# Akasaka Diesels Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第128期(2025/04/01－2026/03/31) (S100YI3O)
> Page: https://vizora.meequs.com/en/company/akasaka-diesel
> Retrieved: 2026-09-30T22:34:56.624Z

## Company

Akasaka Diesels, founded in 1934, is a company in Shipbuilding listed on TSE Standard. It has 283 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Akasaka Diesels Ltd. |
| Ticker | 6022 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6022.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内三丁目4番1号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 阪口勝彦 |
| Founded | Dec 1934 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 283 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.akasaka-diesel.jp (https://www.akasaka-diesel.jp/) |
| Corporate number | 3010001008658 |
| EDINET | E01475 |
| Industries (Vizora) | Shipbuilding |

> Profile source: annual securities report (S100YI3O, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipbuilding (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 8 |
| Profitability | 5.6 | 9 |
| Efficiency | 5.6 | 9 |

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)

- Akasaka Diesels brought in ¥8.33B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +6.2% from the prior year, operating profit -1083.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.33B |  |
| Operating income | -¥188.3M | Margin -2.3% |
| Net income | ¥186.1M | Margin 2.2% |
| Free cash flow | -¥52.8M |  |
| Employees (consolidated) | 283 |  |
| EPS | ¥139.04 |  |
| Book value per share | ¥8191.1 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 1,540,000 |  |
| Treasury shares | 175,600 |  |
| Shareholders | 919 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 5.0% | Net cash -¥187.1M · Cash ÷ revenue 10.9% |
| Vs. industry median margin | -11.8 pp | Shipbuilding |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7986126000 | ¥8333678000 | +4.4% |
| Operating income | ¥-234080000 | ¥-188338000 | — |
| Operating margin | -2.9% | -2.3% | +0.7 pp |
| Employees | 282 people | 283 people | +0.4% |
| Cash and equivalents | ¥2424423000 | ¥906647000 | -62.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,334 | 100.0% | S100YI3O |
| Cost of revenue | 7,005 | 84.1% | 算出 |
| Gross profit | 1,328 | 15.9% | S100YI3O |
| SG&A | 1,517 | 18.2% | S100YI3O |
| Operating income | -188 | -2.3% | S100YI3O |
| Ordinary income | 9 | 0.1% | S100YI3O |
| Pretax income | 225 | 2.7% | S100YI3O |
| Income tax | 39 | 0.5% | S100YI3O |
| Net income | 186 | 2.2% | S100YI3O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 18 |
| Operating income | -2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.9% → Operating margin -2.3% → Net margin 2.2%
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 | 7,846 | 8,334 | 488 | +6.2% |
| Gross profit | 1,523 | 1,328 | -195 | -12.8% |
| Operating income | 19 | -188 | -207 | -1083.6% |
| Operating cash flow | -533 | 312 | 844 | — |
| Free cash flow | -929 | -53 | 877 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,668 | 38 | 0.4% | 48 | -135 | -704 | S100LNG3 |
| FY ending Mar 2021 | 7,986 | -234 | -2.9% | -235 | 882 | 611 | S100OJ0B |
| FY ending Mar 2022 | 6,400 | 35 | 0.5% | 166 | 138 | -186 | S100R0PU |
| FY ending Mar 2023 | 6,594 | 113 | 1.7% | 255 | 445 | -13 | S100TQVD |
| FY ending Mar 2024 | 7,934 | -13 | -0.2% | 37 | 281 | 102 | S100W52J |
| FY ending Mar 2025 | 7,846 | 19 | 0.2% | 38 | -533 | -929 | S100YI3O |
| FY ending Mar 2026 | 8,334 | -188 | -2.3% | 186 | 312 | -53 | S100YI3O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | -¥665.5K |
| Net income per employee (consolidated) | ¥657.7K |

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) | 276 | 270 | 272 | 277 | 283 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 41.4 years | 42.0 years | 42.5 years | 42.5 years | 43.2 years |
| Average tenure (parent company) | 17.1 years | 17.4 years | 17.6 years | 17.6 years | 18.0 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +6.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 312 | 3.7% | S100YI3O |
| Capital expenditure | 364 | 4.4% | S100YI3O |
| Free cash flow | -53 | -0.6% | 算出 |
| Investing cash flow | -142 | -1.7% | S100YI3O |
| Financing cash flow | 126 | 1.5% | S100YI3O |
| Dividends paid | 42 | 0.5% | S100YI3O |
| Change in cash | 296 | 3.5% | S100YI3O |
| Cash and equivalents | 907 | 10.9% | S100YI3O |

## 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 | 2,339 | 2,023 | 1,414 | 611 | 907 | S100TQVD, S100W52J, S100YI3O |
| Total assets | 11,513 | 12,701 | 13,831 | 14,035 | 18,218 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Net assets | 7,812 | 8,112 | 8,968 | 8,959 | 10,962 | S100TQVD, S100W52J, S100YI3O |
| Share capital | 1,510 | 1,510 | 1,510 | 1,510 | 1,510 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Property, plant and equipment | 2,834 | 3,309 | 3,150 | 3,564 | 3,461 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Intangible assets excluding goodwill | 134 | 104 | 100 | 67 | 58 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Investment securities | 951 | 1,080 | 2,300 | 2,303 | 4,985 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Current assets | 7,150 | 7,435 | 6,925 | 6,739 | 8,332 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Current liabilities | 2,636 | 3,182 | 3,217 | 3,103 | 4,313 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Short-term borrowings | 175 | 175 | 183 | 175 | 175 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Long-term borrowings | 501 | 564 | 499 | 680 | 839 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Bonds | 120 | 80 | 40 | — | 80 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Interest-bearing debt | 796 | 819 | 722 | — | 1,094 | 算出 |
| Total liabilities | 3,701 | 4,589 | 4,863 | 5,076 | 7,256 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Equity attributable to owners of parent | 7,538 | 7,753 | 7,763 | 7,777 | 7,920 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Retained earnings | 5,538 | 5,752 | 5,749 | 5,746 | 5,891 | S100R0PU, S100TQVD, S100W52J, S100YI3O |
| Treasury stock | -437 | -436 | -423 | -406 | -408 | S100R0PU, S100TQVD, S100W52J, S100YI3O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YI3O |
| Property, plant and equipment | 19% | S100YI3O |
| Intangibles and goodwill | 0% | S100YI3O |
| Investment securities | 28% | S100YI3O |
| Other assets | 48% | S100YI3O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 6% | 算出 |
| Other liabilities | 34% | S100YI3O |
| Equity | 60% | S100YI3O |
| Other liabilities | 0% | S100YI3O |

### 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 | 11,513 | 12,701 | 13,831 | 14,035 | 18,218 |
| Equity | 7,812 | 8,112 | 8,968 | 8,959 | 10,962 |
| Interest-bearing debt | 796 | 819 | 722 | — | 1,094 |
| Cash | 2,339 | 2,023 | 1,414 | 611 | 907 |

## 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) | 41.5% | S100YI3O |
| Fixed assets ÷ total assets | 19.0% | S100YI3O |
| Goodwill ÷ parent equity | — | —, S100YI3O |

### 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) | 5.0% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | -¥187.1M |
| Net debt ÷ operating cash flow | 0.60× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 125 JPY mn (of net income 67.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 45.6% |

## 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 | 2.6% | 0.56× | 1.4% | 1.53× | 2.2% | S100R0PU |
| 2023 | 3.9% | 0.54× | 2.1% | 1.58× | 3.3% | S100TQVD |
| 2024 | 0.5% | 0.60× | 0.3% | 1.71× | 0.5% | S100W52J |
| 2025 | 0.5% | 0.56× | 0.3% | 1.79× | 0.5% | S100YI3O |
| 2026 | 2.2% | 0.52× | 1.2% | 2.05× | 2.4% | S100YI3O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アカサカ共栄会 | Major shareholder | 9.1% | 2026-03-31 |
| DNB BANK ASA CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.1% | 2026-03-31 |
| 東京アカサカ共栄会 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 赤阪 治恒 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ジャパンエンジンコーポレーション | Major shareholder | 3.0% | 2026-03-31 |
| 駿南鐵工株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 赤阪 雄一郎 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/04/01－2026/03/31) | S100YI3O | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3O,, |
| 有価証券報告書－第127期(2024/04/01－2025/03/31) | S100W52J | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W52J,, |
| 有価証券報告書－第126期(2023/04/01－2024/03/31) | S100TQVD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQVD,, |
| 有価証券報告書－第125期(2022/04/01－2023/03/31) | S100R0PU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0PU,, |
| 有価証券報告書－第124期(令和3年4月1日－令和4年3月31日) | S100OJ0B | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ0B,, |
| 有価証券報告書－第123期(令和2年4月1日－令和3年3月31日) | S100LNG3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNG3,, |

## 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).