# AICHI 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78期(2025/04/01－2026/03/31) (S100YBY2)
> Page: https://vizora.meequs.com/en/company/aichi
> Retrieved: 2026-09-30T20:48:14.673Z

## Company

Aichi, founded in 1943, is a company in Construction & Farm Machinery listed on TSE Prime. It has 1,012 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AICHI CORPORATION |
| Ticker | 6345 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6345.T) |
| Listing | TSE Prime |
| Head office | 埼玉県上尾市大字領家字山下1152番地の10 |
| Representative (per filing) | 取締役社長 中澤俊一 |
| Founded | Jun 1943 |
| Share capital | ¥10.4B |
| Employees (consolidated) | 1,012 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.aichi-corp.co.jp (https://www.aichi-corp.co.jp/) |
| Corporate number | 1030001042723 |
| EDINET | E01657 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100YBY2, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 17 |
| Profitability | 84.4 | 16 |
| Cash conversion | 16.7 | 15 |
| Efficiency | 20.6 | 17 |

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 75% of Aichi's sales come from Specially-equipped vehicle, with Parts and repair and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +1.0%.

## Company structure

- Segment revenue mix: Specially-equipped vehicle 74.9%、Parts and repair 23.6%、Other 1.5%
- Revenue → net income: ¥59613734000 → ¥6658122000
- Net income → operating cash flow: ¥6658122000 → ¥803353000（difference ¥-5854769000）
- Main uses of operating cash flow: CapEx ¥4918777000 / dividends ¥4546395000 / buybacks ¥12831010000
- Change in cash: ¥-20162631000
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 | ¥59.6B |  |
| Operating income | ¥7.51B | Margin 12.6% |
| Net income | ¥6.66B | Margin 11.2% |
| Free cash flow | -¥4.12B |  |
| Largest business | Specially-equipped vehicle | of segment revenue 74.9% |
| Employees (consolidated) | 1,012 |  |
| EPS | ¥95.7 |  |
| Book value per share | ¥1062.86 |  |
| Equity ratio | 81.2% |  |
| Shares outstanding | 64,570,000 |  |
| Treasury shares | 10,600 |  |
| Shareholders | 17,396 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 28.8% | Cash ÷ revenue 44.8% |
| Vs. industry median margin | +4 pp | Construction & Farm Machinery |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.8× dividends
- FY2026, cash is 29% of total assets
- FY2026, employees -1% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59330782000 | ¥59613734000 | +0.5% |
| Operating income | ¥7051255000 | ¥7511838000 | +6.5% |
| Operating margin | 11.9% | 12.6% | +0.7 pp |
| Employees | 1,094 people | 1,012 people | -7.5% |
| Cash and equivalents | ¥4820497000 | ¥26708915000 | +454.1% |

### 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 |
| --- | ---: |
| 特装車 → 特装車 | 74.9% |
| 特装車 → 事業再編・廃止 | 4.3% |
| 部品・修理 → 部品・修理 | 19.6% |
| その他 → その他 | 1.2% |
| 新設・再編 → 部品・修理 | 4.0% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Specially-equipped vehicle | 5 years | -1.0% | ¥44652153000 | — | 2 |
| Parts and repair | 5 years | +3.9% | ¥14061809000 | — | 2 |
| Other | 5 years | +4.8% | ¥899771000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,614 | 100.0% | S100YBY2 |
| Cost of revenue | 46,434 | 77.9% | S100YBY2 |
| Gross profit | 13,180 | 22.1% | S100YBY2 |
| SG&A | 5,668 | 9.5% | S100YBY2 |
| Operating income | 7,512 | 12.6% | S100YBY2 |
| Ordinary income | 8,173 | 13.7% | S100YBY2 |
| Pretax income | 9,311 | 15.6% | S100YBY2 |
| Income tax | 2,653 | 4.4% | S100YBY2 |
| Net income | 6,658 | 11.2% | S100YBY2 |
| Net income attributable to owners | 6,658 | 11.2% | S100YBY2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 9 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 22.1% → Operating margin 12.6% → Net margin 11.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +1.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.86×
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 | 59,307 | 59,614 | 307 | +0.5% |
| Gross profit | 13,054 | 13,180 | 126 | +1.0% |
| Operating income | 7,440 | 7,512 | 72 | +1.0% |
| Net income attributable to owners | 6,335 | 6,658 | 323 | +5.1% |
| Operating cash flow | 9,872 | 803 | -9,068 | -91.9% |
| Free cash flow | 6,871 | -4,115 | -10,987 | -159.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,336 | 5,857 | 10.0% | 4,923 | 7,589 | 6,469 | S100LKQM |
| FY ending Mar 2021 | 59,331 | 7,051 | 11.9% | 5,907 | 10,874 | 10,203 | S100OA6M |
| FY ending Mar 2022 | 56,591 | 6,862 | 12.1% | 5,645 | 3,990 | 3,330 | S100QYTE |
| FY ending Mar 2023 | 60,679 | 7,351 | 12.1% | 5,958 | 4,509 | 3,719 | S100TMQY |
| FY ending Mar 2024 | 53,129 | 6,342 | 11.9% | 5,270 | 7,112 | 6,039 | S100VX3M |
| FY ending Mar 2025 | 59,307 | 7,440 | 12.5% | 6,335 | 9,872 | 6,871 | S100YBY2 |
| FY ending Mar 2026 | 59,614 | 7,512 | 12.6% | 6,658 | 803 | -4,115 | S100YBY2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.9M |
| Operating income per employee (consolidated) | ¥7.4M |
| Net income per employee (consolidated) | ¥6.6M |

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) | 1,065 | 1,043 | 1,046 | 1,026 | 1,012 |
| Average salary (parent company) | ¥6.3M | ¥6.4M | ¥6.3M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 43.0 years | 43.5 years | 43.8 years | 43.9 years | 44.4 years |
| Average tenure (parent company) | 18.9 years | 19.1 years | 19.2 years | 19.3 years | 19.9 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Specially-equipped vehicle | 44,652 | 74.9% | — | — |
| Parts and repair | 14,062 | 23.6% | — | — |
| Other | 900 | 1.5% | — | — |

### 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 |
| --- | ---: |
| Specially-equipped vehicle | 74.9% |
| Parts and repair | 23.6% |
| Other | 1.5% |

Segment → industry: Parts and repair → Construction & Farm Machinery / Specially-equipped vehicle → Construction & Farm Machinery

## 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 | 803 | 1.3% | S100YBY2 |
| Capital expenditure | 4,919 | 8.3% | S100YBY2 |
| Free cash flow | -4,115 | -6.9% | 算出 |
| Investing cash flow | -3,676 | -6.2% | S100YBY2 |
| Financing cash flow | -17,436 | -29.2% | S100YBY2 |
| Dividends paid | 4,546 | 7.6% | S100YBY2 |
| Share buyback | 12,831 | 21.5% | S100YBY2 |
| Change in cash | -20,163 | -33.8% | S100YBY2 |
| Cash and equivalents | 26,709 | 44.8% | S100YBY2 |

## 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 | 6,677 | 5,728 | 42,131 | 46,872 | 26,709 | S100TMQY, S100VX3M, S100YBY2 |
| Total assets | 90,560 | 95,695 | 94,922 | 100,359 | 92,813 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Net assets | 76,044 | 78,574 | 81,789 | 84,024 | 75,398 | S100TMQY, S100VX3M, S100YBY2 |
| Share capital | 10,425 | 10,425 | 10,425 | 10,425 | 10,425 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Property, plant and equipment | 18,181 | 17,615 | 17,150 | 19,204 | 25,429 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Intangible assets excluding goodwill | 666 | 601 | 651 | 599 | 629 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Investment securities | 7,311 | 6,959 | 7,067 | 5,396 | 6,718 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Current assets | 61,146 | 67,553 | 65,828 | 71,048 | 54,116 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Current liabilities | 12,368 | 14,896 | 10,910 | 14,613 | 15,037 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Trade payables | 8,634 | 10,249 | 7,373 | 9,617 | 7,525 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Total liabilities | 14,516 | 17,122 | 13,133 | 16,335 | 17,414 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Equity attributable to owners of parent | 72,118 | 74,955 | 76,768 | 80,045 | 69,326 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Retained earnings | 52,417 | 54,606 | 56,428 | 59,706 | 48,991 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |
| Treasury stock | -647 | -0 | -9 | -9 | -14 | S100QYTE, S100TMQY, S100VX3M, S100YBY2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YBY2 |
| Property, plant and equipment | 27% | S100YBY2 |
| Intangibles and goodwill | 1% | S100YBY2 |
| Investment securities | 7% | S100YBY2 |
| Other assets | 36% | S100YBY2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YBY2 |
| Other liabilities | 11% | S100YBY2 |
| Equity | 81% | S100YBY2 |
| Other liabilities | 0% | S100YBY2 |

### 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 | 90,560 | 95,695 | 94,922 | 100,359 | 92,813 |
| Equity | 76,044 | 78,574 | 81,789 | 84,024 | 75,398 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,677 | 5,728 | 42,131 | 46,872 | 26,709 |

## 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) | 42.7% | S100YBY2 |
| Fixed assets ÷ total assets | 27.4% | S100YBY2 |
| Goodwill ÷ parent equity | — | —, S100YBY2 |

### 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) | 28.8% |
| Cash ÷ revenue | 44.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.7% |
| Cash vs. profit gap | -5,855 JPY mn (of net income -87.9%) |
| Shareholder returns / net income | 261.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 457.5% |

## 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 | 10.0% | 0.62× | 6.2% | 1.26× | 7.8% | S100QYTE |
| 2023 | 9.8% | 0.65× | 6.4% | 1.27× | 8.1% | S100TMQY |
| 2024 | 9.9% | 0.56× | 5.5% | 1.26× | 6.9% | S100VX3M |
| 2025 | 10.7% | 0.61× | 6.5% | 1.25× | 8.1% | S100YBY2 |
| 2026 | 11.2% | 0.62× | 6.9% | 1.29× | 8.9% | S100YBY2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 27.3% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 21.4% | 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 | 7.1% | 2026-03-31 |
| ＮＤＳ株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 2.0% | 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 |
| 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 | 1.2% | 2026-03-31 |
| アイチコーポレーション従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| 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 | 0.7% | 2026-03-31 |
| 三菱ふそうトラック・バス株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YBY2 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBY2,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100VX3M | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX3M,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TMQY | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMQY,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100QYTE | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYTE,, |
| 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) | S100OA6M | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA6M,, |
| 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) | S100LKQM | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKQM,, |

## 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).