# The Yokohama Rubber Company,Limited: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第150期(2025/01/01－2025/12/31) (S100XV3S)
> Page: https://vizora.meequs.com/en/company/yokohama-rubber
> Retrieved: 2026-09-30T21:18:30.284Z

## Company

The Yokohama Rubber, founded in 1917, is a company in Tires & Rubber listed on TSE Prime. It has 34,471 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Yokohama Rubber Company, Limited |
| Ticker | 5101 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5101.T) |
| Listing | TSE Prime |
| Head office | 神奈川県平塚市追分2番1号 |
| Representative (per filing) | 代表取締役会長兼CEO 山石昌孝 |
| Founded | Oct 1917 |
| Share capital | ¥38.9B |
| Employees (consolidated) | 34,471 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.y-yokohama.com (https://www.y-yokohama.com/) |
| Corporate number | 4010401030574 |
| EDINET | E01085 |
| Industries (Vizora) | Tires & Rubber |

> Profile source: annual securities report (S100XV3S, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 14 |
| Profitability | 89.3 | 14 |
| Cash conversion | 10.7 | 14 |
| Efficiency | 17.9 | 14 |

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 91% of The Yokohama Rubber's sales come from Tires, with MB (Multiple Business) and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +12.8% from the prior year, operating profit +28.3%.

## Company structure

- Segment revenue mix: Tires 90.8%、MB (Multiple Business) 8.5%、Other 0.7%
- Revenue → net income: ¥1234959000000 → ¥106785000000
- Net income → operating cash flow: ¥106785000000 → ¥135630000000（difference ¥28845000000）
- Main uses of operating cash flow: CapEx ¥112284000000 / dividends ¥15861000000 / buybacks ¥6007000000
- Change in cash: ¥-28823000000
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 | ¥1.23T |  |
| Operating income | ¥152.9B | Margin 12.4% |
| Net income | ¥105.4B | Margin 8.5% |
| Free cash flow | ¥23.3B |  |
| Largest business | Tires | of segment revenue 90.8% |
| Employees (consolidated) | 34,471 |  |
| EPS | ¥668.55 |  |
| Diluted EPS | ¥666.55 |  |
| Book value per share | ¥3810.69 |  |
| Equity ratio | 51.6% | Derived from disclosed figures |
| Shares outstanding | 166,396,000 |  |
| Treasury shares | 8,693,400 |  |
| Shareholders | 11,647 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 5.4% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | +4.4 pp | Tires & Rubber |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥551090000000 | ¥1234959000000 | +124.1% |
| Operating income | ¥35989000000 | ¥152901000000 | +324.9% |
| Operating margin | 6.5% | 12.4% | +5.9 pp |
| Employees | 27,252 people | 34,471 people | +26.5% |
| Cash and equivalents | ¥30760000000 | ¥107391000000 | +249.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| タイヤ → タイヤ | 72.4% |
| MB → MB | 8.5% |
| MB → 事業再編・廃止 | 5.8% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 0.7% |
| ATG → 事業再編・廃止 | 11.8% |
| 新設・再編 → タイヤ | 18.4% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tires | 5 years | +22.9% | ¥1121284000000 | — | 2 |
| MB (Multiple Business) | 5 years | +6.0% | ¥105552000000 | — | 2 |
| Other | 5 years | +0.9% | ¥8123000000 | — | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,234,959 | 100.0% | S100XV3S |
| Cost of revenue | 788,154 | 63.8% | S100XV3S |
| Gross profit | 446,805 | 36.2% | S100XV3S |
| SG&A | 280,228 | 22.7% | S100XV3S |
| Operating income | 152,901 | 12.4% | S100XV3S |
| Pretax income | 157,186 | 12.7% | S100XV3S |
| Income tax | 50,401 | 4.1% | S100XV3S |
| Net income | 106,785 | 8.6% | S100XV3S |
| Net income attributable to owners | 105,398 | 8.5% | S100XV3S |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 23 |
| Other operating | 1 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 36.2% → Operating margin 12.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.8%; Core profit growth: +28.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.21×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,094,746 | 1,234,959 | 140,213 | +12.8% |
| Gross profit | 389,750 | 446,805 | 57,055 | +14.6% |
| Operating income | 119,157 | 152,901 | 33,744 | +28.3% |
| Net income attributable to owners | 74,919 | 105,398 | 30,479 | +40.7% |
| Operating cash flow | 94,496 | 135,630 | 41,134 | +43.5% |
| Free cash flow | 16,706 | 23,346 | 6,640 | +39.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 574,048 | — | — | 9,362 | 77,724 | — | S100L1QK |
| FY ending Dec 2017 | 646,272 | — | — | 39,975 | 60,466 | — | S100NUZL |
| FY ending Dec 2018 | 650,239 | — | — | 35,623 | 82,821 | — | S100QG3Z |
| FY ending Dec 2019 | 650,462 | 58,564 | 9.0% | 41,971 | 75,374 | 25,179 | S100L1QK |
| FY ending Dec 2020 | 551,090 | 35,989 | 6.5% | 26,312 | 78,294 | 47,013 | S100NUZL |
| FY ending Dec 2021 | 670,809 | 83,636 | 12.5% | 65,500 | 68,303 | 32,003 | S100QG3Z |
| FY ending Dec 2022 | 860,477 | 68,851 | 8.0% | 45,918 | 39,231 | -15,661 | S100T56Z |
| FY ending Dec 2023 | 985,333 | 100,351 | 10.2% | 67,234 | 159,741 | 101,015 | S100VGWO |
| FY ending Dec 2024 | 1,094,746 | 119,157 | 10.9% | 74,919 | 94,496 | 16,706 | S100XV3S |
| FY ending Dec 2025 | 1,234,959 | 152,901 | 12.4% | 105,398 | 135,630 | 23,346 | S100XV3S |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 27,222 | 28,468 | 33,617 | 34,198 | 34,471 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 41.1 years | 41.1 years |
| Average tenure (parent company) | 17.4 years | 17.3 years | 17.2 years | 17.3 years | 17.4 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +12.8%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tires | 1,121,284 | 90.8% | — | — |
| MB (Multiple Business) | 105,552 | 8.5% | — | — |
| Other | 8,123 | 0.7% | — | — |

### 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 |
| --- | ---: |
| Tires | 90.8% |
| MB (Multiple Business) | 8.5% |
| Other | 0.7% |

Segment → industry: MB (Multiple Business) → Tires & Rubber / Tires → Tires & Rubber

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 135,630 | 11.0% | S100XV3S |
| Capital expenditure | 112,284 | 9.1% | S100XV3S |
| Free cash flow | 23,346 | 1.9% | 算出 |
| Investing cash flow | -241,298 | -19.5% | S100XV3S |
| Financing cash flow | 68,317 | 5.5% | S100XV3S |
| Dividends paid | 15,861 | 1.3% | S100XV3S |
| Share buyback | 6,007 | 0.5% | S100XV3S |
| Change in cash | -28,823 | -2.3% | S100XV3S |
| Cash and equivalents | 107,391 | 8.7% | S100XV3S |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 42,523 | 75,572 | 97,613 | 136,215 | 107,391 | S100T56Z, S100VGWO, S100XV3S |
| Total assets | 984,988 | 1,151,076 | 1,600,458 | 1,735,544 | 1,998,360 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Net assets | 532,958 | 623,121 | 748,795 | 904,013 | 1,040,231 | S100T56Z, S100VGWO, S100XV3S |
| Share capital | 38,909 | 38,909 | 38,909 | 38,909 | 38,909 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Property, plant and equipment | 336,269 | 372,933 | 492,796 | 517,516 | 634,266 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Goodwill | 90,130 | 104,244 | 275,830 | 296,814 | 332,899 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Current assets | 383,560 | 503,980 | 618,105 | 749,714 | 826,168 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Total liabilities | 452,030 | 527,955 | 851,663 | 831,531 | 958,130 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Equity attributable to owners of parent | 525,312 | 614,424 | 739,565 | 893,971 | 1,030,851 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Retained earnings | 391,949 | 432,224 | 510,004 | 619,730 | 709,386 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |
| Treasury stock | -11,758 | -11,650 | -11,587 | -15,441 | -15,662 | S100QG3Z, S100T56Z, S100VGWO, S100XV3S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XV3S |
| Property, plant and equipment | 32% | S100XV3S |
| Intangibles and goodwill | 17% | — |
| Other assets | 46% | S100XV3S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XV3S |
| Equity | 52% | S100XV3S |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 984,988 | 1,151,076 | 1,600,458 | 1,735,544 | 1,998,360 |
| Equity | 532,958 | 623,121 | 748,795 | 904,013 | 1,040,231 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 42,523 | 75,572 | 97,613 | 136,215 | 107,391 |

## 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) | 51.4% | S100XV3S |
| Fixed assets ÷ total assets | 31.7% | S100XV3S |
| Goodwill ÷ parent equity | 32.3% | S100XV3S |

Goodwill over 4 years: 90,130 → 332,899 JPY; total investing cash flow: -637,541 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) | 5.4% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.7% |
| Cash vs. profit gap | 30,232 JPY mn (of net income 28.7%) |
| Shareholder returns / net income | 20.7% |
| Shareholder returns / FCF | 93.7% |
| Shareholder payments — dividends / net income | 15.0% |
| Shareholder payments — dividends / FCF | 67.9% |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 177.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.8% | 0.68× | 6.6% | 1.88× | 12.5% | S100QG3Z |
| 2022 | 5.3% | 0.81× | 4.3% | 1.87× | 8.1% | S100T56Z |
| 2023 | 6.8% | 0.72× | 4.9% | 2.03× | 9.9% | S100VGWO |
| 2024 | 6.8% | 0.66× | 4.5% | 2.04× | 9.2% | S100XV3S |
| 2025 | 8.5% | 0.66× | 5.6% | 1.94× | 11.0% | S100XV3S |

## 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 | 19.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 15.9% | 2025-12-31 |
| 朝日生命保険相互会社 | Major shareholder | 6.9% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.8% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.7% | 2025-12-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社横浜銀行 | Major shareholder | 1.6% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| 横浜ゴム取引先持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 第一生命保険株式会社 | Major shareholder | 1.2% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.23T, up +12.8% from ¥1.09T.
- Profit grew faster than sales: operating income rose +28.3% to ¥152.9B, and net income attributable to owners jumped +40.7% to ¥105.4B.
- Operating cash flow also climbed +43.5%, from ¥94.5B to ¥135.6B.

### Drivers

- More new-car fitments, both from new models in Japan and from SUVs and premium cars in Europe and North America.
- Strong replacement sales of higher-priced tires, including larger rim sizes and the ADVAN and GEOLANDAR lines.
- Goodyear's off-the-road tire business joined the group. One-off costs from the deal were outweighed by cost cuts and better margins in the MB business.

### Risks

- Sharp rises in natural rubber or oil prices could push up production costs.
- If acquired businesses earn less than expected, the company may have to write down goodwill.
- Economic slowdowns in key markets, trade policy shifts and price competition could hurt results.

Cited: Amended Annual Securities Report (150th fiscal term) (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); Amended Annual Securities Report (150th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第150期(2025/01/01－2025/12/31) | S100XV3S | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV3S,, |
| 有価証券報告書－第149期(2024/01/01－2024/12/31) | S100VGWO | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGWO,, |
| 有価証券報告書－第148期(2023/01/01－2023/12/31) | S100T56Z | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T56Z,, |
| 有価証券報告書－第147期(2022/01/01－2022/12/31) | S100QG3Z | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG3Z,, |
| 訂正有価証券報告書－第146期(令和3年1月1日－令和3年12月31日) | S100NUZL | 2022-04-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NUZL,, |
| 有価証券報告書－第145期(令和2年1月1日－令和2年12月31日) | S100L1QK | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1QK,, |

## 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).