# ALCONIX CORPORATION: 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45期(2025/04/01－2026/03/31) (S100YCV6)
> Page: https://vizora.meequs.com/en/company/alconix
> Retrieved: 2026-09-30T22:01:02.568Z

## Company

Alconix, founded in 1981, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 3,098 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALCONIX CORPORATION |
| Ticker | 3036 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3036.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区永田町二丁目11番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 手代木 洋 |
| Founded | Jul 1981 |
| Share capital | ¥5.91B |
| Employees (consolidated) | 3,098 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Corporate number | 1010401042424 |
| EDINET | E02998 |
| Industries (Vizora) | Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100YCV6, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.5 | 179 |
| Profitability | 71.1 | 185 |
| Cash conversion | 15.9 | 179 |
| Efficiency | 16.5 | 185 |

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 Alconix's sales come from Aluminum and copper products, with Equipment and materials and Metal processing making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +40.8%.

## Company structure

- Segment revenue mix: Aluminum and copper products 41.2%、Equipment and materials 22.0%、Metal processing 18.6%、Electronic and advanced materials 18.1%
- Revenue → net income: ¥219720000000 → ¥5674000000
- Net income → operating cash flow: ¥5674000000 → ¥2424000000（difference ¥-3250000000）
- Main uses of operating cash flow: CapEx ¥8659000000 / dividends ¥2556000000 / buybacks ¥0
- Change in cash: ¥3032000000
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 | ¥219.7B |  |
| Operating income | ¥9.74B | Margin 4.4% |
| Net income | ¥5.6B | Margin 2.5% |
| Free cash flow | -¥6.24B |  |
| Largest business | Aluminum and copper products | of segment revenue 41.2% |
| Employees (consolidated) | 3,098 |  |
| EPS | ¥80.5 |  |
| Diluted EPS | ¥80.42 |  |
| Book value per share | ¥1049.83 |  |
| Equity ratio | 35.6% |  |
| Shares outstanding | 31,125,000 |  |
| Treasury shares | 652,500 |  |
| Shareholders | 43,336 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | +1.6 pp | Specialty Trading & Wholesale |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 41%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥214987000000 | ¥219720000000 | +2.2% |
| Operating income | ¥5621000000 | ¥9743000000 | +73.3% |
| Operating margin | 2.6% | 4.4% | +1.8 pp |
| Employees | 2,821 people | 3,098 people | +9.8% |
| Cash and equivalents | ¥26002000000 | ¥20813000000 | -20.0% |

### 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 |
| --- | ---: |
| 電子機能材 → 電子機能材 | 18.1% |
| 電子機能材 → 事業再編・廃止 | 6.5% |
| アルミ銅 → アルミ銅 | 41.2% |
| アルミ銅 → 事業再編・廃止 | 12.5% |
| 装置材料 → 装置材料 | 11.5% |
| 金属加工 → 金属加工 | 10.2% |
| 新設・再編 → 装置材料 | 10.6% |
| 新設・再編 → 金属加工 | 8.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Aluminum and copper products | 5 years | -4.7% | ¥90601000000 | -0.1% | 2 |
| Equipment and materials | 5 years | +14.4% | ¥48428000000 | 3.1% | 2 |
| Metal processing | 5 years | +13.2% | ¥40926000000 | 11.3% | 2 |
| Electronic and advanced materials | 5 years | -5.5% | ¥39763000000 | 7.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 219,720 | 100.0% | S100YCV6 |
| Cost of revenue | 189,094 | 86.1% | S100YCV6 |
| Gross profit | 30,625 | 13.9% | S100YCV6 |
| SG&A | 20,882 | 9.5% | S100YCV6 |
| Operating income | 9,743 | 4.4% | S100YCV6 |
| Ordinary income | 8,947 | 4.1% | S100YCV6 |
| Pretax income | 10,600 | 4.8% | S100YCV6 |
| Income tax | 4,926 | 2.2% | S100YCV6 |
| Net income | 5,674 | 2.6% | S100YCV6 |
| Net income attributable to owners | 5,598 | 2.5% | S100YCV6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.9% → Operating margin 4.4% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +40.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.54×
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 | 197,004 | 219,720 | 22,716 | +11.5% |
| Gross profit | 26,021 | 30,625 | 4,604 | +17.7% |
| Operating income | 6,919 | 9,743 | 2,824 | +40.8% |
| Net income attributable to owners | 4,805 | 5,598 | 793 | +16.5% |
| Operating cash flow | 7,003 | 2,424 | -4,579 | -65.4% |
| Free cash flow | -87 | -6,235 | -6,148 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 232,242 | 5,176 | 2.2% | 3,617 | 9,091 | 5,775 | S100MXLR |
| FY ending Mar 2021 | 214,987 | 5,621 | 2.6% | 2,860 | 4,098 | 1,045 | S100O91L |
| FY ending Mar 2022 | 156,286 | 11,020 | 7.1% | 7,507 | -3,329 | -7,589 | S100QX88 |
| FY ending Mar 2023 | 178,333 | 8,393 | 4.7% | 5,488 | 226 | -4,564 | S100TM0V |
| FY ending Mar 2024 | 174,901 | 5,463 | 3.1% | 1,598 | 15,215 | 11,772 | S100VYH5 |
| FY ending Mar 2025 | 197,004 | 6,919 | 3.5% | 4,805 | 7,003 | -87 | S100YCV6 |
| FY ending Mar 2026 | 219,720 | 9,743 | 4.4% | 5,598 | 2,424 | -6,235 | S100YCV6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.9M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 2,931 | 3,185 | 3,227 | 3,254 | 3,098 |
| Average salary (parent company) | ¥8.2M | ¥8.3M | ¥8.5M | ¥9M | ¥9.5M |
| Average age (parent company) | 43.7 years | 43.9 years | 43.1 years | 44.3 years | 44.4 years |
| Average tenure (parent company) | 11.8 years | 10.4 years | 9.1 years | 10.2 years | 10.7 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic and advanced materials | 39,763 | 18.1% | 2,875 | 7.2% |
| Aluminum and copper products | 90,601 | 41.2% | -65 | -0.1% |
| Equipment and materials | 48,428 | 22.0% | 1,482 | 3.1% |
| Metal processing | 40,926 | 18.6% | 4,630 | 11.3% |

### 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 |
| --- | ---: |
| Electronic and advanced materials | 18.1% |
| Aluminum and copper products | 41.2% |
| Equipment and materials | 22.0% |
| Metal processing | 18.6% |

Segment → industry: Equipment and materials → Specialty Trading & Wholesale / Aluminum and copper products → Specialty Trading & Wholesale / Electronic and advanced materials → Specialty Trading & Wholesale / Metal processing → Industrial Machinery

## 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 | 2,424 | 1.1% | S100YCV6 |
| Capital expenditure | 8,659 | 3.9% | S100YCV6 |
| Free cash flow | -6,235 | -2.8% | 算出 |
| Investing cash flow | -3,218 | -1.5% | S100YCV6 |
| Financing cash flow | 3,341 | 1.5% | S100YCV6 |
| Dividends paid | 2,556 | 1.2% | S100YCV6 |
| Share buyback | 0 | 0.0% | S100YCV6 |
| Change in cash | 3,032 | 1.4% | S100YCV6 |
| Cash and equivalents | 20,813 | 9.5% | S100YCV6 |

## 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 | 25,944 | 25,814 | 19,721 | 17,781 | 20,813 | S100TM0V, S100VYH5, S100YCV6 |
| Total assets | 176,437 | 191,890 | 182,890 | 196,634 | 222,427 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Net assets | 57,331 | 63,047 | 66,350 | 70,312 | 79,942 | S100TM0V, S100VYH5, S100YCV6 |
| Share capital | 5,787 | 5,810 | 5,830 | 5,851 | 5,907 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Trade receivables | 59,415 | 56,923 | 51,361 | 57,415 | 62,694 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Property, plant and equipment | 25,061 | 31,993 | 31,737 | 37,374 | 39,401 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Intangible assets excluding goodwill | 4,703 | 3,753 | 3,088 | 2,995 | 2,650 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Goodwill | 1,887 | 1,357 | 1,022 | 907 | 672 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Investment securities | 10,243 | 10,511 | 11,899 | 8,577 | 16,780 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Current assets | 135,119 | 144,212 | 132,549 | 144,374 | 162,291 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Current liabilities | 94,643 | 100,348 | 89,693 | 103,196 | 120,429 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Trade payables | 43,408 | 34,260 | 36,542 | 46,993 | 54,400 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Short-term borrowings | 31,590 | 38,766 | 23,730 | 25,657 | 36,554 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Long-term borrowings | 18,525 | 20,654 | 18,077 | 15,150 | 13,474 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Bonds | 325 | 250 | 250 | — | — | S100QX88, S100TM0V, S100VYH5 |
| Interest-bearing debt | 50,440 | 59,670 | 42,057 | — | — | 算出 |
| Total liabilities | 119,106 | 128,843 | 116,540 | 126,321 | 142,485 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Non-controlling interests | 462 | 523 | 601 | 610 | 684 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Equity attributable to owners of parent | 50,431 | 54,325 | 54,304 | 56,986 | 60,241 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Retained earnings | 40,563 | 44,398 | 44,332 | 47,310 | 50,352 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |
| Treasury stock | -1,157 | -1,157 | -1,154 | -1,562 | -1,459 | S100QX88, S100TM0V, S100VYH5, S100YCV6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCV6 |
| Receivables | 28% | S100YCV6 |
| Property, plant and equipment | 18% | S100YCV6 |
| Intangibles and goodwill | 1% | S100YCV6 |
| Investment securities | 8% | S100YCV6 |
| Other assets | 36% | S100YCV6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 24% | S100YCV6 |
| Other liabilities | 40% | S100YCV6 |
| Equity | 36% | S100YCV6 |

### 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 | 176,437 | 191,890 | 182,890 | 196,634 | 222,427 |
| Equity | 57,331 | 63,047 | 66,350 | 70,312 | 79,942 |
| Interest-bearing debt | 50,440 | 59,670 | 42,057 | — | — |
| Cash | 25,944 | 25,814 | 19,721 | 17,781 | 20,813 |

## 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) | 17.9% | S100YCV6 |
| Fixed assets ÷ total assets | 17.7% | S100YCV6 |
| Goodwill ÷ parent equity | 1.1% | S100YCV6 |

Goodwill over 4 years: 1,887 → 672 JPY; total investing cash flow: -20,847 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) | 9.4% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.9% |
| Cash vs. profit gap | -3,174 JPY mn (of net income -56.7%) |
| Shareholder returns / net income | 45.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 132.8% |

## 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 | 4.8% | 0.89× | 4.3% | 3.50× | 14.9% | S100QX88 |
| 2023 | 3.1% | 0.97× | 3.0% | 3.52× | 10.5% | S100TM0V |
| 2024 | 0.9% | 0.93× | 0.9% | 3.45× | 2.9% | S100VYH5 |
| 2025 | 2.4% | 1.04× | 2.5% | 3.41× | 8.6% | S100YCV6 |
| 2026 | 2.5% | 1.05× | 2.7% | 3.57× | 9.6% | S100YCV6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.8% | 2026-03-31 |
| 株式会社ＦＵＪＩ | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人：株式会社みずほ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社神戸製鋼所 | Major shareholder | 1.6% | 2026-03-31 |
| アルコニックス株式会社従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人：株式会社みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YCV6 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCV6,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100VYH5 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYH5,, |
| 有価証券報告書－第43期(2023/04/01－2024/03/31) | S100TM0V | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM0V,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100QX88 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QX88,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100O91L | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O91L,, |
| 訂正有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100MXLR | 2021-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXLR,, |

## 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).