Worth reading
57In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-14.5
Year-on-year change in operating income (%)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales195,373¥ millionYear on year -6.3%Progress 99.7%
Operating profit11,868¥ millionYear on year -14.5%Progress 115.2%
Ordinary income17,517¥ millionYear on year -18.7%Progress 147.2%
Net income attributable to owners of the parent17,404¥ millionYear on year +28.9%Progress 174.0%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥120.49
Operating MarginCurrent fiscal year 6.1 % / Previous period 6.7 %
Financial position at period-end
Total assets266,458¥ million
of which net assets 223,675 ¥ millionEquity ratio 76.0%vs. prior year-end +2.3pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+18,762
Investment-4,002
Financials-16,412
Net change-1,652
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥49,789 million
Segment revenueSegment Steel Sheet-Related Business / Current fiscal year ¥184,680 million / Prior-year period ¥198,461 million / yoy_pct ¥-6.9 million, Segment Roll Business / Current fiscal year ¥3,374 million / Prior-year period ¥2,866 million / yoy_pct ¥17.7 million, Segment Grating Business / Current fiscal year ¥2,917 million / Prior-year period ¥3,296 million / yoy_pct ¥-11.5 million, Segment Real Estate Business / Current fiscal year ¥1,424 million / Prior-year period ¥1,391 million / yoy_pct ¥2.4 million
Segment profitSegment Steel Sheet-Related Business / Current fiscal year ¥12,004 million / Prior-year period ¥13,954 million / yoy_pct ¥-14 million, Segment Roll Business / Current fiscal year ¥231 million / Prior-year period ¥43 million / yoy_pct ¥437.2 million, Segment Grating Business / Current fiscal year ¥34 million / Prior-year period ¥100 million / yoy_pct ¥-66 million, Segment Real Estate Business / Current fiscal year ¥830 million / Prior-year period ¥832 million / yoy_pct ¥-0.2 million
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥196,000 million (YoY +0.3%)
Operating profit¥10,300 million (YoY -13.2%)
Ordinary income¥11,900 million (YoY -32.1%)
Net income¥10,000 million (YoY -42.5%)
Annual Dividend Forecast¥91 → ¥53（-41.8%）
Payout ratioCurrent fiscal year 75.5 % / Next-year forecast 75.9 %
Shareholder Return PolicyMaintain annual dividends of at least ¥40 per share and a consolidated annual payout ratio of at least 75%
Factors Behind Changes in Business Performance
Net sales declined due to weak domestic steel demand and the impact of imported steel products, lower sales volumes at the Taiwanese subsidiary, the prolonged real estate downturn in China, and softer market conditions in Thailand. Operating income declined due to lower sales volumes and the impact of the Trump tariffs, while net income increased due to the tax effects related to prior-period impairment losses at YSS and the gain on the transfer of shares in 佐渡島.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name Not disclosed
Material subsequent eventsNot applicable.
Impairment loss¥205 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥250 million, Gain on sale of shares in an affiliated company ¥1,764 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥174 million, Impairment Losses ¥205 million
Depreciation and amortization¥4,824 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Securities analysts and institutional investors
Issued Shares at Period-End156,272,250
Treasury Shares at Period-End13,027,570
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥195,373 million (YoY -6.3%) |
| Operating profit | ¥11,868 million (YoY -14.5%) |
| Ordinary income | ¥17,517 million (YoY -18.7%) |
| Profit attributable to owners of the parent | ¥17,404 million (YoY +28.9%) |
| Net income per share | ¥120.49 |
| Operating Margin | Current fiscal year 6.1 % / Previous period 6.7 % |
| Equity ratio | End of the current fiscal period 76 / End of previous period 73.7 |
| Total assets | ¥266,458 million |
| Net assets | ¥223,675 million |
| Cash flows from operating activities | ¥18,762 million |
| Cash flows from investing activities | ¥-4,002 million |
| Cash flows from financing activities | ¥-16,412 million |
| Cash and cash equivalents at end of period | ¥49,789 million |
| Full-year earnings forecast | Net Sales ¥196,000 million (YoY +0.3%) / Operating profit ¥10,300 million (YoY -13.2%) / Ordinary income ¥11,900 million (YoY -32.1%) / Net income ¥10,000 million (YoY -42.5%) |
| Annual Dividend Forecast | ¥91 → ¥53（-41.8%） |
| Payout ratio | Current fiscal year 75.5 % / Next-year forecast 75.9 % |
| Shareholder Return Policy | Maintain annual dividends of at least ¥40 per share and a consolidated annual payout ratio of at least 75% |
| Segment revenue | Segment Steel Sheet-Related Business / Current fiscal year ¥184,680 million / Prior-year period ¥198,461 million / yoy_pct ¥-6.9 million, Segment Roll Business / Current fiscal year ¥3,374 million / Prior-year period ¥2,866 million / yoy_pct ¥17.7 million, Segment Grating Business / Current fiscal year ¥2,917 million / Prior-year period ¥3,296 million / yoy_pct ¥-11.5 million, Segment Real Estate Business / Current fiscal year ¥1,424 million / Prior-year period ¥1,391 million / yoy_pct ¥2.4 million |
| Segment profit | Segment Steel Sheet-Related Business / Current fiscal year ¥12,004 million / Prior-year period ¥13,954 million / yoy_pct ¥-14 million, Segment Roll Business / Current fiscal year ¥231 million / Prior-year period ¥43 million / yoy_pct ¥437.2 million, Segment Grating Business / Current fiscal year ¥34 million / Prior-year period ¥100 million / yoy_pct ¥-66 million, Segment Real Estate Business / Current fiscal year ¥830 million / Prior-year period ¥832 million / yoy_pct ¥-0.2 million |
| Depreciation and amortization | ¥4,824 million |
| Impairment loss | ¥205 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥250 million, Gain on sale of shares in an affiliated company ¥1,764 million / Extraordinary loss Loss on disposal and sale of non-current assets ¥174 million, Impairment Losses ¥205 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name Not disclosed |
| Material subsequent events | Not applicable. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Securities analysts and institutional investors |
| Issued Shares at Period-End | 156,272,250 |
| Treasury Shares at Period-End | 13,027,570 |
| Factors Behind Changes in Business Performance | Net sales declined due to weak domestic steel demand and the impact of imported steel products, lower sales volumes at the Taiwanese subsidiary, the prolonged real estate downturn in China, and softer market conditions in Thailand. Operating income declined due to lower sales volumes and the impact of the Trump tariffs, while net income increased due to the tax effects related to prior-period impairment losses at YSS and the gain on the transfer of shares in 佐渡島. |
Items this document does not state (3)
Revision to Earnings ForecastRegional salesOrders received and order backlog
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Net sales and operating income declined due to weak domestic steel demand, imported steel products, lower sales volumes at overseas subsidiaries, the real estate downturn and softer market conditions, among other factors. Net income attributable to owners of the parent increased due to the recognition of deferred tax assets and income taxes and other adjustments related to prior-period impairment losses at YSS, as well as a gain on the sale of shares in an affiliated company resulting from the transfer of all shares in 佐渡島.
How to read this page
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