# TSUBAKIMOTO CHAIN CO.: 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116期(2025/04/01－2026/03/31) (S100YKVK)
> Page: https://vizora.meequs.com/en/company/tsubakimoto-chain
> Retrieved: 2026-09-30T21:06:12.764Z

## Company

Tsubakimoto Chain, founded in 1971, is a company in Auto Parts listed on TSE Prime. It has 12,228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUBAKIMOTO CHAIN CO. |
| Ticker | 6371 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6371.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目3番3号 |
| Representative (per filing) | 代表取締役社長 木村隆利 |
| Founded | Mar 1971 |
| Share capital | ¥17.1B |
| Employees (consolidated) | 12,228 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.tsubakimoto.jp (https://www.tsubakimoto.jp/) |
| Corporate number | 2120001002188 |
| EDINET | E01578 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YKVK, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.5 | 110 |
| Profitability | 47.1 | 122 |
| Cash conversion | 63.4 | 116 |
| Efficiency | 48.8 | 122 |
| Financial strength | 72.2 | 9 |

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 34% of Tsubakimoto Chain's sales come from Chain, with Mobility and Material handling making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Chain 33.7%、Mobility 32.9%、Material handling 23.9%、Motion control 8.1%、Other 1.4%
- Revenue → net income: ¥295878000000 → ¥29832000000
- Net income → operating cash flow: ¥29832000000 → ¥31891000000（difference ¥2059000000）
- Main uses of operating cash flow: CapEx ¥15760000000 / dividends ¥8733000000 / buybacks ¥10003000000
- Change in cash: ¥6119000000
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 | ¥295.9B |  |
| Operating income | ¥21.6B | Margin 7.3% |
| Net income | ¥29.7B | Margin 10.0% |
| Free cash flow | ¥16.1B |  |
| Largest business | Chain | of segment revenue 33.7% |
| Employees (consolidated) | 12,228 |  |
| EPS | ¥208.77 |  |
| Book value per share | ¥1584.56 |  |
| Equity ratio | 64.5% |  |
| Shares outstanding | 106,213,000 |  |
| Treasury shares | 2,207,400 |  |
| Shareholders | 16,275 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 17.1% | Net cash ¥34.3B · Cash ÷ revenue 26.5% |
| Vs. industry median margin | -0.3 pp | Industrial Machinery |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥193399000000 | ¥295878000000 | +53.0% |
| Operating income | ¥8896000000 | ¥21578000000 | +142.6% |
| Operating margin | 4.6% | 7.3% | +2.7 pp |
| Employees | 8,535 people | 12,228 people | +43.3% |
| Cash and equivalents | ¥46084000000 | ¥78529000000 | +70.4% |

### 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 |
| --- | ---: |
| チェーン → チェーン | 22.1% |
| モーションコントロール → モーションコントロール | 6.5% |
| 精機 → 事業再編・廃止 | 7.2% |
| モビリティ → モビリティ | 22.0% |
| 自動車部品 → 事業再編・廃止 | 21.4% |
| マテハン → マテハン | 19.7% |
| その他 → その他 | 1.2% |
| 新設・再編 → チェーン | 11.7% |
| 新設・再編 → モーションコントロール | 1.6% |
| 新設・再編 → モビリティ | 10.9% |
| 新設・再編 → マテハン | 4.2% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chain | 5 years | +10.8% | ¥99830000000 | 15.4% | 2 |
| Mobility | 5 years | +10.4% | ¥97359000000 | 10.3% | 2 |
| Material handling | 5 years | +5.8% | ¥70629000000 | 1.4% | 2 |
| Motion control | 5 years | +6.2% | ¥23983000000 | 4.2% | 2 |
| Other | 5 years | +4.7% | ¥4076000000 | -28.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 295,878 | 100.0% | S100YKVK |
| Cost of revenue | 208,593 | 70.5% | S100YKVK |
| Gross profit | 87,285 | 29.5% | S100YKVK |
| SG&A | 65,706 | 22.2% | S100YKVK |
| Operating income | 21,578 | 7.3% | S100YKVK |
| Ordinary income | 24,804 | 8.4% | S100YKVK |
| Pretax income | 36,543 | 12.4% | S100YKVK |
| Income tax | 6,710 | 2.3% | S100YKVK |
| Net income | 29,832 | 10.1% | S100YKVK |
| Net income attributable to owners | 29,708 | 10.0% | S100YKVK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 22 |
| Operating income | 7 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 29.5% → Operating margin 7.3% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.0%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.93×
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 | 279,193 | 295,878 | 16,685 | +6.0% |
| Gross profit | 82,182 | 87,285 | 5,103 | +6.2% |
| Operating income | 22,854 | 21,578 | -1,276 | -5.6% |
| Net income attributable to owners | 22,122 | 29,708 | 7,586 | +34.3% |
| Operating cash flow | 21,297 | 31,891 | 10,594 | +49.7% |
| Free cash flow | 8,138 | 16,131 | 7,993 | +98.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 226,423 | 16,146 | 7.1% | 11,576 | 20,275 | 5,614 | S100LRV7 |
| FY ending Mar 2021 | 193,399 | 8,896 | 4.6% | 8,706 | 27,890 | 18,167 | S100OKOP |
| FY ending Mar 2022 | 215,879 | 17,842 | 8.3% | 14,543 | 21,000 | 12,996 | S100R9A9 |
| FY ending Mar 2023 | 251,574 | 18,985 | 7.5% | 13,742 | 21,352 | 12,430 | S100TWTS |
| FY ending Mar 2024 | 266,812 | 21,262 | 8.0% | 18,551 | 38,580 | 27,736 | S100W70D |
| FY ending Mar 2025 | 279,193 | 22,854 | 8.2% | 22,122 | 21,297 | 8,138 | S100YKVK |
| FY ending Mar 2026 | 295,878 | 21,578 | 7.3% | 29,708 | 31,891 | 16,131 | S100YKVK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | ¥1.8M |
| 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) | 8,566 | 8,691 | 8,750 | 8,768 | 12,228 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.3M | ¥6.6M | ¥7M |
| Average age (parent company) | 43.2 years | 43.4 years | 43.4 years | 43.4 years | 43.5 years |
| Average tenure (parent company) | 16.9 years | 16.9 years | 16.8 years | 16.8 years | 16.5 years |

Year over year: Employees (consolidated) +39.5% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chain | 99,830 | 33.7% | 15,353 | 15.4% |
| Motion control | 23,983 | 8.1% | 996 | 4.2% |
| Mobility | 97,359 | 32.9% | 10,036 | 10.3% |
| Material handling | 70,629 | 23.9% | 963 | 1.4% |
| Other | 4,076 | 1.4% | -1,180 | -28.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chain | 33.7% | 56.1% | 22.4 | 15.4% |
| Motion control | 8.1% | 3.6% | -4.5 | 4.2% |
| Mobility | 32.9% | 36.7% | 3.8 | 10.3% |
| Material handling | 23.9% | 3.5% | -20.3 | 1.4% |
| Other | 1.4% | — | — | -28.9% |

Loss-making segment (excluded from profit shares): Other -1,180 JPY mn

Segment → industry: Mobility → Auto Parts / Material handling → Industrial Machinery / Motion control → Industrial Machinery / Chain → 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 | 31,891 | 10.8% | S100YKVK |
| Capital expenditure | 15,760 | 5.3% | S100YKVK |
| Free cash flow | 16,131 | 5.5% | 算出 |
| Investing cash flow | -8,976 | -3.0% | S100YKVK |
| Financing cash flow | -20,244 | -6.8% | S100YKVK |
| Dividends paid | 8,733 | 3.0% | S100YKVK |
| Share buyback | 10,003 | 3.4% | S100YKVK |
| Change in cash | 6,119 | 2.1% | S100YKVK |
| Cash and equivalents | 78,529 | 26.5% | S100YKVK |

## 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 | 52,888 | 56,978 | 74,655 | 63,316 | 78,529 | S100TWTS, S100W70D, S100YKVK |
| Total assets | 332,620 | 345,878 | 391,298 | 371,510 | 459,784 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Net assets | 209,757 | 226,582 | 260,559 | 262,162 | 303,815 | S100TWTS, S100W70D, S100YKVK |
| Share capital | 17,076 | 17,076 | 17,076 | 17,076 | 17,076 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Property, plant and equipment | 114,918 | 115,097 | 118,942 | 117,695 | 138,092 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Intangible assets excluding goodwill | 10,700 | 9,081 | 8,904 | 9,245 | 5,618 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Goodwill | 2,496 | 1,243 | 1,216 | 1,677 | 1,554 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Investment securities | 32,245 | 30,463 | 47,052 | 39,876 | 56,970 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Current assets | 166,512 | 182,054 | 205,853 | 193,313 | 246,920 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Current liabilities | 67,839 | 65,588 | 77,499 | 62,505 | 83,512 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Trade payables | 18,610 | 19,810 | 18,592 | 16,284 | 26,143 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Short-term borrowings | 8,591 | 9,025 | 4,183 | 4,271 | 10,149 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Long-term borrowings | 9,727 | 9,457 | 3,728 | 4,300 | 19,507 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Bonds | 15,000 | 15,000 | 15,000 | 10,000 | 14,600 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Interest-bearing debt | 33,318 | 33,482 | 22,911 | 18,571 | 44,256 | 算出 |
| Total liabilities | 122,863 | 119,295 | 130,738 | 109,348 | 155,969 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Non-controlling interests | 2,000 | 2,184 | 2,159 | 2,352 | 7,458 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Equity attributable to owners of parent | 192,304 | 201,279 | 210,568 | 215,781 | 241,766 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Retained earnings | 165,878 | 174,799 | 185,285 | 192,135 | 213,244 | S100R9A9, S100TWTS, S100W70D, S100YKVK |
| Treasury stock | -4,220 | -4,171 | -4,375 | -6,018 | -3,982 | S100R9A9, S100TWTS, S100W70D, S100YKVK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YKVK |
| Property, plant and equipment | 30% | S100YKVK |
| Intangibles and goodwill | 2% | S100YKVK |
| Investment securities | 12% | S100YKVK |
| Other assets | 39% | S100YKVK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YKVK |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 18% | S100YKVK |
| Equity | 66% | S100YKVK |

### 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 | 332,620 | 345,878 | 391,298 | 371,510 | 459,784 |
| Equity | 209,757 | 226,582 | 260,559 | 262,162 | 303,815 |
| Interest-bearing debt | 33,318 | 33,482 | 22,911 | 18,571 | 44,256 |
| Cash | 52,888 | 56,978 | 74,655 | 63,316 | 78,529 |

## 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) | 46.7% | S100YKVK |
| Fixed assets ÷ total assets | 30.0% | S100YKVK |
| Goodwill ÷ parent equity | 0.6% | S100YKVK |

Goodwill over 4 years: 2,496 → 1,554 JPY; total investing cash flow: -48,325 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) | 17.1% |
| Cash ÷ revenue | 26.5% |
| Net cash (cash − interest-bearing debt) | ¥34.3B |
| Net debt ÷ operating cash flow | -1.07× |
| Cash conversion (operating CF ÷ operating income) | 147.8% |
| Cash vs. profit gap | 2,183 JPY mn (of net income 7.3%) |
| Shareholder returns / net income | 63.1% |
| Shareholder returns / FCF | 116.1% |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 54.1% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 28.1% |

## 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 | 6.7% | 0.65× | 4.4% | 1.73× | 7.6% | S100R9A9 |
| 2023 | 5.5% | 0.74× | 4.1% | 1.72× | 7.0% | S100TWTS |
| 2024 | 7.0% | 0.72× | 5.0% | 1.79× | 9.0% | S100W70D |
| 2025 | 7.9% | 0.73× | 5.8% | 1.79× | 10.4% | S100YKVK |
| 2026 | 10.0% | 0.71× | 7.1% | 1.82× | 13.0% | S100YKVK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 9.8% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 8.8% | 2026-03-31 |
| 椿本チエイン持株共栄会 | Major shareholder | 4.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.6% | 2026-03-31 |
| 椿本興業株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ＣＥＰＬＵＸ－ ＴＨＥ ＩＮＤＥＰＥＮＤＥＮＴ ＵＣＩＴＳ ＰＬＡＴＦＯＲＭ ２（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 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ，ＴＲＥＡＴＹ ＪＡＳＤＥＣ ＡＣＣＯＵＮＴ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第116期(2025/04/01－2026/03/31) | S100YKVK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKVK,, |
| 有価証券報告書－第115期(2024/04/01－2025/03/31) | S100W70D | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W70D,, |
| 有価証券報告書－第114期(2023/04/01－2024/03/31) | S100TWTS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWTS,, |
| 有価証券報告書－第113期(2022/04/01－2023/03/31) | S100R9A9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9A9,, |
| 有価証券報告書－第112期(令和3年4月1日－令和4年3月31日) | S100OKOP | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKOP,, |
| 有価証券報告書－第111期(令和2年4月1日－令和3年3月31日) | S100LRV7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRV7,, |

## 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).