# AIR WATER INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YZGY)
> Page: https://vizora.meequs.com/en/company/air-water
> Retrieved: 2026-09-30T18:26:53.934Z

## Company

AIR Water, founded in 1929, is a company in Medical Devices listed on TSE Prime. It has 21,824 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIR WATER INC. |
| Ticker | 4088 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4088.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大深町5番54号グラングリーン大阪南館パークタワー 13階 |
| Representative (per filing) | 代表取締役 社長執行役員 千歳喜弘 |
| Founded | Sep 1929 |
| Share capital | ¥55.9B |
| Employees (consolidated) | 21,824 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.awi.co.jp (https://www.awi.co.jp/) |
| Corporate number | 1430001009475 |
| EDINET | E00792 |
| Industries (Vizora) | Medical Devices, Chemicals, Electric Power & Gas, Beverages & Dairy, Processed Foods |

> Profile source: annual securities report (S100YZGY, filed 2026-08-31). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.4 | 96 |
| Profitability | 1.5 | 100 |
| Efficiency | 78.5 | 100 |

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 39% of AIR Water's sales come from Digital and industry, with Health and safety and Agriculture and foods making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +5.3% from the prior year, operating profit -159.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.07T |  |
| Operating income | -¥37.2B | Margin -3.5% |
| Net income | -¥63.9B | Margin -6.0% |
| Free cash flow | ¥34.3B |  |
| Largest business | Digital and industry | of segment revenue 38.8% |
| Employees (consolidated) | 21,824 |  |
| EPS | ¥-279.01 |  |
| Diluted EPS | ¥-279.01 |  |
| Book value per share | ¥703.55 |  |
| Equity ratio | 32.1% | Derived from disclosed figures |
| Shares outstanding | 229,755,000 |  |
| Treasury shares | 808,000 |  |
| Shareholders | 39,229 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | -11 pp | Chemicals |
| ROA | -5.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥806630000000 | ¥1066795000000 | +32.3% |
| Operating income | ¥51231000000 | ¥-37157000000 | -172.5% |
| Operating margin | 6.4% | -3.5% | -9.8 pp |
| Employees | 18,843 people | 21,824 people | +15.8% |
| Cash and equivalents | ¥45983000000 | ¥87139000000 | +89.5% |

### 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 |
| --- | ---: |
| 産業ガス関連事業 → 事業再編・廃止 | 27.1% |
| ケミカル関連事業 → 事業再編・廃止 | 4.9% |
| 医療関連事業 → 事業再編・廃止 | 27.2% |
| エネルギー関連事業 → 事業再編・廃止 | 7.7% |
| 農業・食品関連事業 → 事業再編・廃止 | 19.3% |
| 物流関連事業 → 事業再編・廃止 | 7.8% |
| 海水関連事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → デジタル＆インダストリー | 38.8% |
| 新設・再編 → エネルギーソリューション | 11.6% |
| 新設・再編 → ヘルス＆セーフティー | 31.6% |
| 新設・再編 → アグリ＆フーズ | 18.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital and industry | 4 years | +3.4% | ¥329938000000 | -12.4% | 2 |
| Health and safety | 4 years | +5.4% | ¥268471000000 | 3.9% | 2 |
| Agriculture and foods | 4 years | +2.3% | ¥152988000000 | 2.4% | 2 |
| Energy Solutions | 4 years | +3.9% | ¥98502000000 | 6.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,066,795 | 100.0% | S100YZGY |
| Cost of revenue | 826,497 | 77.5% | S100YZGY |
| Gross profit | 240,297 | 22.5% | S100YZGY |
| SG&A | 201,529 | 18.9% | S100YZGY |
| Operating income | -37,157 | -3.5% | S100YZGY |
| Pretax income | -51,447 | -4.8% | S100YZGY |
| Income tax | 14,834 | 1.4% | S100YZGY |
| Net income | -66,282 | -6.2% | S100YZGY |
| Net income attributable to owners | -63,949 | -6.0% | S100YZGY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 19 |
| Other operating | 7 |
| Operating income | -3 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 22.5% → Operating margin -3.5% → Net margin -6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 1,013,070 | 1,066,795 | 53,725 | +5.3% |
| Gross profit | 223,760 | 240,297 | 16,537 | +7.4% |
| Operating income | 62,538 | -37,157 | -99,695 | -159.4% |
| Net income attributable to owners | 39,929 | -63,949 | -103,878 | -260.2% |
| Operating cash flow | 92,737 | 107,583 | 14,846 | +16.0% |
| Free cash flow | 22,788 | 34,298 | 11,510 | +50.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 742,288 | — | — | 28,815 | 61,212 | — | S100R1DH |
| FY ending Mar 2020 | 809,083 | 50,616 | 6.3% | 30,430 | 43,784 | -20,403 | S100LLFK |
| FY ending Mar 2021 | 806,630 | 51,231 | 6.4% | 27,367 | 76,601 | 24,574 | S100OIFT |
| FY ending Mar 2022 | 888,668 | 65,174 | 7.3% | 43,214 | 71,572 | 25,237 | S100R1DH |
| FY ending Mar 2023 | 1,004,914 | 62,181 | 6.2% | 40,137 | 56,953 | -9,716 | S100TT7O |
| FY ending Mar 2024 | 1,024,540 | 68,272 | 6.7% | 44,360 | 79,625 | 13,157 | S100W4M2 |
| FY ending Mar 2025 | 1,013,070 | 62,538 | 6.2% | 39,929 | 92,737 | 22,788 | S100YZGY |
| FY ending Mar 2026 | 1,066,795 | -37,157 | -3.5% | -63,949 | 107,583 | 34,298 | S100YZGY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.9M |
| Operating income per employee (consolidated) | -¥1.7M |
| Net income per employee (consolidated) | -¥2.9M |

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) | 19,299 | 20,109 | 20,348 | 20,836 | 21,824 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥8.2M | ¥8M | ¥8.2M |
| Average age (parent company) | 44.1 years | 45.1 years | 45.2 years | 43.6 years | 42.5 years |
| Average tenure (parent company) | 12.4 years | 11.9 years | 11.1 years | 10.3 years | 9.9 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital and industry | 329,938 | 38.8% | -40,888 | -12.4% |
| Energy Solutions | 98,502 | 11.6% | 6,394 | 6.5% |
| Health and safety | 268,471 | 31.6% | 10,395 | 3.9% |
| Agriculture and foods | 152,988 | 18.0% | 3,664 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital and industry | 38.8% | — | — | -12.4% |
| Energy Solutions | 11.6% | 31.3% | 19.7 | 6.5% |
| Health and safety | 31.6% | 50.8% | 19.2 | 3.9% |
| Agriculture and foods | 18.0% | 17.9% | -0.1 | 2.4% |

Loss-making segment (excluded from profit shares): Digital and industry -40,888 JPY mn

Segment → industry: Health and safety → Medical Devices / Digital and industry → Chemicals / Energy Solutions → Electric Power & Gas / Agriculture and foods → Beverages & Dairy / Agriculture and foods → Processed Foods

## 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 | 107,583 | 10.1% | S100YZGY |
| Capital expenditure | 73,285 | 6.9% | S100YZGY |
| Free cash flow | 34,298 | 3.2% | 算出 |
| Investing cash flow | -88,611 | -8.3% | S100YZGY |
| Financing cash flow | -5,708 | -0.5% | S100YZGY |
| Dividends paid | 18,463 | 1.7% | S100YZGY |
| Change in cash | 14,008 | 1.3% | S100YZGY |
| Cash and equivalents | 87,139 | 8.2% | S100YZGY |

## 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 | 59,554 | 65,944 | 67,440 | 73,227 | 87,139 | S100TT7O, S100W4M2, S100YZGY |
| Total assets | 1,022,031 | 1,091,645 | 1,222,696 | 1,210,110 | 1,216,287 | S100R1DH, S100TT7O, S100W4M2, S100YZGY |
| Net assets | 419,857 | 446,482 | 439,910 | 458,224 | 410,970 | S100TT7O, S100W4M2, S100YZGY |
| Share capital | 55,855 | 55,855 | 55,855 | 55,855 | 55,855 | S100R1DH, S100TT7O, S100W4M2, S100YZGY |
| Property, plant and equipment | 442,852 | 443,443 | — | 506,227 | 505,617 | S100R1DH, S100TT7O, S100YZGY |
| Goodwill | 60,129 | 65,130 | — | 78,224 | 51,587 | S100R1DH, S100TT7O, S100YZGY |
| Current assets | 376,889 | 431,139 | — | 442,535 | 466,627 | S100R1DH, S100TT7O, S100YZGY |
| Total liabilities | 602,174 | 645,162 | — | 751,885 | 805,316 | S100R1DH, S100TT7O, S100YZGY |
| Equity attributable to owners of parent | 395,131 | 430,232 | — | 442,215 | 390,229 | S100R1DH, S100TT7O, S100YZGY |
| Retained earnings | 275,158 | 303,680 | — | 290,533 | 213,479 | S100R1DH, S100TT7O, S100YZGY |
| Treasury stock | -4,838 | -3,532 | — | -808 | -714 | S100R1DH, S100TT7O, S100YZGY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YZGY |
| Property, plant and equipment | 42% | S100YZGY |
| Intangibles and goodwill | 4% | — |
| Other assets | 47% | S100YZGY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YZGY |
| Equity | 34% | S100YZGY |
| Other liabilities | 0% | S100YZGY |

### 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 | 1,022,031 | 1,091,645 | 1,222,696 | 1,210,110 | 1,216,287 |
| Equity | 419,857 | 446,482 | 439,910 | 458,224 | 410,970 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 59,554 | 65,944 | 67,440 | 73,227 | 87,139 |

## 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) | 47.4% | S100YZGY |
| Fixed assets ÷ total assets | 41.6% | S100YZGY |
| Goodwill ÷ parent equity | 13.2% | S100YZGY |

Goodwill over 4 years: 60,129 → 51,587 JPY; total investing cash flow: -371,142 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) | 7.2% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 171,532 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 53.8% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 82.4% |

## 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 | 4.9% | 0.87× | 4.2% | 2.59× | 10.9% | S100R1DH |
| 2023 | 4.0% | 0.95× | 3.8% | 2.56× | 9.7% | S100TT7O |
| 2024 | 4.3% | 0.89× | 3.8% | 2.61× | 10.0% | S100W4M2, S100YZGY |
| 2025 | 3.9% | 0.83× | 3.3% | 2.75× | 9.0% | S100YZGY |
| 2026 | — | —× | -5.3% | —× | — | S100YZGY |

## 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 | 11.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| エア・ウォーター取引先持株会 | Major shareholder | 2.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 2.2% | 2026-03-31 |
| エア・ウォーターグループ持株会 | Major shareholder | 2.1% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.07T, up +5.3% from the prior year.
- Operating income fell from ¥62.5B to -¥37.2B, and net income attributable to owners went from ¥39.9B to -¥63.9B.
- Cash generation held up: operating cash flow reached ¥107.6B (+16.0%) and free cash flow ¥34.3B (+50.5%).

### Drivers

- Impairment losses on goodwill and fixed assets, mostly tied to overseas businesses bought in the past
- Corrections for improper accounting were booked into this year and earlier years, along with the cost of the investigation
- Sales were lifted by gas and thermal control equipment for chipmaking and by a newly consolidated dental mail-order business

### Risks

- The Tokyo Stock Exchange has put the shares on its special alert list; if internal controls are still found lacking, the stock is in principle delisted
- Some loans may breach covenants because of the accounting problems, and lenders could demand early repayment
- Further write-downs of goodwill are possible if business plans change

Cited: Annual Securities Report (amended), 26th fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (amended), 26th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YZGY | 2026-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZGY,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W4M2 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4M2,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TT7O | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7O,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R1DH | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1DH,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OIFT | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIFT,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LLFK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLFK,, |

## 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).