# AIPHONE CO.,LTD: 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68期(2025/04/01－2026/03/31) (S100YIVR)
> Page: https://vizora.meequs.com/en/company/aiphone
> Retrieved: 2026-09-30T20:58:24.066Z

## Company

Aiphone, founded in 1959, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 2,029 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIPHONE CO.,LTD. |
| Ticker | 6718 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6718.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区新栄町一丁目1番 明治安田生命名古屋ビル |
| Representative (per filing) | 代表取締役社長 鈴木 富雄 |
| Founded | Mar 1959 |
| Share capital | ¥5.39B |
| Employees (consolidated) | 2,029 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.aiphone.co.jp (https://www.aiphone.co.jp/) |
| Corporate number | 9180001021408 |
| EDINET | E01849 |
| Industries (Vizora) | Housing Equipment & Building Materials, Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YIVR, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.8 | 56 |
| Profitability | 49.1 | 58 |
| Cash conversion | 27 | 50 |
| Efficiency | 42.2 | 58 |

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 59% of Aiphone's sales come from Japan, with Thailand and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit -26.5%.

## Company structure

- Segment revenue mix: Japan 58.8%、Thailand 13.6%、North America 11.8%、Vietnam 8.4%、Europe 5.2%
- Revenue → net income: ¥62983000000 → ¥2466000000
- Net income → operating cash flow: ¥2466000000 → ¥2169000000（difference ¥-297000000）
- Main uses of operating cash flow: CapEx ¥3416000000 / dividends ¥2127000000 / buybacks ¥0
- Change in cash: ¥-1509000000
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 | ¥63B |  |
| Operating income | ¥2.8B | Margin 4.4% |
| Net income | ¥2.47B | Margin 3.9% |
| Free cash flow | -¥1.25B |  |
| Largest business | Japan | of segment revenue 58.8% |
| Employees (consolidated) | 2,029 |  |
| EPS | ¥93.54 |  |
| Book value per share | ¥3147.01 |  |
| Equity ratio | 87.6% |  |
| Shares outstanding | 17,640,000 |  |
| Treasury shares | 1,273,100 |  |
| Shareholders | 9,530 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 28.5% | Cash ÷ revenue 36.2% |
| Vs. industry median margin | 0 pp | Housing Equipment & Building Materials |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46141000000 | ¥62983000000 | +36.5% |
| Operating income | ¥3622000000 | ¥2802000000 | -22.6% |
| Operating margin | 7.8% | 4.4% | -3.4 pp |
| Employees | 2,040 people | 2,029 people | -0.5% |
| Cash and equivalents | ¥17998000000 | ¥22817000000 | +26.8% |

### 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 → 日本 | 58.8% |
| 日本 → 事業再編・廃止 | 2.3% |
| 北米 → 北米 | 10.9% |
| 欧州 → 欧州 | 5.2% |
| 欧州 → 事業再編・廃止 | 0.7% |
| タイ → タイ | 12.4% |
| ベトナム → ベトナム | 8.0% |
| その他 → その他 | 1.5% |
| 新設・再編 → 北米 | 0.8% |
| 新設・再編 → タイ | 1.2% |
| 新設・再編 → ベトナム | 0.5% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.1% | ¥47558000000 | 3.3% | 2 |
| Thailand | 5 years | +8.8% | ¥11014000000 | 4.2% | 2 |
| North America | 5 years | +8.4% | ¥9504000000 | 1.5% | 2 |
| Vietnam | 5 years | +8.1% | ¥6820000000 | 4.8% | 2 |
| Europe | 5 years | +4.1% | ¥4235000000 | 0.8% | 2 |
| Other | 5 years | +13.8% | ¥1685000000 | 2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,983 | 100.0% | S100YIVR |
| Cost of revenue | 36,471 | 57.9% | S100YIVR |
| Gross profit | 26,511 | 42.1% | S100YIVR |
| SG&A | 23,708 | 37.6% | S100YIVR |
| Operating income | 2,802 | 4.4% | S100YIVR |
| Ordinary income | 3,171 | 5.0% | S100YIVR |
| Pretax income | 3,385 | 5.4% | S100YIVR |
| Income tax | 919 | 1.5% | S100YIVR |
| Net income | 2,466 | 3.9% | S100YIVR |
| Net income attributable to owners | 2,466 | 3.9% | S100YIVR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 38 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 42.1% → Operating margin 4.4% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.5%; Core profit growth: -26.5%
Operating leverage (core profit growth ÷ revenue growth): 50.45×
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 | 63,316 | 62,983 | -333 | -0.5% |
| Gross profit | 27,240 | 26,511 | -729 | -2.7% |
| Operating income | 3,814 | 2,802 | -1,012 | -26.5% |
| Net income attributable to owners | 3,619 | 2,466 | -1,153 | -31.9% |
| Operating cash flow | 5,717 | 2,169 | -3,548 | -62.1% |
| Free cash flow | 4,637 | -1,247 | -5,884 | -126.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,494 | 2,833 | 5.8% | 2,370 | 4,129 | 3,384 | S100LRSE |
| FY ending Mar 2021 | 46,141 | 3,622 | 7.8% | 3,007 | 3,115 | 2,433 | S100OGFM |
| FY ending Mar 2022 | 51,991 | 5,538 | 10.7% | 4,226 | 1,872 | 1,317 | S100R9TK |
| FY ending Mar 2023 | 52,811 | 3,758 | 7.1% | 2,929 | -4,781 | -7,929 | S100TUJ2 |
| FY ending Mar 2024 | 61,334 | 5,268 | 8.6% | 4,645 | 9,056 | 8,274 | S100W55W |
| FY ending Mar 2025 | 63,316 | 3,814 | 6.0% | 3,619 | 5,717 | 4,637 | S100YIVR |
| FY ending Mar 2026 | 62,983 | 2,802 | 4.4% | 2,466 | 2,169 | -1,247 | S100YIVR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 2,003 | 2,021 | 1,999 | 2,022 | 2,029 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.8M | ¥7M | ¥7.1M |
| Average age (parent company) | 39.6 years | 40.0 years | 40.3 years | 40.6 years | 40.9 years |
| Average tenure (parent company) | 14.8 years | 15.2 years | 15.3 years | 15.2 years | 15.3 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) -0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 47,558 | 58.8% | 1,590 | 3.3% |
| North America | 9,504 | 11.8% | 147 | 1.5% |
| Europe | 4,235 | 5.2% | 35 | 0.8% |
| Thailand | 11,014 | 13.6% | 463 | 4.2% |
| Vietnam | 6,820 | 8.4% | 325 | 4.8% |
| Other | 1,685 | 2.1% | 33 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 58.8% | 61.3% | 2.5 | 3.3% |
| North America | 11.8% | 5.7% | -6.1 | 1.5% |
| Europe | 5.2% | 1.3% | -3.9 | 0.8% |
| Thailand | 13.6% | 17.9% | 4.2 | 4.2% |
| Vietnam | 8.4% | 12.5% | 4.1 | 4.8% |
| Other | 2.1% | 1.3% | -0.8 | 2.0% |

Segment → industry: Japan → Housing Equipment & Building Materials / Japan → Smartphones & Communications Equipment / North America → Housing Equipment & Building Materials / North America → Smartphones & Communications Equipment / Europe → Housing Equipment & Building Materials / Europe → Smartphones & Communications Equipment / Thailand → Housing Equipment & Building Materials / Thailand → Smartphones & Communications Equipment / Vietnam → Housing Equipment & Building Materials / Vietnam → Smartphones & Communications Equipment / Other → 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 | 2,169 | 3.4% | S100YIVR |
| Capital expenditure | 3,416 | 5.4% | S100YIVR |
| Free cash flow | -1,247 | -2.0% | 算出 |
| Investing cash flow | -2,277 | -3.6% | S100YIVR |
| Financing cash flow | -2,344 | -3.7% | S100YIVR |
| Dividends paid | 2,127 | 3.4% | S100YIVR |
| Share buyback | 0 | 0.0% | S100YIVR |
| Change in cash | -1,509 | -2.4% | S100YIVR |
| Cash and equivalents | 22,817 | 36.2% | S100YIVR |

## 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 | 22,577 | 13,756 | 21,587 | 24,326 | 22,817 | S100TUJ2, S100W55W, S100YIVR |
| Total assets | 69,453 | 70,597 | 78,416 | 77,037 | 79,957 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Net assets | 55,929 | 58,391 | 64,913 | 66,763 | 70,034 | S100TUJ2, S100W55W, S100YIVR |
| Share capital | 5,388 | 5,388 | 5,388 | 5,388 | 5,388 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Property, plant and equipment | 5,232 | 7,786 | 8,184 | 8,231 | 10,980 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Investment securities | 8,019 | 8,458 | 9,632 | 9,059 | 9,725 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Current assets | 52,545 | 51,070 | 57,833 | 56,333 | 56,289 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Current liabilities | 10,663 | 9,139 | 10,441 | 8,863 | 8,512 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Total liabilities | 13,523 | 12,205 | 13,502 | 10,274 | 9,923 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Equity attributable to owners of parent | 52,056 | 53,416 | 56,664 | 58,160 | 58,501 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Retained earnings | 44,476 | 45,837 | 49,011 | 50,503 | 49,877 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |
| Treasury stock | -3,217 | -3,218 | -3,166 | -3,164 | -2,173 | S100R9TK, S100TUJ2, S100W55W, S100YIVR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YIVR |
| Property, plant and equipment | 14% | S100YIVR |
| Investment securities | 12% | S100YIVR |
| Other assets | 46% | S100YIVR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100YIVR |
| Equity | 88% | S100YIVR |

### 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 | 69,453 | 70,597 | 78,416 | 77,037 | 79,957 |
| Equity | 55,929 | 58,391 | 64,913 | 66,763 | 70,034 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,577 | 13,756 | 21,587 | 24,326 | 22,817 |

## 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) | 17.4% | S100YIVR |
| Fixed assets ÷ total assets | 13.7% | S100YIVR |
| Goodwill ÷ parent equity | — | —, S100YIVR |

### 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) | 28.5% |
| Cash ÷ revenue | 36.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.4% |
| Cash vs. profit gap | -297 JPY mn (of net income -12.0%) |
| Shareholder returns / net income | 86.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 86.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 105.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.1% | 0.75× | 6.1% | 1.33× | 8.1% | S100R9TK |
| 2023 | 5.5% | 0.75× | 4.2% | 1.33× | 5.6% | S100TUJ2 |
| 2024 | 7.6% | 0.82× | 6.2% | 1.35× | 8.4% | S100W55W |
| 2025 | 5.7% | 0.81× | 4.7% | 1.35× | 6.3% | S100YIVR |
| 2026 | 3.9% | 0.80× | 3.1% | 1.35× | 4.2% | S100YIVR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 市川 周作 | Major shareholder | 11.7% | 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 | 8.6% | 2026-03-31 |
| アイホン従業員持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 （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 | 3.1% | 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 | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| アイホン取引先持株会 | Major shareholder | 2.3% | 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 | 2.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YIVR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVR,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W55W | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W55W,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TUJ2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUJ2,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R9TK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9TK,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OGFM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGFM,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LRSE | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRSE,, |

## 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).