# ZUIKO CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/02/21－2026/02/20) (S100Y3PF)
> Page: https://vizora.meequs.com/en/company/zuiko
> Retrieved: 2026-09-30T19:42:03.911Z

## Company

Zuiko, founded in 1963, is a company in Industrial Machinery listed on TSE Prime. It has 641 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZUIKO CORPORATION |
| Ticker | 6279 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6279.T) |
| Listing | TSE Prime |
| Head office | 大阪府茨木市彩都はなだ2丁目1番2号 |
| Representative (per filing) | 代表取締役社長 梅林 豊志 |
| Founded | Apr 1963 |
| Share capital | ¥1.89B |
| Employees (consolidated) | 641 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | February |
| Website | www.zuiko.co.jp (https://www.zuiko.co.jp/) |
| Corporate number | 7120901009526 |
| EDINET | E01677 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100Y3PF, filed 2026-05-14). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.9 | 110 |
| Profitability | 6.1 | 122 |
| Cash conversion | 97 | 116 |
| Efficiency | 2.9 | 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)

- Zuiko brought in ¥21.2B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +6.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21170251000 → ¥1947659000
- Net income → operating cash flow: ¥1947659000 → ¥1132229000（difference ¥-815430000）
- Main uses of operating cash flow: CapEx ¥447140000 / dividends ¥291205000 / buybacks —
- Change in cash: ¥-332239000
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 | ¥21.2B |  |
| Operating income | ¥162.7M | Margin 0.8% |
| Net income | ¥1.97B | Margin 9.3% |
| Free cash flow | ¥685.1M |  |
| Employees (consolidated) | 641 |  |
| EPS | ¥208.78 |  |
| Diluted EPS | ¥208.37 |  |
| Book value per share | ¥1094.63 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 28,800,000 |  |
| Treasury shares | 2,325,700 |  |
| Shareholders | 13,173 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 44.4% |
| Vs. industry median margin | -6.8 pp | Industrial Machinery |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23087478000 | ¥21170251000 | -8.3% |
| Operating income | ¥1892290000 | ¥162723000 | -91.4% |
| Operating margin | 8.2% | 0.8% | -7.4 pp |
| Employees | 650 people | 641 people | -1.4% |
| Cash and equivalents | ¥5754218000 | ¥9400391000 | +63.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,170 | 100.0% | S100Y3PF |
| Cost of revenue | 17,965 | 84.9% | S100Y3PF |
| Gross profit | 3,205 | 15.1% | S100Y3PF |
| SG&A | 3,042 | 14.4% | S100Y3PF |
| Operating income | 163 | 0.8% | S100Y3PF |
| Ordinary income | 351 | 1.7% | S100Y3PF |
| Pretax income | 2,051 | 9.7% | S100Y3PF |
| Income tax | 104 | 0.5% | S100Y3PF |
| Net income | 1,948 | 9.2% | S100Y3PF |
| Net income attributable to owners | 1,973 | 9.3% | S100Y3PF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 14 |
| Operating income | 1 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 15.1% → Operating margin 0.8% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,951 | 21,170 | 1,219 | +6.1% |
| Gross profit | 2,635 | 3,205 | 570 | +21.6% |
| Operating income | -300 | 163 | 463 | — |
| Net income attributable to owners | -778 | 1,973 | 2,751 | — |
| Operating cash flow | 1,092 | 1,132 | 40 | +3.6% |
| Free cash flow | 413 | 685 | 272 | +65.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 27,609 | 2,430 | 8.8% | 1,758 | 3,154 | 2,934 | S100LCTZ |
| FY ending Feb 2021 | 23,087 | 1,892 | 8.2% | 1,621 | 1,818 | -6,383 | S100O2NV |
| FY ending Feb 2022 | 23,581 | 2,146 | 9.1% | 1,737 | 2,254 | -89 | S100QSD0 |
| FY ending Feb 2023 | 26,505 | 1,803 | 6.8% | 2,665 | 388 | -335 | S100TGHZ |
| FY ending Feb 2024 | 21,738 | 1,028 | 4.7% | 1,379 | -323 | -677 | S100VRJK |
| FY ending Feb 2025 | 19,951 | -300 | -1.5% | -778 | 1,092 | 413 | S100Y3PF |
| FY ending Feb 2026 | 21,170 | 163 | 0.8% | 1,973 | 1,132 | 685 | S100Y3PF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥253.9K |
| Net income per employee (consolidated) | ¥3.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 639 | 617 | 583 | 597 | 641 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.2M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 38.2 years | 39.1 years | 39.6 years | 38.5 years | 41.1 years |
| Average tenure (parent company) | 10.0 years | 10.1 years | 10.8 years | 10.9 years | 10.8 years |

Year over year: Employees (consolidated) +7.4% · Revenue (consolidated) +6.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,132 | 5.3% | S100Y3PF |
| Capital expenditure | 447 | 2.1% | S100Y3PF |
| Free cash flow | 685 | 3.2% | 算出 |
| Investing cash flow | 265 | 1.3% | S100Y3PF |
| Financing cash flow | -1,710 | -8.1% | S100Y3PF |
| Dividends paid | 291 | 1.4% | S100Y3PF |
| Change in cash | -332 | -1.6% | S100Y3PF |
| Cash and equivalents | 9,400 | 44.4% | S100Y3PF |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,402 | 7,880 | 7,924 | 9,733 | 9,400 | S100TGHZ, S100VRJK, S100Y3PF |
| Total assets | 50,213 | 49,643 | 49,272 | 52,417 | 52,440 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Net assets | 30,056 | 33,088 | 34,752 | 34,301 | 36,324 | S100TGHZ, S100VRJK, S100Y3PF |
| Share capital | 1,889 | 1,889 | 1,889 | 1,889 | 1,889 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Trade receivables | 4,840 | — | — | — | — | S100QSD0 |
| Property, plant and equipment | 16,246 | 16,096 | 14,595 | 15,490 | 17,537 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Intangible assets excluding goodwill | 817 | 717 | 647 | 653 | 621 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Goodwill | — | — | — | 61 | 55 | S100Y3PF |
| Investment securities | 1,569 | 1,310 | 1,429 | 652 | 1,284 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Current assets | 31,141 | 31,181 | 32,406 | 35,463 | 32,702 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Current liabilities | 11,889 | 8,633 | 6,901 | 14,961 | 8,794 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Trade payables | 1,738 | 2,026 | 1,108 | 2,325 | 2,290 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Long-term borrowings | 2,750 | 2,500 | 2,250 | 2,164 | 5,881 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Bonds | 5,000 | 5,000 | 5,000 | — | — | S100QSD0, S100TGHZ, S100VRJK |
| Total liabilities | 20,158 | 16,555 | 14,519 | 18,116 | 16,116 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Non-controlling interests | — | — | — | 41 | 50 | S100Y3PF |
| Equity attributable to owners of parent | 29,078 | 31,505 | 31,947 | 30,828 | 32,524 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Retained earnings | 25,016 | 27,397 | 27,774 | 26,599 | 28,281 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |
| Treasury stock | -592 | -578 | -561 | -550 | -547 | S100QSD0, S100TGHZ, S100VRJK, S100Y3PF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y3PF |
| Property, plant and equipment | 33% | S100Y3PF |
| Intangibles and goodwill | 1% | S100Y3PF |
| Investment securities | 3% | S100Y3PF |
| Other assets | 45% | S100Y3PF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Y3PF |
| Other liabilities | 26% | S100Y3PF |
| Equity | 69% | S100Y3PF |
| Other liabilities | 0% | S100Y3PF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,213 | 49,643 | 49,272 | 52,417 | 52,440 |
| Equity | 30,056 | 33,088 | 34,752 | 34,301 | 36,324 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,402 | 7,880 | 7,924 | 9,733 | 9,400 |

## 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) | 82.8% | S100Y3PF |
| Fixed assets ÷ total assets | 33.4% | S100Y3PF |
| Goodwill ÷ parent equity | 0.2% | S100Y3PF |

### 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) | 17.9% |
| Cash ÷ revenue | 44.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 695.8% |
| Cash vs. profit gap | -840 JPY mn (of net income -42.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.8% |
| Shareholder payments — dividends / FCF | 42.5% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 23.4% |

## 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 | 7.4% | 0.47× | 3.5% | 1.73× | 6.0% | S100QSD0 |
| 2023 | 10.1% | 0.53× | 5.3% | 1.65× | 8.8% | S100TGHZ |
| 2024 | 6.3% | 0.44× | 2.8% | 1.56× | 4.3% | S100VRJK |
| 2025 | — | —× | -1.5% | —× | — | S100Y3PF |
| 2026 | 9.3% | 0.40× | 3.8% | 1.66× | 6.2% | S100Y3PF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| THE SFP VALUE REALIZATION MASTER FUND LIMITED （常任代理人）立花証券株式会社 | Major shareholder | 27.2% | 2026-02-20 |
| 株式会社みちかけ | Major shareholder | 11.3% | 2026-02-20 |
| JP MORGAN CHASE BANK （常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 7.6% | 2026-02-20 |
| 和田 明男 | Major shareholder | 5.8% | 2026-02-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.7% | 2026-02-20 |
| ユニ・チャーム株式会社 | Major shareholder | 3.7% | 2026-02-20 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人）株式会社三菱UFJ銀行 | Major shareholder | 3.2% | 2026-02-20 |
| RBC IST 15 PCT 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 | 2.5% | 2026-02-20 |
| 白十字株式会社 | Major shareholder | 2.3% | 2026-02-20 |
| 株式会社和田ホールディングス | Major shareholder | 2.3% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/02/21－2026/02/20) | S100Y3PF | 2026-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3PF,, |
| 有価証券報告書－第62期(2024/02/21－2025/02/20) | S100VRJK | 2025-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRJK,, |
| 有価証券報告書－第61期(2023/02/21－2024/02/20) | S100TGHZ | 2024-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGHZ,, |
| 有価証券報告書－第60期(2022/02/21－2023/02/20) | S100QSD0 | 2023-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSD0,, |
| 有価証券報告書－第59期(令和3年2月21日－令和4年2月20日) | S100O2NV | 2022-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2NV,, |
| 有価証券報告書－第58期(令和2年2月21日－令和3年2月20日) | S100LCTZ | 2021-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCTZ,, |

## 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).