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Consumer Durables

Yamaha Corp.

Business Summary

Yamaha Corp. engages in the manufacture and sale of musical instruments, audio equipment and electronic components. It operates through the following segments: Musical Instruments, Audio Equipment, and Others. The Musical Instruments segment provides piano, strings, percussion, wind, and electronic musical instruments. The Audio Equipment segment offers audio products, professional audio equipment, and telecommunications equipment. The Others segment deals with the electronic parts, automobile interior parts, factory automation equipment, golf equipment, and resort businesses. The company was founded by Torakusu Yamaha in November 1887 and is headquartered in Hamamatsu, Japan.

Financial Highlights

Mar 2023 JPYUSD
Gross Profit166,002M1,224.94M
Operating income45,868M338.46M
Income before tax50,552M373.02M
Net income38,183M281.75M
Diluted EPS222.631.64
Dividends Per Share660.48
Total Assets594,246M4,464.99M
Total liabilities136,298M1,024.10M
Total equity456,838M3,432.54M
Operating cash flow-14,841M-109.51M
Currency in JPYCurrency in USD

Historical Data

 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 434,373M 414,227M 372,630M 408,197M 451,410M
Gross Profit 174,282M 163,358M 138,000M 149,803M 166,002M
Operating income 52,747M 46,353M 40,712M 43,031M 45,868M
Income before tax 56,471M 47,225M 37,102M 53,028M 50,552M
Net income 40,338M 34,622M 26,615M 37,269M 38,183M
EBITDA 69,300M 63,675M 57,768M 60,345M 65,138M
Diluted EPS 222.12 194.70 151.39 214.86 222.63
Dividends Per Share 60 66 66 66 66
Total Assets 515,924M 474,034M 557,616M 580,662M 594,246M
Total liabilities 156,912M 147,581M 160,662M 163,790M 136,298M
Total equity 357,936M 325,410M 395,958M 415,713M 456,838M
Operating cash flow 35,520M 57,162M 58,225M 36,016M -14,841M
 Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Revenue 3,916.98M 3,809.83M 3,513.47M 3,632.52M 3,331.00M
Gross Profit 1,571.59M 1,502.47M 1,301.18M 1,333.09M 1,224.94M
Operating income 475.64M 426.32M 383.86M 382.93M 338.46M
Income before tax 509.23M 434.34M 349.82M 471.89M 373.02M
Net income 363.75M 318.43M 250.94M 331.65M 281.75M
EBITDA 624.91M 585.64M 544.68M 537.00M 480.66M
Diluted EPS 2.00 1.79 1.42 1.91 1.64
Dividends Per Share 0.54 0.60 0.62 0.58 0.48
Total Assets 4,661.19M 4,391.03M 5,046.29M 4,784.03M 4,464.99M
Total liabilities 1,417.64M 1,367.06M 1,453.95M 1,349.45M 1,024.10M
Total equity 3,233.82M 3,014.31M 3,583.33M 3,425.03M 3,432.54M
Operating cash flow 320.30M 525.74M 548.99M 320.50M -109.51M

Valuation Measures

Mar 2023
Operating margin10.16%
Profit margin8.45%


  • Executive President & Representative Director: Takuya Nakata
  • Executive Officer & General Manager-Operations: Taro Tokuhiro
  • Executive Officer, GM-Technology & IMC Business: Shigeki Fujii
  • Executive Officer & GM-Acoustics Sales: Seiichi Yamaguchi
  • Executive Officer & GM-Acoustic Business: Shinichi Takenaga


  • Yamaha Corp. (9.8%)
  • Nomura Asset Management Co., Ltd. (7.2%)
  • Yamaha Motor Co., Ltd. (4.2%)
  • Shizuoka Financial Group, Inc. (4.0%)
  • Sumitomo Life Insurance Co. (3.8%)
  • Nikko Asset Management Co., Ltd. (3.5%)
  • Daiwa Asset Management Co. Ltd. (3.4%)
  • MS&AD Insurance Group Holdings, Inc. (3.1%)
  • The Vanguard Group, Inc. (2.7%)
  • Nippon Life Insurance Co. (2.6%)

Contact Details

Related Companies

  • Yamaha Music Entertainment Holdings, Inc.
  • Yamaha Music Manufacturing Japan Corp.
  • PT Yamaha Musical Products Asia
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  • Yamaha Corp. (China)
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  • PT Yamaha Music Manufacturing Asia
  • Yamaha Music Vietnam Co. Ltd.
  • Yamaha Music India Pvt Ltd.
  • PT Yamaha Musical Products Indonesia
  • Yamaha Music Technical (Shanghai) Co. Ltd.
  • PT Yamaha Music Manufacturing Indonesia
  • iPulse Ltd.
  • Yamaha Commercial Audio Systems, Inc.
  • Yamaha Artist Services, Inc.
  • Yamaha Music (Russia) LLC
  • Yamaha Music Latin America SA
  • Yamaha Music & Electronics Taiwan Co., Ltd.
  • Yamaha Trading (Shanghai) Co. Ltd.
  • PT Yamaha Music Indonesia
  • PT Yamaha Electronics Manufacturing Indonesia
  • Yamaha Systems Technology Singapore Pte Ltd.
  • Yamaha de Mexico SA de CV
  • Yamaha Electronics (UK) Ltd.
  • Yamaha Music (Malaysia) Sdn. Bhd.


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Last Updated on 21 Sep, 2023

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