# ALMEDIO INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YNXZ)
> Page: https://vizora.meequs.com/en/company/almedio
> Retrieved: 2026-09-30T17:49:08.281Z

## Company

Almedio, founded in 1981, is a company in Chemicals listed on TSE Standard. It has 208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALMEDIO INC. |
| Ticker | 7859 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7859.T) |
| Listing | TSE Standard |
| Head office | 東京都国立市東一丁目4番地12 |
| Representative (per filing) | 代表取締役社長 髙橋 靖 |
| Founded | May 1981 |
| Share capital | ¥2.11B |
| Employees (consolidated) | 208 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Corporate number | 1012701001142 |
| EDINET | E02046 |
| Industries (Vizora) | Chemicals, Glass & Ceramics |

> Profile source: annual securities report (S100YNXZ, filed 2026-07-01). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 17 |
| Profitability | 2.9 | 17 |
| Efficiency | 2.9 | 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 96% of Almedio's sales come from Heat insulator, with Nano Material making up much of the rest.
- It lost about ¥35 for every ¥100 of sales at the operating level.
- Revenue changed -59.1% from the prior year, operating profit -195.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.37B |  |
| Operating income | -¥825.6M | Margin -34.8% |
| Net income | -¥470.3M | Margin -19.8% |
| Free cash flow | -¥43.5M |  |
| Largest business | Heat insulator | of segment revenue 95.8% |
| Employees (consolidated) | 208 |  |
| EPS | ¥-1.37 |  |
| Book value per share | ¥227.75 |  |
| Equity ratio | 93.6% |  |
| Shares outstanding | 20,806,316 |  |
| Treasury shares | 770,700 |  |
| Shareholders | 8,214 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 138.3% |
| Vs. industry median margin | -45.7 pp | Glass & Ceramics |
| ROA | -5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 35 per ¥100 of revenue
- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2681463000 | ¥2372446000 | -11.5% |
| Operating income | ¥-11321000 | ¥-825641000 | — |
| Operating margin | -0.4% | -34.8% | -34.4 pp |
| Employees | 172 people | 208 people | +20.9% |
| Cash and equivalents | ¥1397986000 | ¥3280096000 | +134.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 断熱材事業 → 断熱材事業 | 64.5% |
| アーカイブ事業 → 事業再編・廃止 | 33.1% |
| インダストリアルソリューション事業 → 事業再編・廃止 | 2.4% |
| 新設・再編 → 断熱材事業 | 31.3% |
| 新設・再編 → ナノマテリアル事業 | 4.2% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,372 | 100.0% | S100YNXZ |
| Cost of revenue | 1,842 | 77.6% | S100YNXZ |
| Gross profit | 531 | 22.4% | S100YNXZ |
| SG&A | 1,356 | 57.2% | S100YNXZ |
| Operating income | -826 | -34.8% | S100YNXZ |
| Ordinary income | -787 | -33.2% | S100YNXZ |
| Pretax income | -843 | -35.5% | S100YNXZ |
| Income tax | -373 | -15.7% | S100YNXZ |
| Net income | -470 | -19.8% | S100YNXZ |
| Net income attributable to owners | -470 | -19.8% | S100YNXZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 57 |
| Operating income | -35 |
| (Ref.) Net income | -20 |

### Margin funnel

Gross margin 22.4% → Operating margin -34.8% → Net margin -19.8%
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 | 5,801 | 2,372 | -3,428 | -59.1% |
| Gross profit | 2,111 | 531 | -1,581 | -74.9% |
| Operating income | 867 | -826 | -1,693 | -195.2% |
| Net income attributable to owners | 476 | -470 | -947 | -198.7% |
| Operating cash flow | 866 | 501 | -365 | -42.2% |
| Free cash flow | 179 | -44 | -222 | -124.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,752 | 56 | 2.0% | -13 | 183 | 114 | S100LQ5L |
| FY ending Mar 2021 | 2,681 | -11 | -0.4% | -136 | 45 | -91 | S100OBZO |
| FY ending Mar 2022 | 3,266 | 75 | 2.3% | -40 | -281 | -619 | S100R2RT |
| FY ending Mar 2023 | 4,941 | 536 | 10.8% | 164 | 448 | -540 | S100TW3C |
| FY ending Mar 2024 | 11,557 | 3,364 | 29.1% | 2,329 | 2,250 | 1,179 | S100W2YT |
| FY ending Mar 2025 | 5,801 | 867 | 14.9% | 476 | 866 | 179 | S100YNXZ |
| FY ending Mar 2026 | 2,372 | -826 | -34.8% | -470 | 501 | -44 | S100YNXZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.4M |
| Operating income per employee (consolidated) | -¥4M |
| Net income per employee (consolidated) | -¥2.3M |

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) | 179 | 224 | 310 | 261 | 208 |
| Average salary (parent company) | ¥5.1M | ¥4.9M | ¥4.8M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 48.6 years | 46.9 years | 48.1 years | 41.5 years | 42.0 years |
| Average tenure (parent company) | 10.6 years | 8.9 years | 9.7 years | 8.0 years | 8.2 years |

Year over year: Employees (consolidated) -20.3% · Revenue (consolidated) -59.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Heat insulator | 2,272 | 95.8% | -352 | -15.5% |
| Nano Material | 100 | 4.2% | -143 | -142.6% |

### 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 | Margin |
| --- | ---: | ---: |
| Heat insulator | 95.8% | -15.5% |
| Nano Material | 4.2% | -142.6% |

Loss-making segment (excluded from profit shares): Heat insulator -352 JPY mn

Loss-making segment (excluded from profit shares): Nano Material -143 JPY mn

Segment → industry: Nano Material → Chemicals / Heat insulator → Glass & Ceramics

## 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 | 501 | 21.1% | S100YNXZ |
| Capital expenditure | 545 | 23.0% | S100YNXZ |
| Free cash flow | -44 | -1.8% | 算出 |
| Investing cash flow | -744 | -31.4% | S100YNXZ |
| Financing cash flow | -366 | -15.4% | S100YNXZ |
| Change in cash | -562 | -23.7% | S100YNXZ |
| Cash and equivalents | 3,280 | 138.3% | S100YNXZ |

## 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 | 1,388 | 1,258 | 3,683 | 3,842 | 3,280 | S100TW3C, S100W2YT, S100YNXZ |
| Total assets | 4,349 | 5,810 | 9,756 | 9,690 | 8,444 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Net assets | 2,751 | 3,389 | 7,552 | 8,206 | 7,905 | S100TW3C, S100W2YT, S100YNXZ |
| Share capital | 1,607 | 1,219 | 2,111 | 2,111 | 2,111 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Property, plant and equipment | 561 | 1,269 | 1,394 | 1,947 | 2,147 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Intangible assets excluding goodwill | 1 | 3 | 2 | 3 | 0 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Current assets | 3,686 | 4,437 | 8,108 | 7,515 | 6,071 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Current liabilities | 955 | 2,156 | 1,782 | 1,015 | 464 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Short-term borrowings | 244 | 215 | 362 | 500 | 150 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Long-term borrowings | 500 | 61 | 45 | 29 | 13 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Total liabilities | 1,598 | 2,420 | 2,205 | 1,483 | 540 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Equity attributable to owners of parent | 2,585 | 3,172 | 7,286 | 7,565 | 7,094 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Retained earnings | -494 | 870 | 3,198 | 3,675 | 3,204 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |
| Treasury stock | -89 | -89 | -89 | -286 | -286 | S100R2RT, S100TW3C, S100W2YT, S100YNXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YNXZ |
| Property, plant and equipment | 25% | S100YNXZ |
| Intangibles and goodwill | 0% | S100YNXZ |
| Other assets | 36% | S100YNXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 6% | S100YNXZ |
| Equity | 94% | S100YNXZ |

### 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 | 4,349 | 5,810 | 9,756 | 9,690 | 8,444 |
| Equity | 2,751 | 3,389 | 7,552 | 8,206 | 7,905 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,388 | 1,258 | 3,683 | 3,842 | 3,280 |

## 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) | 90.5% | S100YNXZ |
| Fixed assets ÷ total assets | 25.4% | S100YNXZ |
| Goodwill ÷ parent equity | — | —, S100YNXZ |

### 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) | 38.8% |
| Cash ÷ revenue | 138.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 971 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 23.0% |
| Investing CF relative to operating CF | 148.5% |

## 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 | — | —× | -0.9% | —× | — | S100R2RT |
| 2023 | 3.3% | 0.97× | 3.2% | 1.76× | 5.7% | S100TW3C |
| 2024 | 20.1% | 1.48× | 29.9% | 1.49× | 44.5% | S100W2YT |
| 2025 | 8.2% | 0.60× | 4.9% | 1.31× | 6.4% | S100YNXZ |
| 2026 | — | —× | -5.2% | —× | — | S100YNXZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙橋 靖 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 3.0% | 2026-03-31 |
| 津田 鉄也 | Major shareholder | 2.2% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.3% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 雲越 俊介 | Major shareholder | 1.3% | 2026-03-31 |
| 宮坂 仁 | Major shareholder | 1.1% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 1.0% | 2026-03-31 |
| 冨永 耕三 | Major shareholder | 0.9% | 2026-03-31 |
| 鈴木 直人 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YNXZ | 2026-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNXZ,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100W2YT | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2YT,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TW3C | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW3C,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R2RT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2RT,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OBZO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZO,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LQ5L | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ5L,, |

## 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).