# Achilles 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106期(2025/04/01－2026/03/31) (S100YJF9)
> Page: https://vizora.meequs.com/en/company/achilles
> Retrieved: 2026-09-30T17:49:12.665Z

## Company

Achilles, founded in 1947, is a company in Auto Parts listed on TSE Prime. It has 1,596 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Achilles Corporation |
| Ticker | 5142 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5142.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区北新宿二丁目21番1号 |
| Representative (per filing) | 代表取締役社長 日景一郎 |
| Founded | May 1947 |
| Share capital | ¥14.6B |
| Employees (consolidated) | 1,596 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.achilles.jp (https://www.achilles.jp/) |
| Corporate number | 7011101000682 |
| EDINET | E01096 |
| Industries (Vizora) | Auto Parts, Chemicals, Shoes & Bags, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YJF9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.6 | 110 |
| Profitability | 37.4 | 111 |
| Cash conversion | 12.5 | 108 |
| Efficiency | 51.8 | 111 |

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 61% of Achilles's sales come from Business Division 1, with Business Division 2 and Shoes Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.4% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Business Division 1 61.0%、Business Division 2 28.1%、Shoes Business Unit 10.9%
- Revenue → net income: ¥81802000000 → ¥2116000000
- Net income → operating cash flow: ¥2116000000 → ¥2639000000（difference ¥523000000）
- Main uses of operating cash flow: CapEx ¥2877000000 / dividends ¥273000000 / buybacks ¥1000000
- Change in cash: ¥2027000000
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 | ¥81.8B |  |
| Operating income | ¥2.97B | Margin 3.6% |
| Net income | ¥2.12B | Margin 2.6% |
| Free cash flow | -¥238M |  |
| Largest business | Business Division 1 | of segment revenue 61.0% |
| Employees (consolidated) | 1,596 |  |
| EPS | ¥156.64 |  |
| Book value per share | ¥2182.57 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 14,562,714 |  |
| Treasury shares | 896,700 |  |
| Shareholders | 7,608 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -1.1 pp | Auto Parts |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥73617000000 | ¥81802000000 | +11.1% |
| Operating income | ¥1569000000 | ¥2972000000 | +89.4% |
| Operating margin | 2.1% | 3.6% | +1.5 pp |
| Employees | 1,662 people | 1,596 people | -4.0% |
| Cash and equivalents | ¥8129000000 | ¥8746000000 | +7.6% |

### 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 |
| --- | ---: |
| シューズ事業 → 事業再編・廃止 | 14.1% |
| プラスチック事業 → 事業再編・廃止 | 46.8% |
| 産業資材事業 → 事業再編・廃止 | 39.1% |
| 新設・再編 → 第一事業部 | 61.0% |
| 新設・再編 → 第二事業部 | 28.1% |
| 新設・再編 → シューズＢＵ | 10.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Business Division 1 | — | — | ¥49910000000 | 6.6% | 2 |
| Business Division 2 | — | — | ¥22964000000 | 10.4% | 2 |
| Shoes Business Unit | — | — | ¥8928000000 | -3.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,802 | 100.0% | S100YJF9 |
| Cost of revenue | 64,110 | 78.4% | S100YJF9 |
| Gross profit | 17,692 | 21.6% | S100YJF9 |
| SG&A | 14,719 | 18.0% | S100YJF9 |
| Operating income | 2,972 | 3.6% | S100YJF9 |
| Ordinary income | 3,919 | 4.8% | S100YJF9 |
| Pretax income | 2,948 | 3.6% | S100YJF9 |
| Income tax | 831 | 1.0% | S100YJF9 |
| Net income | 2,116 | 2.6% | S100YJF9 |
| Net income attributable to owners | 2,116 | 2.6% | S100YJF9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.6% → Operating margin 3.6% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 79,093 | 81,802 | 2,709 | +3.4% |
| Gross profit | 14,484 | 17,692 | 3,208 | +22.1% |
| Operating income | -436 | 2,972 | 3,408 | — |
| Net income attributable to owners | 427 | 2,116 | 1,689 | +395.6% |
| Operating cash flow | 2,686 | 2,639 | -47 | -1.7% |
| Free cash flow | -1,107 | -238 | 869 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,225 | 1,602 | 2.0% | 1,895 | 7,549 | 2,860 | S100LJF8 |
| FY ending Mar 2021 | 73,617 | 1,569 | 2.1% | 3,215 | 4,509 | -733 | S100OIEP |
| FY ending Mar 2022 | 75,953 | 855 | 1.1% | 1,525 | 4,707 | -1,406 | S100R3Y5 |
| FY ending Mar 2023 | 82,917 | -713 | -0.9% | -1,204 | -1,072 | -5,910 | S100TPCK |
| FY ending Mar 2024 | 78,607 | -958 | -1.2% | -8,210 | 1,878 | -2,371 | S100W5DJ |
| FY ending Mar 2025 | 79,093 | -436 | -0.6% | 427 | 2,686 | -1,107 | S100YJF9 |
| FY ending Mar 2026 | 81,802 | 2,972 | 3.6% | 2,116 | 2,639 | -238 | S100YJF9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.3M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,651 | 1,649 | 1,689 | 1,677 | 1,596 |
| Average salary (parent company) | ¥5.9M | ¥5.7M | ¥5.7M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 41.1 years | 41.3 years | 42.0 years | 42.2 years | 43.0 years |
| Average tenure (parent company) | 19.1 years | 19.3 years | 20.1 years | 20.2 years | 20.8 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business Division 1 | 49,910 | 61.0% | 3,287 | 6.6% |
| Business Division 2 | 22,964 | 28.1% | 2,390 | 10.4% |
| Shoes Business Unit | 8,928 | 10.9% | -321 | -3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business Division 1 | 61.0% | 57.9% | -3.1 | 6.6% |
| Business Division 2 | 28.1% | 42.1% | 14.0 | 10.4% |
| Shoes Business Unit | 10.9% | — | — | -3.6% |

Loss-making segment (excluded from profit shares): Shoes Business Unit -321 JPY mn

Segment → industry: Business Division 1 → Auto Parts / Business Division 1 → Chemicals / Shoes Business Unit → Shoes & Bags / Business Division 2 → 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 | 2,639 | 3.2% | S100YJF9 |
| Capital expenditure | 2,877 | 3.5% | S100YJF9 |
| Free cash flow | -238 | -0.3% | 算出 |
| Investing cash flow | -2,862 | -3.5% | S100YJF9 |
| Financing cash flow | 2,146 | 2.6% | S100YJF9 |
| Dividends paid | 273 | 0.3% | S100YJF9 |
| Share buyback | 1 | 0.0% | S100YJF9 |
| Change in cash | 2,027 | 2.5% | S100YJF9 |
| Cash and equivalents | 8,746 | 10.7% | S100YJF9 |

## 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 | 7,588 | 6,886 | 6,851 | 6,719 | 8,746 | S100TPCK, S100W5DJ, S100YJF9 |
| Total assets | 80,123 | 86,220 | 82,662 | 79,504 | 83,628 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Net assets | 47,728 | 46,206 | 39,549 | 39,336 | 43,282 | S100TPCK, S100W5DJ, S100YJF9 |
| Share capital | 14,640 | 14,640 | 14,640 | 14,640 | 14,640 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Property, plant and equipment | 25,499 | 26,171 | 22,039 | 20,244 | 19,269 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Intangible assets excluding goodwill | 400 | 393 | 398 | 274 | 361 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Investment securities | 2,863 | 2,599 | 3,158 | 6,162 | 7,844 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Current assets | 44,428 | 49,181 | 47,279 | 45,720 | 46,645 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Current liabilities | 24,406 | 27,512 | 25,162 | 29,161 | 22,501 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Trade payables | 12,551 | 14,065 | 11,731 | 10,279 | 7,809 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Short-term borrowings | 2,200 | 3,600 | 4,400 | 4,400 | 6,900 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Long-term borrowings | 3,000 | 7,500 | 10,250 | 4,500 | 10,250 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Total liabilities | 32,395 | 40,014 | 43,112 | 40,168 | 40,345 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Equity attributable to owners of parent | 43,997 | 41,439 | 31,437 | 30,618 | 32,460 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Retained earnings | 24,904 | 23,073 | 14,258 | 13,647 | 15,490 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |
| Treasury stock | -386 | -373 | -1,560 | -1,329 | -1,330 | S100R3Y5, S100TPCK, S100W5DJ, S100YJF9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YJF9 |
| Property, plant and equipment | 23% | S100YJF9 |
| Intangibles and goodwill | 0% | S100YJF9 |
| Investment securities | 9% | S100YJF9 |
| Other assets | 57% | S100YJF9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YJF9 |
| Other liabilities | 39% | S100YJF9 |
| Equity | 52% | S100YJF9 |
| Other liabilities | 0% | S100YJF9 |

### 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 | 80,123 | 86,220 | 82,662 | 79,504 | 83,628 |
| Equity | 47,728 | 46,206 | 39,549 | 39,336 | 43,282 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,588 | 6,886 | 6,851 | 6,719 | 8,746 |

## 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) | 23.6% | S100YJF9 |
| Fixed assets ÷ total assets | 23.0% | S100YJF9 |
| Goodwill ÷ parent equity | — | —, S100YJF9 |

### 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) | 10.5% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.8% |
| Cash vs. profit gap | 523 JPY mn (of net income 24.7%) |
| Shareholder returns / net income | 12.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 108.5% |

## 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 | 2.0% | 0.95× | 1.9% | 1.82× | 3.5% | S100R3Y5 |
| 2023 | — | —× | -1.4% | —× | — | S100TPCK |
| 2024 | — | —× | -9.7% | —× | — | S100W5DJ |
| 2025 | 0.5% | 0.98× | 0.5% | 2.61× | 1.4% | S100YJF9 |
| 2026 | 2.6% | 1.00× | 2.6% | 2.59× | 6.7% | S100YJF9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2026-03-31 |
| 東京アキレス協和会 | Major shareholder | 6.0% | 2026-03-31 |
| 大阪アキレス協和会 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 足利アキレス協和会 | Major shareholder | 3.5% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 3.2% | 2026-03-31 |
| 岡 秀朋 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社足利銀行 | Major shareholder | 2.5% | 2026-03-31 |
| セコム損害保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YJF9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJF9,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W5DJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5DJ,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TPCK | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPCK,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R3Y5 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3Y5,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OIEP | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIEP,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LJF8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJF8,, |

## 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).