# ALPHA 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88期(2025/04/01－2026/03/31) (S100YGLQ)
> Page: https://vizora.meequs.com/en/company/alpha
> Retrieved: 2026-09-30T20:58:11.114Z

## Company

Alpha, founded in 1938, is a company in Auto Parts listed on TSE Standard. It has 4,069 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALPHA Corporation |
| Ticker | 3434 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3434.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市金沢区福浦一丁目6番8号 |
| Representative (per filing) | 代表取締役 社長執行役員 塚野 哲幸 |
| Founded | Apr 1938 |
| Share capital | ¥2.76B |
| Employees (consolidated) | 4,069 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.kk-alpha.com (https://www.kk-alpha.com/) |
| Corporate number | 1020001005862 |
| EDINET | E02245 |
| Industries (Vizora) | Auto Parts, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YGLQ, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.2 | 110 |
| Profitability | 4.1 | 111 |
| Cash conversion | 95.8 | 108 |
| Efficiency | 52.7 | 111 |
| Financial strength | 53.6 | 14 |

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 25% of Alpha's sales come from Automobile Parts (Europe), with Automobile Parts (North America) and Automobile Parts (Asia) making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit -7.7%.

## Company structure

- Segment revenue mix: Automobile Parts (Europe) 25.3%、Automobile Parts (North America) 21.5%、Automobile Parts (Asia) 21.0%、Security Equipment (Japan) 17.0%、Automobile Parts (Japan) 11.2%
- Revenue → net income: ¥72699000000 → ¥1295000000
- Net income → operating cash flow: ¥1295000000 → ¥3666000000（difference ¥2371000000）
- Main uses of operating cash flow: CapEx ¥4654000000 / dividends ¥460000000 / buybacks —
- Change in cash: ¥-286000000
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 | ¥72.7B |  |
| Operating income | ¥843M | Margin 1.2% |
| Net income | ¥1.38B | Margin 1.9% |
| Free cash flow | -¥988M |  |
| Largest business | Automobile Parts (Europe) | of segment revenue 25.3% |
| Employees (consolidated) | 4,069 |  |
| EPS | ¥141.44 |  |
| Book value per share | ¥2161.16 |  |
| Equity ratio | 50.3% |  |
| Shares outstanding | 10,200,000 |  |
| Treasury shares | 588,700 |  |
| Shareholders | 10,403 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 12.8% | Net cash -¥5.31B · Cash ÷ revenue 13.6% |
| Vs. industry median margin | -3.6 pp | Auto Parts |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47612000000 | ¥72699000000 | +52.7% |
| Operating income | ¥867000000 | ¥843000000 | -2.8% |
| Operating margin | 1.8% | 1.2% | -0.7 pp |
| Employees | 4,446 people | 4,069 people | -8.5% |
| Cash and equivalents | ¥7820000000 | ¥9852000000 | +26.0% |

### 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 |
| --- | ---: |
| 自動車部品事業（日本） → 事業再編・廃止 | 11.4% |
| 自動車部品事業（北米） → 事業再編・廃止 | 19.0% |
| 自動車部品事業（アジア） → 事業再編・廃止 | 31.0% |
| 自動車部品事業（欧州） → 事業再編・廃止 | 19.4% |
| セキュリティ機器事業（日本） → 事業再編・廃止 | 16.9% |
| セキュリティ機器事業（海外） → 事業再編・廃止 | 2.3% |
| 新設・再編 → 自動車部品事業（日本） | 11.2% |
| 新設・再編 → 自動車部品事業（北米） | 21.5% |
| 新設・再編 → 自動車部品事業（アジア） | 21.0% |
| 新設・再編 → 自動車部品事業（欧州） | 25.3% |
| 新設・再編 → セキュリティ機器事業（日本） | 17.0% |
| 新設・再編 → セキュリティ機器事業（海外） | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile Parts (Europe) | 4 years | +16.7% | ¥18379000000 | 2.3% | 2 |
| Automobile Parts (North America) | 4 years | +10.7% | ¥15623000000 | -3.0% | 2 |
| Automobile Parts (Asia) | 4 years | -1.6% | ¥15274000000 | -6.0% | 2 |
| Security Equipment (Japan) | 4 years | +5.2% | ¥12347000000 | 10.9% | 2 |
| Automobile Parts (Japan) | 4 years | +9.8% | ¥8152000000 | 9.2% | 2 |
| Security Equipment (Overseas) | 4 years | +19.2% | ¥2921000000 | 24.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,699 | 100.0% | S100YGLQ |
| Cost of revenue | 61,995 | 85.3% | S100YGLQ |
| Gross profit | 10,704 | 14.7% | S100YGLQ |
| SG&A | 9,861 | 13.6% | S100YGLQ |
| Operating income | 843 | 1.2% | S100YGLQ |
| Ordinary income | 1,618 | 2.2% | S100YGLQ |
| Pretax income | 1,895 | 2.6% | S100YGLQ |
| Income tax | 600 | 0.8% | S100YGLQ |
| Net income | 1,295 | 1.8% | S100YGLQ |
| Net income attributable to owners | 1,383 | 1.9% | S100YGLQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 14 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.7% → Operating margin 1.2% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.1%; Core profit growth: -7.7%
Operating leverage (core profit growth ÷ revenue growth): 6.94×
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 | 73,511 | 72,699 | -812 | -1.1% |
| Gross profit | 10,269 | 10,704 | 435 | +4.2% |
| Operating income | 913 | 843 | -70 | -7.7% |
| Net income attributable to owners | -301 | 1,383 | 1,684 | — |
| Operating cash flow | 5,892 | 3,666 | -2,226 | -37.8% |
| Free cash flow | 2,024 | -988 | -3,012 | -148.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 60,195 | 1,811 | 3.0% | -1,210 | 3,466 | -677 | S100LOQ6 |
| FY ending Mar 2021 | 47,612 | 867 | 1.8% | 224 | 3,060 | 276 | S100OFFU |
| FY ending Mar 2022 | 53,767 | 586 | 1.1% | 600 | 1,874 | -335 | S100R2IN |
| FY ending Mar 2023 | 62,882 | 601 | 1.0% | 524 | 2,911 | -60 | S100TTTM |
| FY ending Mar 2024 | 74,544 | 2,438 | 3.3% | 1,802 | 7,111 | 3,374 | S100W33S |
| FY ending Mar 2025 | 73,511 | 913 | 1.2% | -301 | 5,892 | 2,024 | S100YGLQ |
| FY ending Mar 2026 | 72,699 | 843 | 1.2% | 1,383 | 3,666 | -988 | S100YGLQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.9M |
| Operating income per employee (consolidated) | ¥207.2K |
| Net income per employee (consolidated) | ¥339.9K |

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) | 4,379 | 4,236 | 4,304 | 4,158 | 4,069 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.2M |
| Average age (parent company) | 42.6 years | 42.7 years | 42.8 years | 42.4 years | 42.4 years |
| Average tenure (parent company) | 19.6 years | 18.2 years | 17.1 years | 16.2 years | 16.0 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile Parts (Japan) | 8,152 | 11.2% | 752 | 9.2% |
| Automobile Parts (North America) | 15,623 | 21.5% | -472 | -3.0% |
| Automobile Parts (Asia) | 15,274 | 21.0% | -922 | -6.0% |
| Automobile Parts (Europe) | 18,379 | 25.3% | 421 | 2.3% |
| Security Equipment (Japan) | 12,347 | 17.0% | 1,340 | 10.9% |
| Security Equipment (Overseas) | 2,921 | 4.0% | 705 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile Parts (Japan) | 11.2% | 23.4% | 12.2 | 9.2% |
| Automobile Parts (North America) | 21.5% | — | — | -3.0% |
| Automobile Parts (Asia) | 21.0% | — | — | -6.0% |
| Automobile Parts (Europe) | 25.3% | 13.1% | -12.2 | 2.3% |
| Security Equipment (Japan) | 17.0% | 41.6% | 24.7 | 10.9% |
| Security Equipment (Overseas) | 4.0% | 21.9% | 17.9 | 24.1% |

Loss-making segment (excluded from profit shares): Automobile Parts (North America) -472 JPY mn

Loss-making segment (excluded from profit shares): Automobile Parts (Asia) -922 JPY mn

Segment → industry: Automobile Parts (Europe) → Auto Parts / Automobile Parts (Asia) → Auto Parts / Automobile Parts (North America) → Auto Parts / Automobile Parts (Japan) → Auto Parts / Security Equipment (Overseas) → Housing Equipment & Building Materials / Security Equipment (Japan) → Housing Equipment & Building Materials

## 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 | 3,666 | 5.0% | S100YGLQ |
| Capital expenditure | 4,654 | 6.4% | S100YGLQ |
| Free cash flow | -988 | -1.4% | 算出 |
| Investing cash flow | -4,911 | -6.8% | S100YGLQ |
| Financing cash flow | 835 | 1.1% | S100YGLQ |
| Dividends paid | 460 | 0.6% | S100YGLQ |
| Change in cash | -286 | -0.4% | S100YGLQ |
| Cash and equivalents | 9,852 | 13.6% | S100YGLQ |

## 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 | 6,345 | 6,714 | 9,699 | 10,138 | 9,852 | S100TTTM, S100W33S, S100YGLQ |
| Total assets | 56,183 | 61,639 | 67,948 | 67,781 | 76,803 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Net assets | 27,924 | 30,669 | 35,225 | 36,371 | 39,496 | S100TTTM, S100W33S, S100YGLQ |
| Share capital | 2,760 | 2,760 | 2,760 | 2,760 | 2,760 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Property, plant and equipment | 18,923 | 19,408 | 19,664 | 20,668 | 24,286 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Intangible assets excluding goodwill | 3,011 | 2,860 | 3,206 | 3,089 | 2,698 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Goodwill | 1,304 | 1,110 | 781 | 620 | 469 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Investment securities | 3,099 | 3,257 | 4,364 | 3,993 | 5,686 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Current assets | 30,527 | 35,371 | 39,933 | 38,829 | 42,990 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Current liabilities | 17,236 | 21,076 | 23,897 | 24,846 | 30,989 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Trade payables | 6,404 | 7,355 | 7,983 | 8,015 | 8,792 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Short-term borrowings | 3,046 | 5,024 | 6,667 | 9,247 | 12,651 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Long-term borrowings | 7,517 | 7,137 | 5,300 | 2,861 | 2,504 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Bonds | 380 | 165 | 1,025 | 1,015 | 5 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Interest-bearing debt | 10,943 | 12,326 | 12,992 | 13,123 | 15,160 | 算出 |
| Total liabilities | 28,258 | 30,970 | 32,723 | 31,409 | 37,306 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Non-controlling interests | 1,161 | 1,101 | 994 | 909 | 839 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Equity attributable to owners of parent | 23,400 | 23,654 | 25,074 | 24,328 | 25,371 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Retained earnings | 18,247 | 18,484 | 19,903 | 19,140 | 20,166 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |
| Treasury stock | -567 | -551 | -551 | -540 | -526 | S100R2IN, S100TTTM, S100W33S, S100YGLQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGLQ |
| Property, plant and equipment | 32% | S100YGLQ |
| Intangibles and goodwill | 4% | S100YGLQ |
| Investment securities | 7% | S100YGLQ |
| Other assets | 44% | S100YGLQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YGLQ |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 17% | S100YGLQ |
| Equity | 51% | S100YGLQ |
| Other liabilities | 0% | S100YGLQ |

### 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 | 56,183 | 61,639 | 67,948 | 67,781 | 76,803 |
| Equity | 27,924 | 30,669 | 35,225 | 36,371 | 39,496 |
| Interest-bearing debt | 10,943 | 12,326 | 12,992 | 13,123 | 15,160 |
| Cash | 6,345 | 6,714 | 9,699 | 10,138 | 9,852 |

## 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) | 33.4% | S100YGLQ |
| Fixed assets ÷ total assets | 31.6% | S100YGLQ |
| Goodwill ÷ parent equity | 1.8% | S100YGLQ |

Goodwill over 4 years: 1,304 → 469 JPY; total investing cash flow: -16,520 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) | 12.8% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | -¥5.31B |
| Net debt ÷ operating cash flow | 1.45× |
| Cash conversion (operating CF ÷ operating income) | 434.9% |
| Cash vs. profit gap | 2,283 JPY mn (of net income 165.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 134.0% |

## 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 | 1.1% | 0.96× | 1.1% | 2.40× | 2.6% | S100R2IN |
| 2023 | 0.8% | 1.07× | 0.9% | 2.50× | 2.2% | S100TTTM |
| 2024 | 2.4% | 1.15× | 2.8% | 2.66× | 7.4% | S100W33S |
| 2025 | — | —× | -0.4% | —× | — | S100YGLQ |
| 2026 | 1.9% | 1.01× | 1.9% | 2.91× | 5.6% | S100YGLQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ハイレックスコーポレーション | Major shareholder | 17.8% | 2026-03-31 |
| 日産東京販売ホールディングス株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.9% | 2026-03-31 |
| アルファ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 遠藤 宏 | Major shareholder | 1.9% | 2026-03-31 |
| FP成長支援A号投資事業有限責任組合 | Major shareholder | 1.9% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC（常任代理人：株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 和田 陽介 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YGLQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGLQ,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W33S | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W33S,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TTTM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTTM,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R2IN | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IN,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OFFU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFFU,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LOQ6 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOQ6,, |

## 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).