# TRINITY INDUSTRIAL 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92期(2025/04/01－2026/03/31) (S100YE9T)
> Page: https://vizora.meequs.com/en/company/trinity-industrial
> Retrieved: 2026-09-30T17:58:16.619Z

## Company

Trinity Industrial, founded in 1946, is a company in Auto Parts listed on TSE Standard. It has 957 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRINITY INDUSTRIAL CORPORATION |
| Ticker | 6382 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6382.T) |
| Listing | TSE Standard |
| Head office | 愛知県豊田市柿本町一丁目9番地 |
| Representative (per filing) | 取締役社長 飯田 基博 |
| Founded | Oct 1946 |
| Share capital | ¥1.31B |
| Employees (consolidated) | 957 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.trinityind.co.jp (https://www.trinityind.co.jp/) |
| Corporate number | 6180301021663 |
| EDINET | E01627 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YE9T, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.1 | 110 |
| Profitability | 52.9 | 122 |
| Cash conversion | 71.1 | 116 |
| Efficiency | 80.7 | 122 |

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 75% of Trinity Industrial's sales come from Equipment, with Automobile parts making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -3.1% from the prior year, operating profit -1.7%.

## Company structure

- Segment revenue mix: Equipment 75.4%、Automobile parts 24.6%
- Revenue → net income: ¥38960397000 → ¥2808121000
- Net income → operating cash flow: ¥2808121000 → ¥5094721000（difference ¥2286600000）
- Main uses of operating cash flow: CapEx ¥2886786000 / dividends ¥1063981000 / buybacks —
- Change in cash: ¥1958181000
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 | ¥39B |  |
| Operating income | ¥3.19B | Margin 8.2% |
| Net income | ¥2.69B | Margin 6.9% |
| Free cash flow | ¥2.21B |  |
| Largest business | Equipment | of segment revenue 75.4% |
| Employees (consolidated) | 957 |  |
| EPS | ¥189.69 |  |
| Book value per share | ¥1794.23 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 18,220,000 |  |
| Treasury shares | 2,085,246 |  |
| Shareholders | 3,537 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | +0.6 pp | Industrial Machinery |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35362006000 | ¥38960397000 | +10.2% |
| Operating income | ¥2378418000 | ¥3190866000 | +34.2% |
| Operating margin | 6.7% | 8.2% | +1.5 pp |
| Employees | 943 people | 957 people | +1.5% |
| Cash and equivalents | ¥10832575000 | ¥9992556000 | -7.8% |

### 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 |
| --- | ---: |
| 設備部門 → 設備部門 | 75.4% |
| 設備部門 → 事業再編・廃止 | 1.6% |
| 自動車部品部門 → 自動車部品部門 | 23.0% |
| 新設・再編 → 自動車部品部門 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,960 | 100.0% | S100YE9T |
| Cost of revenue | 30,377 | 78.0% | S100YE9T |
| Gross profit | 8,584 | 22.0% | S100YE9T |
| SG&A | 5,393 | 13.8% | S100YE9T |
| Operating income | 3,191 | 8.2% | S100YE9T |
| Ordinary income | 3,729 | 9.6% | S100YE9T |
| Pretax income | 3,729 | 9.6% | S100YE9T |
| Income tax | 921 | 2.4% | S100YE9T |
| Net income | 2,808 | 7.2% | S100YE9T |
| Net income attributable to owners | 2,689 | 6.9% | S100YE9T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.0% → Operating margin 8.2% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.1%; Core profit growth: -1.7%
Operating leverage (core profit growth ÷ revenue growth): 0.54×
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 | 40,217 | 38,960 | -1,257 | -3.1% |
| Gross profit | 8,255 | 8,584 | 328 | +4.0% |
| Operating income | 3,246 | 3,191 | -55 | -1.7% |
| Net income attributable to owners | 2,403 | 2,689 | 286 | +11.9% |
| Operating cash flow | -2,808 | 5,095 | 7,903 | — |
| Free cash flow | -7,064 | 2,208 | 9,272 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,749 | 2,645 | 7.2% | 1,942 | 3,225 | 2,502 | S100LQLC |
| FY ending Mar 2021 | 35,362 | 2,378 | 6.7% | 1,620 | 2,113 | 1,515 | S100OFJR |
| FY ending Mar 2022 | 34,162 | 1,933 | 5.7% | 1,813 | 2,109 | 894 | S100R34Y |
| FY ending Mar 2023 | 29,048 | 966 | 3.3% | 1,268 | 4,341 | 2,937 | S100TSHK |
| FY ending Mar 2024 | 36,993 | 2,795 | 7.6% | 2,059 | 3,619 | 2,658 | S100W1YQ |
| FY ending Mar 2025 | 40,217 | 3,246 | 8.1% | 2,403 | -2,808 | -7,064 | S100YE9T |
| FY ending Mar 2026 | 38,960 | 3,191 | 8.2% | 2,689 | 5,095 | 2,208 | S100YE9T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 964 | 962 | 957 | 952 | 957 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥5.9M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 40.8 years | 41.1 years | 41.3 years | 42.7 years | 41.9 years |
| Average tenure (parent company) | 15.6 years | 16.0 years | 16.2 years | 16.9 years | 16.6 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Equipment | 29,372 | 75.4% | 4,156 | 14.1% |
| Automobile parts | 9,588 | 24.6% | 1,060 | 11.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Equipment | 75.4% | 79.7% | 4.3 | 14.1% |
| Automobile parts | 24.6% | 20.3% | -4.3 | 11.1% |

Segment → industry: Automobile parts → Auto Parts / Equipment → Industrial Machinery

## 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 | 5,095 | 13.1% | S100YE9T |
| Capital expenditure | 2,887 | 7.4% | S100YE9T |
| Free cash flow | 2,208 | 5.7% | 算出 |
| Investing cash flow | -1,833 | -4.7% | S100YE9T |
| Financing cash flow | -1,378 | -3.5% | S100YE9T |
| Dividends paid | 1,064 | 2.7% | S100YE9T |
| Change in cash | 1,958 | 5.0% | S100YE9T |
| Cash and equivalents | 9,993 | 25.6% | S100YE9T |

## 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 | 11,065 | 13,893 | 16,235 | 8,034 | 9,993 | S100TSHK, S100W1YQ, S100YE9T |
| Total assets | 38,787 | 38,715 | 44,767 | 42,463 | 44,119 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Net assets | 27,557 | 27,959 | 31,018 | 32,880 | 35,236 | S100TSHK, S100W1YQ, S100YE9T |
| Share capital | 1,311 | 1,311 | 1,311 | 1,311 | 1,311 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Property, plant and equipment | 9,231 | 9,715 | 9,258 | 12,779 | 14,054 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Intangible assets excluding goodwill | 137 | 126 | 106 | 148 | 132 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Investment securities | 2,924 | 2,497 | 3,870 | 3,169 | 4,173 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Current assets | 25,461 | 26,148 | 31,169 | 25,699 | 25,004 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Current liabilities | 9,728 | 9,291 | 11,870 | 7,993 | 6,967 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Trade payables | 3,513 | 3,124 | 3,585 | 3,587 | 2,497 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Total liabilities | 11,230 | 10,756 | 13,750 | 9,583 | 8,883 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Non-controlling interests | 596 | 668 | 732 | 682 | 596 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Equity attributable to owners of parent | 25,682 | 26,144 | 27,749 | 29,452 | 31,103 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Retained earnings | 25,167 | 25,881 | 27,458 | 29,136 | 30,761 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |
| Treasury stock | -1,585 | -1,828 | -1,799 | -1,782 | -1,760 | S100R34Y, S100TSHK, S100W1YQ, S100YE9T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YE9T |
| Property, plant and equipment | 32% | S100YE9T |
| Intangibles and goodwill | 0% | S100YE9T |
| Investment securities | 9% | S100YE9T |
| Other assets | 36% | S100YE9T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YE9T |
| Other liabilities | 14% | S100YE9T |
| Equity | 80% | S100YE9T |
| Other liabilities | 0% | S100YE9T |

### 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 | 38,787 | 38,715 | 44,767 | 42,463 | 44,119 |
| Equity | 27,557 | 27,959 | 31,018 | 32,880 | 35,236 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,065 | 13,893 | 16,235 | 8,034 | 9,993 |

## 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) | 36.1% | S100YE9T |
| Fixed assets ÷ total assets | 31.9% | S100YE9T |
| Goodwill ÷ parent equity | — | —, S100YE9T |

### 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) | 22.6% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.7% |
| Cash vs. profit gap | 2,406 JPY mn (of net income 89.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.6% |
| Shareholder payments — dividends / FCF | 48.2% |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 36.0% |

## 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 | 5.3% | 0.88× | 4.7% | 1.51× | 7.1% | S100R34Y |
| 2023 | 4.4% | 0.75× | 3.3% | 1.50× | 4.9% | S100TSHK |
| 2024 | 5.6% | 0.89× | 4.9% | 1.55× | 7.6% | S100W1YQ |
| 2025 | 6.0% | 0.92× | 5.5% | 1.52× | 8.4% | S100YE9T |
| 2026 | 6.9% | 0.90× | 6.2% | 1.43× | 8.9% | S100YE9T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 36.5% | 2026-03-31 |
| 豊田通商株式会社 | Major shareholder | 3.6% | 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 | 2.4% | 2026-03-31 |
| 株式会社タナベスポーツ | Major shareholder | 1.9% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社河上澄夫商店 | Major shareholder | 1.5% | 2026-03-31 |
| 原田 義久 | Major shareholder | 1.4% | 2026-03-31 |
| 安冨 次子 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 1.2% | 2026-03-31 |
| トリニティ・グループ持株会 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YE9T | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE9T,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W1YQ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YQ,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TSHK | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSHK,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R34Y | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R34Y,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OFJR | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFJR,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LQLC | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQLC,, |

## 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).