# TOKYO RADIATOR 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122期(2025/04/01－2026/03/31) (S100YG1L)
> Page: https://vizora.meequs.com/en/company/tokyo-radiator-mfg
> Retrieved: 2026-09-30T22:48:02.191Z

## Company

Tokyo Radiator MFG., founded in 1938, is a company in Auto Parts listed on TSE Standard. It has 816 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO RADIATOR MFG.CO.,LTD. |
| Ticker | 7235 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7235.T) |
| Listing | TSE Standard |
| Head office | 神奈川県藤沢市遠藤2002番地1 |
| Representative (per filing) | 代表取締役社長 木村 裕哲 |
| Founded | Oct 1938 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 816 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.tokyo-radiator.co.jp (https://www.tokyo-radiator.co.jp/) |
| Corporate number | 6021001002556 |
| EDINET | E02158 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YG1L, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.2 | 110 |
| Profitability | 72.5 | 111 |
| Cash conversion | 6 | 108 |
| Efficiency | 63.5 | 111 |

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 82% of Tokyo Radiator MFG.'s sales come from Japan, with China and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +37.5%.

## Company structure

- Segment revenue mix: Japan 82.1%、China 9.7%、Asia 8.3%
- Revenue → net income: ¥35382680000 → ¥2121133000
- Net income → operating cash flow: ¥2121133000 → ¥1711242000（difference ¥-409891000）
- Main uses of operating cash flow: CapEx ¥982928000 / dividends ¥582790000 / buybacks ¥80000
- Change in cash: ¥-981118000
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 | ¥35.4B |  |
| Operating income | ¥2.36B | Margin 6.7% |
| Net income | ¥2.04B | Margin 5.8% |
| Free cash flow | ¥728.3M |  |
| Largest business | Japan | of segment revenue 82.1% |
| Employees (consolidated) | 816 |  |
| EPS | ¥246.49 |  |
| Book value per share | ¥1627.75 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 10,400,000 |  |
| Treasury shares | 878,600 |  |
| Shareholders | 6,343 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +1.9 pp | Auto Parts |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, employees -5% while operating income rose 38%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25996144000 | ¥35382680000 | +36.1% |
| Operating income | ¥122064000 | ¥2358173000 | +1831.9% |
| Operating margin | 0.5% | 6.7% | +6.2 pp |
| Employees | 886 people | 816 people | -7.9% |
| Cash and equivalents | ¥7997119000 | ¥5716070000 | -28.5% |

### 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 | 76.0% |
| 中国 → 中国 | 9.7% |
| 中国 → 事業再編・廃止 | 8.1% |
| アジア → アジア | 6.3% |
| 新設・再編 → 日本 | 6.1% |
| 新設・再編 → アジア | 1.9% |

Segment revenue source references: 6 (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 | +8.0% | ¥29038467000 | 5.8% | 2 |
| China | 5 years | -5.8% | ¥3422039000 | 13.4% | 2 |
| Asia | 5 years | +12.2% | ¥2922174000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,383 | 100.0% | S100YG1L |
| Cost of revenue | 30,017 | 84.8% | S100YG1L |
| Gross profit | 5,366 | 15.2% | S100YG1L |
| SG&A | 3,008 | 8.5% | S100YG1L |
| Operating income | 2,358 | 6.7% | S100YG1L |
| Ordinary income | 2,542 | 7.2% | S100YG1L |
| Pretax income | 2,403 | 6.8% | S100YG1L |
| Income tax | 282 | 0.8% | S100YG1L |
| Net income | 2,121 | 6.0% | S100YG1L |
| Net income attributable to owners | 2,039 | 5.8% | S100YG1L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 15.2% → Operating margin 6.7% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +37.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.66×
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 | 34,060 | 35,383 | 1,322 | +3.9% |
| Gross profit | 4,692 | 5,366 | 674 | +14.4% |
| Operating income | 1,715 | 2,358 | 643 | +37.5% |
| Net income attributable to owners | 1,423 | 2,039 | 616 | +43.3% |
| Operating cash flow | 2,253 | 1,711 | -542 | -24.1% |
| Free cash flow | 1,358 | 728 | -630 | -46.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,899 | 717 | 2.5% | 91 | 1,234 | -431 | S100LQ2R |
| FY ending Mar 2021 | 25,996 | 122 | 0.5% | 106 | 1,181 | -18 | S100OJT7 |
| FY ending Mar 2022 | 26,989 | -93 | -0.3% | -801 | -181 | -1,848 | S100R8ED |
| FY ending Mar 2023 | 31,785 | 823 | 2.6% | -719 | 3,503 | 2,454 | S100TUM5 |
| FY ending Mar 2024 | 33,401 | 1,398 | 4.2% | 1,681 | 1,344 | 253 | S100W447 |
| FY ending Mar 2025 | 34,060 | 1,715 | 5.0% | 1,423 | 2,253 | 1,358 | S100YG1L |
| FY ending Mar 2026 | 35,383 | 2,358 | 6.7% | 2,039 | 1,711 | 728 | S100YG1L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.4M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 887 | 901 | 879 | 857 | 816 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.6M | ¥6.6M | ¥7.2M |
| Average age (parent company) | 41.6 years | 42.3 years | 42.7 years | 42.8 years | 43.4 years |
| Average tenure (parent company) | 15.9 years | 16.1 years | 17.3 years | 16.8 years | 17.5 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29,038 | 82.1% | 1,680 | 5.8% |
| China | 3,422 | 9.7% | 459 | 13.4% |
| Asia | 2,922 | 8.3% | 182 | 6.2% |

### 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 | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 82.1% | 72.4% | -9.7 | 5.8% |
| China | 9.7% | 19.8% | 10.1 | 13.4% |
| Asia | 8.3% | 7.9% | -0.4 | 6.2% |

Segment → industry: Asia → Auto Parts / China → Auto Parts / Japan → 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 | 1,711 | 4.8% | S100YG1L |
| Capital expenditure | 983 | 2.8% | S100YG1L |
| Free cash flow | 728 | 2.1% | 算出 |
| Investing cash flow | -2,038 | -5.8% | S100YG1L |
| Financing cash flow | -737 | -2.1% | S100YG1L |
| Dividends paid | 583 | 1.6% | S100YG1L |
| Share buyback | 0 | 0.0% | S100YG1L |
| Change in cash | -981 | -2.8% | S100YG1L |
| Cash and equivalents | 5,716 | 16.2% | S100YG1L |

## 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 | 6,487 | 5,214 | 5,177 | 6,697 | 5,716 | S100TUM5, S100W447, S100YG1L |
| Total assets | 31,641 | 29,168 | 31,629 | 32,918 | 33,439 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Net assets | 23,350 | 19,149 | 21,903 | 23,951 | 26,100 | S100TUM5, S100W447, S100YG1L |
| Share capital | 1,318 | 1,318 | 1,318 | 1,318 | 1,318 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Property, plant and equipment | 9,269 | 9,408 | 9,221 | 8,754 | 8,467 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Intangible assets excluding goodwill | 244 | 203 | 154 | 184 | 191 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Investment securities | 1,237 | 1,286 | 1,783 | 1,807 | 2,064 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Current assets | 20,686 | 18,150 | 19,889 | 21,122 | 21,293 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Current liabilities | 7,327 | 8,764 | 8,491 | 7,687 | 6,058 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Trade payables | 3,082 | 3,178 | 2,889 | 3,127 | 2,861 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Total liabilities | 8,291 | 10,019 | 9,726 | 8,967 | 7,340 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Non-controlling interests | 1,711 | 1,833 | 1,960 | 1,990 | 2,034 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Equity attributable to owners of parent | 19,767 | 15,233 | 16,755 | 17,958 | 19,497 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Retained earnings | 17,676 | 16,842 | 18,364 | 16,576 | 18,032 | S100R8ED, S100TUM5, S100W447, S100YG1L |
| Treasury stock | -5 | -3,705 | -3,705 | -714 | -648 | S100R8ED, S100TUM5, S100W447, S100YG1L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YG1L |
| Property, plant and equipment | 25% | S100YG1L |
| Intangibles and goodwill | 1% | S100YG1L |
| Investment securities | 6% | S100YG1L |
| Other assets | 51% | S100YG1L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YG1L |
| Other liabilities | 13% | S100YG1L |
| Equity | 78% | S100YG1L |
| Other liabilities | 0% | S100YG1L |

### 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 | 31,641 | 29,168 | 31,629 | 32,918 | 33,439 |
| Equity | 23,350 | 19,149 | 21,903 | 23,951 | 26,100 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,487 | 5,214 | 5,177 | 6,697 | 5,716 |

## 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) | 23.9% | S100YG1L |
| Fixed assets ÷ total assets | 25.3% | S100YG1L |
| Goodwill ÷ parent equity | — | —, S100YG1L |

### 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) | 17.1% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.6% |
| Cash vs. profit gap | -327 JPY mn (of net income -16.1%) |
| Shareholder returns / net income | 28.6% |
| Shareholder returns / FCF | 80.0% |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | 80.0% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 119.1% |

## 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 | — | —× | -2.5% | —× | — | S100R8ED |
| 2023 | — | —× | -2.4% | —× | — | S100TUM5 |
| 2024 | 5.0% | 1.10× | 5.5% | 1.90× | 10.5% | S100W447 |
| 2025 | 4.2% | 1.06× | 4.4% | 1.86× | 8.2% | S100YG1L |
| 2026 | 5.8% | 1.07× | 6.1% | 1.77× | 10.9% | S100YG1L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| マレリ株式会社 | Major shareholder | 12.1% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 山崎金属産業株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 佐藤商事株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 日色 隆善 | Major shareholder | 4.9% | 2026-03-31 |
| 合同会社フルーエ | Major shareholder | 3.3% | 2026-03-31 |
| 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 | 3.1% | 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 | 2.6% | 2026-03-31 |
| 東京ラヂエーター製造 取引先持株会 | Major shareholder | 2.1% | 2026-03-31 |
| ＥＵＲＯＰＥＡＮ ＤＥＰＯＳＩＴＡＲＹ ＢＡＮＫ ＳＡ－ＤＵＢＬＩＮ － ＢＵＴＴＥＲＭＥＲＥ ＤＥＥＰ ＶＡＬＵＥ ＦＵＮＤ ＬＩＭＩＴＥＤ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YG1L | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG1L,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W447 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W447,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TUM5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUM5,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R8ED | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8ED,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OJT7 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJT7,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LQ2R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ2R,, |

## 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).