# YAMABIKO CORPORATION: 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18期(2025/01/01－2025/12/31) (S100XSYR)
> Page: https://vizora.meequs.com/en/company/yamabiko
> Retrieved: 2026-09-30T20:25:21.983Z

## Company

Yamabiko, founded in 2008, is a company in Industrial Machinery listed on TSE Prime. It has 2,945 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMABIKO CORPORATION |
| Ticker | 6250 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6250.T) |
| Listing | TSE Prime |
| Head office | 東京都青梅市末広町一丁目7番地2 |
| Representative (per filing) | 代表取締役社長執行役員 久保 浩 |
| Founded | Apr 2008 |
| Share capital | ¥6B |
| Employees (consolidated) | 2,945 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | December |
| Website | www.yamabiko-corp.co.jp (https://www.yamabiko-corp.co.jp/) |
| Corporate number | 1013101005329 |
| EDINET | E21258 |
| Industries (Vizora) | Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100XSYR, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 71.9 | 16 |
| Cash conversion | 23.3 | 15 |
| Efficiency | 97.1 | 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 76% of Yamabiko's sales come from Small outdoor operating machine, with agriculture operating machine and General industrial machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +0.4%.

## Company structure

- Segment revenue mix: Small outdoor operating machine 75.8%、agriculture operating machine 13.9%、General industrial machinery 9.0%、Other 1.3%
- Revenue → net income: ¥174020000000 → ¥14444000000
- Net income → operating cash flow: ¥14444000000 → ¥8925000000（difference ¥-5519000000）
- Main uses of operating cash flow: CapEx ¥4427000000 / dividends ¥3914000000 / buybacks ¥891000000
- Change in cash: ¥1118000000
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 | ¥174B |  |
| Operating income | ¥19.7B | Margin 11.3% |
| Net income | ¥14.4B | Margin 8.3% |
| Free cash flow | ¥4.5B |  |
| Largest business | Small outdoor operating machine | of segment revenue 75.8% |
| Employees (consolidated) | 2,945 |  |
| EPS | ¥185.8 |  |
| Book value per share | ¥1288.27 |  |
| Equity ratio | 70.8% |  |
| Shares outstanding | 44,108,428 |  |
| Treasury shares | 2,966,200 |  |
| Shareholders | 10,232 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 9.7% |
| Vs. industry median margin | +2.7 pp | Construction & Farm Machinery |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, employees -4% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥131972000000 | ¥174020000000 | +31.9% |
| Operating income | ¥9643000000 | ¥19722000000 | +104.5% |
| Operating margin | 7.3% | 11.3% | +4 pp |
| Employees | 3,477 people | 2,945 people | -15.3% |
| Cash and equivalents | ¥13243000000 | ¥16887000000 | +27.5% |

### 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 |
| --- | ---: |
| 小型屋外作業機械 → 小型屋外作業機械 | 68.9% |
| 農業用管理機械 → 農業用管理機械 | 13.9% |
| 農業用管理機械 → 事業再編・廃止 | 2.5% |
| 一般産業用機械 → 一般産業用機械 | 9.0% |
| 一般産業用機械 → 事業再編・廃止 | 4.0% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 小型屋外作業機械 | 6.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Small outdoor operating machine | 5 years | +7.7% | ¥131989000000 | 21.4% | 2 |
| agriculture operating machine | 5 years | +2.2% | ¥24110000000 | 1.3% | 2 |
| General industrial machinery | 5 years | -1.8% | ¥15583000000 | 7.7% | 2 |
| Other | 5 years | +0.5% | ¥2337000000 | 21.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174,020 | 100.0% | S100XSYR |
| Cost of revenue | 115,694 | 66.5% | S100XSYR |
| Gross profit | 58,326 | 33.5% | S100XSYR |
| SG&A | 38,603 | 22.2% | S100XSYR |
| Operating income | 19,722 | 11.3% | S100XSYR |
| Ordinary income | 19,537 | 11.2% | S100XSYR |
| Pretax income | 19,906 | 11.4% | S100XSYR |
| Income tax | 5,461 | 3.1% | S100XSYR |
| Net income | 14,444 | 8.3% | S100XSYR |
| Net income attributable to owners | 14,444 | 8.3% | S100XSYR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 22 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.5% → Operating margin 11.3% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +0.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.08×
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 | 164,838 | 174,020 | 9,182 | +5.6% |
| Gross profit | 56,652 | 58,326 | 1,674 | +3.0% |
| Operating income | 19,637 | 19,722 | 85 | +0.4% |
| Net income attributable to owners | 15,889 | 14,444 | -1,445 | -9.1% |
| Operating cash flow | 14,033 | 8,925 | -5,108 | -36.4% |
| Free cash flow | 10,181 | 4,498 | -5,683 | -55.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 120,922 | 6,203 | 5.1% | 4,164 | 7,654 | 4,587 | S100L33X |
| FY ending Dec 2020 | 131,972 | 9,643 | 7.3% | 6,635 | 11,883 | 8,914 | S100NSDW |
| FY ending Dec 2021 | 142,328 | 9,330 | 6.6% | 7,500 | 5,916 | 1,581 | S100QIG8 |
| FY ending Dec 2022 | 156,159 | 8,688 | 5.6% | 6,299 | -5,150 | -8,935 | S100T672 |
| FY ending Dec 2023 | 151,400 | 14,230 | 9.4% | 9,097 | 19,255 | 15,267 | S100VHVG |
| FY ending Dec 2024 | 164,838 | 19,637 | 11.9% | 15,889 | 14,033 | 10,181 | S100XSYR |
| FY ending Dec 2025 | 174,020 | 19,722 | 11.3% | 14,444 | 8,925 | 4,498 | S100XSYR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.1M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 3,429 | 3,354 | 3,241 | 3,070 | 2,945 |
| Average salary (parent company) | ¥7M | ¥7.1M | ¥7.2M | ¥7.9M | ¥8.1M |
| Average age (parent company) | 43.1 years | 43.4 years | 43.7 years | 44.0 years | 44.1 years |
| Average tenure (parent company) | 18.0 years | 18.1 years | 18.1 years | 18.4 years | 18.4 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Small outdoor operating machine | 131,989 | 75.8% | 28,204 | 21.4% |
| agriculture operating machine | 24,110 | 13.9% | 313 | 1.3% |
| General industrial machinery | 15,583 | 9.0% | 1,193 | 7.7% |
| Other | 2,337 | 1.3% | 507 | 21.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Small outdoor operating machine | 75.8% | 93.3% | 17.5 | 21.4% |
| agriculture operating machine | 13.9% | 1.0% | -12.8 | 1.3% |
| General industrial machinery | 9.0% | 3.9% | -5.0 | 7.7% |
| Other | 1.3% | 1.7% | 0.3 | 21.7% |

Segment → industry: General industrial machinery → Industrial Machinery / agriculture operating machine → Construction & Farm Machinery / Small outdoor operating machine → Construction & Farm Machinery

## 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 | 8,925 | 5.1% | S100XSYR |
| Capital expenditure | 4,427 | 2.5% | S100XSYR |
| Free cash flow | 4,498 | 2.6% | 算出 |
| Investing cash flow | -4,459 | -2.6% | S100XSYR |
| Financing cash flow | -3,467 | -2.0% | S100XSYR |
| Dividends paid | 3,914 | 2.2% | S100XSYR |
| Share buyback | 891 | 0.5% | S100XSYR |
| Change in cash | 1,118 | 0.6% | S100XSYR |
| Cash and equivalents | 16,887 | 9.7% | S100XSYR |

## 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 | 12,110 | 14,271 | 12,187 | 15,769 | 16,887 | S100T672, S100VHVG, S100XSYR |
| Total assets | 122,574 | 141,198 | 134,562 | 155,779 | 169,475 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Net assets | 68,879 | 77,373 | 87,687 | 107,354 | 119,965 | S100T672, S100VHVG, S100XSYR |
| Share capital | 6,000 | 6,000 | 6,000 | 6,000 | 6,000 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Trade receivables | 25,145 | — | — | — | — | S100QIG8 |
| Property, plant and equipment | 24,169 | 25,975 | 25,044 | 26,643 | 27,392 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Intangible assets excluding goodwill | 587 | 996 | 1,629 | 2,038 | 1,981 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Investment securities | 3,324 | 2,788 | 3,100 | 3,908 | 5,164 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Current assets | 89,775 | 105,559 | 98,445 | 113,711 | 122,878 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Current liabilities | 40,459 | 53,533 | 41,494 | 34,236 | 33,953 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Trade payables | 12,453 | 7,898 | 7,275 | 10,451 | 8,951 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Short-term borrowings | 2,781 | 17,019 | 6,030 | 2,973 | 4,987 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Long-term borrowings | 11,000 | 8,100 | 2,800 | 9,500 | 9,300 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Total liabilities | 53,695 | 63,825 | 46,874 | 48,425 | 49,509 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Equity attributable to owners of parent | 65,421 | 68,847 | 75,393 | 87,855 | 97,996 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Retained earnings | 50,966 | 54,305 | 61,235 | 74,260 | 84,783 | S100QIG8, S100T672, S100VHVG, S100XSYR |
| Treasury stock | -831 | -743 | -1,128 | -1,690 | -2,358 | S100QIG8, S100T672, S100VHVG, S100XSYR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XSYR |
| Property, plant and equipment | 16% | S100XSYR |
| Intangibles and goodwill | 1% | S100XSYR |
| Investment securities | 3% | S100XSYR |
| Other assets | 70% | S100XSYR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XSYR |
| Other liabilities | 24% | S100XSYR |
| Equity | 71% | S100XSYR |
| Other liabilities | 0% | S100XSYR |

### 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 | 122,574 | 141,198 | 134,562 | 155,779 | 169,475 |
| Equity | 68,879 | 77,373 | 87,687 | 107,354 | 119,965 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,110 | 14,271 | 12,187 | 15,769 | 16,887 |

## 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) | 15.7% | S100XSYR |
| Fixed assets ÷ total assets | 16.2% | S100XSYR |
| Goodwill ÷ parent equity | — | —, S100XSYR |

### 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) | 10.0% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 45.3% |
| Cash vs. profit gap | -5,519 JPY mn (of net income -38.2%) |
| Shareholder returns / net income | 33.3% |
| Shareholder returns / FCF | 106.8% |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 87.0% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 50.0% |

## 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 | 5.3% | 1.16× | 6.1% | 1.87× | 11.5% | S100QIG8 |
| 2022 | 4.0% | 1.18× | 4.8% | 1.96× | 9.4% | S100T672 |
| 2023 | 6.0% | 1.10× | 6.6% | 1.91× | 12.6% | S100VHVG |
| 2024 | 9.6% | 1.14× | 10.9% | 1.78× | 19.5% | S100XSYR |
| 2025 | 8.3% | 1.07× | 8.9% | 1.75× | 15.5% | S100XSYR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2025-12-31 |
| みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 4.1% | 2025-12-31 |
| やまびこ取引先持株会 | Major shareholder | 4.0% | 2025-12-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 農林中央金庫 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社横浜銀行 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社もみじ銀行 | Major shareholder | 3.3% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XSYR | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSYR,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VHVG | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVG,, |
| 有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T672 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T672,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QIG8 | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIG8,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NSDW | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSDW,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L33X | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L33X,, |

## 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).