# ALPS ALPINE CO., LTD.: 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93期(2025/04/01－2026/03/31) (S100YB8V)
> Page: https://vizora.meequs.com/en/company/alps-alpine
> Retrieved: 2026-09-30T20:59:35.102Z

## Company

Alps Alpine, founded in 1948, is a company in Auto Parts listed on TSE Prime. It has 25,924 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALPS ALPINE CO., LTD. |
| Ticker | 6770 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6770.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区雪谷大塚町1番7号 |
| Representative (per filing) | 代表取締役 社長 CEO 泉 英男 |
| Founded | Nov 1948 |
| Share capital | ¥38.7B |
| Employees (consolidated) | 25,924 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.alpsalpine.com (https://www.alpsalpine.com/) |
| Corporate number | 3010801000723 |
| EDINET | E01793 |
| Industries (Vizora) | Auto Parts, Car Accessories, IT Services & System Integration, Electronic Components |

> Profile source: annual securities report (S100YB8V, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Car Accessories (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 15 |
| Profitability | 10 | 15 |
| Cash conversion | 90 | 15 |
| Efficiency | 70 | 15 |

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 54% of Alps Alpine's sales come from Mobility Segment, with Component Segment and Sensor and Communication Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +23.3%.

## Company structure

- Segment revenue mix: Mobility Segment 54.4%、Component Segment 35.2%、Sensor and Communication Segment 8.4%、Other 2.0%
- Revenue → net income: ¥1019459000000 → ¥27294000000
- Net income → operating cash flow: ¥27294000000 → ¥95926000000（difference ¥68632000000）
- Main uses of operating cash flow: CapEx ¥59952000000 / dividends ¥12207000000 / buybacks ¥20003000000
- Change in cash: ¥5926000000
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 | ¥1.02T |  |
| Operating income | ¥42B | Margin 4.1% |
| Net income | ¥26.9B | Margin 2.6% |
| Free cash flow | ¥36B |  |
| Largest business | Mobility Segment | of segment revenue 54.4% |
| Employees (consolidated) | 25,924 |  |
| EPS | ¥232.99 |  |
| Diluted EPS | ¥232.99 |  |
| Book value per share | ¥1080.14 |  |
| Equity ratio | 57.1% |  |
| Shares outstanding | 208,103,000 |  |
| Treasury shares | 12,989,100 |  |
| Shareholders | 24,886 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | -0.6 pp | Auto Parts |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥718013000000 | ¥1019459000000 | +42.0% |
| Operating income | ¥13109000000 | ¥42043000000 | +220.7% |
| Operating margin | 1.8% | 4.1% | +2.3 pp |
| Employees | 38,471 people | 25,924 people | -32.6% |
| Cash and equivalents | ¥151748000000 | ¥153390000000 | +1.1% |

### 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 |
| --- | ---: |
| 電子部品事業 → 事業再編・廃止 | 27.8% |
| 電子部品事業 → 事業再編・廃止 | 27.8% |
| 車載情報機器事業 → 事業再編・廃止 | 16.9% |
| 車載情報機器事業 → 事業再編・廃止 | 16.9% |
| 物流事業 → 事業再編・廃止 | 4.9% |
| 物流事業 → 事業再編・廃止 | 4.9% |
| その他 → その他 | 0.9% |
| 新設・再編 → コンポーネント事業 | 35.2% |
| 新設・再編 → センサー・コミュニケーション事業 | 8.4% |
| 新設・再編 → モビリティ事業 | 54.4% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility Segment | — | — | ¥555054000000 | 2.6% | 2 |
| Component Segment | 4 years | +8.1% | ¥358365000000 | 8.4% | 2 |
| Sensor and Communication Segment | 4 years | +1.6% | ¥85260000000 | -4.1% | 2 |
| Other | 5 years | +11.3% | ¥20778000000 | 6.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,019,459 | 100.0% | S100YB8V |
| Cost of revenue | 837,600 | 82.2% | S100YB8V |
| Gross profit | 181,858 | 17.8% | S100YB8V |
| SG&A | 139,814 | 13.7% | S100YB8V |
| Operating income | 42,043 | 4.1% | S100YB8V |
| Ordinary income | 49,141 | 4.8% | S100YB8V |
| Pretax income | 43,944 | 4.3% | S100YB8V |
| Income tax | 16,650 | 1.6% | S100YB8V |
| Net income | 27,294 | 2.7% | S100YB8V |
| Net income attributable to owners | 26,879 | 2.6% | S100YB8V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.8% → Operating margin 4.1% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +23.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.93×
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 | 990,407 | 1,019,459 | 29,052 | +2.9% |
| Gross profit | 175,169 | 181,858 | 6,689 | +3.8% |
| Operating income | 34,106 | 42,043 | 7,937 | +23.3% |
| Net income attributable to owners | 37,837 | 26,879 | -10,958 | -29.0% |
| Operating cash flow | 65,817 | 95,926 | 30,109 | +45.7% |
| Free cash flow | 15,199 | 35,974 | 20,775 | +136.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 810,570 | 26,795 | 3.3% | -4,009 | 87,210 | 46,560 | S100LP31 |
| FY ending Mar 2021 | 718,013 | 13,109 | 1.8% | -3,837 | 42,636 | 4,672 | S100OD9W |
| FY ending Mar 2022 | 802,854 | 35,208 | 4.4% | 22,960 | 34,304 | -13,892 | S100R23Q |
| FY ending Mar 2023 | 933,114 | 33,595 | 3.6% | 11,470 | 15,413 | -36,943 | S100TU0N |
| FY ending Mar 2024 | 964,090 | 19,711 | 2.0% | -29,814 | 89,173 | 33,132 | S100W240 |
| FY ending Mar 2025 | 990,407 | 34,106 | 3.4% | 37,837 | 65,817 | 15,199 | S100YB8V |
| FY ending Mar 2026 | 1,019,459 | 42,043 | 4.1% | 26,879 | 95,926 | 35,974 | S100YB8V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.3M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1M |

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) | 36,900 | 29,926 | 28,693 | 27,287 | 25,924 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.9M |
| Average age (parent company) | 42.8 years | 42.5 years | 42.3 years | 41.9 years | 41.7 years |
| Average tenure (parent company) | 18.4 years | 18.1 years | 17.7 years | 17.3 years | 16.7 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Component Segment | 358,365 | 35.2% | 30,168 | 8.4% |
| Sensor and Communication Segment | 85,260 | 8.4% | -3,538 | -4.1% |
| Mobility Segment | 555,054 | 54.4% | 14,162 | 2.6% |
| Other | 20,778 | 2.0% | 1,310 | 6.3% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Component Segment | 35.2% | 66.1% | 30.9 | 8.4% |
| Sensor and Communication Segment | 8.4% | — | — | -4.1% |
| Mobility Segment | 54.4% | 31.0% | -23.4 | 2.6% |
| Other | 2.0% | 2.9% | 0.8 | 6.3% |

Loss-making segment (excluded from profit shares): Sensor and Communication Segment -3,538 JPY mn

Segment → industry: Mobility Segment → Auto Parts / Mobility Segment → Car Accessories / Other → IT Services & System Integration / Sensor and Communication Segment → Electronic Components / Component Segment → Electronic Components

## 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 | 95,926 | 9.4% | S100YB8V |
| Capital expenditure | 59,952 | 5.9% | S100YB8V |
| Free cash flow | 35,974 | 3.5% | 算出 |
| Investing cash flow | -58,402 | -5.7% | S100YB8V |
| Financing cash flow | -41,131 | -4.0% | S100YB8V |
| Dividends paid | 12,207 | 1.2% | S100YB8V |
| Share buyback | 20,003 | 2.0% | S100YB8V |
| Change in cash | 5,926 | 0.6% | S100YB8V |
| Cash and equivalents | 153,390 | 15.0% | S100YB8V |

## 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 | 138,489 | 82,893 | 122,298 | 147,464 | 153,390 | S100TU0N, S100W240, S100YB8V |
| Total assets | 743,520 | 736,997 | 753,989 | 740,715 | 783,152 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Net assets | 425,308 | 399,782 | 392,824 | 415,515 | 449,401 | S100TU0N, S100W240, S100YB8V |
| Share capital | 38,730 | 38,730 | 38,730 | 38,730 | 38,730 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Trade receivables | 156,482 | 176,921 | 158,584 | 164,813 | 168,376 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Property, plant and equipment | 191,260 | 158,545 | 134,211 | 136,673 | 157,988 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Intangible assets excluding goodwill | 28,231 | 26,484 | 26,551 | 22,031 | 30,597 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Investment securities | 46,096 | 66,708 | 71,804 | 60,033 | 67,655 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Current assets | 459,049 | 466,515 | 491,458 | 494,946 | 500,720 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Current liabilities | 234,279 | 264,570 | 247,711 | 226,861 | 240,720 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Trade payables | 85,243 | 98,547 | 93,964 | 90,381 | 93,167 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Short-term borrowings | 57,037 | 77,209 | 50,463 | 44,288 | 37,068 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Long-term borrowings | 56,234 | 44,728 | 78,838 | 56,499 | 55,208 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Total liabilities | 318,211 | 337,215 | 361,165 | 325,200 | 333,750 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Non-controlling interests | 35,701 | 1,565 | 1,648 | 1,515 | 1,867 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Equity attributable to owners of parent | 354,157 | 356,740 | 318,853 | 348,289 | 343,787 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Retained earnings | 217,097 | 222,385 | 184,350 | 213,942 | 207,804 | S100R23Q, S100TU0N, S100W240, S100YB8V |
| Treasury stock | -26,219 | -28,581 | -28,365 | -28,254 | -25,253 | S100R23Q, S100TU0N, S100W240, S100YB8V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YB8V |
| Receivables | 21% | S100YB8V |
| Property, plant and equipment | 20% | S100YB8V |
| Intangibles and goodwill | 4% | S100YB8V |
| Investment securities | 9% | S100YB8V |
| Other assets | 26% | S100YB8V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YB8V |
| Other liabilities | 31% | S100YB8V |
| Equity | 57% | S100YB8V |
| Other liabilities | 0% | S100YB8V |

### 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 | 743,520 | 736,997 | 753,989 | 740,715 | 783,152 |
| Equity | 425,308 | 399,782 | 392,824 | 415,515 | 449,401 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 138,489 | 82,893 | 122,298 | 147,464 | 153,390 |

## 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) | 15.5% | S100YB8V |
| Fixed assets ÷ total assets | 20.2% | S100YB8V |
| Goodwill ÷ parent equity | — | —, S100YB8V |

### 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) | 19.6% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 228.2% |
| Cash vs. profit gap | 69,047 JPY mn (of net income 256.9%) |
| Shareholder returns / net income | 119.8% |
| Shareholder returns / FCF | 89.5% |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | 33.9% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 60.9% |

## 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 | 2.9% | 1.08× | 3.1% | 2.10× | 6.5% | S100R23Q |
| 2023 | 1.2% | 1.26× | 1.5% | 2.08× | 3.2% | S100TU0N |
| 2024 | — | —× | -4.0% | —× | — | S100W240 |
| 2025 | 3.8% | 1.33× | 5.1% | 2.24× | 11.3% | S100YB8V |
| 2026 | 2.6% | 1.34× | 3.5% | 2.20× | 7.8% | S100YB8V |

## 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 | 20.5% | 2026-03-31 |
| 株式会社エスグラントコーポレーション | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.02T, up +2.9% from ¥990.4B.
- Operating income grew +23.3%, from ¥34.1B to ¥42B.
- Net income attributable to owners, however, fell -29.0%, from ¥37.8B to ¥26.9B.
- Operating cash flow rose to ¥95.9B, and free cash flow came to ¥36B.

### Drivers

- In the Mobility Segment, sales to Japanese, North American and European carmakers picked up slightly and new products launched; cutting loss-making products also helped profit rise sharply.
- The Component Segment grew sales in mobile, consumer and automotive markets, but a shift in product mix and higher material costs trimmed its profit slightly.
- The company booked an impairment loss as an extraordinary loss, mainly on assets tied to sound products in the Mobility Segment.

### Risks

- Most sales are made to order, so changes in customers' production plans can lead to output cuts or excess inventory.
- Memory shortages and higher metal and oil prices could push up parts costs and squeeze margins.
- Some businesses depend on specific customers, whose plans can affect results.

Cited: Annual Securities Report (93rd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (93rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YB8V | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB8V,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W240 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W240,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TU0N | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU0N,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R23Q | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R23Q,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OD9W | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD9W,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LP31 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP31,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| フリービット | Capital alliance | 5G/web3/AI分野の資本業務提携（第三者割当） | S100WE4B |
| 加賀電子 | Supply/OEM | アルプスアルパインの部品をエクセルが販売（代理店契約） | S100YNQJ |

## 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).