# Abalance 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27期(2025/04/01－2026/03/31) (S100YXMA)
> Page: https://vizora.meequs.com/en/company/abalance
> Retrieved: 2026-09-30T18:34:44.257Z

## Company

Abalance, founded in 2000, is a company in Electric Power & Gas listed on TSE Standard. It has 3,498 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Abalance Corporation |
| Ticker | 3856 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3856.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東品川二丁目2番4号 天王洲ファーストタワー |
| Representative (per filing) | 代表取締役社長 柳瀬 重人 |
| Founded | Apr 2000 |
| Share capital | ¥2.77B |
| Employees (consolidated) | 3,498 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.abalance.jp (https://www.abalance.jp/) |
| Corporate number | 9010501023597 |
| EDINET | E05713 |
| Industries (Vizora) | Electric Power & Gas, Electrical Equipment |

> Profile source: annual securities report (S100YXMA, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 77.1 | 24 |
| Cash conversion | 89.1 | 23 |
| Efficiency | 42 | 25 |

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 93% of Abalance's sales come from Solar panel manufacturing business, with Green energy and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +91.3% from the prior year, operating profit +445.8%.

## Company structure

- Segment revenue mix: Solar panel manufacturing business 93.0%、Green energy 6.6%、Other 0.4%
- Revenue → net income: ¥120169000000 → ¥9936000000
- Net income → operating cash flow: ¥9936000000 → ¥24413000000（difference ¥14477000000）
- Main uses of operating cash flow: CapEx ¥21057000000 / dividends ¥110000000 / buybacks —
- Change in cash: ¥-1839000000
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 | ¥120.2B |  |
| Operating income | ¥13.9B | Margin 11.6% |
| Net income | ¥7.72B | Margin 6.4% |
| Free cash flow | ¥3.36B |  |
| Largest business | Solar panel manufacturing business | of segment revenue 93.0% |
| Employees (consolidated) | 3,498 |  |
| EPS | ¥-1.98 |  |
| Book value per share | ¥278.8 |  |
| Equity ratio | 24.7% |  |
| Shares outstanding | 19,033,193 |  |
| Treasury shares | 82,500 |  |
| Shareholders | 9,605 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 13.4% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | +3.2 pp | Electrical Equipment |
| ROE | 25.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 2 years

| Metric | FY ending Jun 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥208972000000 | ¥120169000000 | -42.5% |
| Operating income | ¥23349000000 | ¥13928000000 | -40.3% |
| Operating margin | 11.2% | 11.6% | +0.4 pp |
| Employees | 1,684 people | 3,498 people | +107.7% |
| Cash and equivalents | ¥37033000000 | ¥22573000000 | -39.0% |

### Change in segment revenue mix

Span: FY ending Jun 2024 → 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 |
| --- | ---: |
| 太陽光パネル製造事業 → 太陽光パネル製造事業 | 93.0% |
| 太陽光パネル製造事業 → 事業再編・廃止 | 2.6% |
| グリーンエネルギー事業 → グリーンエネルギー事業 | 4.0% |
| その他 → その他 | 0.4% |
| 新設・再編 → グリーンエネルギー事業 | 2.6% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solar panel manufacturing business | 2 years | -25.2% | ¥111768000000 | 12.5% | 1 |
| Green energy | 2 years | -2.7% | ¥7879000000 | 10.2% | 1 |
| Other | 2 years | -17.7% | ¥522000000 | -26.6% | 1 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,169 | 100.0% | S100YXMA |
| Cost of revenue | 91,122 | 75.8% | S100YXMA |
| Gross profit | 29,046 | 24.2% | S100YXMA |
| SG&A | 15,118 | 12.6% | S100YXMA |
| Operating income | 13,928 | 11.6% | S100YXMA |
| Ordinary income | 12,497 | 10.4% | S100YXMA |
| Pretax income | 15,512 | 12.9% | S100YXMA |
| Income tax | 5,575 | 4.6% | S100YXMA |
| Net income | 9,936 | 8.3% | S100YXMA |
| Net income attributable to owners | 7,722 | 6.4% | S100YXMA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 12 |
| Operating income | 12 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.2% → Operating margin 11.6% → Net margin 6.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 62,828 | 120,169 | 57,341 | +91.3% |
| Gross profit | 12,383 | 29,046 | 16,663 | +134.6% |
| Operating income | 2,552 | 13,928 | 11,376 | +445.8% |
| Net income attributable to owners | -314 | 7,722 | 8,036 | — |
| Operating cash flow | -10,341 | 24,413 | 34,754 | — |
| Free cash flow | -14,483 | 3,356 | 17,839 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2024 | 208,972 | 23,349 | 11.2% | 9,530 | 44,757 | 33,944 | S100W9LG |
| FY ending Mar 2025 | 62,828 | 2,552 | 4.1% | -314 | -10,341 | -14,483 | S100YXMA |
| FY ending Mar 2026 | 120,169 | 13,928 | 11.6% | 7,722 | 24,413 | 3,356 | S100YXMA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.4M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 1,684 | 1,713 | 3,498 |
| Average salary (parent company) | — | ¥7.2M | ¥7.3M |
| Average age (parent company) | — | 42.1 years | 44.5 years |
| Average tenure (parent company) | — | 3.1 years | 3.9 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solar panel manufacturing business | 111,768 | 93.0% | 13,952 | 12.5% |
| Green energy | 7,879 | 6.6% | 803 | 10.2% |
| Other | 522 | 0.4% | -139 | -26.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solar panel manufacturing business | 93.0% | 94.6% | 1.5 | 12.5% |
| Green energy | 6.6% | 5.4% | -1.1 | 10.2% |
| Other | 0.4% | — | — | -26.6% |

Loss-making segment (excluded from profit shares): Other -139 JPY mn

Segment → industry: Green energy → Electric Power & Gas / Solar panel manufacturing business → Electrical Equipment

## 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 | 24,413 | 20.3% | S100YXMA |
| Capital expenditure | 21,057 | 17.5% | S100YXMA |
| Free cash flow | 3,356 | 2.8% | 算出 |
| Investing cash flow | -9,573 | -8.0% | S100YXMA |
| Financing cash flow | -17,308 | -14.4% | S100YXMA |
| Dividends paid | 110 | 0.1% | S100YXMA |
| Change in cash | -1,839 | -1.5% | S100YXMA |
| Cash and equivalents | 22,573 | 18.8% | S100YXMA |

## 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 Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 37,033 | 25,925 | 22,573 | S100YXMA |
| Total assets | 150,173 | 146,809 | 168,904 | S100W9LG, S100YXMA |
| Net assets | 45,592 | 45,002 | 52,285 | S100YXMA |
| Share capital | 2,518 | 2,521 | 2,766 | S100W9LG, S100YXMA |
| Property, plant and equipment | — | 48,577 | 58,226 | S100YXMA |
| Intangible assets excluding goodwill | — | 4,146 | 3,775 | S100YXMA |
| Goodwill | — | 3,899 | 3,552 | S100YXMA |
| Investment securities | — | 1,453 | 1,446 | S100YXMA |
| Current assets | — | 90,680 | 103,670 | S100YXMA |
| Current liabilities | — | 81,015 | 99,369 | S100YXMA |
| Short-term borrowings | — | 32,310 | 33,646 | S100YXMA |
| Long-term borrowings | — | 11,331 | 7,668 | S100YXMA |
| Total liabilities | — | 101,807 | 116,618 | S100YXMA |
| Non-controlling interests | — | 21,862 | 10,376 | S100YXMA |
| Equity attributable to owners of parent | — | 23,068 | 37,401 | S100YXMA |
| Retained earnings | — | 18,258 | 25,924 | S100YXMA |
| Treasury stock | — | -91 | -24 | S100YXMA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YXMA |
| Property, plant and equipment | 35% | S100YXMA |
| Intangibles and goodwill | 4% | S100YXMA |
| Investment securities | 1% | S100YXMA |
| Other assets | 47% | S100YXMA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100YXMA |
| Equity | 31% | S100YXMA |
| Other liabilities | 0% | S100YXMA |

### Balance sheet history

| Metric | FY ending Jun 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 150,173 | 146,809 | 168,904 |
| Equity | 45,592 | 45,002 | 52,285 |
| Interest-bearing debt | — | — | — |
| Cash | 37,033 | 25,925 | 22,573 |

## 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) | 48.5% | S100YXMA |
| Fixed assets ÷ total assets | 34.5% | S100YXMA |
| Goodwill ÷ parent equity | 9.5% | S100YXMA |

### 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) | 13.4% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 175.3% |
| Cash vs. profit gap | 16,691 JPY mn (of net income 216.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1.4% |
| Shareholder payments — dividends / FCF | 3.3% |
| CapEx intensity (capex ÷ revenue) | 17.5% |
| Investing CF relative to operating CF | 39.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 4.6% | 1.39× | 6.3% | 3.29× | 20.9% | S100W9LG, S100YXMA |
| 2025 | — | —× | -0.2% | —× | — | S100YXMA |
| 2026 | 6.4% | 0.76× | 4.9% | 5.22× | 25.5% | S100YXMA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 龍 潤生 | Major shareholder | 24.7% | 2026-03-31 |
| 有限会社飯塚フューチャーデザイン | Major shareholder | 3.4% | 2026-03-31 |
| 日野 豊 | Major shareholder | 2.6% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 山下 博 | Major shareholder | 2.2% | 2026-03-31 |
| 石橋 拓朗 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| HSBC-FUND SERVICES CLIENTS A/C 006(香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ 部長 角田 武士) | Major shareholder | 1.4% | 2026-03-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS(常任代理人株式会社三菱UFJ銀行 取締役頭取執行役員 半沢 淳一) | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YXMA | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXMA,, |
| 有価証券報告書－第26期(2024/07/01－2025/03/31) | S100W9LG | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9LG,, |

## 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).