# AKATSUKI EAZIMA CO., LTD.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2024/09/01－2025/08/31) (S100X59V)
> Page: https://vizora.meequs.com/en/company/akatsuki-eazima
> Retrieved: 2026-09-30T18:55:09.891Z

## Company

Akatsuki Eazima, founded in 1953, is a company in Electric Power & Gas listed on TSE Standard. It has 144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AKATSUKI EAZIMA CO., LTD. |
| Ticker | 1997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1997.T) |
| Listing | TSE Standard |
| Head office | 茨城県水戸市千波町2770番地の5 |
| Representative (per filing) | 代表取締役社長 植田 俊二 |
| Founded | Sep 1953 |
| Share capital | ¥1.41B |
| Employees (consolidated) | 144 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | August |
| Website | www.eazima.co.jp (https://www.eazima.co.jp/) |
| Corporate number | 7050001000351 |
| EDINET | E00246 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services |

> Profile source: annual securities report (S100X59V, filed 2025-11-19). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.4 | 72 |
| Profitability | 79.6 | 76 |
| Cash conversion | 70.9 | 74 |
| Efficiency | 28.3 | 76 |

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 98% of Akatsuki Eazima's sales come from Facility, with Solar power business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +50.0%.

## Company structure

- Segment revenue mix: Facility 97.9%、Solar power business 2.1%
- Revenue → net income: ¥9135653000 → ¥796697000
- Net income → operating cash flow: ¥796697000 → ¥1198359000（difference ¥401662000）
- Main uses of operating cash flow: CapEx ¥26945000 / dividends ¥152359000 / buybacks ¥170000
- Change in cash: ¥566471000
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 | ¥9.14B |  |
| Operating income | ¥1.13B | Margin 12.3% |
| Net income | ¥796.7M | Margin 8.7% |
| Free cash flow | ¥1.17B |  |
| Largest business | Facility | of segment revenue 97.9% |
| Employees (consolidated) | 144 |  |
| EPS | ¥393.9 |  |
| Book value per share | ¥3735.93 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 2,200,000 |  |
| Treasury shares | 177,900 |  |
| Shareholders | 883 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 51.0% | Cash ÷ revenue 61.3% |
| Vs. industry median margin | +3.3 pp | Plant Engineering & Building Services |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8411043000 | ¥9135653000 | +8.6% |
| Operating income | ¥1035166000 | ¥1126916000 | +8.9% |
| Operating margin | 12.3% | 12.3% | 0 pp |
| Employees | 119 people | 144 people | +21.0% |
| Cash and equivalents | ¥4386951000 | ¥5596362000 | +27.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 設備事業 → 設備事業 | 97.9% |
| 設備事業 → 事業再編・廃止 | 0.4% |
| 太陽光発電事業 → 太陽光発電事業 | 1.6% |
| 新設・再編 → 太陽光発電事業 | 0.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,136 | 100.0% | S100X59V |
| Cost of revenue | 7,298 | 79.9% | S100X59V |
| Gross profit | 1,837 | 20.1% | S100X59V |
| SG&A | 710 | 7.8% | S100X59V |
| Operating income | 1,127 | 12.3% | S100X59V |
| Ordinary income | 1,161 | 12.7% | S100X59V |
| Pretax income | 1,161 | 12.7% | S100X59V |
| Income tax | 364 | 4.0% | S100X59V |
| Net income | 797 | 8.7% | S100X59V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 8 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 20.1% → Operating margin 12.3% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +50.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.22×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,825 | 9,136 | 310 | +3.5% |
| Gross profit | 1,411 | 1,837 | 426 | +30.2% |
| Operating income | 751 | 1,127 | 376 | +50.0% |
| Operating cash flow | 1,557 | 1,198 | -358 | -23.0% |
| Free cash flow | 1,546 | 1,171 | -375 | -24.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 7,595 | 726 | 9.6% | 488 | 693 | 392 | S100K84P |
| FY ending Aug 2020 | 8,411 | 1,035 | 12.3% | 657 | 744 | 738 | S100MWNT |
| FY ending Aug 2021 | 7,408 | 958 | 12.9% | 669 | 302 | 288 | S100PO66 |
| FY ending Aug 2022 | 7,332 | 711 | 9.7% | 491 | 373 | 364 | S100SBYH |
| FY ending Aug 2023 | 6,637 | 442 | 6.7% | 314 | -23 | -402 | S100UTLA |
| FY ending Aug 2024 | 8,825 | 751 | 8.5% | 559 | 1,557 | 1,546 | S100X59V |
| FY ending Aug 2025 | 9,136 | 1,127 | 12.3% | 797 | 1,198 | 1,171 | S100X59V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.4M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 126 | 135 | 138 | 136 | 144 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.3M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 41.3 years | 40.8 years | 40.7 years | 41.6 years | 42.1 years |
| Average tenure (parent company) | 16.5 years | 16.1 years | 16.1 years | 16.7 years | 16.5 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +3.5%

## Segments（FY ending Aug 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Facility | 8,945 | 97.9% | 1,539 | 17.2% |
| Solar power business | 190 | 2.1% | 76 | 39.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Facility | 97.9% | 95.3% | -2.6 | 17.2% |
| Solar power business | 2.1% | 4.7% | 2.6 | 39.9% |

Segment → industry: Solar power business → Electric Power & Gas / Facility → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,198 | 13.1% | S100X59V |
| Capital expenditure | 27 | 0.3% | S100X59V |
| Free cash flow | 1,171 | 12.8% | 算出 |
| Investing cash flow | -446 | -4.9% | S100X59V |
| Financing cash flow | -186 | -2.0% | S100X59V |
| Dividends paid | 152 | 1.7% | S100X59V |
| Share buyback | 0 | 0.0% | S100X59V |
| Change in cash | 566 | 6.2% | S100X59V |
| Cash and equivalents | 5,596 | 61.3% | S100X59V |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,985 | 4,698 | 4,140 | 5,030 | 5,596 | S100SBYH, S100UTLA, S100X59V |
| Total assets | 8,772 | 9,489 | 9,550 | 10,310 | 10,972 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Net assets | 5,697 | 6,024 | 6,344 | 6,811 | 7,554 | S100SBYH, S100UTLA, S100X59V |
| Share capital | 1,409 | 1,409 | 1,409 | 1,409 | 1,409 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Property, plant and equipment | 2,593 | 2,525 | 2,823 | 2,699 | 2,595 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Intangible assets excluding goodwill | 21 | 22 | 17 | 19 | 35 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Investment securities | 385 | 299 | 314 | 529 | 995 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Current assets | 5,704 | 6,586 | 6,284 | 6,975 | 7,210 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Current liabilities | 2,475 | 2,632 | 2,459 | 2,963 | 2,899 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Long-term borrowings | 402 | 366 | 381 | 254 | 303 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Bonds | 90 | 350 | 240 | 150 | 70 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Total liabilities | 3,075 | 3,465 | 3,206 | 3,499 | 3,417 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Equity attributable to owners of parent | 5,661 | 6,023 | 6,299 | 6,729 | 7,374 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Retained earnings | 4,416 | 4,778 | 4,982 | 5,429 | 6,074 | S100PO66, S100SBYH, S100UTLA, S100X59V |
| Treasury stock | -189 | -189 | -144 | -161 | -161 | S100PO66, S100SBYH, S100UTLA, S100X59V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100X59V |
| Property, plant and equipment | 24% | S100X59V |
| Intangibles and goodwill | 0% | S100X59V |
| Investment securities | 9% | S100X59V |
| Other assets | 16% | S100X59V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100X59V |
| Equity | 69% | S100X59V |
| Other liabilities | 0% | S100X59V |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,772 | 9,489 | 9,550 | 10,310 | 10,972 |
| Equity | 5,697 | 6,024 | 6,344 | 6,811 | 7,554 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,985 | 4,698 | 4,140 | 5,030 | 5,596 |

## 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) | 28.4% | S100X59V |
| Fixed assets ÷ total assets | 23.7% | S100X59V |
| Goodwill ÷ parent equity | — | —, S100X59V |

### 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) | 51.0% |
| Cash ÷ revenue | 61.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.3% |
| Cash vs. profit gap | 402 JPY mn (of net income 50.4%) |
| Shareholder returns / net income | 19.1% |
| Shareholder returns / FCF | 13.0% |
| Shareholder payments — dividends / net income | 19.1% |
| Shareholder payments — dividends / FCF | 13.0% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 37.2% |

## 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 | 9.0% | 0.84× | 7.6% | 1.55× | 11.8% | S100PO66 |
| 2022 | 6.7% | 0.80× | 5.4% | 1.56× | 8.4% | S100SBYH |
| 2023 | 4.7% | 0.70× | 3.3% | 1.55× | 5.1% | S100UTLA |
| 2024 | 6.3% | 0.89× | 5.6% | 1.52× | 8.6% | S100X59V |
| 2025 | 8.7% | 0.86× | 7.5% | 1.51× | 11.3% | S100X59V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社UH Partners 3 | Major shareholder | 7.5% | 2025-08-31 |
| 光通信株式会社 | Major shareholder | 7.3% | 2025-08-31 |
| 暁飯島工業取引先持株会 | Major shareholder | 5.5% | 2025-08-31 |
| 水戸信用金庫 | Major shareholder | 5.4% | 2025-08-31 |
| 株式会社UH Partners 2 | Major shareholder | 5.2% | 2025-08-31 |
| 新菱冷熱工業株式会社 | Major shareholder | 5.0% | 2025-08-31 |
| 株式会社常陽銀行 | Major shareholder | 4.8% | 2025-08-31 |
| 暁飯島工業従業員持株会 | Major shareholder | 4.4% | 2025-08-31 |
| アサガミ株式会社 | Major shareholder | 3.5% | 2025-08-31 |
| 株式会社エスアイエル | Major shareholder | 2.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2024/09/01－2025/08/31) | S100X59V | 2025-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X59V,, |
| 有価証券報告書－第71期(2023/09/01－2024/08/31) | S100UTLA | 2024-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UTLA,, |
| 有価証券報告書－第70期(2022/09/01－2023/08/31) | S100SBYH | 2023-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SBYH,, |
| 有価証券報告書－第69期(令和3年9月1日－令和4年8月31日) | S100PO66 | 2022-11-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PO66,, |
| 有価証券報告書－第68期(令和2年9月1日－令和3年8月31日) | S100MWNT | 2021-11-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWNT,, |
| 有価証券報告書－第67期(令和1年9月1日－令和2年8月31日) | S100K84P | 2020-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K84P,, |

## 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).