# YAMAZEN CORPORATION: 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80期(2025/04/01－2026/03/31) (S100YBDH)
> Page: https://vizora.meequs.com/en/company/yamazen
> Retrieved: 2026-09-30T20:25:20.832Z

## Company

Yamazen, founded in 1947, is a company in Home Appliances listed on TSE Prime. It has 3,309 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMAZEN CORPORATION |
| Ticker | 8051 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8051.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区立売堀二丁目3番16号 |
| Representative (per filing) | 代表取締役社長 岸田 貢司 |
| Founded | May 1947 |
| Share capital | ¥7.91B |
| Employees (consolidated) | 3,309 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.yamazen.co.jp (https://www.yamazen.co.jp/) |
| Corporate number | 1120001049040 |
| EDINET | E02560 |
| Industries (Vizora) | Home Appliances, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YBDH, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.6 | 179 |
| Profitability | 38.6 | 185 |
| Cash conversion | 21.5 | 179 |
| Efficiency | 58.6 | 185 |

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 Yamazen's sales come from Production Equipment Business, with Home Products and Building Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +26.3%.

## Company structure

- Segment revenue mix: Production Equipment Business 64.4%、Home Products 18.7%、Building Materials 16.1%、Other 0.7%
- Revenue → net income: ¥541885000000 → ¥9631000000
- Net income → operating cash flow: ¥9631000000 → ¥5123000000（difference ¥-4508000000）
- Main uses of operating cash flow: CapEx ¥5270000000 / dividends ¥4449000000 / buybacks ¥3748000000
- Change in cash: ¥35140000000
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 | ¥541.9B |  |
| Operating income | ¥12B | Margin 2.2% |
| Net income | ¥9.33B | Margin 1.7% |
| Free cash flow | -¥147M |  |
| Largest business | Production Equipment Business | of segment revenue 64.4% |
| Employees (consolidated) | 3,309 |  |
| EPS | ¥82.55 |  |
| Diluted EPS | ¥75.31 |  |
| Book value per share | ¥1124.35 |  |
| Equity ratio | 39.3% |  |
| Shares outstanding | 95,305,435 |  |
| Treasury shares | 8,746,800 |  |
| Shareholders | 13,344 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 31.2% | Cash ÷ revenue 20.3% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥434744000000 | ¥541885000000 | +24.6% |
| Operating income | ¥11234000000 | ¥12041000000 | +7.2% |
| Operating margin | 2.6% | 2.2% | -0.4 pp |
| Employees | 3,149 people | 3,309 people | +5.1% |
| Cash and equivalents | ¥74478000000 | ¥109981000000 | +47.7% |

### 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 |
| --- | ---: |
| 生産財関連事業 → 事業再編・廃止 | 61.0% |
| 住建 → 事業再編・廃止 | 13.5% |
| 家庭機器 → 家庭機器 | 18.7% |
| 家庭機器 → 事業再編・廃止 | 5.0% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 生産財関連事業 | 64.4% |
| 新設・再編 → 住建 | 16.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Production Equipment Business | 2 years | +3.1% | ¥349218000000 | 3.0% | 2 |
| Home Products | 5 years | -0.4% | ¥101560000000 | 4.7% | 2 |
| Building Materials | 2 years | +10.3% | ¥87403000000 | 4.2% | 2 |
| Other | 5 years | -13.3% | ¥3702000000 | -186.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 541,885 | 100.0% | S100YBDH |
| Cost of revenue | 458,857 | 84.7% | S100YBDH |
| Gross profit | 83,028 | 15.3% | S100YBDH |
| SG&A | 70,986 | 13.1% | S100YBDH |
| Operating income | 12,041 | 2.2% | S100YBDH |
| Ordinary income | 13,010 | 2.4% | S100YBDH |
| Pretax income | 14,192 | 2.6% | S100YBDH |
| Income tax | 4,561 | 0.8% | S100YBDH |
| Net income | 9,631 | 1.8% | S100YBDH |
| Net income attributable to owners | 9,330 | 1.7% | S100YBDH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.3% → Operating margin 2.2% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +26.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.27×
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 | 516,126 | 541,885 | 25,759 | +5.0% |
| Gross profit | 76,969 | 83,028 | 6,059 | +7.9% |
| Operating income | 9,535 | 12,041 | 2,506 | +26.3% |
| Net income attributable to owners | 7,845 | 9,330 | 1,485 | +18.9% |
| Operating cash flow | 8,361 | 5,123 | -3,238 | -38.7% |
| Free cash flow | 3,124 | -147 | -3,271 | -104.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 472,191 | 12,091 | 2.6% | 8,088 | 13,399 | 9,411 | S100LNWT |
| FY ending Mar 2021 | 434,744 | 11,234 | 2.6% | 7,572 | 13,566 | 8,967 | S100OIM4 |
| FY ending Mar 2022 | 501,872 | 17,133 | 3.4% | 12,023 | 7,054 | 2,876 | S100R6LT |
| FY ending Mar 2023 | 527,263 | 16,563 | 3.1% | 12,527 | 7,765 | 4,413 | S100TRSX |
| FY ending Mar 2024 | 506,866 | 9,887 | 2.0% | 6,488 | 11,156 | 8,749 | S100VY8W |
| FY ending Mar 2025 | 516,126 | 9,535 | 1.8% | 7,845 | 8,361 | 3,124 | S100YBDH |
| FY ending Mar 2026 | 541,885 | 12,041 | 2.2% | 9,330 | 5,123 | -147 | S100YBDH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥163.8M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 3,157 | 3,215 | 3,276 | 3,276 | 3,309 |
| Average salary (parent company) | ¥7.4M | ¥8M | ¥7.9M | ¥7.6M | ¥8M |
| Average age (parent company) | 38.2 years | 39.2 years | 39.4 years | 39.7 years | 40.0 years |
| Average tenure (parent company) | 13.8 years | 14.0 years | 13.8 years | 13.8 years | 13.9 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Production Equipment Business | 349,218 | 64.4% | 10,423 | 3.0% |
| Building Materials | 87,403 | 16.1% | 3,662 | 4.2% |
| Home Products | 101,560 | 18.7% | 4,810 | 4.7% |
| Other | 3,702 | 0.7% | -6,891 | -186.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Production Equipment Business | 64.4% | 55.2% | -9.3 | 3.0% |
| Building Materials | 16.1% | 19.4% | 3.3 | 4.2% |
| Home Products | 18.7% | 25.5% | 6.7 | 4.7% |
| Other | 0.7% | — | — | -186.1% |

Loss-making segment (excluded from profit shares): Other -6,891 JPY mn

Segment → industry: Home Products → Home Appliances / Home Products → Specialty Trading & Wholesale / Building Materials → Specialty Trading & Wholesale / Production Equipment Business → Specialty Trading & Wholesale

## 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 | 5,123 | 0.9% | S100YBDH |
| Capital expenditure | 5,270 | 1.0% | S100YBDH |
| Free cash flow | -147 | -0.0% | 算出 |
| Investing cash flow | -10,868 | -2.0% | S100YBDH |
| Financing cash flow | 38,587 | 7.1% | S100YBDH |
| Dividends paid | 4,449 | 0.8% | S100YBDH |
| Share buyback | 3,748 | 0.7% | S100YBDH |
| Change in cash | 35,140 | 6.5% | S100YBDH |
| Cash and equivalents | 109,981 | 20.3% | S100YBDH |

## 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 | 81,153 | 81,128 | 88,477 | 74,841 | 109,981 | S100TRSX, S100VY8W, S100YBDH |
| Total assets | 282,654 | 288,888 | 294,973 | 292,265 | 351,990 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Net assets | 113,367 | 123,757 | 132,617 | 127,933 | 140,153 | S100TRSX, S100VY8W, S100YBDH |
| Share capital | 7,909 | 7,909 | 7,909 | 7,909 | 7,909 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Property, plant and equipment | 12,864 | 13,690 | 14,144 | 14,968 | 15,503 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Intangible assets excluding goodwill | 11,024 | 10,961 | 9,506 | 10,953 | 10,394 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Investment securities | 16,336 | 17,557 | 18,418 | 24,063 | 32,433 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Current assets | 235,935 | 238,553 | 241,417 | 229,411 | 277,436 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Current liabilities | 148,933 | 144,174 | 140,134 | 143,780 | 171,079 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Trade payables | 69,118 | 63,913 | 62,266 | 64,270 | 67,111 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Short-term borrowings | 29 | 21 | 19 | 33 | 20,088 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Long-term borrowings | 106 | 85 | 66 | 47 | 28 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Total liabilities | 169,286 | 165,130 | 162,356 | 164,332 | 211,837 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Non-controlling interests | 626 | 829 | 1,108 | 1,341 | 1,736 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Equity attributable to owners of parent | 101,058 | 109,579 | 112,510 | 110,977 | 115,944 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Retained earnings | 92,545 | 101,066 | 103,994 | 107,455 | 112,332 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |
| Treasury stock | -6,957 | -6,957 | -6,954 | -11,949 | -11,793 | S100R6LT, S100TRSX, S100VY8W, S100YBDH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YBDH |
| Property, plant and equipment | 5% | S100YBDH |
| Intangibles and goodwill | 3% | S100YBDH |
| Investment securities | 9% | S100YBDH |
| Other assets | 52% | S100YBDH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 19% | S100YBDH |
| Other liabilities | 41% | S100YBDH |
| Equity | 40% | S100YBDH |

### 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 | 282,654 | 288,888 | 294,973 | 292,265 | 351,990 |
| Equity | 113,367 | 123,757 | 132,617 | 127,933 | 140,153 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,153 | 81,128 | 88,477 | 74,841 | 109,981 |

## 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) | 2.9% | S100YBDH |
| Fixed assets ÷ total assets | 4.4% | S100YBDH |
| Goodwill ÷ parent equity | — | —, S100YBDH |

### 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) | 31.2% |
| Cash ÷ revenue | 20.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.5% |
| Cash vs. profit gap | -4,207 JPY mn (of net income -45.1%) |
| Shareholder returns / net income | 87.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 47.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 212.1% |

## 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 | 2.4% | 1.78× | 4.3% | 2.80× | 11.9% | S100R6LT |
| 2023 | 2.4% | 1.85× | 4.4% | 2.71× | 11.9% | S100TRSX |
| 2024 | 1.3% | 1.74× | 2.2% | 2.63× | 5.8% | S100VY8W |
| 2025 | 1.5% | 1.76× | 2.7% | 2.63× | 7.0% | S100YBDH |
| 2026 | 1.7% | 1.68× | 2.9% | 2.84× | 8.2% | S100YBDH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山善取引先持株会 | Major shareholder | 7.3% | 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 | 6.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.3% | 2026-03-31 |
| 東京山善取引先持株会 | Major shareholder | 6.3% | 2026-03-31 |
| 山善社員投資会 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社エフティグループ | Major shareholder | 3.8% | 2026-03-31 |
| 名古屋山善取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 1.9% | 2026-03-31 |
| 広島山善取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 九州山善取引先持株会 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥541.9B, up 5.0% from ¥516.1B.
- Operating income climbed 26.3% to ¥12B, and net income rose 18.9% to ¥9.33B.
- Cash was weaker: operating cash flow fell 38.7% to ¥5.12B, and free cash flow turned negative at -¥147M.

### Drivers

- Overseas, every regional unit beat the prior year, helped by aerospace and power demand in North America and AI and chip demand in Taiwan
- In building materials, a hot summer and energy-saving renovations lifted air-conditioning sales, and water heater sales also grew
- Operating cash flow fell because more cash was tied up in working capital and because of tax payments

### Risks

- Demand swings with corporate capital spending and consumer spending, so results are sensitive to the economy
- Trouble in the Middle East could raise purchasing and shipping costs or delay deliveries
- Large currency moves could cause exchange losses or lead customers to hold off on purchases

Cited: Annual Securities Report, 80th term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 80th term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YBDH | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBDH,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VY8W | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY8W,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TRSX | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRSX,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R6LT | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6LT,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OIM4 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIM4,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LNWT | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNWT,, |

## 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).