# UEX, 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72期(2025/04/01－2026/03/31) (S100YDU2)
> Page: https://vizora.meequs.com/en/company/uex
> Retrieved: 2026-09-30T20:24:09.778Z

## Company

UEX is a company in Steel listed on TSE Standard. It has 518 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UEX,LTD. |
| Ticker | 9888 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9888.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川二丁目2番24号 |
| Representative (per filing) | 代表取締役社長 秀髙雅紀 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 518 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.uex-ltd.co.jp (https://www.uex-ltd.co.jp/) |
| Corporate number | 9010701001205 |
| EDINET | E02728 |
| Industries (Vizora) | Steel, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YDU2, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.8 | 179 |
| Profitability | 46.2 | 185 |
| Cash conversion | 36 | 179 |
| Efficiency | 12.7 | 185 |

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 95% of UEX's sales come from Sale of stainless steel and other metal materials, with Manufacturing and sale of stainless steel and other metal processed products and Manufacturing and sale of machinery and engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit -26.7%.

## Company structure

- Segment revenue mix: Sale of stainless steel and other metal materials 95.3%、Manufacturing and sale of stainless steel and other metal processed products 2.5%、Manufacturing and sale of machinery and engineering 2.2%
- Revenue → net income: ¥49724959000 → ¥670187000
- Net income → operating cash flow: ¥670187000 → ¥1033626000（difference ¥363439000）
- Main uses of operating cash flow: CapEx ¥1327468000 / dividends ¥462527000 / buybacks ¥17000
- Change in cash: ¥339916000
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 | ¥49.7B |  |
| Operating income | ¥1.3B | Margin 2.6% |
| Net income | ¥666.6M | Margin 1.3% |
| Free cash flow | -¥293.8M |  |
| Largest business | Sale of stainless steel and other metal materials | of segment revenue 95.3% |
| Employees (consolidated) | 518 |  |
| EPS | ¥25.95 |  |
| Book value per share | ¥1473.58 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 12,000,000 |  |
| Treasury shares | 980,500 |  |
| Shareholders | 6,757 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -0.3 pp | Specialty Trading & Wholesale |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49379392000 | ¥49724959000 | +0.7% |
| Operating income | ¥446899000 | ¥1298404000 | +190.5% |
| Operating margin | 0.9% | 2.6% | +1.7 pp |
| Employees | 510 people | 518 people | +1.6% |
| Cash and equivalents | ¥4952324000 | ¥7056091000 | +42.5% |

### 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 |
| --- | ---: |
| ステンレス鋼その他金属材料の販売事業 → ステンレス鋼その他金属材料の販売事業 | 95.3% |
| ステンレス鋼その他金属材料の販売事業 → 事業再編・廃止 | 1.0% |
| ステンレス鋼その他金属加工製品の製造・販売事業 → ステンレス鋼その他金属加工製品の製造・販売事業 | 2.1% |
| 機械装置の製造・販売及びエンジニアリング事業 → 機械装置の製造・販売及びエンジニアリング事業 | 1.6% |
| 新設・再編 → ステンレス鋼その他金属加工製品の製造・販売事業 | 0.4% |
| 新設・再編 → 機械装置の製造・販売及びエンジニアリング事業 | 0.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sale of stainless steel and other metal materials | 5 years | -0.1% | ¥47391595000 | 2.5% | 2 |
| Manufacturing and sale of stainless steel and other metal processed products | 5 years | +3.8% | ¥1262444000 | -2.6% | 2 |
| Manufacturing and sale of machinery and engineering | 5 years | +6.7% | ¥1070920000 | 11.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,725 | 100.0% | S100YDU2 |
| Cost of revenue | 40,539 | 81.5% | S100YDU2 |
| Gross profit | 9,186 | 18.5% | S100YDU2 |
| SG&A | 7,887 | 15.9% | S100YDU2 |
| Operating income | 1,298 | 2.6% | S100YDU2 |
| Ordinary income | 1,259 | 2.5% | S100YDU2 |
| Pretax income | 1,147 | 2.3% | S100YDU2 |
| Income tax | 477 | 1.0% | S100YDU2 |
| Net income | 670 | 1.3% | S100YDU2 |
| Net income attributable to owners | 667 | 1.3% | S100YDU2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 18.5% → Operating margin 2.6% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.1%; Core profit growth: -26.7%
Operating leverage (core profit growth ÷ revenue growth): 24.16×
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 | 50,281 | 49,725 | -556 | -1.1% |
| Gross profit | 9,514 | 9,186 | -328 | -3.5% |
| Operating income | 1,772 | 1,298 | -473 | -26.7% |
| Net income attributable to owners | 928 | 667 | -261 | -28.1% |
| Operating cash flow | -1,171 | 1,034 | 2,205 | — |
| Free cash flow | -1,753 | -294 | 1,459 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 56,433 | 1,112 | 2.0% | 694 | 2 | -748 | S100LL0L |
| FY ending Mar 2021 | 49,379 | 447 | 0.9% | 221 | 1,219 | 789 | S100OA3D |
| FY ending Mar 2022 | 45,524 | 2,122 | 4.7% | 1,400 | 1,932 | 1,631 | S100QZ7S |
| FY ending Mar 2023 | 53,829 | 4,273 | 7.9% | 2,828 | 1,288 | 936 | S100TNO4 |
| FY ending Mar 2024 | 52,113 | 2,084 | 4.0% | 1,296 | 1,019 | 465 | S100VZPY |
| FY ending Mar 2025 | 50,281 | 1,772 | 3.5% | 928 | -1,171 | -1,753 | S100YDU2 |
| FY ending Mar 2026 | 49,725 | 1,298 | 2.6% | 667 | 1,034 | -294 | S100YDU2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 509 | 519 | 520 | 519 | 518 |
| Average salary (parent company) | ¥6.4M | ¥7.6M | ¥7.5M | ¥7.2M | ¥6.9M |
| Average age (parent company) | 43.4 years | 43.9 years | 43.8 years | 43.7 years | 44.2 years |
| Average tenure (parent company) | 17.3 years | 17.3 years | 17.1 years | 16.4 years | 16.8 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sale of stainless steel and other metal materials | 47,392 | 95.3% | 1,204 | 2.5% |
| Manufacturing and sale of stainless steel and other metal processed products | 1,262 | 2.5% | -32 | -2.6% |
| Manufacturing and sale of machinery and engineering | 1,071 | 2.2% | 118 | 11.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sale of stainless steel and other metal materials | 95.3% | 91.0% | -4.3 | 2.5% |
| Manufacturing and sale of stainless steel and other metal processed products | 2.5% | — | — | -2.6% |
| Manufacturing and sale of machinery and engineering | 2.2% | 9.0% | 6.8 | 11.1% |

Loss-making segment (excluded from profit shares): Manufacturing and sale of stainless steel and other metal processed products -32 JPY mn

Segment → industry: Manufacturing and sale of stainless steel and other metal processed products → Steel / Sale of stainless steel and other metal materials → Specialty Trading & Wholesale / Manufacturing and sale of machinery and engineering → 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 | 1,034 | 2.1% | S100YDU2 |
| Capital expenditure | 1,327 | 2.7% | S100YDU2 |
| Free cash flow | -294 | -0.6% | 算出 |
| Investing cash flow | -1,245 | -2.5% | S100YDU2 |
| Financing cash flow | 485 | 1.0% | S100YDU2 |
| Dividends paid | 463 | 0.9% | S100YDU2 |
| Share buyback | 0 | 0.0% | S100YDU2 |
| Change in cash | 340 | 0.7% | S100YDU2 |
| Cash and equivalents | 7,056 | 14.2% | S100YDU2 |

## 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 | 5,419 | 5,811 | 6,376 | 6,716 | 7,056 | S100TNO4, S100VZPY, S100YDU2 |
| Total assets | 45,663 | 50,931 | 51,976 | 51,933 | 52,143 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Net assets | 14,437 | 17,135 | 18,134 | 17,511 | 19,000 | S100TNO4, S100VZPY, S100YDU2 |
| Share capital | 1,512 | 1,512 | 1,512 | 1,512 | 1,512 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Property, plant and equipment | 7,685 | 7,643 | 7,975 | 8,039 | 8,918 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Intangible assets excluding goodwill | 994 | 795 | 537 | 343 | 163 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Goodwill | 657 | 505 | 354 | 202 | 51 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Investment securities | 1,789 | 2,212 | 3,254 | 2,883 | 4,700 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Current assets | 34,308 | 39,433 | 39,476 | 39,961 | 37,637 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Current liabilities | 26,129 | 29,148 | 29,460 | 30,073 | 27,490 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Trade payables | 8,549 | 9,997 | 7,479 | 7,438 | 6,145 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Short-term borrowings | 5,423 | 5,851 | 7,434 | 10,049 | 11,019 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Long-term borrowings | 2,810 | 2,409 | 1,966 | 2,067 | 2,818 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Total liabilities | 31,226 | 33,796 | 33,842 | 34,421 | 33,143 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Non-controlling interests | 606 | 682 | 763 | 30 | 34 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Equity attributable to owners of parent | 11,739 | 14,104 | 14,254 | 14,528 | 14,733 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Retained earnings | 9,413 | 11,778 | 11,928 | 12,194 | 12,420 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |
| Treasury stock | -245 | -245 | -245 | -245 | -245 | S100QZ7S, S100TNO4, S100VZPY, S100YDU2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YDU2 |
| Property, plant and equipment | 17% | S100YDU2 |
| Intangibles and goodwill | 0% | S100YDU2 |
| Investment securities | 9% | S100YDU2 |
| Other assets | 60% | S100YDU2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YDU2 |
| Other liabilities | 52% | S100YDU2 |
| Equity | 36% | S100YDU2 |

### 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 | 45,663 | 50,931 | 51,976 | 51,933 | 52,143 |
| Equity | 14,437 | 17,135 | 18,134 | 17,511 | 19,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,419 | 5,811 | 6,376 | 6,716 | 7,056 |

## 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) | 17.9% | S100YDU2 |
| Fixed assets ÷ total assets | 17.1% | S100YDU2 |
| Goodwill ÷ parent equity | 0.3% | S100YDU2 |

Goodwill over 4 years: 657 → 51 JPY; total investing cash flow: -3,292 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) | 13.5% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.6% |
| Cash vs. profit gap | 367 JPY mn (of net income 55.1%) |
| Shareholder returns / net income | 69.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 69.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 120.4% |

## 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 | 3.1% | 1.00× | 3.1% | 3.89× | 11.9% | S100QZ7S |
| 2023 | 5.3% | 1.11× | 5.9% | 3.74× | 21.9% | S100TNO4 |
| 2024 | 2.5% | 1.01× | 2.5% | 3.63× | 9.1% | S100VZPY |
| 2025 | 1.8% | 0.97× | 1.8% | 3.61× | 6.4% | S100YDU2 |
| 2026 | 1.3% | 0.96× | 1.3% | 3.56× | 4.6% | S100YDU2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 住友商事株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 三井物産スチール株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 小沼滋紀 | Major shareholder | 3.1% | 2026-03-31 |
| 岸本則之 | Major shareholder | 3.0% | 2026-03-31 |
| 大同特殊鋼株式会社 | Major shareholder | 2.9% | 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 |
| 株式会社みずほ銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| ＮＳステンレス株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YDU2 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDU2,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100VZPY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZPY,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TNO4 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNO4,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100QZ7S | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ7S,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OA3D | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA3D,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LL0L | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL0L,, |

## 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).