# AGC Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第101期(2025/01/01－2025/12/31) (S100XSTU)
> Page: https://vizora.meequs.com/en/company/agc
> Retrieved: 2026-09-30T19:09:21.179Z

## Company

AGC is a company in Glass & Ceramics listed on TSE Prime. It has 52,896 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AGC Inc. |
| Ticker | 5201 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5201.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目5番1号 |
| Representative (per filing) | 代表取締役 平井 良典 |
| Share capital | ¥90.9B |
| Employees (consolidated) | 52,896 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | December |
| Website | www.agc.com (https://www.agc.com/) |
| Corporate number | 2010001008650 |
| EDINET | E01122 |
| Industries (Vizora) | Glass & Ceramics, Auto Parts, Semiconductor Materials, Chemicals, CRO & Clinical Testing |

> Profile source: annual securities report (S100XSTU, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.4 | 96 |
| Profitability | 37.5 | 100 |
| Cash conversion | 73.4 | 96 |
| Efficiency | 51.5 | 100 |
| Financial strength | 44.7 | 19 |

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 28% of AGC's sales come from Chemicals, with Automotive and Glass making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +1.3%.

## Company structure

- Segment revenue mix: Chemicals 28.1%、Automotive 25.3%、Glass 21.3%、Electronics 17.2%、Lifescience 6.3%
- Revenue → net income: ¥2058832000000 → ¥79470000000
- Net income → operating cash flow: ¥79470000000 → ¥274476000000（difference ¥195006000000）
- Main uses of operating cash flow: CapEx ¥209545000000 / dividends ¥44586000000 / buybacks ¥15000000
- Change in cash: ¥-13316000000
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 | ¥2.06T |  |
| Operating income | ¥127.5B | Margin 6.2% |
| Net income | ¥69.2B | Margin 3.4% |
| Free cash flow | ¥64.9B |  |
| Largest business | Chemicals | of segment revenue 28.1% |
| Employees (consolidated) | 52,896 |  |
| EPS | ¥326.2 |  |
| Diluted EPS | ¥325.67 |  |
| Book value per share | ¥3538.5 |  |
| Equity ratio | 50.3% | Derived from disclosed figures |
| Shares outstanding | 217,434,000 |  |
| Treasury shares | 5,070,500 |  |
| Shareholders | 121,563 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 3.2% | Net cash -¥433.4B · Cash ÷ revenue 4.6% |
| Vs. industry median margin | -1.3 pp | Chemicals |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.0× net income
- FY2025, cash is 3% of total assets
- FY2025, employees -1% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1412306000000 | ¥2058832000000 | +45.8% |
| Operating income | ¥75780000000 | ¥127465000000 | +68.2% |
| Operating margin | 5.4% | 6.2% | +0.8 pp |
| Employees | 56,179 people | 52,896 people | -5.8% |
| Cash and equivalents | ¥236124000000 | ¥94671000000 | -59.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ガラス → 事業再編・廃止 | 45.9% |
| 電子 → 電子 | 17.2% |
| 電子 → 事業再編・廃止 | 2.9% |
| 化学品 → 化学品 | 28.1% |
| 化学品 → 事業再編・廃止 | 3.7% |
| セラミックス・その他 → セラミックス・その他 | 1.8% |
| セラミックス・その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 建築ガラス | 21.3% |
| 新設・再編 → オートモーティブ | 25.3% |
| 新設・再編 → ライフサイエンス | 6.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +5.2% | ¥579487000000 | 9.2% | 2 |
| Automotive | 3 years | +7.6% | ¥520324000000 | 5.6% | 2 |
| Glass | 3 years | -3.1% | ¥438811000000 | 3.9% | 2 |
| Electronics | 5 years | +4.5% | ¥353227000000 | 13.5% | 2 |
| Lifescience | 3 years | -2.2% | ¥129420000000 | -17.2% | 2 |
| Ceramics/Others | 5 years | +3.8% | ¥37560000000 | 6.9% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,058,832 | 100.0% | S100XSTU |
| Cost of revenue | 1,558,385 | 75.7% | S100XSTU |
| Gross profit | 500,447 | 24.3% | S100XSTU |
| SG&A | 374,979 | 18.2% | S100XSTU |
| Operating income | 127,465 | 6.2% | S100XSTU |
| Pretax income | 124,758 | 6.1% | S100XSTU |
| Income tax | 45,288 | 2.2% | S100XSTU |
| Net income | 79,470 | 3.9% | S100XSTU |
| Net income attributable to owners | 69,162 | 3.4% | S100XSTU |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.3% → Operating margin 6.2% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +1.3%
Operating leverage (core profit growth ÷ revenue growth): -3.05×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,067,603 | 2,058,832 | -8,771 | -0.4% |
| Gross profit | 499,050 | 500,447 | 1,397 | +0.3% |
| Operating income | 125,835 | 127,465 | 1,630 | +1.3% |
| Net income attributable to owners | -94,042 | 69,162 | 163,204 | — |
| Operating cash flow | 284,815 | 274,476 | -10,339 | -3.6% |
| Free cash flow | 42,456 | 64,931 | 22,475 | +52.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 1,282,570 | — | — | 47,438 | 203,637 | — | S100L1UZ |
| FY ending Dec 2017 | 1,463,532 | — | — | 69,225 | 203,504 | — | S100NRWR |
| FY ending Dec 2018 | 1,522,904 | — | — | 89,593 | 189,287 | — | S100QHOF |
| FY ending Dec 2019 | 1,518,039 | 101,624 | 6.7% | 44,434 | 191,906 | -6,022 | S100L1UZ |
| FY ending Dec 2020 | 1,412,306 | 75,780 | 5.4% | 32,715 | 225,392 | 33,923 | S100NRWR |
| FY ending Dec 2021 | 1,697,383 | 206,168 | 12.1% | 123,840 | 326,713 | 116,141 | S100QHOF |
| FY ending Dec 2022 | 2,035,874 | 183,942 | 9.0% | -3,152 | 217,146 | -6,775 | S100T59J |
| FY ending Dec 2023 | 2,019,254 | 128,779 | 6.4% | 65,798 | 212,546 | -985 | S100VI0L |
| FY ending Dec 2024 | 2,067,603 | 125,835 | 6.1% | -94,042 | 284,815 | 42,456 | S100XSTU |
| FY ending Dec 2025 | 2,058,832 | 127,465 | 6.2% | 69,162 | 274,476 | 64,931 | S100XSTU |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.9M |
| Operating income per employee (consolidated) | ¥2.4M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 55,999 | 57,609 | 56,724 | 53,687 | 52,896 |
| Average salary (parent company) | ¥8M | ¥8.3M | ¥8.6M | ¥8.9M | ¥9.1M |
| Average age (parent company) | 43.4 years | 43.3 years | 43.2 years | 43.2 years | 43.4 years |
| Average tenure (parent company) | 17.9 years | 17.6 years | 17.2 years | 16.9 years | 17.0 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) -0.4%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Glass | 438,811 | 21.3% | 17,263 | 3.9% |
| Automotive | 520,324 | 25.3% | 29,252 | 5.6% |
| Electronics | 353,227 | 17.2% | 47,536 | 13.5% |
| Chemicals | 579,487 | 28.1% | 53,035 | 9.2% |
| Lifescience | 129,420 | 6.3% | -22,261 | -17.2% |
| Ceramics/Others | 37,560 | 1.8% | 2,588 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Glass | 21.3% | 11.5% | -9.8 | 3.9% |
| Automotive | 25.3% | 19.5% | -5.7 | 5.6% |
| Electronics | 17.2% | 31.8% | 14.6 | 13.5% |
| Chemicals | 28.1% | 35.4% | 7.3 | 9.2% |
| Lifescience | 6.3% | — | — | -17.2% |
| Ceramics/Others | 1.8% | 1.7% | -0.1 | 6.9% |

Loss-making segment (excluded from profit shares): Lifescience -22,261 JPY mn

Segment → industry: Glass → Glass & Ceramics / Automotive → Glass & Ceramics / Automotive → Auto Parts / Electronics → Glass & Ceramics / Electronics → Semiconductor Materials / Chemicals → Chemicals / Lifescience → CRO & Clinical Testing / Ceramics/Others → Glass & Ceramics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 274,476 | 13.3% | S100XSTU |
| Capital expenditure | 209,545 | 10.2% | S100XSTU |
| Free cash flow | 64,931 | 3.2% | 算出 |
| Investing cash flow | -178,404 | -8.7% | S100XSTU |
| Financing cash flow | -114,054 | -5.5% | S100XSTU |
| Dividends paid | 44,586 | 2.2% | S100XSTU |
| Share buyback | 15 | 0.0% | S100XSTU |
| Change in cash | -13,316 | -0.6% | S100XSTU |
| Cash and equivalents | 94,671 | 4.6% | S100XSTU |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 195,830 | 209,716 | 146,061 | 107,988 | 94,671 | S100T59J, S100VI0L, S100XSTU |
| Total assets | 2,666,031 | 2,814,029 | 2,932,991 | 2,889,665 | 2,950,077 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Net assets | 1,481,380 | 1,585,590 | 1,654,338 | 1,671,697 | 1,731,722 | S100T59J, S100VI0L, S100XSTU |
| Share capital | 90,873 | 90,873 | 90,873 | 90,873 | 90,873 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Property, plant and equipment | 1,323,868 | 1,350,769 | 1,457,950 | 1,550,862 | 1,652,885 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Goodwill | 112,916 | 92,768 | 101,130 | 49,774 | 52,100 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Current assets | 915,271 | 1,063,009 | 1,041,878 | 1,001,270 | 967,772 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Interest-bearing debt | 514,594 | 527,987 | 567,198 | 539,816 | 528,052 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Total liabilities | 1,184,650 | 1,228,439 | 1,278,652 | 1,217,967 | 1,218,355 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Equity attributable to owners of parent | 1,314,161 | 1,390,254 | 1,447,080 | 1,435,787 | 1,485,126 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Retained earnings | 927,830 | 889,827 | 872,547 | 744,766 | 772,913 | S100QHOF, S100T59J, S100VI0L, S100XSTU |
| Treasury stock | -26,933 | -26,586 | -27,338 | -26,767 | -26,323 | S100QHOF, S100T59J, S100VI0L, S100XSTU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XSTU |
| Property, plant and equipment | 56% | S100XSTU |
| Intangibles and goodwill | 2% | — |
| Other assets | 39% | S100XSTU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 18% | S100XSTU |
| Other liabilities | 23% | S100XSTU |
| Equity | 59% | S100XSTU |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,666,031 | 2,814,029 | 2,932,991 | 2,889,665 | 2,950,077 |
| Equity | 1,481,380 | 1,585,590 | 1,654,338 | 1,671,697 | 1,731,722 |
| Interest-bearing debt | 514,594 | 527,987 | 567,198 | 539,816 | 528,052 |
| Cash | 195,830 | 209,716 | 146,061 | 107,988 | 94,671 |

## 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) | 80.3% | S100XSTU |
| Fixed assets ÷ total assets | 56.0% | S100XSTU |
| Goodwill ÷ parent equity | 3.5% | S100XSTU |

Goodwill over 4 years: 112,916 → 52,100 JPY; total investing cash flow: -822,876 JPY. This does not imply causation.

### 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) | 3.2% |
| Cash ÷ revenue | 4.6% |
| Net cash (cash − interest-bearing debt) | -¥433.4B |
| Net debt ÷ operating cash flow | 1.58× |
| Cash conversion (operating CF ÷ operating income) | 215.3% |
| Cash vs. profit gap | 205,314 JPY mn (of net income 296.9%) |
| Shareholder returns / net income | 64.5% |
| Shareholder returns / FCF | 68.7% |
| Shareholder payments — dividends / net income | 64.5% |
| Shareholder payments — dividends / FCF | 68.7% |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 65.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.3% | 0.64× | 4.6% | 2.03× | 9.4% | S100QHOF |
| 2022 | — | —× | -0.1% | —× | — | S100T59J |
| 2023 | 3.3% | 0.70× | 2.3% | 2.03× | 4.6% | S100VI0L |
| 2024 | — | —× | -3.2% | —× | — | S100XSTU |
| 2025 | 3.4% | 0.71× | 2.4% | 2.00× | 4.7% | S100XSTU |

## 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 | 15.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.0% | 2025-12-31 |
| 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 | 3.6% | 2025-12-31 |
| 公益財団法人旭硝子財団（注2） | Major shareholder | 3.0% | 2025-12-31 |
| 旭硝子取引先持株会 | Major shareholder | 2.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2025-12-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.7% | 2025-12-31 |
| ＡＧＣ従業員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| バークレイズ証券株式会社 ＢＮＹＭ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥2.06T, down -0.4% from ¥2.07T.
- Operating income edged up +1.3% to ¥127.5B.
- Net income returned to a ¥69.2B profit after a -¥94B loss, because last year's loss on selling the Russian business and the impairment in biopharma contract manufacturing did not recur.
- Free cash flow rose +52.9% to ¥64.9B.

### Drivers

- Automotive grew sales and profit thanks to a better product mix and pricing, and Glass also grew both
- In chemicals, PVC selling prices fell
- In electronic materials, shipments of EUV photomask blanks declined

### Risks

- Weaker demand in construction, auto production, semiconductors or displays could cut volumes and prices
- With operations in many countries, political or economic turmoil and rule changes could disrupt the business
- It makes fluorine products, and parts of Europe and some U.S. states are moving to regulate PFAS as a whole group

Cited: Annual Securities Report, 101st term (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 101st term (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/01/01－2025/12/31) | S100XSTU | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSTU,, |
| 有価証券報告書－第100期(2024/01/01－2024/12/31) | S100VI0L | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI0L,, |
| 有価証券報告書－第99期(2023/01/01－2023/12/31) | S100T59J | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T59J,, |
| 有価証券報告書－第98期(2022/01/01－2022/12/31) | S100QHOF | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHOF,, |
| 有価証券報告書－第97期(令和3年1月1日－令和3年12月31日) | S100NRWR | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRWR,, |
| 有価証券報告書－第96期(令和2年1月1日－令和2年12月31日) | S100L1UZ | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1UZ,, |

## 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).