# TS TECH CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YCXB)
> Page: https://vizora.meequs.com/en/company/ts-tech
> Retrieved: 2026-09-30T18:04:16.069Z

## Company

TS Tech, founded in 1948, is a company in Auto Parts listed on TSE Prime. It has 13,558 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TS TECH CO., LTD. |
| Ticker | 7313 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7313.T) |
| Listing | TSE Prime |
| Head office | 埼玉県朝霞市栄町三丁目7番27号 |
| Representative (per filing) | 代表取締役 社長 鳥羽英二 |
| Founded | Aug 1948 |
| Share capital | ¥4.7B |
| Employees (consolidated) | 13,558 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.tstech.co.jp (https://www.tstech.co.jp/) |
| Corporate number | 8030001044928 |
| EDINET | E02380 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YCXB, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.8 | 110 |
| Profitability | 15.8 | 111 |
| Cash conversion | 72.7 | 108 |
| Efficiency | 58.1 | 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 59% of TS Tech's sales come from Americas, with Japan and China making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.0% from the prior year, operating profit -37.1%.

## Company structure

- Segment revenue mix: Americas 59.0%、Japan 20.1%、China 12.1%、Asia and Europe 8.9%
- Revenue → net income: ¥442316000000 → ¥9658000000
- Net income → operating cash flow: ¥9658000000 → ¥22607000000（difference ¥12949000000）
- Main uses of operating cash flow: CapEx ¥22204000000 / dividends ¥10352000000 / buybacks ¥4999000000
- Change in cash: ¥-19032000000
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 | ¥442.3B |  |
| Operating income | ¥10.3B | Margin 2.3% |
| Net income | ¥7.13B | Margin 1.6% |
| Free cash flow | ¥403M |  |
| Largest business | Americas | of segment revenue 59.0% |
| Employees (consolidated) | 13,558 |  |
| EPS | ¥60.37 |  |
| Book value per share | ¥1214.1 |  |
| Equity ratio | 73.3% | Derived from disclosed figures |
| Shares outstanding | 124,000,000 |  |
| Treasury shares | 6,895,400 |  |
| Shareholders | 55,348 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | -2.4 pp | Auto Parts |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, segment profit share differs by -51 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥346149000000 | ¥442316000000 | +27.8% |
| Operating income | ¥26742000000 | ¥10325000000 | -61.4% |
| Operating margin | 7.7% | 2.3% | -5.4 pp |
| Employees | 15,444 people | 13,558 people | -12.2% |
| Cash and equivalents | ¥153034000000 | ¥92602000000 | -39.5% |

### 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 | 16.9% |
| 米州 → 米州 | 40.9% |
| 中国 → 中国 | 12.1% |
| 中国 → 事業再編・廃止 | 20.8% |
| アジア・欧州 → アジア・欧州 | 8.9% |
| アジア・欧州 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 日本 | 3.2% |
| 新設・再編 → 米州 | 18.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Americas | 5 years | +13.0% | ¥260815000000 | 0.6% | 2 |
| Japan | 5 years | +8.7% | ¥88812000000 | 10.8% | 2 |
| China | 5 years | -14.0% | ¥53541000000 | 12.6% | 2 |
| Asia and Europe | 5 years | +3.8% | ¥39146000000 | -1.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 442,316 | 100.0% | S100YCXB |
| Cost of revenue | 387,874 | 87.7% | S100YCXB |
| Gross profit | 54,441 | 12.3% | S100YCXB |
| SG&A | 44,204 | 10.0% | S100YCXB |
| Operating income | 10,325 | 2.3% | S100YCXB |
| Pretax income | 15,461 | 3.5% | S100YCXB |
| Income tax | 5,803 | 1.3% | S100YCXB |
| Net income | 9,658 | 2.2% | S100YCXB |
| Net income attributable to owners | 7,134 | 1.6% | S100YCXB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 10 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 12.3% → Operating margin 2.3% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.0%; Core profit growth: -37.1%
Operating leverage (core profit growth ÷ revenue growth): 9.40×
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 | 460,514 | 442,316 | -18,198 | -4.0% |
| Gross profit | 62,966 | 54,441 | -8,525 | -13.5% |
| Operating income | 16,428 | 10,325 | -6,103 | -37.1% |
| Net income attributable to owners | 8,630 | 7,134 | -1,496 | -17.3% |
| Operating cash flow | 28,713 | 22,607 | -6,106 | -21.3% |
| Free cash flow | 5,300 | 403 | -4,897 | -92.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 359,682 | 26,326 | 7.3% | 15,064 | 44,193 | 33,259 | S100LR9J |
| FY ending Mar 2021 | 346,149 | 26,742 | 7.7% | 20,741 | 25,151 | 17,490 | S100OFPA |
| FY ending Mar 2022 | 349,958 | 22,998 | 6.6% | 12,416 | 20,018 | 4,383 | S100R173 |
| FY ending Mar 2023 | 409,200 | 15,257 | 3.7% | 5,343 | 30,445 | 14,645 | S100TNH4 |
| FY ending Mar 2024 | 441,713 | 17,507 | 4.0% | 10,214 | 37,659 | 21,079 | S100VZ5K |
| FY ending Mar 2025 | 460,514 | 16,428 | 3.6% | 8,630 | 28,713 | 5,300 | S100YCXB |
| FY ending Mar 2026 | 442,316 | 10,325 | 2.3% | 7,134 | 22,607 | 403 | S100YCXB |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | ¥761.5K |
| Net income per employee (consolidated) | ¥526.2K |

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) | 14,308 | 15,172 | 14,719 | 14,163 | 13,558 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥7.2M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 40.8 years | 41.0 years | 41.0 years | 41.1 years | 41.4 years |
| Average tenure (parent company) | 17.6 years | 17.9 years | 17.7 years | 17.5 years | 17.6 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -4.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 88,812 | 20.1% | 9,626 | 10.8% |
| Americas | 260,815 | 59.0% | 1,466 | 0.6% |
| China | 53,541 | 12.1% | 6,771 | 12.6% |
| Asia and Europe | 39,146 | 8.9% | -466 | -1.2% |

### 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 | 20.1% | 53.9% | 33.8 | 10.8% |
| Americas | 59.0% | 8.2% | -50.8 | 0.6% |
| China | 12.1% | 37.9% | 25.8 | 12.6% |
| Asia and Europe | 8.9% | — | — | -1.2% |

Loss-making segment (excluded from profit shares): Asia and Europe -466 JPY mn

Segment → industry: Asia and Europe → Auto Parts / China → Auto Parts / Americas → Auto Parts / Japan → Auto Parts

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 22,607 | 5.1% | S100YCXB |
| Capital expenditure | 22,204 | 5.0% | S100YCXB |
| Free cash flow | 403 | 0.1% | 算出 |
| Investing cash flow | -23,719 | -5.4% | S100YCXB |
| Financing cash flow | -22,716 | -5.1% | S100YCXB |
| Dividends paid | 10,352 | 2.3% | S100YCXB |
| Share buyback | 4,999 | 1.1% | S100YCXB |
| Change in cash | -19,032 | -4.3% | S100YCXB |
| Cash and equivalents | 92,602 | 20.9% | S100YCXB |

## 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 | 139,585 | 132,914 | 150,755 | 111,543 | 92,602 | S100TNH4, S100VZ5K, S100YCXB |
| Total assets | 415,985 | 416,226 | 446,214 | 432,366 | 422,709 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Net assets | 325,583 | 323,458 | 348,703 | 325,686 | 327,598 | S100TNH4, S100VZ5K, S100YCXB |
| Share capital | 4,700 | 4,700 | 4,700 | 4,700 | 4,700 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Property, plant and equipment | 76,860 | 83,874 | 90,203 | 93,780 | 102,600 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Goodwill | 463 | 463 | 463 | 463 | 463 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Current assets | 277,037 | 265,670 | 272,518 | 255,033 | 229,644 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Total liabilities | 90,401 | 92,767 | 97,510 | 106,679 | 95,111 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Equity attributable to owners of parent | 296,855 | 298,791 | 326,932 | 306,302 | 309,869 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Retained earnings | 270,031 | 268,172 | 269,715 | 268,654 | 246,214 | S100R173, S100TNH4, S100VZ5K, S100YCXB |
| Treasury stock | -4,737 | -12,508 | -12,434 | -26,999 | -12,427 | S100R173, S100TNH4, S100VZ5K, S100YCXB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YCXB |
| Property, plant and equipment | 24% | S100YCXB |
| Intangibles and goodwill | 0% | — |
| Other assets | 54% | S100YCXB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YCXB |
| Equity | 77% | S100YCXB |

### 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 | 415,985 | 416,226 | 446,214 | 432,366 | 422,709 |
| Equity | 325,583 | 323,458 | 348,703 | 325,686 | 327,598 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 139,585 | 132,914 | 150,755 | 111,543 | 92,602 |

## 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) | 23.2% | S100YCXB |
| Fixed assets ÷ total assets | 24.3% | S100YCXB |
| Goodwill ÷ parent equity | 0.1% | S100YCXB |

Goodwill over 4 years: 463 → 463 JPY; total investing cash flow: -106,421 JPY. This does not imply causation.

### 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) | 21.9% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 219.0% |
| Cash vs. profit gap | 15,473 JPY mn (of net income 216.9%) |
| Shareholder returns / net income | 215.2% |
| Shareholder returns / FCF | 3809.2% |
| Shareholder payments — dividends / net income | 145.1% |
| Shareholder payments — dividends / FCF | 2568.7% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 104.9% |

## 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 | 3.5% | 0.84× | 3.0% | 1.40× | 4.2% | S100R173 |
| 2023 | 1.3% | 0.98× | 1.3% | 1.40× | 1.8% | S100TNH4 |
| 2024 | 2.3% | 1.02× | 2.4% | 1.38× | 3.3% | S100VZ5K |
| 2025 | 1.9% | 1.05× | 2.0% | 1.39× | 2.7% | S100YCXB |
| 2026 | 1.6% | 1.03× | 1.7% | 1.39× | 2.3% | S100YCXB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 21.9% | 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 | 9.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| オカモト株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社ＳＭＢＣ信託銀行（株式会社三井住友銀行退職給付信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社）） | Major shareholder | 2.2% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 2.1% | 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 | 1.8% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 came in at ¥442.3B, down -4.0% from ¥460.5B.
- Operating income fell harder, from ¥16.4B to ¥10.3B (-37.1%).
- Net income attributable to owners was ¥7.13B (-17.3%), and free cash flow shrank from ¥5.3B to ¥403M.

### Drivers

- Production cuts at its main customer lowered sales across regions, most sharply in China.
- Higher overhead in the Americas was the main drag on operating income.
- Japan grew sales slightly on a better model mix, but lower royalty income cut its profit.

### Risks

- Most sales go to the Honda group, so Honda's output cuts or purchasing changes hit results directly.
- Shifts in the car market, including the rise of Chinese automakers, could reduce vehicle sales.
- New tariffs and trade restrictions, especially from the US, could disrupt its supply chain.

Cited: Annual Securities Report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YCXB | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCXB,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VZ5K | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ5K,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TNH4 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNH4,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R173 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R173,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OFPA | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFPA,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LR9J | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR9J,, |

## 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).