# AISAN INDUSTRY 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124期(2025/04/01－2026/03/31) (S100Y9N3)
> Page: https://vizora.meequs.com/en/company/aisan-industry
> Retrieved: 2026-09-30T18:28:32.018Z

## Company

Aisan Industry, founded in 1938, is a company in Auto Parts listed on TSE Prime. It has 8,712 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AISAN INDUSTRY CO., LTD. |
| Ticker | 7283 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7283.T) |
| Listing | TSE Prime |
| Head office | 愛知県大府市共和町一丁目1番地の1 |
| Representative (per filing) | 社長経営役員 加藤貴己 |
| Founded | Dec 1938 |
| Share capital | ¥10.9B |
| Employees (consolidated) | 8,712 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | aisan-ind.co.jp (https://aisan-ind.co.jp/) |
| Corporate number | 1180001092357 |
| EDINET | E02162 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100Y9N3, filed 2026-06-11). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.1 | 110 |
| Profitability | 60.8 | 111 |
| Cash conversion | 2.3 | 108 |
| Efficiency | 66.2 | 111 |

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 41% of Aisan Industry's sales come from Asia, with Japan and Americas making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -0.3%.

## Company structure

- Segment revenue mix: Asia 41.0%、Japan 30.6%、Americas 23.5%、Europe 4.9%
- Revenue → net income: ¥330834000000 → ¥13779000000
- Net income → operating cash flow: ¥13779000000 → ¥7204000000（difference ¥-6575000000）
- Main uses of operating cash flow: CapEx ¥18188000000 / dividends ¥4422000000 / buybacks ¥9405000000
- Change in cash: ¥3488000000
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 | ¥330.8B |  |
| Operating income | ¥18.3B | Margin 5.5% |
| Net income | ¥13.1B | Margin 4.0% |
| Free cash flow | -¥11B |  |
| Largest business | Asia | of segment revenue 41.0% |
| Employees (consolidated) | 8,712 |  |
| EPS | ¥271.11 |  |
| Book value per share | ¥1444.34 |  |
| Equity ratio | 45.5% |  |
| Shares outstanding | 63,406,879 |  |
| Treasury shares | 6,379,100 |  |
| Shareholders | 11,140 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 28.1% | Cash ÷ revenue 26.5% |
| Vs. industry median margin | +0.8 pp | Auto Parts |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.1× dividends
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥181427000000 | ¥330834000000 | +82.4% |
| Operating income | ¥4956000000 | ¥18287000000 | +269.0% |
| Operating margin | 2.7% | 5.5% | +2.8 pp |
| Employees | 8,688 people | 8,712 people | +0.3% |
| Cash and equivalents | ¥44369000000 | ¥87620000000 | +97.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 30.6% |
| 日本 → 事業再編・廃止 | 10.3% |
| アジア → アジア | 41.0% |
| アジア → 事業再編・廃止 | 0.0% |
| 米州 → 米州 | 12.5% |
| 欧州 → 欧州 | 4.9% |
| 欧州 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 米州 | 10.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +12.8% | ¥135780000000 | 6.9% | 2 |
| Japan | 5 years | +6.4% | ¥101210000000 | 3.1% | 2 |
| Americas | 5 years | +27.8% | ¥77591000000 | 5.7% | 2 |
| Europe | 5 years | +10.0% | ¥16251000000 | 7.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 330,834 | 100.0% | S100Y9N3 |
| Cost of revenue | 287,592 | 86.9% | S100Y9N3 |
| Gross profit | 43,241 | 13.1% | S100Y9N3 |
| SG&A | 24,954 | 7.5% | S100Y9N3 |
| Operating income | 18,287 | 5.5% | S100Y9N3 |
| Ordinary income | 19,229 | 5.8% | S100Y9N3 |
| Pretax income | 21,045 | 6.4% | S100Y9N3 |
| Income tax | 7,266 | 2.2% | S100Y9N3 |
| Net income | 13,779 | 4.2% | S100Y9N3 |
| Net income attributable to owners | 13,074 | 4.0% | S100Y9N3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 8 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 13.1% → Operating margin 5.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -0.3%
Operating leverage (core profit growth ÷ revenue growth): 0.15×
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 | 337,259 | 330,834 | -6,425 | -1.9% |
| Gross profit | 48,972 | 43,241 | -5,731 | -11.7% |
| Operating income | 18,338 | 18,287 | -51 | -0.3% |
| Net income attributable to owners | 13,234 | 13,074 | -160 | -1.2% |
| Operating cash flow | 28,222 | 7,204 | -21,018 | -74.5% |
| Free cash flow | 7,869 | -10,984 | -18,853 | -239.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 205,489 | 7,226 | 3.5% | -5,073 | 14,678 | -2,771 | S100LHWE |
| FY ending Mar 2021 | 181,427 | 4,956 | 2.7% | 3,525 | 17,761 | 11,121 | S100O8J0 |
| FY ending Mar 2022 | 193,751 | 9,809 | 5.1% | 6,831 | 13,544 | 5,565 | S100RILT |
| FY ending Mar 2023 | 240,806 | 13,632 | 5.7% | 8,504 | 20,269 | 13,844 | S100TLSR |
| FY ending Mar 2024 | 314,336 | 15,498 | 4.9% | 11,744 | 38,627 | 26,290 | S100VX2U |
| FY ending Mar 2025 | 337,259 | 18,338 | 5.4% | 13,234 | 28,222 | 7,869 | S100Y9N3 |
| FY ending Mar 2026 | 330,834 | 18,287 | 5.5% | 13,074 | 7,204 | -10,984 | S100Y9N3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 8,368 | 8,809 | 8,920 | 8,781 | 8,712 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | ¥6.9M | ¥7.1M | ¥7.6M |
| Average age (parent company) | 42.8 years | 43.3 years | 43.5 years | 44.5 years | 44.6 years |
| Average tenure (parent company) | 20.7 years | 21.0 years | 20.9 years | 21.9 years | 21.7 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 101,210 | 30.6% | 3,160 | 3.1% |
| Asia | 135,780 | 41.0% | 9,366 | 6.9% |
| Americas | 77,591 | 23.5% | 4,402 | 5.7% |
| Europe | 16,251 | 4.9% | 1,180 | 7.3% |

### 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 | 30.6% | 17.5% | -13.1 | 3.1% |
| Asia | 41.0% | 51.7% | 10.7 | 6.9% |
| Americas | 23.5% | 24.3% | 0.9 | 5.7% |
| Europe | 4.9% | 6.5% | 1.6 | 7.3% |

Segment → industry: Europe → Auto Parts / Americas → Auto Parts / Asia → Auto Parts / Japan → Auto Parts

## 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 | 7,204 | 2.2% | S100Y9N3 |
| Capital expenditure | 18,188 | 5.5% | S100Y9N3 |
| Free cash flow | -10,984 | -3.3% | 算出 |
| Investing cash flow | -11,574 | -3.5% | S100Y9N3 |
| Financing cash flow | 4,133 | 1.2% | S100Y9N3 |
| Dividends paid | 4,422 | 1.3% | S100Y9N3 |
| Share buyback | 9,405 | 2.8% | S100Y9N3 |
| Change in cash | 3,488 | 1.1% | S100Y9N3 |
| Cash and equivalents | 87,620 | 26.5% | S100Y9N3 |

## 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 | 48,750 | 43,972 | 66,494 | 84,131 | 87,620 | S100TLSR, S100VX2U, S100Y9N3 |
| Total assets | 201,936 | 225,762 | 272,549 | 300,982 | 311,476 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Net assets | 100,889 | 110,382 | 139,558 | 140,338 | 146,329 | S100TLSR, S100VX2U, S100Y9N3 |
| Share capital | 10,708 | 10,714 | 10,838 | 10,866 | 10,870 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Trade receivables | 26,201 | 30,664 | 39,279 | 37,563 | 40,407 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Property, plant and equipment | 64,980 | 79,903 | 83,599 | 86,121 | 91,353 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Intangible assets excluding goodwill | 899 | 2,229 | 2,398 | 2,404 | 2,726 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Goodwill | — | 1,092 | 1,003 | 879 | 801 | S100TLSR, S100VX2U, S100Y9N3 |
| Investment securities | 5,799 | 5,331 | 9,200 | 6,443 | 2,729 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Current assets | 112,172 | 121,326 | 149,636 | 174,864 | 186,234 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Current liabilities | 57,293 | 58,881 | 82,067 | 85,745 | 92,223 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Trade payables | 21,432 | 27,390 | 32,872 | 33,722 | 33,156 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Short-term borrowings | 3,845 | 2,909 | 2,219 | 1,676 | 2,764 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Long-term borrowings | 25,918 | 39,646 | 31,526 | 51,528 | 52,109 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Total liabilities | 101,046 | 115,380 | 132,990 | 160,644 | 165,146 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Non-controlling interests | 3,836 | 3,888 | 4,789 | 4,509 | 4,476 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Equity attributable to owners of parent | 90,573 | 97,155 | 105,195 | 114,830 | 114,110 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Retained earnings | 67,281 | 73,957 | 82,720 | 92,269 | 100,922 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |
| Treasury stock | -84 | -56 | -1,032 | -1,005 | -10,386 | S100RILT, S100TLSR, S100VX2U, S100Y9N3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y9N3 |
| Receivables | 13% | S100Y9N3 |
| Property, plant and equipment | 29% | S100Y9N3 |
| Intangibles and goodwill | 1% | S100Y9N3 |
| Investment securities | 1% | S100Y9N3 |
| Other assets | 28% | S100Y9N3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100Y9N3 |
| Other liabilities | 42% | S100Y9N3 |
| Equity | 47% | S100Y9N3 |
| Other liabilities | 0% | S100Y9N3 |

### 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 | 201,936 | 225,762 | 272,549 | 300,982 | 311,476 |
| Equity | 100,889 | 110,382 | 139,558 | 140,338 | 146,329 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 48,750 | 43,972 | 66,494 | 84,131 | 87,620 |

## 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) | 27.6% | S100Y9N3 |
| Fixed assets ÷ total assets | 29.3% | S100Y9N3 |
| Goodwill ÷ parent equity | 0.7% | S100Y9N3 |

### 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) | 28.1% |
| Cash ÷ revenue | 26.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.4% |
| Cash vs. profit gap | -5,870 JPY mn (of net income -44.9%) |
| Shareholder returns / net income | 105.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 160.7% |

## 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 | 3.5% | 0.96× | 3.4% | 2.23× | 7.5% | S100RILT |
| 2023 | 3.5% | 1.13× | 4.0% | 2.28× | 9.1% | S100TLSR |
| 2024 | 3.7% | 1.26× | 4.7% | 2.46× | 11.6% | S100VX2U |
| 2025 | 3.9% | 1.18× | 4.6% | 2.61× | 12.0% | S100Y9N3 |
| 2026 | 4.0% | 1.08× | 4.3% | 2.68× | 11.4% | S100Y9N3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 31.8% | 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 | 9.2% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.3% | 2026-03-31 |
| 愛三工業従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| RE FUND 107-CLIENT AC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| DFA INTL SMALL CAP VALUEPORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042(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 |

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

- Revenue for the FY ending Mar 2026 was ¥330.8B, down -1.9% from ¥337.3B.
- Gross profit fell -11.7% to ¥43.2B, yet operating income stayed at ¥18.3B (-0.3%) and net income was ¥13.1B (-1.2%).
- Operating cash flow dropped -74.5% from ¥28.2B to ¥7.2B, and with ¥18.2B of capital spending, free cash flow turned negative at -¥11B.

### Drivers

- In Asia, lower volumes and currency effects cut sales, but better margins lifted profit
- In Japan, higher volumes raised sales and better margins raised profit
- In the Americas and Europe, higher overhead costs reduced profit

### Risks

- Roughly half of sales go to Toyota Motor, so its sales trends directly affect results
- Demand depends on vehicle production in each region, and a stronger yen tends to hurt results
- Falling behind in the fast shift to electrified vehicles could weaken future growth and profitability

Cited: Annual Securities Report (124th term) (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 (124th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100Y9N3 | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9N3,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100VX2U | 2025-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX2U,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TLSR | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLSR,, |
| 訂正有価証券報告書－第121期(2022/04/01－2023/03/31) | S100RILT | 2023-08-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RILT,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100O8J0 | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8J0,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LHWE | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LHWE,, |

## 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).