# A&A Material Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YK9E)
> Page: https://vizora.meequs.com/en/company/a-and-a-material
> Retrieved: 2026-09-30T17:49:30.151Z

## Company

A&A Material, founded in 1914, is a company in Auto Parts listed on TSE Standard. It has 1,001 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | A&A Material Corporation |
| Ticker | 5391 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5391.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南一丁目2番70号 品川シーズンテラス27階 |
| Representative (per filing) | 代表取締役社長 巻野徹 |
| Founded | Dec 1914 |
| Share capital | ¥3.89B |
| Employees (consolidated) | 1,001 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.aa-material.co.jp (https://www.aa-material.co.jp/) |
| Corporate number | 9020001040448 |
| EDINET | E01163 |
| Industries (Vizora) | Auto Parts, Plant Engineering & Building Services, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YK9E, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 56 |
| Profitability | 42.2 | 58 |
| Cash conversion | 33 | 50 |
| Efficiency | 73.3 | 58 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 50% of A&A Material's sales come from Construction and building materials, with Industrial goods and engineering and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit -12.6%.

## Company structure

- Segment revenue mix: Construction and building materials 50.5%、Industrial goods and engineering 49.4%、Other 0.1%
- Revenue → net income: ¥45700000000 → ¥1701000000
- Net income → operating cash flow: ¥1701000000 → ¥1467000000（difference ¥-234000000）
- Main uses of operating cash flow: CapEx ¥1696000000 / dividends ¥465000000 / buybacks ¥2935000000
- Change in cash: ¥-479000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥45.7B |  |
| Operating income | ¥1.67B | Margin 3.7% |
| Net income | ¥1.7B | Margin 3.7% |
| Free cash flow | -¥229M |  |
| Largest business | Construction and building materials | of segment revenue 50.5% |
| Employees (consolidated) | 1,001 |  |
| EPS | ¥87.84 |  |
| Book value per share | ¥1425.7 |  |
| Equity ratio | 39.5% |  |
| Shares outstanding | 7,778,000 |  |
| Treasury shares | 2,170,000 |  |
| Shareholders | 5,276 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 0.4% | Cash ÷ revenue 0.4% |
| Vs. industry median margin | -0.8 pp | Housing Equipment & Building Materials |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.3× dividends
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, cash is 0% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37204000000 | ¥45700000000 | +22.8% |
| Operating income | ¥1470000000 | ¥1674000000 | +13.9% |
| Operating margin | 4.0% | 3.7% | -0.3 pp |
| Employees | 863 people | 1,001 people | +16.0% |
| Cash and equivalents | ¥2340000000 | ¥186000000 | -92.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建設・建材事業 → 建設・建材事業 | 44.0% |
| 工業製品・エンジニアリング事業 → 工業製品・エンジニアリング事業 | 49.4% |
| 工業製品・エンジニアリング事業 → 事業再編・廃止 | 6.4% |
| その他 → その他 | 0.1% |
| 新設・再編 → 建設・建材事業 | 6.4% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction and building materials | 5 years | +7.1% | ¥23067000000 | 9.8% | 2 |
| Industrial goods and engineering | 5 years | +1.7% | ¥22575000000 | 5.9% | 2 |
| Other | 5 years | +4.5% | ¥56000000 | 62.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,700 | 100.0% | S100YK9E |
| Cost of revenue | 35,278 | 77.2% | S100YK9E |
| Gross profit | 10,422 | 22.8% | S100YK9E |
| SG&A | 8,747 | 19.1% | S100YK9E |
| Operating income | 1,674 | 3.7% | S100YK9E |
| Ordinary income | 1,614 | 3.5% | S100YK9E |
| Pretax income | 1,729 | 3.8% | S100YK9E |
| Income tax | 27 | 0.1% | S100YK9E |
| Net income | 1,701 | 3.7% | S100YK9E |
| Net income attributable to owners | 1,701 | 3.7% | S100YK9E |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 19 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.8% → Operating margin 3.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.2%; Core profit growth: -12.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.41×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 43,421 | 45,700 | 2,279 | +5.2% |
| Gross profit | 9,822 | 10,422 | 600 | +6.1% |
| Operating income | 1,916 | 1,674 | -242 | -12.6% |
| Net income attributable to owners | -120 | 1,701 | 1,821 | — |
| Operating cash flow | 1,230 | 1,467 | 237 | +19.3% |
| Free cash flow | -1,572 | -229 | 1,343 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,761 | 3,181 | 7.4% | 1,992 | 2,818 | 1,954 | S100LMB3 |
| FY ending Mar 2021 | 37,204 | 1,470 | 4.0% | 727 | 1,076 | -141 | S100OBFN |
| FY ending Mar 2022 | 35,923 | 1,440 | 4.0% | 958 | 1,741 | -40 | S100R0OY |
| FY ending Mar 2023 | 39,200 | 1,489 | 3.8% | 931 | -694 | -1,265 | S100TUAB |
| FY ending Mar 2024 | 41,282 | 2,318 | 5.6% | 2,699 | 3,065 | 1,618 | S100W726 |
| FY ending Mar 2025 | 43,421 | 1,916 | 4.4% | -120 | 1,230 | -1,572 | S100YK9E |
| FY ending Mar 2026 | 45,700 | 1,674 | 3.7% | 1,701 | 1,467 | -229 | S100YK9E |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.7M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 871 | 857 | 838 | 898 | 1,001 |
| Average salary (parent company) | ¥6.1M | ¥5.3M | ¥5.5M | ¥6.9M | ¥7M |
| Average age (parent company) | 45.3 years | 44.9 years | 47.0 years | 43.9 years | 42.3 years |
| Average tenure (parent company) | 18.9 years | 14.8 years | 16.7 years | 18.0 years | 17.0 years |

Year over year: Employees (consolidated) +11.5% · Revenue (consolidated) +5.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction and building materials | 23,067 | 50.5% | 2,253 | 9.8% |
| Industrial goods and engineering | 22,575 | 49.4% | 1,323 | 5.9% |
| Other | 56 | 0.1% | 35 | 62.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Construction and building materials | 50.5% | 62.4% | 11.9 | 9.8% |
| Industrial goods and engineering | 49.4% | 36.6% | -12.8 | 5.9% |
| Other | 0.1% | 1.0% | 0.8 | 62.5% |

Segment → industry: Industrial goods and engineering → Auto Parts / Industrial goods and engineering → Plant Engineering & Building Services / Other → Real Estate Development & Leasing / Construction and building materials → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,467 | 3.2% | S100YK9E |
| Capital expenditure | 1,696 | 3.7% | S100YK9E |
| Free cash flow | -229 | -0.5% | 算出 |
| Investing cash flow | -2,730 | -6.0% | S100YK9E |
| Financing cash flow | 785 | 1.7% | S100YK9E |
| Dividends paid | 465 | 1.0% | S100YK9E |
| Share buyback | 2,935 | 6.4% | S100YK9E |
| Change in cash | -479 | -1.0% | S100YK9E |
| Cash and equivalents | 186 | 0.4% | S100YK9E |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,324 | 2,046 | 2,570 | 665 | 186 | S100TUAB, S100W726, S100YK9E |
| Total assets | 36,231 | 38,179 | 39,952 | 40,837 | 43,440 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Net assets | 15,676 | 16,501 | 18,932 | 18,652 | 17,165 | S100TUAB, S100W726, S100YK9E |
| Share capital | 3,889 | 3,889 | 3,889 | 3,889 | 3,889 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Property, plant and equipment | 17,671 | 17,822 | 18,067 | 20,166 | 21,535 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Intangible assets excluding goodwill | 418 | 441 | 481 | 789 | 1,118 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Goodwill | — | — | — | 262 | 227 | S100YK9E |
| Investment securities | 481 | 492 | 695 | 692 | 1,039 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Current assets | 17,151 | 19,006 | 20,287 | 18,620 | 19,101 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Current liabilities | 13,801 | 15,327 | 14,928 | 13,260 | 16,148 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Trade payables | 4,366 | 4,813 | 5,349 | 3,509 | 2,601 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Short-term borrowings | 5,891 | 7,061 | 4,455 | 3,732 | 5,432 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Long-term borrowings | 116 | 55 | — | 668 | 3,486 | S100R0OY, S100TUAB, S100YK9E |
| Total liabilities | 20,554 | 21,677 | 21,019 | 22,185 | 26,274 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Non-controlling interests | 0 | 0 | — | — | — | S100R0OY, S100TUAB |
| Equity attributable to owners of parent | 15,468 | 16,050 | 18,496 | 17,967 | 16,274 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Retained earnings | 11,735 | 12,318 | 14,751 | 14,204 | 15,440 | S100R0OY, S100TUAB, S100W726, S100YK9E |
| Treasury stock | -156 | -156 | -144 | -125 | -3,055 | S100R0OY, S100TUAB, S100W726, S100YK9E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 0% | S100YK9E |
| Property, plant and equipment | 50% | S100YK9E |
| Intangibles and goodwill | 3% | S100YK9E |
| Investment securities | 2% | S100YK9E |
| Other assets | 45% | S100YK9E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YK9E |
| Other liabilities | 54% | S100YK9E |
| Equity | 40% | S100YK9E |
| Other liabilities | 0% | S100YK9E |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,231 | 38,179 | 39,952 | 40,837 | 43,440 |
| Equity | 15,676 | 16,501 | 18,932 | 18,652 | 17,165 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,324 | 2,046 | 2,570 | 665 | 186 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 47.1% | S100YK9E |
| Fixed assets ÷ total assets | 49.6% | S100YK9E |
| Goodwill ÷ parent equity | 1.4% | S100YK9E |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 0.4% |
| Cash ÷ revenue | 0.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.6% |
| Cash vs. profit gap | -234 JPY mn (of net income -13.8%) |
| Shareholder returns / net income | 199.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 186.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.7% | 0.99× | 2.6% | 2.34× | 6.2% | S100R0OY |
| 2023 | 2.4% | 1.05× | 2.5% | 2.36× | 5.9% | S100TUAB |
| 2024 | 6.5% | 1.06× | 6.9% | 2.26× | 15.6% | S100W726 |
| 2025 | — | —× | -0.3% | —× | — | S100YK9E |
| 2026 | 3.7% | 1.08× | 4.0% | 2.46× | 9.9% | S100YK9E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント株式会社 | Major shareholder | 20.3% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人株式会社日本カストディ銀行) | Major shareholder | 4.1% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 2.8% | 2026-03-31 |
| エーアンドエーマテリアル社員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 有限会社翔美 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社不二商会 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.4% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 有限会社福田商事 | Major shareholder | 1.1% | 2026-03-31 |
| 高橋 慧 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YK9E | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK9E,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W726 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W726,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TUAB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAB,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R0OY | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0OY,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OBFN | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBFN,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LMB3 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMB3,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).