# AIRMAN 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95期(2025/04/01－2026/03/31) (S100YI16)
> Page: https://vizora.meequs.com/en/company/airman
> Retrieved: 2026-09-30T21:00:19.532Z

## Company

Airman, founded in 1938, is a company in Industrial Machinery listed on TSE Prime. It has 820 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIRMAN CORPORATION |
| Ticker | 6364 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6364.T) |
| Listing | TSE Prime |
| Head office | 新潟県燕市下粟生津3074番地 |
| Representative (per filing) | 代表取締役社長 佐藤豪一 |
| Founded | May 1938 |
| Share capital | ¥3.42B |
| Employees (consolidated) | 820 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.airman.co.jp (https://www.airman.co.jp/) |
| Corporate number | 4110001016088 |
| EDINET | E01663 |
| Industries (Vizora) | Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YI16, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 90.6 | 16 |
| Cash conversion | 3.3 | 15 |
| Efficiency | 67.6 | 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 80% of Airman's sales come from construction machinery business, with industrial machinery business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +11.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥55.6B |  |
| Operating income | ¥7.18B | Margin 12.9% |
| Net income | ¥5.6B | Margin 10.1% |
| Free cash flow | -¥3.74B |  |
| Largest business | construction machinery business | of segment revenue 80.1% |
| Employees (consolidated) | 820 |  |
| EPS | ¥126.08 |  |
| Book value per share | ¥1093.39 |  |
| Equity ratio | 68.5% |  |
| Shares outstanding | 30,165,418 |  |
| Treasury shares | 2,606,300 |  |
| Shareholders | 5,943 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 17.9% | Net cash ¥4.32B · Cash ÷ revenue 21.2% |
| Vs. industry median margin | +4.3 pp | Construction & Farm Machinery |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32929473000 | ¥55604049000 | +68.9% |
| Operating income | ¥2489674000 | ¥7184815000 | +188.6% |
| Operating margin | 7.6% | 12.9% | +5.4 pp |
| Employees | 709 people | 820 people | +15.7% |
| Cash and equivalents | ¥11049865000 | ¥11786750000 | +6.7% |

### 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 |
| --- | ---: |
| 建設機械事業 → 建設機械事業 | 74.7% |
| 産業機械事業 → 産業機械事業 | 19.9% |
| 産業機械事業 → 事業再編・廃止 | 5.4% |
| 新設・再編 → 建設機械事業 | 5.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,604 | 100.0% | S100YI16 |
| Cost of revenue | 40,381 | 72.6% | S100YI16 |
| Gross profit | 15,223 | 27.4% | S100YI16 |
| SG&A | 8,038 | 14.5% | S100YI16 |
| Operating income | 7,185 | 12.9% | S100YI16 |
| Ordinary income | 8,014 | 14.4% | S100YI16 |
| Pretax income | 7,985 | 14.4% | S100YI16 |
| Income tax | 2,375 | 4.3% | S100YI16 |
| Net income | 5,610 | 10.1% | S100YI16 |
| Net income attributable to owners | 5,597 | 10.1% | S100YI16 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 14 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 27.4% → Operating margin 12.9% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +11.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.88×
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 | 54,354 | 55,604 | 1,250 | +2.3% |
| Gross profit | 14,201 | 15,223 | 1,022 | +7.2% |
| Operating income | 6,460 | 7,185 | 725 | +11.2% |
| Net income attributable to owners | 4,767 | 5,597 | 829 | +17.4% |
| Operating cash flow | 3,950 | -2,377 | -6,328 | -160.2% |
| Free cash flow | 2,865 | -3,737 | -6,603 | -230.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,789 | 5,320 | 12.7% | 3,622 | 4,260 | 1,956 | S100LMK7 |
| FY ending Mar 2021 | 32,929 | 2,490 | 7.6% | 1,944 | 4,099 | 2,108 | S100OFIK |
| FY ending Mar 2022 | 36,651 | 3,570 | 9.7% | 2,749 | 2,276 | 1,149 | S100R4ON |
| FY ending Mar 2023 | 49,000 | 4,842 | 9.9% | 3,752 | 2,869 | 1,763 | S100TURK |
| FY ending Mar 2024 | 51,900 | 6,188 | 11.9% | 5,099 | 3,970 | 1,778 | S100W3M7 |
| FY ending Mar 2025 | 54,354 | 6,460 | 11.9% | 4,767 | 3,950 | 2,865 | S100YI16 |
| FY ending Mar 2026 | 55,604 | 7,185 | 12.9% | 5,597 | -2,377 | -3,737 | S100YI16 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.8M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥6.8M |

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) | 707 | 727 | 761 | 807 | 820 |
| Average salary (parent company) | ¥6.2M | ¥6.5M | ¥6.7M | ¥6.8M | ¥7M |
| Average age (parent company) | 38.6 years | 38.5 years | 38.0 years | 37.1 years | 37.8 years |
| Average tenure (parent company) | 14.8 years | 14.8 years | 14.3 years | 13.1 years | 13.8 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| construction machinery business | 44,552 | 80.1% | 7,043 | 15.8% |
| industrial machinery business | 11,052 | 19.9% | 2,221 | 20.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| construction machinery business | 80.1% | 76.0% | -4.1 | 15.8% |
| industrial machinery business | 19.9% | 24.0% | 4.1 | 20.1% |

Segment → industry: industrial machinery business → Industrial Machinery / construction machinery business → 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 | -2,377 | -4.3% | S100YI16 |
| Capital expenditure | 1,360 | 2.4% | S100YI16 |
| Free cash flow | -3,737 | -6.7% | 算出 |
| Investing cash flow | -1,478 | -2.7% | S100YI16 |
| Financing cash flow | -3,383 | -6.1% | S100YI16 |
| Dividends paid | 1,600 | 2.9% | S100YI16 |
| Share buyback | 1,400 | 2.5% | S100YI16 |
| Change in cash | -7,129 | -12.8% | S100YI16 |
| Cash and equivalents | 11,787 | 21.2% | S100YI16 |

## 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 | 10,614 | 12,509 | 11,324 | 18,916 | 11,787 | S100TURK, S100W3M7, S100YI16 |
| Total assets | 45,827 | 53,237 | 56,347 | 64,205 | 65,690 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Net assets | 31,303 | 34,194 | 37,576 | 41,040 | 45,188 | S100TURK, S100W3M7, S100YI16 |
| Share capital | 3,417 | 3,417 | 3,417 | 3,417 | 3,417 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Property, plant and equipment | 8,990 | 9,554 | 10,288 | 10,331 | 11,206 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Intangible assets excluding goodwill | 65 | 172 | 319 | 450 | 447 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Investment securities | 2,985 | 2,934 | 3,512 | 3,888 | 5,705 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Current assets | 32,492 | 39,116 | 40,140 | 47,507 | 46,019 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Current liabilities | 11,939 | 15,255 | 14,913 | 12,701 | 11,182 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Trade payables | 4,238 | 5,977 | 5,354 | 6,058 | 4,861 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Short-term borrowings | 100 | 222 | 222 | 222 | 222 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Long-term borrowings | — | 778 | 773 | 7,494 | 7,212 | S100TURK, S100W3M7, S100YI16 |
| Bonds | — | 210 | 200 | 107 | 30 | S100TURK, S100W3M7, S100YI16 |
| Interest-bearing debt | — | 1,210 | 1,195 | 7,822 | 7,464 | 算出 |
| Total liabilities | 14,524 | 19,043 | 18,771 | 23,165 | 20,502 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Non-controlling interests | 142 | 154 | 165 | 173 | 183 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Equity attributable to owners of parent | 30,229 | 32,774 | 35,523 | 38,109 | 40,940 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Retained earnings | 24,279 | 27,025 | 30,696 | 33,820 | 37,813 | S100R4ON, S100TURK, S100W3M7, S100YI16 |
| Treasury stock | -1,354 | -1,556 | -2,477 | -3,215 | -4,441 | S100R4ON, S100TURK, S100W3M7, S100YI16 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YI16 |
| Property, plant and equipment | 17% | S100YI16 |
| Intangibles and goodwill | 1% | S100YI16 |
| Investment securities | 9% | S100YI16 |
| Other assets | 55% | S100YI16 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YI16 |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 13% | S100YI16 |
| Equity | 69% | S100YI16 |
| Other liabilities | 0% | S100YI16 |

### 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 | 45,827 | 53,237 | 56,347 | 64,205 | 65,690 |
| Equity | 31,303 | 34,194 | 37,576 | 41,040 | 45,188 |
| Interest-bearing debt | — | 1,210 | 1,195 | 7,822 | 7,464 |
| Cash | 10,614 | 12,509 | 11,324 | 18,916 | 11,787 |

## 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) | 20.2% | S100YI16 |
| Fixed assets ÷ total assets | 17.1% | S100YI16 |
| Goodwill ÷ parent equity | — | —, S100YI16 |

### 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) | 17.9% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | ¥4.32B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -33.1% |
| Cash vs. profit gap | -7,974 JPY mn (of net income -142.5%) |
| Shareholder returns / net income | 53.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | — |

## 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 | 7.5% | 0.80× | 6.0% | 1.52× | 9.1% | S100R4ON |
| 2023 | 7.7% | 0.99× | 7.6% | 1.57× | 11.9% | S100TURK |
| 2024 | 9.8% | 0.95× | 9.3% | 1.60× | 14.9% | S100W3M7 |
| 2025 | 8.8% | 0.90× | 7.9% | 1.64× | 12.9% | S100YI16 |
| 2026 | 10.1% | 0.86× | 8.6% | 1.64× | 14.2% | S100YI16 |

## 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 | 9.4% | 2026-03-31 |
| バイオグリーン有限会社 | Major shareholder | 8.9% | 2026-03-31 |
| GOLDMAN, SACHS&CO.REG (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 7.8% | 2026-03-31 |
| 千代田産業株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| 佐藤美武 | Major shareholder | 5.2% | 2026-03-31 |
| ＡＩＲＭＡＮ持株会 | Major shareholder | 3.9% | 2026-03-31 |
| CITCO TRUSTEES (CAYMAN)LIMITED SOLELY IN ITS CAPACITY AS TRUSTEE OF THE VPL1 TRUST (常任代理人 立花証券株式会社) | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 3.4% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC)RE NON TREATY CLIENTS ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YI16 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI16,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W3M7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3M7,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TURK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TURK,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R4ON | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4ON,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OFIK | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFIK,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LMK7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMK7,, |

## 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).