# YASUNAGA 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) (S100YFR1)
> Page: https://vizora.meequs.com/en/company/yasunaga
> Retrieved: 2026-09-30T21:38:38.553Z

## Company

Yasunaga, founded in 1949, is a company in Auto Parts listed on TSE Standard. It has 1,706 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YASUNAGA CORPORATION |
| Ticker | 7271 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7271.T) |
| Listing | TSE Standard |
| Head office | 三重県伊賀市緑ケ丘中町3860番地 |
| Representative (per filing) | 代表取締役社長 安永暁俊 |
| Founded | Sep 1949 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 1,706 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 1190001008733 |
| EDINET | E02227 |
| Industries (Vizora) | Auto Parts, Machine Tools, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YFR1, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.4 | 110 |
| Profitability | 71.6 | 111 |
| Cash conversion | 36.6 | 108 |
| Efficiency | 31.1 | 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 76% of Yasunaga's sales come from Engine parts, with Environmental equipment and Machine equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +192.2%.

## Company structure

- Segment revenue mix: Engine parts 75.8%、Environmental equipment 15.2%、Machine equipment 8.2%、Other 0.8%
- Revenue → net income: ¥33951000000 → ¥1871000000
- Net income → operating cash flow: ¥1871000000 → ¥3208000000（difference ¥1337000000）
- Main uses of operating cash flow: CapEx ¥4698000000 / dividends ¥154000000 / buybacks —
- Change in cash: ¥-265000000
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 | ¥34B |  |
| Operating income | ¥2.21B | Margin 6.5% |
| Net income | ¥1.87B | Margin 5.5% |
| Free cash flow | -¥1.49B |  |
| Largest business | Engine parts | of segment revenue 75.8% |
| Employees (consolidated) | 1,706 |  |
| EPS | ¥96.11 |  |
| Book value per share | ¥780.7 |  |
| Equity ratio | 34.8% |  |
| Shares outstanding | 12,938,000 |  |
| Treasury shares | 2,635,300 |  |
| Shareholders | 6,400 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 20.0% |
| Vs. industry median margin | +1.8 pp | Auto Parts |
| ROE | 19.1% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29278000000 | ¥33951000000 | +16.0% |
| Operating income | ¥-517000000 | ¥2215000000 | — |
| Operating margin | -1.8% | 6.5% | +8.3 pp |
| Employees | 1,943 people | 1,706 people | -12.2% |
| Cash and equivalents | ¥4999000000 | ¥6802000000 | +36.1% |

### 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 |
| --- | ---: |
| エンジン部品 → エンジン部品 | 61.7% |
| 機械装置 → 機械装置 | 8.2% |
| 機械装置 → 事業再編・廃止 | 15.6% |
| 環境機器 → 環境機器 | 13.6% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → エンジン部品 | 14.0% |
| 新設・再編 → 環境機器 | 1.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Engine parts | 5 years | +7.3% | ¥25721000000 | 7.3% | 2 |
| Environmental equipment | 5 years | +5.4% | ¥5173000000 | 9.6% | 2 |
| Machine equipment | 5 years | -16.7% | ¥2791000000 | 3.7% | 2 |
| Other | 5 years | +0.5% | ¥265000000 | 17.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,951 | 100.0% | S100YFR1 |
| Cost of revenue | 27,605 | 81.3% | S100YFR1 |
| Gross profit | 6,346 | 18.7% | S100YFR1 |
| SG&A | 4,130 | 12.2% | S100YFR1 |
| Operating income | 2,215 | 6.5% | S100YFR1 |
| Ordinary income | 2,169 | 6.4% | S100YFR1 |
| Pretax income | 1,844 | 5.4% | S100YFR1 |
| Income tax | -26 | -0.1% | S100YFR1 |
| Net income | 1,871 | 5.5% | S100YFR1 |
| Net income attributable to owners | 1,871 | 5.5% | S100YFR1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 18.7% → Operating margin 6.5% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +192.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.38×
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 | 31,470 | 33,951 | 2,481 | +7.9% |
| Gross profit | 4,692 | 6,346 | 1,654 | +35.3% |
| Operating income | 758 | 2,215 | 1,457 | +192.2% |
| Net income attributable to owners | 742 | 1,871 | 1,129 | +152.2% |
| Operating cash flow | 2,184 | 3,208 | 1,024 | +46.9% |
| Free cash flow | -1,697 | -1,490 | 207 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,103 | 518 | 1.5% | -421 | -464 | -3,454 | S100LOYU |
| FY ending Mar 2021 | 29,278 | -517 | -1.8% | -2,583 | 3,753 | 1,874 | S100OKN2 |
| FY ending Mar 2022 | 29,026 | -533 | -1.8% | -1,104 | 492 | -1,018 | S100R66A |
| FY ending Mar 2023 | 33,284 | 1,200 | 3.6% | 1,293 | 2,024 | 243 | S100TQE5 |
| FY ending Mar 2024 | 31,946 | 645 | 2.0% | 607 | 3,213 | 1,584 | S100W1HC |
| FY ending Mar 2025 | 31,470 | 758 | 2.4% | 742 | 2,184 | -1,697 | S100YFR1 |
| FY ending Mar 2026 | 33,951 | 2,215 | 6.5% | 1,871 | 3,208 | -1,490 | S100YFR1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,835 | 1,762 | 1,714 | 1,703 | 1,706 |
| Average salary (parent company) | ¥5.9M | ¥5.7M | ¥6M | ¥6M | ¥6.3M |
| Average age (parent company) | 41.0 years | 42.0 years | 42.0 years | 42.0 years | 43.0 years |
| Average tenure (parent company) | 18.0 years | 19.0 years | 18.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Engine parts | 25,721 | 75.8% | 1,877 | 7.3% |
| Machine equipment | 2,791 | 8.2% | 102 | 3.7% |
| Environmental equipment | 5,173 | 15.2% | 499 | 9.6% |
| Other | 265 | 0.8% | 47 | 17.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Engine parts | 75.8% | 74.3% | -1.4 | 7.3% |
| Machine equipment | 8.2% | 4.0% | -4.2 | 3.7% |
| Environmental equipment | 15.2% | 19.8% | 4.5 | 9.6% |
| Other | 0.8% | 1.9% | 1.1 | 17.7% |

Segment → industry: Engine parts → Auto Parts / Machine equipment → Machine Tools / Environmental equipment → Housing Equipment & Building Materials / Environmental equipment → Industrial 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 | 3,208 | 9.4% | S100YFR1 |
| Capital expenditure | 4,698 | 13.8% | S100YFR1 |
| Free cash flow | -1,490 | -4.4% | 算出 |
| Investing cash flow | -4,685 | -13.8% | S100YFR1 |
| Financing cash flow | 1,375 | 4.0% | S100YFR1 |
| Dividends paid | 154 | 0.5% | S100YFR1 |
| Change in cash | -265 | -0.8% | S100YFR1 |
| Cash and equivalents | 6,802 | 20.0% | S100YFR1 |

## 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 | 4,524 | 5,116 | 6,228 | 7,068 | 6,802 | S100TQE5, S100W1HC, S100YFR1 |
| Total assets | 31,659 | 33,703 | 35,111 | 37,142 | 42,254 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Net assets | 8,206 | 10,164 | 10,917 | 11,388 | 14,687 | S100TQE5, S100W1HC, S100YFR1 |
| Share capital | 2,142 | 2,142 | 2,142 | 2,142 | 2,142 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Property, plant and equipment | 12,506 | 12,351 | 13,510 | 14,785 | 17,650 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Intangible assets excluding goodwill | 144 | 122 | 104 | 122 | 135 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Investment securities | 613 | 748 | 829 | 750 | 1,144 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Current assets | 17,976 | 20,016 | 19,873 | 20,758 | 21,735 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Current liabilities | 16,016 | 17,176 | 17,883 | 16,011 | 18,029 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Trade payables | 3,162 | 3,685 | 3,139 | 2,472 | 2,645 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Short-term borrowings | 6,100 | 7,100 | 8,250 | 6,900 | 8,500 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Long-term borrowings | 6,111 | 5,126 | 4,575 | 7,371 | 7,338 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Total liabilities | 23,452 | 23,539 | 24,194 | 25,753 | 27,567 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Equity attributable to owners of parent | 7,915 | 9,076 | 8,341 | 8,950 | 10,667 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Retained earnings | 3,989 | 5,149 | 5,602 | 6,210 | 7,927 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |
| Treasury stock | -330 | -330 | -1,517 | -1,517 | -1,517 | S100R66A, S100TQE5, S100W1HC, S100YFR1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFR1 |
| Property, plant and equipment | 42% | S100YFR1 |
| Intangibles and goodwill | 0% | S100YFR1 |
| Investment securities | 3% | S100YFR1 |
| Other assets | 39% | S100YFR1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YFR1 |
| Other liabilities | 59% | S100YFR1 |
| Equity | 35% | S100YFR1 |

### 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 | 31,659 | 33,703 | 35,111 | 37,142 | 42,254 |
| Equity | 8,206 | 10,164 | 10,917 | 11,388 | 14,687 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,524 | 5,116 | 6,228 | 7,068 | 6,802 |

## 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) | 52.0% | S100YFR1 |
| Fixed assets ÷ total assets | 41.8% | S100YFR1 |
| Goodwill ÷ parent equity | — | —, S100YFR1 |

### 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) | 16.1% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.8% |
| Cash vs. profit gap | 1,337 JPY mn (of net income 71.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.8% |
| Investing CF relative to operating CF | 146.0% |

## 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% | —× | — | S100R66A |
| 2023 | 3.9% | 1.02× | 4.0% | 3.85× | 15.2% | S100TQE5 |
| 2024 | 1.9% | 0.93× | 1.8% | 3.95× | 7.0% | S100W1HC |
| 2025 | 2.4% | 0.87× | 2.1% | 4.18× | 8.6% | S100YFR1 |
| 2026 | 5.5% | 0.86× | 4.7% | 4.05× | 19.1% | S100YFR1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲ＹＡＳＮＡＧ | Major shareholder | 11.2% | 2026-03-31 |
| ㈱ＳＢＩ証券 | Major shareholder | 4.5% | 2026-03-31 |
| 安 永 暁 俊 | Major shareholder | 3.5% | 2026-03-31 |
| 浅 井 裕 久 | Major shareholder | 3.5% | 2026-03-31 |
| 安永社員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 名古屋中小企業投資育成㈱ | Major shareholder | 2.4% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 | Major shareholder | 2.1% | 2026-03-31 |
| 浜 口 一 之 | Major shareholder | 2.1% | 2026-03-31 |
| 小 沼 滋 紀 | Major shareholder | 1.9% | 2026-03-31 |
| ㈱百五銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YFR1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFR1,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W1HC | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1HC,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TQE5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQE5,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R66A | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R66A,, |
| 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) | S100OKN2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKN2,, |
| 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) | S100LOYU | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOYU,, |

## 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).