# YAMAZAKI 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66期(2025/04/01－2026/03/31) (S100YGTK)
> Page: https://vizora.meequs.com/en/company/yamazaki
> Retrieved: 2026-09-30T21:35:03.396Z

## Company

Yamazaki, founded in 1955, is a company in Auto Parts listed on TSE Standard. It has 235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAZAKI CO., LTD. |
| Ticker | 6147 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6147.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市中央区有玉北町489番地の23 |
| Representative (per filing) | 代表取締役社長執行役員 山﨑 好和 |
| Founded | Jul 1955 |
| Share capital | ¥972.2M |
| Employees (consolidated) | 235 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.yamazaki-iron.co.jp (https://www.yamazaki-iron.co.jp/) |
| Corporate number | 9080401005540 |
| EDINET | E01507 |
| Industries (Vizora) | Auto Parts, Machine Tools |

> Profile source: annual securities report (S100YGTK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.1 | 110 |
| Profitability | 0.5 | 111 |
| Efficiency | 6.8 | 111 |

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 63% of Yamazaki's sales come from Transport equipment, with Machine tool making up much of the rest.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -24.8% from the prior year, operating profit -434.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.33B |  |
| Operating income | -¥260.1M | Margin -11.2% |
| Net income | -¥360.4M | Margin -15.5% |
| Free cash flow | ¥342.8M |  |
| Largest business | Transport equipment | of segment revenue 63.0% |
| Employees (consolidated) | 235 |  |
| EPS | ¥-70.15 |  |
| Book value per share | ¥206.67 |  |
| Equity ratio | 32.2% |  |
| Shares outstanding | 4,579,000 |  |
| Treasury shares | 141,700 |  |
| Shareholders | 3,654 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | -15.9 pp | Auto Parts |
| ROA | -10.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 37 points
- FY2026, operating loss is 11 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2317143000 | ¥2327855000 | +0.5% |
| Operating income | ¥-375560000 | ¥-260089000 | — |
| Operating margin | -16.2% | -11.2% | +5 pp |
| Employees | 364 people | 235 people | -35.4% |
| Cash and equivalents | ¥245130000 | ¥315170000 | +28.6% |

### 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 |
| --- | ---: |
| 輸送用機器事業 → 輸送用機器事業 | 41.3% |
| 工作機械事業 → 工作機械事業 | 37.0% |
| 工作機械事業 → 事業再編・廃止 | 21.7% |
| 新設・再編 → 輸送用機器事業 | 21.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,328 | 100.0% | S100YGTK |
| Cost of revenue | 2,074 | 89.1% | S100YGTK |
| Gross profit | 254 | 10.9% | S100YGTK |
| SG&A | 514 | 22.1% | S100YGTK |
| Operating income | -260 | -11.2% | S100YGTK |
| Ordinary income | -281 | -12.1% | S100YGTK |
| Pretax income | -350 | -15.0% | S100YGTK |
| Income tax | 11 | 0.5% | S100YGTK |
| Net income | -360 | -15.5% | S100YGTK |
| Net income attributable to owners | -360 | -15.5% | S100YGTK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 22 |
| Operating income | -11 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 10.9% → Operating margin -11.2% → Net margin -15.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,094 | 2,328 | -766 | -24.8% |
| Gross profit | 558 | 254 | -304 | -54.5% |
| Operating income | 78 | -260 | -338 | -434.3% |
| Net income attributable to owners | 57 | -360 | -418 | -728.9% |
| Operating cash flow | 42 | 466 | 424 | +1009.0% |
| Free cash flow | -81 | 343 | 423 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,666 | 129 | 3.5% | 86 | -560 | -692 | S100LOP4 |
| FY ending Mar 2021 | 2,317 | -376 | -16.2% | -379 | 271 | 100 | S100OG29 |
| FY ending Mar 2022 | 2,634 | -240 | -9.1% | -145 | -73 | -196 | S100R5E2 |
| FY ending Mar 2023 | 2,655 | -228 | -8.6% | -111 | 147 | 13 | S100TQBZ |
| FY ending Mar 2024 | 2,496 | -98 | -3.9% | -33 | 17 | -167 | S100W3SO |
| FY ending Mar 2025 | 3,094 | 78 | 2.5% | 57 | 42 | -81 | S100YGTK |
| FY ending Mar 2026 | 2,328 | -260 | -11.2% | -360 | 466 | 343 | S100YGTK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.9M |
| Operating income per employee (consolidated) | -¥1.1M |
| Net income per employee (consolidated) | -¥1.5M |

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) | 360 | 345 | 336 | 318 | 235 |
| Average salary (parent company) | ¥4.8M | ¥5.1M | ¥5.1M | ¥4.7M | ¥5.1M |
| Average age (parent company) | 47.5 years | 46.6 years | 47.7 years | 47.4 years | 48.4 years |
| Average tenure (parent company) | 19.8 years | 16.5 years | 16.8 years | 17.1 years | 18.3 years |

Year over year: Employees (consolidated) -26.1% · Revenue (consolidated) -24.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transport equipment | 1,467 | 63.0% | 63 | 4.3% |
| Machine tool | 860 | 37.0% | -324 | -37.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transport equipment | 63.0% | 100.0% | 37.0 | 4.3% |
| Machine tool | 37.0% | — | — | -37.6% |

Loss-making segment (excluded from profit shares): Machine tool -324 JPY mn

Segment → industry: Transport equipment → Auto Parts / Machine tool → Machine Tools

## 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 | 466 | 20.0% | S100YGTK |
| Capital expenditure | 124 | 5.3% | S100YGTK |
| Free cash flow | 343 | 14.7% | 算出 |
| Investing cash flow | -136 | -5.8% | S100YGTK |
| Financing cash flow | -402 | -17.3% | S100YGTK |
| Dividends paid | 44 | 1.9% | S100YGTK |
| Share buyback | 0 | 0.0% | S100YGTK |
| Change in cash | -73 | -3.1% | S100YGTK |
| Cash and equivalents | 315 | 13.5% | S100YGTK |

## 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 | 354 | 847 | 527 | 388 | 315 | S100TQBZ, S100W3SO, S100YGTK |
| Total assets | 4,143 | 4,186 | 3,734 | 3,943 | 3,239 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Net assets | 1,603 | 1,429 | 1,349 | 1,413 | 1,041 | S100TQBZ, S100W3SO, S100YGTK |
| Share capital | 972 | 972 | 972 | 972 | 972 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Property, plant and equipment | 1,309 | 1,335 | 1,390 | 1,520 | 1,511 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Intangible assets excluding goodwill | 50 | 41 | 33 | 25 | 14 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Investment securities | 516 | 240 | 132 | 143 | 218 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Current assets | 2,161 | 2,485 | 2,098 | 2,183 | 1,436 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Current liabilities | 1,726 | 2,214 | 1,993 | 1,868 | 1,524 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Short-term borrowings | 1,270 | 1,650 | 1,350 | 1,480 | 1,130 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Long-term borrowings | 518 | 300 | 147 | 307 | 288 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Total liabilities | 2,541 | 2,757 | 2,385 | 2,530 | 2,198 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Equity attributable to owners of parent | 1,527 | 1,371 | 1,294 | 1,306 | 902 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Retained earnings | -114 | 200 | 167 | 224 | -181 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |
| Treasury stock | -85 | -85 | -85 | -85 | -85 | S100R5E2, S100TQBZ, S100W3SO, S100YGTK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGTK |
| Property, plant and equipment | 47% | S100YGTK |
| Intangibles and goodwill | 0% | S100YGTK |
| Investment securities | 7% | S100YGTK |
| Other assets | 36% | S100YGTK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100YGTK |
| Equity | 32% | S100YGTK |

### 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 | 4,143 | 4,186 | 3,734 | 3,943 | 3,239 |
| Equity | 1,603 | 1,429 | 1,349 | 1,413 | 1,041 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 354 | 847 | 527 | 388 | 315 |

## 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) | 64.9% | S100YGTK |
| Fixed assets ÷ total assets | 46.6% | S100YGTK |
| Goodwill ÷ parent equity | — | —, S100YGTK |

### 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) | 9.7% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 827 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 12.9% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 29.2% |

## 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 | — | —× | -3.5% | —× | — | S100R5E2 |
| 2023 | — | —× | -2.7% | —× | — | S100TQBZ |
| 2024 | — | —× | -0.8% | —× | — | S100W3SO |
| 2025 | 1.9% | 0.81× | 1.5% | 2.95× | 4.4% | S100YGTK |
| 2026 | — | —× | -10.0% | —× | — | S100YGTK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山﨑好和 | Major shareholder | 22.2% | 2026-03-31 |
| 大同興産株式会社 | Major shareholder | 15.4% | 2026-03-31 |
| 真栄会 | Major shareholder | 8.9% | 2026-03-31 |
| 共通物産株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 4.5% | 2026-03-31 |
| ヤマザキ従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 共有株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 佐伯高史 | Major shareholder | 1.0% | 2026-03-31 |
| 柳田武男 | Major shareholder | 0.9% | 2026-03-31 |
| 静岡キャピタル株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YGTK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGTK,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W3SO | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3SO,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TQBZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQBZ,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R5E2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5E2,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OG29 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG29,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LOP4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOP4,, |

## 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).