# THK CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/01/01－2025/12/31) (S100XRWN)
> Page: https://vizora.meequs.com/en/company/thk
> Retrieved: 2026-09-30T19:09:17.725Z

## Company

THK, founded in 1971, is a company in Industrial Machinery listed on TSE Prime. It has 13,036 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THK CO., LTD. |
| Ticker | 6481 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6481.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦二丁目12番10号 |
| Representative (per filing) | 代表取締役社長 寺町 崇史 |
| Founded | Apr 1971 |
| Share capital | ¥34.6B |
| Employees (consolidated) | 13,036 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.thk.com (https://www.thk.com/) |
| Corporate number | 3010701006176 |
| EDINET | E01678 |
| Industries (Vizora) | Industrial Machinery, Auto Parts |

> Profile source: annual securities report (S100XRWN, filed 2026-03-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.2 | 110 |
| Profitability | 35.7 | 122 |
| Cash conversion | 89.2 | 116 |
| Efficiency | 5.3 | 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 32% of THK's sales come from Japan, with The Americas and China making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit -9.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥240.4B |  |
| Operating income | ¥14.4B | Margin 6.0% |
| Net income | -¥69.9B | Margin -29.1% |
| Free cash flow | ¥23.9B |  |
| Largest business | Japan | of segment revenue 32.2% |
| Employees (consolidated) | 13,036 |  |
| EPS | ¥-618.66 |  |
| Book value per share | ¥1358.85 |  |
| Equity ratio | 55.3% | Derived from disclosed figures |
| Shares outstanding | 119,099,803 |  |
| Treasury shares | 7,160,200 |  |
| Shareholders | 32,233 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 45.8% |
| Vs. industry median margin | -1.6 pp | Industrial Machinery |
| ROA | -13.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends
- FY2025, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥218998000000 | ¥240444000000 | +9.8% |
| Operating income | ¥-8499000000 | ¥14436000000 | — |
| Operating margin | -3.9% | 6.0% | +9.9 pp |
| Employees | 12,914 people | 13,036 people | +0.9% |
| Cash and equivalents | ¥158839000000 | ¥110008000000 | -30.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 32.2% |
| 日本 → 事業再編・廃止 | 11.1% |
| 米州 → 米州 | 22.0% |
| 欧州 → 欧州 | 18.8% |
| 中国 → 中国 | 15.8% |
| 新設・再編 → 米州 | 4.1% |
| 新設・再編 → 欧州 | 0.8% |
| 新設・再編 → 中国 | 6.2% |

Segment revenue source references: 9 (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 | +4.2% | ¥110859000000 | -3.3% | 2 |
| The Americas | 5 years | +14.4% | ¥90248000000 | -40.2% | 2 |
| China | 5 years | +18.1% | ¥76034000000 | 2.5% | 2 |
| Europe | 5 years | +11.4% | ¥67516000000 | -38.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 240,444 | 100.0% | S100XRWN |
| Cost of revenue | 169,949 | 70.7% | S100XRWN |
| Gross profit | 70,495 | 29.3% | S100XRWN |
| SG&A | 54,341 | 22.6% | S100XRWN |
| Operating income | 14,436 | 6.0% | S100XRWN |
| Pretax income | 15,746 | 6.5% | S100XRWN |
| Income tax | 5,185 | 2.2% | S100XRWN |
| Net income | -69,479 | -28.9% | S100XRWN |
| Net income attributable to owners | -69,891 | -29.1% | S100XRWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 22 |
| Other operating | 1 |
| Operating income | 6 |
| (Ref.) Net income | -29 |

### Margin funnel

Gross margin 29.3% → Operating margin 6.0% → Net margin -29.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.9%; Core profit growth: -9.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.17×
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 | 222,737 | 240,444 | 17,707 | +7.9% |
| Gross profit | 68,249 | 70,495 | 2,246 | +3.3% |
| Operating income | 15,923 | 14,436 | -1,487 | -9.3% |
| Net income attributable to owners | 10,439 | -69,891 | -80,330 | -769.5% |
| Operating cash flow | 28,412 | 42,748 | 14,336 | +50.5% |
| Free cash flow | -1,151 | 23,853 | 25,004 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2018 | 344,718 | — | — | 36,100 | 56,500 | — | S100QEZ5 |
| FY ending Dec 2019 | 274,599 | 18,277 | 6.7% | 11,690 | 28,383 | -809 | S100KZUD |
| FY ending Dec 2020 | 218,998 | -8,499 | -3.9% | -9,992 | 25,399 | 7,390 | S100NP3J |
| FY ending Dec 2021 | 318,188 | 30,268 | 9.5% | 23,007 | 15,643 | -3,605 | S100QEZ5 |
| FY ending Dec 2022 | 393,687 | 34,460 | 8.8% | 21,198 | 37,561 | 8,154 | S100TCTH |
| FY ending Dec 2023 | 351,939 | 23,707 | 6.7% | 18,398 | 39,332 | 12,287 | S100VEQZ |
| FY ending Dec 2024 | 222,737 | 15,923 | 7.1% | 10,439 | 28,412 | -1,151 | S100XRWN |
| FY ending Dec 2025 | 240,444 | 14,436 | 6.0% | -69,891 | 42,748 | 23,853 | S100XRWN |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | -¥5.4M |

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) | 13,073 | 13,502 | 13,360 | 13,268 | 13,036 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 40.5 years | 40.6 years | 40.8 years | 41.1 years | 41.5 years |
| Average tenure (parent company) | 18.1 years | 18.2 years | 18.4 years | 18.7 years | 19.2 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +7.9%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 110,859 | 50.7% | -3,618 | -3.3% |
| The Americas | 90,248 | 41.2% | -36,279 | -40.2% |
| Europe | 67,516 | 30.9% | -26,219 | -38.8% |
| China | 76,034 | 34.7% | 1,874 | 2.5% |
| Transfer to discontinued operations | -125,817 | -57.5% | 79,478 | -63.2% |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Japan | — | -3.3% |
| The Americas | — | -40.2% |
| Europe | — | -38.8% |
| China | 2.3% | 2.5% |
| Transfer to discontinued operations | 97.7% | — |

Loss-making segment (excluded from profit shares): Japan -3,618 JPY mn

Loss-making segment (excluded from profit shares): The Americas -36,279 JPY mn

Loss-making segment (excluded from profit shares): Europe -26,219 JPY mn

Segment → industry: Japan → Industrial Machinery / Japan → Auto Parts / The Americas → Industrial Machinery / The Americas → Auto Parts / Europe → Industrial Machinery / Europe → Auto Parts / China → Industrial Machinery / China → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 42,748 | 17.8% | S100XRWN |
| Capital expenditure | 18,895 | 7.9% | S100XRWN |
| Free cash flow | 23,853 | 9.9% | 算出 |
| Investing cash flow | -19,798 | -8.2% | S100XRWN |
| Financing cash flow | -42,055 | -17.5% | S100XRWN |
| Dividends paid | 29,359 | 12.2% | S100XRWN |
| Share buyback | 36,519 | 15.2% | S100XRWN |
| Change in cash | -17,758 | -7.4% | S100XRWN |
| Cash and equivalents | 110,008 | 45.8% | S100XRWN |

## 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 | 151,430 | 163,835 | 156,486 | 138,293 | 110,008 | S100TCTH, S100VEQZ, S100XRWN |
| Total assets | 516,086 | 560,304 | 556,351 | 567,418 | 472,992 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Net assets | 314,289 | 337,281 | 362,898 | 389,795 | 265,749 | S100TCTH, S100VEQZ, S100XRWN |
| Share capital | 34,606 | 34,606 | 34,606 | 34,606 | 34,606 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Property, plant and equipment | 158,135 | 172,342 | 186,556 | 203,783 | 162,901 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Goodwill | 7,093 | 2,422 | 2,612 | 3,048 | 94 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Current assets | 313,922 | 352,942 | 333,462 | 326,804 | 284,367 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Total liabilities | 201,796 | 223,023 | 193,453 | 177,623 | 207,242 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Equity attributable to owners of parent | 304,555 | 331,887 | 357,264 | 383,645 | 261,333 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Retained earnings | 233,607 | 245,941 | 253,440 | 260,638 | 128,734 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |
| Treasury stock | -11,237 | -17,160 | -17,130 | -21,104 | -22,445 | S100QEZ5, S100TCTH, S100VEQZ, S100XRWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XRWN |
| Property, plant and equipment | 35% | S100XRWN |
| Intangibles and goodwill | 0% | — |
| Other assets | 42% | S100XRWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XRWN |
| Equity | 56% | S100XRWN |
| Other liabilities | 0% | S100XRWN |

### 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 | 516,086 | 560,304 | 556,351 | 567,418 | 472,992 |
| Equity | 314,289 | 337,281 | 362,898 | 389,795 | 265,749 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 151,430 | 163,835 | 156,486 | 138,293 | 110,008 |

## 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) | 67.8% | S100XRWN |
| Fixed assets ÷ total assets | 34.4% | S100XRWN |
| Goodwill ÷ parent equity | 0.0% | S100XRWN |

Goodwill over 4 years: 7,093 → 94 JPY; total investing cash flow: -130,321 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) | 23.3% |
| Cash ÷ revenue | 45.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 296.1% |
| Cash vs. profit gap | 112,639 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 276.2% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 123.1% |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 46.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.2% | 0.62× | 4.5% | 1.69× | 7.6% | S100QEZ5 |
| 2022 | 5.4% | 0.73× | 3.9% | 1.69× | 6.7% | S100TCTH |
| 2023 | 5.2% | 0.63× | 3.3% | 1.62× | 5.3% | S100VEQZ |
| 2024 | 4.7% | 0.40× | 1.9% | 1.52× | 2.8% | S100XRWN |
| 2025 | — | —× | -13.4% | —× | — | S100XRWN |

## 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 | 16.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 13.1% | 2025-12-31 |
| TERAMACHI株式会社 | Major shareholder | 5.4% | 2025-12-31 |
| 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 | 4.1% | 2025-12-31 |
| BBH (LUX) FOR FIDELITY FUNDS-GLOBAL TECHNOLOGY POOL 常任代理人 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2025-12-31 |
| OASIS JAPAN STRATEGIC FUND Y LTD． 常任代理人 シティバンク、エヌ・エイ東京支店 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口4） | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社みずほ銀行 常任代理人 株式会社日本カストディ銀行 | Major shareholder | 1.4% | 2025-12-31 |
| OASIS JAPAN STRATEGIC FUND LTD． 常任代理人 シティバンク、エヌ・エイ東京支店 | Major shareholder | 1.4% | 2025-12-31 |
| 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 | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/01/01－2025/12/31) | S100XRWN | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRWN,, |
| 有価証券報告書－第55期(2024/01/01－2024/12/31) | S100VEQZ | 2025-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEQZ,, |
| 訂正有価証券報告書－第54期(2023/01/01－2023/12/31) | S100TCTH | 2024-05-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCTH,, |
| 有価証券報告書－第53期(2022/01/01－2022/12/31) | S100QEZ5 | 2023-03-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEZ5,, |
| 有価証券報告書－第52期(令和3年1月1日－令和3年12月31日) | S100NP3J | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP3J,, |
| 有価証券報告書－第51期(令和2年1月1日－令和2年12月31日) | S100KZUD | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZUD,, |

## 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).