# AICHI STEEL CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第122期(2025/04/01－2026/03/31) (S100YLIN)
> Page: https://vizora.meequs.com/en/company/aichi-steel
> Retrieved: 2026-09-30T23:28:26.176Z

## Company

Aichi Steel, founded in 1940, is a company in Auto Parts listed on TSE Prime. It has 4,427 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AICHI STEEL CORPORATION |
| Ticker | 5482 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5482.T) |
| Listing | TSE Prime |
| Head office | 愛知県東海市荒尾町ワノ割1番地 |
| Representative (per filing) | 代表取締役社長 後藤 尚英 |
| Founded | Mar 1940 |
| Share capital | ¥25B |
| Employees (consolidated) | 4,427 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.aichi-steel.co.jp (https://www.aichi-steel.co.jp/) |
| Corporate number | 9180001094156 |
| EDINET | E01234 |
| Industries (Vizora) | Auto Parts, Steel, Electronic Components |

> Profile source: annual securities report (S100YLIN, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.5 | 110 |
| Profitability | 64.4 | 111 |
| Cash conversion | 93.1 | 108 |
| Efficiency | 22.1 | 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 45% of Aichi Steel's sales come from Kitaeru Company, with Hagane Company and Stainless Company making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +44.6%.

## Company structure

- Segment revenue mix: Kitaeru Company 44.7%、Hagane Company 35.0%、Stainless Company 12.9%、Smart Company 7.3%
- Revenue → net income: ¥304341000000 → ¥12959000000
- Net income → operating cash flow: ¥12959000000 → ¥65028000000（difference ¥52069000000）
- Main uses of operating cash flow: CapEx ¥16662000000 / dividends ¥6128000000 / buybacks ¥26258000000
- Change in cash: ¥-2701000000
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 | ¥304.3B |  |
| Operating income | ¥17.4B | Margin 5.7% |
| Net income | ¥11.2B | Margin 3.7% |
| Free cash flow | ¥48.4B |  |
| Largest business | Kitaeru Company | of segment revenue 44.7% |
| Employees (consolidated) | 4,427 |  |
| EPS | ¥170.63 |  |
| Diluted EPS | ¥170.56 |  |
| Book value per share | ¥2369.1 |  |
| Equity ratio | 59.2% | Derived from disclosed figures |
| Shares outstanding | 64,520,820 |  |
| Treasury shares | 274,000 |  |
| Shareholders | 17,678 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 8.4% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +0.9 pp | Auto Parts |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.8× net income
- FY2026, buybacks were 4.3× dividends
- FY2026, employees -2% while operating income rose 45%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥202247000000 | ¥304341000000 | +50.5% |
| Operating income | ¥5317000000 | ¥17371000000 | +226.7% |
| Operating margin | 2.6% | 5.7% | +3.1 pp |
| Employees | 4,826 people | 4,427 people | -8.3% |
| Cash and equivalents | ¥54163000000 | ¥33574000000 | -38.0% |

### 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 |
| --- | ---: |
| 鋼(ハガネ)カンパニー → 鋼(ハガネ)カンパニー | 34.0% |
| ステンレスカンパニー → ステンレスカンパニー | 12.9% |
| ステンレスカンパニー → 事業再編・廃止 | 2.5% |
| 鍛(キタエル)カンパニー → 鍛(キタエル)カンパニー | 43.0% |
| スマートカンパニー → スマートカンパニー | 7.3% |
| スマートカンパニー → 事業再編・廃止 | 0.3% |
| 新設・再編 → 鋼(ハガネ)カンパニー | 1.0% |
| 新設・再編 → 鍛(キタエル)カンパニー | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Kitaeru Company | 5 years | +9.4% | ¥134823000000 | 4.9% | 2 |
| Hagane Company | 5 years | +9.2% | ¥105567000000 | 7.7% | 2 |
| Stainless Company | 5 years | +4.8% | ¥38897000000 | 1.0% | 2 |
| Smart Company | 5 years | +7.8% | ¥22107000000 | 6.2% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 304,341 | 100.0% | S100YLIN |
| Cost of revenue | 258,001 | 84.8% | S100YLIN |
| Gross profit | 46,339 | 15.2% | S100YLIN |
| SG&A | 28,373 | 9.3% | S100YLIN |
| Operating income | 17,371 | 5.7% | S100YLIN |
| Pretax income | 18,485 | 6.1% | S100YLIN |
| Income tax | 5,526 | 1.8% | S100YLIN |
| Net income | 12,959 | 4.3% | S100YLIN |
| Net income attributable to owners | 11,248 | 3.7% | S100YLIN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 9 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.2% → Operating margin 5.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +44.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 26.39×
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 | 299,287 | 304,341 | 5,054 | +1.7% |
| Gross profit | 39,941 | 46,339 | 6,398 | +16.0% |
| Operating income | 12,016 | 17,371 | 5,355 | +44.6% |
| Net income attributable to owners | 7,820 | 11,248 | 3,428 | +43.8% |
| Operating cash flow | 25,354 | 65,028 | 39,674 | +156.5% |
| Free cash flow | 3,131 | 48,366 | 45,235 | +1444.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 242,262 | 13,901 | 5.7% | 8,543 | 36,308 | 12,728 | S100M3KY |
| FY ending Mar 2021 | 202,247 | 5,317 | 2.6% | 3,136 | 15,896 | 1,073 | S100OJDI |
| FY ending Mar 2022 | 260,117 | 2,139 | 0.8% | 1,089 | 5,210 | -10,617 | S100R0PP |
| FY ending Mar 2023 | 285,141 | 3,260 | 1.1% | 1,610 | 13,028 | -2,793 | S100TWE1 |
| FY ending Mar 2024 | 296,516 | 10,372 | 3.5% | 6,593 | 33,817 | 14,778 | S100W7BL |
| FY ending Mar 2025 | 299,287 | 12,016 | 4.0% | 7,820 | 25,354 | 3,131 | S100YLIN |
| FY ending Mar 2026 | 304,341 | 17,371 | 5.7% | 11,248 | 65,028 | 48,366 | S100YLIN |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.7M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 4,740 | 4,650 | 4,572 | 4,522 | 4,427 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.9M | ¥7.6M | ¥8M |
| Average age (parent company) | 39.6 years | 39.7 years | 39.6 years | 39.4 years | 39.6 years |
| Average tenure (parent company) | 18.2 years | 18.1 years | 17.8 years | 17.6 years | 17.7 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +1.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hagane Company | 105,567 | 35.0% | 8,160 | 7.7% |
| Stainless Company | 38,897 | 12.9% | 400 | 1.0% |
| Kitaeru Company | 134,823 | 44.7% | 6,646 | 4.9% |
| Smart Company | 22,107 | 7.3% | 1,375 | 6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hagane Company | 35.0% | 49.2% | 14.2 | 7.7% |
| Stainless Company | 12.9% | 2.4% | -10.5 | 1.0% |
| Kitaeru Company | 44.7% | 40.1% | -4.7 | 4.9% |
| Smart Company | 7.3% | 8.3% | 1.0 | 6.2% |

Segment → industry: Kitaeru Company → Auto Parts / Stainless Company → Steel / Hagane Company → Steel / Smart Company → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 65,028 | 21.4% | S100YLIN |
| Capital expenditure | 16,662 | 5.5% | S100YLIN |
| Free cash flow | 48,366 | 15.9% | 算出 |
| Investing cash flow | -17,288 | -5.7% | S100YLIN |
| Financing cash flow | -51,640 | -17.0% | S100YLIN |
| Dividends paid | 6,128 | 2.0% | S100YLIN |
| Share buyback | 26,258 | 8.6% | S100YLIN |
| Change in cash | -2,701 | -0.9% | S100YLIN |
| Cash and equivalents | 33,574 | 11.0% | S100YLIN |

## 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 | 32,866 | 47,534 | 46,546 | 36,275 | 33,574 | S100TWE1, S100W7BL, S100YLIN |
| Total assets | 364,400 | 385,449 | 443,108 | 400,063 | 398,843 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Net assets | 212,475 | 214,322 | 262,010 | 243,398 | 248,926 | S100TWE1, S100W7BL, S100YLIN |
| Share capital | 25,016 | 25,016 | 25,016 | 25,016 | 25,016 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Property, plant and equipment | 125,676 | 126,665 | 131,793 | 130,986 | 129,015 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Current assets | 145,750 | 167,012 | 166,533 | 157,789 | 158,920 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Total liabilities | 151,925 | 171,126 | 181,097 | 156,664 | 149,916 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Equity attributable to owners of parent | 201,548 | 203,759 | 250,970 | 231,936 | 236,265 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Retained earnings | 121,744 | 120,167 | 151,302 | 137,624 | 131,178 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |
| Treasury stock | -1,049 | -955 | -867 | -53 | -1,015 | S100R0PP, S100TWE1, S100W7BL, S100YLIN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YLIN |
| Property, plant and equipment | 32% | S100YLIN |
| Other assets | 59% | S100YLIN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YLIN |
| Equity | 62% | S100YLIN |
| Other liabilities | 0% | S100YLIN |

### 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 | 364,400 | 385,449 | 443,108 | 400,063 | 398,843 |
| Equity | 212,475 | 214,322 | 262,010 | 243,398 | 248,926 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 32,866 | 47,534 | 46,546 | 36,275 | 33,574 |

## 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) | 42.4% | S100YLIN |
| Fixed assets ÷ total assets | 32.3% | S100YLIN |
| Goodwill ÷ parent equity | — | —, S100YLIN |

### 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) | 8.4% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 374.3% |
| Cash vs. profit gap | 53,780 JPY mn (of net income 478.1%) |
| Shareholder returns / net income | 287.9% |
| Shareholder returns / FCF | 67.0% |
| Shareholder payments — dividends / net income | 54.5% |
| Shareholder payments — dividends / FCF | 12.7% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 26.6% |

## 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 | 0.4% | 0.71× | 0.3% | 1.81× | 0.5% | S100R0PP |
| 2023 | 0.6% | 0.76× | 0.4% | 1.85× | 0.8% | S100TWE1 |
| 2024 | 2.2% | 0.72× | 1.6% | 1.82× | 2.9% | S100W7BL |
| 2025 | 2.6% | 0.71× | 1.9% | 1.75× | 3.2% | S100YLIN |
| 2026 | 3.7% | 0.76× | 2.8% | 1.71× | 4.8% | S100YLIN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 24.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.3% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 8.5% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| トヨタ不動産株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 愛知製鋼従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 豊鋼会持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥304.3B, up 1.7% from ¥299.3B.
- Profits grew much faster than sales: operating income rose 44.6% to ¥17.4B and net income rose 43.8% to ¥11.2B.
- Operating cash flow climbed from ¥25.4B to ¥65B, lifting free cash flow to ¥48.4B.

### Drivers

- Selling prices fell, but higher volumes still pushed revenue up.
- Kitaeru grew on more auto forgings sold at higher prices, while Stainless shrank as both volumes and prices dropped.
- Cheaper scrap iron and other inputs, factory cost cuts, and better results at subsidiaries lifted profit. A drop in retirement benefit assets also added to operating cash flow.

### Risks

- Most steel and forgings go to carmakers, and sales depend heavily on Toyota and its group, so their vehicle volumes drive results.
- If prices of scrap, ferroalloys, electricity, or LNG rise and cannot be passed on, margins get squeezed.
- US tariffs and geopolitical tension make the outlook for the auto industry less certain.

Cited: Annual securities report, FY ending Mar 2026 (Management's analysis of financial position, results and cash flows); Annual securities report, FY ending Mar 2026 (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YLIN | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLIN,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W7BL | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7BL,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TWE1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWE1,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R0PP | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0PP,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OJDI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJDI,, |
| 訂正有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100M3KY | 2021-08-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M3KY,, |

## 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).