Mani (7730) Q4 2026 earnings summary

Executive summary

• FY26 delivered record sales and profit: revenue rose 10.2% to ¥33,018 million, operating income 21.4% to ¥9,943 million and net income 55.9% to ¥7,237 million.

• Growth reflected China dental recovery, higher sales of surgical products and eyeless needles, and yen depreciation; ROE rose to 12.9% from 8.8%.

• FY27 guidance targets continued growth and a 29.6% operating margin while absorbing ~¥700 million in added Hanaoka Factory depreciation and investing for growth.

Financial highlights

• FY26 ordinary income rose 27.6% to ¥10,554 million; foreign-exchange gains were ¥712 million.

• Gross profit increased 13.8% to ¥21,976 million; gross margin improved to 66.6% from 64.5%, supported by product mix and lower Vietnam manufacturing costs.

• SG&A rose 8.2% to ¥12,032 million, reflecting growth investments and U.S. subsidiary launch costs.

• Operating cash flow was ¥11,844 million, investing outflow ¥855 million and financing outflow ¥3,999 million; year-end cash and equivalents were ¥25,677 million.

• Total assets were ¥65,087 million, net assets ¥58,986 million and equity ratio 90.6% at August 31, 2026.

Outlook and guidance

• FY27 forecast: sales ¥36,500 million (+10.5%), operating income ¥10,800 million (+8.6%), ordinary income ¥10,900 million (+3.3%), net income ¥7,600 million (+5.0%) and EPS ¥77.17.

• Local-currency sales growth target is 13%; operating margin is forecast at 29.6%, with SG&A at 36% of sales and ~¥700 million of Hanaoka depreciation.

• FY27 dividend forecast is ¥42 per share, comprising ¥18 interim and ¥24 year-end, up ¥1 from FY26.

• FY29 targets include sales of ¥45,000 million, operating income of ¥14,500 million, net income of ¥10,500 million and ROE of 16%.