# TOKYO ROPE 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227期(2025/04/01－2026/03/31) (S100YJJW)
> Page: https://vizora.meequs.com/en/company/tokyo-rope-mfg
> Retrieved: 2026-09-30T18:27:06.784Z

## Company

Tokyo Rope MFG. is a company in Steel listed on TSE Prime. It has 1,430 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO ROPE MFG. CO., LTD. |
| Ticker | 5981 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5981.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区永代2丁目37番28号 |
| Representative (per filing) | 代表取締役社長 原田英幸 |
| Share capital | ¥1B |
| Employees (consolidated) | 1,430 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.tokyorope.co.jp (https://www.tokyorope.co.jp/) |
| Corporate number | 7010001034997 |
| EDINET | E01378 |
| Industries (Vizora) | Steel, Disaster Prevention & Infrastructure Maintenance, Industrial Machinery, Real Estate Development & Leasing, Electric Power & Gas |

> Profile source: annual securities report (S100YJJW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.6 | 33 |
| Profitability | 87.1 | 35 |
| Cash conversion | 17.7 | 31 |
| Efficiency | 47.1 | 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 44% of Tokyo Rope MFG.'s sales come from Steel cable and wire related, with Development products related and Energy and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +35.3%.

## Company structure

- Segment revenue mix: Steel cable and wire related 44.0%、Development products related 31.0%、Energy and Real estate related 10.6%、Steel code related 7.4%、Industrial machinery related 6.9%
- Revenue → net income: ¥64094000000 → ¥3481000000
- Net income → operating cash flow: ¥3481000000 → ¥5385000000（difference ¥1904000000）
- Main uses of operating cash flow: CapEx ¥2287000000 / dividends ¥1392000000 / buybacks ¥300000000
- Change in cash: ¥1046000000
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 | ¥64.1B |  |
| Operating income | ¥4.85B | Margin 7.6% |
| Net income | ¥3.48B | Margin 5.4% |
| Free cash flow | ¥3.1B |  |
| Largest business | Steel cable and wire related | of segment revenue 44.0% |
| Employees (consolidated) | 1,430 |  |
| EPS | ¥127.33 |  |
| Book value per share | ¥1578.04 |  |
| Equity ratio | 46.2% |  |
| Treasury shares | 731,100 |  |
| Shareholders | 7,454 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +4.1 pp | Steel |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 35%
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59183000000 | ¥64094000000 | +8.3% |
| Operating income | ¥700000000 | ¥4849000000 | +592.7% |
| Operating margin | 1.2% | 7.6% | +6.4 pp |
| Employees | 1,589 people | 1,430 people | -10.0% |
| Cash and equivalents | ¥6086000000 | ¥7064000000 | +16.1% |

### 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 |
| --- | ---: |
| 鋼索鋼線関連 → 鋼索鋼線関連 | 43.4% |
| スチールコード関連 → スチールコード関連 | 7.4% |
| スチールコード関連 → 事業再編・廃止 | 5.2% |
| 開発製品関連 → 開発製品関連 | 29.8% |
| 産業機械関連 → 産業機械関連 | 5.4% |
| エネルギー不動産関連 → エネルギー不動産関連 | 8.8% |
| 新設・再編 → 鋼索鋼線関連 | 0.6% |
| 新設・再編 → 開発製品関連 | 1.2% |
| 新設・再編 → 産業機械関連 | 1.5% |
| 新設・再編 → エネルギー不動産関連 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel cable and wire related | 5 years | +1.9% | ¥28229000000 | 9.0% | 2 |
| Development products related | 5 years | +2.4% | ¥19869000000 | 11.0% | 2 |
| Energy and Real estate related | 5 years | +5.4% | ¥6794000000 | 6.9% | 2 |
| Steel code related | 5 years | -8.6% | ¥4750000000 | -12.8% | 2 |
| Industrial machinery related | 5 years | +6.8% | ¥4451000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,094 | 100.0% | S100YJJW |
| Cost of revenue | 48,753 | 76.1% | S100YJJW |
| Gross profit | 15,341 | 23.9% | S100YJJW |
| SG&A | 10,491 | 16.4% | S100YJJW |
| Operating income | 4,849 | 7.6% | S100YJJW |
| Ordinary income | 5,136 | 8.0% | S100YJJW |
| Pretax income | 4,056 | 6.3% | S100YJJW |
| Income tax | 574 | 0.9% | S100YJJW |
| Net income | 3,481 | 5.4% | S100YJJW |
| Net income attributable to owners | 3,481 | 5.4% | S100YJJW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.9% → Operating margin 7.6% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +35.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.06×
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 | 62,867 | 64,094 | 1,227 | +2.0% |
| Gross profit | 13,852 | 15,341 | 1,489 | +10.7% |
| Operating income | 3,585 | 4,849 | 1,264 | +35.3% |
| Net income attributable to owners | 3,247 | 3,481 | 234 | +7.2% |
| Operating cash flow | 2,416 | 5,385 | 2,969 | +122.9% |
| Free cash flow | 560 | 3,098 | 2,538 | +453.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 63,090 | 319 | 0.5% | -2,434 | 559 | -2,058 | S100LQ97 |
| FY ending Mar 2021 | 59,183 | 700 | 1.2% | 408 | 2,834 | 1,206 | S100OHJ2 |
| FY ending Mar 2022 | 63,780 | 1,621 | 2.5% | 1,306 | 1,915 | 601 | S100R6Z0 |
| FY ending Mar 2023 | 67,135 | 3,305 | 4.9% | 3,783 | 3,126 | 1,553 | S100TTTU |
| FY ending Mar 2024 | 64,231 | 3,901 | 6.1% | 2,040 | 3,432 | 2,112 | S100W5M9 |
| FY ending Mar 2025 | 62,867 | 3,585 | 5.7% | 3,247 | 2,416 | 560 | S100YJJW |
| FY ending Mar 2026 | 64,094 | 4,849 | 7.6% | 3,481 | 5,385 | 3,098 | S100YJJW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.8M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 1,561 | 1,519 | 1,488 | 1,450 | 1,430 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥6M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 41.2 years | 41.4 years | 40.8 years | 42.7 years | 43.4 years |
| Average tenure (parent company) | 15.0 years | 15.3 years | 15.4 years | 15.2 years | 15.5 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel cable and wire related | 28,229 | 44.0% | 2,533 | 9.0% |
| Steel code related | 4,750 | 7.4% | -606 | -12.8% |
| Development products related | 19,869 | 31.0% | 2,178 | 11.0% |
| Industrial machinery related | 4,451 | 6.9% | 275 | 6.2% |
| Energy and Real estate related | 6,794 | 10.6% | 467 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel cable and wire related | 44.0% | 46.5% | 2.4 | 9.0% |
| Steel code related | 7.4% | — | — | -12.8% |
| Development products related | 31.0% | 39.9% | 8.9 | 11.0% |
| Industrial machinery related | 6.9% | 5.0% | -1.9 | 6.2% |
| Energy and Real estate related | 10.6% | 8.6% | -2.0 | 6.9% |

Loss-making segment (excluded from profit shares): Steel code related -606 JPY mn

Segment → industry: Steel cable and wire related → Steel / Steel code related → Steel / Development products related → Disaster Prevention & Infrastructure Maintenance / Industrial machinery related → Industrial Machinery / Energy and Real estate related → Real Estate Development & Leasing / Energy and Real estate related → Electric Power & Gas

## 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 | 5,385 | 8.4% | S100YJJW |
| Capital expenditure | 2,287 | 3.6% | S100YJJW |
| Free cash flow | 3,098 | 4.8% | 算出 |
| Investing cash flow | -1,660 | -2.6% | S100YJJW |
| Financing cash flow | -2,690 | -4.2% | S100YJJW |
| Dividends paid | 1,392 | 2.2% | S100YJJW |
| Share buyback | 300 | 0.5% | S100YJJW |
| Change in cash | 1,046 | 1.6% | S100YJJW |
| Cash and equivalents | 7,064 | 11.0% | S100YJJW |

## 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 | 4,425 | 5,730 | 4,939 | 5,962 | 7,064 | S100TTTU, S100W5M9, S100YJJW |
| Total assets | 83,725 | 88,753 | 85,844 | 87,369 | 89,071 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Net assets | 26,145 | 31,298 | 34,568 | 36,685 | 41,191 | S100TTTU, S100W5M9, S100YJJW |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Property, plant and equipment | 31,732 | 31,890 | 29,543 | 29,840 | 28,921 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Intangible assets excluding goodwill | 434 | 477 | 476 | 433 | 372 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Investment securities | 5,947 | 7,359 | 8,509 | 7,177 | 9,269 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Current assets | 37,500 | 40,592 | 39,390 | 40,509 | 41,585 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Current liabilities | 26,953 | 34,139 | 31,174 | 34,771 | 29,607 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Trade payables | 12,435 | 12,997 | 8,284 | 6,989 | 6,612 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Short-term borrowings | 5,377 | 12,875 | 12,867 | 18,426 | 13,531 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Long-term borrowings | 19,844 | 12,739 | 9,835 | 5,243 | 9,254 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Total liabilities | 57,579 | 57,454 | 51,276 | 50,683 | 47,880 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Non-controlling interests | 643 | 255 | — | — | — | S100R6Z0, S100TTTU |
| Equity attributable to owners of parent | 15,352 | 18,589 | 19,980 | 22,315 | 24,293 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Retained earnings | 13,566 | 16,999 | 18,570 | 21,180 | 23,438 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |
| Treasury stock | -283 | -469 | -653 | -929 | -1,211 | S100R6Z0, S100TTTU, S100W5M9, S100YJJW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJJW |
| Property, plant and equipment | 33% | S100YJJW |
| Intangibles and goodwill | 0% | S100YJJW |
| Investment securities | 10% | S100YJJW |
| Other assets | 49% | S100YJJW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJJW |
| Other liabilities | 46% | S100YJJW |
| Equity | 46% | S100YJJW |

### 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 | 83,725 | 88,753 | 85,844 | 87,369 | 89,071 |
| Equity | 26,145 | 31,298 | 34,568 | 36,685 | 41,191 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,425 | 5,730 | 4,939 | 5,962 | 7,064 |

## 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) | 45.1% | S100YJJW |
| Fixed assets ÷ total assets | 32.5% | S100YJJW |
| Goodwill ÷ parent equity | — | —, S100YJJW |

### 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) | 7.9% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.1% |
| Cash vs. profit gap | 1,904 JPY mn (of net income 54.7%) |
| Shareholder returns / net income | 48.6% |
| Shareholder returns / FCF | 54.6% |
| Shareholder payments — dividends / net income | 40.0% |
| Shareholder payments — dividends / FCF | 44.9% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 30.8% |

## 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% | 0.76× | 1.6% | 5.45× | 8.5% | S100R6Z0 |
| 2023 | 5.6% | 0.78× | 4.4% | 5.08× | 22.3% | S100TTTU |
| 2024 | 3.2% | 0.74× | 2.3% | 4.53× | 10.6% | S100W5M9 |
| 2025 | 5.2% | 0.73× | 3.7% | 4.10× | 15.4% | S100YJJW |
| 2026 | 5.4% | 0.73× | 3.9% | 3.79× | 14.9% | S100YJJW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 15.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 東京ロープ共栄会 | Major shareholder | 3.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.9% | 2026-03-31 |
| OKASAN INTERNATIONAL (ASIA) LIMITED A/C CLIENT（常任代理人 岡三証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ハイレックスコーポレーション | Major shareholder | 2.6% | 2026-03-31 |
| KSD-NH（常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.5% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第227期(2025/04/01－2026/03/31) | S100YJJW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJJW,, |
| 有価証券報告書－第226期(2024/04/01－2025/03/31) | S100W5M9 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5M9,, |
| 有価証券報告書－第225期(2023/04/01－2024/03/31) | S100TTTU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTTU,, |
| 有価証券報告書－第224期(2022/04/01－2023/03/31) | S100R6Z0 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6Z0,, |
| 有価証券報告書－第223期(令和3年4月1日－令和4年3月31日) | S100OHJ2 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHJ2,, |
| 有価証券報告書－第222期(令和2年4月1日－令和3年3月31日) | S100LQ97 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ97,, |

## 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).