# Yoshitake Inc.: 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83期(2025/04/01－2026/03/31) (S100YDUY)
> Page: https://vizora.meequs.com/en/company/yoshitake
> Retrieved: 2026-09-30T20:23:53.571Z

## Company

Yoshitake, founded in 1944, is a company in Industrial Machinery listed on TSE Standard. It has 550 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yoshitake Inc. |
| Ticker | 6488 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6488.T) |
| Listing | TSE Standard |
| Head office | 名古屋市昭和区御器所通二丁目27番1 |
| Representative (per filing) | 代表取締役社長 山田 哲 |
| Founded | Feb 1944 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 550 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.yoshitake.co.jp (https://www.yoshitake.co.jp/) |
| Corporate number | 9180001011318 |
| EDINET | E01683 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YDUY, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.5 | 110 |
| Profitability | 78.3 | 122 |
| Cash conversion | 47.8 | 116 |
| Efficiency | 7.8 | 122 |

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 73% of Yoshitake's sales come from Japan, with Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +23.5%.

## Company structure

- Segment revenue mix: Japan 73.4%、Asia 26.6%
- Revenue → net income: ¥10343559000 → ¥1482938000
- Net income → operating cash flow: ¥1482938000 → ¥1290817000（difference ¥-192121000）
- Main uses of operating cash flow: CapEx ¥323629000 / dividends ¥343381000 / buybacks —
- Change in cash: ¥521695000
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 | ¥10.3B |  |
| Operating income | ¥1.32B | Margin 12.8% |
| Net income | ¥1.48B | Margin 14.3% |
| Free cash flow | ¥967.2M |  |
| Largest business | Japan | of segment revenue 73.4% |
| Employees (consolidated) | 550 |  |
| EPS | ¥149.45 |  |
| Book value per share | ¥1067.22 |  |
| Equity ratio | 86.0% |  |
| Shares outstanding | 13,326,389 |  |
| Treasury shares | 608,500 |  |
| Shareholders | 2,794 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | +5.2 pp | Industrial Machinery |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, employees 0% while operating income rose 24%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6263503000 | ¥10343559000 | +65.1% |
| Operating income | ¥456614000 | ¥1320425000 | +189.2% |
| Operating margin | 7.3% | 12.8% | +5.5 pp |
| Employees | 469 people | 550 people | +17.3% |
| Cash and equivalents | ¥2516671000 | ¥3991053000 | +58.6% |

### 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 | 73.4% |
| 日本 → 事業再編・廃止 | 19.2% |
| 東南アジア → 事業再編・廃止 | 7.4% |
| 新設・再編 → アジア | 26.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,344 | 100.0% | S100YDUY |
| Cost of revenue | 6,170 | 59.6% | S100YDUY |
| Gross profit | 4,174 | 40.4% | S100YDUY |
| SG&A | 2,854 | 27.6% | S100YDUY |
| Operating income | 1,320 | 12.8% | S100YDUY |
| Ordinary income | 2,296 | 22.2% | S100YDUY |
| Pretax income | 2,239 | 21.6% | S100YDUY |
| Income tax | 756 | 7.3% | S100YDUY |
| Net income | 1,483 | 14.3% | S100YDUY |
| Net income attributable to owners | 1,478 | 14.3% | S100YDUY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 27 |
| Operating income | 13 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 40.4% → Operating margin 12.8% → Net margin 14.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +23.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.63×
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 | 9,843 | 10,344 | 500 | +5.1% |
| Gross profit | 3,919 | 4,174 | 255 | +6.5% |
| Operating income | 1,069 | 1,320 | 252 | +23.5% |
| Net income attributable to owners | 933 | 1,478 | 545 | +58.5% |
| Operating cash flow | 1,420 | 1,291 | -129 | -9.1% |
| Free cash flow | 1,160 | 967 | -192 | -16.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,984 | 608 | 8.7% | 722 | 1,395 | 1,174 | S100LORO |
| FY ending Mar 2021 | 6,264 | 457 | 7.3% | 589 | 1,258 | 1,031 | S100OC8U |
| FY ending Mar 2022 | 7,091 | 910 | 12.8% | 967 | 1,260 | 371 | S100QZ3J |
| FY ending Mar 2023 | 7,517 | 890 | 11.8% | 1,064 | 961 | 156 | S100TNNV |
| FY ending Mar 2024 | 8,953 | 875 | 9.8% | 1,134 | 1,451 | 1,058 | S100VYWX |
| FY ending Mar 2025 | 9,843 | 1,069 | 10.9% | 933 | 1,420 | 1,160 | S100YDUY |
| FY ending Mar 2026 | 10,344 | 1,320 | 12.8% | 1,478 | 1,291 | 967 | S100YDUY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 466 | 487 | 546 | 551 | 550 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 41.9 years | 41.3 years | 41.7 years | 41.6 years | 42.3 years |
| Average tenure (parent company) | 16.4 years | 15.6 years | 15.9 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 7,592 | 73.4% | 1,032 | 13.6% |
| Asia | 2,751 | 26.6% | 300 | 10.9% |

### 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 | 73.4% | 77.5% | 4.1 | 13.6% |
| Asia | 26.6% | 22.5% | -4.1 | 10.9% |

Segment → industry: Asia → Industrial Machinery / Japan → 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 | 1,291 | 12.5% | S100YDUY |
| Capital expenditure | 324 | 3.1% | S100YDUY |
| Free cash flow | 967 | 9.4% | 算出 |
| Investing cash flow | 394 | 3.8% | S100YDUY |
| Financing cash flow | -1,364 | -13.2% | S100YDUY |
| Dividends paid | 343 | 3.3% | S100YDUY |
| Change in cash | 522 | 5.0% | S100YDUY |
| Cash and equivalents | 3,991 | 38.6% | S100YDUY |

## 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 | 2,849 | 2,230 | 3,003 | 3,469 | 3,991 | S100TNNV, S100VYWX, S100YDUY |
| Total assets | 15,313 | 16,796 | 19,341 | 20,259 | 21,306 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Net assets | 13,187 | 14,479 | 15,789 | 16,965 | 18,481 | S100TNNV, S100VYWX, S100YDUY |
| Share capital | 1,909 | 1,909 | 1,909 | 1,909 | 1,909 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Trade receivables | 1,851 | 1,716 | 2,003 | 2,040 | 2,159 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Property, plant and equipment | 4,124 | 4,465 | 4,616 | 4,553 | 4,725 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Intangible assets excluding goodwill | 46 | 354 | 888 | 766 | 698 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Goodwill | — | 308 | 853 | 722 | 591 | S100TNNV, S100VYWX, S100YDUY |
| Investment securities | 2,460 | 3,136 | 3,617 | 3,828 | 3,095 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Current assets | 8,226 | 8,475 | 9,785 | 10,643 | 12,293 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Current liabilities | 1,318 | 1,689 | 2,226 | 2,079 | 1,908 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Trade payables | 623 | 762 | 771 | 583 | 452 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Short-term borrowings | — | 300 | 400 | 500 | 20 | S100TNNV, S100VYWX, S100YDUY |
| Long-term borrowings | — | 20 | 490 | 352 | — | S100TNNV, S100VYWX, S100YDUY |
| Total liabilities | 2,127 | 2,317 | 3,552 | 3,294 | 2,825 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Non-controlling interests | 76 | 77 | 140 | 144 | 148 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Equity attributable to owners of parent | 12,552 | 13,284 | 14,065 | 14,654 | 15,789 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Retained earnings | 8,440 | 9,185 | 9,988 | 10,577 | 11,468 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |
| Treasury stock | -455 | -468 | -490 | -490 | -245 | S100QZ3J, S100TNNV, S100VYWX, S100YDUY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YDUY |
| Receivables | 10% | S100YDUY |
| Property, plant and equipment | 22% | S100YDUY |
| Intangibles and goodwill | 6% | S100YDUY |
| Investment securities | 15% | S100YDUY |
| Other assets | 28% | S100YDUY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YDUY |
| Other liabilities | 11% | S100YDUY |
| Equity | 87% | S100YDUY |

### 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 | 15,313 | 16,796 | 19,341 | 20,259 | 21,306 |
| Equity | 13,187 | 14,479 | 15,789 | 16,965 | 18,481 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,849 | 2,230 | 3,003 | 3,469 | 3,991 |

## 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) | 45.7% | S100YDUY |
| Fixed assets ÷ total assets | 22.2% | S100YDUY |
| Goodwill ÷ parent equity | 3.7% | S100YDUY |

### 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 | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.8% |
| Cash vs. profit gap | -188 JPY mn (of net income -12.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 35.5% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 30.5% |

## 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 | 13.6% | 0.46× | 6.3% | 1.22× | 7.7% | S100QZ3J |
| 2023 | 14.2% | 0.47× | 6.6% | 1.24× | 8.2% | S100TNNV |
| 2024 | 12.7% | 0.50× | 6.3% | 1.32× | 8.3% | S100VYWX |
| 2025 | 9.5% | 0.50× | 4.7% | 1.38× | 6.5% | S100YDUY |
| 2026 | 14.3% | 0.50× | 7.1% | 1.37× | 9.7% | S100YDUY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲プラスファイブ | Major shareholder | 36.6% | 2026-03-31 |
| DAIWA CM SINGAPORE LTD- NOMINEE PLUS SEVEN PTE. LTD. （常任代理人 大和証券㈱） | Major shareholder | 11.0% | 2026-03-31 |
| ㈱昭和螺旋管製作所 | Major shareholder | 1.9% | 2026-03-31 |
| 東芳工業㈱ | Major shareholder | 1.6% | 2026-03-31 |
| 光通信㈱ | Major shareholder | 1.5% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.5% | 2026-03-31 |
| 吉田 均 | Major shareholder | 1.4% | 2026-03-31 |
| 島 亜紀 | Major shareholder | 1.4% | 2026-03-31 |
| 松栄金属㈱ | Major shareholder | 1.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YDUY | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDUY,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100VYWX | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYWX,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TNNV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNNV,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100QZ3J | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ3J,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OC8U | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC8U,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LORO | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LORO,, |

## 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).