Overview
Transportation Equipment

SUBARU CORPORATION

Subaru Corporation is a Japanese automotive and aerospace manufacturer that designs, produces, and sells automobiles and their parts globally, with core strengths in all-wheel drive technology, the proprietary SUBARU BOXER engine, and EyeSight driver assistance systems. The company collaborates with Toyota Motor Corporation on sports car and electric vehicle co-development, and also receives OEM supply of kei and compact vehicles from Daihatsu. In addition to its automotive operations, Subaru operates an Aerospace Division engaged in the manufacture, sale, and maintenance of aircraft and space-related equipment.

Market Cap
¥1,878B
US$12.0B
EV
¥1,488B
US$9.49B
Stock¥2,665▲+0.72%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.1
x
LTM EV/EBIT
236.3
x
LTM PER
22.0
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-39.7%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 9, 26Full-year earnings guidance downward revision
2Mar 3, 26Market-wide: Spillover from semiconductor correction
MC → EV Bridge
1,878BUS$12.0BMarket Cap550BUS$3.51B+ Debt932BUS$5.95B− Cash8.78BUS$56.0M− Inv. Sec.1.28BUS$8.14M+ NCI1,488BUS$9.49BEV
AI Briefing
Subaru: global AWD/BOXER automaker, Toyota-aligned (21.5% stake) with aerospace/defense arm on the side. FY26/3 revenue ¥4,785B but OP margin collapsed to 0.8% (¥40.1B) from 8.6% prior year — sharp profitability shock. EBITDA fwd ¥438B vs LTM ¥294B implies a recovery bet; market read hinges on whether margins rebound from this trough.
Performance & Balance
Revenue 5Y (¥B)
2,745US$17.5B'22/33,774US$24.1B'23/34,703US$30.0B'24/34,686US$29.9B'25/34,785US$30.5B'26/3
EBITDA 5Y (¥B)
315US$2.01B'22/3507US$3.24B'23/3686US$4.37B'24/3638US$4.07B'25/3311US$1.98B'26/3
Net Income 5Y (¥B)
70.0US$446M'22/3200US$1.28B'23/3385US$2.46B'24/3338US$2.16B'25/390.8US$579M'26/3
Capital Structure
83%
EquityD/E 0.20xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
883US$5.63B336US$2.14B'22/3980US$6.25B308US$1.96B'23/31,048US$6.68B397US$2.53B'24/3941US$6.00B520US$3.32B'25/31,005US$6.41B550US$3.51B'26/3
Shareholders
Top 10 hold 49.8%
1
TOYOTA MOTOR CORPORATION
21.46%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
14.88%
3
Custody Bank of Japan, Ltd. (Trust Account)
4.43%
4
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.88%
5
JPMorgan Securities Japan Co., Ltd.
1.52%
6
Mizuho Bank, Ltd.
1.41%
7
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.15%
8
NSL DTT CLIENT ACCOUNT 1 (Standing Proxy: Nomura Securities Co., Ltd.)
1.05%
9
THE BANK OF NEW YORK MELLON 140042 (Standing Proxy: Mizuho Bank, Ltd.)
1.03%
10
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
1.00%
Management
11 officers
Fumiaki HAYATA
Representative Director, Chairman; CRMO (Chief Risk Management Officer)
Apr 1986 Joined Subaru Corporation Apr 2007 General Manager, Purchasing Planning Department, Subaru Purchasing Division, Subaru Corporation Apr 2015 Executive Officer, Deputy General Manager, Overseas Sales Division No.1, and General Manager, North America Sales Department, Subaru Corporation Apr 2017 Managing Executive Officer, General Manager, Corporate Planning Department, Subaru Corporation Apr 2019 Managing Executive Officer, General Manager, Corporate Planning Division, Subaru Corporation Apr 2020 Senior Managing Executive Officer, General Manager, Overseas Sales Division No.1, Subaru Corporation; Chairman and CEO, Subaru of Indiana Automotive, Inc. (SIA) Jun 2021 Director, Senior Managing Executive Officer, General Manager, Overseas Sales Division No.1, Subaru Corporation; Chairman and CEO, SIA Apr 2023 Director, Senior Managing Executive Officer, Subaru Corporation Jun 2023 Representative Director, Executive Vice President, Subaru Corporation Apr 2025 Representative Director, Executive Vice President, CRMO, Subaru Corporation Apr 2026 Representative Director, Chairman, CRMO, Subaru Corporation (current)
1964-03-18
Atsushi OSAKI
Representative Director, President, CEO (Chief Executive Officer)
Apr 1988 Joined Subaru Corporation Apr 2007 Project General Manager, Product Planning Division, Subaru Corporation Jun 2011 General Manager, Technical Management Department, Engineering Division, Subaru Corporation Apr 2016 Executive Officer, Deputy General Manager, Quality Assurance Division, Subaru Corporation Apr 2017 Executive Officer, General Manager, Quality Assurance Division, Subaru Corporation Apr 2018 Managing Executive Officer, CQO (Chief Quality Officer), General Manager, Quality Assurance Division, Subaru Corporation Jan 2019 Managing Executive Officer, CQO, General Manager, Quality Assurance Division and Customer Service Division, Subaru Corporation Apr 2019 Senior Managing Executive Officer, CQO, General Manager, Quality Assurance Division, Subaru Corporation Apr 2020 Senior Managing Executive Officer, CQO, General Manager, Quality Assurance Division and Quality Assurance Management Office, Subaru Corporation Apr 2021 Senior Managing Executive Officer, General Manager, Manufacturing Division, Subaru Corporation Jun 2021 Director, Senior Managing Executive Officer, General Manager, Manufacturing Division, Subaru Corporation Apr 2023 Director, Senior Managing Executive Officer, Subaru Corporation Jun 2023 Representative Director, President, CEO, Subaru Corporation (current)
1962-04-19
Tetsuro FUJINUKI
Director, Senior Managing Executive Officer, CTO (Chief Technology Officer)
Apr 1986 Joined Subaru Corporation Jan 2010 Chief Engineer, Vehicle Research and Testing Department No.1, Engineering Division, Subaru Corporation Apr 2019 Executive Officer, Deputy General Manager, First Engineering Division, Subaru Corporation Aug 2019 Executive Officer, General Manager, Engineering Management Division, Deputy General Manager, First Engineering Division, and Director, Engineering Research Institute, Subaru Corporation Apr 2020 Executive Officer, CTO, General Manager, Engineering Management Division, and Director, Engineering Research Institute, Subaru Corporation Apr 2021 Managing Executive Officer, CTO, General Manager, Engineering Division, and Director, Engineering Research Institute, Subaru Corporation Apr 2023 Senior Managing Executive Officer, CTO, Subaru Corporation Jun 2023 Director, Senior Managing Executive Officer, CTO, Subaru Corporation Feb 2026 Director, Senior Managing Executive Officer, CTO, Officer in Charge of Certification Operations, Subaru Corporation (current)
1963-08-30
Shinsuke TODA
Director, Managing Executive Officer, CFO (Chief Financial Officer)
Apr 1990 Joined The Industrial Bank of Japan, Limited Apr 2015 General Manager, European Business Department, Mizuho Bank, Ltd. Oct 2015 General Manager, European Business Department, Mizuho Financial Group, Inc. Apr 2018 General Manager, Global Corporate Business Department, Mizuho Financial Group, Inc. and Mizuho Bank, Ltd. Apr 2019 Executive Officer, Deputy Head, European Regional Headquarters, Mizuho Bank, Ltd. Apr 2020 Managing Executive Officer, Deputy Head, European Regional Headquarters, Mizuho Bank, Ltd. May 2020 Managing Executive Officer, Head of European Regional Headquarters, Mizuho Financial Group, Inc.; Managing Executive Officer, Head of European Regional Headquarters, Mizuho Bank, Ltd. Jul 2021 Group Executive Officer, Head of European Regional Headquarters, Mizuho Financial Group, Inc.; Managing Executive Officer, Head of European Regional Headquarters, Mizuho Bank, Ltd. May 2023 Managing Executive Officer, Deputy Head, Overseas Sales Division No.2, and Deputy Head, Corporate Planning Division, Subaru Corporation Apr 2025 Managing Executive Officer, CFO, Subaru Corporation; Representative Director, President, Subaru Finance Corporation (current) Jun 2025 Director, Managing Executive Officer, CFO, Subaru Corporation (current)
1966-07-16
Fumihisa YABA
Director
Apr 1983 Joined Ajinomoto Co., Inc. Jul 1998 President, Ajinomoto Sales Indonesia Jul 2008 Vice President, Ajinomoto U.S.A., Inc. Jun 2013 Executive Officer, Ajinomoto Co., Inc. Jun 2015 Managing Executive Officer, Ajinomoto Co., Inc. Jun 2015 President, J-Oil Mills, Inc. Jun 2016 President, Executive Officer, J-Oil Mills, Inc. Apr 2022 Director, J-Oil Mills, Inc. Jun 2022 Director, J-Oil Mills, Inc. (retired) Jun 2023 Director, Subaru Corporation (current)
1959-12-08
Shigeru YAMASHITA
Director
Mar 1981 Joined Pigeon Corporation Feb 1997 President, Pigeon Industries (Thailand) Co., Ltd. Jul 2004 President, Lansinoh Laboratories, Inc. Apr 2007 Executive Officer, General Manager, Overseas Business Division, Pigeon Corporation Apr 2009 Director, General Manager, Overseas Business Division, Pigeon Corporation Apr 2011 Managing Director, responsible for Human Resources and General Affairs, Overseas Business Division and China Business Division, Pigeon Corporation Apr 2012 Director, Managing Executive Officer, General Manager, Overseas Business Division, Pigeon Corporation Apr 2013 President, Pigeon Corporation Apr 2019 Representative Director, Chairman of the Board, Pigeon Corporation Mar 2023 Representative Director, Chairman of the Board, Pigeon Corporation (retired) Jun 2024 Director, Subaru Corporation (current)
1958-02-14
Kayako OMURA
Director
Apr 1986 Joined Kobe Steel, Ltd. Apr 1995 On leave to study at Uppsala University, Sweden Oct 2001 Joined IBM Japan, Ltd. Jun 2008 Part-time Lecturer, Department of Industrial and Systems Engineering, Faculty of Science and Engineering, Chuo University Jan 2009 General Manager, Planning, Cloud Computing Business, IBM Japan, Ltd. Jan 2013 General Manager, Planning Department, Financial Business Division, IBM Japan, Ltd. Apr 2014 Representative Director, Vice President, OB Kogyo Co., Ltd. Apr 2017 Representative Director, President, OB Kogyo Co., Ltd. Apr 2025 Advisor, Mabuchi OB Gear System Co., Ltd. Mar 2026 Outside Director, MonotaRO Co., Ltd. (current) Jun 2026 Director, Subaru Corporation
1960-11-01
Hitoya SHOJI
Director, Full-time Audit and Supervisory Committee Member
Apr 1988 Joined Subaru Corporation Apr 2009 Chief Manager, Human Resources Department, Subaru Corporation Jun 2011 Seconded to Subaru of America, Inc. (SOA) as Vice President, Sales & Marketing Apr 2016 Deputy General Manager, Global Marketing Division, Subaru Corporation Apr 2017 Executive Officer, General Manager, Global Marketing Division, Subaru Corporation Apr 2018 Executive Officer, Deputy General Manager, Overseas Sales Division No.1, and Executive Vice President, SOA, Subaru Corporation Apr 2020 Managing Executive Officer, Deputy General Manager, Overseas Sales Division No.1, and Executive Vice President, SOA, Subaru Corporation Apr 2021 Managing Executive Officer, General Manager, Overseas Sales Division No.2, Subaru Corporation Apr 2022 Managing Executive Officer, General Manager, Overseas Sales Division No.2 and Parts & Accessories Division, Subaru Corporation Apr 2023 Managing Executive Officer, General Manager, Overseas Sales Division No.2, Subaru Corporation Apr 2025 Managing Executive Officer, Subaru Corporation Jun 2025 Full-time Audit & Supervisory Board Member, Subaru Corporation Jun 2026 Director, Full-time Audit and Supervisory Committee Member, Subaru Corporation (current)
1963-12-31
Yuri FURUSAWA
Director, Audit and Supervisory Committee Member
Apr 1986 Joined the Ministry of Transport Dec 2000 Administrator, Organisation for Economic Co-operation and Development (OECD) Jul 2004 Officer, International Planning Office, Policy Bureau, Ministry of Land, Infrastructure, Transport and Tourism (MLIT) Jul 2006 Director, International and Crisis Management Office, General Affairs Division, Japan Coast Guard Jul 2008 Councillor, Cabinet Secretariat (assigned to Deputy Chief Cabinet Secretary) Aug 2011 Deputy General Manager, International Sales Department, International Business Division, Shiseido Company, Limited Jul 2014 Deputy Director-General for International Affairs, Minister's Secretariat, MLIT Sep 2015 Deputy Commissioner, Japan Tourism Agency Jun 2016 Senior Councillor, Cabinet Personnel Bureau, Cabinet Secretariat Jul 2019 Assigned to Minister's Secretariat, MLIT Jul 2019 Retired from MLIT Jun 2022 Audit & Supervisory Board Member, Subaru Corporation Jun 2026 Director, Audit and Supervisory Committee Member, Subaru Corporation (current)
1963-07-22
Yasumasa MASUDA
Director, Audit and Supervisory Committee Member
Apr 1980 Joined Fujisawa Pharmaceutical Co., Ltd. (now Astellas Pharma Inc.) Jun 2008 Executive Officer; General Manager, Management Promotion Department, Astellas Pharma Inc. Jun 2011 Executive Officer, responsible for Finance; General Manager, Management Promotion Department, Astellas Pharma Inc. Apr 2012 Executive Officer, responsible for Finance (CFO), Astellas Pharma Inc. Jun 2012 Senior Executive Officer, responsible for Finance (CFO), Astellas Pharma Inc. Apr 2017 Senior Executive Officer, Assistant to the President, Astellas Pharma Inc. Jun 2017 Independent Non-Executive Director, Tohmatsu Audit LLC Jun 2018 Independent Non-Executive Director, Deloitte Tohmatsu LLC Jun 2018 Outside Director, Olympus Corporation Jun 2021 Outside Director; Chair of Audit Committee, Olympus Corporation Jun 2023 Audit & Supervisory Board Member, Subaru Corporation Jun 2024 Retired from Olympus Corporation Jun 2026 Director, Audit and Supervisory Committee Member, Subaru Corporation (current)
1957-02-27
Yukiko MITSUHASHI
Director, Audit and Supervisory Committee Member
Apr 1989 Joined Central Japan Railway Company Apr 2000 Registered as Attorney-at-Law Apr 2000 Breakmoore Law Office Nov 2002 Ashurst Tokyo Law Office Jan 2010 City-Yuwa Partners Jun 2015 Outside Director, AOI Pro, Inc. (retired 2022) Jun 2016 Outside Director, Punch Industry Co., Ltd. (retired 2022) Jul 2020 Atsumi & Sakai Foreign Law Joint Enterprise (current) Sep 2022 Outside Audit & Supervisory Board Member, Archem Inc. (retired 2026) Jun 2023 Outside Audit & Supervisory Board Member, ANA Holdings Inc. (current) Jun 2026 Director, Audit and Supervisory Committee Member, Subaru Corporation (current)
1966-06-12
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-07-07
5.31%
Norges Bank
2026-02-18
5.04%→4.33%
Norges Bank
2025-12-18
5.04%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
3.12%→2.57%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-10
Securities Registration Statement
EDINET
2026-07-07
Large Shareholding Report
EDINETAmended
2026-06-22
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-02-18
Large Shareholding Report
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-18
Large Shareholding Report
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-10
中期経営計画
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-07-03
Securities Registration Statement
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-07
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-05
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-09
Securities Registration Statement
EDINET
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-22
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2023-02-06
Amended Quarterly Securities Report
Period: Jul 2022 – Sep 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
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