Worth reading
60In 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
13.7
% (year-on-year decline in operating profit)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedU.S. GAAPNet Sales4,132,751million yenYear on year +0.7%Progress 100.4%
Operating profit567,323million yenYear on year -13.7%Progress 111.7%
Net income attributable to owners of the parent376,391million yenYear on year -14.4%Progress 118.4%
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¥413.90
Operating Margin13.7%
Financial position at period-end
Total assets6,423,941million yen
of which net assets 3,708,427 million yenEquity ratio 54.7%vs. prior year-end -0.3pt
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+448,963
Investment-199,232
Financials-208,536
Net change+41,195
Stacked from zero: upward is an increase in cash, downward a decrease (in million yen).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 period439,701 million yen
Segment revenueConstruction Equipment & Vehicles 3,806,040 million yen (YoY +0.2%), Retail Finance 126,137 million yen (YoY +2.4%), Industrial Machinery & Others 238,750 million yen (YoY +6.8%)
Segment profitConstruction Equipment & Vehicles 491,118 million yen (YoY -18.0%), Retail Finance 36,588 million yen (YoY +24.4%), Industrial Machinery & Others 37,937 million yen (YoY +38.5%)
Regional sales1,933,671 million yen, 739,087 million yen, 1,035,410 million yen, 424,583 million yen
Outlook and shareholder returns
Full-year earnings forecast
Net Sales4,118,000 million yen (YoY -0.4%)
Operating profit508,000 million yen (YoY -10.5%)
Ordinary incomeNot disclosed
Net income318,000 million yen (YoY -15.5%)
Annual Dividend Forecast¥190 per share → ¥190 per share（0.0%）
Payout ratio45.9% (actual for the fiscal year ended March 2026), 53.8% (forecast for the fiscal year ending March 2027)
Shareholder Return PolicyPolicy of maintaining a consolidated payout ratio of at least 40%
Factors Behind Changes in Business Performance
Revenue in the Construction Equipment and Vehicles segment increased due to improved selling prices, but earnings declined because of higher costs and lower sales volumes. Earnings in the Retail Finance segment increased as interest income and interest earnings rose in line with the expansion of receivables. The Industrial Machinery and Other segment recorded higher revenue and earnings due to increased sales of large presses and higher maintenance revenue related to semiconductors.
Disclosure regarding the going concern assumption
No applicable matters
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 Not disclosed修正再表示 Not disclosed
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name None
Material subsequent eventsAt a meeting of the Board of Directors held on 28 April 2026, the company resolved to acquire up to 25,000,000 common shares, with a maximum total acquisition cost of ¥100 billion, from 30 April through 30 September 2026, and to cancel all acquired treasury shares on 30 October 2026.
Impairment loss3,852 million yen
Depreciation and amortization158,430 million yen
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for securities analysts, institutional investors and media organizations)
Issued Shares at Period-End930,340,620
Treasury Shares at Period-End29,242,594
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | U.S. GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | 4,132,751 million yen (YoY +0.7%) |
| Operating profit | 567,323 million yen (YoY -13.7%) |
| Profit attributable to owners of the parent | 376,391 million yen (YoY -14.4%) |
| Net income per share | ¥413.90 |
| Operating Margin | 13.7% |
| Equity ratio | End of the current fiscal period 54.7% / End of previous period 55.0% |
| Total assets | 6,423,941 million yen |
| Net assets | 3,708,427 million yen |
| Cash flows from operating activities | 448,963 million yen |
| Cash flows from investing activities | -199,232 million yen |
| Cash flows from financing activities | -208,536 million yen |
| Cash and cash equivalents at end of period | 439,701 million yen |
| Full-year earnings forecast | Net Sales 4,118,000 million yen (YoY -0.4%) / Operating profit 508,000 million yen (YoY -10.5%) / Ordinary income Not disclosed / Net income 318,000 million yen (YoY -15.5%) |
| Annual Dividend Forecast | ¥190 per share → ¥190 per share（0.0%） |
| Payout ratio | 45.9% (actual for the fiscal year ended March 2026), 53.8% (forecast for the fiscal year ending March 2027) |
| Shareholder Return Policy | Policy of maintaining a consolidated payout ratio of at least 40% |
| Segment revenue | Construction Equipment & Vehicles 3,806,040 million yen (YoY +0.2%), Retail Finance 126,137 million yen (YoY +2.4%), Industrial Machinery & Others 238,750 million yen (YoY +6.8%) |
| Segment profit | Construction Equipment & Vehicles 491,118 million yen (YoY -18.0%), Retail Finance 36,588 million yen (YoY +24.4%), Industrial Machinery & Others 37,937 million yen (YoY +38.5%) |
| Regional sales | 1,933,671 million yen, 739,087 million yen, 1,035,410 million yen, 424,583 million yen |
| Depreciation and amortization | 158,430 million yen |
| Impairment loss | 3,852 million yen |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate Not disclosed / Restatement Not disclosed |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name None |
| Material subsequent events | At a meeting of the Board of Directors held on 28 April 2026, the company resolved to acquire up to 25,000,000 common shares, with a maximum total acquisition cost of ¥100 billion, from 30 April through 30 September 2026, and to cancel all acquired treasury shares on 30 October 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for securities analysts, institutional investors and media organizations) |
| Issued Shares at Period-End | 930,340,620 |
| Treasury Shares at Period-End | 29,242,594 |
| Factors Behind Changes in Business Performance | Revenue in the Construction Equipment and Vehicles segment increased due to improved selling prices, but earnings declined because of higher costs and lower sales volumes. Earnings in the Retail Finance segment increased as interest income and interest earnings rose in line with the expansion of receivables. The Industrial Machinery and Other segment recorded higher revenue and earnings due to increased sales of large presses and higher maintenance revenue related to semiconductors. |
Items this document does not state (4)
Ordinary incomeRevision to Earnings ForecastOrders received and order backlogBreakdown of extraordinary income (loss)
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.In the Construction Equipment and Vehicles segment, earnings declined due to higher costs and lower sales volumes, despite improved selling prices. Earnings are expected to decline in the next fiscal year due to higher costs, including the impact of U.S. tariff policies, higher fixed costs and lower sales.
How to read this page
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