# YOTAI REFRACTORIES CO.,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128期(2025/04/01－2026/03/31) (S100YHT7)
> Page: https://vizora.meequs.com/en/company/yotai-refractories
> Retrieved: 2026-09-30T22:13:12.857Z

## Company

Yotai Refractories, founded in 1936, is a company in Glass & Ceramics listed on TSE Prime. It has 537 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOTAI REFRACTORIES CO.,LTD. |
| Ticker | 5357 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5357.T) |
| Listing | TSE Prime |
| Head office | 大阪府貝塚市二色中町8番1 |
| Representative (per filing) | 取締役社長 田口三男 |
| Founded | Aug 1936 |
| Share capital | ¥2.65B |
| Employees (consolidated) | 537 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.yotai.co.jp (https://www.yotai.co.jp/) |
| Corporate number | 8120101038845 |
| EDINET | E01147 |
| Industries (Vizora) | Glass & Ceramics, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YHT7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.6 | 17 |
| Profitability | 61.8 | 17 |
| Cash conversion | 15.6 | 16 |
| Efficiency | 67.6 | 17 |

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 82% of Yotai Refractories's sales come from Refractory, with Engeneering making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +3.2%.

## Company structure

- Segment revenue mix: Refractory 81.7%、Engeneering 18.3%
- Revenue → net income: ¥29585030000 → ¥2469840000
- Net income → operating cash flow: ¥2469840000 → ¥2500168000（difference ¥30328000）
- Main uses of operating cash flow: CapEx ¥1486825000 / dividends ¥1654660000 / buybacks ¥124000
- Change in cash: ¥-663148000
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 | ¥29.6B |  |
| Operating income | ¥3.6B | Margin 12.2% |
| Net income | ¥2.47B | Margin 8.3% |
| Free cash flow | ¥1.01B |  |
| Largest business | Refractory | of segment revenue 81.7% |
| Employees (consolidated) | 537 |  |
| EPS | ¥137.41 |  |
| Book value per share | ¥1860.1 |  |
| Equity ratio | 81.5% |  |
| Shares outstanding | 19,594,000 |  |
| Treasury shares | 1,152,400 |  |
| Shareholders | 6,926 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 13.6% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | +1.2 pp | Glass & Ceramics |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, employees 0% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23554973000 | ¥29585030000 | +25.6% |
| Operating income | ¥2921292000 | ¥3595818000 | +23.1% |
| Operating margin | 12.4% | 12.2% | -0.2 pp |
| Employees | 537 people | 537 people | 0.0% |
| Cash and equivalents | ¥11390772000 | ¥5748945000 | -49.5% |

### 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 |
| --- | ---: |
| 耐火物等 → 耐火物等 | 81.0% |
| エンジニアリング → エンジニアリング | 18.3% |
| エンジニアリング → 事業再編・廃止 | 0.7% |
| 新設・再編 → 耐火物等 | 0.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,585 | 100.0% | S100YHT7 |
| Cost of revenue | 23,212 | 78.5% | S100YHT7 |
| Gross profit | 6,373 | 21.5% | S100YHT7 |
| SG&A | 2,777 | 9.4% | S100YHT7 |
| Operating income | 3,596 | 12.2% | S100YHT7 |
| Ordinary income | 3,771 | 12.7% | S100YHT7 |
| Pretax income | 3,439 | 11.6% | S100YHT7 |
| Income tax | 969 | 3.3% | S100YHT7 |
| Net income | 2,470 | 8.3% | S100YHT7 |
| Net income attributable to owners | 2,470 | 8.3% | S100YHT7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 9 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 21.5% → Operating margin 12.2% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +3.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.35×
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 | 29,305 | 29,585 | 280 | +1.0% |
| Gross profit | 6,231 | 6,373 | 143 | +2.3% |
| Operating income | 3,484 | 3,596 | 111 | +3.2% |
| Net income attributable to owners | 2,623 | 2,470 | -153 | -5.8% |
| Operating cash flow | 4,431 | 2,500 | -1,931 | -43.6% |
| Free cash flow | 2,085 | 1,013 | -1,072 | -51.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,655 | 4,018 | 15.1% | 2,795 | 5,414 | 4,193 | S100LPTN |
| FY ending Mar 2021 | 23,555 | 2,921 | 12.4% | 1,845 | 4,804 | 3,691 | S100OF5G |
| FY ending Mar 2022 | 25,912 | 4,090 | 15.8% | 2,967 | 422 | -758 | S100R2J7 |
| FY ending Mar 2023 | 28,251 | 4,013 | 14.2% | 2,971 | 1,782 | -183 | S100TT25 |
| FY ending Mar 2024 | 29,129 | 3,602 | 12.4% | 3,878 | 3,864 | 1,675 | S100W7Q3 |
| FY ending Mar 2025 | 29,305 | 3,484 | 11.9% | 2,623 | 4,431 | 2,085 | S100YHT7 |
| FY ending Mar 2026 | 29,585 | 3,596 | 12.2% | 2,470 | 2,500 | 1,013 | S100YHT7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.1M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 564 | 578 | 531 | 538 | 537 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 40.2 years | 40.3 years | 40.5 years | 40.5 years | 40.7 years |
| Average tenure (parent company) | 13.9 years | 13.4 years | 13.5 years | 13.8 years | 14.1 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Refractory | 24,178 | 81.7% | 4,758 | 19.7% |
| Engeneering | 5,407 | 18.3% | 796 | 14.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Refractory | 81.7% | 85.7% | 3.9 | 19.7% |
| Engeneering | 18.3% | 14.3% | -3.9 | 14.7% |

Segment → industry: Refractory → Glass & Ceramics / Engeneering → Plant Engineering & Building Services

## 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 | 2,500 | 8.5% | S100YHT7 |
| Capital expenditure | 1,487 | 5.0% | S100YHT7 |
| Free cash flow | 1,013 | 3.4% | 算出 |
| Investing cash flow | -1,491 | -5.0% | S100YHT7 |
| Financing cash flow | -1,689 | -5.7% | S100YHT7 |
| Dividends paid | 1,655 | 5.6% | S100YHT7 |
| Share buyback | 0 | 0.0% | S100YHT7 |
| Change in cash | -663 | -2.2% | S100YHT7 |
| Cash and equivalents | 5,749 | 19.4% | S100YHT7 |

## 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 | 8,538 | 5,841 | 6,460 | 6,412 | 5,749 | S100TT25, S100W7Q3, S100YHT7 |
| Total assets | 38,750 | 39,646 | 42,531 | 41,379 | 42,234 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Net assets | 30,110 | 31,065 | 32,531 | 32,949 | 34,425 | S100TT25, S100W7Q3, S100YHT7 |
| Share capital | 2,655 | 2,655 | 2,655 | 2,655 | 2,655 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Trade receivables | 9,676 | 10,027 | 11,104 | 9,298 | 10,136 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Property, plant and equipment | 5,839 | 6,557 | 7,698 | 8,254 | 8,280 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Intangible assets excluding goodwill | 71 | 147 | 349 | 322 | 297 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Investment securities | 2,279 | 2,748 | 3,094 | 3,085 | 3,831 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Current assets | 30,282 | 29,937 | 31,259 | 29,584 | 29,711 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Current liabilities | 7,236 | 6,921 | 8,282 | 6,708 | 6,005 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Long-term borrowings | — | — | — | 170 | — | S100YHT7 |
| Total liabilities | 8,641 | 8,580 | 10,000 | 8,430 | 7,809 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Equity attributable to owners of parent | 29,092 | 29,667 | 31,108 | 31,353 | 32,324 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Retained earnings | 26,994 | 29,005 | 28,888 | 28,557 | 29,367 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |
| Treasury stock | -2,319 | -3,795 | -2,145 | -1,569 | -1,415 | S100R2J7, S100TT25, S100W7Q3, S100YHT7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHT7 |
| Receivables | 24% | S100YHT7 |
| Property, plant and equipment | 19% | S100YHT7 |
| Intangibles and goodwill | 1% | S100YHT7 |
| Investment securities | 9% | S100YHT7 |
| Other assets | 33% | S100YHT7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YHT7 |
| Equity | 82% | S100YHT7 |

### 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 | 38,750 | 39,646 | 42,531 | 41,379 | 42,234 |
| Equity | 30,110 | 31,065 | 32,531 | 32,949 | 34,425 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,538 | 5,841 | 6,460 | 6,412 | 5,749 |

## 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) | 28.0% | S100YHT7 |
| Fixed assets ÷ total assets | 19.6% | S100YHT7 |
| Goodwill ÷ parent equity | — | —, S100YHT7 |

### 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) | 13.6% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.5% |
| Cash vs. profit gap | 30 JPY mn (of net income 1.2%) |
| Shareholder returns / net income | 67.0% |
| Shareholder returns / FCF | 163.3% |
| Shareholder payments — dividends / net income | 67.0% |
| Shareholder payments — dividends / FCF | 163.3% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 59.6% |

## 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 | 11.4% | 0.67× | 7.7% | 1.33× | 10.2% | S100R2J7 |
| 2023 | 10.5% | 0.72× | 7.6% | 1.33× | 10.1% | S100TT25 |
| 2024 | 13.3% | 0.71× | 9.4% | 1.35× | 12.8% | S100W7Q3 |
| 2025 | 9.0% | 0.70× | 6.3% | 1.34× | 8.4% | S100YHT7 |
| 2026 | 8.3% | 0.71× | 5.9% | 1.31× | 7.8% | S100YHT7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ASNFホールディングス合同会社 | Major shareholder | 35.4% | 2026-03-31 |
| 住友大阪セメント株式会社 | Major shareholder | 12.9% | 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 | 6.3% | 2026-03-31 |
| 株式会社中国銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.9% | 2026-03-31 |
| ヨータイ従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 中部鋼鈑株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 田口 三男 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/04/01－2026/03/31) | S100YHT7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHT7,, |
| 有価証券報告書－第127期(2024/04/01－2025/03/31) | S100W7Q3 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7Q3,, |
| 有価証券報告書－第126期(2023/04/01－2024/03/31) | S100TT25 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT25,, |
| 有価証券報告書－第125期(2022/04/01－2023/03/31) | S100R2J7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2J7,, |
| 有価証券報告書－第124期(令和3年4月1日－令和4年3月31日) | S100OF5G | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF5G,, |
| 有価証券報告書－第123期(令和2年4月1日－令和3年3月31日) | S100LPTN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPTN,, |

## 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).