# TWIN-BIRD CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/03/01－2026/02/28) (S100Y6EN)
> Page: https://vizora.meequs.com/en/company/twin-bird
> Retrieved: 2026-09-30T19:51:09.895Z

## Company

Twin-Bird, founded in 1962, is a company in Home Appliances listed on TSE Standard. It has 256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TWINBIRD CORPORATION |
| Ticker | 6897 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6897.T) |
| Listing | TSE Standard |
| Head office | 新潟県燕市吉田西太田字潟向2084番地2 |
| Representative (per filing) | 代表取締役社長 野水 重明 |
| Founded | Apr 1962 |
| Share capital | ¥100M |
| Employees (consolidated) | 256 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | www.twinbird.jp (https://www.twinbird.jp/) |
| Corporate number | 7110001015665 |
| EDINET | E02017 |
| Industries (Vizora) | Home Appliances, Air Conditioning |

> Profile source: annual securities report (S100Y6EN, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5 | 10 |
| Efficiency | 75 | 10 |

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 96% of Twin-Bird's sales come from Home appliances, with Free Piston Stirling Cooler making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -10.5% from the prior year, operating profit -17827.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9B |  |
| Operating income | -¥855.3M | Margin -9.5% |
| Net income | -¥1.22B | Margin -13.5% |
| Free cash flow | ¥465.8M |  |
| Largest business | Home appliances | of segment revenue 95.7% |
| Employees (consolidated) | 256 |  |
| EPS | ¥-114.28 |  |
| Book value per share | ¥615.74 |  |
| Equity ratio | 66.1% |  |
| Shares outstanding | 10,906,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 14,008 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 7.0% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -15.2 pp | Home Appliances |
| ROA | -11.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 96 points

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2022 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12869925000 | ¥8998865000 | — |
| Operating income | ¥719329000 | ¥-855345000 | — |
| Operating margin | 5.6% | -9.5% | -15.1 pp |
| Employees | 308 people | 256 people | — |
| Cash and equivalents | ¥1009713000 | ¥697604000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2022 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 家電製品事業 → 家電製品事業 | 82.8% |
| FPSC事業 → FPSC事業 | 4.3% |
| FPSC事業 → 事業再編・廃止 | 12.9% |
| 新設・再編 → 家電製品事業 | 12.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,999 | 100.0% | S100Y6EN |
| Cost of revenue | 6,865 | 76.3% | S100Y6EN |
| Gross profit | 2,134 | 23.7% | S100Y6EN |
| SG&A | 2,989 | 33.2% | S100Y6EN |
| Operating income | -855 | -9.5% | S100Y6EN |
| Ordinary income | -896 | -10.0% | S100Y6EN |
| Pretax income | -1,145 | -12.7% | S100Y6EN |
| Income tax | 73 | 0.8% | S100Y6EN |
| Net income | -1,218 | -13.5% | S100Y6EN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 33 |
| Operating income | -9 |
| (Ref.) Net income | -14 |

### Margin funnel

Gross margin 23.7% → Operating margin -9.5% → Net margin -13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,057 | 8,999 | -1,058 | -10.5% |
| Gross profit | 2,981 | 2,134 | -847 | -28.4% |
| Operating income | 5 | -855 | -860 | -17827.4% |
| Operating cash flow | -213 | 738 | 952 | — |
| Free cash flow | -734 | 466 | 1,200 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 12,159 | 179 | 1.5% | -134 | 1,535 | 1,347 | S100LE42 |
| FY ending Feb 2021 | 12,506 | 609 | 4.9% | 164 | 887 | 454 | S100O5F1 |
| FY ending Feb 2022 | 12,870 | 719 | 5.6% | 419 | 1,518 | 988 | S100QUKC |
| FY ending Feb 2023 | 10,930 | 41 | 0.4% | 70 | 119 | -411 | S100QUKC |
| FY ending Feb 2023 | 10,838 | 43 | 0.4% | 70 | 119 | — | S100THZN |
| FY ending Feb 2024 | 10,303 | 114 | 1.1% | 108 | 464 | 137 | S100VU9O |
| FY ending Feb 2025 | 10,057 | 5 | 0.0% | -102 | -213 | -734 | S100Y6EN |
| FY ending Feb 2026 | 8,999 | -855 | -9.5% | -1,218 | 738 | 466 | S100Y6EN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | -¥3.3M |
| 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 Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 297 | 297 | 303 | 287 | 256 |
| Average salary (parent company) | ¥5.4M | — | ¥5.3M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 46.2 years | — | 46.3 years | 47.5 years | 48.4 years |
| Average tenure (parent company) | 21.1 years | — | 21.3 years | 22.5 years | 23.1 years |

Year over year: Employees (consolidated) -10.8% · Revenue (consolidated) -10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Home appliances | 8,611 | 95.7% | -91 | -1.1% |
| Free Piston Stirling Cooler | 388 | 4.3% | 19 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Home appliances | 95.7% | — | — | -1.1% |
| Free Piston Stirling Cooler | 4.3% | 100.0% | 95.7 | 5.0% |

Loss-making segment (excluded from profit shares): Home appliances -91 JPY mn

Segment → industry: Home appliances → Home Appliances / Free Piston Stirling Cooler → Air Conditioning

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 738 | 8.2% | S100Y6EN |
| Capital expenditure | 273 | 3.0% | S100Y6EN |
| Free cash flow | 466 | 5.2% | 算出 |
| Investing cash flow | -226 | -2.5% | S100Y6EN |
| Financing cash flow | -70 | -0.8% | S100Y6EN |
| Dividends paid | 142 | 1.6% | S100Y6EN |
| Change in cash | 442 | 4.9% | S100Y6EN |
| Cash and equivalents | 698 | 7.8% | S100Y6EN |

## 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 Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 542 | 485 | 495 | 256 | 698 | S100QUKC, S100VU9O, S100Y6EN |
| Total assets | 11,137 | 11,131 | 11,213 | 10,868 | 9,931 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Net assets | 8,297 | 8,139 | 8,190 | 7,744 | 6,567 | S100QUKC, S100VU9O, S100Y6EN |
| Share capital | 2,517 | 2,517 | 2,524 | 100 | 100 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Property, plant and equipment | 3,893 | 3,892 | 3,652 | 3,573 | 3,417 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Intangible assets excluding goodwill | 381 | 381 | 494 | 677 | 468 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Investment securities | 323 | 323 | 291 | 239 | 306 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Current assets | 6,183 | 6,074 | 6,330 | 6,088 | 5,637 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Current liabilities | 1,922 | 1,880 | 2,202 | 2,561 | 2,578 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Trade payables | 274 | — | — | — | — | S100QUKC |
| Short-term borrowings | 400 | 400 | 700 | 1,500 | 1,200 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Long-term borrowings | 690 | 690 | 460 | 230 | 480 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Total liabilities | 2,840 | 2,992 | 3,024 | 3,125 | 3,364 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Equity attributable to owners of parent | 7,902 | 7,948 | 7,929 | 7,693 | 6,335 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Retained earnings | 2,880 | 2,926 | 2,893 | 2,650 | 1,290 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |
| Treasury stock | -108 | -108 | -108 | -107 | -104 | S100QUKC, S100THZN, S100VU9O, S100Y6EN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Y6EN |
| Property, plant and equipment | 34% | S100Y6EN |
| Intangibles and goodwill | 5% | S100Y6EN |
| Investment securities | 3% | S100Y6EN |
| Other assets | 51% | S100Y6EN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100Y6EN |
| Equity | 66% | S100Y6EN |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,137 | 11,131 | 11,213 | 10,868 | 9,931 |
| Equity | 8,297 | 8,139 | 8,190 | 7,744 | 6,567 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 542 | 485 | 495 | 256 | 698 |

## 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) | 38.0% | S100Y6EN |
| Fixed assets ÷ total assets | 34.4% | S100Y6EN |
| Goodwill ÷ parent equity | — | —, S100Y6EN |

### 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) | 7.0% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,957 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 30.5% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 30.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 0.6% | 0.98× | 0.6% | 1.41× | 0.9% | S100QUKC |
| 2023 | 0.6% | 0.97× | 0.6% | 1.40× | 0.9% | S100Y6EN, S100THZN |
| 2024 | 1.0% | 0.92× | 1.0% | 1.41× | 1.4% | S100VU9O |
| 2025 | — | —× | -0.9% | —× | — | S100Y6EN |
| 2026 | — | —× | -11.7% | —× | — | S100Y6EN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱双栄 | Major shareholder | 13.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 3.9% | 2026-02-28 |
| ツインバード従業員持株会 | Major shareholder | 2.7% | 2026-02-28 |
| 野水重明 | Major shareholder | 2.6% | 2026-02-28 |
| ㈱日本政策投資銀行 | Major shareholder | 2.5% | 2026-02-28 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.2% | 2026-02-28 |
| 野水秀勝 | Major shareholder | 1.3% | 2026-02-28 |
| ㈱第四北越銀行 | Major shareholder | 1.0% | 2026-02-28 |
| 野水御富士 | Major shareholder | 1.0% | 2026-02-28 |
| SCBHK AC EFG BANK HONG KONG BRANCH （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/03/01－2026/02/28) | S100Y6EN | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6EN,, |
| 有価証券報告書－第63期(2024/03/01－2025/02/28) | S100VU9O | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU9O,, |
| 有価証券報告書－第62期(2023/03/01－2024/02/29) | S100THZN | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THZN,, |
| 有価証券報告書－第61期(2022/03/01－2023/02/28) | S100QUKC | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUKC,, |
| 有価証券報告書－第60期(令和3年3月1日－令和4年2月28日) | S100O5F1 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5F1,, |
| 有価証券報告書－第59期(令和2年3月1日－令和3年2月28日) | S100LE42 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LE42,, |

## 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).