# ALINCO INCORPORATED: 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56期(2025/03/21－2026/03/20) (S100YCY5)
> Page: https://vizora.meequs.com/en/company/alinco
> Retrieved: 2026-09-30T19:41:58.352Z

## Company

Alinco, founded in 1970, is a company in Smartphones & Communications Equipment listed on TSE Prime. It has 1,471 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALINCO INCORPORATED |
| Ticker | 5933 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5933.T) |
| Listing | TSE Prime |
| Head office | 大阪府高槻市三島江1丁目1番1号 (注) 上記は登記上の本店所在地であり、実際の本店業務は下記で行っております。 |
| Representative (per filing) | 代表取締役社長 兼 社長執行役員 小林宣夫 |
| Founded | Jul 1970 |
| Share capital | ¥6.36B |
| Employees (consolidated) | 1,471 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | alinco.co.jp (https://alinco.co.jp/) |
| Corporate number | 3120901010347 |
| EDINET | E01430 |
| Industries (Vizora) | Smartphones & Communications Equipment, Leasing, Sporting Goods & Fitness, Housing Equipment & Building Materials, Construction & Farm Machinery |

> Profile source: annual securities report (S100YCY5, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 17 |
| Profitability | 21.9 | 16 |
| Cash conversion | 76.7 | 15 |
| Efficiency | 73.5 | 17 |

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 39% of Alinco's sales come from Construction machinery, with Leasing and Housing equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +0.8%.

## Company structure

- Segment revenue mix: Construction machinery 39.4%、Leasing 28.6%、Housing equipment 23.1%、Electric equipment 9.0%
- Revenue → net income: ¥62632103000 → ¥1753556000
- Net income → operating cash flow: ¥1753556000 → ¥3350484000（difference ¥1596928000）
- Main uses of operating cash flow: CapEx ¥3900386000 / dividends ¥876834000 / buybacks —
- Change in cash: ¥-214720000
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 | ¥62.6B |  |
| Operating income | ¥2.21B | Margin 3.5% |
| Net income | ¥1.75B | Margin 2.8% |
| Free cash flow | -¥549.9M |  |
| Largest business | Construction machinery | of segment revenue 39.4% |
| Employees (consolidated) | 1,471 |  |
| EPS | ¥64.94 |  |
| Book value per share | ¥1558.01 |  |
| Equity ratio | 45.8% |  |
| Shares outstanding | 21,039,326 |  |
| Treasury shares | 1,066,000 |  |
| Shareholders | 9,687 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 10.5% |
| Vs. industry median margin | -5.1 pp | Construction & Farm Machinery |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53341709000 | ¥62632103000 | +17.4% |
| Operating income | ¥2554689000 | ¥2212870000 | -13.4% |
| Operating margin | 4.8% | 3.5% | -1.3 pp |
| Employees | 1,367 people | 1,471 people | +7.6% |
| Cash and equivalents | ¥5414007000 | ¥6569076000 | +21.3% |

### 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 |
| --- | ---: |
| 建設機材関連事業 → 建設機材関連事業 | 32.6% |
| レンタル関連事業 → レンタル関連事業 | 28.6% |
| レンタル関連事業 → 事業再編・廃止 | 0.1% |
| 住宅機器関連事業 → 住宅機器関連事業 | 23.1% |
| 住宅機器関連事業 → 事業再編・廃止 | 8.6% |
| 電子機器関連事業 → 電子機器関連事業 | 7.0% |
| 新設・再編 → 建設機材関連事業 | 6.8% |
| 新設・再編 → 電子機器関連事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction machinery | 5 years | +7.2% | ¥24674086000 | 8.0% | 2 |
| Leasing | 5 years | +3.2% | ¥17881473000 | 7.1% | 2 |
| Housing equipment | 5 years | -3.1% | ¥14456507000 | -2.5% | 2 |
| Electric equipment | 5 years | +8.4% | ¥5620036000 | -7.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,632 | 100.0% | S100YCY5 |
| Cost of revenue | 46,229 | 73.8% | S100YCY5 |
| Gross profit | 16,403 | 26.2% | S100YCY5 |
| SG&A | 14,190 | 22.7% | S100YCY5 |
| Operating income | 2,213 | 3.5% | S100YCY5 |
| Ordinary income | 2,777 | 4.4% | S100YCY5 |
| Pretax income | 2,850 | 4.5% | S100YCY5 |
| Income tax | 1,096 | 1.7% | S100YCY5 |
| Net income | 1,754 | 2.8% | S100YCY5 |
| Net income attributable to owners | 1,754 | 2.8% | S100YCY5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.2% → Operating margin 3.5% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +0.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.46×
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 | 61,601 | 62,632 | 1,031 | +1.7% |
| Gross profit | 16,037 | 16,403 | 366 | +2.3% |
| Operating income | 2,196 | 2,213 | 17 | +0.8% |
| Net income attributable to owners | 1,960 | 1,754 | -206 | -10.5% |
| Operating cash flow | 5,424 | 3,350 | -2,074 | -38.2% |
| Free cash flow | -208 | -550 | -342 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 55,613 | 3,339 | 6.0% | 2,155 | 4,891 | 1,776 | S100LK12 |
| FY ending Mar 2021 | 53,342 | 2,555 | 4.8% | 1,665 | 5,293 | 1,886 | S100OAIR |
| FY ending Mar 2022 | 55,256 | 1,119 | 2.0% | 451 | 2,711 | -645 | S100QZO7 |
| FY ending Mar 2023 | 60,718 | 2,421 | 4.0% | 1,547 | 2,688 | -877 | S100TOCL |
| FY ending Mar 2024 | 57,877 | 1,782 | 3.1% | 1,989 | 1,685 | -3,713 | S100VYLW |
| FY ending Mar 2025 | 61,601 | 2,196 | 3.6% | 1,960 | 5,424 | -208 | S100YCY5 |
| FY ending Mar 2026 | 62,632 | 2,213 | 3.5% | 1,754 | 3,350 | -550 | S100YCY5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 1,432 | 1,481 | 1,437 | 1,425 | 1,471 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.7M | ¥7M |
| Average age (parent company) | 40.1 years | 40.5 years | 40.5 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 13.5 years | 13.9 years | 13.7 years | 13.0 years | 13.3 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction machinery | 24,674 | 39.4% | 1,972 | 8.0% |
| Leasing | 17,881 | 28.6% | 1,269 | 7.1% |
| Housing equipment | 14,457 | 23.1% | -364 | -2.5% |
| Electric equipment | 5,620 | 9.0% | -441 | -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 |
| --- | ---: |
| Construction machinery | 39.4% |
| Leasing | 28.6% |
| Housing equipment | 23.1% |
| Electric equipment | 9.0% |

Segment → industry: Electric equipment → Smartphones & Communications Equipment / Leasing → Leasing / Housing equipment → Sporting Goods & Fitness / Housing equipment → Housing Equipment & Building Materials / Construction machinery → Construction & Farm 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 | 3,350 | 5.3% | S100YCY5 |
| Capital expenditure | 3,900 | 6.2% | S100YCY5 |
| Free cash flow | -550 | -0.9% | 算出 |
| Investing cash flow | -3,626 | -5.8% | S100YCY5 |
| Financing cash flow | 484 | 0.8% | S100YCY5 |
| Dividends paid | 877 | 1.4% | S100YCY5 |
| Change in cash | -215 | -0.3% | S100YCY5 |
| Cash and equivalents | 6,569 | 10.5% | S100YCY5 |

## 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 | 5,082 | 6,629 | 6,623 | 6,784 | 6,569 | S100TOCL, S100VYLW, S100YCY5 |
| Total assets | 58,234 | 63,682 | 68,316 | 70,884 | 73,283 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Net assets | 27,518 | 28,443 | 30,545 | 31,995 | 33,558 | S100TOCL, S100VYLW, S100YCY5 |
| Share capital | 6,362 | 6,362 | 6,362 | 6,362 | 6,362 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Trade receivables | 15,215 | 15,901 | 15,351 | 12,324 | 11,611 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Property, plant and equipment | 15,041 | 16,071 | 18,206 | 21,375 | 22,708 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Intangible assets excluding goodwill | 1,143 | 790 | 483 | 257 | 349 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Goodwill | 945 | 598 | 302 | 78 | 12 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Investment securities | 1,521 | 1,463 | 1,550 | 1,654 | 2,044 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Current assets | 36,436 | 41,943 | 43,895 | 43,194 | 42,966 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Current liabilities | 20,006 | 22,596 | 19,861 | 21,740 | 22,194 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Trade payables | 9,697 | 9,750 | 7,990 | 7,429 | 7,486 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Short-term borrowings | 2,823 | 2,186 | 1,413 | 2,680 | 3,290 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Long-term borrowings | 9,399 | 11,507 | 16,446 | 15,745 | 15,771 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Total liabilities | 30,716 | 35,239 | 37,771 | 38,889 | 39,725 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Non-controlling interests | 21 | 12 | 12 | — | — | S100QZO7, S100TOCL, S100VYLW |
| Equity attributable to owners of parent | 26,709 | 27,607 | 28,937 | 30,199 | 31,160 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Retained earnings | 16,721 | 17,473 | 18,666 | 19,787 | 20,662 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |
| Treasury stock | -1,318 | -1,175 | -1,044 | -910 | -834 | S100QZO7, S100TOCL, S100VYLW, S100YCY5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCY5 |
| Receivables | 16% | S100YCY5 |
| Property, plant and equipment | 31% | S100YCY5 |
| Intangibles and goodwill | 0% | S100YCY5 |
| Investment securities | 3% | S100YCY5 |
| Other assets | 41% | S100YCY5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YCY5 |
| Other liabilities | 44% | S100YCY5 |
| Equity | 46% | S100YCY5 |
| Other liabilities | 0% | S100YCY5 |

### 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 | 58,234 | 63,682 | 68,316 | 70,884 | 73,283 |
| Equity | 27,518 | 28,443 | 30,545 | 31,995 | 33,558 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,082 | 6,629 | 6,623 | 6,784 | 6,569 |

## 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) | 36.3% | S100YCY5 |
| Fixed assets ÷ total assets | 31.0% | S100YCY5 |
| Goodwill ÷ parent equity | 0.0% | S100YCY5 |

Goodwill over 4 years: 945 → 12 JPY; total investing cash flow: -21,908 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) | 9.0% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.4% |
| Cash vs. profit gap | 1,597 JPY mn (of net income 91.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 108.2% |

## 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 | 0.8% | 0.95× | 0.8% | 2.18× | 1.7% | S100QZO7 |
| 2023 | 2.5% | 1.00× | 2.5% | 2.24× | 5.7% | S100TOCL |
| 2024 | 3.4% | 0.88× | 3.0% | 2.33× | 7.0% | S100VYLW |
| 2025 | 3.2% | 0.89× | 2.8% | 2.35× | 6.6% | S100YCY5 |
| 2026 | 2.8% | 0.87× | 2.4% | 2.35× | 5.7% | S100YCY5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アルメイト㈱ | Major shareholder | 15.8% | 2026-03-20 |
| アルインコ共栄会 | Major shareholder | 6.9% | 2026-03-20 |
| 日本マスタートラスト 信託銀行㈱（信託口） | Major shareholder | 6.7% | 2026-03-20 |
| アルインコ従業員持株会 | Major shareholder | 3.8% | 2026-03-20 |
| 井上雄策 | Major shareholder | 3.1% | 2026-03-20 |
| 井上敬策 | Major shareholder | 2.9% | 2026-03-20 |
| ㈱日本カストディ銀行（りそな銀行再信託分・㈱関西みらい銀行退職給付信託口） | Major shareholder | 2.3% | 2026-03-20 |
| 阪和興業㈱ | Major shareholder | 1.6% | 2026-03-20 |
| ㈲エスアイエム | Major shareholder | 1.4% | 2026-03-20 |
| 井上康子 | Major shareholder | 1.3% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/03/21－2026/03/20) | S100YCY5 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCY5,, |
| 有価証券報告書－第55期(2024/03/21－2025/03/20) | S100VYLW | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYLW,, |
| 有価証券報告書－第54期(2023/03/21－2024/03/20) | S100TOCL | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOCL,, |
| 有価証券報告書－第53期(2022/03/21－2023/03/20) | S100QZO7 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZO7,, |
| 有価証券報告書－第52期(令和3年3月21日－令和4年3月20日) | S100OAIR | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAIR,, |
| 有価証券報告書－第51期(令和2年3月21日－令和3年3月20日) | S100LK12 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK12,, |

## 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).