# TIGERS POLYMER CORPORATION: 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84期(2025/04/01－2026/03/31) (S100YK4M)
> Page: https://vizora.meequs.com/en/company/tigers-polymer
> Retrieved: 2026-09-30T19:49:47.918Z

## Company

Tigers Polymer, founded in 1943, is a company in Tires & Rubber listed on TSE Standard. It has 1,786 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TIGERS POLYMER CORPORATION |
| Ticker | 4231 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4231.T) |
| Listing | TSE Standard |
| Head office | 大阪府豊中市新千里東町一丁目4番1号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 澤田宏治 |
| Founded | May 1943 |
| Share capital | ¥4.15B |
| Employees (consolidated) | 1,786 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | tigers.jp (https://tigers.jp/) |
| Corporate number | 6120901024427 |
| EDINET | E01024 |
| Industries (Vizora) | Tires & Rubber, Auto Parts |

> Profile source: annual securities report (S100YK4M, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.1 | 14 |
| Profitability | 25 | 14 |
| Cash conversion | 3.6 | 14 |
| Efficiency | 53.6 | 14 |

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 46% of Tigers Polymer's sales come from Japan, with Americas and China making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +6.4%.

## Company structure

- Segment revenue mix: Japan 46.3%、Americas 43.4%、China 5.2%、Southeast Asia 5.1%
- Revenue → net income: ¥50132914000 → ¥2686549000
- Net income → operating cash flow: ¥2686549000 → ¥2416413000（difference ¥-270136000）
- Main uses of operating cash flow: CapEx ¥3577928000 / dividends ¥992484000 / buybacks ¥251149000
- Change in cash: ¥244380000
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 | ¥50.1B |  |
| Operating income | ¥3.01B | Margin 6.0% |
| Net income | ¥2.35B | Margin 4.7% |
| Free cash flow | -¥1.16B |  |
| Largest business | Japan | of segment revenue 46.3% |
| Employees (consolidated) | 1,786 |  |
| EPS | ¥121.42 |  |
| Book value per share | ¥1711.05 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 20,111,000 |  |
| Treasury shares | 419,700 |  |
| Shareholders | 4,393 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 23.2% | Cash ÷ revenue 28.9% |
| Vs. industry median margin | -2 pp | Tires & Rubber |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -6% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36589964000 | ¥50132914000 | +37.0% |
| Operating income | ¥1152176000 | ¥3014624000 | +161.6% |
| Operating margin | 3.1% | 6.0% | +2.9 pp |
| Employees | 2,130 people | 1,786 people | -16.2% |
| Cash and equivalents | ¥8769349000 | ¥14473409000 | +65.0% |

### 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 | 46.3% |
| 日本 → 事業再編・廃止 | 3.9% |
| 米州 → 米州 | 29.7% |
| 東南アジア → 東南アジア | 5.1% |
| 東南アジア → 事業再編・廃止 | 0.3% |
| 中国 → 中国 | 5.2% |
| 中国 → 事業再編・廃止 | 9.6% |
| 新設・再編 → 米州 | 13.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.8% | ¥23223856000 | 5.2% | 2 |
| Americas | 5 years | +14.9% | ¥21758975000 | 8.1% | 2 |
| China | 5 years | -13.6% | ¥2601045000 | -2.5% | 2 |
| Southeast Asia | 5 years | +5.4% | ¥2549037000 | 1.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,133 | 100.0% | S100YK4M |
| Cost of revenue | 39,462 | 78.7% | S100YK4M |
| Gross profit | 10,671 | 21.3% | S100YK4M |
| SG&A | 7,657 | 15.3% | S100YK4M |
| Operating income | 3,015 | 6.0% | S100YK4M |
| Ordinary income | 3,475 | 6.9% | S100YK4M |
| Pretax income | 3,748 | 7.5% | S100YK4M |
| Income tax | 1,062 | 2.1% | S100YK4M |
| Net income | 2,687 | 5.4% | S100YK4M |
| Net income attributable to owners | 2,353 | 4.7% | S100YK4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 15 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.3% → Operating margin 6.0% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +6.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.96×
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 | 49,336 | 50,133 | 797 | +1.6% |
| Gross profit | 9,933 | 10,671 | 738 | +7.4% |
| Operating income | 2,833 | 3,015 | 181 | +6.4% |
| Net income attributable to owners | 3,384 | 2,353 | -1,030 | -30.4% |
| Operating cash flow | 5,070 | 2,416 | -2,654 | -52.3% |
| Free cash flow | 3,109 | -1,162 | -4,270 | -137.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,870 | 1,302 | 3.3% | 223 | 3,131 | 482 | S100LKDE |
| FY ending Mar 2021 | 36,590 | 1,152 | 3.1% | 769 | 2,839 | 6 | S100O83K |
| FY ending Mar 2022 | 40,879 | 1,280 | 3.1% | 832 | 2,608 | 352 | S100QWSI |
| FY ending Mar 2023 | 45,285 | 1,091 | 2.4% | 816 | 3,148 | 1,282 | S100VDKM |
| FY ending Mar 2024 | 47,863 | 3,194 | 6.7% | 3,020 | 7,707 | 5,103 | S100W256 |
| FY ending Mar 2025 | 49,336 | 2,833 | 5.7% | 3,384 | 5,070 | 3,109 | S100YK4M |
| FY ending Mar 2026 | 50,133 | 3,015 | 6.0% | 2,353 | 2,416 | -1,162 | S100YK4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 2,059 | 1,998 | 1,988 | 1,895 | 1,786 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.7M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 43.1 years | 43.1 years | 43.1 years | 44.0 years | 44.2 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 18.1 years | 18.5 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 23,224 | 46.3% | 1,219 | 5.2% |
| Americas | 21,759 | 43.4% | 1,756 | 8.1% |
| Southeast Asia | 2,549 | 5.1% | 50 | 1.9% |
| China | 2,601 | 5.2% | -65 | -2.5% |

### 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 | 46.3% | 40.3% | -6.0 | 5.2% |
| Americas | 43.4% | 58.1% | 14.7 | 8.1% |
| Southeast Asia | 5.1% | 1.6% | -3.4 | 1.9% |
| China | 5.2% | — | — | -2.5% |

Loss-making segment (excluded from profit shares): China -65 JPY mn

Segment → industry: Japan → Tires & Rubber / Japan → Auto Parts / Americas → Tires & Rubber / Americas → Auto Parts / Southeast Asia → Tires & Rubber / Southeast Asia → Auto Parts / China → Tires & Rubber / China → 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 | 2,416 | 4.8% | S100YK4M |
| Capital expenditure | 3,578 | 7.1% | S100YK4M |
| Free cash flow | -1,162 | -2.3% | 算出 |
| Investing cash flow | -123 | -0.2% | S100YK4M |
| Financing cash flow | -2,271 | -4.5% | S100YK4M |
| Dividends paid | 992 | 2.0% | S100YK4M |
| Share buyback | 251 | 0.5% | S100YK4M |
| Change in cash | 244 | 0.5% | S100YK4M |
| Cash and equivalents | 14,473 | 28.9% | S100YK4M |

## 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 | 9,025 | 10,321 | 13,931 | 14,229 | 14,473 | S100VDKM, S100W256, S100YK4M |
| Total assets | 47,635 | 51,427 | 57,294 | 61,129 | 62,331 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Net assets | 33,681 | 36,944 | 42,288 | 46,966 | 49,881 | S100VDKM, S100W256, S100YK4M |
| Share capital | 4,150 | 4,150 | 4,150 | 4,150 | 4,150 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Trade receivables | 10,151 | 10,695 | 9,643 | 9,526 | 10,271 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Property, plant and equipment | 15,062 | 15,975 | 16,888 | 17,231 | 18,494 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Intangible assets excluding goodwill | 625 | 510 | 413 | 270 | 129 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Investment securities | 3,410 | 3,622 | 5,032 | 4,917 | 5,927 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Current assets | 27,930 | 30,745 | 34,104 | 36,703 | 35,753 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Current liabilities | 9,570 | 10,206 | 10,620 | 10,758 | 9,938 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Trade payables | 2,676 | 2,673 | 2,403 | 2,564 | 2,696 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Short-term borrowings | 650 | 1,650 | 1,650 | 1,650 | 1,650 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Long-term borrowings | 1,550 | 1,350 | 1,000 | 150 | 250 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Total liabilities | 13,954 | 14,483 | 15,005 | 14,163 | 12,449 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Non-controlling interests | 1,659 | 2,039 | 2,354 | 2,784 | 2,886 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Equity attributable to owners of parent | 30,488 | 30,996 | 33,597 | 35,879 | 36,991 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Retained earnings | 22,541 | 23,049 | 25,650 | 28,059 | 29,417 | S100QWSI, S100VDKM, S100W256, S100YK4M |
| Treasury stock | -103 | -103 | -104 | -230 | -477 | S100QWSI, S100VDKM, S100W256, S100YK4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YK4M |
| Receivables | 16% | S100YK4M |
| Property, plant and equipment | 30% | S100YK4M |
| Intangibles and goodwill | 0% | S100YK4M |
| Investment securities | 10% | S100YK4M |
| Other assets | 21% | S100YK4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YK4M |
| Other liabilities | 16% | S100YK4M |
| Equity | 80% | S100YK4M |

### 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 | 47,635 | 51,427 | 57,294 | 61,129 | 62,331 |
| Equity | 33,681 | 36,944 | 42,288 | 46,966 | 49,881 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,025 | 10,321 | 13,931 | 14,229 | 14,473 |

## 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) | 36.9% | S100YK4M |
| Fixed assets ÷ total assets | 29.7% | S100YK4M |
| Goodwill ÷ parent equity | — | —, S100YK4M |

### 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) | 23.2% |
| Cash ÷ revenue | 28.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.2% |
| Cash vs. profit gap | 63 JPY mn (of net income 2.7%) |
| Shareholder returns / net income | 52.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 5.1% |

## 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 | 2.0% | 0.86× | 1.7% | 1.56× | 2.7% | S100QWSI |
| 2023 | 1.8% | 0.91× | 1.6% | 1.61× | 2.7% | S100VDKM |
| 2024 | 6.3% | 0.88× | 5.6% | 1.68× | 9.4% | S100W256 |
| 2025 | 6.9% | 0.83× | 5.7% | 1.70× | 9.7% | S100YK4M |
| 2026 | 4.7% | 0.81× | 3.8% | 1.69× | 6.5% | S100YK4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| タイガース取引先持株会 | Major shareholder | 10.0% | 2026-03-31 |
| タイガー興産有限会社 | Major shareholder | 10.0% | 2026-03-31 |
| Ｔ.Ｐ.Ｃ持株会 | Major shareholder | 4.5% | 2026-03-31 |
| 澤 田 宏 治 | Major shareholder | 4.5% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社京都銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| 澤 田 裕 治 | Major shareholder | 2.4% | 2026-03-31 |
| 澤 田 純 治 | Major shareholder | 2.4% | 2026-03-31 |
| タイガースポリマー従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YK4M | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK4M,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W256 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W256,, |
| 訂正有価証券報告書－第82期(2023/04/01－2024/03/31) | S100VDKM | 2025-03-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDKM,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100QWSI | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QWSI,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100O83K | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O83K,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LKDE | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKDE,, |

## 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).