# TSUGAMI CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第123期(2025/04/01－2026/03/31) (S100YBZA)
> Page: https://vizora.meequs.com/en/company/tsugami
> Retrieved: 2026-09-30T21:03:32.301Z

## Company

Tsugami, founded in 1937, is a company in Machine Tools listed on TSE Prime. It has 3,515 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUGAMI CORPORATION |
| Ticker | 6101 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6101.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋富沢町12番20号 |
| Representative (per filing) | 代表取締役社長 渡部 昇弘 |
| Founded | Mar 1937 |
| Share capital | ¥12.3B |
| Employees (consolidated) | 3,515 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | tsugami.co.jp (https://tsugami.co.jp/) |
| Corporate number | 3010001101264 |
| EDINET | E01480 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100YBZA, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.6 | 34 |
| Profitability | 98.5 | 34 |
| Cash conversion | 8.1 | 31 |
| Efficiency | 95.6 | 34 |

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 81% of Tsugami's sales come from CHINA, with JAPAN and INDIA making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +20.2% from the prior year, operating profit +54.9%.

## Company structure

- Segment revenue mix: CHINA 80.8%、JAPAN 12.8%、INDIA 5.3%、KOREA 1.0%
- Revenue → net income: ¥129140000000 → ¥24318000000
- Net income → operating cash flow: ¥24318000000 → ¥28602000000（difference ¥4284000000）
- Main uses of operating cash flow: CapEx ¥1234000000 / dividends ¥3206000000 / buybacks ¥2005000000
- Change in cash: ¥14451000000
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 | ¥129.1B |  |
| Operating income | ¥36.1B | Margin 28.0% |
| Net income | ¥16.7B | Margin 13.0% |
| Free cash flow | ¥27.4B |  |
| Largest business | CHINA | of segment revenue 80.8% |
| Employees (consolidated) | 3,515 |  |
| EPS | ¥361.2 |  |
| Diluted EPS | ¥356.47 |  |
| Book value per share | ¥558.76 |  |
| Equity ratio | 52.0% | Derived from disclosed figures |
| Shares outstanding | 48,000,000 |  |
| Treasury shares | 1,412,400 |  |
| Shareholders | 7,028 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 32.7% |
| Vs. industry median margin | +20.8 pp | Machine Tools |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, operating income keeps 28 per ¥100 of revenue
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥61662000000 | ¥129140000000 | +109.4% |
| Operating income | ¥9533000000 | ¥36102000000 | +278.7% |
| Operating margin | 15.5% | 28.0% | +12.5 pp |
| Employees | 2,586 people | 3,515 people | +35.9% |
| Cash and equivalents | ¥17207000000 | ¥42180000000 | +145.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 12.8% |
| 日本 → 事業再編・廃止 | 11.3% |
| 中国 → 中国 | 70.4% |
| インド → インド | 2.9% |
| 韓国 → 韓国 | 1.0% |
| 韓国 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 中国 | 10.4% |
| 新設・再編 → インド | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CHINA | 5 years | +19.1% | ¥103476000000 | 30.1% | 2 |
| JAPAN | 5 years | +2.1% | ¥16439000000 | 14.2% | 2 |
| INDIA | 5 years | +30.6% | ¥6819000000 | 5.1% | 2 |
| KOREA | 5 years | -3.8% | ¥1286000000 | 0.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 129,140 | 100.0% | S100YBZA |
| Cost of revenue | 81,168 | 62.9% | S100YBZA |
| Gross profit | 47,971 | 37.1% | S100YBZA |
| SG&A | 13,979 | 10.8% | S100YBZA |
| Operating income | 36,102 | 28.0% | S100YBZA |
| Pretax income | 35,617 | 27.6% | S100YBZA |
| Income tax | 11,298 | 8.7% | S100YBZA |
| Net income | 24,318 | 18.8% | S100YBZA |
| Net income attributable to owners | 16,745 | 13.0% | S100YBZA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 11 |
| Other operating | -2 |
| Operating income | 28 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 37.1% → Operating margin 28.0% → Net margin 13.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.2%; Core profit growth: +54.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.71×
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 | 107,411 | 129,140 | 21,729 | +20.2% |
| Gross profit | 36,355 | 47,971 | 11,616 | +32.0% |
| Operating income | 23,309 | 36,102 | 12,793 | +54.9% |
| Net income attributable to owners | 10,901 | 16,745 | 5,844 | +53.6% |
| Operating cash flow | 8,855 | 28,602 | 19,747 | +223.0% |
| Free cash flow | 6,757 | 27,368 | 20,611 | +305.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 56,794 | — | — | 3,942 | 6,278 | — | S100QMWR |
| FY ending Mar 2019 | 68,486 | — | — | 6,192 | 1,643 | — | S100R07Z |
| FY ending Mar 2020 | 49,310 | 4,549 | 9.2% | 2,001 | 7,994 | 4,987 | S100LIVT |
| FY ending Mar 2021 | 61,662 | 9,533 | 15.5% | 4,917 | 6,784 | 4,245 | S100QMWR |
| FY ending Mar 2022 | 93,174 | 18,860 | 20.2% | 9,486 | 6,296 | 3,790 | S100R07Z |
| FY ending Mar 2023 | 94,963 | 16,758 | 17.6% | 7,695 | 8,300 | 7,131 | S100TNJH |
| FY ending Mar 2024 | 83,928 | 13,095 | 15.6% | 5,376 | 11,883 | 9,410 | S100VY3E |
| FY ending Mar 2025 | 107,411 | 23,309 | 21.7% | 10,901 | 8,855 | 6,757 | S100YBZA |
| FY ending Mar 2026 | 129,140 | 36,102 | 28.0% | 16,745 | 28,602 | 27,368 | S100YBZA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 3,078 | 3,103 | 3,063 | 3,433 | 3,515 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.9M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 43.6 years | 43.7 years | 43.8 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 19.1 years | 19.2 years | 19.2 years | 19.2 years | 19.0 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +20.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 16,439 | 12.8% | 2,328 | 14.2% |
| CHINA | 103,476 | 80.8% | 31,155 | 30.1% |
| INDIA | 6,819 | 5.3% | 347 | 5.1% |
| KOREA | 1,286 | 1.0% | 0 | 0.0% |

### 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 | 12.8% | 6.9% | -6.0 | 14.2% |
| CHINA | 80.8% | 92.1% | 11.3 | 30.1% |
| INDIA | 5.3% | 1.0% | -4.3 | 5.1% |
| KOREA | 1.0% | 0.0% | -1.0 | 0.0% |

Segment → industry: KOREA → Machine Tools / INDIA → Machine Tools / CHINA → Machine Tools / JAPAN → Machine Tools

## 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 | 28,602 | 22.1% | S100YBZA |
| Capital expenditure | 1,234 | 1.0% | S100YBZA |
| Free cash flow | 27,368 | 21.2% | 算出 |
| Investing cash flow | -2,082 | -1.6% | S100YBZA |
| Financing cash flow | -15,928 | -12.3% | S100YBZA |
| Dividends paid | 3,206 | 2.5% | S100YBZA |
| Share buyback | 2,005 | 1.6% | S100YBZA |
| Change in cash | 14,451 | 11.2% | S100YBZA |
| Cash and equivalents | 42,180 | 32.7% | S100YBZA |

## 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 | 18,844 | 25,779 | 30,495 | 27,729 | 42,180 | S100TNJH, S100VY3E, S100YBZA |
| Total assets | 103,761 | 112,364 | 117,714 | 127,306 | 154,055 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Net assets | 57,840 | 64,922 | 72,361 | 84,114 | 106,477 | S100TNJH, S100VY3E, S100YBZA |
| Share capital | 12,345 | 12,345 | 12,345 | 12,345 | 12,345 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Property, plant and equipment | 14,191 | 14,154 | 16,308 | 16,540 | 17,440 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Current assets | 82,036 | 90,370 | 92,935 | 102,799 | 126,496 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Total liabilities | 45,920 | 47,442 | 45,352 | 43,192 | 47,578 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Equity attributable to owners of parent | 45,580 | 50,953 | 56,605 | 62,897 | 80,102 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Retained earnings | 25,795 | 30,945 | 34,065 | 39,822 | 53,405 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |
| Treasury stock | -2,040 | -2,247 | -3,008 | -861 | -2,767 | S100R07Z, S100TNJH, S100VY3E, S100YBZA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YBZA |
| Property, plant and equipment | 11% | S100YBZA |
| Other assets | 61% | S100YBZA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YBZA |
| Equity | 69% | S100YBZA |

### 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 | 103,761 | 112,364 | 117,714 | 127,306 | 154,055 |
| Equity | 57,840 | 64,922 | 72,361 | 84,114 | 106,477 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,844 | 25,779 | 30,495 | 27,729 | 42,180 |

## 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) | 13.5% | S100YBZA |
| Fixed assets ÷ total assets | 11.3% | S100YBZA |
| Goodwill ÷ parent equity | — | —, S100YBZA |

### 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) | 27.4% |
| Cash ÷ revenue | 32.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.2% |
| Cash vs. profit gap | 11,857 JPY mn (of net income 70.8%) |
| Shareholder returns / net income | 31.1% |
| Shareholder returns / FCF | 19.0% |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | 11.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 7.3% |

## 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 | 10.2% | 0.90× | 9.1% | 2.28× | 20.8% | S100R07Z |
| 2023 | 8.1% | 0.88× | 7.1% | 2.24× | 15.9% | S100TNJH |
| 2024 | 6.4% | 0.73× | 4.7% | 2.14× | 10.0% | S100VY3E |
| 2025 | 10.1% | 0.88× | 8.9% | 2.05× | 18.2% | S100YBZA |
| 2026 | 13.0% | 0.92× | 11.9% | 1.97× | 23.4% | S100YBZA |

## 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 | 12.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| ツガミ取引先持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （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 |
| 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 | 2.2% | 2026-03-31 |
| THE BANK OF NEW YORK 133652 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YBZA | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBZA,, |
| 有価証券報告書－第122期(2024/04/01－2025/03/31) | S100VY3E | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY3E,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TNJH | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNJH,, |
| 有価証券報告書－第120期(2022/04/01－2023/03/31) | S100R07Z | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R07Z,, |
| 訂正有価証券報告書－第119期(2021/04/01－2022/03/31) | S100QMWR | 2023-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMWR,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LIVT | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIVT,, |

## 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).