,653 | 8,896 | 2,243 | +33.7% |
| Operating income | 2,197 | 3,919 | 1,723 | +78.4% |
| Net income attributable to owners | 1,313 | 3,123 | 1,810 | +137.9% |
| Operating cash flow | 2,846 | 5,219 | 2,373 | +83.4% |
| Free cash flow | -512 | 4,172 | 4,684 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,000 | 2,343 | 12.3% | 1,697 | 2,825 | 1,786 | S100L1ML |
| FY ending Dec 2020 | 18,734 | 1,965 | 10.5% | 1,206 | 2,587 | 1,339 | S100NQQJ |
| FY ending Dec 2021 | 19,633 | 2,615 | 13.3% | 1,719 | 1,061 | -43 | S100QHD4 |
| FY ending Dec 2022 | 22,174 | 2,752 | 12.4% | 2,413 | 1,802 | -162 | S100TKW0 |
| FY ending Dec 2023 | 21,243 | 1,483 | 7.0% | 966 | 1,915 | -996 | S100VJ0H |
| FY ending Dec 2024 | 22,041 | 2,197 | 10.0% | 1,313 | 2,846 | -512 | S100XU8H |
| FY ending Dec 2025 | 26,025 | 3,919 | 15.1% | 3,123 | 5,219 | 4,172 | S100XU8H |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 839 | 838 | 811 | 819 | 809 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.2M | ¥5.3M | ¥6M |
| Average age (parent company) | 44.3 years | 45.0 years | 45.2 years | 45.8 years | 46.2 years |
| Average tenure (parent company) | 12.4 years | 12.6 years | 13.2 years | 13.6 years | 14.0 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +18.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fitting Business | 15,126 | 58.1% | 2,831 | 18.7% |
| Disaster prevention and construction business | 6,799 | 26.1% | 1,512 | 22.2% |
| Automobile and Robot Business | 2,092 | 8.0% | 98 | 4.7% |
| Care service business | 1,906 | 7.3% | 126 | 6.6% |
| Other | 101 | 0.4% | 43 | 42.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fitting Business | 58.1% | 61.4% | 3.3 | 18.7% |
| Disaster prevention and construction business | 26.1% | 32.8% | 6.7 | 22.2% |
| Automobile and Robot Business | 8.0% | 2.1% | -5.9 | 4.7% |
| Care service business | 7.3% | 2.7% | -4.6 | 6.6% |
| Other | 0.4% | 0.9% | 0.5 | 42.1% |

Segment → industry: Automobile and Robot Business → Auto Parts / Disaster prevention and construction business → Plant Engineering & Building Services / Disaster prevention and construction business → Disaster Prevention & Infrastructure Maintenance / Care service business → Nursing Care / Fitting Business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,219 | 20.1% | S100XU8H |
| Capital expenditure | 1,047 | 4.0% | S100XU8H |
| Free cash flow | 4,172 | 16.0% | 算出 |
| Investing cash flow | -194 | -0.7% | S100XU8H |
| Financing cash flow | -2,332 | -9.0% | S100XU8H |
| Dividends paid | 990 | 3.8% | S100XU8H |
| Share buyback | 0 | 0.0% | S100XU8H |
| Change in cash | 2,763 | 10.6% | S100XU8H |
| Cash and equivalents | 7,869 | 30.2% | S100XU8H |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,590 | 6,234 | 4,022 | 5,105 | 7,869 | S100TKW0, S100VJ0H, S100XU8H |
| Total assets | 28,985 | 33,053 | 32,451 | 35,891 | 38,995 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Net assets | 20,465 | 22,590 | 22,440 | 23,359 | 25,688 | S100TKW0, S100VJ0H, S100XU8H |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Trade receivables | 4,058 | — | — | — | — | S100QHD4 |
| Property, plant and equipment | 12,317 | 13,599 | 15,961 | 18,010 | 17,814 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Intangible assets excluding goodwill | 796 | 739 | 583 | 441 | 313 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Goodwill | 270 | 252 | 176 | 116 | 64 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Investment securities | 265 | 310 | 361 | 431 | 534 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Current assets | 15,249 | 17,787 | 14,958 | 16,484 | 19,890 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Current liabilities | 6,865 | 4,805 | 4,155 | 6,285 | 7,483 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Short-term borrowings | 2,300 | 300 | 300 | 2,200 | 1,200 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Long-term borrowings | 191 | 4,472 | 4,699 | 5,118 | 4,605 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Total liabilities | 8,520 | 10,463 | 10,011 | 12,532 | 13,307 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Non-controlling interests | 279 | 317 | — | — | — | S100QHD4, S100TKW0 |
| Equity attributable to owners of parent | 19,579 | 21,370 | 21,229 | 21,554 | 23,693 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Retained earnings | 19,062 | 20,789 | 20,656 | 20,980 | 23,114 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |
| Treasury stock | -949 | -929 | -926 | -925 | -923 | S100QHD4, S100TKW0, S100VJ0H, S100XU8H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XU8H |
| Property, plant and equipment | 46% | S100XU8H |
| Intangibles and goodwill | 1% | S100XU8H |
| Investment securities | 1% | S100XU8H |
| Other assets | 32% | S100XU8H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XU8H |
| Equity | 66% | S100XU8H |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,985 | 33,053 | 32,451 | 35,891 | 38,995 |
| Equity | 20,465 | 22,590 | 22,440 | 23,359 | 25,688 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,590 | 6,234 | 4,022 | 5,105 | 7,869 |

## 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) | 68.4% | S100XU8H |
| Fixed assets ÷ total assets | 45.7% | S100XU8H |
| Goodwill ÷ parent equity | 0.3% | S100XU8H |

Goodwill over 4 years: 270 → 64 JPY; total investing cash flow: -9,556 JPY. This does not imply causation.

### 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) | 20.2% |
| Cash ÷ revenue | 30.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.2% |
| Cash vs. profit gap | 2,096 JPY mn (of net income 67.1%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | 23.7% |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 23.7% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 3.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.8% | 0.68× | 5.9% | 1.48× | 8.8% | S100QHD4 |
| 2022 | 10.9% | 0.71× | 7.8% | 1.52× | 11.8% | S100TKW0 |
| 2023 | 4.5% | 0.65× | 3.0% | 1.54× | 4.5% | S100VJ0H |
| 2024 | 6.0% | 0.65× | 3.8% | 1.60× | 6.1% | S100XU8H |
| 2025 | 12.0% | 0.70× | 8.3% | 1.66× | 13.8% | S100XU8H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ティーエムアセット | Major shareholder | 60.6% | 2025-12-31 |
| 東京中小企業投資育成㈱ | Major shareholder | 1.9% | 2025-12-31 |
| 前島 岳 | Major shareholder | 1.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-12-31 |
| 木ノ下 貴美子 | Major shareholder | 0.6% | 2025-12-31 |
| 前島 諒三 | Major shareholder | 0.5% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３７１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.5% | 2025-12-31 |
| 松井 武 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XU8H | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU8H,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VJ0H | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ0H,, |
| 訂正有価証券報告書－第23期(2023/01/01－2023/12/31) | S100TKW0 | 2024-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKW0,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QHD4 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHD4,, |
| 有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NQQJ | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQQJ,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L1ML | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1ML,, |

## 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).