# ALTECH CO., LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2024/12/01－2025/11/30) (S100XMNZ)
> Page: https://vizora.meequs.com/en/company/altech
> Retrieved: 2026-09-30T18:22:44.444Z

## Company

Altech, founded in 1976, is a company in Food Packaging listed on TSE Standard. It has 418 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALTECH CO., LTD. |
| Ticker | 9972 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9972.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区入船二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 池谷 壽繁 |
| Founded | May 1976 |
| Share capital | ¥5.53B |
| Employees (consolidated) | 418 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | November |
| Website | www.altech.co.jp (https://www.altech.co.jp/) |
| Corporate number | 6010001142875 |
| EDINET | E02774 |
| Industries (Vizora) | Food Packaging, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XMNZ, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.3 | 179 |
| Profitability | 3.5 | 185 |
| Cash conversion | 99.7 | 179 |
| Efficiency | 14.3 | 185 |

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 51% of Altech's sales come from Wholesale, with Preform making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -3.7% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥17.6B |  |
| Operating income | ¥24.9M | Margin 0.1% |
| Net income | -¥2.59B | Margin -14.8% |
| Free cash flow | ¥115.7M |  |
| Largest business | Wholesale | of segment revenue 51.1% |
| Employees (consolidated) | 418 |  |
| EPS | ¥-109.64 |  |
| Book value per share | ¥494.62 |  |
| Equity ratio | 56.4% |  |
| Shares outstanding | 15,153,000 |  |
| Treasury shares | 1,383,600 |  |
| Shareholders | 5,757 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -2.7 pp | Specialty Trading & Wholesale |
| ROA | -15.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 49 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12945573000 | ¥17551597000 | +35.6% |
| Operating income | ¥649756000 | ¥24873000 | -96.2% |
| Operating margin | 5.0% | 0.1% | -4.9 pp |
| Employees | 402 people | 418 people | +4.0% |
| Cash and equivalents | ¥3815314000 | ¥3529262000 | -7.5% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 商社事業 → 商社事業 | 51.1% |
| 商社事業 → 事業再編・廃止 | 10.9% |
| プリフォーム事業 → プリフォーム事業 | 37.9% |
| 新設・再編 → プリフォーム事業 | 10.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,552 | 100.0% | S100XMNZ |
| Cost of revenue | 14,264 | 81.3% | S100XMNZ |
| Gross profit | 3,288 | 18.7% | S100XMNZ |
| SG&A | 3,263 | 18.6% | S100XMNZ |
| Operating income | 25 | 0.1% | S100XMNZ |
| Ordinary income | -127 | -0.7% | S100XMNZ |
| Pretax income | -1,928 | -11.0% | S100XMNZ |
| Income tax | 110 | 0.6% | S100XMNZ |
| Net income | -2,038 | -11.6% | S100XMNZ |
| Net income attributable to owners | -2,595 | -14.8% | S100XMNZ |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 19 |
| Operating income | 0 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 18.7% → Operating margin 0.1% → Net margin -14.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,233 | 17,552 | -682 | -3.7% |
| Gross profit | 3,206 | 3,288 | 82 | +2.6% |
| Operating income | -148 | 25 | 173 | — |
| Net income attributable to owners | -99 | -2,595 | -2,496 | — |
| Operating cash flow | 455 | 570 | 115 | +25.3% |
| Free cash flow | -254 | 116 | 369 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 14,562 | 610 | 4.2% | 509 | 1,866 | 1,537 | S100KV7U |
| FY ending Nov 2020 | 12,946 | 650 | 5.0% | 595 | 1,282 | 653 | S100NKIY |
| FY ending Nov 2021 | 13,861 | 608 | 4.4% | 542 | 1,133 | -818 | S100QALO |
| FY ending Nov 2022 | 16,320 | 441 | 2.7% | 403 | 525 | -466 | S100SYK1 |
| FY ending Nov 2023 | 17,832 | -276 | -1.5% | -1,026 | -938 | -2,605 | S100VB0V |
| FY ending Nov 2024 | 18,233 | -148 | -0.8% | -99 | 455 | -254 | S100XMNZ |
| FY ending Nov 2025 | 17,552 | 25 | 0.1% | -2,595 | 570 | 116 | S100XMNZ |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥59.5K |
| Net income per employee (consolidated) | -¥6.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 415 | 427 | 466 | 457 | 418 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥7.1M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 46.2 years | 47.1 years | 47.6 years | 46.4 years | 46.5 years |
| Average tenure (parent company) | 13.4 years | 13.9 years | 13.5 years | 12.5 years | 12.3 years |

Year over year: Employees (consolidated) -8.5% · Revenue (consolidated) -3.7%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale | 8,970 | 51.1% | 768 | 8.6% |
| Preform | 8,581 | 48.9% | -524 | -6.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesale | 51.1% | 100.0% | 48.9 | 8.6% |
| Preform | 48.9% | — | — | -6.1% |

Loss-making segment (excluded from profit shares): Preform -524 JPY mn

Segment → industry: Preform → Food Packaging / Wholesale → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 570 | 3.2% | S100XMNZ |
| Capital expenditure | 454 | 2.6% | S100XMNZ |
| Free cash flow | 116 | 0.7% | 算出 |
| Investing cash flow | -102 | -0.6% | S100XMNZ |
| Financing cash flow | -1,032 | -5.9% | S100XMNZ |
| Dividends paid | 97 | 0.6% | S100XMNZ |
| Share buyback | 0 | 0.0% | S100XMNZ |
| Change in cash | -515 | -2.9% | S100XMNZ |
| Cash and equivalents | 3,529 | 20.1% | S100XMNZ |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,188 | 4,075 | 3,089 | 4,043 | 3,529 | S100SYK1, S100VB0V, S100XMNZ |
| Total assets | 19,589 | 20,891 | 21,546 | 19,492 | 14,873 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Net assets | 11,590 | 12,875 | 11,821 | 11,164 | 8,470 | S100SYK1, S100VB0V, S100XMNZ |
| Share capital | 5,528 | 5,528 | 5,528 | 5,528 | 5,528 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Trade receivables | 2,103 | — | — | — | — | S100QALO |
| Property, plant and equipment | 5,123 | 6,184 | 7,121 | 5,937 | 3,428 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Intangible assets excluding goodwill | 479 | 535 | 533 | 282 | 232 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Goodwill | — | — | 10 | 3 | — | S100VB0V, S100XMNZ |
| Investment securities | 275 | 291 | 427 | 232 | 315 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Current assets | 12,309 | 12,184 | 12,741 | 12,378 | 10,652 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Current liabilities | 6,822 | 6,307 | 8,137 | 6,994 | 5,409 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Trade payables | 994 | 922 | 1,062 | 783 | 694 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Short-term borrowings | 1,283 | 1,301 | 3,979 | 3,087 | 2,555 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Long-term borrowings | 1,004 | 1,264 | 1,118 | 591 | 479 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Total liabilities | 7,999 | 8,016 | 9,725 | 8,329 | 6,403 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Non-controlling interests | 285 | 148 | 149 | -219 | 78 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Equity attributable to owners of parent | 9,724 | 9,794 | 8,646 | 8,450 | 5,759 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Retained earnings | 3,578 | 3,937 | 2,773 | 2,578 | -113 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |
| Treasury stock | -1,531 | -461 | -445 | -445 | -445 | S100QALO, S100SYK1, S100VB0V, S100XMNZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XMNZ |
| Property, plant and equipment | 23% | S100XMNZ |
| Intangibles and goodwill | 2% | S100XMNZ |
| Investment securities | 2% | S100XMNZ |
| Other assets | 49% | S100XMNZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XMNZ |
| Other liabilities | 38% | S100XMNZ |
| Equity | 57% | S100XMNZ |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,589 | 20,891 | 21,546 | 19,492 | 14,873 |
| Equity | 11,590 | 12,875 | 11,821 | 11,164 | 8,470 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,188 | 4,075 | 3,089 | 4,043 | 3,529 |

## 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) | 19.5% | S100XMNZ |
| Fixed assets ÷ total assets | 23.0% | S100XMNZ |
| Goodwill ÷ parent equity | — | —, S100XMNZ |

### 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) | 23.7% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2290.0% |
| Cash vs. profit gap | 3,164 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 83.5% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 83.5% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 17.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.9% | 0.71× | 2.8% | 2.01× | 5.6% | S100QALO |
| 2022 | 2.5% | 0.81× | 2.0% | 2.07× | 4.1% | S100SYK1 |
| 2023 | — | —× | -4.8% | —× | — | S100VB0V |
| 2024 | — | —× | -0.5% | —× | — | S100XMNZ |
| 2025 | — | —× | -15.1% | —× | — | S100XMNZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 竹 内 猛 | Major shareholder | 6.7% | 2025-11-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.7% | 2025-11-30 |
| 関西チューブ株式会社 | Major shareholder | 3.5% | 2025-11-30 |
| 有限責任事業組合三井キャピタルインベストメント | Major shareholder | 3.5% | 2025-11-30 |
| 共同印刷株式会社 | Major shareholder | 3.1% | 2025-11-30 |
| 水 元 公 仁 | Major shareholder | 2.9% | 2025-11-30 |
| 株式会社アルミネ | Major shareholder | 2.8% | 2025-11-30 |
| 立花証券株式会社 | Major shareholder | 2.7% | 2025-11-30 |
| 村 永 慶 司 | Major shareholder | 2.0% | 2025-11-30 |
| 松井証券株式会社 | Major shareholder | 2.0% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2024/12/01－2025/11/30) | S100XMNZ | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMNZ,, |
| 有価証券報告書－第49期(2023/12/01－2024/11/30) | S100VB0V | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB0V,, |
| 有価証券報告書－第48期(2022/12/01－2023/11/30) | S100SYK1 | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYK1,, |
| 有価証券報告書－第47期(2021/12/01－2022/11/30) | S100QALO | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QALO,, |
| 有価証券報告書－第46期(令和2年12月1日－令和3年11月30日) | S100NKIY | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKIY,, |
| 有価証券報告書－第45期(令和1年12月1日－令和2年11月30日) | S100KV7U | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV7U,, |

## 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).