RYOBI LIMITED
5851・Prime Market・Nonferrous Metals
Business
Ryobi Limited traces its origins to a die-casting specialist founded in 1943, and today comprises the company and 21 subsidiaries. Die Casting accounts for 88.7% of net sales, with global production sites across six countries: Japan, the US, Mexico, the UK, China, and Thailand. Major customers are centered on North American automakers, including Ford Motor (12.5% of net sales) and General Motors (11.0%). The remainder consists of the Building Products segment (3.5%), which holds a leading position in the domestic Door Closer market, and the Printing Equipment segment (7.7%), a joint venture with Mitsubishi Heavy Industries. Listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The Die Casting business operates on a continuous build-to-order production model based on several months of tentative forecasts from automakers, shipping on short lead times based on confirmed orders. The business has a mechanism to pass aluminum raw material price fluctuations through to selling prices, with a structure whereby profit margins improve through fixed-cost absorption effects when revenue increases. Capital expenditures are funded through internal funds and financial institution borrowings, with liquidity secured via a ¥150 million commitment line agreement. Building Products and Printing Equipment are primarily build-to-forecast, complementing earnings by maintaining and expanding market share in their respective markets.
Company Strengths
The company operates production bases in Japan, the US, Mexico, the UK, China, and Thailand, running its die-casting business through a 17-company group structure. Die-casting sales for FY2025 reached ¥274,310 million (up 6.4% year on year). It maintains a stable customer base, with Ford Motor and General Motors alone accounting for 23.5% of consolidated net sales.
In March 2025, the company introduced Japan's first 6,500-ton clamping force die-casting machine among dedicated die-casting manufacturers, and built a large-part prototyping plant within the Kikugawa Plant. It has begun offering prototyping services for gigacasting and ultra-large parts, having already made upfront investments to capture demand for large, integrally molded parts for next-generation automobiles.
In the Building Products business, the company has established itself as the market leader in the domestic Door Closer market. In August 2024, it made a Chinese manufacturing subsidiary (Liyoubi Architectural Technology (Dalian) Co., Ltd.) a subsidiary, achieving reduced production costs. The segment, which had recorded an operating loss of ¥413 million in the previous fiscal year, turned profitable in FY2025 with operating income of ¥119 million.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from a loss base of ¥198,073 million in FY2021 to ¥309,111 million in FY2025. In the first quarter of FY2026 (fiscal year ending December 2026), revenue was ¥75,939 million, down 2.7% year on year, primarily due to a sharp decline in the Printing Equipment business (down 45.6% year on year). On the other hand, operating profit increased to ¥2,901 million (up 4.1% year on year) and ordinary profit rose to ¥2,841 million (up 15.3% year on year), securing profit growth. As external factors, yen depreciation boosted yen-denominated sales of overseas subsidiaries, and progress in passing through aluminum and energy price increases contributed to an improvement in the profit margin of the Die Casting business (from 3.3% to 4.2%). The substantial increase in net income (up 54.6% year on year) includes one-time factors such as a gain of ¥1,022 million from the sale of cross-shareholdings. Full-year forecasts call for modest growth, with revenue of ¥313,000 million (up 1.3% year on year) and operating profit of ¥12,800 million (up 1.1% year on year).
Growth Strategy
Medium-term plan centered on expanding Gigacast/global orders and improving profitability across all segments
Leveraging a 6,500-ton clamping force die casting machine to capture demand for integrated body castings (Gigacast) driven by EV adoption. For the full year of FY2026 (ending March 2026)*, Die Casting sales are projected at ¥280,000 million (up 2.1% year on year) and operating profit at ¥12,300 million (up 9.3% year on year), reflecting expected improvement in profitability.
In the first quarter of FY2026 (ending March 2026), price pass-through progressed in the Die Casting business, improving the operating profit margin from 3.3% in the same period of the previous year to 4.2%. The company is building a framework to maintain and improve profit margins even amid rising costs by continuing to pursue cost reduction and productivity improvement initiatives.
Promoting reduced procurement costs through the use of a Chinese manufacturing subsidiary, and expanding market share through the development of high-performance new products such as the Electric Opening/Closing Device. In the first quarter of FY2026 (ending March 2026), the segment posted an operating loss of ¥45 million due to rising procurement costs from the appreciation of the Chinese yuan. The full-year forecast targets operating profit of ¥200 million (improved from ¥119 million in the previous fiscal year).
Due to a decline in capital expenditure sentiment, sales in the first quarter of FY2026 (ending March 2026) fell sharply, down 45.6% year on year. While the company is strengthening its response to packaging printing and labor-saving demand and implementing productivity improvement measures to support profit margins, the full-year forecast remains at a low level, with sales of ¥21,500 million and operating profit of ¥300 million.
In the first quarter of FY2026 (ending March 2026), the company recorded a gain on sale of investment securities of ¥1,022 million. It is proceeding with the reduction of cross-shareholdings to improve capital efficiency, with proceeds from the sale of ¥1,344 million recorded in investing cash flow. The annual dividend is planned at ¥104 (up from ¥100 in the previous fiscal year).
Last updated: July 17, 2026