# Aica Kogyo Company, Limited: 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126期(2025/04/01－2026/03/31) (S100YE8Y)
> Page: https://vizora.meequs.com/en/company/aica-kogyo
> Retrieved: 2026-09-30T21:05:19.207Z

## Company

Aica Kogyo, founded in 1936, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 5,314 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aica Kogyo Company, Limited |
| Ticker | 4206 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4206.T) |
| Listing | TSE Prime |
| Head office | 愛知県清須市西堀江2288番地 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長執行役員 海老原 健治 |
| Founded | Oct 1936 |
| Share capital | ¥9.89B |
| Employees (consolidated) | 5,314 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | aica.co.jp (https://aica.co.jp/) |
| Corporate number | 6180001033620 |
| EDINET | E00824 |
| Industries (Vizora) | Housing Equipment & Building Materials, Paints & Inks |

> Profile source: annual securities report (S100YE8Y, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.4 | 23 |
| Profitability | 84.8 | 23 |
| Cash conversion | 2.3 | 22 |
| Efficiency | 58.7 | 23 |

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 54% of Aica Kogyo's sales come from Chemical Products, with Construction and Housing Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +6.3%.

## Company structure

- Segment revenue mix: Chemical Products 54.1%、Construction and Housing Materials 45.9%
- Revenue → net income: ¥251764000000 → ¥20233000000
- Net income → operating cash flow: ¥20233000000 → ¥8776000000（difference ¥-11457000000）
- Main uses of operating cash flow: CapEx ¥8440000000 / dividends ¥8534000000 / buybacks ¥6000000000
- Change in cash: ¥-7844000000
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 | ¥251.8B |  |
| Operating income | ¥29.1B | Margin 11.6% |
| Net income | ¥18.5B | Margin 7.4% |
| Free cash flow | ¥336M |  |
| Largest business | Chemical Products | of segment revenue 54.1% |
| Employees (consolidated) | 5,314 |  |
| EPS | ¥272.72 |  |
| Diluted EPS | ¥253.74 |  |
| Book value per share | ¥2401.71 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 67,590,000 |  |
| Treasury shares | 4,269,000 |  |
| Shareholders | 11,723 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 21.7% |
| Vs. industry median margin | +5.6 pp | Paints & Inks |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by -27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥174628000000 | ¥251764000000 | +44.2% |
| Operating income | ¥17991000000 | ¥29143000000 | +62.0% |
| Operating margin | 10.3% | 11.6% | +1.3 pp |
| Employees | 4,796 people | 5,314 people | +10.8% |
| Cash and equivalents | ¥41185000000 | ¥54606000000 | +32.6% |

### 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 |
| --- | ---: |
| 化成品 → 化成品 | 51.8% |
| 建装建材 → 建装建材 | 45.9% |
| 建装建材 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 化成品 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 251,764 | 100.0% | S100YE8Y |
| Cost of revenue | 180,527 | 71.7% | S100YE8Y |
| Gross profit | 71,236 | 28.3% | S100YE8Y |
| SG&A | 42,093 | 16.7% | S100YE8Y |
| Operating income | 29,143 | 11.6% | S100YE8Y |
| Ordinary income | 30,136 | 12.0% | S100YE8Y |
| Pretax income | 30,136 | 12.0% | S100YE8Y |
| Income tax | 9,903 | 3.9% | S100YE8Y |
| Net income | 20,233 | 8.0% | S100YE8Y |
| Net income attributable to owners | 18,533 | 7.4% | S100YE8Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 17 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.3% → Operating margin 11.6% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +6.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.13×
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 | 248,696 | 251,764 | 3,068 | +1.2% |
| Gross profit | 67,906 | 71,236 | 3,330 | +4.9% |
| Operating income | 27,408 | 29,143 | 1,735 | +6.3% |
| Net income attributable to owners | 16,896 | 18,533 | 1,637 | +9.7% |
| Operating cash flow | 26,751 | 8,776 | -17,975 | -67.2% |
| Free cash flow | 17,789 | 336 | -17,453 | -98.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 191,501 | 20,850 | 10.9% | 12,732 | 18,240 | 10,073 | S100NM6N |
| FY ending Mar 2021 | 174,628 | 17,991 | 10.3% | 10,759 | 19,713 | 12,847 | S100OEL0 |
| FY ending Mar 2022 | 214,514 | 20,348 | 9.5% | 13,117 | 11,685 | 4,252 | S100R38E |
| FY ending Mar 2023 | 242,055 | 20,557 | 8.5% | 10,059 | 19,852 | 11,268 | S100TSUE |
| FY ending Mar 2024 | 236,625 | 25,286 | 10.7% | 15,135 | 28,482 | 19,371 | S100W22P |
| FY ending Mar 2025 | 248,696 | 27,408 | 11.0% | 16,896 | 26,751 | 17,789 | S100YE8Y |
| FY ending Mar 2026 | 251,764 | 29,143 | 11.6% | 18,533 | 8,776 | 336 | S100YE8Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 4,949 | 4,963 | 5,007 | 5,250 | 5,314 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7.1M | ¥7.8M | ¥8.2M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical Products | 136,262 | 54.1% | 9,330 | 6.8% |
| Construction and Housing Materials | 115,502 | 45.9% | 24,803 | 21.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical Products | 54.1% | 27.3% | -26.8 | 6.8% |
| Construction and Housing Materials | 45.9% | 72.7% | 26.8 | 21.5% |

Segment → industry: Construction and Housing Materials → Housing Equipment & Building Materials / Chemical Products → Paints & Inks

## 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 | 8,776 | 3.5% | S100YE8Y |
| Capital expenditure | 8,440 | 3.4% | S100YE8Y |
| Free cash flow | 336 | 0.1% | 算出 |
| Investing cash flow | -27,474 | -10.9% | S100YE8Y |
| Financing cash flow | 10,774 | 4.3% | S100YE8Y |
| Dividends paid | 8,534 | 3.4% | S100YE8Y |
| Share buyback | 6,000 | 2.4% | S100YE8Y |
| Change in cash | -7,844 | -3.1% | S100YE8Y |
| Cash and equivalents | 54,606 | 21.7% | S100YE8Y |

## 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 | 44,997 | 47,943 | 59,637 | 62,450 | 54,606 | S100TSUE, S100W22P, S100YE8Y |
| Total assets | 240,388 | 250,049 | 274,739 | 288,058 | 326,435 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Net assets | 162,734 | 158,074 | 176,543 | 189,723 | 207,298 | S100TSUE, S100W22P, S100YE8Y |
| Share capital | 9,891 | 9,891 | 9,891 | 9,891 | 9,891 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Property, plant and equipment | 57,090 | 60,872 | 67,006 | 74,019 | 75,451 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Intangible assets excluding goodwill | 14,241 | 12,532 | 11,436 | 10,393 | 9,027 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Goodwill | 4,799 | 3,617 | 2,782 | 2,175 | 1,658 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Investment securities | 14,807 | 14,927 | 20,288 | 19,467 | 25,065 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Current assets | 151,706 | 159,279 | 172,621 | 179,554 | 193,293 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Current liabilities | 66,327 | 59,669 | 62,822 | 62,775 | 90,770 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Trade payables | 31,451 | 28,824 | 31,447 | 31,342 | 28,257 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Short-term borrowings | 14,462 | 7,299 | 6,025 | 6,252 | 35,181 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Long-term borrowings | 2,173 | 4,222 | 4,465 | 3,919 | 1,302 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Total liabilities | 77,654 | 91,974 | 98,195 | 98,334 | 119,136 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Non-controlling interests | 17,489 | 12,848 | 14,736 | 16,331 | 16,799 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Equity attributable to owners of parent | 137,663 | 131,986 | 140,033 | 144,149 | 155,110 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Retained earnings | 116,626 | 119,695 | 127,725 | 137,195 | 147,189 | S100R38E, S100TSUE, S100W22P, S100YE8Y |
| Treasury stock | -2,150 | -6,141 | -6,129 | -10,115 | -10,782 | S100R38E, S100TSUE, S100W22P, S100YE8Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YE8Y |
| Property, plant and equipment | 23% | S100YE8Y |
| Intangibles and goodwill | 3% | S100YE8Y |
| Investment securities | 8% | S100YE8Y |
| Other assets | 49% | S100YE8Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YE8Y |
| Other liabilities | 28% | S100YE8Y |
| Equity | 63% | S100YE8Y |
| Other liabilities | 0% | S100YE8Y |

### 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 | 240,388 | 250,049 | 274,739 | 288,058 | 326,435 |
| Equity | 162,734 | 158,074 | 176,543 | 189,723 | 207,298 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,997 | 47,943 | 59,637 | 62,450 | 54,606 |

## 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) | 30.0% | S100YE8Y |
| Fixed assets ÷ total assets | 23.1% | S100YE8Y |
| Goodwill ÷ parent equity | 1.1% | S100YE8Y |

Goodwill over 4 years: 4,799 → 1,658 JPY; total investing cash flow: -63,572 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) | 16.7% |
| Cash ÷ revenue | 21.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 30.1% |
| Cash vs. profit gap | -9,757 JPY mn (of net income -52.6%) |
| Shareholder returns / net income | 78.4% |
| Shareholder returns / FCF | 4325.6% |
| Shareholder payments — dividends / net income | 46.0% |
| Shareholder payments — dividends / FCF | 2539.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 313.1% |

## 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 | 6.1% | 0.89× | 5.5% | 1.75× | 9.5% | S100R38E |
| 2023 | 4.2% | 0.99× | 4.1% | 1.82× | 7.5% | S100TSUE |
| 2024 | 6.4% | 0.90× | 5.8% | 1.93× | 11.1% | S100W22P |
| 2025 | 6.8% | 0.88× | 6.0% | 1.98× | 11.9% | S100YE8Y |
| 2026 | 7.4% | 0.82× | 6.0% | 2.05× | 12.4% | S100YE8Y |

## 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 | 16.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.0% | 2026-03-31 |
| アイカ工業取引先持株会 | Major shareholder | 4.0% | 2026-03-31 |
| アイカ工業株式保有会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 2.5% | 2026-03-31 |
| 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 | 2.5% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カス トディ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| SG/UCITS V/INV （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 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 | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YE8Y | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE8Y,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W22P | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W22P,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TSUE | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSUE,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R38E | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R38E,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OEL0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEL0,, |
| 訂正有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100NM6N | 2022-03-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NM6N,, |

## 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).