# YAMAX 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63期(2025/04/01－2026/03/31) (S100YFLV)
> Page: https://vizora.meequs.com/en/company/yamax
> Retrieved: 2026-09-30T20:25:48.053Z

## Company

Yamax, founded in 1963, is a company in Cement & Concrete listed on TSE Standard. It has 610 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAX Corp. |
| Ticker | 5285 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5285.T) |
| Listing | TSE Standard |
| Head office | 熊本県熊本市中央区水前寺3丁目9番5号 |
| Representative (per filing) | 代表取締役社長 茂森 拓 |
| Founded | Oct 1963 |
| Share capital | ¥1.75B |
| Employees (consolidated) | 610 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.yamax.co.jp (https://www.yamax.co.jp/) |
| Corporate number | 5330001004739 |
| EDINET | E01212 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YFLV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.6 | 16 |
| Profitability | 71.9 | 16 |
| Cash conversion | 9.4 | 16 |
| Efficiency | 96.9 | 16 |

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 64% of Yamax's sales come from Cement products for civil manufacturing, with Cement products for construction and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +6.6%.

## Company structure

- Segment revenue mix: Cement products for civil manufacturing 64.2%、Cement products for construction 32.6%、Other 3.2%
- Revenue → net income: ¥26148673000 → ¥2071808000
- Net income → operating cash flow: ¥2071808000 → ¥1003345000（difference ¥-1068463000）
- Main uses of operating cash flow: CapEx ¥763792000 / dividends ¥582744000 / buybacks —
- Change in cash: ¥-423245000
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 | ¥26.1B |  |
| Operating income | ¥2.92B | Margin 11.2% |
| Net income | ¥2.07B | Margin 7.9% |
| Free cash flow | ¥239.6M |  |
| Largest business | Cement products for civil manufacturing | of segment revenue 64.2% |
| Employees (consolidated) | 610 |  |
| EPS | ¥215.96 |  |
| Book value per share | ¥1006.24 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 11,580,000 |  |
| Treasury shares | 1,432,600 |  |
| Shareholders | 5,159 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 6.5% |
| Vs. industry median margin | +3 pp | Cement & Concrete |
| ROE | 22.5% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18576923000 | ¥26148673000 | +40.8% |
| Operating income | ¥635755000 | ¥2918213000 | +359.0% |
| Operating margin | 3.4% | 11.2% | +7.7 pp |
| Employees | 581 people | 610 people | +5.0% |
| Cash and equivalents | ¥1591783000 | ¥1698790000 | +6.7% |

### 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 |
| --- | ---: |
| 土木用セメント製品 → 土木用セメント製品 | 64.2% |
| 土木用セメント製品 → 事業再編・廃止 | 12.9% |
| 建築用セメント製品 → 建築用セメント製品 | 18.6% |
| その他 → その他 | 3.2% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 建築用セメント製品 | 14.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cement products for civil manufacturing | 5 years | +3.2% | ¥16788504000 | 19.4% | 2 |
| Cement products for construction | 5 years | +19.8% | ¥8523718000 | 9.5% | 2 |
| Other | 5 years | +1.0% | ¥836450000 | -3.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,149 | 100.0% | S100YFLV |
| Cost of revenue | 19,297 | 73.8% | S100YFLV |
| Gross profit | 6,851 | 26.2% | S100YFLV |
| SG&A | 3,933 | 15.0% | S100YFLV |
| Operating income | 2,918 | 11.2% | S100YFLV |
| Ordinary income | 2,945 | 11.3% | S100YFLV |
| Pretax income | 2,945 | 11.3% | S100YFLV |
| Income tax | 873 | 3.3% | S100YFLV |
| Net income | 2,072 | 7.9% | S100YFLV |
| Net income attributable to owners | 2,071 | 7.9% | S100YFLV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.2% → Operating margin 11.2% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +6.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.58×
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 | 23,469 | 26,149 | 2,679 | +11.4% |
| Gross profit | 6,569 | 6,851 | 283 | +4.3% |
| Operating income | 2,738 | 2,918 | 180 | +6.6% |
| Net income attributable to owners | 1,970 | 2,071 | 101 | +5.1% |
| Operating cash flow | 1,322 | 1,003 | -319 | -24.1% |
| Free cash flow | 745 | 240 | -506 | -67.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,270 | 412 | 2.5% | 227 | 1,092 | 794 | S100LP42 |
| FY ending Mar 2021 | 18,577 | 636 | 3.4% | 442 | 1,015 | 717 | S100OF2S |
| FY ending Mar 2022 | 15,771 | 536 | 3.4% | 364 | 334 | -120 | S100R2G7 |
| FY ending Mar 2023 | 18,032 | 834 | 4.6% | 541 | 260 | 13 | S100TR8G |
| FY ending Mar 2024 | 20,807 | 1,824 | 8.8% | 1,297 | 1,313 | 885 | S100W0U5 |
| FY ending Mar 2025 | 23,469 | 2,738 | 11.7% | 1,970 | 1,322 | 745 | S100YFLV |
| FY ending Mar 2026 | 26,149 | 2,918 | 11.2% | 2,071 | 1,003 | 240 | S100YFLV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.9M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 588 | 586 | 593 | 607 | 610 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.3M | ¥5.8M | ¥6M |
| Average age (parent company) | 44.9 years | 44.7 years | 44.0 years | 43.6 years | 43.3 years |
| Average tenure (parent company) | 16.2 years | 16.1 years | 15.5 years | 15.2 years | 14.8 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +11.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cement products for civil manufacturing | 16,789 | 64.2% | 3,260 | 19.4% |
| Cement products for construction | 8,524 | 32.6% | 811 | 9.5% |
| Other | 836 | 3.2% | -26 | -3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cement products for civil manufacturing | 64.2% | 80.1% | 15.9 | 19.4% |
| Cement products for construction | 32.6% | 19.9% | -12.7 | 9.5% |
| Other | 3.2% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): Other -26 JPY mn

Segment → industry: Cement products for construction → Cement & Concrete / Cement products for civil manufacturing → Cement & Concrete / Other → Real Estate Development & Leasing

## 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 | 1,003 | 3.8% | S100YFLV |
| Capital expenditure | 764 | 2.9% | S100YFLV |
| Free cash flow | 240 | 0.9% | 算出 |
| Investing cash flow | -691 | -2.6% | S100YFLV |
| Financing cash flow | -736 | -2.8% | S100YFLV |
| Dividends paid | 583 | 2.2% | S100YFLV |
| Change in cash | -423 | -1.6% | S100YFLV |
| Cash and equivalents | 1,699 | 6.5% | S100YFLV |

## 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 | 1,102 | 1,278 | 1,956 | 2,122 | 1,699 | S100TR8G, S100W0U5, S100YFLV |
| Total assets | 13,322 | 15,111 | 18,620 | 17,940 | 16,814 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Net assets | 5,302 | 5,766 | 6,992 | 8,623 | 10,158 | S100TR8G, S100W0U5, S100YFLV |
| Share capital | 1,752 | 1,752 | 1,752 | 1,752 | 1,752 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Property, plant and equipment | 5,589 | 5,553 | 5,681 | 5,714 | 5,917 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Intangible assets excluding goodwill | 127 | 131 | 123 | 120 | 146 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Investment securities | 231 | 300 | 392 | 379 | 440 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Current assets | 6,954 | 8,575 | 11,851 | 11,117 | 9,752 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Current liabilities | 6,766 | 7,657 | 10,045 | 8,023 | 5,464 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Trade payables | 3,129 | 2,240 | 2,971 | 2,676 | 2,170 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Short-term borrowings | 1,340 | 1,273 | 1,316 | 1,280 | 1,340 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Long-term borrowings | 498 | 934 | 830 | 630 | 430 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Total liabilities | 8,020 | 9,345 | 11,628 | 9,317 | 6,657 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Non-controlling interests | -0 | -4 | -5 | -6 | -5 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Equity attributable to owners of parent | 5,310 | 5,757 | 6,893 | 8,476 | 9,964 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Retained earnings | 3,165 | 3,606 | 4,743 | 6,310 | 7,799 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |
| Treasury stock | -326 | -352 | -352 | -337 | -490 | S100R2G7, S100TR8G, S100W0U5, S100YFLV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YFLV |
| Property, plant and equipment | 35% | S100YFLV |
| Intangibles and goodwill | 1% | S100YFLV |
| Investment securities | 3% | S100YFLV |
| Other assets | 51% | S100YFLV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YFLV |
| Other liabilities | 27% | S100YFLV |
| Equity | 60% | S100YFLV |
| Other liabilities | 0% | S100YFLV |

### 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 | 13,322 | 15,111 | 18,620 | 17,940 | 16,814 |
| Equity | 5,302 | 5,766 | 6,992 | 8,623 | 10,158 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,102 | 1,278 | 1,956 | 2,122 | 1,699 |

## 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) | 22.6% | S100YFLV |
| Fixed assets ÷ total assets | 35.2% | S100YFLV |
| Goodwill ÷ parent equity | — | —, S100YFLV |

### 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) | 10.1% |
| Cash ÷ revenue | 6.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 34.4% |
| Cash vs. profit gap | -1,068 JPY mn (of net income -51.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 243.3% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 68.8% |

## 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 | 2.3% | 1.18× | 2.7% | 2.51× | 6.9% | S100R2G7 |
| 2023 | 3.0% | 1.27× | 3.8% | 2.57× | 9.8% | S100TR8G |
| 2024 | 6.2% | 1.23× | 7.7% | 2.67× | 20.5% | S100W0U5 |
| 2025 | 8.4% | 1.28× | 10.8% | 2.38× | 25.6% | S100YFLV |
| 2026 | 7.9% | 1.50× | 11.9% | 1.88× | 22.5% | S100YFLV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 茂森 潔 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 4.5% | 2026-03-31 |
| 茂森 拓 | Major shareholder | 4.0% | 2026-03-31 |
| 伊藤忠丸紅住商テクノスチール株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| ＵＢＥ三菱セメント株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社南日本銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 江田 幸雄 | Major shareholder | 2.3% | 2026-03-31 |
| 共和コンクリート工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社ナルックス | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YFLV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFLV,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W0U5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0U5,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TR8G | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR8G,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R2G7 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2G7,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OF2S | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF2S,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LP42 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP42,, |

## 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).