# AHRESTY 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105期(2025/04/01－2026/03/31) (S100YIGS)
> Page: https://vizora.meequs.com/en/company/ahresty
> Retrieved: 2026-09-30T18:33:13.675Z

## Company

Ahresty, founded in 1943, is a company in Auto Parts listed on TSE Prime. It has 5,190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AHRESTY CORPORATION |
| Ticker | 5852 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5852.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊橋市三弥町中原1番2号 |
| Representative (per filing) | 代表取締役社長 高橋新一 |
| Founded | Nov 1943 |
| Share capital | ¥6.96B |
| Employees (consolidated) | 5,190 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.ahresty.co.jp (https://www.ahresty.co.jp/) |
| Corporate number | 7011201010490 |
| EDINET | E01303 |
| Industries (Vizora) | Auto Parts, Non-ferrous Metals & Wires, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YIGS, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 110 |
| Profitability | 13.1 | 111 |
| Cash conversion | 89.4 | 108 |
| Efficiency | 89.6 | 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 41% of Ahresty's sales come from Die Casting Business Japan, with Die Casting Business North America and Die Casting Business Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit +10.9%.

## Company structure

- Segment revenue mix: Die Casting Business Japan 41.0%、Die Casting Business North America 31.2%、Die Casting Business Asia 21.7%、Aluminum Business 4.0%、Proprietary Products Business 2.1%
- Revenue → net income: ¥167092000000 → ¥3580000000
- Net income → operating cash flow: ¥3580000000 → ¥12275000000（difference ¥8695000000）
- Main uses of operating cash flow: CapEx ¥11592000000 / dividends ¥838000000 / buybacks ¥0
- Change in cash: ¥-1721000000
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 | ¥167.1B |  |
| Operating income | ¥3.74B | Margin 2.2% |
| Net income | ¥3.58B | Margin 2.1% |
| Free cash flow | ¥683M |  |
| Largest business | Die Casting Business Japan | of segment revenue 41.0% |
| Employees (consolidated) | 5,190 |  |
| EPS | ¥-40.35 |  |
| Diluted EPS | ¥143.19 |  |
| Book value per share | ¥975.76 |  |
| Equity ratio | 41.1% |  |
| Shares outstanding | 25,546,000 |  |
| Treasury shares | 606,400 |  |
| Shareholders | 11,274 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 7.0% |
| Vs. industry median margin | -2.5 pp | Auto Parts |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.4× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥92973000000 | ¥167092000000 | +79.7% |
| Operating income | ¥-2554000000 | ¥3739000000 | — |
| Operating margin | -2.7% | 2.2% | +5 pp |
| Employees | 6,124 people | 5,190 people | -15.3% |
| Cash and equivalents | ¥12249000000 | ¥11725000000 | -4.3% |

### 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 → 事業再編・廃止 | 49.0% |
| 北米 → 事業再編・廃止 | 23.3% |
| アジア → 事業再編・廃止 | 21.4% |
| アルミニウム事業 → 事業再編・廃止 | 3.7% |
| 完成品事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 日本 | 41.0% |
| 新設・再編 → 北米 | 31.2% |
| 新設・再編 → アジア | 21.7% |
| 新設・再編 → アルミニウム事業 | 4.0% |
| 新設・再編 → 完成品事業 | 2.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Die Casting Business Japan | — | — | ¥68574000000 | 3.8% | 2 |
| Die Casting Business North America | — | — | ¥52209000000 | -0.8% | 2 |
| Die Casting Business Asia | — | — | ¥36228000000 | 2.3% | 2 |
| Aluminum Business | — | — | ¥6622000000 | 3.8% | 2 |
| Proprietary Products Business | — | — | ¥3457000000 | 12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 167,092 | 100.0% | S100YIGS |
| Cost of revenue | 150,205 | 89.9% | S100YIGS |
| Gross profit | 16,887 | 10.1% | S100YIGS |
| SG&A | 13,147 | 7.9% | S100YIGS |
| Operating income | 3,739 | 2.2% | S100YIGS |
| Ordinary income | 2,865 | 1.7% | S100YIGS |
| Pretax income | 3,590 | 2.1% | S100YIGS |
| Income tax | 9 | 0.0% | S100YIGS |
| Net income | 3,580 | 2.1% | S100YIGS |
| Net income attributable to owners | 3,580 | 2.1% | S100YIGS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.1% → Operating margin 2.2% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.6%; Core profit growth: +10.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.27×
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 | 162,929 | 167,092 | 4,163 | +2.6% |
| Gross profit | 15,412 | 16,887 | 1,475 | +9.6% |
| Operating income | 3,371 | 3,739 | 368 | +10.9% |
| Net income attributable to owners | -2,892 | 3,580 | 6,472 | — |
| Operating cash flow | 15,308 | 12,275 | -3,033 | -19.8% |
| Free cash flow | 432 | 683 | 251 | +58.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,577 | 764 | 0.6% | -685 | 16,474 | -1,900 | S100LJGN |
| FY ending Mar 2021 | 92,973 | -2,554 | -2.7% | -2,843 | 7,942 | -3,893 | S100OJ41 |
| FY ending Mar 2022 | 116,313 | -2,422 | -2.1% | -5,189 | 8,259 | -989 | S100R15S |
| FY ending Mar 2023 | 140,938 | 23 | 0.0% | -84 | 10,727 | 839 | S100TY4U |
| FY ending Mar 2024 | 158,254 | 2,291 | 1.4% | -7,699 | 18,319 | 5,204 | S100W8W5 |
| FY ending Mar 2025 | 162,929 | 3,371 | 2.1% | -2,892 | 15,308 | 432 | S100YIGS |
| FY ending Mar 2026 | 167,092 | 3,739 | 2.2% | 3,580 | 12,275 | 683 | S100YIGS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.2M |
| Operating income per employee (consolidated) | ¥720.4K |
| Net income per employee (consolidated) | ¥689.8K |

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) | 5,938 | 5,499 | 5,590 | 5,259 | 5,190 |
| Average salary (parent company) | ¥5.6M | ¥5.6M | ¥5.9M | ¥5.9M | ¥6.5M |
| Average age (parent company) | 41.0 years | 43.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 15.0 years | 18.0 years | 18.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Die Casting Business Japan | 68,574 | 41.0% | 2,638 | 3.8% |
| Die Casting Business North America | 52,209 | 31.2% | -428 | -0.8% |
| Die Casting Business Asia | 36,228 | 21.7% | 828 | 2.3% |
| Aluminum Business | 6,622 | 4.0% | 253 | 3.8% |
| Proprietary Products Business | 3,457 | 2.1% | 437 | 12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Die Casting Business Japan | 41.0% | 63.5% | 22.4 | 3.8% |
| Die Casting Business North America | 31.2% | — | — | -0.8% |
| Die Casting Business Asia | 21.7% | 19.9% | -1.8 | 2.3% |
| Aluminum Business | 4.0% | 6.1% | 2.1 | 3.8% |
| Proprietary Products Business | 2.1% | 10.5% | 8.4 | 12.6% |

Loss-making segment (excluded from profit shares): Die Casting Business North America -428 JPY mn

Segment → industry: Die Casting Business Asia → Auto Parts / Die Casting Business North America → Auto Parts / Die Casting Business Japan → Auto Parts / Aluminum Business → Non-ferrous Metals & Wires / Proprietary Products Business → 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 | 12,275 | 7.3% | S100YIGS |
| Capital expenditure | 11,592 | 6.9% | S100YIGS |
| Free cash flow | 683 | 0.4% | 算出 |
| Investing cash flow | -11,547 | -6.9% | S100YIGS |
| Financing cash flow | -2,516 | -1.5% | S100YIGS |
| Dividends paid | 838 | 0.5% | S100YIGS |
| Share buyback | 0 | 0.0% | S100YIGS |
| Change in cash | -1,721 | -1.0% | S100YIGS |
| Cash and equivalents | 11,725 | 7.0% | S100YIGS |

## 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 | 9,356 | 12,991 | 11,594 | 13,446 | 11,725 | S100TY4U, S100W8W5, S100YIGS |
| Total assets | 131,302 | 137,069 | 131,763 | 134,094 | 135,815 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Net assets | 53,566 | 56,649 | 51,617 | 51,989 | 55,943 | S100TY4U, S100W8W5, S100YIGS |
| Share capital | 6,964 | 6,964 | 6,964 | 6,964 | 6,964 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Property, plant and equipment | 72,328 | 69,903 | 63,838 | 65,132 | 64,038 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Intangible assets excluding goodwill | 1,783 | 1,642 | 1,571 | 1,299 | 1,292 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Investment securities | 1,281 | 1,261 | 1,541 | 1,460 | 2,109 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Current assets | 53,419 | 61,299 | 61,777 | 64,114 | 65,815 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Current liabilities | 53,261 | 59,277 | 59,741 | 63,669 | 58,907 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Trade payables | 11,557 | 11,670 | 12,707 | 15,428 | 13,306 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Short-term borrowings | 16,714 | 18,599 | 15,638 | 18,288 | 16,027 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Long-term borrowings | 17,821 | 14,319 | 14,990 | 13,290 | 16,406 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Total liabilities | 77,736 | 80,419 | 80,146 | 82,105 | 79,872 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Equity attributable to owners of parent | 47,837 | 47,566 | 38,945 | 35,395 | 38,310 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Retained earnings | 30,834 | 30,454 | 22,021 | 18,754 | 21,492 | S100R15S, S100TY4U, S100W8W5, S100YIGS |
| Treasury stock | -166 | -58 | -246 | -529 | -386 | S100R15S, S100TY4U, S100W8W5, S100YIGS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YIGS |
| Property, plant and equipment | 47% | S100YIGS |
| Intangibles and goodwill | 1% | S100YIGS |
| Investment securities | 1% | S100YIGS |
| Other assets | 42% | S100YIGS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIGS |
| Other liabilities | 49% | S100YIGS |
| Equity | 41% | S100YIGS |

### 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 | 131,302 | 137,069 | 131,763 | 134,094 | 135,815 |
| Equity | 53,566 | 56,649 | 51,617 | 51,989 | 55,943 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,356 | 12,991 | 11,594 | 13,446 | 11,725 |

## 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) | 38.3% | S100YIGS |
| Fixed assets ÷ total assets | 47.2% | S100YIGS |
| Goodwill ÷ parent equity | — | —, S100YIGS |

### 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) | 8.6% |
| Cash ÷ revenue | 7.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 328.3% |
| Cash vs. profit gap | 8,695 JPY mn (of net income 242.9%) |
| Shareholder returns / net income | 23.4% |
| Shareholder returns / FCF | 122.7% |
| Shareholder payments — dividends / net income | 23.4% |
| Shareholder payments — dividends / FCF | 122.7% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 94.1% |

## 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 | — | —× | -4.0% | —× | — | S100R15S |
| 2023 | — | —× | -0.1% | —× | — | S100TY4U |
| 2024 | — | —× | -5.7% | —× | — | S100W8W5 |
| 2025 | — | —× | -2.2% | —× | — | S100YIGS |
| 2026 | 2.1% | 1.24× | 2.7% | 3.66× | 9.7% | S100YIGS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高橋 新 | Major shareholder | 4.5% | 2026-03-31 |
| アーレスティ取引先持株会 | Major shareholder | 3.8% | 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㈱) | Major shareholder | 3.7% | 2026-03-31 |
| アーレスティ従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 日本軽金属㈱ | Major shareholder | 2.6% | 2026-03-31 |
| スズキ㈱ | Major shareholder | 2.3% | 2026-03-31 |
| ㈱みずほ銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 2.2% | 2026-03-31 |
| 高橋 利江 | Major shareholder | 2.2% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)(常任代理人 株式会社㈱三菱UFJ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| 日軽産業㈱ | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YIGS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGS,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W8W5 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8W5,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TY4U | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY4U,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R15S | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R15S,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OJ41 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ41,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LJGN | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJGN,, |

## 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).