# YODOKO,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127期(2025/04/01－2026/03/31) (S100YEVQ)
> Page: https://vizora.meequs.com/en/company/yodoko
> Retrieved: 2026-09-30T18:31:19.107Z

## Company

Yodoko, founded in 1935, is a company in Steel listed on TSE Prime. It has 2,377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YODOKO,Ltd.(旧英訳名:Yodogawa Steel Works,Ltd.) (注)2025年10月1日付で、会社名及び英訳名を上記のとおり変更しております。 |
| Ticker | 5451 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5451.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市中央区南本町四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 田中 栄一 |
| Founded | Jan 1935 |
| Share capital | ¥23.2B |
| Employees (consolidated) | 2,377 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.yodoko.co.jp (https://www.yodoko.co.jp/) |
| Corporate number | 4120001077591 |
| EDINET | E01247 |
| Industries (Vizora) | Steel, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YEVQ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 56 |
| Profitability | 59.5 | 58 |
| Cash conversion | 69 | 50 |
| Efficiency | 33.6 | 58 |

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 95% of Yodoko's sales come from Steel Sheet Segment, with Roll Segment and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -6.3% from the prior year, operating profit -14.6%.

## Company structure

- Segment revenue mix: Steel Sheet Segment 94.5%、Roll Segment 1.7%、Other 1.5%、Grating Segment 1.5%、Real Estate Segment 0.7%
- Revenue → net income: ¥195373000000 → ¥18098000000
- Net income → operating cash flow: ¥18098000000 → ¥18762000000（difference ¥664000000）
- Main uses of operating cash flow: CapEx ¥4883000000 / dividends ¥10254000000 / buybacks ¥4492000000
- Change in cash: ¥-971000000
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 | ¥195.4B |  |
| Operating income | ¥11.9B | Margin 6.1% |
| Net income | ¥17.4B | Margin 8.9% |
| Free cash flow | ¥13.9B |  |
| Largest business | Steel Sheet Segment | of segment revenue 94.5% |
| Employees (consolidated) | 2,377 |  |
| EPS | ¥171.91 |  |
| Diluted EPS | ¥171.63 |  |
| Book value per share | ¥1152.73 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 156,272,000 |  |
| Treasury shares | 13,694,300 |  |
| Shareholders | 43,904 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +2.6 pp | Steel |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥145963000000 | ¥195373000000 | +33.9% |
| Operating income | ¥7880000000 | ¥11868000000 | +50.6% |
| Operating margin | 5.4% | 6.1% | +0.7 pp |
| Employees | 2,381 people | 2,377 people | -0.2% |
| Cash and equivalents | ¥43116000000 | ¥49789000000 | +15.5% |

### 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 |
| --- | ---: |
| 鋼板関連事業 → 鋼板関連事業 | 93.9% |
| ロール事業 → ロール事業 | 1.6% |
| グレーチング事業 → グレーチング事業 | 1.5% |
| グレーチング事業 → 事業再編・廃止 | 0.9% |
| 不動産事業 → 不動産事業 | 0.7% |
| 不動産事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 1.2% |
| 新設・再編 → 鋼板関連事業 | 0.6% |
| 新設・再編 → ロール事業 | 0.1% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel Sheet Segment | 5 years | +6.1% | ¥184680000000 | 6.5% | 2 |
| Roll Segment | 5 years | +7.6% | ¥3374000000 | 6.8% | 2 |
| Other | 5 years | +11.2% | ¥2977000000 | 17.8% | 2 |
| Grating Segment | 5 years | -3.7% | ¥2917000000 | 1.2% | 2 |
| Real Estate Segment | 5 years | +2.8% | ¥1424000000 | 58.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 195,373 | 100.0% | S100YEVQ |
| Cost of revenue | 160,842 | 82.3% | S100YEVQ |
| Gross profit | 34,531 | 17.7% | S100YEVQ |
| SG&A | 22,663 | 11.6% | S100YEVQ |
| Operating income | 11,868 | 6.1% | S100YEVQ |
| Ordinary income | 17,517 | 9.0% | S100YEVQ |
| Pretax income | 19,152 | 9.8% | S100YEVQ |
| Income tax | 1,053 | 0.5% | S100YEVQ |
| Net income | 18,098 | 9.3% | S100YEVQ |
| Net income attributable to owners | 17,404 | 8.9% | S100YEVQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 17.7% → Operating margin 6.1% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.3%; Core profit growth: -14.6%
Operating leverage (core profit growth ÷ revenue growth): 2.32×
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 | 208,460 | 195,373 | -13,087 | -6.3% |
| Gross profit | 34,149 | 34,531 | 382 | +1.1% |
| Operating income | 13,889 | 11,868 | -2,021 | -14.6% |
| Net income attributable to owners | 13,499 | 17,404 | 3,905 | +28.9% |
| Operating cash flow | 11,311 | 18,762 | 7,451 | +65.9% |
| Free cash flow | 5,562 | 13,879 | 8,317 | +149.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 154,066 | 5,489 | 3.6% | 3,862 | 5,927 | 2,922 | S100LL69 |
| FY ending Mar 2021 | 145,963 | 7,880 | 5.4% | 6,257 | 17,149 | 10,173 | S100OB32 |
| FY ending Mar 2022 | 201,655 | 14,349 | 7.1% | 9,789 | -10,645 | -18,890 | S100QYPQ |
| FY ending Mar 2023 | 220,314 | 12,665 | 5.7% | 10,593 | 17,336 | 10,928 | S100TPZV |
| FY ending Mar 2024 | 203,957 | 12,017 | 5.9% | 4,456 | 21,521 | 17,421 | S100W0UT |
| FY ending Mar 2025 | 208,460 | 13,889 | 6.7% | 13,499 | 11,311 | 5,562 | S100YEVQ |
| FY ending Mar 2026 | 195,373 | 11,868 | 6.1% | 17,404 | 18,762 | 13,879 | S100YEVQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.2M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥7.3M |

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) | 2,392 | 2,395 | 2,405 | 2,389 | 2,377 |
| Average salary (parent company) | ¥6.5M | ¥7.1M | ¥7.1M | ¥7.4M | ¥7.8M |
| Average age (parent company) | 40.0 years | 40.2 years | 41.7 years | 42.2 years | 42.5 years |
| Average tenure (parent company) | 18.8 years | 19.0 years | 20.2 years | 20.6 years | 20.8 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Sheet Segment | 184,680 | 94.5% | 12,004 | 6.5% |
| Roll Segment | 3,374 | 1.7% | 231 | 6.8% |
| Grating Segment | 2,917 | 1.5% | 34 | 1.2% |
| Real Estate Segment | 1,424 | 0.7% | 830 | 58.3% |
| Other | 2,977 | 1.5% | 530 | 17.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel Sheet Segment | 94.5% | 88.1% | -6.5 | 6.5% |
| Roll Segment | 1.7% | 1.7% | -0.0 | 6.8% |
| Grating Segment | 1.5% | 0.2% | -1.2 | 1.2% |
| Real Estate Segment | 0.7% | 6.1% | 5.4 | 58.3% |
| Other | 1.5% | 3.9% | 2.4 | 17.8% |

Segment → industry: Grating Segment → Steel / Roll Segment → Steel / Steel Sheet Segment → Steel / Real Estate Segment → Real Estate Development & Leasing / Steel Sheet Segment → Housing Equipment & Building Materials

## 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 | 18,762 | 9.6% | S100YEVQ |
| Capital expenditure | 4,883 | 2.5% | S100YEVQ |
| Free cash flow | 13,879 | 7.1% | 算出 |
| Investing cash flow | -4,002 | -2.0% | S100YEVQ |
| Financing cash flow | -16,412 | -8.4% | S100YEVQ |
| Dividends paid | 10,254 | 5.2% | S100YEVQ |
| Share buyback | 4,492 | 2.3% | S100YEVQ |
| Change in cash | -971 | -0.5% | S100YEVQ |
| Cash and equivalents | 49,789 | 25.5% | S100YEVQ |

## 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 | 30,961 | 40,712 | 57,398 | 50,761 | 49,789 | S100TPZV, S100W0UT, S100YEVQ |
| Total assets | 244,671 | 251,057 | 265,863 | 264,256 | 266,458 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Net assets | 191,937 | 201,906 | 213,832 | 215,120 | 223,675 | S100TPZV, S100W0UT, S100YEVQ |
| Share capital | 23,220 | 23,220 | 23,220 | 23,220 | 23,220 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Property, plant and equipment | 56,459 | 56,602 | 55,940 | 57,808 | 55,781 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Intangible assets excluding goodwill | 1,966 | 2,076 | 2,203 | 2,278 | 2,425 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Investment securities | 40,678 | 40,193 | 49,643 | 40,961 | 38,210 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Current assets | 144,523 | 150,867 | 156,119 | 159,857 | 165,586 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Current liabilities | 37,557 | 35,092 | 28,113 | 29,759 | 27,931 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Trade payables | 20,676 | 17,881 | 13,892 | 14,453 | 14,815 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Short-term borrowings | 1,320 | 1,328 | 544 | 840 | — | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Total liabilities | 52,733 | 49,150 | 52,031 | 49,136 | 42,783 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Non-controlling interests | 21,454 | 22,092 | 24,126 | 20,301 | 21,026 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Equity attributable to owners of parent | 147,977 | 155,657 | 156,559 | 164,196 | 168,327 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Retained earnings | 118,475 | 126,064 | 126,905 | 133,392 | 141,395 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |
| Treasury stock | -11,992 | -11,895 | -11,845 | -4,898 | -6,878 | S100QYPQ, S100TPZV, S100W0UT, S100YEVQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YEVQ |
| Property, plant and equipment | 21% | S100YEVQ |
| Intangibles and goodwill | 1% | S100YEVQ |
| Investment securities | 14% | S100YEVQ |
| Other assets | 45% | S100YEVQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEVQ |
| Other liabilities | 10% | S100YEVQ |
| Equity | 84% | S100YEVQ |

### 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 | 244,671 | 251,057 | 265,863 | 264,256 | 266,458 |
| Equity | 191,937 | 201,906 | 213,832 | 215,120 | 223,675 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,961 | 40,712 | 57,398 | 50,761 | 49,789 |

## 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) | 28.6% | S100YEVQ |
| Fixed assets ÷ total assets | 20.9% | S100YEVQ |
| Goodwill ÷ parent equity | — | —, S100YEVQ |

### 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) | 18.7% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.1% |
| Cash vs. profit gap | 1,358 JPY mn (of net income 7.8%) |
| Shareholder returns / net income | 84.7% |
| Shareholder returns / FCF | 106.2% |
| Shareholder payments — dividends / net income | 58.9% |
| Shareholder payments — dividends / FCF | 73.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 21.3% |

## 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 | 4.9% | 0.82× | 4.0% | 1.65× | 6.6% | S100QYPQ |
| 2023 | 4.8% | 0.89× | 4.3% | 1.63× | 7.0% | S100TPZV |
| 2024 | 2.2% | 0.79× | 1.7% | 1.66× | 2.9% | S100W0UT |
| 2025 | 6.5% | 0.79× | 5.1% | 1.65× | 8.4% | S100YEVQ |
| 2026 | 8.9% | 0.74× | 6.6% | 1.60× | 10.5% | S100YEVQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.4% | 2026-03-31 |
| INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST （常任代理人立花証券） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| ヨドコウ取引先持株会 | Major shareholder | 3.7% | 2026-03-31 |
| INTERTRUST TRUSTEES（CAYMAN）LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP （常任代理人みずほ銀行決済業務部） | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社扇商會 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505001 （常任代理人みずほ銀行決済業務部） | Major shareholder | 2.6% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YEVQ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEVQ,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W0UT | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0UT,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TPZV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPZV,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100QYPQ | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYPQ,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OB32 | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB32,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LL69 | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL69,, |

## 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).