# Tohoku Steel 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127期(2025/04/01－2026/03/31) (S100YNM9)
> Page: https://vizora.meequs.com/en/company/tohoku-steel
> Retrieved: 2026-09-30T20:38:15.615Z

## Company

Tohoku Steel, founded in 1937, is a company in Steel listed on TSE Standard. It has 572 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tohoku Steel Co.,Ltd. |
| Ticker | 5484 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5484.T) |
| Listing | TSE Standard |
| Head office | 仙台市太白区長町七丁目20番1号 (同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 成瀬 真司 |
| Founded | Apr 1937 |
| Share capital | ¥827.5M |
| Employees (consolidated) | 572 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.tohokusteel.com (https://www.tohokusteel.com/) |
| Corporate number | 2370001002444 |
| EDINET | E01245 |
| Industries (Vizora) | Steel, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YNM9, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 33 |
| Profitability | 78.6 | 35 |
| Cash conversion | 50 | 31 |
| Efficiency | 21.4 | 35 |

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 88% of Tohoku Steel's sales come from Special steel business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +13.5%.

## Company structure

- Segment revenue mix: Special steel business 88.5%、Real estate business 11.5%
- Revenue → net income: ¥20931280000 → ¥1275680000
- Net income → operating cash flow: ¥1275680000 → ¥2371997000（difference ¥1096317000）
- Main uses of operating cash flow: CapEx ¥304305000 / dividends ¥259949000 / buybacks —
- Change in cash: ¥2255083000
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 | ¥20.9B |  |
| Operating income | ¥1.42B | Margin 6.8% |
| Net income | ¥1.28B | Margin 6.1% |
| Free cash flow | ¥2.07B |  |
| Largest business | Special steel business | of segment revenue 88.5% |
| Employees (consolidated) | 572 |  |
| EPS | ¥104.65 |  |
| Book value per share | ¥2489.33 |  |
| Equity ratio | 81.0% |  |
| Shares outstanding | 7,550,000 |  |
| Treasury shares | 122,200 |  |
| Shareholders | 685 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 29.2% | Cash ÷ revenue 50.7% |
| Vs. industry median margin | +3.3 pp | Steel |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, segment profit share differs by 66 points
- FY2026, employees -3% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16186968000 | ¥20931280000 | +29.3% |
| Operating income | ¥1347580000 | ¥1418690000 | +5.3% |
| Operating margin | 8.3% | 6.8% | -1.5 pp |
| Employees | 488 people | 572 people | +17.2% |
| Cash and equivalents | ¥5428591000 | ¥10609943000 | +95.4% |

### 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 |
| --- | ---: |
| 特殊鋼事業 → 特殊鋼事業 | 86.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 11.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 2.1% |
| 新設・再編 → 特殊鋼事業 | 2.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,931 | 100.0% | S100YNM9 |
| Cost of revenue | 17,199 | 82.2% | S100YNM9 |
| Gross profit | 3,732 | 17.8% | S100YNM9 |
| SG&A | 2,313 | 11.1% | S100YNM9 |
| Operating income | 1,419 | 6.8% | S100YNM9 |
| Ordinary income | 1,610 | 7.7% | S100YNM9 |
| Pretax income | 1,714 | 8.2% | S100YNM9 |
| Income tax | 438 | 2.1% | S100YNM9 |
| Net income | 1,276 | 6.1% | S100YNM9 |
| Net income attributable to owners | 1,276 | 6.1% | S100YNM9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.8% → Operating margin 6.8% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +13.5%
Operating leverage (core profit growth ÷ revenue growth): -11.59×
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 | 21,178 | 20,931 | -247 | -1.2% |
| Gross profit | 3,352 | 3,732 | 380 | +11.3% |
| Operating income | 1,250 | 1,419 | 169 | +13.5% |
| Net income attributable to owners | 1,008 | 1,276 | 268 | +26.5% |
| Operating cash flow | 2,131 | 2,372 | 241 | +11.3% |
| Free cash flow | 1,321 | 2,068 | 746 | +56.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,532 | 1,947 | 10.0% | 1,460 | 2,373 | 1,412 | S100LQ3R |
| FY ending Mar 2021 | 16,187 | 1,348 | 8.3% | 427 | 1,634 | 608 | S100OG0O |
| FY ending Mar 2022 | 19,883 | 2,033 | 10.2% | 1,154 | 1,298 | 249 | S100R3DC |
| FY ending Mar 2023 | 21,558 | 1,297 | 6.0% | 1,118 | 666 | -372 | S100TR42 |
| FY ending Mar 2024 | 21,337 | 1,264 | 5.9% | 975 | 2,847 | 1,901 | S100W1VJ |
| FY ending Mar 2025 | 21,178 | 1,250 | 5.9% | 1,008 | 2,131 | 1,321 | S100YNM9 |
| FY ending Mar 2026 | 20,931 | 1,419 | 6.8% | 1,276 | 2,372 | 2,068 | S100YNM9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.6M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 513 | 570 | 595 | 589 | 572 |
| Average salary (parent company) | ¥5.8M | ¥5.7M | ¥5.6M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 39.6 years | 40.4 years | 40.5 years | 40.8 years | 41.1 years |
| Average tenure (parent company) | 14.4 years | 13.9 years | 14.2 years | 15.1 years | 15.9 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Special steel business | 18,515 | 88.5% | 320 | 1.7% |
| Real estate business | 2,416 | 11.5% | 1,098 | 45.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Special steel business | 88.5% | 22.6% | -65.9 | 1.7% |
| Real estate business | 11.5% | 77.4% | 65.9 | 45.5% |

Segment → industry: Special steel business → Steel / Real estate business → Real Estate Development & Leasing

## 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 | 2,372 | 11.3% | S100YNM9 |
| Capital expenditure | 304 | 1.5% | S100YNM9 |
| Free cash flow | 2,068 | 9.9% | 算出 |
| Investing cash flow | 108 | 0.5% | S100YNM9 |
| Financing cash flow | -270 | -1.3% | S100YNM9 |
| Dividends paid | 260 | 1.2% | S100YNM9 |
| Change in cash | 2,255 | 10.8% | S100YNM9 |
| Cash and equivalents | 10,610 | 50.7% | S100YNM9 |

## 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 | 5,790 | 5,139 | 7,323 | 8,355 | 10,610 | S100TR42, S100W1VJ, S100YNM9 |
| Total assets | 31,217 | 32,708 | 34,794 | 34,031 | 36,364 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Net assets | 25,315 | 26,271 | 27,570 | 27,921 | 29,465 | S100TR42, S100W1VJ, S100YNM9 |
| Share capital | 828 | 828 | 828 | 828 | 828 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Property, plant and equipment | 10,033 | 10,233 | 9,973 | 9,602 | 9,583 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Intangible assets excluding goodwill | 65 | 118 | 171 | 266 | 218 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Investment securities | 6,224 | 6,568 | 6,627 | 6,390 | 6,977 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Current assets | 14,449 | 15,346 | 17,607 | 17,413 | 19,320 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Current liabilities | 3,837 | 4,390 | 5,088 | 3,956 | 4,297 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Trade payables | 1,655 | 2,002 | 1,811 | 1,500 | 1,510 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Total liabilities | 5,902 | 6,437 | 7,224 | 6,111 | 6,898 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Equity attributable to owners of parent | 24,673 | 25,581 | 26,344 | 26,868 | 27,883 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Retained earnings | 23,303 | 24,211 | 24,974 | 25,711 | 26,727 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |
| Treasury stock | -18 | -18 | -18 | -232 | -232 | S100R3DC, S100TR42, S100W1VJ, S100YNM9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YNM9 |
| Property, plant and equipment | 26% | S100YNM9 |
| Intangibles and goodwill | 1% | S100YNM9 |
| Investment securities | 19% | S100YNM9 |
| Other assets | 25% | S100YNM9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YNM9 |
| Other liabilities | 15% | S100YNM9 |
| Equity | 81% | S100YNM9 |

### 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 | 31,217 | 32,708 | 34,794 | 34,031 | 36,364 |
| Equity | 25,315 | 26,271 | 27,570 | 27,921 | 29,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,790 | 5,139 | 7,323 | 8,355 | 10,610 |

## 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) | 45.8% | S100YNM9 |
| Fixed assets ÷ total assets | 26.4% | S100YNM9 |
| Goodwill ÷ parent equity | — | —, S100YNM9 |

### 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) | 29.2% |
| Cash ÷ revenue | 50.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 167.2% |
| Cash vs. profit gap | 1,096 JPY mn (of net income 85.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 12.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 4.6% |

## 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 | 5.8% | 0.64× | 3.7% | 1.27× | 4.7% | S100R3DC |
| 2023 | 5.2% | 0.67× | 3.5% | 1.27× | 4.5% | S100TR42 |
| 2024 | 4.6% | 0.63× | 2.9% | 1.30× | 3.8% | S100W1VJ |
| 2025 | 4.8% | 0.62× | 2.9% | 1.29× | 3.8% | S100YNM9 |
| 2026 | 6.1% | 0.59× | 3.6% | 1.29× | 4.7% | S100YNM9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大同特殊鋼株式会社 | Major shareholder | 34.3% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 10.1% | 2026-03-31 |
| 東京窯業株式会社 | Major shareholder | 8.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| UH Partners 3投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社七十七銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.7% | 2026-03-31 |
| 芝本産業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YNM9 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNM9,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W1VJ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1VJ,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TR42 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR42,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R3DC | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3DC,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OG0O | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG0O,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LQ3R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ3R,, |

## 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).