# YAMASHIN-FILTER CORP.: 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71期(2025/04/01－2026/03/31) (S100YD4Z)
> Page: https://vizora.meequs.com/en/company/yamashin-filter
> Retrieved: 2026-09-30T20:31:01.138Z

## Company

Yamashin-Filter, founded in 1956, is a company in Industrial Machinery listed on TSE Prime. It has 757 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMASHIN-FILTER CORP. |
| Ticker | 6240 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6240.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市中区桜木町一丁目1番地8 |
| Representative (per filing) | 代表取締役社長執行役員 山崎 敦彦 |
| Founded | Apr 1956 |
| Share capital | ¥6.57B |
| Employees (consolidated) | 757 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.yamashin-filter.co.jp (https://www.yamashin-filter.co.jp/) |
| Corporate number | 5020001023159 |
| EDINET | E30917 |
| Industries (Vizora) | Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YD4Z, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 78.1 | 16 |
| Cash conversion | 56.7 | 15 |
| Efficiency | 50 | 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 89% of Yamashin-Filter's sales come from Constraction filter segment, with Air filter segment making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Constraction filter segment 89.1%、Air filter segment 10.9%
- Revenue → net income: ¥20941183000 → ¥1718581000
- Net income → operating cash flow: ¥1718581000 → ¥2446384000（difference ¥727803000）
- Main uses of operating cash flow: CapEx ¥763163000 / dividends ¥1053278000 / buybacks ¥1273365000
- Change in cash: ¥683072000
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 | ¥20.9B |  |
| Operating income | ¥2.59B | Margin 12.4% |
| Net income | ¥1.72B | Margin 8.2% |
| Free cash flow | ¥1.68B |  |
| Largest business | Constraction filter segment | of segment revenue 89.1% |
| Employees (consolidated) | 757 |  |
| EPS | ¥17.81 |  |
| Book value per share | ¥264.33 |  |
| Equity ratio | 81.3% |  |
| Shares outstanding | 69,938,478 |  |
| Treasury shares | 320,400 |  |
| Shareholders | 21,315 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 23.0% | Cash ÷ revenue 30.8% |
| Vs. industry median margin | +3.8 pp | Construction & Farm Machinery |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14587326000 | ¥20941183000 | +43.6% |
| Operating income | ¥-145699000 | ¥2592678000 | — |
| Operating margin | -1.0% | 12.4% | +13.4 pp |
| Employees | 747 people | 757 people | +1.3% |
| Cash and equivalents | ¥7197536000 | ¥6445148000 | -10.5% |

### 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 |
| --- | ---: |
| 建機用フィルタ事業 → 建機用フィルタ事業 | 75.2% |
| エアフィルタ事業 → エアフィルタ事業 | 10.9% |
| エアフィルタ事業 → 事業再編・廃止 | 7.0% |
| ヘルスケア事業 → 事業再編・廃止 | 6.9% |
| 新設・再編 → 建機用フィルタ事業 | 13.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,941 | 100.0% | S100YD4Z |
| Cost of revenue | 11,752 | 56.1% | S100YD4Z |
| Gross profit | 9,190 | 43.9% | S100YD4Z |
| SG&A | 6,597 | 31.5% | S100YD4Z |
| Operating income | 2,593 | 12.4% | S100YD4Z |
| Ordinary income | 2,535 | 12.1% | S100YD4Z |
| Pretax income | 2,517 | 12.0% | S100YD4Z |
| Income tax | 799 | 3.8% | S100YD4Z |
| Net income | 1,719 | 8.2% | S100YD4Z |
| Net income attributable to owners | 1,719 | 8.2% | S100YD4Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 32 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 43.9% → Operating margin 12.4% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.2%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.34×
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 | 20,104 | 20,941 | 837 | +4.2% |
| Gross profit | 8,933 | 9,190 | 256 | +2.9% |
| Operating income | 2,630 | 2,593 | -38 | -1.4% |
| Net income attributable to owners | 1,723 | 1,719 | -5 | -0.3% |
| Operating cash flow | 2,763 | 2,446 | -316 | -11.5% |
| Free cash flow | 2,266 | 1,683 | -583 | -25.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,674 | 777 | 6.1% | 608 | 2,099 | -1,132 | S100LPKM |
| FY ending Mar 2021 | 14,587 | -146 | -1.0% | 751 | 87 | -4,333 | S100OD9A |
| FY ending Mar 2022 | 18,822 | 1,344 | 7.1% | 47 | 290 | -2,928 | S100R7QV |
| FY ending Mar 2023 | 18,606 | 1,235 | 6.6% | 645 | 2,408 | 1,366 | S100TTXU |
| FY ending Mar 2024 | 18,025 | 1,411 | 7.8% | 787 | 2,632 | 2,257 | S100W3C0 |
| FY ending Mar 2025 | 20,104 | 2,630 | 13.1% | 1,723 | 2,763 | 2,266 | S100YD4Z |
| FY ending Mar 2026 | 20,941 | 2,593 | 12.4% | 1,719 | 2,446 | 1,683 | S100YD4Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.7M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 769 | 788 | 755 | 751 | 757 |
| Average salary (parent company) | ¥6.2M | ¥6.6M | ¥6.8M | ¥7.4M | ¥7.3M |
| Average age (parent company) | 38.3 years | 39.6 years | 40.0 years | 39.9 years | 40.5 years |
| Average tenure (parent company) | 8.0 years | 8.8 years | 9.0 years | 8.7 years | 8.7 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Constraction filter segment | 18,654 | 89.1% | 2,713 | 14.5% |
| Air filter segment | 2,287 | 10.9% | -121 | -5.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Constraction filter segment | 89.1% | 100.0% | 10.9 | 14.5% |
| Air filter segment | 10.9% | — | — | -5.3% |

Loss-making segment (excluded from profit shares): Air filter segment -121 JPY mn

Segment → industry: Air filter segment → Industrial Machinery / Constraction filter segment → Construction & Farm 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 | 2,446 | 11.7% | S100YD4Z |
| Capital expenditure | 763 | 3.6% | S100YD4Z |
| Free cash flow | 1,683 | 8.0% | 算出 |
| Investing cash flow | -770 | -3.7% | S100YD4Z |
| Financing cash flow | -1,147 | -5.5% | S100YD4Z |
| Dividends paid | 1,053 | 5.0% | S100YD4Z |
| Share buyback | 1,273 | 6.1% | S100YD4Z |
| Change in cash | 683 | 3.3% | S100YD4Z |
| Cash and equivalents | 6,445 | 30.8% | S100YD4Z |

## 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 | 3,719 | 4,082 | 4,826 | 5,762 | 6,445 | S100TTXU, S100W3C0, S100YD4Z |
| Total assets | 26,712 | 25,582 | 25,944 | 26,643 | 28,061 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Net assets | 20,571 | 20,978 | 21,299 | 22,620 | 22,823 | S100TTXU, S100W3C0, S100YD4Z |
| Share capital | 6,474 | 6,500 | 6,571 | 6,571 | 6,571 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Trade receivables | 4,696 | 3,427 | 3,484 | 4,741 | 4,697 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Property, plant and equipment | 11,609 | 11,684 | 11,328 | 11,146 | 11,181 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Intangible assets excluding goodwill | 237 | 173 | 210 | 229 | 286 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Investment securities | 27 | 32 | — | — | — | S100R7QV, S100TTXU |
| Current assets | 13,965 | 12,924 | 13,488 | 14,434 | 15,599 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Current liabilities | 4,634 | 3,343 | 3,828 | 3,389 | 4,575 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Trade payables | 2,214 | 1,453 | 1,647 | 1,616 | 1,518 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Short-term borrowings | — | 280 | 225 | — | 1,600 | S100TTXU, S100W3C0, S100YD4Z |
| Long-term borrowings | 1,126 | 723 | 320 | — | — | S100R7QV, S100TTXU, S100W3C0 |
| Total liabilities | 6,141 | 4,604 | 4,644 | 4,023 | 5,238 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Equity attributable to owners of parent | 20,255 | 20,523 | 20,557 | 21,888 | 21,770 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Retained earnings | 7,568 | 7,784 | 7,907 | 9,063 | 9,062 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |
| Treasury stock | -0 | -0 | -233 | -100 | -175 | S100R7QV, S100TTXU, S100W3C0, S100YD4Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YD4Z |
| Receivables | 17% | S100YD4Z |
| Property, plant and equipment | 40% | S100YD4Z |
| Intangibles and goodwill | 1% | S100YD4Z |
| Other assets | 19% | S100YD4Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YD4Z |
| Other liabilities | 13% | S100YD4Z |
| Equity | 81% | S100YD4Z |
| Other liabilities | 0% | S100YD4Z |

### 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 | 26,712 | 25,582 | 25,944 | 26,643 | 28,061 |
| Equity | 20,571 | 20,978 | 21,299 | 22,620 | 22,823 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,719 | 4,082 | 4,826 | 5,762 | 6,445 |

## 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) | 53.4% | S100YD4Z |
| Fixed assets ÷ total assets | 39.8% | S100YD4Z |
| Goodwill ÷ parent equity | — | —, S100YD4Z |

### 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) | 23.0% |
| Cash ÷ revenue | 30.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.4% |
| Cash vs. profit gap | 728 JPY mn (of net income 42.3%) |
| Shareholder returns / net income | 135.4% |
| Shareholder returns / FCF | 138.2% |
| Shareholder payments — dividends / net income | 61.3% |
| Shareholder payments — dividends / FCF | 62.6% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 31.5% |

## 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 | 0.3% | 0.70× | 0.2% | 1.32× | 0.2% | S100R7QV |
| 2023 | 3.5% | 0.71× | 2.5% | 1.28× | 3.2% | S100TTXU |
| 2024 | 4.4% | 0.70× | 3.1% | 1.25× | 3.8% | S100W3C0 |
| 2025 | 8.6% | 0.76× | 6.6% | 1.24× | 8.1% | S100YD4Z |
| 2026 | 8.2% | 0.77× | 6.3% | 1.25× | 7.9% | S100YD4Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社あさまホールディングス | Major shareholder | 34.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 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 | 7.2% | 2026-03-31 |
| 山崎 裕明 | Major shareholder | 3.3% | 2026-03-31 |
| 山崎 敬明 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社みなとホールディングス | Major shareholder | 2.6% | 2026-03-31 |
| 山崎 敦彦 | Major shareholder | 2.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社しらかばホールディングス | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社けやきホールディングス | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YD4Z | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD4Z,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W3C0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3C0,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TTXU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTXU,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R7QV | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QV,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OD9A | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD9A,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LPKM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPKM,, |

## 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).