# YAMATO KOGYO CO.,LTD.: 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107期(2025/04/01－2026/03/31) (S100YGVD)
> Page: https://vizora.meequs.com/en/company/yamato-kogyo
> Retrieved: 2026-09-30T22:18:16.247Z

## Company

Yamato Kogyo, founded in 1944, is a company in Steel listed on TSE Prime. It has 2,463 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMATO KOGYO CO.,LTD. |
| Ticker | 5444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5444.T) |
| Listing | TSE Prime |
| Head office | 姫路市大津区吉美380番地 |
| Representative (per filing) | 代表取締役社長 小林幹生 |
| Founded | Nov 1944 |
| Share capital | ¥8B |
| Employees (consolidated) | 2,463 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Corporate number | 8140001059873 |
| EDINET | E01259 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YGVD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.7 | 33 |
| Profitability | 38.6 | 35 |
| Cash conversion | 98.4 | 31 |
| Efficiency | 1.4 | 35 |

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 43% of Yamato Kogyo's sales come from Steel (Thailand), with Steel (Japan) and Steel (Indonesia) making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -4.7% from the prior year, operating profit -60.9%.

## Company structure

- Segment revenue mix: Steel (Thailand) 42.7%、Steel (Japan) 33.0%、Steel (Indonesia) 15.6%、Railway track accessories 6.0%、Other 2.6%
- Revenue → net income: ¥160389000000 → ¥63929000000
- Net income → operating cash flow: ¥63929000000 → ¥52035000000（difference ¥-11894000000）
- Main uses of operating cash flow: CapEx ¥11527000000 / dividends ¥24534000000 / buybacks ¥25394000000
- Change in cash: ¥-48563000000
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 | ¥160.4B |  |
| Operating income | ¥4.5B | Margin 2.8% |
| Net income | ¥62.4B | Margin 38.9% |
| Free cash flow | ¥40.5B |  |
| Largest business | Steel (Thailand) | of segment revenue 42.7% |
| Employees (consolidated) | 2,463 |  |
| EPS | ¥1524.75 |  |
| Book value per share | ¥2995.78 |  |
| Equity ratio | 85.5% |  |
| Shares outstanding | 62,000,000 |  |
| Treasury shares | 2,428,800 |  |
| Shareholders | 7,669 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 47.0% |
| Vs. industry median margin | -0.7 pp | Steel |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends
- FY2026, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥136025000000 | ¥160389000000 | +17.9% |
| Operating income | ¥10018000000 | ¥4495000000 | -55.1% |
| Operating margin | 7.4% | 2.8% | -4.6 pp |
| Employees | 1,378 people | 2,463 people | +78.7% |
| Cash and equivalents | ¥19163000000 | ¥75458000000 | +293.8% |

### 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 |
| --- | ---: |
| 鉄鋼事業（日本） → 鉄鋼事業（日本） | 29.4% |
| 鉄鋼事業（韓国） → 事業再編・廃止 | 24.9% |
| 鉄鋼事業（タイ国） → 事業再編・廃止 | 38.3% |
| 軌道用品事業 → 軌道用品事業 | 5.9% |
| その他 → その他 | 1.5% |
| 新設・再編 → 鉄鋼事業（日本） | 3.7% |
| 新設・再編 → 鉄鋼事業（タイ） | 42.7% |
| 新設・再編 → 鉄鋼事業(インドネシア) | 15.6% |
| 新設・再編 → 軌道用品事業 | 0.1% |
| 新設・再編 → その他 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel (Thailand) | 2 years | -7.7% | ¥68520000000 | 6.2% | 2 |
| Steel (Japan) | 5 years | +5.8% | ¥52981000000 | 2.8% | 2 |
| Steel (Indonesia) | — | — | ¥25033000000 | 4.1% | 2 |
| Railway track accessories | 5 years | +3.7% | ¥9674000000 | 17.9% | 2 |
| Other | 5 years | +15.2% | ¥4180000000 | 8.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 160,389 | 100.0% | S100YGVD |
| Cost of revenue | 138,074 | 86.1% | S100YGVD |
| Gross profit | 22,315 | 13.9% | S100YGVD |
| SG&A | 17,819 | 11.1% | S100YGVD |
| Operating income | 4,495 | 2.8% | S100YGVD |
| Ordinary income | 65,235 | 40.7% | S100YGVD |
| Pretax income | 80,490 | 50.2% | S100YGVD |
| Income tax | 16,560 | 10.3% | S100YGVD |
| Net income | 63,929 | 39.9% | S100YGVD |
| Net income attributable to owners | 62,389 | 38.9% | S100YGVD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 39 |

### Margin funnel

Gross margin 13.9% → Operating margin 2.8% → Net margin 38.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.7%; Core profit growth: -60.9%
Operating leverage (core profit growth ÷ revenue growth): 13.00×
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 | 168,268 | 160,389 | -7,879 | -4.7% |
| Gross profit | 29,527 | 22,315 | -7,212 | -24.4% |
| Operating income | 11,493 | 4,495 | -6,998 | -60.9% |
| Net income attributable to owners | 31,833 | 62,389 | 30,556 | +96.0% |
| Operating cash flow | 71,028 | 52,035 | -18,993 | -26.7% |
| Free cash flow | 54,224 | 40,508 | -13,716 | -25.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 181,964 | 11,333 | 6.2% | 14,762 | 26,105 | 16,205 | S100LUWX |
| FY ending Mar 2021 | 136,025 | 10,018 | 7.4% | 4,984 | 27,042 | 22,014 | S100OJXF |
| FY ending Mar 2022 | 150,029 | 13,290 | 8.9% | 39,917 | 11,457 | 7,648 | S100RA60 |
| FY ending Mar 2023 | 180,438 | 16,813 | 9.3% | 65,317 | 52,654 | 48,327 | S100TS6N |
| FY ending Mar 2024 | 163,479 | 17,282 | 10.6% | 70,018 | 80,915 | 74,182 | S100W82O |
| FY ending Mar 2025 | 168,268 | 11,493 | 6.8% | 31,833 | 71,028 | 54,224 | S100YGVD |
| FY ending Mar 2026 | 160,389 | 4,495 | 2.8% | 62,389 | 52,035 | 40,508 | S100YGVD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥25.3M |

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) | 1,395 | 1,398 | 1,414 | 2,585 | 2,463 |
| Average salary (parent company) | ¥7.9M | ¥8.3M | ¥8.9M | ¥9.5M | ¥10.1M |
| Average age (parent company) | 39.1 years | 39.4 years | 40.1 years | 39.1 years | 38.6 years |
| Average tenure (parent company) | 10.4 years | 9.8 years | 9.9 years | 8.9 years | 9.3 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel (Japan) | 52,981 | 33.0% | 1,494 | 2.8% |
| Steel (Thailand) | 68,520 | 42.7% | 4,236 | 6.2% |
| Steel (Indonesia) | 25,033 | 15.6% | 1,025 | 4.1% |
| Railway track accessories | 9,674 | 6.0% | 1,731 | 17.9% |
| Other | 4,180 | 2.6% | 365 | 8.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel (Japan) | 33.0% | 16.9% | -16.2 | 2.8% |
| Steel (Thailand) | 42.7% | 47.9% | 5.1 | 6.2% |
| Steel (Indonesia) | 15.6% | 11.6% | -4.0 | 4.1% |
| Railway track accessories | 6.0% | 19.6% | 13.5 | 17.9% |
| Other | 2.6% | 4.1% | 1.5 | 8.7% |

Segment → industry: Railway track accessories → Steel / Steel (Indonesia) → Steel / Steel (Thailand) → Steel / Steel (Japan) → Steel

## 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 | 52,035 | 32.4% | S100YGVD |
| Capital expenditure | 11,527 | 7.2% | S100YGVD |
| Free cash flow | 40,508 | 25.3% | 算出 |
| Investing cash flow | -40,875 | -25.5% | S100YGVD |
| Financing cash flow | -57,776 | -36.0% | S100YGVD |
| Dividends paid | 24,534 | 15.3% | S100YGVD |
| Share buyback | 25,394 | 15.8% | S100YGVD |
| Change in cash | -48,563 | -30.3% | S100YGVD |
| Cash and equivalents | 75,458 | 47.0% | S100YGVD |

## 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 | 95,467 | 133,859 | 168,695 | 124,021 | 75,458 | S100TS6N, S100W82O, S100YGVD |
| Total assets | 414,928 | 515,000 | 608,783 | 657,481 | 633,540 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Net assets | 375,686 | 470,211 | 554,941 | 602,940 | 581,417 | S100TS6N, S100W82O, S100YGVD |
| Share capital | 7,996 | 7,996 | 7,996 | 7,996 | 7,996 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Property, plant and equipment | 59,761 | 63,392 | 68,486 | 115,119 | 115,942 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Intangible assets excluding goodwill | 1,632 | 1,838 | 1,909 | 17,746 | 15,862 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Goodwill | 810 | 707 | 605 | 13,895 | 12,192 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Investment securities | 56,255 | 73,173 | 91,426 | 74,427 | 46,877 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Current assets | 167,710 | 238,243 | 311,449 | 310,115 | 310,145 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Current liabilities | 19,411 | 21,498 | 25,250 | 25,265 | 22,426 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Trade payables | 11,033 | 10,592 | 10,851 | 10,197 | 9,099 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Long-term borrowings | — | — | — | 782 | — | S100YGVD |
| Total liabilities | 39,242 | 44,788 | 53,841 | 54,540 | 52,122 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Non-controlling interests | 25,335 | 29,588 | 32,068 | 45,367 | 39,672 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Equity attributable to owners of parent | 327,369 | 376,865 | 427,890 | 420,369 | 432,554 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Retained earnings | 320,784 | 370,233 | 421,207 | 424,470 | 438,530 | S100RA60, S100TS6N, S100W82O, S100YGVD |
| Treasury stock | -1,412 | -1,380 | -1,354 | -12,326 | -14,074 | S100RA60, S100TS6N, S100W82O, S100YGVD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGVD |
| Property, plant and equipment | 18% | S100YGVD |
| Intangibles and goodwill | 5% | S100YGVD |
| Investment securities | 7% | S100YGVD |
| Other assets | 58% | S100YGVD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YGVD |
| Other liabilities | 7% | S100YGVD |
| Equity | 92% | S100YGVD |
| Other liabilities | 0% | S100YGVD |

### 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 | 414,928 | 515,000 | 608,783 | 657,481 | 633,540 |
| Equity | 375,686 | 470,211 | 554,941 | 602,940 | 581,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 95,467 | 133,859 | 168,695 | 124,021 | 75,458 |

## 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) | 72.3% | S100YGVD |
| Fixed assets ÷ total assets | 18.3% | S100YGVD |
| Goodwill ÷ parent equity | 2.8% | S100YGVD |

Goodwill over 4 years: 810 → 12,192 JPY; total investing cash flow: -93,456 JPY. This does not imply causation.

### 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) | 11.9% |
| Cash ÷ revenue | 47.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1157.6% |
| Cash vs. profit gap | -10,354 JPY mn (of net income -16.6%) |
| Shareholder returns / net income | 80.0% |
| Shareholder returns / FCF | 123.3% |
| Shareholder payments — dividends / net income | 39.3% |
| Shareholder payments — dividends / FCF | 60.6% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 78.6% |

## 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 | 26.6% | 0.36× | 9.6% | 1.27× | 12.2% | S100RA60 |
| 2023 | 36.2% | 0.39× | 14.0% | 1.32× | 18.5% | S100TS6N |
| 2024 | 42.8% | 0.29× | 12.5% | 1.40× | 17.4% | S100W82O |
| 2025 | 18.9% | 0.27× | 5.0% | 1.49× | 7.5% | S100YGVD |
| 2026 | 38.9% | 0.25× | 9.7% | 1.51× | 14.6% | S100YGVD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 浩行 | Major shareholder | 12.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.5% | 2026-03-31 |
| 井上不動産㈲ | Major shareholder | 7.6% | 2026-03-31 |
| 三井物産㈱ | Major shareholder | 7.5% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 6.9% | 2026-03-31 |
| ㈱SMBC信託銀行（㈱三井住友銀行退職給付信託口） | Major shareholder | 4.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| 井上 喜美子 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| SECカーボン㈱ | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YGVD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGVD,, |
| 有価証券報告書－第106期(2024/04/01－2025/03/31) | S100W82O | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W82O,, |
| 有価証券報告書－第105期(2023/04/01－2024/03/31) | S100TS6N | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS6N,, |
| 有価証券報告書－第104期(2022/04/01－2023/03/31) | S100RA60 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA60,, |
| 有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OJXF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJXF,, |
| 有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100LUWX | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUWX,, |

## 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).