# ALMETAX MANUFACTURING CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/04/01－2026/03/31) (S100YF9N)
> Page: https://vizora.meequs.com/en/company/almetax-manufacturing
> Retrieved: 2026-09-30T20:00:00.882Z

## Company

Almetax Manufacturing, founded in 1965, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 331 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALMETAX MANUFACTURING CO., LTD. |
| Ticker | 5928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5928.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区大淀中1丁目1番30号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 村治俊哉 |
| Founded | Jul 1965 |
| Share capital | ¥2.16B |
| Employees (consolidated) | 331 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.almetax.co.jp (https://www.almetax.co.jp/) |
| Corporate number | 5120001060472 |
| EDINET | E01320 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YF9N, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 56 |
| Profitability | 14.7 | 58 |
| Cash conversion | 99 | 50 |
| Efficiency | 23.3 | 58 |

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)

- Almetax Manufacturing brought in ¥7.89B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -4.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7886491000 → ¥161166000
- Net income → operating cash flow: ¥161166000 → ¥280009000（difference ¥118843000）
- Main uses of operating cash flow: CapEx ¥443535000 / dividends ¥83852000 / buybacks ¥41000
- Change in cash: ¥-146911000
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 | ¥7.89B |  |
| Operating income | ¥9.6M | Margin 0.1% |
| Net income | ¥161.2M | Margin 2.0% |
| Free cash flow | -¥163.5M |  |
| Employees (consolidated) | 331 |  |
| EPS | ¥15.39 |  |
| Book value per share | ¥895.89 |  |
| Equity ratio | 82.4% |  |
| Shares outstanding | 11,912,000 |  |
| Treasury shares | 1,433,900 |  |
| Shareholders | 2,109 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 15.2% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | -4.3 pp | Housing Equipment & Building Materials |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9028066000 | ¥7886491000 | -12.6% |
| Operating income | ¥-72669000 | ¥9557000 | — |
| Operating margin | -0.8% | 0.1% | +0.9 pp |
| Employees | 367 people | 331 people | -9.8% |
| Cash and equivalents | ¥1346578000 | ¥1733984000 | +28.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,886 | 100.0% | S100YF9N |
| Cost of revenue | 6,349 | 80.5% | S100YF9N |
| Gross profit | 1,538 | 19.5% | S100YF9N |
| SG&A | 1,528 | 19.4% | S100YF9N |
| Operating income | 10 | 0.1% | S100YF9N |
| Ordinary income | 162 | 2.1% | S100YF9N |
| Pretax income | 204 | 2.6% | S100YF9N |
| Income tax | 43 | 0.5% | S100YF9N |
| Net income | 161 | 2.0% | S100YF9N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 19 |
| Operating income | 0 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.5% → Operating margin 0.1% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 8,296 | 7,886 | -410 | -4.9% |
| Gross profit | 1,305 | 1,538 | 232 | +17.8% |
| Operating income | -215 | 10 | 224 | — |
| Operating cash flow | 55 | 280 | 225 | +411.3% |
| Free cash flow | -167 | -164 | 3 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,423 | -24 | -0.2% | 61 | 449 | 337 | S100LR5S |
| FY ending Mar 2021 | 9,028 | -73 | -0.8% | -729 | 338 | 45 | S100OIC9 |
| FY ending Mar 2022 | 9,542 | 281 | 2.9% | 353 | 484 | 350 | S100R6U9 |
| FY ending Mar 2023 | 9,658 | 216 | 2.2% | 269 | 391 | 313 | S100TVJB |
| FY ending Mar 2024 | 9,419 | -32 | -0.3% | 78 | 303 | 219 | S100W0L2 |
| FY ending Mar 2025 | 8,296 | -215 | -2.6% | 28 | 55 | -167 | S100YF9N |
| FY ending Mar 2026 | 7,886 | 10 | 0.1% | 161 | 280 | -164 | S100YF9N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥28.9K |
| Net income per employee (consolidated) | ¥486.9K |

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) | 364 | 360 | 345 | 340 | 331 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.6M | ¥4.6M | ¥4.7M |
| Average age (parent company) | 44.3 years | 45.3 years | 45.7 years | 46.7 years | 47.1 years |
| Average tenure (parent company) | 17.3 years | 17.8 years | 18.4 years | 19.6 years | 19.6 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) -4.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 280 | 3.6% | S100YF9N |
| Capital expenditure | 444 | 5.6% | S100YF9N |
| Free cash flow | -164 | -2.1% | 算出 |
| Investing cash flow | -343 | -4.3% | S100YF9N |
| Financing cash flow | -84 | -1.1% | S100YF9N |
| Dividends paid | 84 | 1.1% | S100YF9N |
| Share buyback | 0 | 0.0% | S100YF9N |
| Change in cash | -147 | -1.9% | S100YF9N |
| Cash and equivalents | 1,734 | 22.0% | S100YF9N |

## 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 | 1,658 | 1,934 | 2,073 | 1,881 | 1,734 | S100TVJB, S100W0L2, S100YF9N |
| Total assets | 11,062 | 11,457 | 12,206 | 11,238 | 11,396 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Net assets | 8,553 | 8,865 | 9,403 | 9,188 | 9,388 | S100TVJB, S100W0L2, S100YF9N |
| Share capital | 2,160 | 2,160 | 2,160 | 2,160 | 2,160 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Property, plant and equipment | 2,317 | 2,286 | 2,246 | 2,146 | 2,306 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Intangible assets excluding goodwill | 9 | 19 | 60 | 160 | 348 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Investment securities | 1,371 | 1,359 | 1,680 | 1,632 | 1,682 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Current assets | 5,981 | 6,231 | 6,213 | 5,388 | 5,050 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Current liabilities | 1,876 | 1,887 | 1,859 | 1,135 | 1,037 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Total liabilities | 2,509 | 2,592 | 2,803 | 2,050 | 2,008 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Equity attributable to owners of parent | 7,457 | 7,626 | 7,631 | 7,536 | 7,623 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Retained earnings | 3,102 | 3,260 | 3,255 | 3,150 | 3,227 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |
| Treasury stock | -390 | -381 | -373 | -364 | -356 | S100R6U9, S100TVJB, S100W0L2, S100YF9N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YF9N |
| Property, plant and equipment | 20% | S100YF9N |
| Intangibles and goodwill | 3% | S100YF9N |
| Investment securities | 15% | S100YF9N |
| Other assets | 47% | S100YF9N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YF9N |
| Equity | 82% | S100YF9N |
| Other liabilities | 0% | S100YF9N |

### 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 | 11,062 | 11,457 | 12,206 | 11,238 | 11,396 |
| Equity | 8,553 | 8,865 | 9,403 | 9,188 | 9,388 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,658 | 1,934 | 2,073 | 1,881 | 1,734 |

## 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) | 29.2% | S100YF9N |
| Fixed assets ÷ total assets | 20.2% | S100YF9N |
| Goodwill ÷ parent equity | — | —, S100YF9N |

### 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) | 15.2% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2929.9% |
| Cash vs. profit gap | 119 JPY mn (of net income 73.7%) |
| Shareholder returns / net income | 52.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 122.5% |

## 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 | 3.7% | 0.86× | 3.2% | 1.48× | 4.7% | S100R6U9 |
| 2023 | 2.8% | 0.86× | 2.4% | 1.49× | 3.6% | S100TVJB |
| 2024 | 0.8% | 0.80× | 0.7% | 1.55× | 1.0% | S100W0L2 |
| 2025 | 0.3% | 0.71× | 0.2% | 1.55× | 0.4% | S100YF9N |
| 2026 | 2.0% | 0.70× | 1.4% | 1.49× | 2.1% | S100YF9N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 積水ハウス株式会社 | Major shareholder | 35.7% | 2026-03-31 |
| 積水化学工業株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| アルメタックス従業員持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 吉野 友裕 | Major shareholder | 2.8% | 2026-03-31 |
| 酒井 一 | Major shareholder | 1.7% | 2026-03-31 |
| 遠山 和子 | Major shareholder | 1.4% | 2026-03-31 |
| 篠原 寛 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.2% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YF9N | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF9N,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W0L2 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0L2,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TVJB | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVJB,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R6U9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6U9,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OIC9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIC9,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LR5S | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR5S,, |

## 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).