MISUMI Group (9962): FY2025 Results Summary — Record Sales as Fictiv Joins the Group

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

MISUMI Group Inc. reported FY2025 (ended March 31, 2026) net sales of ¥441.3 Bn (+9.8% YoY) and operating income of ¥47.6 Bn (+2.4% YoY), with the company describing net sales as a record high for both the full year and Q4 and operating income as a record high on a quarterly basis for Q4. Net income was ¥40.4 Bn (+10.7% YoY), which the company describes as a record high. Fictiv Inc., acquired during the year, is included in consolidated results for the nine months from July 2025 (25.Jul ~ 26.Mar). For FY2026 the company plans net sales of ¥491.5 Bn (+11.4% YoY) and operating income of ¥55.0 Bn (+15.5% YoY), both planned to reach record highs.

Consolidated Results (Full-Year Actual)

The deck presents FY2025 on two bases: “Pre-Fictiv consolidation” and “Post-Fictiv consolidation.” On a post-Fictiv basis, net sales were ¥441.3 Bn (+9.8% YoY; +9.2% on a local currency basis) and operating income was ¥47.6 Bn (+2.4%; +0.7% local currency), for an operating income margin of 10.8% (-0.8pt YoY). Operating income before goodwill amortization — defined by the company as profit calculated by adding amortization of goodwill and amortization of intangible assets related to the acquisition of Fictiv Inc. to operating profit — was ¥50.4 Bn (+8.6%), a margin of 11.4%. Net income of ¥40.4 Bn (+10.7%) includes the decrease in income tax adjustments attributable to, among others, the recognition of deferred tax assets for net operating loss carryforwards in connection with the introduction of the U.S. consolidated tax filing system.

Results came in above the figures announced on January 30: net sales ¥440.0 Bn (+0.3%), operating income ¥46.2 Bn (+3.1%) and net income ¥33.9 Bn (+19.3%). The Fictiv contribution over the nine-month consolidation period was net sales of ¥14.3 Bn, operating income of -¥4.9 Bn (including amortization of goodwill and related items of -¥2.8 Bn) and net income of -¥4.6 Bn; on a before-goodwill-amortization basis the Fictiv operating income impact was -¥2.1 Bn, broken down into Fictiv standalone performance of -¥1.0 Bn and M&A advisory fees of -¥1.1 Bn. FY2025 exchange rates were USD: ¥151.0, EUR: ¥174.6, RMB: ¥21.3.

Item (Billion yen)	FY24 Actual	FY25 Actual	YoY change (Local currency basis)
Net Sales (post-Fictiv consolidation)	401.9	441.3	+9.8% (+9.2%)
Operating Income before goodwill amort. (post-Fictiv)	46.4	50.4	+8.6% (+7.3%)
Margin	11.6%	11.4%	-0.1pt (-0.2pt)
Operating Income (post-Fictiv)	46.4	47.6	+2.4% (+0.7%)
Margin	11.6%	10.8%	-0.8pt (-0.9pt)
Net income (post-Fictiv)	36.5	40.4	+10.7% (−)
Net Sales (pre-Fictiv consolidation)	401.9	427.0	+6.2% (+5.6%)
Operating Income (pre-Fictiv)	46.4	52.6	+13.2% (+11.8%)
Margin	11.6%	12.3%	+0.8pt (+0.7pt)
Net income (pre-Fictiv)	36.5	45.1	+23.4% (−)

Segment Results

The FA business posted net sales of ¥160.4 Bn (+18.2% YoY) but operating income of ¥20.2 Bn (-9.9%), a margin of 12.6% versus 16.6% a year earlier; the company notes that FA performance remained solid, driven mainly by telecommunications-related demand, while operating income declined due to the consolidation of Fictiv. Excluding Fictiv, FA net sales were ¥146.1 Bn (+7.6%) and operating income ¥25.2 Bn (+12.3%), a 17.3% margin. The Die Components business recorded net sales of ¥88.3 Bn (+2.2%) and operating income of ¥8.6 Bn (-8.5%, margin 9.8%), with profit impacted by sluggish automotive demand in the Americas and Europe. The VONA business (distribution) grew net sales to ¥192.5 Bn (+7.1%) and operating income to ¥18.6 Bn (+28.8%), lifting its margin to 9.7% from 8.0%.

Segment (Billion yen)	Net Sales FY24	Net Sales FY25	Operating Income FY24	Operating Income FY25
Total	401.9	441.3	46.4	47.6
FA business	135.8	160.4	22.5	20.2
FA business (Pre-Fictiv consolidation)	135.8	146.1	22.5	25.2
Die Components business	86.4	88.3	9.5	8.6
VONA business	179.7	192.5	14.4	18.6

Sales by Region

The overseas sales ratio rose to 59.8% in FY25 from 55.8% in FY24 and 53.4% in FY23. Japan sales were ¥177.2 Bn (-0.3% YoY), with the company noting that Q4 showed signs of recovery while automotive-led market softness persists. China reached ¥91.9 Bn (+15.9% yen basis, +14.9% local currency), Asia ¥72.0 Bn (+12.6% / +12.3%), the U.S. ¥63.3 Bn (+41.6% / +42.7%) — or ¥48.9 Bn (+5.1% / +10.6%) before Fictiv consolidation — and Europe ¥27.6 Bn (+3.3% yen basis, -3.2% local currency).

Region	FY25 Sales (Billion yen)	YoY (Yen basis)	YoY (Local currency basis)
Japan	¥177.2 Bn	-0.3%	—
China	¥91.9 Bn	+15.9%	+14.9%
Asia	¥72.0 Bn	+12.6%	+12.3%
U.S.	¥63.3 Bn	+41.6%	+42.7%
U.S. (Pre-Fictiv consolidation)	¥48.9 Bn	+5.1%	+10.6%
Europe	¥27.6 Bn	+3.3%	-3.2%

Digital MODEL Shift

Sales from the Digital MODEL Shift initiatives totaled ¥64.2 Bn (+81.5% YoY), 4.3% above the initial FY25 plan of ¥61.6 Bn announced on 7/25. The Online Processing Business contributed ¥32.1 Bn (+101.1%), within which meviy was ¥17.7 Bn (+11.2%) — 18.9% below plan, as plans fell short due to sluggish conditions in the domestic EV market — and Fictiv ¥14.3 Bn. The Economy Series reached ¥18.3 Bn (+63.7%) and D-JIT ¥13.8 Bn (+68.0%). KPIs disclosed include meviy cumulative users of 240,000 (+26.3% YoY), approximately 2,000 Fictiv customers, 95,000 Economy Series customers (+5.6% YoY) and over 700 companies integrated for Cyber NW procurement. On a standalone basis for April 2025 to March 2026, Fictiv recorded sales of $117 Mn (+50.3% YoY), orders of $116 Mn (+43.0%) and an operating income margin of -11%, a 21-percentage-point improvement.

FY2026 Full-Year Outlook

For FY2026 MISUMI plans net sales of ¥491.5 Bn (+11.4% YoY; +10.4% local currency) and operating income of ¥55.0 Bn (+15.5%; +12.4%), an 11.2% margin, with operating income planned to reach a record high. Operating income before goodwill amortization is planned at ¥58.7 Bn (+16.5%) and net income at ¥37.4 Bn (-7.6%). On a pre-Fictiv basis the plan is net sales of ¥469.3 Bn (+9.9%) and operating income of ¥59.5 Bn (+13.3%), while Fictiv is planned to contribute net sales of ¥22.1 Bn (+54.3%) over 12 months against ¥14.3 Bn over nine months in FY2025, with operating income of -¥4.5 Bn. Assumed FY26 exchange rates are USD: ¥152, EUR: ¥179, RMB: ¥22. The company notes that heightened Middle East tensions could lead to higher raw material and logistics costs, but that the outlook remains uncertain and no quantitative impact has been factored into the consolidated earnings forecast.

Item (Billion yen)	FY25 Actual	FY26 Plan	YoY change (Local currency basis)
Net Sales (post-Fictiv consolidation)	441.3	491.5	+11.4% (+10.4%)
Operating Income before goodwill amort.	50.4	58.7	+16.5% (+13.6%)
Margin	11.4%	12.0%	+0.5pt (+0.3pt)
Operating Income	47.6	55.0	+15.5% (+12.4%)
Margin	10.8%	11.2%	+0.4pt (+0.2pt)
Net income	40.4	37.4	-7.6% (−)
Net Sales (pre-Fictiv consolidation)	427.0	469.3	+9.9% (+8.9%)
Operating Income (pre-Fictiv)	52.6	59.5	+13.3% (+10.0%)
Net income (pre-Fictiv)	45.1	41.7	-7.3% (−)

By segment, FA business net sales are planned at ¥201.4 Bn (+25.5%) with operating income of ¥22.6 Bn (margin 11.3%), Die Components at ¥92.9 Bn (+5.1%) with operating income of ¥12.4 Bn (margin 13.4%), and VONA at ¥197.1 Bn (+2.4%) with operating income of ¥19.8 Bn (margin 10.1%). The company attributes FA growth to the Americas, China, Asia and the Digital MODEL Shift initiatives, and expects improvements in profitability in the Die Components and VONA businesses. By region, the FY26 plan is Japan ¥188.7 Bn (+6.5%), China ¥110.9 Bn (+20.6% yen basis / +16.1% local currency), Asia ¥77.8 Bn (+8.1% / +9.4%), the U.S. ¥75.2 Bn (+18.8% / +18.4%; ¥53.0 Bn pre-Fictiv consolidation) and Europe ¥29.2 Bn (+5.6% / +3.3%), taking the overseas ratio to 61.6%.

Segment (Billion yen)	Net Sales FY26 Plan	Operating Income FY26 Plan	OI Margin FY26 Plan
Total	491.5	55.0	11.2%
FA business	201.4	22.6	11.3%
FA business (Pre-Fictiv consolidation)	179.2	27.2	15.2%
Die Components business	92.9	12.4	13.4%
VONA business	197.1	19.8	10.1%

Shareholder Returns

For FY2025 the full-year dividend is ¥52.98 per share, corresponding to a dividend payout ratio of 35%, with dividends totaling ¥11.3 Bn, alongside a share buyback of ¥25.0 Bn. For FY2026 the company has newly introduced a progressive dividend with an approximate 35% payout ratio target, for more stable shareholder returns; the full-year dividend is planned at ¥52.98 per share and a share buyback of ¥30.0 Bn is planned. Excess funds are to be directed toward share buybacks, taking into account stock price levels.

Cash Allocation and Growth Strategy

FY2025 operating cash flow was ¥52.1 Bn and cash on hand fell to ¥112.9 Bn as of end-March 2026 from ¥159.2 Bn as of end-March 2025, after strategic investment (M&A etc.) of ¥54.2 Bn and organic investment of ¥14.2 Bn (IT ¥8.4 Bn, Production/Logistics ¥5.8 Bn); the Fictiv acquisition amount under strategic investments is calculated at ¥143.23 / USD. The company completed the acquisition of Fictiv and entered into a capital and business alliance with Oishii Farm. For FY26-28, MISUMI is setting a growth investment budget of up to ¥150.0 Bn over the next 3 years and defines minimum required cash of ¥70.0 Bn, a level sufficient to fulfill supply responsibilities for 6 months even in BCP situations.

The growth strategy rests on three pillars: global expansion, the Digital MODEL Shift, and entry into growth industries. Priority regions and strategic countries are designated for focused investment, with FY26 local-currency sales growth rates of +15.7% for the Americas, +15.3% for China and +8.8% for Asia; David Evans has been appointed CEO of both MISUMI USA and Fictiv, and over the next two years the company aims to develop India and Vietnam into ¥10 bn+ local subsidiaries, following Korea and Thailand. MISUMI was selected as a 2026 DX Stock (Grand Prix), one of three companies chosen from approximately 3,800 listed companies by METI, the Tokyo Stock Exchange and IPA. Entry into growing industries includes ¥2.0 Bn (FY26) of investment to double supply capacity for automated stages for data centers, a capital and business alliance with Oishii Farm in agri-tech, and partnerships under consideration with robotics and humanoid-related companies.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.