# AKEBONO BRAKE 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130期(2025/04/01－2026/03/31) (S100YHCS)
> Page: https://vizora.meequs.com/en/company/akebono-brake-industry
> Retrieved: 2026-09-30T19:12:14.154Z

## Company

Akebono Brake Industry is a company in Auto Parts listed on TSE Prime. It has 5,096 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AKEBONO BRAKE INDUSTRY CO., LTD. |
| Ticker | 7238 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7238.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋室町1丁目13番7号 PMO日本橋室町5F |
| Representative (per filing) | 代表取締役社長 CEO 長岡宏 |
| Share capital | ¥19.9B |
| Employees (consolidated) | 5,096 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.akebono-brake.com (https://www.akebono-brake.com/) |
| Corporate number | 8010001034724 |
| EDINET | E02161 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YHCS, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.2 | 110 |
| Profitability | 34.7 | 111 |
| Cash conversion | 11.6 | 108 |
| Efficiency | 90.5 | 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 37% of Akebono Brake Industry's sales come from Japan, with North America and Indonesia making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +78.2%.

## Company structure

- Segment revenue mix: Japan 37.2%、North America 30.4%、Indonesia 15.4%、China 7.2%、Europe 5.4%
- Revenue → net income: ¥160109000000 → ¥2755000000
- Net income → operating cash flow: ¥2755000000 → ¥4808000000（difference ¥2053000000）
- Main uses of operating cash flow: CapEx ¥4551000000 / dividends — / buybacks —
- Change in cash: ¥-210000000
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 | ¥160.1B |  |
| Operating income | ¥5.57B | Margin 3.5% |
| Net income | ¥1.84B | Margin 1.2% |
| Free cash flow | ¥257M |  |
| Largest business | Japan | of segment revenue 37.2% |
| Employees (consolidated) | 5,096 |  |
| EPS | ¥11.96 |  |
| Diluted EPS | ¥6 |  |
| Book value per share | ¥-7.71 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 273,755,000 |  |
| Treasury shares | 2,325,100 |  |
| Shareholders | 20,385 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -1.3 pp | Auto Parts |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, employees -5% while operating income rose 78%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥134003000000 | ¥160109000000 | +19.5% |
| Operating income | ¥-595000000 | ¥5567000000 | — |
| Operating margin | -0.4% | 3.5% | +3.9 pp |
| Employees | 6,299 people | 5,096 people | -19.1% |
| Cash and equivalents | ¥29592000000 | ¥18093000000 | -38.9% |

### 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 | 37.2% |
| 日本 → 事業再編・廃止 | 3.1% |
| 北米 → 北米 | 28.7% |
| 欧州 → 欧州 | 5.4% |
| 欧州 → 事業再編・廃止 | 5.0% |
| 中国 → 中国 | 7.2% |
| 中国 → 事業再編・廃止 | 1.8% |
| タイ → タイ | 3.8% |
| インドネシア → インドネシア | 7.8% |
| 新設・再編 → 北米 | 1.7% |
| 新設・再編 → タイ | 0.7% |
| 新設・再編 → インドネシア | 7.5% |

Segment revenue source references: 12 (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 | +2.0% | ¥59619000000 | 7.6% | 2 |
| North America | 5 years | +4.9% | ¥48690000000 | -6.5% | 2 |
| Indonesia | 5 years | +18.5% | ¥24596000000 | 7.9% | 2 |
| China | 5 years | -1.0% | ¥11486000000 | 9.7% | 2 |
| Europe | 5 years | -9.1% | ¥8611000000 | 0.6% | 2 |
| Thailand | 5 years | +7.0% | ¥7108000000 | 13.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 160,109 | 100.0% | S100YHCS |
| Cost of revenue | 141,857 | 88.6% | S100YHCS |
| Gross profit | 18,253 | 11.4% | S100YHCS |
| SG&A | 12,686 | 7.9% | S100YHCS |
| Operating income | 5,567 | 3.5% | S100YHCS |
| Ordinary income | 4,790 | 3.0% | S100YHCS |
| Pretax income | 3,394 | 2.1% | S100YHCS |
| Income tax | 639 | 0.4% | S100YHCS |
| Net income | 2,755 | 1.7% | S100YHCS |
| Net income attributable to owners | 1,843 | 1.2% | S100YHCS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 11.4% → Operating margin 3.5% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +78.2%
Operating leverage (core profit growth ÷ revenue growth): -80.89×
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 | 161,672 | 160,109 | -1,563 | -1.0% |
| Gross profit | 16,212 | 18,253 | 2,041 | +12.6% |
| Operating income | 3,124 | 5,567 | 2,443 | +78.2% |
| Net income attributable to owners | 168 | 1,843 | 1,675 | +997.0% |
| Operating cash flow | 1,446 | 4,808 | 3,362 | +232.5% |
| Free cash flow | -4,426 | 257 | 4,683 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 193,317 | 3,707 | 1.9% | 24,855 | -280 | -10,026 | S100LQQD |
| FY ending Mar 2021 | 134,003 | -595 | -0.4% | -11,913 | 5,587 | 2,016 | S100OHXO |
| FY ending Mar 2022 | 135,498 | 4,240 | 3.1% | 4,154 | 5,474 | 458 | S100R3G6 |
| FY ending Mar 2023 | 153,984 | 185 | 0.1% | 960 | 4,649 | -2,892 | S100TUZE |
| FY ending Mar 2024 | 166,301 | 3,153 | 1.9% | 3,452 | 7,622 | 3,424 | S100W1N1 |
| FY ending Mar 2025 | 161,672 | 3,124 | 1.9% | 168 | 1,446 | -4,426 | S100YHCS |
| FY ending Mar 2026 | 160,109 | 5,567 | 3.5% | 1,843 | 4,808 | 257 | S100YHCS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥361.7K |

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) | 5,826 | 5,720 | 5,548 | 5,351 | 5,096 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥6.8M | ¥7M | ¥7.1M |
| Average age (parent company) | 43.4 years | 44.8 years | 45.4 years | 45.7 years | 46.0 years |
| Average tenure (parent company) | 19.3 years | 19.5 years | 20.1 years | 20.5 years | 20.8 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 59,619 | 37.2% | 4,510 | 7.6% |
| North America | 48,690 | 30.4% | -3,182 | -6.5% |
| Europe | 8,611 | 5.4% | 54 | 0.6% |
| China | 11,486 | 7.2% | 1,116 | 9.7% |
| Thailand | 7,108 | 4.4% | 966 | 13.6% |
| Indonesia | 24,596 | 15.4% | 1,943 | 7.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 37.2% | 52.5% | 15.3 | 7.6% |
| North America | 30.4% | — | — | -6.5% |
| Europe | 5.4% | 0.6% | -4.7 | 0.6% |
| China | 7.2% | 13.0% | 5.8 | 9.7% |
| Thailand | 4.4% | 11.2% | 6.8 | 13.6% |
| Indonesia | 15.4% | 22.6% | 7.3 | 7.9% |

Loss-making segment (excluded from profit shares): North America -3,182 JPY mn

Segment → industry: Indonesia → Auto Parts / Thailand → 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,808 | 3.0% | S100YHCS |
| Capital expenditure | 4,551 | 2.8% | S100YHCS |
| Free cash flow | 257 | 0.2% | 算出 |
| Investing cash flow | -2,415 | -1.5% | S100YHCS |
| Financing cash flow | -925 | -0.6% | S100YHCS |
| Change in cash | -210 | -0.1% | S100YHCS |
| Cash and equivalents | 18,093 | 11.3% | S100YHCS |

## 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 | 30,303 | 25,498 | 26,949 | 18,303 | 18,093 | S100TUZE, S100W1N1, S100YHCS |
| Total assets | 139,674 | 141,299 | 150,475 | 128,326 | 128,847 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Net assets | 48,901 | 50,290 | 60,467 | 55,945 | 57,608 | S100TUZE, S100W1N1, S100YHCS |
| Share capital | 19,939 | 19,939 | 19,939 | 19,939 | 19,939 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Trade receivables | 25,024 | 28,497 | 29,901 | 27,440 | 29,398 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Property, plant and equipment | 46,607 | 49,441 | 49,765 | 50,158 | 48,309 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Intangible assets excluding goodwill | 2,430 | 2,355 | 2,431 | 2,358 | 2,314 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Investment securities | 7,729 | 6,555 | 13,117 | 85 | 91 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Current assets | 74,856 | 73,852 | 75,469 | 64,951 | 67,172 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Current liabilities | 31,752 | 32,874 | 81,367 | 31,337 | 32,251 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Trade payables | 17,623 | 20,493 | 19,765 | 18,238 | 16,285 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Short-term borrowings | — | — | — | 2,862 | 1,687 | S100YHCS |
| Long-term borrowings | 47,790 | 48,079 | — | 32,000 | 31,363 | S100R3G6, S100TUZE, S100YHCS |
| Total liabilities | 90,773 | 91,009 | 90,008 | 72,381 | 71,239 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Non-controlling interests | 6,316 | 6,914 | 8,072 | 6,422 | 6,974 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Equity attributable to owners of parent | 34,116 | 35,077 | 38,528 | 38,571 | 40,308 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Retained earnings | 13,423 | 14,383 | 17,835 | 17,872 | 19,715 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |
| Treasury stock | -1,612 | -1,609 | -1,609 | -1,586 | -1,552 | S100R3G6, S100TUZE, S100W1N1, S100YHCS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHCS |
| Receivables | 23% | S100YHCS |
| Property, plant and equipment | 37% | S100YHCS |
| Intangibles and goodwill | 2% | S100YHCS |
| Investment securities | 0% | S100YHCS |
| Other assets | 24% | S100YHCS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YHCS |
| Other liabilities | 43% | S100YHCS |
| Equity | 45% | S100YHCS |

### 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 | 139,674 | 141,299 | 150,475 | 128,326 | 128,847 |
| Equity | 48,901 | 50,290 | 60,467 | 55,945 | 57,608 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,303 | 25,498 | 26,949 | 18,303 | 18,093 |

## 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) | 30.2% | S100YHCS |
| Fixed assets ÷ total assets | 37.5% | S100YHCS |
| Goodwill ÷ parent equity | — | —, S100YHCS |

### 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) | 14.0% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | 2,965 JPY mn (of net income 160.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 50.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.1% | 0.97× | 3.0% | 4.09× | 12.2% | S100R3G6 |
| 2023 | 0.6% | 1.10× | 0.7% | 4.06× | 2.8% | S100TUZE |
| 2024 | 2.1% | 1.14× | 2.4% | 3.96× | 9.4% | S100W1N1 |
| 2025 | 0.1% | 1.16× | 0.1% | 3.62× | 0.4% | S100YHCS |
| 2026 | 1.2% | 1.25× | 1.4% | 3.26× | 4.7% | S100YHCS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ジャパン・インダストリアル・ソリューションズ第弐号投資事業有限責任組合 | Major shareholder | 50.7% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 4.5% | 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 | 4.3% | 2026-03-31 |
| 曙ブレーキ誠和魂従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 林 勇一郎 | Major shareholder | 0.8% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| セコム株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 大塚化学株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCT E PSMPJ(常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2025/04/01－2026/03/31) | S100YHCS | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHCS,, |
| 有価証券報告書－第129期(2024/04/01－2025/03/31) | S100W1N1 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1N1,, |
| 有価証券報告書－第128期(2023/04/01－2024/03/31) | S100TUZE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZE,, |
| 有価証券報告書－第127期(2022/04/01－2023/03/31) | S100R3G6 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3G6,, |
| 有価証券報告書－第126期(令和3年4月1日－令和4年3月31日) | S100OHXO | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHXO,, |
| 有価証券報告書－第125期(令和2年4月1日－令和3年3月31日) | S100LQQD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQQD,, |

## 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).