# YAMADA 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101期(2025/04/01－2026/03/31) (S100YJDP)
> Page: https://vizora.meequs.com/en/company/yamada
> Retrieved: 2026-09-30T20:48:38.858Z

## Company

Yamada, founded in 1939, is a company in Industrial Machinery listed on TSE Standard. It has 338 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMADA CORPORATION |
| Ticker | 6392 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6392.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区南馬込1丁目1番3号 |
| Representative (per filing) | 代表取締役社長 山田 昌太郎 |
| Founded | Dec 1939 |
| Share capital | ¥600M |
| Employees (consolidated) | 338 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.yamadacorp.co.jp (https://www.yamadacorp.co.jp/) |
| Corporate number | 9010801012135 |
| EDINET | E02180 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJDP, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.8 | 110 |
| Profitability | 89.8 | 122 |
| Cash conversion | 46.1 | 116 |
| Efficiency | 67.6 | 122 |

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 40% of Yamada's sales come from USA, with JAPAN and NETHERLAND making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +35.9%.

## Company structure

- Segment revenue mix: USA 40.2%、JAPAN 40.2%、NETHERLAND 11.2%、CHINA 6.1%、THAILAND 2.2%
- Revenue → net income: ¥16226103000 → ¥1734786000
- Net income → operating cash flow: ¥1734786000 → ¥2578782000（difference ¥843996000）
- Main uses of operating cash flow: CapEx ¥1543563000 / dividends ¥502370000 / buybacks —
- Change in cash: ¥587342000
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 | ¥16.2B |  |
| Operating income | ¥2.67B | Margin 16.4% |
| Net income | ¥1.73B | Margin 10.7% |
| Free cash flow | ¥1.04B |  |
| Largest business | USA | of segment revenue 40.2% |
| Employees (consolidated) | 338 |  |
| EPS | ¥462.84 |  |
| Book value per share | ¥5226.28 |  |
| Equity ratio | 85.7% |  |
| Shares outstanding | 2,400,000 |  |
| Treasury shares | 6,300 |  |
| Shareholders | 1,140 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 22.2% | Cash ÷ revenue 28.9% |
| Vs. industry median margin | +8.9 pp | Industrial Machinery |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 36%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10102862000 | ¥16226103000 | +60.6% |
| Operating income | ¥1220726000 | ¥2667411000 | +118.5% |
| Operating margin | 12.1% | 16.4% | +4.4 pp |
| Employees | 324 people | 338 people | +4.3% |
| Cash and equivalents | ¥4202429000 | ¥4683978000 | +11.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 40.2% |
| 日本 → 事業再編・廃止 | 13.9% |
| 米国 → 米国 | 27.8% |
| オランダ → オランダ | 9.9% |
| 中国 → 中国 | 5.7% |
| タイ → タイ | 2.2% |
| タイ → 事業再編・廃止 | 0.2% |
| 新設・再編 → 米国 | 12.5% |
| 新設・再編 → オランダ | 1.2% |
| 新設・再編 → 中国 | 0.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| USA | 5 years | +18.4% | ¥6530452000 | 16.3% | 2 |
| JAPAN | 5 years | +3.6% | ¥6527844000 | 12.9% | 2 |
| NETHERLAND | 5 years | +12.5% | ¥1812099000 | 12.1% | 2 |
| CHINA | 5 years | +11.4% | ¥991050000 | 10.9% | 2 |
| THAILAND | 5 years | +8.1% | ¥364656000 | 22.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,226 | 100.0% | S100YJDP |
| Cost of revenue | 8,844 | 54.5% | S100YJDP |
| Gross profit | 7,382 | 45.5% | S100YJDP |
| SG&A | 4,714 | 29.1% | S100YJDP |
| Operating income | 2,667 | 16.4% | S100YJDP |
| Ordinary income | 2,702 | 16.7% | S100YJDP |
| Pretax income | 2,563 | 15.8% | S100YJDP |
| Income tax | 828 | 5.1% | S100YJDP |
| Net income | 1,735 | 10.7% | S100YJDP |
| Net income attributable to owners | 1,732 | 10.7% | S100YJDP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 29 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 45.5% → Operating margin 16.4% → Net margin 10.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +35.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.29×
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 | 14,629 | 16,226 | 1,597 | +10.9% |
| Gross profit | 6,322 | 7,382 | 1,059 | +16.8% |
| Operating income | 1,963 | 2,667 | 705 | +35.9% |
| Net income attributable to owners | 1,607 | 1,732 | 125 | +7.8% |
| Operating cash flow | 1,599 | 2,579 | 980 | +61.3% |
| Free cash flow | 785 | 1,035 | 250 | +31.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,752 | 1,300 | 12.1% | 941 | 897 | 347 | S100LS1E |
| FY ending Mar 2021 | 10,103 | 1,221 | 12.1% | 908 | 1,258 | -1,620 | S100OH85 |
| FY ending Mar 2022 | 12,204 | 1,811 | 14.8% | 1,167 | 779 | -578 | S100R7J0 |
| FY ending Mar 2023 | 13,717 | 1,872 | 13.6% | 1,494 | 1,729 | 1,355 | S100TSHR |
| FY ending Mar 2024 | 14,753 | 2,466 | 16.7% | 1,919 | 984 | 463 | S100W643 |
| FY ending Mar 2025 | 14,629 | 1,963 | 13.4% | 1,607 | 1,599 | 785 | S100YJDP |
| FY ending Mar 2026 | 16,226 | 2,667 | 16.4% | 1,732 | 2,579 | 1,035 | S100YJDP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 328 | 333 | 350 | 346 | 338 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥7M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 42.6 years | 42.8 years | 43.1 years | 43.3 years | 43.1 years |
| Average tenure (parent company) | 17.8 years | 17.8 years | 18.1 years | 17.9 years | 18.1 years |

Year over year: Employees (consolidated) -2.3% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 6,528 | 40.2% | 842 | 12.9% |
| USA | 6,530 | 40.2% | 1,064 | 16.3% |
| NETHERLAND | 1,812 | 11.2% | 220 | 12.1% |
| CHINA | 991 | 6.1% | 108 | 10.9% |
| THAILAND | 365 | 2.2% | 83 | 22.9% |

### 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 | 40.2% | 36.3% | -3.9 | 12.9% |
| USA | 40.2% | 45.9% | 5.7 | 16.3% |
| NETHERLAND | 11.2% | 9.5% | -1.7 | 12.1% |
| CHINA | 6.1% | 4.6% | -1.5 | 10.9% |
| THAILAND | 2.2% | 3.6% | 1.4 | 22.9% |

Segment → industry: THAILAND → Industrial Machinery / CHINA → Industrial Machinery / NETHERLAND → Industrial Machinery / USA → Industrial Machinery / JAPAN → 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 | 2,579 | 15.9% | S100YJDP |
| Capital expenditure | 1,544 | 9.5% | S100YJDP |
| Free cash flow | 1,035 | 6.4% | 算出 |
| Investing cash flow | -1,394 | -8.6% | S100YJDP |
| Financing cash flow | -767 | -4.7% | S100YJDP |
| Dividends paid | 502 | 3.1% | S100YJDP |
| Change in cash | 587 | 3.6% | S100YJDP |
| Cash and equivalents | 4,684 | 28.9% | S100YJDP |

## 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 | 3,549 | 4,531 | 4,344 | 4,097 | 4,684 | S100TSHR, S100W643, S100YJDP |
| Total assets | 17,039 | 18,059 | 19,039 | 19,303 | 21,141 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Net assets | 12,284 | 13,744 | 15,807 | 16,703 | 18,409 | S100TSHR, S100W643, S100YJDP |
| Share capital | 600 | 600 | 600 | 600 | 600 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Property, plant and equipment | 6,994 | 6,892 | 6,956 | 6,895 | 7,723 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Intangible assets excluding goodwill | 159 | 209 | 268 | 461 | 448 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Investment securities | 256 | 266 | 342 | 350 | 417 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Current assets | 9,344 | 10,403 | 11,044 | 11,258 | 12,284 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Current liabilities | 2,718 | 2,578 | 1,853 | 1,497 | 1,708 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Trade payables | 1,431 | 1,279 | 558 | 445 | 418 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Short-term borrowings | 80 | 119 | — | 10 | 10 | S100R7J0, S100TSHR, S100YJDP |
| Long-term borrowings | 1,556 | 1,223 | 919 | 684 | 587 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Total liabilities | 4,755 | 4,316 | 3,232 | 2,599 | 2,732 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Non-controlling interests | 291 | 284 | 287 | 294 | 294 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Equity attributable to owners of parent | 11,672 | 12,912 | 14,509 | 15,445 | 16,674 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Retained earnings | 11,021 | 12,261 | 13,859 | 14,796 | 16,026 | S100R7J0, S100TSHR, S100W643, S100YJDP |
| Treasury stock | -7 | -7 | -8 | -9 | -9 | S100R7J0, S100TSHR, S100W643, S100YJDP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJDP |
| Property, plant and equipment | 37% | S100YJDP |
| Intangibles and goodwill | 2% | S100YJDP |
| Investment securities | 2% | S100YJDP |
| Other assets | 37% | S100YJDP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YJDP |
| Other liabilities | 11% | S100YJDP |
| Equity | 87% | S100YJDP |
| Other liabilities | 0% | S100YJDP |

### 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 | 17,039 | 18,059 | 19,039 | 19,303 | 21,141 |
| Equity | 12,284 | 13,744 | 15,807 | 16,703 | 18,409 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,549 | 4,531 | 4,344 | 4,097 | 4,684 |

## 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) | 47.6% | S100YJDP |
| Fixed assets ÷ total assets | 36.5% | S100YJDP |
| Goodwill ÷ parent equity | — | —, S100YJDP |

### 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) | 22.2% |
| Cash ÷ revenue | 28.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.7% |
| Cash vs. profit gap | 847 JPY mn (of net income 48.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 48.5% |
| CapEx intensity (capex ÷ revenue) | 9.5% |
| Investing CF relative to operating CF | 54.1% |

## 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 | 9.6% | 0.72× | 6.9% | 1.46× | 10.0% | S100R7J0 |
| 2023 | 10.9% | 0.78× | 8.5% | 1.43× | 12.2% | S100TSHR |
| 2024 | 13.0% | 0.80× | 10.3% | 1.35× | 14.0% | S100W643 |
| 2025 | 11.0% | 0.76× | 8.4% | 1.28× | 10.7% | S100YJDP |
| 2026 | 10.7% | 0.80× | 8.6% | 1.26× | 10.8% | S100YJDP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| CHARON FINANCE GMBH （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 8.6% | 2026-03-31 |
| 山田 昌太郎 | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社豊和 | Major shareholder | 7.2% | 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 | 5.3% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 山田 幸太郎 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社バンザイ | Major shareholder | 3.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 3.1% | 2026-03-31 |
| 不二サッシ株式会社 | Major shareholder | 2.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YJDP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJDP,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W643 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W643,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TSHR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSHR,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R7J0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7J0,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OH85 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH85,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LS1E | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1E,, |

## 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).