# Yushin Company: 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53期(2025/04/01－2026/03/31) (S100YJC5)
> Page: https://vizora.meequs.com/en/company/yushin
> Retrieved: 2026-09-30T20:25:41.208Z

## Company

Yushin Company, founded in 1973, is a company in Robots & Factory Automation listed on TSE Standard. It has 803 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yushin Company |
| Ticker | 6482 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6482.T) |
| Listing | TSE Standard |
| Head office | 京都市南区久世殿城町555番地 |
| Representative (per filing) | 代表取締役社長 小谷 高代 |
| Founded | Oct 1973 |
| Share capital | ¥1.99B |
| Employees (consolidated) | 803 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 3130001015997 |
| EDINET | E01710 |
| Industries (Vizora) | Robots & Factory Automation |

> Profile source: annual securities report (S100YJC5, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.8 | 33 |
| Profitability | 16.2 | 34 |
| Cash conversion | 85.9 | 32 |
| Efficiency | 27.1 | 35 |

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 48% of Yushin Company's sales come from Japan, with Asia and U.S.A making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -11.6% from the prior year, operating profit -68.0%.

## Company structure

- Segment revenue mix: Japan 47.8%、Asia 22.8%、U.S.A 17.7%、Europe 11.7%
- Revenue → net income: ¥23101373000 → ¥335130000
- Net income → operating cash flow: ¥335130000 → ¥1350193000（difference ¥1015063000）
- Main uses of operating cash flow: CapEx ¥342674000 / dividends ¥680891000 / buybacks ¥1000029000
- Change in cash: ¥100046000
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 | ¥23.1B |  |
| Operating income | ¥826.6M | Margin 3.6% |
| Net income | ¥286.8M | Margin 1.2% |
| Free cash flow | ¥1.01B |  |
| Largest business | Japan | of segment revenue 47.8% |
| Employees (consolidated) | 803 |  |
| EPS | ¥44.75 |  |
| Book value per share | ¥935.52 |  |
| Equity ratio | 86.3% |  |
| Shares outstanding | 35,638,066 |  |
| Treasury shares | 2,940,900 |  |
| Shareholders | 6,060 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 30.0% |
| Vs. industry median margin | -8.2 pp | Robots & Factory Automation |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.7× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18473964000 | ¥23101373000 | +25.0% |
| Operating income | ¥2522141000 | ¥826626000 | -67.2% |
| Operating margin | 13.7% | 3.6% | -10.1 pp |
| Employees | 681 people | 803 people | +17.9% |
| Cash and equivalents | ¥6846745000 | ¥6928938000 | +1.2% |

### 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 | 47.5% |
| 米国 → 米国 | 17.7% |
| 米国 → 事業再編・廃止 | 1.0% |
| アジア → アジア | 22.8% |
| アジア → 事業再編・廃止 | 0.6% |
| 欧州 → 欧州 | 10.3% |
| 新設・再編 → 日本 | 0.3% |
| 新設・再編 → 欧州 | 1.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.7% | ¥11052594000 | 9.0% | 2 |
| Asia | 5 years | +4.0% | ¥5276645000 | 8.7% | 2 |
| U.S.A | 5 years | +3.4% | ¥4079418000 | -3.2% | 2 |
| Europe | 5 years | +7.1% | ¥2692715000 | -13.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,101 | 100.0% | S100YJC5 |
| Cost of revenue | 14,050 | 60.8% | S100YJC5 |
| Gross profit | 9,052 | 39.2% | S100YJC5 |
| SG&A | 8,225 | 35.6% | S100YJC5 |
| Operating income | 827 | 3.6% | S100YJC5 |
| Ordinary income | 908 | 3.9% | S100YJC5 |
| Pretax income | 568 | 2.5% | S100YJC5 |
| Income tax | 233 | 1.0% | S100YJC5 |
| Net income | 335 | 1.5% | S100YJC5 |
| Net income attributable to owners | 287 | 1.2% | S100YJC5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 36 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 39.2% → Operating margin 3.6% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -11.6%; Core profit growth: -68.0%
Operating leverage (core profit growth ÷ revenue growth): 5.88×
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 | 26,127 | 23,101 | -3,025 | -11.6% |
| Gross profit | 10,767 | 9,052 | -1,715 | -15.9% |
| Operating income | 2,587 | 827 | -1,760 | -68.0% |
| Net income attributable to owners | 1,693 | 287 | -1,406 | -83.1% |
| Operating cash flow | -378 | 1,350 | 1,728 | — |
| Free cash flow | -1,021 | 1,008 | 2,028 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,012 | 2,309 | 11.5% | 1,533 | 3,558 | 3,375 | S100LP7K |
| FY ending Mar 2021 | 18,474 | 2,522 | 13.7% | 1,828 | 3,487 | 3,342 | S100QKHT |
| FY ending Mar 2022 | 20,875 | 2,891 | 13.8% | 2,112 | 2,083 | 1,239 | S100R4NR |
| FY ending Mar 2023 | 22,373 | 2,639 | 11.8% | 1,923 | 4,606 | 4,302 | S100TVVA |
| FY ending Mar 2024 | 23,616 | 2,438 | 10.3% | 1,692 | 119 | -225 | S100W49K |
| FY ending Mar 2025 | 26,127 | 2,587 | 9.9% | 1,693 | -378 | -1,021 | S100YJC5 |
| FY ending Mar 2026 | 23,101 | 827 | 3.6% | 287 | 1,350 | 1,008 | S100YJC5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.8M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥357.1K |

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) | 692 | 715 | 787 | 800 | 803 |
| Average salary (parent company) | ¥5.8M | ¥6.1M | ¥5.9M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 41.2 years | 41.1 years | 41.4 years | 41.8 years | 42.1 years |
| Average tenure (parent company) | 13.9 years | 13.7 years | 13.6 years | 13.9 years | 14.3 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -11.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 11,053 | 47.8% | 995 | 9.0% |
| U.S.A | 4,079 | 17.7% | -129 | -3.2% |
| Asia | 5,277 | 22.8% | 461 | 8.7% |
| Europe | 2,693 | 11.7% | -354 | -13.1% |

### 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 | 47.8% | 68.3% | 20.5 | 9.0% |
| U.S.A | 17.7% | — | — | -3.2% |
| Asia | 22.8% | 31.7% | 8.8 | 8.7% |
| Europe | 11.7% | — | — | -13.1% |

Loss-making segment (excluded from profit shares): U.S.A -129 JPY mn

Loss-making segment (excluded from profit shares): Europe -354 JPY mn

Segment → industry: Europe → Robots & Factory Automation / Asia → Robots & Factory Automation / U.S.A → Robots & Factory Automation / Japan → Robots & Factory Automation

## 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 | 1,350 | 5.8% | S100YJC5 |
| Capital expenditure | 343 | 1.5% | S100YJC5 |
| Free cash flow | 1,008 | 4.4% | 算出 |
| Investing cash flow | 190 | 0.8% | S100YJC5 |
| Financing cash flow | -1,740 | -7.5% | S100YJC5 |
| Dividends paid | 681 | 2.9% | S100YJC5 |
| Share buyback | 1,000 | 4.3% | S100YJC5 |
| Change in cash | 100 | 0.4% | S100YJC5 |
| Cash and equivalents | 6,929 | 30.0% | S100YJC5 |

## 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 | 7,056 | 10,815 | 8,046 | 6,829 | 6,929 | S100TVVA, S100W49K, S100YJC5 |
| Total assets | 36,893 | 40,843 | 42,821 | 41,046 | 39,833 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Net assets | 31,048 | 32,586 | 34,419 | 35,499 | 34,788 | S100TVVA, S100W49K, S100YJC5 |
| Share capital | 1,986 | 1,986 | 1,986 | 1,986 | 1,986 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Trade receivables | 5,905 | 5,471 | 6,009 | 6,812 | 6,065 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Property, plant and equipment | 10,926 | 10,747 | 10,749 | 10,787 | 10,645 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Intangible assets excluding goodwill | 187 | 193 | 2,262 | 2,168 | 1,286 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Goodwill | — | — | 496 | 440 | — | S100W49K, S100YJC5 |
| Investment securities | 264 | 307 | 548 | 560 | 287 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Current assets | 24,501 | 28,638 | 28,203 | 26,420 | 26,269 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Current liabilities | 5,669 | 8,013 | 7,720 | 4,881 | 4,415 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Trade payables | 1,711 | 1,733 | 2,011 | 1,494 | 1,282 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Total liabilities | 5,845 | 8,257 | 8,402 | 5,547 | 5,045 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Non-controlling interests | 254 | 309 | 349 | 388 | 413 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Equity attributable to owners of parent | 29,867 | 31,109 | 31,780 | 32,792 | 31,398 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Retained earnings | 27,212 | 28,454 | 29,125 | 30,138 | 29,744 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |
| Treasury stock | -1,355 | -1,356 | -1,356 | -1,356 | -2,356 | S100R4NR, S100TVVA, S100W49K, S100YJC5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJC5 |
| Receivables | 15% | S100YJC5 |
| Property, plant and equipment | 27% | S100YJC5 |
| Intangibles and goodwill | 3% | S100YJC5 |
| Investment securities | 1% | S100YJC5 |
| Other assets | 37% | S100YJC5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJC5 |
| Other liabilities | 10% | S100YJC5 |
| Equity | 87% | S100YJC5 |
| Other liabilities | 0% | S100YJC5 |

### 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 | 36,893 | 40,843 | 42,821 | 41,046 | 39,833 |
| Equity | 31,048 | 32,586 | 34,419 | 35,499 | 34,788 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,056 | 10,815 | 8,046 | 6,829 | 6,929 |

## 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) | 46.1% | S100YJC5 |
| Fixed assets ÷ total assets | 26.7% | S100YJC5 |
| Goodwill ÷ parent equity | — | —, S100YJC5 |

### 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) | 17.4% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.3% |
| Cash vs. profit gap | 1,063 JPY mn (of net income 370.8%) |
| Shareholder returns / net income | 586.2% |
| Shareholder returns / FCF | 166.8% |
| Shareholder payments — dividends / net income | 237.4% |
| Shareholder payments — dividends / FCF | 67.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 14.0% |

## 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 | 10.1% | 0.57× | 5.7% | 1.24× | 7.1% | S100R4NR |
| 2023 | 8.6% | 0.58× | 4.9% | 1.27× | 6.3% | S100TVVA |
| 2024 | 7.2% | 0.56× | 4.0% | 1.33× | 5.4% | S100W49K |
| 2025 | 6.5% | 0.62× | 4.0% | 1.30× | 5.2% | S100YJC5 |
| 2026 | 1.2% | 0.57× | 0.7% | 1.26× | 0.9% | S100YJC5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ユーシンインダストリー | Major shareholder | 36.7% | 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 | 6.5% | 2026-03-31 |
| 小田高代 | Major shareholder | 6.0% | 2026-03-31 |
| 村田美樹 | Major shareholder | 5.7% | 2026-03-31 |
| 小谷眞由美 | Major shareholder | 3.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT-CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 京都中央信用金庫 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YJC5 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJC5,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W49K | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49K,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TVVA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVVA,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R4NR | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4NR,, |
| 訂正有価証券報告書－第49期(2021/04/01－2022/03/31) | S100QKHT | 2023-04-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QKHT,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LP7K | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP7K,, |

## 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).