YAMAZAKI CO., LTD.
6147・Standard Market・Machinery
Business
Yamazaki Corporation is headquartered in Hamamatsu City, Shizuoka Prefecture, and operates in two segments: the Machine Tools Business and the Transportation Equipment Business. In the Machine Tools Business, the company manufactures and sells special-purpose machine tools such as Index Machines and Boring Heads and Other Labor-Saving Equipment Units. In the Transportation Equipment Business, it manufactures and sells Transmission and Control Device Components and Engine Components for two-wheeled and four-wheeled vehicles. Its main customer is Yamaha Motor Co., Ltd. (accounting for 42.4% of sales in FY2026 (ending March 2026)), and in addition to its domestic manufacturing bases, the company holds a Vietnamese subsidiary, YAMAZAKI TECHNICAL VIETNAM CO.,LTD., as its Southeast Asian production base. The company is listed on the Standard Market of the Tokyo Stock Exchange, and in 2025 it also listed on the Fukuoka and Sapporo Stock Exchanges.
Business Model
The Machine Tools Business provides build-to-order special-purpose machine tools tailored to customers' production lines, achieving both cost competitiveness and reliability through the standardization and commercialization of machine units. The Transportation Equipment Business forms a stable revenue base through continuous supply of mass-production components to companies such as Yamaha Motor Co., Ltd. Equipment developed by the Machine Tools division is utilized for in-house production, and the insights gained there are fed back into products—this internal-production collaboration is the source of the company's technological strength.
Company Strengths
Yamaha Motor Co., Ltd. is the largest customer in FY2026 (ending March 2026), accounting for ¥985,982 thousand in net sales (42.4% of total sales performance), an increase in both amount and ratio from ¥967,586 thousand (31.3%) in the previous fiscal year. The company has maintained a cooperative factory relationship with Yamaha Motor for nearly 70 years since Yamaha Motor's establishment in 1955, reflecting a highly stable customer base.
The company has established a unique mutual collaboration system in which equipment developed by the Machine Tools segment is introduced into its own transportation equipment production lines, with insights gained from actual operation fed back into improvements of machine tool products. This system achieves improved product reliability and cost reduction, and is explicitly cited in the securities report as a source of competitive advantage over competitors.
By standardizing and commercializing machine units, which are the key components of special-purpose machine tools, the company achieves both improved reliability and cost reduction while maintaining flexibility to respond to individual orders. In FY2026 (ending March 2026), the company also made new capital investments, such as the automatic deburring machine "SDC25-380" (¥74,371 thousand), continuing to expand its product lineup.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, performance continued in deficit from FY2022 through FY2024 (ending March 2022 to March 2024) (net sales of ¥2,496 million to ¥2,655 million), before turning profitable in FY2025 (ending March 2025) with net sales of ¥3,094 million and operating profit of ¥78 million. However, in FY2026 (ending March 2026), performance deteriorated sharply, with net sales of ¥2,327 million (down 24.8% year on year), an operating loss of ¥260 million, and a net loss of ¥360 million. The main cause was a sharp decline in orders for Index Machines and Other Special-Purpose Machine Tools in the Machine Tools Business, driven by the external factor of corporate caution toward capital expenditure. In the Transportation Equipment Business, although sales of domestic mass-production parts for motorcycles and automobiles increased, net sales came to only ¥1,467 million (down 3.5% year on year) due in part to a decline in sales at the Vietnamese subsidiary. Operating cash flow improved to ¥466 million on decreases in trade receivables and inventories, but financing cash flow was an outflow of ¥401 million, reflecting a net decrease of ¥350 million in short-term borrowings, among other factors, and the cash and cash equivalents balance at fiscal year-end fell to ¥315 million.
Growth Strategy
Aiming for a return to profitability in FY2027 (ending March 2026) through a recovery in machine tools orders in the second half and expansion of domestic mass-production parts in the transportation equipment business
Amid continued cautious capital investment stance among companies, the company is promoting cross-industry sales activities to capture new markets such as Semiconductor Manufacturing Equipment as well as demand for labor-saving and workforce-reduction solutions. Anticipating a recovery in capital investment through the second half of FY2027 (ending March 2026), the company aims to improve business performance through increased orders.
Domestic sales of mass-production parts for two-wheeled and four-wheeled vehicles maintained an increasing trend in FY2026 (ending March 2026) as well. Sales to Yamaha Motor Co., Ltd. increased year on year to ¥986 million, and the company will continue to pursue revenue diversification through expansion of four-wheeled vehicle-related sales.
In FY2026 (ending March 2026), a decline in sales at the Vietnamese subsidiary weighed down overall sales in the Transportation Equipment Business. While continuing its policy of entering markets outside the transportation equipment industry and expanding ASEAN transactions, improving the profitability of local operations remains a challenge.
At the Board of Directors meeting held on May 8, 2026, the company resolved to submit to the Annual General Meeting of Shareholders a proposal to reduce capital stock from ¥972 million to ¥500 million and transfer the difference to other capital surplus. The purpose is to cover future losses and secure flexibility in capital policy.
Last updated: July 19, 2026