# UNION TOOL CO.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/01/01－2025/12/31) (S100XSU7)
> Page: https://vizora.meequs.com/en/company/union-tool
> Retrieved: 2026-09-30T20:23:45.811Z

## Company

Union Tool, founded in 1960, is a company in Machine Tools listed on TSE Prime. It has 1,530 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNION TOOL CO. |
| Ticker | 6278 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6278.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区南大井六丁目17番1号 |
| Representative (per filing) | 代表取締役会長 片山 貴雄 |
| Founded | Dec 1960 |
| Share capital | ¥3B |
| Employees (consolidated) | 1,530 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | uniontool.co.jp (https://uniontool.co.jp/) |
| Corporate number | 5010701010077 |
| EDINET | E01505 |
| Industries (Vizora) | Machine Tools |

> Profile source: annual securities report (S100XSU7, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.7 | 34 |
| Profitability | 95.6 | 34 |
| Cash conversion | 17.7 | 31 |
| Efficiency | 22.1 | 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 57% of Union Tool's sales come from Asia, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +23.2% from the prior year, operating profit +26.9%.

## Company structure

- Segment revenue mix: Asia 57.3%、Japan 31.5%、Europe 6.1%、North America 5.1%
- Revenue → net income: ¥40165000000 → ¥6114000000
- Net income → operating cash flow: ¥6114000000 → ¥7507000000（difference ¥1393000000）
- Main uses of operating cash flow: CapEx ¥7431000000 / dividends ¥2072000000 / buybacks ¥1000000
- Change in cash: ¥-1543000000
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 | ¥40.2B |  |
| Operating income | ¥8.73B | Margin 21.7% |
| Net income | ¥6.11B | Margin 15.2% |
| Free cash flow | ¥76M |  |
| Largest business | Asia | of segment revenue 57.3% |
| Employees (consolidated) | 1,530 |  |
| EPS | ¥252.65 |  |
| Book value per share | ¥3615.78 |  |
| Equity ratio | 90.7% |  |
| Shares outstanding | 19,780,000 |  |
| Treasury shares | 2,366,400 |  |
| Shareholders | 11,747 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 40.9% |
| Vs. industry median margin | +14.6 pp | Machine Tools |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22817000000 | ¥40165000000 | +76.0% |
| Operating income | ¥2864000000 | ¥8728000000 | +204.7% |
| Operating margin | 12.6% | 21.7% | +9.2 pp |
| Employees | 1,479 people | 1,530 people | +3.4% |
| Cash and equivalents | ¥15550000000 | ¥16423000000 | +5.6% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. 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 | 31.5% |
| 日本 → 事業再編・廃止 | 8.7% |
| アジア → アジア | 48.6% |
| 北米 → 北米 | 5.0% |
| 欧州 → 欧州 | 6.1% |
| 欧州 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アジア | 8.7% |
| 新設・再編 → 北米 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +15.7% | ¥23030000000 | 13.7% | 2 |
| Japan | 5 years | +6.6% | ¥12646000000 | 33.3% | 2 |
| Europe | 5 years | +11.4% | ¥2450000000 | 4.7% | 2 |
| North America | 5 years | +12.5% | ¥2037000000 | 4.4% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,165 | 100.0% | S100XSU7 |
| Cost of revenue | 24,080 | 60.0% | S100XSU7 |
| Gross profit | 16,084 | 40.0% | S100XSU7 |
| SG&A | 7,356 | 18.3% | S100XSU7 |
| Operating income | 8,728 | 21.7% | S100XSU7 |
| Ordinary income | 8,136 | 20.3% | S100XSU7 |
| Pretax income | 8,317 | 20.7% | S100XSU7 |
| Income tax | 2,202 | 5.5% | S100XSU7 |
| Net income | 6,114 | 15.2% | S100XSU7 |
| Net income attributable to owners | 6,114 | 15.2% | S100XSU7 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 18 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 40.0% → Operating margin 21.7% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.2%; Core profit growth: +26.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,606 | 40,165 | 7,559 | +23.2% |
| Gross profit | 13,134 | 16,084 | 2,950 | +22.5% |
| Operating income | 6,878 | 8,728 | 1,850 | +26.9% |
| Net income attributable to owners | 5,283 | 6,114 | 831 | +15.7% |
| Operating cash flow | 7,283 | 7,507 | 224 | +3.1% |
| Free cash flow | 3,181 | 76 | -3,105 | -97.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 22,878 | 3,074 | 13.4% | 2,384 | 5,042 | 2,418 | S100KZ6I |
| FY ending Dec 2020 | 22,817 | 2,864 | 12.6% | 2,539 | 5,071 | 3,495 | S100NRAK |
| FY ending Dec 2021 | 28,174 | 5,430 | 19.3% | 3,803 | 5,825 | 3,208 | S100QF8Z |
| FY ending Dec 2022 | 29,091 | 6,190 | 21.3% | 4,996 | 6,707 | 4,185 | S100T48K |
| FY ending Dec 2023 | 25,338 | 3,778 | 14.9% | 3,077 | 4,688 | 228 | S100VEFY |
| FY ending Dec 2024 | 32,606 | 6,878 | 21.1% | 5,283 | 7,283 | 3,181 | S100XSU7 |
| FY ending Dec 2025 | 40,165 | 8,728 | 21.7% | 6,114 | 7,507 | 76 | S100XSU7 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.3M |
| Operating income per employee (consolidated) | ¥5.7M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,496 | 1,486 | 1,450 | 1,454 | 1,530 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.5M | ¥6.5M | ¥7.1M |
| Average age (parent company) | 40.8 years | 41.1 years | 41.6 years | 42.0 years | 42.2 years |
| Average tenure (parent company) | 18.2 years | 18.6 years | 19.2 years | 19.4 years | 19.2 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +23.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 12,646 | 31.5% | 4,214 | 33.3% |
| Asia | 23,030 | 57.3% | 3,150 | 13.7% |
| North America | 2,037 | 5.1% | 89 | 4.4% |
| Europe | 2,450 | 6.1% | 114 | 4.7% |

### 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 | 31.5% | 55.7% | 24.2 | 33.3% |
| Asia | 57.3% | 41.6% | -15.7 | 13.7% |
| North America | 5.1% | 1.2% | -3.9 | 4.4% |
| Europe | 6.1% | 1.5% | -4.6 | 4.7% |

Segment → industry: Europe → Machine Tools / North America → Machine Tools / Asia → Machine Tools / Japan → Machine Tools

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,507 | 18.7% | S100XSU7 |
| Capital expenditure | 7,431 | 18.5% | S100XSU7 |
| Free cash flow | 76 | 0.2% | 算出 |
| Investing cash flow | -6,803 | -16.9% | S100XSU7 |
| Financing cash flow | -2,258 | -5.6% | S100XSU7 |
| Dividends paid | 2,072 | 5.2% | S100XSU7 |
| Share buyback | 1 | 0.0% | S100XSU7 |
| Change in cash | -1,543 | -3.8% | S100XSU7 |
| Cash and equivalents | 16,423 | 40.9% | S100XSU7 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,240 | 20,928 | 19,259 | 17,966 | 16,423 | S100T48K, S100VEFY, S100XSU7 |
| Total assets | 64,530 | 69,135 | 70,605 | 78,863 | 88,202 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Net assets | 59,060 | 63,625 | 67,279 | 73,136 | 79,998 | S100T48K, S100VEFY, S100XSU7 |
| Share capital | 2,998 | 2,998 | 2,998 | 2,998 | 2,998 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Trade receivables | 9,482 | 8,626 | 8,429 | 11,428 | 14,478 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Property, plant and equipment | 22,173 | 22,482 | 24,462 | 26,258 | 30,773 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Intangible assets excluding goodwill | 69 | 60 | 84 | 74 | 109 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Investment securities | 5,149 | 5,235 | 6,105 | 10,788 | 10,582 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Current assets | 36,493 | 40,715 | 39,539 | 41,205 | 45,673 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Current liabilities | 4,564 | 4,923 | 2,701 | 5,032 | 6,681 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Trade payables | 1,115 | 934 | 652 | — | — | S100QF8Z, S100T48K |
| Total liabilities | 5,470 | 5,509 | 3,325 | 5,726 | 8,203 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Equity attributable to owners of parent | 55,896 | 59,429 | 61,055 | 64,834 | 69,870 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Retained earnings | 56,612 | 60,145 | 61,772 | 65,553 | 69,595 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |
| Treasury stock | -6,734 | -6,735 | -6,736 | -6,737 | -6,365 | S100QF8Z, S100T48K, S100VEFY, S100XSU7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XSU7 |
| Receivables | 16% | S100XSU7 |
| Property, plant and equipment | 35% | S100XSU7 |
| Intangibles and goodwill | 0% | S100XSU7 |
| Investment securities | 12% | S100XSU7 |
| Other assets | 18% | S100XSU7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100XSU7 |
| Equity | 91% | S100XSU7 |
| Other liabilities | 0% | S100XSU7 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 64,530 | 69,135 | 70,605 | 78,863 | 88,202 |
| Equity | 59,060 | 63,625 | 67,279 | 73,136 | 79,998 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,240 | 20,928 | 19,259 | 17,966 | 16,423 |

## 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) | 76.6% | S100XSU7 |
| Fixed assets ÷ total assets | 34.9% | S100XSU7 |
| Goodwill ÷ parent equity | — | —, S100XSU7 |

### 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) | 18.6% |
| Cash ÷ revenue | 40.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.0% |
| Cash vs. profit gap | 1,393 JPY mn (of net income 22.8%) |
| Shareholder returns / net income | 33.9% |
| Shareholder returns / FCF | 2727.6% |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 2726.3% |
| CapEx intensity (capex ÷ revenue) | 18.5% |
| Investing CF relative to operating CF | 90.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 13.5% | 0.44× | 5.9% | 1.15× | 6.8% | S100QF8Z |
| 2022 | 17.2% | 0.44× | 7.5% | 1.16× | 8.7% | S100T48K |
| 2023 | 12.1% | 0.36× | 4.4% | 1.16× | 5.1% | S100VEFY |
| 2024 | 16.2% | 0.44× | 7.1% | 1.19× | 8.4% | S100XSU7 |
| 2025 | 15.2% | 0.48× | 7.3% | 1.24× | 9.1% | S100XSU7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社晃永 | Major shareholder | 35.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.0% | 2025-12-31 |
| 公益財団法人ユニオンツール育英奨学会 | Major shareholder | 5.7% | 2025-12-31 |
| 片山 貴雄 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社きらぼし銀行 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| MORGAN STANLEY & CO.LLC((常代)モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.2% | 2025-12-31 |
| 旭ダイヤモンド工業株式会社 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/01/01－2025/12/31) | S100XSU7 | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSU7,, |
| 有価証券報告書－第64期(2024/01/01－2024/12/31) | S100VEFY | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEFY,, |
| 有価証券報告書－第63期(2023/01/01－2023/12/31) | S100T48K | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T48K,, |
| 有価証券報告書－第62期(2022/01/01－2022/12/31) | S100QF8Z | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF8Z,, |
| 有価証券報告書－第61期(令和3年1月1日－令和3年12月31日) | S100NRAK | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRAK,, |
| 有価証券報告書－第60期(令和2年1月1日－令和2年12月31日) | S100KZ6I | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZ6I,, |

## 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).