# Topre 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131期(2025/04/01－2026/03/31) (S100YHLP)
> Page: https://vizora.meequs.com/en/company/topre
> Retrieved: 2026-09-30T20:25:12.290Z

## Company

Topre, founded in 1935, is a company in Auto Parts listed on TSE Prime. It has 6,860 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Topre Corporation |
| Ticker | 5975 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5975.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋三丁目12番2号 |
| Representative (per filing) | 代表取締役社長執行役員 山本 豊 |
| Founded | Apr 1935 |
| Share capital | ¥5.61B |
| Employees (consolidated) | 6,860 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.topre.co.jp (https://www.topre.co.jp/) |
| Corporate number | 4010001036658 |
| EDINET | E01382 |
| Industries (Vizora) | Auto Parts, Air Conditioning, Trucks & Buses |

> Profile source: annual securities report (S100YHLP, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.5 | 110 |
| Profitability | 82.4 | 111 |
| Cash conversion | 28.2 | 108 |
| Efficiency | 48.2 | 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 79% of Topre's sales come from Press-Related Products Businesses, with Constant Temperature Logistics Businesses and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -2.1%.

## Company structure

- Segment revenue mix: Press-Related Products Businesses 78.5%、Constant Temperature Logistics Businesses 17.4%、Other 4.1%
- Revenue → net income: ¥378815000000 → ¥18787000000
- Net income → operating cash flow: ¥18787000000 → ¥35162000000（difference ¥16375000000）
- Main uses of operating cash flow: CapEx ¥29965000000 / dividends ¥4519000000 / buybacks ¥2218000000
- Change in cash: ¥8224000000
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 | ¥378.8B |  |
| Operating income | ¥28B | Margin 7.4% |
| Net income | ¥18.6B | Margin 4.9% |
| Free cash flow | ¥5.2B |  |
| Largest business | Press-Related Products Businesses | of segment revenue 78.5% |
| Employees (consolidated) | 6,860 |  |
| EPS | ¥340.64 |  |
| Book value per share | ¥3308.51 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 54,021,824 |  |
| Treasury shares | 4,430,200 |  |
| Shareholders | 3,949 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | +2.6 pp | Auto Parts |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +26% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥214544000000 | ¥378815000000 | +76.6% |
| Operating income | ¥10833000000 | ¥28042000000 | +158.9% |
| Operating margin | 5.0% | 7.4% | +2.4 pp |
| Employees | 6,098 people | 6,860 people | +12.5% |
| Cash and equivalents | ¥39268000000 | ¥62204000000 | +58.4% |

### 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 |
| --- | ---: |
| プレス関連製品事業 → プレス関連製品事業 | 74.9% |
| 定温物流関連事業 → 定温物流関連事業 | 17.4% |
| 定温物流関連事業 → 事業再編・廃止 | 3.5% |
| その他 → その他 | 4.1% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → プレス関連製品事業 | 3.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Press-Related Products Businesses | 5 years | +13.1% | ¥297486000000 | 5.6% | 2 |
| Constant Temperature Logistics Businesses | 5 years | +8.0% | ¥65855000000 | 14.8% | 2 |
| Other | 5 years | +11.0% | ¥15473000000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 378,815 | 100.0% | S100YHLP |
| Cost of revenue | 331,218 | 87.4% | S100YHLP |
| Gross profit | 47,597 | 12.6% | S100YHLP |
| SG&A | 19,555 | 5.2% | S100YHLP |
| Operating income | 28,042 | 7.4% | S100YHLP |
| Ordinary income | 35,780 | 9.4% | S100YHLP |
| Pretax income | 29,746 | 7.9% | S100YHLP |
| Income tax | 10,958 | 2.9% | S100YHLP |
| Net income | 18,787 | 5.0% | S100YHLP |
| Net income attributable to owners | 18,561 | 4.9% | S100YHLP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 5 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 12.6% → Operating margin 7.4% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -2.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.51×
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 | 373,568 | 378,815 | 5,247 | +1.4% |
| Gross profit | 47,337 | 47,597 | 260 | +0.5% |
| Operating income | 28,648 | 28,042 | -606 | -2.1% |
| Net income attributable to owners | 14,143 | 18,561 | 4,418 | +31.2% |
| Operating cash flow | 52,246 | 35,162 | -17,084 | -32.7% |
| Free cash flow | 19,234 | 5,197 | -14,037 | -73.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 213,591 | 13,827 | 6.5% | 8,435 | 21,545 | -24,823 | S100LP60 |
| FY ending Mar 2021 | 214,544 | 10,833 | 5.0% | 12,559 | 24,718 | -9,836 | S100OKUQ |
| FY ending Mar 2022 | 233,601 | 6,853 | 2.9% | 10,998 | 38,604 | 16,603 | S100R7CT |
| FY ending Mar 2023 | 290,416 | 7,330 | 2.5% | 10,009 | 25,234 | 7,473 | S100TVY2 |
| FY ending Mar 2024 | 354,922 | 22,406 | 6.3% | 17,099 | 38,771 | 16,225 | S100W2OJ |
| FY ending Mar 2025 | 373,568 | 28,648 | 7.7% | 14,143 | 52,246 | 19,234 | S100YHLP |
| FY ending Mar 2026 | 378,815 | 28,042 | 7.4% | 18,561 | 35,162 | 5,197 | S100YHLP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.2M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 5,959 | 6,402 | 6,834 | 6,938 | 6,860 |
| Average salary (parent company) | ¥5.7M | ¥6.2M | ¥6.8M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 38.5 years | 39.1 years | 39.5 years | 39.3 years | 39.4 years |
| Average tenure (parent company) | 15.0 years | 15.5 years | 15.6 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Press-Related Products Businesses | 297,486 | 78.5% | 16,695 | 5.6% |
| Constant Temperature Logistics Businesses | 65,855 | 17.4% | 9,772 | 14.8% |
| Other | 15,473 | 4.1% | 1,580 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Press-Related Products Businesses | 78.5% | 59.5% | -19.0 | 5.6% |
| Constant Temperature Logistics Businesses | 17.4% | 34.8% | 17.5 | 14.8% |
| Other | 4.1% | 5.6% | 1.5 | 10.2% |

Segment → industry: Press-Related Products Businesses → Auto Parts / Other → Air Conditioning / Constant Temperature Logistics Businesses → Trucks & Buses

## 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 | 35,162 | 9.3% | S100YHLP |
| Capital expenditure | 29,965 | 7.9% | S100YHLP |
| Free cash flow | 5,197 | 1.4% | 算出 |
| Investing cash flow | -16,600 | -4.4% | S100YHLP |
| Financing cash flow | -12,069 | -3.2% | S100YHLP |
| Dividends paid | 4,519 | 1.2% | S100YHLP |
| Share buyback | 2,218 | 0.6% | S100YHLP |
| Change in cash | 8,224 | 2.2% | S100YHLP |
| Cash and equivalents | 62,204 | 16.4% | S100YHLP |

## 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 | 49,892 | 48,955 | 51,426 | 53,997 | 62,204 | S100TVY2, S100W2OJ, S100YHLP |
| Total assets | 320,013 | 339,376 | 365,525 | 371,086 | 389,387 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Net assets | 180,465 | 194,551 | 216,726 | 223,257 | 247,283 | S100TVY2, S100W2OJ, S100YHLP |
| Share capital | 5,610 | 5,610 | 5,610 | 5,610 | 5,610 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Trade receivables | 47,257 | 59,830 | 66,849 | 60,016 | 60,161 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Property, plant and equipment | 159,256 | 159,085 | 163,237 | 164,935 | 172,036 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Intangible assets excluding goodwill | 5,341 | 4,503 | 4,536 | 1,793 | 1,375 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Investment securities | 14,010 | 15,773 | 19,597 | 19,610 | 22,388 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Current assets | 133,419 | 147,598 | 168,498 | 173,927 | 180,268 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Current liabilities | 87,618 | 100,318 | 118,438 | 108,414 | 95,586 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Trade payables | 45,287 | 58,303 | 61,537 | 62,062 | 56,049 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Short-term borrowings | 3,015 | 2,500 | 2,500 | — | — | S100R7CT, S100TVY2, S100W2OJ |
| Long-term borrowings | 16,042 | 7,384 | 12,395 | 21,520 | 20,793 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Bonds | 30,000 | 30,000 | 10,000 | 10,000 | 15,500 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Interest-bearing debt | 49,057 | 39,884 | 24,895 | — | — | 算出 |
| Total liabilities | 139,547 | 144,824 | 148,799 | 147,829 | 142,103 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Non-controlling interests | 3,720 | 3,454 | 3,482 | 3,606 | 3,821 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Equity attributable to owners of parent | 164,699 | 173,993 | 186,059 | 195,749 | 207,952 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Retained earnings | 155,773 | 164,730 | 179,462 | 190,288 | 204,705 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |
| Treasury stock | -1,130 | -1,082 | -3,913 | -5,065 | -7,278 | S100R7CT, S100TVY2, S100W2OJ, S100YHLP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHLP |
| Receivables | 16% | S100YHLP |
| Property, plant and equipment | 44% | S100YHLP |
| Intangibles and goodwill | 0% | S100YHLP |
| Investment securities | 6% | S100YHLP |
| Other assets | 18% | S100YHLP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YHLP |
| Other liabilities | 22% | S100YHLP |
| Equity | 64% | S100YHLP |
| Other liabilities | 0% | S100YHLP |

### 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 | 320,013 | 339,376 | 365,525 | 371,086 | 389,387 |
| Equity | 180,465 | 194,551 | 216,726 | 223,257 | 247,283 |
| Interest-bearing debt | 49,057 | 39,884 | 24,895 | — | — |
| Cash | 49,892 | 48,955 | 51,426 | 53,997 | 62,204 |

## 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) | 45.4% | S100YHLP |
| Fixed assets ÷ total assets | 44.2% | S100YHLP |
| Goodwill ÷ parent equity | — | —, S100YHLP |

### 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) | 16.0% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.4% |
| Cash vs. profit gap | 16,601 JPY mn (of net income 89.4%) |
| Shareholder returns / net income | 36.3% |
| Shareholder returns / FCF | 129.6% |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 87.0% |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 47.2% |

## 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 | 4.7% | 0.73× | 3.4% | 1.94× | 6.7% | S100R7CT |
| 2023 | 3.4% | 0.88× | 3.0% | 1.95× | 5.9% | S100TVY2 |
| 2024 | 4.8% | 1.01× | 4.9% | 1.96× | 9.5% | S100W2OJ |
| 2025 | 3.8% | 1.01× | 3.8% | 1.93× | 7.4% | S100YHLP |
| 2026 | 4.9% | 1.00× | 4.9% | 1.88× | 9.2% | S100YHLP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 12.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 9.8% | 2026-03-31 |
| 石井直子 | Major shareholder | 5.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 東プレ取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| 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 | 2.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥378.8B, up 1.4% from ¥373.6B.
- Operating income slipped 2.1%, from ¥28.6B to ¥28B.
- Net income attributable to owners rose 31.2%, from ¥14.1B to ¥18.6B.
- Operating cash flow fell to ¥35.2B (-32.7%), and free cash flow shrank to ¥5.2B (-73.0%).

### Drivers

- Refrigerated truck sales held up well, with mid-size trucks in particular selling more
- Lower volumes in Japan for the press-related business pulled operating income down
- A foreign exchange loss last year turned into an exchange gain this year, lifting net income; an impairment loss offset part of that
- A drop in trade payables was one of the items that reduced operating cash flow

### Risks

- The company sees high prices for steel and other materials as a problem that will not ease soon
- Overseas plants in the US, Mexico, China and elsewhere are exposed to local economies, car sales, regulation and currency moves
- A cyberattack could cause data leaks or system outages, halting work and adding recovery costs

Cited: Annual Securities Report (131st term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (131st term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第131期(2025/04/01－2026/03/31) | S100YHLP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHLP,, |
| 有価証券報告書－第130期(2024/04/01－2025/03/31) | S100W2OJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OJ,, |
| 有価証券報告書－第129期(2023/04/01－2024/03/31) | S100TVY2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVY2,, |
| 有価証券報告書－第128期(2022/04/01－2023/03/31) | S100R7CT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7CT,, |
| 有価証券報告書－第127期(令和3年4月1日－令和4年3月31日) | S100OKUQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKUQ,, |
| 有価証券報告書－第126期(令和2年4月1日－令和3年3月31日) | S100LP60 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP60,, |

## 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).