# UNIVANCE 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93期(2025/04/01－2026/03/31) (S100YFXP)
> Page: https://vizora.meequs.com/en/company/univance
> Retrieved: 2026-09-30T19:51:56.055Z

## Company

Univance, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 1,512 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNIVANCE CORPORATION |
| Ticker | 7254 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7254.T) |
| Listing | TSE Standard |
| Head office | 静岡県湖西市鷲津2418番地 |
| Representative (per filing) | 代表取締役社長 髙尾 紀彦 |
| Founded | Mar 1947 |
| Share capital | ¥3.5B |
| Employees (consolidated) | 1,512 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.uvc.co.jp (https://www.uvc.co.jp/) |
| Corporate number | 2080401006066 |
| EDINET | E02183 |
| Industries (Vizora) | Auto Parts, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YFXP, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.5 | 110 |
| Profitability | 91.4 | 111 |
| Cash conversion | 31.9 | 108 |
| Efficiency | 85.1 | 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 66% of Univance's sales come from Transmission and Transfer Units business, with Automotive Parts business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +24.4%.

## Company structure

- Segment revenue mix: Transmission and Transfer Units business 66.2%、Automotive Parts business 33.7%、Other 0.1%
- Revenue → net income: ¥56542577000 → ¥961323000
- Net income → operating cash flow: ¥961323000 → ¥6435484000（difference ¥5474161000）
- Main uses of operating cash flow: CapEx ¥2192428000 / dividends ¥311901000 / buybacks ¥60000
- Change in cash: ¥3335911000
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 | ¥56.5B |  |
| Operating income | ¥5.01B | Margin 8.9% |
| Net income | ¥923.1M | Margin 1.6% |
| Free cash flow | ¥4.24B |  |
| Largest business | Transmission and Transfer Units business | of segment revenue 66.2% |
| Employees (consolidated) | 1,512 |  |
| EPS | ¥-8.84 |  |
| Book value per share | ¥996.25 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 23,396,787 |  |
| Treasury shares | 2,528,340 |  |
| Shareholders | 2,355 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 23.2% | Cash ÷ revenue 20.0% |
| Vs. industry median margin | +4.1 pp | Auto Parts |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.0× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 33 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46249312000 | ¥56542577000 | +22.3% |
| Operating income | ¥-661560000 | ¥5013130000 | — |
| Operating margin | -1.4% | 8.9% | +10.3 pp |
| Employees | 1,656 people | 1,512 people | -8.7% |
| Cash and equivalents | ¥2827415000 | ¥11314796000 | +300.2% |

### 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 |
| --- | ---: |
| ユニット事業 → ユニット事業 | 57.6% |
| 部品事業 → 部品事業 | 33.7% |
| 部品事業 → 事業再編・廃止 | 8.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ユニット事業 | 8.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transmission and Transfer Units business | 5 years | +7.1% | ¥37443760000 | 13.9% | 2 |
| Automotive Parts business | 5 years | -0.5% | ¥19065649000 | -1.2% | 2 |
| Other | 5 years | -6.6% | ¥33167000 | 58.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,543 | 100.0% | S100YFXP |
| Cost of revenue | 45,442 | 80.4% | S100YFXP |
| Gross profit | 11,100 | 19.6% | S100YFXP |
| SG&A | 6,087 | 10.8% | S100YFXP |
| Operating income | 5,013 | 8.9% | S100YFXP |
| Ordinary income | 5,263 | 9.3% | S100YFXP |
| Pretax income | 2,125 | 3.8% | S100YFXP |
| Income tax | 1,163 | 2.1% | S100YFXP |
| Net income | 961 | 1.7% | S100YFXP |
| Net income attributable to owners | 923 | 1.6% | S100YFXP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 11 |
| Operating income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.6% → Operating margin 8.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +24.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.00×
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 | 53,916 | 56,543 | 2,627 | +4.9% |
| Gross profit | 9,746 | 11,100 | 1,354 | +13.9% |
| Operating income | 4,031 | 5,013 | 982 | +24.4% |
| Net income attributable to owners | 2,948 | 923 | -2,025 | -68.7% |
| Operating cash flow | 7,178 | 6,435 | -742 | -10.3% |
| Free cash flow | 4,913 | 4,243 | -669 | -13.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 56,289 | -518 | -0.9% | -3,562 | 2,036 | -3,990 | S100LKZM |
| FY ending Mar 2021 | 46,249 | -662 | -1.4% | -1,314 | 2,948 | -912 | S100OAL5 |
| FY ending Mar 2022 | 49,061 | 3,036 | 6.2% | 2,835 | 5,442 | 3,200 | S100R3W2 |
| FY ending Mar 2023 | 48,602 | 1,147 | 2.4% | 788 | 5,243 | 2,746 | S100TS23 |
| FY ending Mar 2024 | 52,772 | 4,375 | 8.3% | 1,774 | 6,563 | 4,370 | S100W39V |
| FY ending Mar 2025 | 53,916 | 4,031 | 7.5% | 2,948 | 7,178 | 4,913 | S100YFXP |
| FY ending Mar 2026 | 56,543 | 5,013 | 8.9% | 923 | 6,435 | 4,243 | S100YFXP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥610.5K |

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) | 1,623 | 1,577 | 1,546 | 1,518 | 1,512 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6.2M | ¥6.4M | ¥6.9M |
| Average age (parent company) | 43.4 years | 44.0 years | 44.7 years | 44.1 years | 45.4 years |
| Average tenure (parent company) | 19.6 years | 20.5 years | 20.8 years | 20.2 years | 21.4 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transmission and Transfer Units business | 37,444 | 66.2% | 5,206 | 13.9% |
| Automotive Parts business | 19,066 | 33.7% | -219 | -1.2% |
| Other | 33 | 0.1% | 19 | 58.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transmission and Transfer Units business | 66.2% | 99.6% | 33.4 | 13.9% |
| Automotive Parts business | 33.7% | — | — | -1.2% |
| Other | 0.1% | 0.4% | 0.3 | 58.4% |

Loss-making segment (excluded from profit shares): Automotive Parts business -219 JPY mn

Segment → industry: Automotive Parts business → Auto Parts / Transmission and Transfer Units business → Auto Parts / Other → Trucking & Parcel Delivery

## 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 | 6,435 | 11.4% | S100YFXP |
| Capital expenditure | 2,192 | 3.9% | S100YFXP |
| Free cash flow | 4,243 | 7.5% | 算出 |
| Investing cash flow | -2,691 | -4.8% | S100YFXP |
| Financing cash flow | -630 | -1.1% | S100YFXP |
| Dividends paid | 312 | 0.6% | S100YFXP |
| Share buyback | 0 | 0.0% | S100YFXP |
| Change in cash | 3,336 | 5.9% | S100YFXP |
| Cash and equivalents | 11,315 | 20.0% | S100YFXP |

## 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 | 2,977 | 3,706 | 5,197 | 7,979 | 11,315 | S100TS23, S100W39V, S100YFXP |
| Total assets | 42,941 | 43,059 | 46,362 | 44,893 | 48,801 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Net assets | 18,697 | 20,546 | 24,665 | 26,643 | 29,295 | S100TS23, S100W39V, S100YFXP |
| Share capital | 3,500 | 3,500 | 3,500 | 3,500 | 3,500 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Property, plant and equipment | 17,703 | 17,411 | 16,441 | 15,125 | 13,007 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Intangible assets excluding goodwill | 844 | 1,007 | 999 | 953 | 934 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Investment securities | 2,745 | 3,419 | 5,590 | 4,524 | 5,936 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Current assets | 21,263 | 20,738 | 22,772 | 23,785 | 28,411 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Current liabilities | 15,994 | 15,582 | 14,081 | 11,070 | 11,340 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Trade payables | 5,869 | 5,969 | 6,178 | 5,655 | 5,987 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Short-term borrowings | 3,334 | 2,762 | 1,794 | 272 | 200 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Long-term borrowings | 3,639 | 2,317 | 522 | 250 | 50 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Total liabilities | 24,243 | 22,514 | 21,698 | 18,249 | 19,506 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Non-controlling interests | — | — | — | 5 | 45 | S100YFXP |
| Equity attributable to owners of parent | 16,753 | 17,395 | 18,982 | 21,659 | 22,286 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Retained earnings | 11,773 | 12,415 | 14,002 | 16,679 | 17,290 | S100R3W2, S100TS23, S100W39V, S100YFXP |
| Treasury stock | -693 | -693 | -693 | -693 | -682 | S100R3W2, S100TS23, S100W39V, S100YFXP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YFXP |
| Property, plant and equipment | 27% | S100YFXP |
| Intangibles and goodwill | 2% | S100YFXP |
| Investment securities | 12% | S100YFXP |
| Other assets | 36% | S100YFXP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YFXP |
| Other liabilities | 28% | S100YFXP |
| Equity | 60% | S100YFXP |

### 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 | 42,941 | 43,059 | 46,362 | 44,893 | 48,801 |
| Equity | 18,697 | 20,546 | 24,665 | 26,643 | 29,295 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,977 | 3,706 | 5,197 | 7,979 | 11,315 |

## 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) | 23.0% | S100YFXP |
| Fixed assets ÷ total assets | 26.7% | S100YFXP |
| Goodwill ÷ parent equity | — | —, S100YFXP |

### 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) | 23.2% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.4% |
| Cash vs. profit gap | 5,512 JPY mn (of net income 597.1%) |
| Shareholder returns / net income | 33.8% |
| Shareholder returns / FCF | 7.4% |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 7.4% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 41.8% |

## 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 | 5.8% | 1.14× | 6.6% | 2.56× | 16.9% | S100R3W2 |
| 2023 | 1.6% | 1.13× | 1.8% | 2.52× | 4.6% | S100TS23 |
| 2024 | 3.4% | 1.18× | 4.0% | 2.46× | 9.8% | S100W39V |
| 2025 | 5.5% | 1.18× | 6.5% | 2.25× | 14.5% | S100YFXP |
| 2026 | 1.6% | 1.21× | 2.0% | 2.13× | 4.2% | S100YFXP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鈴木 一和雄 | Major shareholder | 10.6% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 9.3% | 2026-03-31 |
| 大同特殊鋼株式会社 | Major shareholder | 9.1% | 2026-03-31 |
| DBS BANK LTD 700170 | Major shareholder | 5.3% | 2026-03-31 |
| ＥＳＧ投資事業組合 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 谷 典幸 | Major shareholder | 2.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 2.4% | 2026-03-31 |
| 鈴木 真保 | Major shareholder | 2.3% | 2026-03-31 |
| 宮本 愛子 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YFXP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFXP,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W39V | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W39V,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TS23 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS23,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R3W2 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3W2,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OAL5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAL5,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LKZM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZM,, |

## 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).