Misumi Group Inc. (TSE: 9962), the Tokyo-based e-commerce platform for factory automation (FA) parts, press-die and mold components serving global manufacturers, reported FY3/2026 consolidated J-GAAP results that combined solid top-line momentum with operating-margin compression. Revenue rose 9.8% to ¥441.4 billion, operating profit edged up 2.4% to ¥47.6 billion, ordinary profit slipped 1.6% to ¥49.1 billion, and profit attributable to owners of the parent climbed 10.7% to ¥40.5 billion. Basic EPS came in at ¥149.30 (vs ¥131.95), ROE expanded to 11.1% from 10.5%, and the equity ratio remained robust at 81.7% (vs 83.2%).
Revenue grows on global FA-component demand, margin compression on mix
The top line outpaced the broader Japanese industrial-machinery cycle as Misumi's catalog-driven QCT (Quality, Cost, Time) model — which guarantees same-day or next-day shipment of any combination of millions of pre-engineered components — captured share globally. The 9.8% revenue gain compared favorably with the 9.3% growth posted the prior year, suggesting accelerating momentum rather than mean reversion. Operating profit growth of just 2.4%, however, reflects an active growth-investment posture: continued capital deployment into automation of fulfilment centers, expansion of the meviy AI-driven mechanical-parts-on-demand platform, and overseas distribution-center buildouts (notably China and the United States). Operating margin compressed by approximately 80 basis points to 10.8%.
Strong comprehensive income and balance sheet
Comprehensive income jumped 98.2% to ¥65.7 billion from ¥33.1 billion, reflecting foreign-currency translation gains on Misumi's substantial overseas asset base. Total assets grew to ¥465.0 billion from ¥419.6 billion, net assets reached ¥382.5 billion from ¥352.1 billion, and the company finished the year with cash and equivalents of ¥104.2 billion. Operating cash flow was ¥52.2 billion (down from ¥60.5 billion as working-capital usage rose), funding investing outflows of ¥43.2 billion and financing outflows of ¥41.8 billion (including dividend payments and modest debt reduction).
Dividend raised 23%; FY27 guides ~11% sales, ~15% OP growth
The annual dividend was lifted markedly to ¥52.98 per share (vs ¥43.21 prior, a +22.6% increase), representing a payout ratio of 35.0% on the FY26 earnings base. For FY3/2027, management guides revenue of ¥491.5 billion (+11.4%), operating profit of ¥55.0 billion (+15.5%), ordinary profit of ¥55.9 billion (+13.9%), and — notably — profit attributable to owners of the parent of ¥37.4 billion (−7.6%). Basic EPS is guided at ¥141.17. The optical net-profit decline reflects normalization of FY26's tax-line benefits; underlying operating momentum is constructive. The dividend forecast is held at ¥52.98, implying a payout ratio of 37.5%.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 441.4 | 402.0 | +9.8% |
| Operating profit (¥ billion) | 47.6 | 46.5 | +2.4% |
| Ordinary profit (¥ billion) | 49.1 | 49.9 | −1.6% |
| Profit attrib. to owners (¥ billion) | 40.5 | 36.5 | +10.7% |
| Basic EPS (¥) | 149.30 | 131.95 | +13.1% |
| Operating margin | 10.8% | 11.6% | −0.8pp |
| ROE | 11.1% | 10.5% | +0.6pp |
| Equity ratio | 81.7% | 83.2% | −1.5pp |
| Annual dividend (¥) | 52.98 | 43.21 | +22.6% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.