# YUKEN KOGYO 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82期(2025/04/01－2026/03/31) (S100YJ87)
> Page: https://vizora.meequs.com/en/company/yuken-kogyo
> Retrieved: 2026-09-30T20:28:36.858Z

## Company

Yuken Kogyo, founded in 1929, is a company in Industrial Machinery listed on TSE Standard. It has 1,401 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUKEN KOGYO CO., LTD. |
| Ticker | 6393 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6393.T) |
| Listing | TSE Standard |
| Head office | 神奈川県綾瀬市上土棚中四丁目4番34号 |
| Representative (per filing) | 代表取締役社長 宮坂篤 |
| Founded | Jun 1929 |
| Share capital | ¥4.11B |
| Employees (consolidated) | 1,401 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.yuken.co.jp (https://www.yuken.co.jp/) |
| Corporate number | 7021001028468 |
| EDINET | E01612 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YJ87, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.2 | 110 |
| Profitability | 29.9 | 122 |
| Cash conversion | 53.9 | 116 |
| Efficiency | 43.9 | 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 53% of Yuken Kogyo's sales come from Asia, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -10.0%.

## Company structure

- Segment revenue mix: Asia 52.9%、Japan 45.2%、Europe 1.9%
- Revenue → net income: ¥32864777000 → ¥1264588000
- Net income → operating cash flow: ¥1264588000 → ¥2037551000（difference ¥772963000）
- Main uses of operating cash flow: CapEx ¥2594284000 / dividends ¥788580000 / buybacks ¥680107000
- Change in cash: ¥1329415000
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 | ¥32.9B |  |
| Operating income | ¥1.73B | Margin 5.3% |
| Net income | ¥1.04B | Margin 3.2% |
| Free cash flow | -¥556.7M |  |
| Largest business | Asia | of segment revenue 52.9% |
| Employees (consolidated) | 1,401 |  |
| EPS | ¥202.55 |  |
| Book value per share | ¥4167.43 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 4,510,676 |  |
| Treasury shares | 954,100 |  |
| Shareholders | 4,929 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -2.3 pp | Industrial Machinery |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23110593000 | ¥32864777000 | +42.2% |
| Operating income | ¥616605000 | ¥1728569000 | +180.3% |
| Operating margin | 2.7% | 5.3% | +2.6 pp |
| Employees | 1,174 people | 1,401 people | +19.3% |
| Cash and equivalents | ¥5221509000 | ¥7837982000 | +50.1% |

### 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 | 45.2% |
| 日本 → 事業再編・廃止 | 1.9% |
| アジア → アジア | 51.6% |
| ヨーロッパ → ヨーロッパ | 1.3% |
| 新設・再編 → アジア | 1.3% |
| 新設・再編 → ヨーロッパ | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +7.8% | ¥17380281000 | 6.1% | 2 |
| Japan | 5 years | +6.4% | ¥14864697000 | 3.1% | 2 |
| Europe | 5 years | +15.7% | ¥619798000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,865 | 100.0% | S100YJ87 |
| Cost of revenue | 24,357 | 74.1% | S100YJ87 |
| Gross profit | 8,508 | 25.9% | S100YJ87 |
| SG&A | 6,779 | 20.6% | S100YJ87 |
| Operating income | 1,729 | 5.3% | S100YJ87 |
| Ordinary income | 1,698 | 5.2% | S100YJ87 |
| Pretax income | 1,700 | 5.2% | S100YJ87 |
| Income tax | 436 | 1.3% | S100YJ87 |
| Net income | 1,265 | 3.8% | S100YJ87 |
| Net income attributable to owners | 1,044 | 3.2% | S100YJ87 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.9% → Operating margin 5.3% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -10.0%
Operating leverage (core profit growth ÷ revenue growth): 5.31×
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 | 33,496 | 32,865 | -631 | -1.9% |
| Gross profit | 8,876 | 8,508 | -368 | -4.1% |
| Operating income | 1,921 | 1,729 | -192 | -10.0% |
| Net income attributable to owners | 1,249 | 1,044 | -205 | -16.4% |
| Operating cash flow | 2,084 | 2,038 | -47 | -2.2% |
| Free cash flow | 422 | -557 | -979 | -231.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,155 | 1,211 | 4.6% | 625 | 2,448 | 1,155 | S100LON3 |
| FY ending Mar 2021 | 23,111 | 617 | 2.7% | 651 | 3,020 | 1,924 | S100OPDW |
| FY ending Mar 2022 | 29,183 | 1,684 | 5.8% | 1,325 | 1,631 | 651 | S100R46Z |
| FY ending Mar 2023 | 28,685 | 1,129 | 3.9% | 1,369 | 162 | -1,444 | S100TU0E |
| FY ending Mar 2024 | 29,512 | 1,379 | 4.7% | 786 | 3,233 | 1,337 | S100W1YK |
| FY ending Mar 2025 | 33,496 | 1,921 | 5.7% | 1,249 | 2,084 | 422 | S100YJ87 |
| FY ending Mar 2026 | 32,865 | 1,729 | 5.3% | 1,044 | 2,038 | -557 | S100YJ87 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥745.3K |

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) | 1,204 | 1,260 | 1,252 | 1,398 | 1,401 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥6.4M | ¥6.4M | ¥7M |
| Average age (parent company) | 41.7 years | 42.1 years | 42.1 years | 42.5 years | 42.3 years |
| Average tenure (parent company) | 18.2 years | 18.4 years | 19.2 years | 19.1 years | 18.6 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 14,865 | 45.2% | 464 | 3.1% |
| Asia | 17,380 | 52.9% | 1,062 | 6.1% |
| Europe | 620 | 1.9% | 17 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 45.2% | 30.1% | -15.2 | 3.1% |
| Asia | 52.9% | 68.8% | 15.9 | 6.1% |
| Europe | 1.9% | 1.1% | -0.8 | 2.8% |

Segment → industry: Europe → Industrial Machinery / 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 | 2,038 | 6.2% | S100YJ87 |
| Capital expenditure | 2,594 | 7.9% | S100YJ87 |
| Free cash flow | -557 | -1.7% | 算出 |
| Investing cash flow | -2,582 | -7.9% | S100YJ87 |
| Financing cash flow | 1,926 | 5.9% | S100YJ87 |
| Dividends paid | 789 | 2.4% | S100YJ87 |
| Share buyback | 680 | 2.1% | S100YJ87 |
| Change in cash | 1,329 | 4.0% | S100YJ87 |
| Cash and equivalents | 7,838 | 23.8% | S100YJ87 |

## 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 | 5,972 | 4,950 | 6,065 | 6,509 | 7,838 | S100TU0E, S100W1YK, S100YJ87 |
| Total assets | 40,527 | 40,798 | 43,252 | 46,222 | 48,698 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Net assets | 21,592 | 24,396 | 25,834 | 27,520 | 27,690 | S100TU0E, S100W1YK, S100YJ87 |
| Share capital | 4,109 | 4,109 | 4,109 | 4,109 | 4,109 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Trade receivables | 10,907 | 10,142 | 11,122 | 11,868 | — | S100R46Z, S100TU0E, S100W1YK |
| Property, plant and equipment | 8,120 | 8,890 | 9,894 | 11,193 | 12,520 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Intangible assets excluding goodwill | 245 | 200 | 173 | 185 | 193 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Goodwill | — | — | — | — | 34 | S100YJ87 |
| Investment securities | 3,049 | 3,231 | 3,527 | 3,614 | 4,081 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Current assets | 26,800 | 26,482 | 28,058 | 29,495 | 30,595 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Current liabilities | 13,508 | 10,574 | 11,337 | 12,716 | 13,259 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Trade payables | 5,715 | 4,074 | 4,438 | 4,447 | — | S100R46Z, S100TU0E, S100W1YK |
| Short-term borrowings | 2,445 | 2,837 | 3,670 | 4,459 | 5,852 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Long-term borrowings | 1,518 | 2,125 | 2,409 | 2,130 | 4,188 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Total liabilities | 18,935 | 16,402 | 17,417 | 18,702 | 21,008 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Non-controlling interests | 2,106 | 2,946 | 3,550 | 3,723 | 4,208 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Equity attributable to owners of parent | 18,154 | 19,017 | 18,472 | 19,116 | 18,221 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Retained earnings | 11,173 | 12,173 | 12,454 | 13,332 | 13,584 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |
| Treasury stock | -1,040 | -1,169 | -1,470 | -1,698 | -2,378 | S100R46Z, S100TU0E, S100W1YK, S100YJ87 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YJ87 |
| Property, plant and equipment | 26% | S100YJ87 |
| Intangibles and goodwill | 1% | S100YJ87 |
| Investment securities | 8% | S100YJ87 |
| Other assets | 49% | S100YJ87 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YJ87 |
| Equity | 57% | S100YJ87 |

### 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 | 40,527 | 40,798 | 43,252 | 46,222 | 48,698 |
| Equity | 21,592 | 24,396 | 25,834 | 27,520 | 27,690 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,972 | 4,950 | 6,065 | 6,509 | 7,838 |

## 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) | 38.1% | S100YJ87 |
| Fixed assets ÷ total assets | 25.7% | S100YJ87 |
| Goodwill ÷ parent equity | 0.2% | S100YJ87 |

### 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) | 16.1% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.9% |
| Cash vs. profit gap | 993 JPY mn (of net income 95.1%) |
| Shareholder returns / net income | 140.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 75.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 126.7% |

## 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 | 4.5% | 0.72× | 3.3% | 2.23× | 7.3% | S100R46Z |
| 2023 | 4.8% | 0.71× | 3.4% | 2.19× | 7.4% | S100TU0E |
| 2024 | 2.7% | 0.70× | 1.9% | 2.24× | 4.2% | S100W1YK |
| 2025 | 3.7% | 0.75× | 2.8% | 2.38× | 6.6% | S100YJ87 |
| 2026 | 3.2% | 0.69× | 2.2% | 2.54× | 5.6% | S100YJ87 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 油研協力会持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 油研販売店持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| DEUTSCHE BANK AG FRANKFURTCC CLT OMNI 5000000(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 酒井重工業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 油研工業従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 新東工業株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YJ87 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ87,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W1YK | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YK,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TU0E | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU0E,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R46Z | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R46Z,, |
| 訂正有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OPDW | 2022-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPDW,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LON3 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LON3,, |

## 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).