# YAMAHA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第202期(2025/04/01－2026/03/31) (S100YJE7)
> Page: https://vizora.meequs.com/en/company/yamaha
> Retrieved: 2026-09-30T21:34:34.023Z

## Company

Yamaha is a company in TVs, Audio & Musical Instruments listed on TSE Prime. It has 17,886 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAHA CORPORATION |
| Ticker | 7951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7951.T) |
| Listing | TSE Prime |
| Head office | 浜松市中央区中沢町10番1号 |
| Representative (per filing) | 代表執行役社長 山浦敦 |
| Share capital | ¥28.5B |
| Employees (consolidated) | 17,886 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.yamaha.com (https://www.yamaha.com/) |
| Corporate number | 3080401005595 |
| EDINET | E02362 |
| Industries (Vizora) | TVs, Audio & Musical Instruments |

> Profile source: annual securities report (S100YJE7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 62.5 | 12 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 37.5 | 12 |

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 Yamaha's sales come from Music, with Professional and consumer audio and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit +41.5%.

## Company structure

- Segment revenue mix: Music 65.5%、Professional and consumer audio 30.6%、Other 3.9%
- Revenue → net income: ¥465330000000 → ¥23814000000
- Net income → operating cash flow: ¥23814000000 → ¥45777000000（difference ¥21963000000）
- Main uses of operating cash flow: CapEx ¥14130000000 / dividends ¥11784000000 / buybacks ¥15000000000
- Change in cash: ¥9013000000
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 | ¥465.3B |  |
| Operating income | ¥29.3B | Margin 6.3% |
| Net income | ¥23.7B | Margin 5.1% |
| Free cash flow | ¥31.6B |  |
| Largest business | Music | of segment revenue 65.5% |
| Employees (consolidated) | 17,886 |  |
| EPS | ¥52.7 |  |
| Book value per share | ¥599.34 |  |
| Equity ratio | 77.5% | Derived from disclosed figures |
| Shares outstanding | 463,000,000 |  |
| Treasury shares | 23,103,000 |  |
| Shareholders | 37,545 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 17.6% | Net cash ¥108.5B · Cash ÷ revenue 23.4% |
| Vs. industry median margin | +1.3 pp | TVs, Audio & Musical Instruments |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, employees -6% while operating income rose 41%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥372630000000 | ¥465330000000 | +24.9% |
| Operating income | ¥35039000000 | ¥29274000000 | -16.5% |
| Operating margin | 9.4% | 6.3% | -3.1 pp |
| Employees | 20,021 people | 17,886 people | -10.7% |
| Cash and equivalents | ¥129345000000 | ¥108952000000 | -15.8% |

### 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 |
| --- | ---: |
| 楽器 → 楽器 | 64.1% |
| 音響機器 → 音響機器 | 27.9% |
| その他 → その他 | 3.9% |
| その他 → 事業再編・廃止 | 4.1% |
| 新設・再編 → 楽器 | 1.4% |
| 新設・再編 → 音響機器 | 2.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Music | 5 years | +5.0% | ¥304924000000 | — | 2 |
| Professional and consumer audio | 5 years | +6.5% | ¥142444000000 | — | 2 |
| Other | 5 years | -9.7% | ¥17960000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 465,330 | 100.0% | S100YJE7 |
| Cost of revenue | 290,358 | 62.4% | S100YJE7 |
| Gross profit | 174,971 | 37.6% | S100YJE7 |
| SG&A | 143,091 | 30.8% | S100YJE7 |
| Operating income | 29,274 | 6.3% | S100YJE7 |
| Pretax income | 35,287 | 7.6% | S100YJE7 |
| Income tax | 11,472 | 2.5% | S100YJE7 |
| Net income | 23,814 | 5.1% | S100YJE7 |
| Net income attributable to owners | 23,720 | 5.1% | S100YJE7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 31 |
| Other operating | 1 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.6% → Operating margin 6.3% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.7%; Core profit growth: +41.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 58.94×
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 | 462,080 | 465,330 | 3,250 | +0.7% |
| Gross profit | 176,140 | 174,971 | -1,169 | -0.7% |
| Operating income | 20,695 | 29,274 | 8,579 | +41.5% |
| Net income attributable to owners | 13,351 | 23,720 | 10,369 | +77.7% |
| Operating cash flow | 55,281 | 45,777 | -9,504 | -17.2% |
| Free cash flow | 32,347 | 31,647 | -700 | -2.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 434,373 | — | — | 40,337 | 35,520 | — | S100R9AH |
| FY ending Mar 2020 | 414,227 | 43,333 | 10.5% | 34,621 | 57,162 | 36,689 | S100LMW2 |
| FY ending Mar 2021 | 372,630 | 35,039 | 9.4% | 26,615 | 58,225 | 45,653 | S100O9VG |
| FY ending Mar 2022 | 408,197 | 49,337 | 12.1% | 37,268 | 36,016 | 21,486 | S100R9AH |
| FY ending Mar 2023 | 451,410 | 46,484 | 10.3% | 38,183 | -14,841 | -35,567 | S100TXL3 |
| FY ending Mar 2024 | 462,866 | 28,999 | 6.3% | 29,642 | 43,836 | 20,916 | S100W0I3 |
| FY ending Mar 2025 | 462,080 | 20,695 | 4.5% | 13,351 | 55,281 | 32,347 | S100YJE7 |
| FY ending Mar 2026 | 465,330 | 29,274 | 6.3% | 23,720 | 45,777 | 31,647 | S100YJE7 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 19,895 | 20,027 | 19,644 | 18,949 | 17,886 |
| Average salary (parent company) | ¥8.6M | ¥8.7M | ¥8.9M | ¥7.8M | ¥7.9M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 19.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) +0.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Music | 304,924 | 65.5% | — | — |
| Professional and consumer audio | 142,444 | 30.6% | — | — |
| Other | 17,960 | 3.9% | — | — |

### 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 |
| --- | ---: |
| Music | 65.5% |
| Professional and consumer audio | 30.6% |
| Other | 3.9% |

Segment → industry: Professional and consumer audio → TVs, Audio & Musical Instruments / Music → TVs, Audio & Musical Instruments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 45,777 | 9.8% | S100YJE7 |
| Capital expenditure | 14,130 | 3.0% | S100YJE7 |
| Free cash flow | 31,647 | 6.8% | 算出 |
| Investing cash flow | -7,907 | -1.7% | S100YJE7 |
| Financing cash flow | -37,775 | -8.1% | S100YJE7 |
| Dividends paid | 11,784 | 2.5% | S100YJE7 |
| Share buyback | 15,000 | 3.2% | S100YJE7 |
| Change in cash | 9,013 | 1.9% | S100YJE7 |
| Cash and equivalents | 108,952 | 23.4% | S100YJE7 |

## 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 | 172,495 | 103,886 | 101,587 | 99,819 | 108,952 | S100TXL3, S100W0I3, S100YJE7 |
| Total assets | 580,662 | 594,209 | 666,837 | 591,278 | 617,568 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Net assets | 416,867 | 457,944 | 511,810 | 450,113 | 479,730 | S100TXL3, S100W0I3, S100YJE7 |
| Share capital | 28,534 | 28,534 | 28,534 | 28,534 | 28,534 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Property, plant and equipment | 102,898 | 112,145 | 126,526 | 121,866 | 124,255 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Goodwill | 177 | 1,053 | 1,194 | — | — | S100R9AH, S100TXL3, S100W0I3 |
| Current assets | 362,676 | 346,685 | 369,346 | 351,933 | 364,945 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Interest-bearing debt | 10,523 | 1,495 | 992 | 5,552 | 491 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Total liabilities | 163,794 | 136,265 | 155,027 | 141,165 | 137,837 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Equity attributable to owners of parent | 415,713 | 456,837 | 510,592 | 448,834 | 478,347 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Retained earnings | 398,516 | 428,166 | 458,299 | 438,454 | 373,364 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |
| Treasury stock | -73,288 | -78,766 | -96,568 | -101,642 | -29,118 | S100R9AH, S100TXL3, S100W0I3, S100YJE7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJE7 |
| Property, plant and equipment | 20% | S100YJE7 |
| Other assets | 62% | S100YJE7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 0% | S100YJE7 |
| Other liabilities | 22% | S100YJE7 |
| Equity | 78% | S100YJE7 |
| Other liabilities | 0% | S100YJE7 |

### 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 | 580,662 | 594,209 | 666,837 | 591,278 | 617,568 |
| Equity | 416,867 | 457,944 | 511,810 | 450,113 | 479,730 |
| Interest-bearing debt | 10,523 | 1,495 | 992 | 5,552 | 491 |
| Cash | 172,495 | 103,886 | 101,587 | 99,819 | 108,952 |

## 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) | 26.7% | S100YJE7 |
| Fixed assets ÷ total assets | 20.1% | S100YJE7 |
| Goodwill ÷ parent equity | — | —, S100YJE7 |

### 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) | 17.6% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | ¥108.5B |
| Net debt ÷ operating cash flow | -2.37× |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 22,057 JPY mn (of net income 93.0%) |
| Shareholder returns / net income | 112.9% |
| Shareholder returns / FCF | 84.6% |
| Shareholder payments — dividends / net income | 49.7% |
| Shareholder payments — dividends / FCF | 37.2% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 17.3% |

## 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 | 9.1% | 0.70× | 6.4% | 1.40× | 9.0% | S100R9AH |
| 2023 | 8.5% | 0.77× | 6.5% | 1.35× | 8.8% | S100TXL3 |
| 2024 | 6.4% | 0.73× | 4.7% | 1.30× | 6.1% | S100W0I3 |
| 2025 | 2.9% | 0.73× | 2.1% | 1.31× | 2.8% | S100YJE7 |
| 2026 | 5.1% | 0.77× | 3.9% | 1.30× | 5.1% | S100YJE7 |

## 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 | 22.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 8.5% | 2026-03-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社静岡銀行(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 4.9% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 3.4% | 2026-03-31 |
| ヤマハ発動機株式会社 | Major shareholder | 3.2% | 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 505301(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.6% | 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 | 2.4% | 2026-03-31 |
| バンク オブ ニューヨーク ジーシーエム クライアント アカウント ジェイピーアールディ アイエスジー エフイー－エイシー(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.0% | 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 505025(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥465.3B, almost unchanged at +0.7%.
- Gross profit slipped -0.7% to ¥175B as costs went up.
- Even so, operating income rose +41.5% to ¥29.3B and net income climbed +77.7% to ¥23.7B.
- Operating cash flow, however, fell -17.2% to ¥45.8B.

### Drivers

- Guitar sales grew strongly, led by North America, and digital instruments sold more in every region; weaker piano sales in China and the end of a demand spike for pro audio gear held revenue back
- US tariffs and higher costs for parts, materials, labor and shipping squeezed core earnings
- Operating income rose mainly because the prior year carried heavy restructuring charges, including impairment of piano production equipment; this year's cost of exiting the golf business was smaller. Foreign exchange gains also lifted financial income and net income

### Risks

- Most sales come from outside Japan, so economic slowdowns and weaker demand abroad hit results directly
- Sourcing and production depend on specific regions such as China and Indonesia, so geopolitical trouble there could disrupt supply
- Currency swings, especially the euro against the yen, have a large effect on profit

Cited: Annual securities report (202nd fiscal period) (Management's analysis of financial position, operating results and cash flows); Annual securities report (202nd fiscal period) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第202期(2025/04/01－2026/03/31) | S100YJE7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJE7,, |
| 有価証券報告書－第201期(2024/04/01－2025/03/31) | S100W0I3 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0I3,, |
| 訂正有価証券報告書－第200期(2023/04/01－2024/03/31) | S100TXL3 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXL3,, |
| 有価証券報告書－第199期(2022/04/01－2023/03/31) | S100R9AH | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9AH,, |
| 有価証券報告書－第198期(令和3年4月1日－令和4年3月31日) | S100O9VG | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9VG,, |
| 有価証券報告書－第197期(令和2年4月1日－令和3年3月31日) | S100LMW2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMW2,, |

## 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).