# TSURUMI MANUFACTURING CO.,LTD.: 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75期(2025/04/01－2026/03/31) (S100YKE5)
> Page: https://vizora.meequs.com/en/company/tsurumi-manufacturing
> Retrieved: 2026-09-30T20:00:01.494Z

## Company

Tsurumi Manufacturing, founded in 1951, is a company in Industrial Machinery listed on TSE Prime. It has 1,635 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSURUMI MANUFACTURING CO.,LTD. |
| Ticker | 6351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6351.T) |
| Listing | TSE Prime |
| Head office | 大阪市鶴見区鶴見4丁目16番40号 |
| Representative (per filing) | 代表取締役社長 辻本治 |
| Founded | Dec 1951 |
| Share capital | ¥5.19B |
| Employees (consolidated) | 1,635 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.tsurumipump.co.jp (https://www.tsurumipump.co.jp/) |
| Corporate number | 9120001002215 |
| EDINET | E01662 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YKE5, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85 | 110 |
| Profitability | 80.7 | 122 |
| Cash conversion | 42.7 | 116 |
| Efficiency | 15.2 | 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 56% of Tsurumi Manufacturing's sales come from Japan, with North America and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +13.5% from the prior year, operating profit +4.5%.

## Company structure

- Segment revenue mix: Japan 56.3%、North America 20.1%、Asia 10.5%、Europe 8.2%、Other 5.0%
- Revenue → net income: ¥77227000000 → ¥5391000000
- Net income → operating cash flow: ¥5391000000 → ¥9449000000（difference ¥4058000000）
- Main uses of operating cash flow: CapEx ¥3815000000 / dividends ¥1351000000 / buybacks ¥987000000
- Change in cash: ¥4008000000
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 | ¥77.2B |  |
| Operating income | ¥10.7B | Margin 13.9% |
| Net income | ¥5.16B | Margin 6.7% |
| Free cash flow | ¥5.63B |  |
| Largest business | Japan | of segment revenue 56.3% |
| Employees (consolidated) | 1,635 |  |
| EPS | ¥160.05 |  |
| Book value per share | ¥1541.01 |  |
| Equity ratio | 73.8% |  |
| Shares outstanding | 50,826,972 |  |
| Treasury shares | 2,861,400 |  |
| Shareholders | 3,389 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | +6.3 pp | Industrial Machinery |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45325000000 | ¥77227000000 | +70.4% |
| Operating income | ¥5549000000 | ¥10715000000 | +93.1% |
| Operating margin | 12.2% | 13.9% | +1.6 pp |
| Employees | 1,103 people | 1,635 people | +48.2% |
| Cash and equivalents | ¥15696000000 | ¥32153000000 | +104.8% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 56.3% |
| 日本 → 事業再編・廃止 | 20.4% |
| 北米 → 北米 | 13.7% |
| 中国 → 事業再編・廃止 | 3.4% |
| その他 → その他 | 5.0% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 北米 | 6.4% |
| 新設・再編 → アジア | 10.5% |
| 新設・再編 → 欧州 | 8.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.6% | ¥43455000000 | 19.4% | 2 |
| North America | 5 years | +20.2% | ¥15560000000 | 9.4% | 2 |
| Asia | 4 years | +19.7% | ¥8075000000 | 23.7% | 2 |
| Europe | — | — | ¥6302000000 | -4.9% | 2 |
| Other | 5 years | +6.4% | ¥3835000000 | 25.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 77,227 | 100.0% | S100YKE5 |
| Cost of revenue | 48,111 | 62.3% | S100YKE5 |
| Gross profit | 29,115 | 37.7% | S100YKE5 |
| SG&A | 18,399 | 23.8% | S100YKE5 |
| Operating income | 10,715 | 13.9% | S100YKE5 |
| Ordinary income | 13,603 | 17.6% | S100YKE5 |
| Pretax income | 9,081 | 11.8% | S100YKE5 |
| Income tax | 3,690 | 4.8% | S100YKE5 |
| Net income | 5,391 | 7.0% | S100YKE5 |
| Net income attributable to owners | 5,160 | 6.7% | S100YKE5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 24 |
| Operating income | 14 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 37.7% → Operating margin 13.9% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.5%; Core profit growth: +4.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.34×
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 | 68,058 | 77,227 | 9,169 | +13.5% |
| Gross profit | 26,152 | 29,115 | 2,963 | +11.3% |
| Operating income | 10,251 | 10,715 | 464 | +4.5% |
| Net income attributable to owners | 8,783 | 5,160 | -3,623 | -41.3% |
| Operating cash flow | 7,027 | 9,449 | 2,422 | +34.5% |
| Free cash flow | 947 | 5,634 | 4,687 | +494.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,604 | 5,166 | 11.3% | 3,952 | 4,369 | 2,463 | S100LRR0 |
| FY ending Mar 2021 | 45,325 | 5,549 | 12.2% | 4,156 | 4,866 | 2,333 | S100OGEC |
| FY ending Mar 2022 | 51,214 | 5,508 | 10.8% | 4,817 | 2,003 | -45 | S100R6EI |
| FY ending Mar 2023 | 56,219 | 7,263 | 12.9% | 6,262 | 2,966 | 1,181 | S100TUTZ |
| FY ending Mar 2024 | 62,629 | 8,941 | 14.3% | 8,288 | 9,534 | 4,648 | S100W6PA |
| FY ending Mar 2025 | 68,058 | 10,251 | 15.1% | 8,783 | 7,027 | 947 | S100YKE5 |
| FY ending Mar 2026 | 77,227 | 10,715 | 13.9% | 5,160 | 9,449 | 5,634 | S100YKE5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.2M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 1,132 | 1,294 | 1,383 | 1,484 | 1,635 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.7M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.2 years | 41.3 years | 40.5 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 14.8 years | 14.9 years | 14.2 years |

Year over year: Employees (consolidated) +10.2% · Revenue (consolidated) +13.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 43,455 | 56.3% | 8,431 | 19.4% |
| North America | 15,560 | 20.1% | 1,466 | 9.4% |
| Asia | 8,075 | 10.5% | 1,910 | 23.7% |
| Europe | 6,302 | 8.2% | -311 | -4.9% |
| Other | 3,835 | 5.0% | 989 | 25.8% |

### 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 | 56.3% | 65.9% | 9.6 | 19.4% |
| North America | 20.1% | 11.5% | -8.7 | 9.4% |
| Asia | 10.5% | 14.9% | 4.5 | 23.7% |
| Europe | 8.2% | — | — | -4.9% |
| Other | 5.0% | 7.7% | 2.8 | 25.8% |

Loss-making segment (excluded from profit shares): Europe -311 JPY mn

Segment → industry: Other → Industrial Machinery / Europe → Industrial Machinery / Asia → Industrial Machinery / North America → Industrial Machinery / Japan → 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 | 9,449 | 12.2% | S100YKE5 |
| Capital expenditure | 3,815 | 4.9% | S100YKE5 |
| Free cash flow | 5,634 | 7.3% | 算出 |
| Investing cash flow | -4,611 | -6.0% | S100YKE5 |
| Financing cash flow | -2,939 | -3.8% | S100YKE5 |
| Dividends paid | 1,351 | 1.7% | S100YKE5 |
| Share buyback | 987 | 1.3% | S100YKE5 |
| Change in cash | 4,008 | 5.2% | S100YKE5 |
| Cash and equivalents | 32,153 | 41.6% | S100YKE5 |

## 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 | 14,288 | 19,436 | 26,813 | 28,144 | 32,153 | S100TUTZ, S100W6PA, S100YKE5 |
| Total assets | 87,299 | 99,000 | 115,351 | 131,509 | 138,273 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Net assets | 71,848 | 78,161 | 90,195 | 95,852 | 103,575 | S100TUTZ, S100W6PA, S100YKE5 |
| Share capital | 5,188 | 5,188 | 5,188 | 5,188 | 5,188 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Property, plant and equipment | 15,868 | 17,584 | 21,305 | 27,901 | 28,004 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Intangible assets excluding goodwill | 1,481 | 1,965 | 2,075 | 6,071 | 1,955 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Goodwill | — | — | 100 | 3,184 | 33 | S100W6PA, S100YKE5 |
| Investment securities | 13,893 | 14,789 | 16,742 | 12,662 | 15,813 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Current assets | 52,940 | 61,876 | 73,033 | 81,657 | 87,820 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Current liabilities | 12,717 | 13,176 | 15,101 | 25,828 | 23,480 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Trade payables | 7,168 | 6,727 | 6,272 | 8,478 | 7,442 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Short-term borrowings | — | — | — | 6,700 | 6,900 | S100YKE5 |
| Long-term borrowings | 2,100 | 7,101 | 8,893 | 7,283 | 7,936 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Total liabilities | 15,451 | 20,839 | 25,155 | 35,657 | 34,698 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Non-controlling interests | 1,015 | 1,270 | 1,390 | 1,452 | 1,527 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Equity attributable to owners of parent | 66,634 | 71,285 | 79,010 | 85,138 | 88,051 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Retained earnings | 55,957 | 61,191 | 68,498 | 76,003 | 77,255 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |
| Treasury stock | -2,321 | -3,123 | -2,991 | -4,423 | -2,397 | S100R6EI, S100TUTZ, S100W6PA, S100YKE5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YKE5 |
| Property, plant and equipment | 20% | S100YKE5 |
| Intangibles and goodwill | 2% | S100YKE5 |
| Investment securities | 11% | S100YKE5 |
| Other assets | 44% | S100YKE5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YKE5 |
| Other liabilities | 20% | S100YKE5 |
| Equity | 75% | S100YKE5 |

### 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 | 87,299 | 99,000 | 115,351 | 131,509 | 138,273 |
| Equity | 71,848 | 78,161 | 90,195 | 95,852 | 103,575 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,288 | 19,436 | 26,813 | 28,144 | 32,153 |

## 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) | 36.3% | S100YKE5 |
| Fixed assets ÷ total assets | 20.3% | S100YKE5 |
| Goodwill ÷ parent equity | 0.0% | S100YKE5 |

### 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) | 23.3% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.2% |
| Cash vs. profit gap | 4,289 JPY mn (of net income 83.1%) |
| Shareholder returns / net income | 45.3% |
| Shareholder returns / FCF | 41.5% |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | 24.0% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 48.8% |

## 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 | 9.4% | 0.59× | 5.5% | 1.31× | 7.2% | S100R6EI |
| 2023 | 11.1% | 0.60× | 6.7% | 1.35× | 9.1% | S100TUTZ |
| 2024 | 13.2% | 0.58× | 7.7% | 1.43× | 11.0% | S100W6PA |
| 2025 | 12.9% | 0.55× | 7.1% | 1.50× | 10.7% | S100YKE5 |
| 2026 | 6.7% | 0.57× | 3.8% | 1.56× | 6.0% | S100YKE5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社T'sコーポレーション | Major shareholder | 7.4% | 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 | 7.1% | 2026-03-31 |
| ツルミ共栄会 | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社ダイコウ | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.2% | 2026-03-31 |
| THE BANK OF NEW YORK-JASDECTREATY ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| デンヨー株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 鶴見製作所社員持株会 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YKE5 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKE5,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W6PA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6PA,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TUTZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUTZ,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R6EI | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6EI,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OGEC | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGEC,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LRR0 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRR0,, |

## 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).