# AISIN CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YAWO)
> Page: https://vizora.meequs.com/en/company/aisin
> Retrieved: 2026-09-30T17:49:35.736Z

## Company

Aisin, founded in 1949, is a company in Auto Parts listed on TSE Prime. It has 113,292 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AISIN CORPORATION |
| Ticker | 7259 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7259.T) |
| Listing | TSE Prime |
| Head office | 愛知県刈谷市朝日町2丁目1番地 |
| Representative (per filing) | 取締役社長 吉田 守孝 |
| Founded | Jun 1949 |
| Share capital | ¥45B |
| Employees (consolidated) | 113,292 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.aisin.com (https://www.aisin.com/) |
| Corporate number | 6180301013611 |
| EDINET | E01593 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YAWO, filed 2026-06-12). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.5 | 110 |
| Profitability | 44.6 | 111 |
| Cash conversion | 44.9 | 108 |
| Efficiency | 79.7 | 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 49% of Aisin's sales come from Japan, with North America and China making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Japan 49.2%、North America 23.1%、China 11.1%、ASEAN/India 10.6%、Europe 5.2%
- Revenue → net income: ¥5117764000000 → ¥202326000000
- Net income → operating cash flow: ¥202326000000 → ¥376084000000（difference ¥173758000000）
- Main uses of operating cash flow: CapEx ¥260149000000 / dividends ¥44863000000 / buybacks ¥78420000000
- Change in cash: ¥140707000000
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 | ¥5.12T |  |
| Operating income | ¥228.8B | Margin 4.5% |
| Net income | ¥171.7B | Margin 3.4% |
| Free cash flow | ¥115.9B |  |
| Largest business | Japan | of segment revenue 49.2% |
| Employees (consolidated) | 113,292 |  |
| EPS | ¥232.64 |  |
| Book value per share | ¥1620.05 |  |
| Equity ratio | 48.8% | Derived from disclosed figures |
| Shares outstanding | 759,023,902 |  |
| Treasury shares | 34,451,000 |  |
| Shareholders | 54,630 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -0.3 pp | Auto Parts |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.7× dividends
- FY2026, employees -1% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3525799000000 | ¥5117764000000 | +45.2% |
| Operating income | ¥145332000000 | ¥228796000000 | +57.4% |
| Operating margin | 4.1% | 4.5% | +0.3 pp |
| Employees | 118,359 people | 113,292 people | -4.3% |
| Cash and equivalents | ¥520028000000 | ¥592398000000 | +13.9% |

### 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 | 28.9% |
| アイシン精機グループ → 事業再編・廃止 | 18.4% |
| 北米 → 北米 | 7.2% |
| アイシン高丘グループ → 事業再編・廃止 | 2.3% |
| 欧州 → 欧州 | 4.8% |
| アイシン・エィ・ダブリュグループ → 事業再編・廃止 | 21.5% |
| 中国 → 中国 | 5.4% |
| アドヴィックスグループ → 事業再編・廃止 | 7.7% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 日本 | 20.3% |
| 新設・再編 → 北米 | 15.9% |
| 新設・再編 → 欧州 | 0.4% |
| 新設・再編 → 中国 | 5.7% |
| 新設・再編 → アセアン・インド | 10.6% |

Segment revenue source references: 15 (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 | +4.4% | ¥2518054000000 | 3.2% | 2 |
| North America | 5 years | +18.4% | ¥1181242000000 | 3.3% | 2 |
| China | 5 years | +8.4% | ¥566074000000 | 5.4% | 2 |
| ASEAN/India | 3 years | +6.0% | ¥544258000000 | 12.8% | 2 |
| Europe | 5 years | -4.7% | ¥268672000000 | 1.5% | 2 |
| Other | 5 years | -31.6% | ¥39461000000 | 10.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,117,764 | 100.0% | S100YAWO |
| Cost of revenue | 4,498,831 | 87.9% | S100YAWO |
| Gross profit | 618,932 | 12.1% | S100YAWO |
| SG&A | 383,524 | 7.5% | S100YAWO |
| Operating income | 228,796 | 4.5% | S100YAWO |
| Pretax income | 247,941 | 4.8% | S100YAWO |
| Income tax | 45,615 | 0.9% | S100YAWO |
| Net income | 202,326 | 4.0% | S100YAWO |
| Net income attributable to owners | 171,697 | 3.4% | S100YAWO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.1% → Operating margin 4.5% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.5%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.81×
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 | 4,896,104 | 5,117,764 | 221,660 | +4.5% |
| Gross profit | 563,489 | 618,932 | 55,443 | +9.8% |
| Operating income | 202,941 | 228,796 | 25,855 | +12.7% |
| Net income attributable to owners | 107,586 | 171,697 | 64,111 | +59.6% |
| Operating cash flow | 339,870 | 376,084 | 36,214 | +10.7% |
| Free cash flow | 103,448 | 115,935 | 12,487 | +12.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 3,562,622 | — | — | 126,653 | 394,812 | — | S100LJZ3 |
| FY ending Mar 2018 | 3,908,937 | — | — | 134,551 | 311,542 | — | S100O9XP |
| FY ending Mar 2019 | 4,043,110 | — | — | 110,123 | 354,942 | — | S100QYVI |
| FY ending Mar 2020 | 3,784,585 | 56,129 | 1.5% | 24,061 | 327,552 | 1,939 | S100LJZ3 |
| FY ending Mar 2021 | 3,525,799 | 145,332 | 4.1% | 105,638 | 343,314 | 127,991 | S100O9XP |
| FY ending Mar 2022 | 3,917,434 | 182,011 | 4.6% | 141,941 | 193,343 | -40,692 | S100QYVI |
| FY ending Mar 2023 | 4,402,823 | 57,942 | 1.3% | 37,670 | 237,970 | -900 | S100TNMJ |
| FY ending Mar 2024 | 4,909,557 | 143,396 | 2.9% | 90,813 | 499,740 | 255,276 | S100VXZU |
| FY ending Mar 2025 | 4,896,104 | 202,941 | 4.1% | 107,586 | 339,870 | 103,448 | S100YAWO |
| FY ending Mar 2026 | 5,117,764 | 228,796 | 4.5% | 171,697 | 376,084 | 115,935 | S100YAWO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.2M |
| Operating income per employee (consolidated) | ¥2M |
| 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) | 117,177 | 116,649 | 115,140 | 114,449 | 113,292 |
| Average salary (parent company) | ¥6.7M | ¥6.9M | ¥7M | ¥7.4M | ¥7.8M |
| Average age (parent company) | 38.4 years | 39.1 years | 39.8 years | 40.3 years | 40.7 years |
| Average tenure (parent company) | 15.1 years | 15.8 years | 16.4 years | 16.9 years | 17.3 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 2,518,054 | 49.2% | 80,257 | 3.2% |
| North America | 1,181,242 | 23.1% | 39,133 | 3.3% |
| Europe | 268,672 | 5.2% | 4,123 | 1.5% |
| China | 566,074 | 11.1% | 30,657 | 5.4% |
| ASEAN/India | 544,258 | 10.6% | 69,618 | 12.8% |
| Other | 39,461 | 0.8% | 4,244 | 10.8% |

### 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 | 49.2% | 35.2% | -14.0 | 3.2% |
| North America | 23.1% | 17.2% | -5.9 | 3.3% |
| Europe | 5.2% | 1.8% | -3.4 | 1.5% |
| China | 11.1% | 13.4% | 2.4 | 5.4% |
| ASEAN/India | 10.6% | 30.5% | 19.9 | 12.8% |
| Other | 0.8% | 1.9% | 1.1 | 10.8% |

Segment → industry: ASEAN/India → Auto Parts / China → Auto Parts / Europe → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## 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 | 376,084 | 7.3% | S100YAWO |
| Capital expenditure | 260,149 | 5.1% | S100YAWO |
| Free cash flow | 115,935 | 2.3% | 算出 |
| Investing cash flow | -77,180 | -1.5% | S100YAWO |
| Financing cash flow | -181,975 | -3.6% | S100YAWO |
| Dividends paid | 44,863 | 0.9% | S100YAWO |
| Share buyback | 78,420 | 1.5% | S100YAWO |
| Change in cash | 140,707 | 2.7% | S100YAWO |
| Cash and equivalents | 592,398 | 11.6% | S100YAWO |

## 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 | 386,906 | 317,693 | 527,191 | 451,690 | 592,398 | S100TNMJ, S100VXZU, S100YAWO |
| Total assets | 4,205,801 | 4,135,826 | 4,643,016 | 4,284,600 | 4,512,274 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Net assets | 1,996,508 | 1,991,437 | 2,402,029 | 2,233,265 | 2,496,098 | S100TNMJ, S100VXZU, S100YAWO |
| Share capital | 45,049 | 45,049 | 45,049 | 45,049 | 45,049 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Property, plant and equipment | 1,468,607 | 1,440,280 | 1,470,862 | 1,424,038 | 1,444,048 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Goodwill | 1,314 | 1,379 | 1,432 | 2,181 | 2,287 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Current assets | 1,732,172 | 1,729,784 | 1,897,753 | 1,829,996 | 2,040,308 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Total liabilities | 2,209,292 | 2,144,389 | 2,240,987 | 2,051,335 | 2,016,176 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Equity attributable to owners of parent | 1,756,516 | 1,751,326 | 2,135,837 | 1,977,263 | 2,200,573 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Retained earnings | 1,420,583 | 1,440,425 | 1,549,472 | 1,491,859 | 1,644,235 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |
| Treasury stock | -115,723 | -115,675 | -115,627 | -84,621 | -80,262 | S100QYVI, S100TNMJ, S100VXZU, S100YAWO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YAWO |
| Property, plant and equipment | 32% | S100YAWO |
| Intangibles and goodwill | 0% | — |
| Other assets | 55% | S100YAWO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YAWO |
| Equity | 55% | S100YAWO |

### 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 | 4,205,801 | 4,135,826 | 4,643,016 | 4,284,600 | 4,512,274 |
| Equity | 1,996,508 | 1,991,437 | 2,402,029 | 2,233,265 | 2,496,098 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 386,906 | 317,693 | 527,191 | 451,690 | 592,398 |

## 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) | 28.2% | S100YAWO |
| Fixed assets ÷ total assets | 32.0% | S100YAWO |
| Goodwill ÷ parent equity | 0.1% | S100YAWO |

Goodwill over 4 years: 1,314 → 2,287 JPY; total investing cash flow: -709,090 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) | 13.1% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.4% |
| Cash vs. profit gap | 204,387 JPY mn (of net income 119.0%) |
| Shareholder returns / net income | 71.8% |
| Shareholder returns / FCF | 106.3% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 38.7% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 3.6% | 0.93× | 3.4% | 2.39× | 8.1% | S100QYVI |
| 2023 | 0.9% | 1.06× | 0.9% | 2.38× | 2.1% | S100TNMJ |
| 2024 | 1.8% | 1.12× | 2.1% | 2.26× | 4.7% | S100VXZU |
| 2025 | 2.2% | 1.10× | 2.4% | 2.17× | 5.2% | S100YAWO |
| 2026 | 3.4% | 1.16× | 3.9% | 2.11× | 8.2% | S100YAWO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ自動車株式会社 | Major shareholder | 22.3% | 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 | 10.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社豊田自動織機 | Major shareholder | 3.2% | 2026-03-31 |
| アイシン従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| トヨタ不動産株式会社 | Major shareholder | 2.6% | 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 | 2.6% | 2026-03-31 |
| 高知信用金庫 | Major shareholder | 2.4% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 全国共済農業協同組合連合会 （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 | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥5.12T, up +4.5% from ¥4.9T.
- Operating income grew faster, up +12.7% to ¥228.8B.
- Net income attributable to owners jumped +59.6% to ¥171.7B, and operating cash flow rose +10.7% to ¥376.1B.

### Drivers

- Customers built more vehicles and Aisin sold more drivetrain units, lifting revenue
- Cost-cutting and restructuring gains outweighed spending on people and future projects, as well as tariffs
- Smaller foreign exchange losses boosted pretax and net income

### Risks

- Most sales go to the Toyota group, so its production plans and purchasing choices weigh heavily on results
- Tariffs, trade controls, and limits on materials such as rare earths could raise costs or disrupt production
- A stronger yen makes parts exported from Japan less price-competitive

Cited: Annual Securities Report (103rd term) (Management's Analysis of Financial Position, Results and Cash Flows); Annual Securities Report (103rd term) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YAWO | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAWO,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100VXZU | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXZU,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TNMJ | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNMJ,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100QYVI | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYVI,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100O9XP | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9XP,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LJZ3 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJZ3,, |

## 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).