# AIRTECH JAPAN,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/01/01－2025/12/31) (S100XUPZ)
> Page: https://vizora.meequs.com/en/company/airtech-japan
> Retrieved: 2026-09-30T21:03:16.359Z

## Company

Airtech Japan, founded in 2023, is a company in Air Conditioning listed on TSE Standard. It has 473 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIRTECH JAPAN,LTD. |
| Ticker | 6291 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6291.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区入谷一丁目14番9号 |
| Representative (per filing) | 代表取締役社長 平沢 真也 |
| Founded | Aug 2023 |
| Share capital | ¥2.13B |
| Employees (consolidated) | 473 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Corporate number | 5010501009996 |
| EDINET | E02421 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100XUPZ, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 22.7 | 11 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 31.8 | 11 |

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)

- Airtech Japan brought in ¥14.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit +6.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14151101000 → ¥1131475000
- Net income → operating cash flow: ¥1131475000 → ¥1625885000（difference ¥494410000）
- Main uses of operating cash flow: CapEx ¥983046000 / dividends ¥505140000 / buybacks ¥230660000
- Change in cash: ¥1057592000
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 | ¥14.2B |  |
| Operating income | ¥1.16B | Margin 8.2% |
| Net income | ¥1.13B | Margin 8.0% |
| Free cash flow | ¥642.8M |  |
| Employees (consolidated) | 473 |  |
| EPS | ¥111.96 |  |
| Book value per share | ¥1478.97 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 10,538,420 |  |
| Treasury shares | 550,700 |  |
| Shareholders | 9,882 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 23.0% |
| Vs. industry median margin | -2.5 pp | Air Conditioning |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12487337000 | ¥14151101000 | +13.3% |
| Operating income | ¥1414782000 | ¥1163952000 | -17.7% |
| Operating margin | 11.3% | 8.2% | -3.1 pp |
| Employees | 377 people | 473 people | +25.5% |
| Cash and equivalents | ¥5894750000 | ¥3249699000 | -44.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,151 | 100.0% | S100XUPZ |
| Cost of revenue | 10,561 | 74.6% | S100XUPZ |
| Gross profit | 3,601 | 25.4% | S100XUPZ |
| SG&A | 2,437 | 17.2% | S100XUPZ |
| Operating income | 1,164 | 8.2% | S100XUPZ |
| Ordinary income | 1,607 | 11.4% | S100XUPZ |
| Pretax income | 1,596 | 11.3% | S100XUPZ |
| Income tax | 464 | 3.3% | S100XUPZ |
| Net income | 1,131 | 8.0% | S100XUPZ |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.4% → Operating margin 8.2% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.7%; Core profit growth: +6.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,518 | 14,151 | 633 | +4.7% |
| Gross profit | 3,498 | 3,601 | 103 | +3.0% |
| Operating income | 1,098 | 1,164 | 66 | +6.0% |
| Operating cash flow | -668 | 1,626 | 2,293 | — |
| Free cash flow | -1,686 | 643 | 2,329 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,442 | 436 | 4.2% | 405 | 774 | 385 | S100L1UN |
| FY ending Dec 2020 | 12,487 | 1,415 | 11.3% | 1,136 | 914 | 208 | S100NTZO |
| FY ending Dec 2021 | 14,289 | 1,991 | 13.9% | 1,584 | 1,800 | 1,356 | S100QIFT |
| FY ending Dec 2022 | 13,173 | 1,105 | 8.4% | 1,017 | 228 | -409 | S100T638 |
| FY ending Dec 2023 | 13,647 | 707 | 5.2% | 732 | 454 | -119 | S100VK7D |
| FY ending Dec 2024 | 13,518 | 1,098 | 8.1% | 1,137 | -668 | -1,686 | S100XUPZ |
| FY ending Dec 2025 | 14,151 | 1,164 | 8.2% | 1,131 | 1,626 | 643 | S100XUPZ |

## People and productivity（FY ending Dec 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 398 | 408 | 420 | 455 | 473 |
| Average salary (parent company) | ¥6.1M | ¥5.9M | ¥6.4M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 43.4 years | 43.3 years | 43.6 years | 42.8 years | 42.1 years |
| Average tenure (parent company) | 16.9 years | 16.9 years | 16.4 years | 15.5 years | 15.1 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +4.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,626 | 11.5% | S100XUPZ |
| Capital expenditure | 983 | 6.9% | S100XUPZ |
| Free cash flow | 643 | 4.5% | 算出 |
| Investing cash flow | -901 | -6.4% | S100XUPZ |
| Financing cash flow | 324 | 2.3% | S100XUPZ |
| Dividends paid | 505 | 3.6% | S100XUPZ |
| Share buyback | 231 | 1.6% | S100XUPZ |
| Change in cash | 1,058 | 7.5% | S100XUPZ |
| Cash and equivalents | 3,250 | 23.0% | S100XUPZ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,190 | 5,673 | 4,693 | 2,192 | 3,250 | S100T638, S100VK7D, S100XUPZ |
| Total assets | 19,968 | 19,976 | 19,589 | 18,513 | 19,876 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Net assets | 13,456 | 13,927 | 14,108 | 14,302 | 14,772 | S100T638, S100VK7D, S100XUPZ |
| Share capital | 2,084 | 2,099 | 2,116 | 2,134 | 2,134 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Property, plant and equipment | 3,880 | 4,364 | 4,804 | 5,621 | 6,400 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Intangible assets excluding goodwill | 85 | 66 | 44 | 39 | 39 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Investment securities | 92 | 302 | 511 | 517 | 518 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Current assets | 15,395 | 14,746 | 13,755 | 11,866 | 12,458 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Current liabilities | 5,404 | 5,083 | 4,691 | 3,598 | 3,955 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Short-term borrowings | 280 | 280 | 280 | 380 | 580 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Long-term borrowings | 411 | 305 | 204 | 101 | 792 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Total liabilities | 6,512 | 6,050 | 5,482 | 4,211 | 5,104 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Equity attributable to owners of parent | 13,422 | 13,895 | 14,085 | 14,284 | 14,753 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Retained earnings | 9,258 | 9,835 | 9,942 | 10,453 | 11,077 | S100QIFT, S100T638, S100VK7D, S100XUPZ |
| Treasury stock | -47 | -185 | -138 | -485 | -640 | S100QIFT, S100T638, S100VK7D, S100XUPZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XUPZ |
| Property, plant and equipment | 32% | S100XUPZ |
| Intangibles and goodwill | 0% | S100XUPZ |
| Investment securities | 3% | S100XUPZ |
| Other assets | 49% | S100XUPZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100XUPZ |
| Equity | 74% | S100XUPZ |
| Other liabilities | 0% | S100XUPZ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,968 | 19,976 | 19,589 | 18,513 | 19,876 |
| Equity | 13,456 | 13,927 | 14,108 | 14,302 | 14,772 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,190 | 5,673 | 4,693 | 2,192 | 3,250 |

## 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) | 45.2% | S100XUPZ |
| Fixed assets ÷ total assets | 32.2% | S100XUPZ |
| Goodwill ÷ parent equity | — | —, S100XUPZ |

### 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) | 16.4% |
| Cash ÷ revenue | 23.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.7% |
| Cash vs. profit gap | 494 JPY mn (of net income 43.7%) |
| Shareholder returns / net income | 65.0% |
| Shareholder returns / FCF | 114.5% |
| Shareholder payments — dividends / net income | 44.6% |
| Shareholder payments — dividends / FCF | 78.6% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 55.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 11.1% | 0.72× | 7.9% | 1.49× | 11.8% | S100QIFT |
| 2022 | 7.7% | 0.66× | 5.1% | 1.46× | 7.4% | S100T638 |
| 2023 | 5.4% | 0.69× | 3.7% | 1.41× | 5.2% | S100VK7D |
| 2024 | 8.4% | 0.71× | 6.0% | 1.34× | 8.0% | S100XUPZ |
| 2025 | 8.0% | 0.74× | 5.9% | 1.32× | 7.8% | S100XUPZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エアーテックアシスト株式会社 | Major shareholder | 15.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.2% | 2025-12-31 |
| 平和株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 倉 剛進 | Major shareholder | 2.7% | 2025-12-31 |
| 近藤 芳世 | Major shareholder | 2.5% | 2025-12-31 |
| 日本エアーテック従業員持株会 | Major shareholder | 2.4% | 2025-12-31 |
| 岩崎 泰次 | Major shareholder | 1.5% | 2025-12-31 |
| 平澤 知佳子 | Major shareholder | 1.2% | 2025-12-31 |
| 平沢 真也 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/01/01－2025/12/31) | S100XUPZ | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUPZ,, |
| 訂正有価証券報告書－第52期(2024/01/01－2024/12/31) | S100VK7D | 2025-04-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VK7D,, |
| 有価証券報告書－第51期(2023/01/01－2023/12/31) | S100T638 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T638,, |
| 有価証券報告書－第50期(2022/01/01－2022/12/31) | S100QIFT | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIFT,, |
| 訂正有価証券報告書－第49期(令和3年1月1日－令和3年12月31日) | S100NTZO | 2022-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NTZO,, |
| 有価証券報告書－第48期(令和2年1月1日－令和2年12月31日) | S100L1UN | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1UN,, |

## 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).