# YOROZU 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81期(2025/04/01－2026/03/31) (S100YGY8)
> Page: https://vizora.meequs.com/en/company/yorozu
> Retrieved: 2026-09-30T18:31:47.210Z

## Company

Yorozu, founded in 1948, is a company in Auto Parts listed on TSE Prime. It has 5,405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOROZU CORPORATION |
| Ticker | 7294 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7294.T) |
| Listing | TSE Prime |
| Head office | 横浜市港北区樽町三丁目7番60号 |
| Representative (per filing) | 代表取締役社長 平中勉 |
| Founded | Apr 1948 |
| Share capital | ¥6.2B |
| Employees (consolidated) | 5,405 |
| Fiscal year end | March |
| Website | www.yorozu-corp.co.jp (https://www.yorozu-corp.co.jp/) |
| Corporate number | 7020001030517 |
| EDINET | E02219 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YGY8, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65 | 110 |
| Profitability | 14 | 111 |
| Cash conversion | 65.3 | 108 |
| Efficiency | 91.4 | 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 50% of Yorozu's sales come from America, with Japan and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +1235.6%.

## Company structure

- Segment revenue mix: America 49.5%、Japan 30.9%、Asia 19.6%
- Revenue → net income: ¥176330000000 → ¥2454000000
- Net income → operating cash flow: ¥2454000000 → ¥8034000000（difference ¥5580000000）
- Main uses of operating cash flow: CapEx ¥5315000000 / dividends ¥753000000 / buybacks ¥3828000000
- Change in cash: ¥4473000000
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 | ¥176.3B |  |
| Operating income | ¥3.98B | Margin 2.3% |
| Net income | ¥2.08B | Margin 1.2% |
| Free cash flow | ¥2.72B |  |
| Largest business | America | of segment revenue 49.5% |
| Employees (consolidated) | 5,405 |  |
| EPS | ¥55.47 |  |
| Diluted EPS | ¥54.5 |  |
| Book value per share | ¥1565.37 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 25,055,636 |  |
| Treasury shares | 4,460,400 |  |
| Shareholders | 35,267 |  |
| Cash ratio | 21.5% | Cash ÷ revenue 16.9% |
| Vs. industry median margin | -2.5 pp | Auto Parts |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -8% while operating income rose 1236%
- FY2026, buybacks were 5.1× dividends
- FY2026, operating cash flow is 3.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118863000000 | ¥176330000000 | +48.3% |
| Operating income | ¥377000000 | ¥3980000000 | +955.7% |
| Operating margin | 0.3% | 2.3% | +1.9 pp |
| Employees | 6,162 people | 5,405 people | -12.3% |
| Cash and equivalents | ¥29259000000 | ¥29763000000 | +1.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 26.1% |
| 米州 → 米州 | 37.5% |
| アジア → アジア | 19.6% |
| アジア → 事業再編・廃止 | 16.8% |
| 新設・再編 → 日本 | 4.8% |
| 新設・再編 → 米州 | 12.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| America | 5 years | +14.4% | ¥87298000000 | 0.2% | 2 |
| Japan | 5 years | +11.9% | ¥54479000000 | 5.2% | 2 |
| Asia | 5 years | -4.4% | ¥34551000000 | 2.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 176,330 | 100.0% | S100YGY8 |
| Cost of revenue | 156,243 | 88.6% | S100YGY8 |
| Gross profit | 20,086 | 11.4% | S100YGY8 |
| SG&A | 16,106 | 9.1% | S100YGY8 |
| Operating income | 3,980 | 2.3% | S100YGY8 |
| Ordinary income | 3,776 | 2.1% | S100YGY8 |
| Pretax income | 3,619 | 2.1% | S100YGY8 |
| Income tax | 1,165 | 0.7% | S100YGY8 |
| Net income | 2,454 | 1.4% | S100YGY8 |
| Net income attributable to owners | 2,075 | 1.2% | S100YGY8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 9 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.4% → Operating margin 2.3% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +1235.6%
Operating leverage (core profit growth ÷ revenue growth): -1057.79×
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 | 178,414 | 176,330 | -2,084 | -1.2% |
| Gross profit | 16,784 | 20,086 | 3,302 | +19.7% |
| Operating income | 298 | 3,980 | 3,682 | +1235.6% |
| Net income attributable to owners | -13,448 | 2,075 | 15,523 | — |
| Operating cash flow | 4,742 | 8,034 | 3,292 | +69.4% |
| Free cash flow | -4,387 | 2,719 | 7,106 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 157,680 | 2,206 | 1.4% | -12,933 | 10,824 | 1,187 | S100LV17 |
| FY ending Mar 2021 | 118,863 | 377 | 0.3% | -6,195 | 13,218 | 6,903 | S100OH2H |
| FY ending Mar 2022 | 127,316 | 2,096 | 1.6% | 876 | 14,914 | 12,244 | S100R934 |
| FY ending Mar 2023 | 160,560 | 3,088 | 1.9% | 1,422 | 2,924 | -3,127 | S100TXSV |
| FY ending Mar 2024 | 181,468 | 4,459 | 2.5% | -3,926 | 12,531 | -915 | S100W50Q |
| FY ending Mar 2025 | 178,414 | 298 | 0.2% | -13,448 | 4,742 | -4,387 | S100YGY8 |
| FY ending Mar 2026 | 176,330 | 3,980 | 2.3% | 2,075 | 8,034 | 2,719 | S100YGY8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | ¥736.4K |
| Net income per employee (consolidated) | ¥383.9K |

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) | 5,666 | 5,726 | 5,700 | 5,848 | 5,405 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥5.8M | ¥6.4M | — |
| Average age (parent company) | 38.9 years | 40.1 years | 41.0 years | 40.4 years | 40.3 years |
| Average tenure (parent company) | 11.4 years | 12.5 years | 11.6 years | 12.5 years | 12.5 years |

Year over year: Employees (consolidated) -7.6% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 54,479 | 30.9% | 2,828 | 5.2% |
| America | 87,298 | 49.5% | 152 | 0.2% |
| Asia | 34,551 | 19.6% | 892 | 2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 30.9% | 73.0% | 42.1 | 5.2% |
| America | 49.5% | 3.9% | -45.6 | 0.2% |
| Asia | 19.6% | 23.0% | 3.4 | 2.6% |

Segment → industry: Asia → Auto Parts / America → Auto Parts / Japan → Auto Parts

## 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 | 8,034 | 4.6% | S100YGY8 |
| Capital expenditure | 5,315 | 3.0% | S100YGY8 |
| Free cash flow | 2,719 | 1.5% | 算出 |
| Investing cash flow | -1,846 | -1.0% | S100YGY8 |
| Financing cash flow | -3,143 | -1.8% | S100YGY8 |
| Dividends paid | 753 | 0.4% | S100YGY8 |
| Share buyback | 3,828 | 2.2% | S100YGY8 |
| Change in cash | 4,473 | 2.5% | S100YGY8 |
| Cash and equivalents | 29,763 | 16.9% | S100YGY8 |

## 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 | 27,146 | 22,287 | 22,287 | 25,289 | 29,763 | S100TXSV, S100W50Q, S100YGY8 |
| Total assets | 133,992 | 141,511 | 142,257 | 136,601 | 138,258 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Net assets | 70,378 | 77,439 | 75,493 | 61,204 | 64,053 | S100TXSV, S100W50Q, S100YGY8 |
| Share capital | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Trade receivables | 19,185 | 24,110 | 28,693 | 27,383 | 27,770 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Property, plant and equipment | 57,557 | 59,288 | 54,773 | 45,638 | 45,898 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Intangible assets excluding goodwill | 149 | 184 | 206 | 141 | 209 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Investment securities | 5,709 | 5,726 | 8,011 | 7,372 | 8,314 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Current assets | 66,475 | 72,582 | 75,373 | 81,159 | 81,649 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Current liabilities | 44,592 | 44,393 | 49,815 | 51,292 | 42,029 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Trade payables | 15,055 | 14,191 | 14,838 | 15,033 | 13,374 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Short-term borrowings | 3,450 | 5,365 | 12,986 | 11,842 | 11,158 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Long-term borrowings | 16,525 | 17,809 | 14,210 | 17,390 | 25,052 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Total liabilities | 63,613 | 64,071 | 66,764 | 75,397 | 74,205 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Non-controlling interests | 12,721 | 13,210 | 8,822 | 8,676 | 9,406 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Equity attributable to owners of parent | 61,761 | 62,961 | 58,394 | 44,036 | 41,648 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Retained earnings | 47,548 | 48,634 | 43,957 | 29,729 | 31,052 | S100R934, S100TXSV, S100W50Q, S100YGY8 |
| Treasury stock | -1,482 | -1,303 | -1,136 | -1,031 | -4,698 | S100R934, S100TXSV, S100W50Q, S100YGY8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGY8 |
| Receivables | 20% | S100YGY8 |
| Property, plant and equipment | 33% | S100YGY8 |
| Intangibles and goodwill | 0% | S100YGY8 |
| Investment securities | 6% | S100YGY8 |
| Other assets | 19% | S100YGY8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YGY8 |
| Other liabilities | 44% | S100YGY8 |
| Equity | 46% | S100YGY8 |

### 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 | 133,992 | 141,511 | 142,257 | 136,601 | 138,258 |
| Equity | 70,378 | 77,439 | 75,493 | 61,204 | 64,053 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,146 | 22,287 | 22,287 | 25,289 | 29,763 |

## 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) | 26.0% | S100YGY8 |
| Fixed assets ÷ total assets | 33.2% | S100YGY8 |
| Goodwill ÷ parent equity | — | —, S100YGY8 |

### 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) | 21.5% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 201.9% |
| Cash vs. profit gap | 5,959 JPY mn (of net income 287.2%) |
| Shareholder returns / net income | 220.8% |
| Shareholder returns / FCF | 168.5% |
| Shareholder payments — dividends / net income | 36.3% |
| Shareholder payments — dividends / FCF | 27.7% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 23.0% |

## 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 | 0.7% | 0.95× | 0.7% | 2.17× | 1.4% | S100R934 |
| 2023 | 0.9% | 1.17× | 1.0% | 2.21× | 2.3% | S100TXSV |
| 2024 | — | —× | -2.8% | —× | — | S100W50Q |
| 2025 | — | —× | -9.6% | —× | — | S100YGY8 |
| 2026 | 1.2% | 1.28× | 1.5% | 3.21× | 4.8% | S100YGY8 |

## 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 | 7.6% | 2026-03-31 |
| 株式会社志藤ホールディングス | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 4.1% | 2026-03-31 |
| ＪＦＥスチール株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 日産トレーデイング株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ＪＦＥ商事株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 志藤 公彦 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YGY8 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGY8,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W50Q | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W50Q,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TXSV | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXSV,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R934 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R934,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OH2H | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH2H,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LV17 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV17,, |

## 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).