# YELLOW HAT 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68期(2025/04/01－2026/03/31) (S100YC2P)
> Page: https://vizora.meequs.com/en/company/yellow-hat
> Retrieved: 2026-09-30T17:58:18.531Z

## Company

Yellow HAT, founded in 1962, is a company in Car Accessories listed on TSE Prime. It has 4,176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YELLOW HAT LTD. |
| Ticker | 9882 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9882.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区北千束一丁目4番6号 |
| Representative (per filing) | 代表取締役社長 木村 昭夫 |
| Founded | Mar 1962 |
| Share capital | ¥15.1B |
| Employees (consolidated) | 4,176 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.yellowhat.jp (https://www.yellowhat.jp/) |
| Corporate number | 1010001126172 |
| EDINET | E02735 |
| Industries (Vizora) | Car Accessories, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YC2P, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 15 |
| Profitability | 70 | 15 |
| Cash conversion | 23.3 | 15 |
| Efficiency | 30 | 15 |

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 97% of Yellow HAT's sales come from Automobile parts sales and motorbike parts sales, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit -2.3%.

## Company structure

- Segment revenue mix: Automobile parts sales and motorbike parts sales 96.6%、Leasing 3.4%
- Revenue → net income: ¥171280000000 → ¥11968000000
- Net income → operating cash flow: ¥11968000000 → ¥10469000000（difference ¥-1499000000）
- Main uses of operating cash flow: CapEx ¥10322000000 / dividends ¥5398000000 / buybacks ¥5018000000
- Change in cash: ¥8478000000
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 | ¥171.3B |  |
| Operating income | ¥15.1B | Margin 8.8% |
| Net income | ¥12B | Margin 7.0% |
| Free cash flow | ¥147M |  |
| Largest business | Automobile parts sales and motorbike parts sales | of segment revenue 96.6% |
| Employees (consolidated) | 4,176 |  |
| EPS | ¥107.96 |  |
| Diluted EPS | ¥107.57 |  |
| Book value per share | ¥1232.23 |  |
| Equity ratio | 59.8% |  |
| Shares outstanding | 86,021,392 |  |
| Shareholders | 52,314 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 19.2% | Cash ÷ revenue 23.2% |
| Vs. industry median margin | +3.1 pp | Car Accessories |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥146994000000 | ¥171280000000 | +16.5% |
| Operating income | ¥12978000000 | ¥15087000000 | +16.3% |
| Operating margin | 8.8% | 8.8% | 0 pp |
| Employees | 3,711 people | 4,176 people | +12.5% |
| Cash and equivalents | ¥14029000000 | ¥39714000000 | +183.1% |

### 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 |
| --- | ---: |
| カー用品・二輪用品等販売事業 → カー用品・二輪用品等販売事業 | 95.6% |
| 賃貸不動産事業 → 賃貸不動産事業 | 3.4% |
| 賃貸不動産事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → カー用品・二輪用品等販売事業 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 171,280 | 100.0% | S100YC2P |
| Cost of revenue | 96,803 | 56.5% | S100YC2P |
| Gross profit | 74,477 | 43.5% | S100YC2P |
| SG&A | 59,389 | 34.7% | S100YC2P |
| Operating income | 15,087 | 8.8% | S100YC2P |
| Ordinary income | 16,582 | 9.7% | S100YC2P |
| Pretax income | 17,069 | 10.0% | S100YC2P |
| Income tax | 5,100 | 3.0% | S100YC2P |
| Net income | 11,968 | 7.0% | S100YC2P |
| Net income attributable to owners | 11,968 | 7.0% | S100YC2P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 35 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 43.5% → Operating margin 8.8% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.2%; Core profit growth: -2.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.21×
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 | 154,066 | 171,280 | 17,214 | +11.2% |
| Gross profit | 67,391 | 74,477 | 7,086 | +10.5% |
| Operating income | 15,450 | 15,087 | -363 | -2.3% |
| Net income attributable to owners | 11,260 | 11,968 | 708 | +6.3% |
| Operating cash flow | 16,277 | 10,469 | -5,808 | -35.7% |
| Free cash flow | 3,994 | 147 | -3,847 | -96.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 141,031 | 10,093 | 7.2% | 7,334 | 7,726 | -2,116 | S100LJ80 |
| FY ending Mar 2021 | 146,994 | 12,978 | 8.8% | 8,546 | 19,352 | 9,693 | S100O718 |
| FY ending Mar 2022 | 148,038 | 14,090 | 9.5% | 9,659 | 9,732 | 654 | S100QY54 |
| FY ending Mar 2023 | 147,157 | 15,250 | 10.4% | 10,665 | 13,570 | -121 | S100TKC6 |
| FY ending Mar 2024 | 146,641 | 14,475 | 9.9% | 10,259 | 11,483 | -218 | S100VXWY |
| FY ending Mar 2025 | 154,066 | 15,450 | 10.0% | 11,260 | 16,277 | 3,994 | S100YC2P |
| FY ending Mar 2026 | 171,280 | 15,087 | 8.8% | 11,968 | 10,469 | 147 | S100YC2P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 3,806 | 3,684 | 3,784 | 4,049 | 4,176 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.1M | ¥7.1M | ¥7.3M |
| Average age (parent company) | 48.2 years | 49.0 years | 48.6 years | 49.0 years | 48.4 years |
| Average tenure (parent company) | 22.0 years | 23.0 years | 23.0 years | 23.0 years | 21.0 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile parts sales and motorbike parts sales | 165,486 | 96.6% | 13,680 | 8.3% |
| Leasing | 5,793 | 3.4% | 1,406 | 24.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile parts sales and motorbike parts sales | 96.6% | 90.7% | -5.9 | 8.3% |
| Leasing | 3.4% | 9.3% | 5.9 | 24.3% |

Segment → industry: Automobile parts sales and motorbike parts sales → Car Accessories / Leasing → 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 | 10,469 | 6.1% | S100YC2P |
| Capital expenditure | 10,322 | 6.0% | S100YC2P |
| Free cash flow | 147 | 0.1% | 算出 |
| Investing cash flow | -8,981 | -5.2% | S100YC2P |
| Financing cash flow | 6,990 | 4.1% | S100YC2P |
| Dividends paid | 5,398 | 3.2% | S100YC2P |
| Share buyback | 5,018 | 2.9% | S100YC2P |
| Change in cash | 8,478 | 4.9% | S100YC2P |
| Cash and equivalents | 39,714 | 23.2% | S100YC2P |

## 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 | 10,902 | 8,251 | 4,838 | 31,235 | 39,714 | S100TKC6, S100VXWY, S100YC2P |
| Total assets | 126,418 | 136,442 | 144,030 | 185,941 | 206,818 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Net assets | 98,298 | 106,710 | 116,522 | 120,594 | 123,897 | S100TKC6, S100VXWY, S100YC2P |
| Share capital | 15,072 | 15,072 | 15,072 | 15,072 | 15,072 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Trade receivables | 10,002 | 10,424 | 8,853 | 9,079 | 9,954 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Inventories | 23,043 | 25,451 | 26,656 | 29,303 | 34,137 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Property, plant and equipment | 54,042 | 64,575 | 72,742 | 81,545 | 84,914 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Intangible assets excluding goodwill | 1,174 | 1,501 | 1,751 | 4,355 | 4,311 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Goodwill | 6 | 18 | 71 | 1,530 | 1,435 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Investment securities | 5,387 | 6,294 | 9,801 | 11,341 | 13,449 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Current assets | 52,658 | 51,779 | 47,709 | 76,789 | 91,556 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Current liabilities | 23,040 | 24,621 | 21,764 | 58,827 | 58,055 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Trade payables | 10,231 | 11,226 | 8,501 | 9,199 | 9,772 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Short-term borrowings | — | — | — | 35,000 | 35,000 | S100YC2P |
| Long-term borrowings | — | — | — | — | 18,000 | S100YC2P |
| Total liabilities | 28,119 | 29,731 | 27,507 | 65,346 | 82,920 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Non-controlling interests | 5 | 7 | 0 | 1 | 1 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Equity attributable to owners of parent | 98,863 | 106,799 | 114,160 | 117,330 | 118,894 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Retained earnings | 75,572 | 83,466 | 90,767 | 97,870 | 95,392 | S100QY54, S100TKC6, S100VXWY, S100YC2P |
| Treasury stock | -2,223 | -2,210 | -2,190 | -4,697 | -655 | S100QY54, S100TKC6, S100VXWY, S100YC2P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YC2P |
| Receivables | 5% | S100YC2P |
| Inventories | 17% | S100YC2P |
| Property, plant and equipment | 41% | S100YC2P |
| Intangibles and goodwill | 3% | S100YC2P |
| Investment securities | 6% | S100YC2P |
| Other assets | 9% | S100YC2P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YC2P |
| Other liabilities | 35% | S100YC2P |
| Equity | 60% | S100YC2P |
| Other liabilities | 0% | S100YC2P |

### 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 | 126,418 | 136,442 | 144,030 | 185,941 | 206,818 |
| Equity | 98,298 | 106,710 | 116,522 | 120,594 | 123,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,902 | 8,251 | 4,838 | 31,235 | 39,714 |

## 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) | 49.6% | S100YC2P |
| Fixed assets ÷ total assets | 41.1% | S100YC2P |
| Goodwill ÷ parent equity | 1.2% | S100YC2P |

Goodwill over 4 years: 6 → 1,435 JPY; total investing cash flow: -60,112 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) | 19.2% |
| Cash ÷ revenue | 23.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.4% |
| Cash vs. profit gap | -1,499 JPY mn (of net income -12.5%) |
| Shareholder returns / net income | 87.0% |
| Shareholder returns / FCF | 7085.7% |
| Shareholder payments — dividends / net income | 45.1% |
| Shareholder payments — dividends / FCF | 3672.1% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 85.8% |

## 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 | 6.5% | 1.17× | 7.6% | 1.28× | 9.8% | S100QY54 |
| 2023 | 7.2% | 1.12× | 8.1% | 1.28× | 10.4% | S100TKC6 |
| 2024 | 7.0% | 1.05× | 7.3% | 1.27× | 9.3% | S100VXWY |
| 2025 | 7.3% | 0.93× | 6.8% | 1.43× | 9.7% | S100YC2P |
| 2026 | 7.0% | 0.87× | 6.1% | 1.66× | 10.1% | S100YC2P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社幸栄企画 | Major shareholder | 14.7% | 2026-03-31 |
| INTERTRUST TRUSTEES(CAYMAN)LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP(常任代理人: 株式会社みずほ銀行決済営業部) | Major shareholder | 9.7% | 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 | 9.2% | 2026-03-31 |
| イエローハット共和会 | Major shareholder | 6.4% | 2026-03-31 |
| INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST(常任代理人:立花証券株式会社) | Major shareholder | 4.7% | 2026-03-31 |
| 日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 鍵山 幸一郎 | Major shareholder | 1.8% | 2026-03-31 |
| 住友ゴム工業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 横浜ゴム株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ソフト９９コーポレーション | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YC2P | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC2P,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100VXWY | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXWY,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TKC6 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKC6,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100QY54 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY54,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100O718 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O718,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LJ80 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ80,, |

## 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).