# TYK CORPORATION: 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107期(2025/04/01－2026/03/31) (S100YI3M)
> Page: https://vizora.meequs.com/en/company/tyk
> Retrieved: 2026-09-30T19:05:55.944Z

## Company

TYK, founded in 1947, is a company in Glass & Ceramics listed on TSE Standard. It has 927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TYK CORPORATION |
| Ticker | 5363 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5363.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南二丁目11番1号 |
| Representative (per filing) | 代表取締役社長 牛込 伸隆 |
| Founded | Feb 1947 |
| Share capital | ¥2.4B |
| Employees (consolidated) | 927 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.tyk.co.jp (https://www.tyk.co.jp/) |
| Corporate number | 2010001023781 |
| EDINET | E01149 |
| Industries (Vizora) | Glass & Ceramics |

> Profile source: annual securities report (S100YI3M, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 17 |
| Profitability | 50 | 17 |
| Cash conversion | 28.1 | 16 |
| Efficiency | 50 | 17 |

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 69% of TYK's sales come from Japan, with Europe and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -1.4% from the prior year, operating profit -23.6%.

## Company structure

- Segment revenue mix: Japan 69.0%、Europe 14.4%、North America 12.9%、Asia 2.6%、Other 1.1%
- Revenue → net income: ¥31484563000 → ¥4106404000
- Net income → operating cash flow: ¥4106404000 → ¥3063051000（difference ¥-1043353000）
- Main uses of operating cash flow: CapEx ¥1480705000 / dividends ¥975736000 / buybacks ¥197000
- Change in cash: ¥770287000
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 | ¥31.5B |  |
| Operating income | ¥3.44B | Margin 10.9% |
| Net income | ¥3.74B | Margin 11.9% |
| Free cash flow | ¥1.58B |  |
| Largest business | Japan | of segment revenue 69.0% |
| Employees (consolidated) | 927 |  |
| EPS | ¥62.46 |  |
| Book value per share | ¥739.87 |  |
| Equity ratio | 70.4% |  |
| Shares outstanding | 45,477,000 |  |
| Treasury shares | 1,045,200 |  |
| Shareholders | 7,434 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 45.5% |
| Vs. industry median margin | 0 pp | Glass & Ceramics |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22914616000 | ¥31484563000 | +37.4% |
| Operating income | ¥2085782000 | ¥3441650000 | +65.0% |
| Operating margin | 9.1% | 10.9% | +1.8 pp |
| Employees | 930 people | 927 people | -0.3% |
| Cash and equivalents | ¥12093832000 | ¥14323399000 | +18.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 69.0% |
| 日本 → 事業再編・廃止 | 10.3% |
| 北米 → 北米 | 8.4% |
| ヨーロッパ → ヨーロッパ | 8.2% |
| アジア → アジア | 2.6% |
| アジア → 事業再編・廃止 | 0.0% |
| その他 → その他 | 1.1% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 北米 | 4.5% |
| 新設・再編 → ヨーロッパ | 6.1% |

Segment revenue source references: 10 (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 | +3.6% | ¥21726051000 | 14.2% | 2 |
| Europe | 5 years | +19.1% | ¥4518893000 | 8.8% | 2 |
| North America | 5 years | +16.0% | ¥4069568000 | 7.2% | 2 |
| Asia | 5 years | +6.4% | ¥829417000 | 8.5% | 2 |
| Other | 5 years | +1.5% | ¥340632000 | 32.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,485 | 100.0% | S100YI3M |
| Cost of revenue | 23,182 | 73.6% | S100YI3M |
| Gross profit | 8,302 | 26.4% | S100YI3M |
| SG&A | 4,860 | 15.4% | S100YI3M |
| Operating income | 3,442 | 10.9% | S100YI3M |
| Ordinary income | 4,269 | 13.6% | S100YI3M |
| Pretax income | 5,430 | 17.2% | S100YI3M |
| Income tax | 1,324 | 4.2% | S100YI3M |
| Net income | 4,106 | 13.0% | S100YI3M |
| Net income attributable to owners | 3,741 | 11.9% | S100YI3M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 26.4% → Operating margin 10.9% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.4%; Core profit growth: -23.6%
Operating leverage (core profit growth ÷ revenue growth): 16.77×
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 | 31,933 | 31,485 | -449 | -1.4% |
| Gross profit | 9,135 | 8,302 | -833 | -9.1% |
| Operating income | 4,504 | 3,442 | -1,062 | -23.6% |
| Net income attributable to owners | 3,130 | 3,741 | 611 | +19.5% |
| Operating cash flow | 3,298 | 3,063 | -235 | -7.1% |
| Free cash flow | 1,943 | 1,582 | -361 | -18.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,026 | 3,319 | 11.8% | 1,344 | 4,686 | 3,317 | S100LXCR |
| FY ending Mar 2021 | 22,915 | 2,086 | 9.1% | 1,285 | 4,530 | 3,305 | S100OOU9 |
| FY ending Mar 2022 | 25,907 | 3,093 | 11.9% | 1,732 | 1,401 | 461 | S100RE04 |
| FY ending Mar 2023 | 28,681 | 3,199 | 11.2% | 2,116 | 1,962 | 1,006 | S100TU9F |
| FY ending Mar 2024 | 30,012 | 3,183 | 10.6% | 2,379 | 4,016 | 3,134 | S100W66G |
| FY ending Mar 2025 | 31,933 | 4,504 | 14.1% | 3,130 | 3,298 | 1,943 | S100YI3M |
| FY ending Mar 2026 | 31,485 | 3,442 | 10.9% | 3,741 | 3,063 | 1,582 | S100YI3M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥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) | 927 | 905 | 896 | 911 | 927 |
| Average salary (parent company) | ¥5.6M | ¥6.1M | ¥6.3M | ¥6.5M | ¥6.8M |
| Average age (parent company) | 43.2 years | 44.0 years | 44.6 years | 44.9 years | 44.4 years |
| Average tenure (parent company) | 16.0 years | 16.4 years | 17.0 years | 17.1 years | 17.0 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 21,726 | 69.0% | 3,089 | 14.2% |
| North America | 4,070 | 12.9% | 292 | 7.2% |
| Europe | 4,519 | 14.4% | 396 | 8.8% |
| Asia | 829 | 2.6% | 70 | 8.5% |
| Other | 341 | 1.1% | 111 | 32.6% |

### 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 | 69.0% | 78.0% | 9.0 | 14.2% |
| North America | 12.9% | 7.4% | -5.5 | 7.2% |
| Europe | 14.4% | 10.0% | -4.3 | 8.8% |
| Asia | 2.6% | 1.8% | -0.9 | 8.5% |
| Other | 1.1% | 2.8% | 1.7 | 32.6% |

Segment → industry: Asia → Glass & Ceramics / Europe → Glass & Ceramics / North America → Glass & Ceramics / Japan → Glass & Ceramics

## 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 | 3,063 | 9.7% | S100YI3M |
| Capital expenditure | 1,481 | 4.7% | S100YI3M |
| Free cash flow | 1,582 | 5.0% | 算出 |
| Investing cash flow | -1,550 | -4.9% | S100YI3M |
| Financing cash flow | -1,150 | -3.7% | S100YI3M |
| Dividends paid | 976 | 3.1% | S100YI3M |
| Share buyback | 0 | 0.0% | S100YI3M |
| Change in cash | 770 | 2.4% | S100YI3M |
| Cash and equivalents | 14,323 | 45.5% | S100YI3M |

## 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 | 11,659 | 10,720 | 12,936 | 13,553 | 14,323 | S100TU9F, S100W66G, S100YI3M |
| Total assets | 47,308 | 50,010 | 56,901 | 59,170 | 66,995 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Net assets | 36,827 | 39,806 | 45,165 | 47,372 | 54,015 | S100TU9F, S100W66G, S100YI3M |
| Share capital | 2,398 | 2,398 | 2,398 | 2,398 | 2,398 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Property, plant and equipment | 9,694 | 9,616 | 9,593 | 9,801 | 10,182 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Intangible assets excluding goodwill | 90 | 94 | 105 | 76 | 63 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Investment securities | 7,008 | 8,453 | 12,781 | 12,380 | 17,598 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Current assets | 30,069 | 31,387 | 33,933 | 36,310 | 38,430 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Current liabilities | 7,589 | 7,041 | 7,411 | 7,713 | 7,558 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Trade payables | 1,608 | 1,887 | 1,607 | 1,593 | 1,633 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Short-term borrowings | 3,706 | 3,367 | 3,367 | 3,367 | 3,367 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Long-term borrowings | 67 | 52 | — | — | — | S100RE04, S100TU9F |
| Total liabilities | 10,481 | 10,204 | 11,736 | 11,798 | 12,980 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Non-controlling interests | 5,013 | 5,474 | 5,948 | 6,465 | 6,841 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Equity attributable to owners of parent | 30,028 | 31,717 | 33,487 | 35,909 | 38,672 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Retained earnings | 25,444 | 27,116 | 28,872 | 31,260 | 34,024 | S100RE04, S100TU9F, S100W66G, S100YI3M |
| Treasury stock | -305 | -287 | -275 | -240 | -241 | S100RE04, S100TU9F, S100W66G, S100YI3M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YI3M |
| Property, plant and equipment | 15% | S100YI3M |
| Intangibles and goodwill | 0% | S100YI3M |
| Investment securities | 26% | S100YI3M |
| Other assets | 37% | S100YI3M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YI3M |
| Other liabilities | 17% | S100YI3M |
| Equity | 81% | S100YI3M |

### 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 | 47,308 | 50,010 | 56,901 | 59,170 | 66,995 |
| Equity | 36,827 | 39,806 | 45,165 | 47,372 | 54,015 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,659 | 10,720 | 12,936 | 13,553 | 14,323 |

## 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) | 32.3% | S100YI3M |
| Fixed assets ÷ total assets | 15.2% | S100YI3M |
| Goodwill ÷ parent equity | — | —, S100YI3M |

### 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) | 21.4% |
| Cash ÷ revenue | 45.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.0% |
| Cash vs. profit gap | -678 JPY mn (of net income -18.1%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | 61.7% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 61.7% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 50.6% |

## 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% | 0.55× | 3.7% | 1.58× | 5.8% | S100RE04 |
| 2023 | 7.4% | 0.59× | 4.3% | 1.58× | 6.9% | S100TU9F |
| 2024 | 7.9% | 0.56× | 4.4% | 1.64× | 7.3% | S100W66G |
| 2025 | 9.8% | 0.55× | 5.4% | 1.67× | 9.0% | S100YI3M |
| 2026 | 11.9% | 0.50× | 5.9% | 1.69× | 10.0% | S100YI3M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大同特殊鋼株式会社 | Major shareholder | 11.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 4.4% | 2026-03-31 |
| ＪＦＥスチール株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 中部鋼鈑株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本製鋼所 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YI3M | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3M,, |
| 有価証券報告書－第106期(2024/04/01－2025/03/31) | S100W66G | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W66G,, |
| 有価証券報告書－第105期(2023/04/01－2024/03/31) | S100TU9F | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9F,, |
| 訂正有価証券報告書－第104期(2022/04/01－2023/03/31) | S100RE04 | 2023-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RE04,, |
| 訂正有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OOU9 | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOU9,, |
| 訂正有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100LXCR | 2021-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXCR,, |

## 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).