# UNIPRES 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87期(2025/04/01－2026/03/31) (S100YCON)
> Page: https://vizora.meequs.com/en/company/unipres
> Retrieved: 2026-09-30T22:09:08.378Z

## Company

Unipres, founded in 1936, is a company in Auto Parts listed on TSE Prime. It has 6,916 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNIPRES CORPORATION |
| Ticker | 5949 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5949.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新横浜2丁目4番13号 |
| Representative (per filing) | 代表取締役 社長執行役員 浦西 信哉 |
| Founded | Nov 1936 |
| Share capital | ¥10.2B |
| Employees (consolidated) | 6,916 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.unipres.co.jp (https://www.unipres.co.jp/) |
| Corporate number | 7020001045218 |
| EDINET | E02194 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YCON, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.8 | 110 |
| Profitability | 40.1 | 111 |
| Cash conversion | 50.5 | 108 |
| Efficiency | 68.9 | 111 |

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 42% of Unipres's sales come from America, with Japan and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit +11.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥321.9B |  |
| Operating income | ¥13.6B | Margin 4.2% |
| Net income | -¥8.34B | Margin -2.6% |
| Free cash flow | ¥13.6B |  |
| Largest business | America | of segment revenue 42.3% |
| Employees (consolidated) | 6,916 |  |
| EPS | ¥2.91 |  |
| Book value per share | ¥824.93 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 45,004,973 |  |
| Treasury shares | 452,700 |  |
| Shareholders | 46,318 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 16.4% |
| Vs. industry median margin | -0.5 pp | Auto Parts |
| ROA | -2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, segment profit share differs by 27 points
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥234545000000 | ¥321943000000 | +37.3% |
| Operating income | ¥-11330000000 | ¥13603000000 | — |
| Operating margin | -4.8% | 4.2% | +9.1 pp |
| Employees | 8,996 people | 6,916 people | -23.1% |
| Cash and equivalents | ¥23453000000 | ¥52792000000 | +125.1% |

### 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 | 28.0% |
| 日本 → 事業再編・廃止 | 3.3% |
| 米州 → 米州 | 28.9% |
| 欧州 → 欧州 | 10.0% |
| アジア → アジア | 15.9% |
| アジア → 事業再編・廃止 | 14.0% |
| 新設・再編 → 米州 | 13.4% |
| 新設・再編 → 欧州 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| America | 5 years | +15.0% | ¥136158000000 | 7.1% | 2 |
| Japan | 5 years | +4.2% | ¥90171000000 | 3.4% | 2 |
| Asia | 5 years | -6.1% | ¥51101000000 | 2.4% | 2 |
| Europe | 5 years | +13.8% | ¥44511000000 | -0.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 321,943 | 100.0% | S100YCON |
| Cost of revenue | 281,111 | 87.3% | S100YCON |
| Gross profit | 40,831 | 12.7% | S100YCON |
| SG&A | 27,227 | 8.5% | S100YCON |
| Operating income | 13,603 | 4.2% | S100YCON |
| Ordinary income | 14,760 | 4.6% | S100YCON |
| Pretax income | -4,745 | -1.5% | S100YCON |
| Income tax | 3,928 | 1.2% | S100YCON |
| Net income | -8,674 | -2.7% | S100YCON |
| Net income attributable to owners | -8,342 | -2.6% | S100YCON |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 12.7% → Operating margin 4.2% → Net margin -2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.5%; Core profit growth: +11.5%
Operating leverage (core profit growth ÷ revenue growth): -4.69×
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 | 330,045 | 321,943 | -8,102 | -2.5% |
| Gross profit | 39,415 | 40,831 | 1,416 | +3.6% |
| Operating income | 12,198 | 13,603 | 1,405 | +11.5% |
| Net income attributable to owners | -21,053 | -8,342 | 12,711 | — |
| Operating cash flow | 28,619 | 23,129 | -5,490 | -19.2% |
| Free cash flow | 15,707 | 13,639 | -2,068 | -13.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 295,692 | 3,309 | 1.1% | -3,977 | 10,538 | -26,318 | S100LQEL |
| FY ending Mar 2021 | 234,545 | -11,330 | -4.8% | -17,642 | 5,778 | -24,773 | S100OEVE |
| FY ending Mar 2022 | 254,450 | -7,593 | -3.0% | -7,955 | 17,126 | -1,847 | S100R1AA |
| FY ending Mar 2023 | 304,442 | 3,738 | 1.2% | 2,483 | 35,269 | 25,207 | S100TOH5 |
| FY ending Mar 2024 | 335,079 | 10,927 | 3.3% | 5,256 | 28,705 | 18,601 | S100W7QC |
| FY ending Mar 2025 | 330,045 | 12,198 | 3.7% | -21,053 | 28,619 | 15,707 | S100YCON |
| FY ending Mar 2026 | 321,943 | 13,603 | 4.2% | -8,342 | 23,129 | 13,639 | S100YCON |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.6M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | -¥1.2M |

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) | 8,622 | 8,059 | 7,984 | 7,581 | 6,916 |
| Average salary (parent company) | ¥5.6M | ¥5.9M | ¥6.2M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 43.6 years | 44.7 years | 44.9 years | 44.5 years | 45.1 years |
| Average tenure (parent company) | 20.1 years | 21.1 years | 21.6 years | 20.7 years | 21.2 years |

Year over year: Employees (consolidated) -8.8% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 90,171 | 28.0% | 3,090 | 3.4% |
| America | 136,158 | 42.3% | 9,732 | 7.1% |
| Europe | 44,511 | 13.8% | -351 | -0.8% |
| Asia | 51,101 | 15.9% | 1,219 | 2.4% |

### 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 | 28.0% | 22.0% | -6.0 | 3.4% |
| America | 42.3% | 69.3% | 27.0 | 7.1% |
| Europe | 13.8% | — | — | -0.8% |
| Asia | 15.9% | 8.7% | -7.2 | 2.4% |

Loss-making segment (excluded from profit shares): Europe -351 JPY mn

Segment → industry: Asia → Auto Parts / Europe → Auto Parts / America → Auto Parts / Japan → Auto Parts

## 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 | 23,129 | 7.2% | S100YCON |
| Capital expenditure | 9,490 | 2.9% | S100YCON |
| Free cash flow | 13,639 | 4.2% | 算出 |
| Investing cash flow | -9,614 | -3.0% | S100YCON |
| Financing cash flow | -13,589 | -4.2% | S100YCON |
| Dividends paid | 2,668 | 0.8% | S100YCON |
| Share buyback | 0 | 0.0% | S100YCON |
| Change in cash | 4,341 | 1.3% | S100YCON |
| Cash and equivalents | 52,792 | 16.4% | S100YCON |

## 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 | 30,798 | 48,033 | 51,871 | 48,450 | 52,792 | S100TOH5, S100W7QC, S100YCON |
| Total assets | 302,585 | 313,057 | 336,739 | 297,286 | 292,222 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Net assets | 135,875 | 149,206 | 174,674 | 153,522 | 151,546 | S100TOH5, S100W7QC, S100YCON |
| Share capital | 10,168 | 10,168 | 10,168 | 10,168 | 10,168 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Trade receivables | 51,410 | 50,842 | 57,595 | 54,329 | 70,063 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Property, plant and equipment | 149,759 | 141,442 | 137,056 | 109,120 | 93,757 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Intangible assets excluding goodwill | 6,172 | 6,528 | 6,617 | 2,720 | 1,701 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Investment securities | 7,219 | 8,561 | 9,557 | 8,309 | 5,999 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Current assets | 125,073 | 140,625 | 162,092 | 157,862 | 169,310 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Current liabilities | 114,533 | 126,966 | 126,501 | 111,521 | 109,185 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Trade payables | 39,344 | 37,392 | 39,984 | 38,859 | 42,764 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Short-term borrowings | 51,349 | 61,181 | 53,170 | 41,725 | 34,553 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Long-term borrowings | 34,524 | 18,612 | 15,678 | 15,423 | 15,874 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Total liabilities | 166,710 | 163,850 | 162,064 | 143,763 | 140,675 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Non-controlling interests | 13,052 | 16,188 | 20,914 | 20,292 | 18,974 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Equity attributable to owners of parent | 126,983 | 128,138 | 132,385 | 108,890 | 98,188 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Retained earnings | 108,380 | 109,969 | 114,112 | 89,295 | 78,135 | S100R1AA, S100TOH5, S100W7QC, S100YCON |
| Treasury stock | -5,023 | -5,398 | -5,257 | -1,032 | -574 | S100R1AA, S100TOH5, S100W7QC, S100YCON |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCON |
| Receivables | 24% | S100YCON |
| Property, plant and equipment | 32% | S100YCON |
| Intangibles and goodwill | 1% | S100YCON |
| Investment securities | 2% | S100YCON |
| Other assets | 23% | S100YCON |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YCON |
| Other liabilities | 33% | S100YCON |
| Equity | 52% | S100YCON |
| Other liabilities | 0% | S100YCON |

### 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 | 302,585 | 313,057 | 336,739 | 297,286 | 292,222 |
| Equity | 135,875 | 149,206 | 174,674 | 153,522 | 151,546 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,798 | 48,033 | 51,871 | 48,450 | 52,792 |

## 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) | 29.1% | S100YCON |
| Fixed assets ÷ total assets | 32.1% | S100YCON |
| Goodwill ÷ parent equity | — | —, S100YCON |

### 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) | 18.1% |
| Cash ÷ revenue | 16.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.0% |
| Cash vs. profit gap | 31,471 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 19.6% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 41.6% |

## 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 | — | —× | -2.6% | —× | — | S100R1AA |
| 2023 | 0.8% | 0.99× | 0.8% | 2.41× | 1.9% | S100TOH5 |
| 2024 | 1.6% | 1.03× | 1.6% | 2.49× | 4.0% | S100W7QC |
| 2025 | — | —× | -6.6% | —× | — | S100YCON |
| 2026 | — | —× | -2.8% | —× | — | S100YCON |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 15.0% | 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 | 10.4% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口） | Major shareholder | 4.0% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 2.1% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2026-03-31 |
| 江口 昌典 | Major shareholder | 1.3% | 2026-03-31 |
| ユニプレス社員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥321.9B, down -2.5% from ¥330B.
- Operating income still grew +11.5%, from ¥12.2B to ¥13.6B, and gross profit rose +3.6%.
- Restructuring and impairment charges kept the company in the red, with a net loss of -¥8.34B, though that was much smaller than the prior year's -¥21.1B.
- Operating cash flow fell -19.2% to ¥23.1B, and free cash flow fell -13.2% to ¥13.6B.

### Drivers

- Sales fell because customers cut production and exchange rates moved against the company
- Operating income rose mainly thanks to cost savings from rebuilding its production setup in China
- Operating cash flow fell partly because trade receivables increased

### Risks

- Most sales go to the Nissan group, so lower Nissan sales or a change in its purchasing policy would hurt results
- Price competition in the auto industry is tough, and forced price cuts could squeeze margins
- If electrification moves faster than expected, sales of precision parts such as transmission components could shrink

Cited: Annual Securities Report (87th term) (Management's discussion and analysis); Annual Securities Report (87th term) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YCON | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCON,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W7QC | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7QC,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TOH5 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOH5,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R1AA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1AA,, |
| 有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OEVE | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEVE,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LQEL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQEL,, |

## 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).