# Amano 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110期(2025/04/01－2026/03/31) (S100YJFL)
> Page: https://vizora.meequs.com/en/company/amano
> Retrieved: 2026-09-30T19:03:16.657Z

## Company

Amano, founded in 1945, is a company in Software & SaaS listed on TSE Prime. It has 5,532 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Amano Corporation |
| Ticker | 6436 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6436.T) |
| Listing | TSE Prime |
| Head office | 横浜市港北区大豆戸町275番地 |
| Representative (per filing) | 代表取締役社長 山﨑学 |
| Founded | Nov 1945 |
| Share capital | ¥18.2B |
| Employees (consolidated) | 5,532 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.amano.co.jp (https://www.amano.co.jp/) |
| Corporate number | 3020001019365 |
| EDINET | E01590 |
| Industries (Vizora) | Software & SaaS, Printers & Office Equipment, Industrial Machinery |

> Profile source: annual securities report (S100YJFL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 12 |
| Profitability | 95.5 | 11 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 45.8 | 12 |

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 78% of Amano's sales come from Time information system business, with Environment related system business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -2.1%.

## Company structure

- Segment revenue mix: Time information system business 77.6%、Environment related system business 22.4%
- Revenue → net income: ¥176467000000 → ¥20241000000
- Net income → operating cash flow: ¥20241000000 → ¥24937000000（difference ¥4696000000）
- Main uses of operating cash flow: CapEx ¥9126000000 / dividends ¥12911000000 / buybacks ¥8393000000
- Change in cash: ¥-6985000000
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 | ¥176.5B |  |
| Operating income | ¥22.6B | Margin 12.8% |
| Net income | ¥20.1B | Margin 11.4% |
| Free cash flow | ¥15.8B |  |
| Largest business | Time information system business | of segment revenue 77.6% |
| Employees (consolidated) | 5,532 |  |
| EPS | ¥204.58 |  |
| Book value per share | ¥1531.33 |  |
| Equity ratio | 71.8% |  |
| Shares outstanding | 71,106,129 |  |
| Treasury shares | 1,147,500 |  |
| Shareholders | 17,230 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 25.3% | Cash ÷ revenue 27.7% |
| Vs. industry median margin | +0.3 pp | Software & SaaS |
| ROE | 16.2% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥113598000000 | ¥176467000000 | +55.3% |
| Operating income | ¥9934000000 | ¥22551000000 | +127.0% |
| Operating margin | 8.7% | 12.8% | +4 pp |
| Employees | 4,977 people | 5,532 people | +11.2% |
| Cash and equivalents | ¥52546000000 | ¥48873000000 | -7.0% |

### 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 |
| --- | ---: |
| 時間情報システム事業 → 時間情報システム事業 | 74.5% |
| 環境関連システム事業 → 環境関連システム事業 | 22.4% |
| 環境関連システム事業 → 事業再編・廃止 | 3.1% |
| 新設・再編 → 時間情報システム事業 | 3.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 176,467 | 100.0% | S100YJFL |
| Cost of revenue | 96,175 | 54.5% | S100YJFL |
| Gross profit | 80,291 | 45.5% | S100YJFL |
| SG&A | 57,740 | 32.7% | S100YJFL |
| Operating income | 22,551 | 12.8% | S100YJFL |
| Ordinary income | 24,358 | 13.8% | S100YJFL |
| Pretax income | 25,823 | 14.6% | S100YJFL |
| Income tax | 5,581 | 3.2% | S100YJFL |
| Net income | 20,241 | 11.5% | S100YJFL |
| Net income attributable to owners | 20,146 | 11.4% | S100YJFL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 33 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 45.5% → Operating margin 12.8% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -2.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.57×
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 | 175,423 | 176,467 | 1,044 | +0.6% |
| Gross profit | 78,909 | 80,291 | 1,382 | +1.8% |
| Operating income | 23,040 | 22,551 | -489 | -2.1% |
| Net income attributable to owners | 17,828 | 20,146 | 2,318 | +13.0% |
| Operating cash flow | 24,672 | 24,937 | 265 | +1.1% |
| Free cash flow | 17,226 | 15,811 | -1,415 | -8.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 133,084 | 16,168 | 12.1% | 10,567 | 23,211 | 18,043 | S100LT4T |
| FY ending Mar 2021 | 113,598 | 9,934 | 8.7% | 7,248 | 15,596 | 11,515 | S100OKVY |
| FY ending Mar 2022 | 118,429 | 12,893 | 10.9% | 9,733 | 19,200 | 15,652 | S100R8JA |
| FY ending Mar 2023 | 132,810 | 15,787 | 11.9% | 11,288 | 18,951 | 14,579 | S100U5F7 |
| FY ending Mar 2024 | 152,864 | 19,567 | 12.8% | 13,141 | 23,771 | 17,915 | S100W7VL |
| FY ending Mar 2025 | 175,423 | 23,040 | 13.1% | 17,828 | 24,672 | 17,226 | S100YJFL |
| FY ending Mar 2026 | 176,467 | 22,551 | 12.8% | 20,146 | 24,937 | 15,811 | S100YJFL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.9M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 4,786 | 5,083 | 5,335 | 5,541 | 5,532 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥7.3M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 43.9 years | 44.3 years | 44.7 years | 44.7 years | 44.3 years |
| Average tenure (parent company) | 18.5 years | 19.0 years | 19.3 years | 19.2 years | 18.8 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Time information system business | 136,925 | 77.6% | 22,064 | 16.1% |
| Environment related system business | 39,541 | 22.4% | 4,918 | 12.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Time information system business | 77.6% | 81.8% | 4.2 | 16.1% |
| Environment related system business | 22.4% | 18.2% | -4.2 | 12.4% |

Segment → industry: Time information system business → Software & SaaS / Time information system business → Printers & Office Equipment / Environment related system business → Industrial Machinery

## 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 | 24,937 | 14.1% | S100YJFL |
| Capital expenditure | 9,126 | 5.2% | S100YJFL |
| Free cash flow | 15,811 | 9.0% | 算出 |
| Investing cash flow | -6,560 | -3.7% | S100YJFL |
| Financing cash flow | -26,177 | -14.8% | S100YJFL |
| Dividends paid | 12,911 | 7.3% | S100YJFL |
| Share buyback | 8,393 | 4.8% | S100YJFL |
| Change in cash | -6,985 | -4.0% | S100YJFL |
| Cash and equivalents | 48,873 | 27.7% | S100YJFL |

## 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 | 55,931 | 55,084 | 51,648 | 55,859 | 48,873 | S100U5F7, S100W7VL, S100YJFL |
| Total assets | 159,342 | 171,250 | 184,585 | 194,338 | 193,096 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Net assets | 116,271 | 121,638 | 128,103 | 136,563 | 139,212 | S100U5F7, S100W7VL, S100YJFL |
| Share capital | 18,239 | 18,239 | 18,239 | 18,239 | 18,239 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Property, plant and equipment | 25,780 | 29,135 | 31,096 | 32,368 | 32,281 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Intangible assets excluding goodwill | 7,249 | 6,840 | 8,742 | 9,509 | 11,023 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Goodwill | 1,417 | 1,214 | 1,884 | 1,468 | 1,071 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Investment securities | 14,694 | 14,974 | 16,764 | 17,097 | 17,377 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Current assets | 105,537 | 113,749 | 120,892 | 128,119 | 123,535 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Current liabilities | 34,825 | 38,513 | 45,289 | 46,893 | 42,979 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Trade payables | 5,605 | 6,138 | 6,979 | 7,770 | 7,066 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Short-term borrowings | 367 | 266 | 94 | 871 | 708 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Total liabilities | 43,071 | 49,612 | 56,482 | 57,775 | 53,883 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Non-controlling interests | 752 | 882 | 502 | 633 | 588 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Equity attributable to owners of parent | 117,230 | 118,646 | 119,374 | 124,959 | 123,869 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Retained earnings | 86,244 | 90,133 | 94,510 | 101,851 | 92,827 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |
| Treasury stock | -6,546 | -9,019 | -12,668 | -14,424 | -6,491 | S100R8JA, S100U5F7, S100W7VL, S100YJFL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YJFL |
| Property, plant and equipment | 17% | S100YJFL |
| Intangibles and goodwill | 6% | S100YJFL |
| Investment securities | 9% | S100YJFL |
| Other assets | 43% | S100YJFL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJFL |
| Other liabilities | 24% | S100YJFL |
| Equity | 72% | S100YJFL |
| Other liabilities | 0% | S100YJFL |

### 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 | 159,342 | 171,250 | 184,585 | 194,338 | 193,096 |
| Equity | 116,271 | 121,638 | 128,103 | 136,563 | 139,212 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 55,931 | 55,084 | 51,648 | 55,859 | 48,873 |

## 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) | 18.3% | S100YJFL |
| Fixed assets ÷ total assets | 16.7% | S100YJFL |
| Goodwill ÷ parent equity | 0.9% | S100YJFL |

Goodwill over 4 years: 1,417 → 1,071 JPY; total investing cash flow: -34,240 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) | 25.3% |
| Cash ÷ revenue | 27.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.6% |
| Cash vs. profit gap | 4,791 JPY mn (of net income 23.8%) |
| Shareholder returns / net income | 105.7% |
| Shareholder returns / FCF | 134.7% |
| Shareholder payments — dividends / net income | 64.1% |
| Shareholder payments — dividends / FCF | 81.7% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 26.3% |

## 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 | 8.2% | 0.74× | 6.1% | 1.36× | 8.3% | S100R8JA |
| 2023 | 8.5% | 0.80× | 6.8% | 1.40× | 9.6% | S100U5F7 |
| 2024 | 8.6% | 0.86× | 7.4% | 1.49× | 11.0% | S100W7VL |
| 2025 | 10.2% | 0.93× | 9.4% | 1.55× | 14.6% | S100YJFL |
| 2026 | 11.4% | 0.91× | 10.4% | 1.56× | 16.2% | S100YJFL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行(株)(信託口) | Major shareholder | 12.5% | 2026-03-31 |
| (公財)天野工業技術研究所 | Major shareholder | 8.7% | 2026-03-31 |
| (株)日本カストディ銀行(信託口) | Major shareholder | 6.0% | 2026-03-31 |
| 第一生命保険(株) | Major shareholder | 5.6% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001 (常任代理人 (株)みずほ銀行) | Major shareholder | 3.0% | 2026-03-31 |
| (株)みずほ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 東京海上日動火災保険(株) | Major shareholder | 2.3% | 2026-03-31 |
| (株)三菱UFJ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505103 (常任代理人 (株)みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YJFL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJFL,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W7VL | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7VL,, |
| 訂正有価証券報告書－第108期(2023/04/01－2024/03/31) | S100U5F7 | 2024-08-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U5F7,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R8JA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8JA,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OKVY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKVY,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LT4T | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT4T,, |

## 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).