# Tenryu Saw Mfg. 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173期(2025/04/01－2026/03/31) (S100YJDZ)
> Page: https://vizora.meequs.com/en/company/tenryu-saw-mfg
> Retrieved: 2026-09-30T19:51:25.198Z

## Company

Tenryu Saw Mfg., founded in 1913, is a company in Machine Tools listed on TSE Standard. It has 953 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tenryu Saw Mfg. Co., Ltd. |
| Ticker | 5945 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5945.T) |
| Listing | TSE Standard |
| Head office | 静岡県袋井市浅羽3711番地 |
| Representative (per filing) | 代表取締役社長 大石高彰 |
| Founded | Oct 1913 |
| Share capital | ¥581.3M |
| Employees (consolidated) | 953 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.tenryu-saw.com (https://www.tenryu-saw.com/) |
| Corporate number | 3080401017392 |
| EDINET | E01426 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YJDZ, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.9 | 34 |
| Profitability | 83.8 | 34 |
| Cash conversion | 37.1 | 31 |
| Efficiency | 7.4 | 34 |

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 64% of Tenryu Saw Mfg.'s sales come from Japan, with China and America making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit -5.0%.

## Company structure

- Segment revenue mix: Japan 63.5%、China 12.3%、America 12.0%、Asia 7.1%、Europe 5.2%
- Revenue → net income: ¥13475179000 → ¥1516718000
- Net income → operating cash flow: ¥1516718000 → ¥2117269000（difference ¥600551000）
- Main uses of operating cash flow: CapEx ¥475529000 / dividends ¥741544000 / buybacks ¥313665000
- Change in cash: ¥-1654666000
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 | ¥13.5B |  |
| Operating income | ¥1.74B | Margin 12.9% |
| Net income | ¥1.52B | Margin 11.3% |
| Free cash flow | ¥1.64B |  |
| Largest business | Japan | of segment revenue 63.5% |
| Employees (consolidated) | 953 |  |
| EPS | ¥304.92 |  |
| Book value per share | ¥3603.74 |  |
| Equity ratio | 91.1% |  |
| Shares outstanding | 11,147,634 |  |
| Treasury shares | 2,215,800 |  |
| Shareholders | 1,475 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 16.6% | Cash ÷ revenue 53.0% |
| Vs. industry median margin | +5.8 pp | Machine Tools |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 40 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11018056000 | ¥13475179000 | +22.3% |
| Operating income | ¥1549858000 | ¥1735029000 | +11.9% |
| Operating margin | 14.1% | 12.9% | -1.2 pp |
| Employees | 1,079 people | 953 people | -11.7% |
| Cash and equivalents | ¥7038482000 | ¥7140934000 | +1.5% |

### 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 | 63.5% |
| 日本 → 事業再編・廃止 | 3.6% |
| 中国 → 中国 | 12.3% |
| 中国 → 事業再編・廃止 | 0.0% |
| アジア → アジア | 2.3% |
| アメリカ → アメリカ | 12.0% |
| アメリカ → 事業再編・廃止 | 1.8% |
| ヨーロッパ → ヨーロッパ | 4.6% |
| 新設・再編 → アジア | 4.8% |
| 新設・再編 → ヨーロッパ | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.0% | ¥8560142000 | 7.2% | 2 |
| China | 5 years | +4.1% | ¥1651015000 | 54.4% | 2 |
| America | 5 years | +1.2% | ¥1610449000 | 7.0% | 2 |
| Asia | 5 years | +30.4% | ¥954946000 | 6.9% | 2 |
| Europe | 5 years | +6.8% | ¥698626000 | 4.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,475 | 100.0% | S100YJDZ |
| Cost of revenue | 8,885 | 65.9% | S100YJDZ |
| Gross profit | 4,590 | 34.1% | S100YJDZ |
| SG&A | 2,855 | 21.2% | S100YJDZ |
| Operating income | 1,735 | 12.9% | S100YJDZ |
| Ordinary income | 2,190 | 16.3% | S100YJDZ |
| Pretax income | 2,157 | 16.0% | S100YJDZ |
| Income tax | 640 | 4.8% | S100YJDZ |
| Net income | 1,517 | 11.3% | S100YJDZ |
| Net income attributable to owners | 1,517 | 11.3% | S100YJDZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 21 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 34.1% → Operating margin 12.9% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.6%; Core profit growth: -5.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.92×
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 | 13,131 | 13,475 | 344 | +2.6% |
| Gross profit | 4,583 | 4,590 | 7 | +0.2% |
| Operating income | 1,827 | 1,735 | -92 | -5.0% |
| Net income attributable to owners | 1,506 | 1,517 | 10 | +0.7% |
| Operating cash flow | 2,496 | 2,117 | -379 | -15.2% |
| Free cash flow | 1,904 | 1,642 | -262 | -13.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,073 | 1,636 | 13.5% | 1,163 | 1,436 | 203 | S100LR7X |
| FY ending Mar 2021 | 11,018 | 1,550 | 14.1% | 1,203 | 2,437 | 1,901 | S100OI3S |
| FY ending Mar 2022 | 14,390 | 2,786 | 19.4% | 2,131 | 2,409 | 1,146 | S100R5XN |
| FY ending Mar 2023 | 13,531 | 1,737 | 12.8% | 1,655 | 1,896 | 416 | S100TSWF |
| FY ending Mar 2024 | 11,936 | 1,242 | 10.4% | 1,227 | 1,188 | 557 | S100W783 |
| FY ending Mar 2025 | 13,131 | 1,827 | 13.9% | 1,506 | 2,496 | 1,904 | S100YJDZ |
| FY ending Mar 2026 | 13,475 | 1,735 | 12.9% | 1,517 | 2,117 | 1,642 | S100YJDZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,166 | 1,050 | 972 | 970 | 953 |
| Average salary (parent company) | ¥5.4M | ¥6.6M | ¥5.8M | ¥5.9M | ¥6.5M |
| Average age (parent company) | 39.7 years | 41.1 years | 40.9 years | 41.8 years | 42.2 years |
| Average tenure (parent company) | 16.2 years | 17.5 years | 17.5 years | 18.2 years | 18.4 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 8,560 | 63.5% | 620 | 7.2% |
| China | 1,651 | 12.3% | 899 | 54.4% |
| Asia | 955 | 7.1% | 65 | 6.9% |
| America | 1,610 | 12.0% | 113 | 7.0% |
| Europe | 699 | 5.2% | 28 | 4.0% |

### 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 | 63.5% | 35.9% | -27.6 | 7.2% |
| China | 12.3% | 52.1% | 39.8 | 54.4% |
| Asia | 7.1% | 3.8% | -3.3 | 6.9% |
| America | 12.0% | 6.6% | -5.4 | 7.0% |
| Europe | 5.2% | 1.6% | -3.6 | 4.0% |

Segment → industry: Europe → Machine Tools / America → Machine Tools / Asia → Machine Tools / China → Machine Tools / Japan → Machine Tools

## 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 | 2,117 | 15.7% | S100YJDZ |
| Capital expenditure | 476 | 3.5% | S100YJDZ |
| Free cash flow | 1,642 | 12.2% | 算出 |
| Investing cash flow | -2,949 | -21.9% | S100YJDZ |
| Financing cash flow | -1,061 | -7.9% | S100YJDZ |
| Dividends paid | 742 | 5.5% | S100YJDZ |
| Share buyback | 314 | 2.3% | S100YJDZ |
| Change in cash | -1,655 | -12.3% | S100YJDZ |
| Cash and equivalents | 7,141 | 53.0% | S100YJDZ |

## 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 | 8,049 | 8,055 | 7,890 | 8,796 | 7,141 | S100TSWF, S100W783, S100YJDZ |
| Total assets | 33,620 | 34,739 | 37,631 | 40,007 | 42,896 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Net assets | 30,088 | 31,803 | 34,247 | 36,768 | 39,093 | S100TSWF, S100W783, S100YJDZ |
| Share capital | 581 | 581 | 581 | 581 | 581 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Property, plant and equipment | 8,692 | 9,515 | 9,613 | 9,489 | 9,077 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Intangible assets excluding goodwill | 58 | 43 | 41 | 38 | 59 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Investment securities | 5,913 | 6,137 | 7,647 | 9,227 | 12,392 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Current assets | 18,429 | 18,444 | 19,529 | 20,399 | 20,377 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Current liabilities | 2,332 | 1,755 | 1,807 | 1,407 | 1,456 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Trade payables | 716 | 619 | 551 | 397 | 356 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Total liabilities | 3,532 | 2,937 | 3,384 | 3,239 | 3,803 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Equity attributable to owners of parent | 26,841 | 27,848 | 28,473 | 29,261 | 29,743 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Retained earnings | 27,688 | 28,695 | 29,321 | 30,427 | 31,199 | S100R5XN, S100TSWF, S100W783, S100YJDZ |
| Treasury stock | -1,981 | -1,981 | -1,981 | -2,300 | -2,599 | S100R5XN, S100TSWF, S100W783, S100YJDZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJDZ |
| Property, plant and equipment | 21% | S100YJDZ |
| Intangibles and goodwill | 0% | S100YJDZ |
| Investment securities | 29% | S100YJDZ |
| Other assets | 33% | S100YJDZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YJDZ |
| Other liabilities | 8% | S100YJDZ |
| Equity | 91% | S100YJDZ |

### 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 | 33,620 | 34,739 | 37,631 | 40,007 | 42,896 |
| Equity | 30,088 | 31,803 | 34,247 | 36,768 | 39,093 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,049 | 8,055 | 7,890 | 8,796 | 7,141 |

## 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) | 67.4% | S100YJDZ |
| Fixed assets ÷ total assets | 21.2% | S100YJDZ |
| Goodwill ÷ parent equity | — | —, S100YJDZ |

### 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) | 16.6% |
| Cash ÷ revenue | 53.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.0% |
| Cash vs. profit gap | 601 JPY mn (of net income 39.6%) |
| Shareholder returns / net income | 69.6% |
| Shareholder returns / FCF | 64.3% |
| Shareholder payments — dividends / net income | 48.9% |
| Shareholder payments — dividends / FCF | 45.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 139.3% |

## 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 | 14.8% | 0.43× | 6.3% | 1.25× | 7.9% | S100R5XN |
| 2023 | 12.2% | 0.40× | 4.8% | 1.25× | 6.1% | S100TSWF |
| 2024 | 10.3% | 0.33× | 3.4% | 1.28× | 4.4% | S100W783 |
| 2025 | 11.5% | 0.34× | 3.9% | 1.34× | 5.2% | S100YJDZ |
| 2026 | 11.3% | 0.33× | 3.7% | 1.41× | 5.1% | S100YJDZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 天龍製鋸社員持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 遠鉄タクシー株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 高 村 博 昭 | Major shareholder | 2.1% | 2026-03-31 |
| 鈴 木 良 策 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社河合楽器製作所 | Major shareholder | 2.0% | 2026-03-31 |
| 皆 川 源 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 浜松磐田信用金庫 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第173期(2025/04/01－2026/03/31) | S100YJDZ | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJDZ,, |
| 有価証券報告書－第172期(2024/04/01－2025/03/31) | S100W783 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W783,, |
| 有価証券報告書－第171期(2023/04/01－2024/03/31) | S100TSWF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSWF,, |
| 有価証券報告書－第170期(2022/04/01－2023/03/31) | S100R5XN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5XN,, |
| 有価証券報告書－第169期(令和3年4月1日－令和4年3月31日) | S100OI3S | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI3S,, |
| 有価証券報告書－第168期(令和2年4月1日－令和3年3月31日) | S100LR7X | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR7X,, |

## 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).