YAMADA CORPORATION
6392・Standard Market・Machinery
Business
Yamada Corporation traces its origins to its founding in 1905 and was established as a company in 1939 as a fluid control equipment manufacturer. In its core Industrial segment, the company manufactures and sells diaphragm pumps and air pumps that transfer fluids such as paints, adhesives, and chemicals, and it operates globally, serving a diverse range of industries including chemicals, manufacturing, and painting. In its Automotive segment, the company provides lubrication equipment such as hand pumps and lubricators, as well as tire service equipment, to automotive repair shops and gas stations. Products are manufactured at the Sagamihara Plant, the company's only domestic production site, and sold globally through a network of five overseas subsidiaries in the United States, Netherlands, China, and Thailand. In FY2026 (ending March 2026), the overseas sales ratio reached 63.0%, establishing the company's position as a global enterprise.
Business Model
The Sagamihara Plant (Japan) manufactures all products and adopts a vertically integrated model supplying overseas subsidiaries (United States, Netherlands, China, Thailand). The overseas subsidiaries operate as independent business units, formulating and executing regional sales strategies while handling product supply and market development for local customers. The company maintains inventory through a build-to-forecast production approach, establishing a system that responds promptly to diverse industrial needs, and the operating margin for FY2026 (ending March 2026) remains at a high level of 16.4%.
Company Strengths
All products are manufactured centrally at the Sagamihara Plant (Sagamihara City, Kanagawa Prefecture), enabling unified quality management across the group. In FY2026 (ending March 2026), production output on a manufacturing cost basis expanded to ¥6,798,998 thousand (106.0% year-on-year). Internal supply to overseas subsidiaries reached approximately ¥4,280 million, functioning as a supply base that stably supports the global sales network.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 85.7% (continuing to improve from 70.4% in FY2022, ending March 2022), the interest coverage ratio was 1,646 times, and the ratio of cash flow to interest-bearing debt was 0.3 years, reflecting extremely high financial soundness. Capital expenditures of ¥1,453 million were funded entirely by internal capital, and the company holds net assets of ¥18,408 million and cash and cash equivalents of ¥4,683 million.
Overseas subsidiaries were established progressively—Netherlands in 1985, United States in 1986, China in 2007, and Thailand in 2016—building a global sales network with over 40 years of history. In FY2026 (ending March 2026), overseas sales reached ¥10,214 million (up 15.4% year-on-year), with the overseas sales ratio achieving 63.0% (up 2.5 percentage points year-on-year). Increases in both revenue and profit were achieved across all segments in the United States, Netherlands, China, and Thailand.
ENVALITH's Perspective
Performance Trend
Net sales progressed from ¥12,204 million in FY2022 to ¥13,717 million in FY2023, ¥14,753 million in FY2024, ¥14,629 million in FY2025 (a slight decline), and ¥16,226 million in FY2026, marking a new record high in FY2026. Operating profit also recovered, moving from ¥1,811 million in FY2022 to ¥1,872 million in FY2023, ¥2,466 million in FY2024, ¥1,963 million in FY2025 (a sharp decline), and ¥2,667 million in FY2026, surpassing the FY2024 level. As an external factor, the continued yen depreciation (against the US dollar and euro) boosted the yen-denominated value of overseas sales, while robust sales of diaphragm pumps centered on the United States served as a key driver. On the other hand, an extraordinary loss (¥59 million) related to ransomware damage and an increase in income taxes, etc. (¥828 million, versus ¥574 million in the prior period) constrained growth in net profit attributable to owners of parent (¥1,732 million, up 7.8% year on year). For FY2027 (ending March 2027), the company forecasts a decline in both revenue and profit (net sales of ¥16,100 million and operating profit of ¥2,300 million), reflecting a conservative plan that takes into account external uncertainties such as U.S. tariff policy.
Growth Strategy
Strengthening the production system through the Sagamihara Plant Next Stage plan and establishing the pump business as a top global brand
Construction in progress increased sharply from ¥262 million in the previous period to ¥1,190 million, while capital expenditures for tangible fixed assets more than doubled to ¥1,454 million (previous period: ¥586 million). The company is enhancing its domestic manufacturing base to strengthen supply capacity in response to expanding global demand.
The company is promoting expanded sales of diaphragm pumps through its local subsidiaries in the United States, Netherlands, China, and Thailand. In FY2026 (ending March 2026), Industrial Equipment segment sales reached ¥10,701 million (up 14.6% year on year), achieving the largest growth among all segments and accounting for 66.0% of consolidated group sales.
Overseas sales expanded to ¥10,214 million (up 15.4% year on year), bringing the overseas sales ratio to 63.0%. Each region—United States (¥6,530 million), Netherlands (¥1,812 million), China (¥991 million), and Thailand (¥365 million)—achieved positive growth compared to the previous period. The basic policy for FY2027 (ending March 2027) continues to be maintaining and expanding overseas operations.
The annual dividend for FY2026 (ending March 2026) was ¥220 per share (interim ¥100 plus year-end ¥120), with a dividend payout ratio of 30.4%. The same amount of ¥220 is planned for FY2027 (ending March 2027) as well, continuing the policy of stable dividends unaffected by business performance fluctuations.
Last updated: July 19, 2026