# Advanex inc.: 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78期(2025/04/01－2026/03/31) (S100YFF6)
> Page: https://vizora.meequs.com/en/company/advanex
> Retrieved: 2026-09-30T18:07:17.010Z

## Company

Advanex, founded in 1930, is a company in Industrial Machinery listed on TSE Standard. It has 1,913 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Advanex Inc. |
| Ticker | 5998 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5998.T) |
| Listing | TSE Standard |
| Head office | 東京都北区田端六丁目1番1号 |
| Representative (per filing) | 代表取締役会長兼社長 朝田英太郎 |
| Founded | Apr 1930 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,913 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.advanex.co.jp (https://www.advanex.co.jp/) |
| Corporate number | 7011501000992 |
| EDINET | E01393 |
| Industries (Vizora) | Industrial Machinery, Auto Parts |

> Profile source: annual securities report (S100YFF6, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.7 | 110 |
| Profitability | 25 | 122 |
| Cash conversion | 72 | 116 |
| Efficiency | 87.3 | 122 |

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 37% of Advanex's sales come from Asia, with Japan and Americas making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit +19.2%.

## Company structure

- Segment revenue mix: Asia 36.8%、Japan 31.0%、Americas 20.3%、Europe 11.9%
- Revenue → net income: ¥29679996000 → ¥1027978000
- Net income → operating cash flow: ¥1027978000 → ¥2202106000（difference ¥1174128000）
- Main uses of operating cash flow: CapEx ¥3124673000 / dividends ¥81995000 / buybacks ¥1325000
- Change in cash: ¥1046712000
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 | ¥29.7B |  |
| Operating income | ¥1.32B | Margin 4.5% |
| Net income | ¥1.03B | Margin 3.5% |
| Free cash flow | -¥922.6M |  |
| Largest business | Asia | of segment revenue 36.8% |
| Employees (consolidated) | 1,913 |  |
| EPS | ¥19.96 |  |
| Diluted EPS | ¥19.93 |  |
| Book value per share | ¥366.96 |  |
| Equity ratio | 31.1% |  |
| Shares outstanding | 4,153,370 |  |
| Treasury shares | 48,400 |  |
| Shareholders | 2,369 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 15.8% | Cash ÷ revenue 17.4% |
| Vs. industry median margin | -3.1 pp | Industrial Machinery |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19539638000 | ¥29679996000 | +51.9% |
| Operating income | ¥176143000 | ¥1322691000 | +650.9% |
| Operating margin | 0.9% | 4.5% | +3.6 pp |
| Employees | 1,960 people | 1,913 people | -2.4% |
| Cash and equivalents | ¥3093069000 | ¥5158679000 | +66.8% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 31.0% |
| 日本 → 事業再編・廃止 | 10.2% |
| 米州 → 米州 | 11.2% |
| 欧州 → 欧州 | 9.9% |
| アジア → アジア | 36.8% |
| アジア → 事業再編・廃止 | 0.8% |
| 新設・再編 → 米州 | 9.1% |
| 新設・再編 → 欧州 | 2.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +8.2% | ¥10918904000 | 6.4% | 2 |
| Japan | 5 years | +2.7% | ¥9203569000 | 2.8% | 2 |
| Americas | 5 years | +22.4% | ¥6014056000 | 4.6% | 2 |
| Europe | 5 years | +12.8% | ¥3543466000 | 2.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,680 | 100.0% | S100YFF6 |
| Cost of revenue | 22,349 | 75.3% | S100YFF6 |
| Gross profit | 7,331 | 24.7% | S100YFF6 |
| SG&A | 6,008 | 20.2% | S100YFF6 |
| Operating income | 1,323 | 4.5% | S100YFF6 |
| Ordinary income | 1,343 | 4.5% | S100YFF6 |
| Pretax income | 1,182 | 4.0% | S100YFF6 |
| Income tax | 154 | 0.5% | S100YFF6 |
| Net income | 1,028 | 3.5% | S100YFF6 |
| Net income attributable to owners | 1,028 | 3.5% | S100YFF6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 20 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.7% → Operating margin 4.5% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.0%; Core profit growth: +19.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.78×
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 | 28,533 | 29,680 | 1,147 | +4.0% |
| Gross profit | 6,929 | 7,331 | 402 | +5.8% |
| Operating income | 1,109 | 1,323 | 213 | +19.2% |
| Net income attributable to owners | -629 | 1,028 | 1,657 | — |
| Operating cash flow | 509 | 2,202 | 1,693 | +332.6% |
| Free cash flow | -1,690 | -923 | 767 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,280 | 261 | 1.2% | -593 | 1,281 | -1,120 | S100LSGK |
| FY ending Mar 2021 | 19,540 | 176 | 0.9% | 633 | 1,405 | 453 | S100OJPT |
| FY ending Mar 2022 | 21,722 | 148 | 0.7% | -82 | 945 | -832 | S100R9MN |
| FY ending Mar 2023 | 24,629 | 61 | 0.2% | 60 | 279 | -930 | S100TWOF |
| FY ending Mar 2024 | 26,549 | 366 | 1.4% | 269 | 2,049 | 1,449 | S100W7KN |
| FY ending Mar 2025 | 28,533 | 1,109 | 3.9% | -629 | 509 | -1,690 | S100YFF6 |
| FY ending Mar 2026 | 29,680 | 1,323 | 4.5% | 1,028 | 2,202 | -923 | S100YFF6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | ¥691.4K |
| Net income per employee (consolidated) | ¥537.4K |

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) | 1,918 | 1,959 | 1,920 | 1,870 | 1,913 |
| Average salary (parent company) | ¥4.6M | ¥5M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 42.1 years | 42.8 years | 43.2 years | 43.2 years | 43.0 years |
| Average tenure (parent company) | 14.4 years | 14.4 years | 14.1 years | 14.1 years | 14.5 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +4.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 9,204 | 31.0% | 256 | 2.8% |
| Americas | 6,014 | 20.3% | 277 | 4.6% |
| Europe | 3,543 | 11.9% | 80 | 2.3% |
| Asia | 10,919 | 36.8% | 701 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 31.0% | 19.5% | -11.5 | 2.8% |
| Americas | 20.3% | 21.1% | 0.8 | 4.6% |
| Europe | 11.9% | 6.1% | -5.8 | 2.3% |
| Asia | 36.8% | 53.4% | 16.6 | 6.4% |

Segment → industry: Japan → Industrial Machinery / Japan → Auto Parts / Americas → Industrial Machinery / Americas → Auto Parts / Europe → Industrial Machinery / Europe → Auto Parts / Asia → Industrial Machinery / Asia → Auto Parts

## 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 | 2,202 | 7.4% | S100YFF6 |
| Capital expenditure | 3,125 | 10.5% | S100YFF6 |
| Free cash flow | -923 | -3.1% | 算出 |
| Investing cash flow | -2,867 | -9.7% | S100YFF6 |
| Financing cash flow | 1,285 | 4.3% | S100YFF6 |
| Dividends paid | 82 | 0.3% | S100YFF6 |
| Share buyback | 1 | 0.0% | S100YFF6 |
| Change in cash | 1,047 | 3.5% | S100YFF6 |
| Cash and equivalents | 5,159 | 17.4% | S100YFF6 |

## 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 | 2,543 | 2,774 | 3,982 | 4,112 | 5,159 | S100TWOF, S100W7KN, S100YFF6 |
| Total assets | 25,208 | 26,470 | 28,458 | 28,506 | 32,721 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Net assets | 6,922 | 7,222 | 8,290 | 8,093 | 10,173 | S100TWOF, S100W7KN, S100YFF6 |
| Share capital | 1,000 | 1,000 | 100 | 100 | 100 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Trade receivables | 4,361 | 4,662 | 4,806 | 5,062 | 5,122 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Property, plant and equipment | 11,956 | 12,525 | 12,499 | 12,779 | 15,491 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Intangible assets excluding goodwill | 107 | 149 | 184 | 240 | 389 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Investment securities | 159 | 112 | 102 | 119 | 149 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Current assets | 12,321 | 13,017 | 14,977 | 14,654 | 16,044 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Current liabilities | 10,358 | 12,301 | 12,972 | 13,945 | 14,015 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Trade payables | 2,069 | 1,728 | 1,921 | 2,208 | 2,066 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Short-term borrowings | 1,442 | 4,235 | 4,739 | 5,920 | 5,879 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Long-term borrowings | 5,398 | 4,292 | 4,545 | 4,017 | 6,225 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Total liabilities | 18,286 | 19,249 | 20,168 | 20,412 | 22,548 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Equity attributable to owners of parent | 6,237 | 6,255 | 6,473 | 5,762 | 6,706 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Retained earnings | 5,064 | 5,083 | 5,303 | 4,674 | 5,620 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |
| Treasury stock | -78 | -79 | -80 | -80 | -82 | S100R9MN, S100TWOF, S100W7KN, S100YFF6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFF6 |
| Receivables | 16% | S100YFF6 |
| Property, plant and equipment | 47% | S100YFF6 |
| Intangibles and goodwill | 1% | S100YFF6 |
| Investment securities | 0% | S100YFF6 |
| Other assets | 20% | S100YFF6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YFF6 |
| Other liabilities | 63% | S100YFF6 |
| Equity | 31% | S100YFF6 |
| Other liabilities | 0% | S100YFF6 |

### 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 | 25,208 | 26,470 | 28,458 | 28,506 | 32,721 |
| Equity | 6,922 | 7,222 | 8,290 | 8,093 | 10,173 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,543 | 2,774 | 3,982 | 4,112 | 5,159 |

## 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) | 52.2% | S100YFF6 |
| Fixed assets ÷ total assets | 47.3% | S100YFF6 |
| Goodwill ÷ parent equity | — | —, S100YFF6 |

### 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) | 15.8% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.5% |
| Cash vs. profit gap | 1,174 JPY mn (of net income 114.2%) |
| Shareholder returns / net income | 8.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.5% |
| Investing CF relative to operating CF | 130.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.3% | —× | — | S100R9MN |
| 2023 | 0.2% | 0.95× | 0.2% | 4.14× | 1.0% | S100TWOF |
| 2024 | 1.0% | 0.97× | 1.0% | 4.32× | 4.2% | S100W7KN |
| 2025 | — | —× | -2.2% | —× | — | S100YFF6 |
| 2026 | 3.5% | 0.97× | 3.4% | 4.91× | 16.5% | S100YFF6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＡＡ株式会社 | Major shareholder | 10.9% | 2026-03-31 |
| スマート有限会社 | Major shareholder | 10.5% | 2026-03-31 |
| ＡＳＡＤＡ株式会社 | Major shareholder | 8.1% | 2026-03-31 |
| アーク株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| ＡＲＴ株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| エース株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社アサダ | Major shareholder | 3.2% | 2026-03-31 |
| スマイル株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ＪＰ ＪＰⅯＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YFF6 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFF6,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W7KN | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7KN,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TWOF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWOF,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R9MN | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9MN,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OJPT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJPT,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LSGK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSGK,, |

## 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).