# Amatei Incorporated: 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85期(2025/04/01－2026/03/31) (S100YCUS)
> Page: https://vizora.meequs.com/en/company/amatei
> Retrieved: 2026-09-30T17:49:26.571Z

## Company

Amatei, founded in 1949, is a company in Auto Parts listed on TSE Standard. It has 155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Amatei Incorporated |
| Ticker | 5952 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5952.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市西高洲町9番地 |
| Representative (per filing) | 代表取締役社長 佐藤 亮 |
| Founded | Dec 1949 |
| Share capital | ¥615.2M |
| Employees (consolidated) | 155 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.amatei.co.jp (https://www.amatei.co.jp/) |
| Corporate number | 5140001047550 |
| EDINET | E01368 |
| Industries (Vizora) | Auto Parts, Steel |

> Profile source: annual securities report (S100YCUS, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.8 | 33 |
| Profitability | 55.7 | 35 |
| Cash conversion | 40.3 | 31 |
| Efficiency | 90 | 35 |

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 71% of Amatei's sales come from For construction and packing, with For electric and transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.7% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: For construction and packing 70.9%、For electric and transportation 29.1%
- Revenue → net income: ¥5374402000 → ¥147328000
- Net income → operating cash flow: ¥147328000 → ¥341517000（difference ¥194189000）
- Main uses of operating cash flow: CapEx ¥88856000 / dividends ¥58811000 / buybacks —
- Change in cash: ¥-25179000
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 | ¥5.37B |  |
| Operating income | ¥235.9M | Margin 4.4% |
| Net income | ¥147.3M | Margin 2.7% |
| Free cash flow | ¥252.7M |  |
| Largest business | For construction and packing | of segment revenue 70.9% |
| Employees (consolidated) | 155 |  |
| EPS | ¥8.52 |  |
| Book value per share | ¥87.83 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 12,317,000 |  |
| Treasury shares | 464,000 |  |
| Shareholders | 5,267 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 12.5% |
| Vs. industry median margin | +0.9 pp | Steel |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, parent-company salary changed +36% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4401331000 | ¥5374402000 | +22.1% |
| Operating income | ¥30174000 | ¥235893000 | +681.8% |
| Operating margin | 0.7% | 4.4% | +3.7 pp |
| Employees | 171 people | 155 people | -9.4% |
| Cash and equivalents | ¥636121000 | ¥672384000 | +5.7% |

### 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 |
| --- | ---: |
| 建設・梱包向 → 建設・梱包向 | 70.9% |
| 建設・梱包向 → 事業再編・廃止 | 6.4% |
| 電気・輸送機器向 → 電気・輸送機器向 | 22.8% |
| 新設・再編 → 電気・輸送機器向 | 6.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,374 | 100.0% | S100YCUS |
| Cost of revenue | 4,370 | 81.3% | S100YCUS |
| Gross profit | 1,004 | 18.7% | S100YCUS |
| SG&A | 768 | 14.3% | S100YCUS |
| Operating income | 236 | 4.4% | S100YCUS |
| Ordinary income | 223 | 4.2% | S100YCUS |
| Pretax income | 222 | 4.1% | S100YCUS |
| Income tax | 75 | 1.4% | S100YCUS |
| Net income | 147 | 2.7% | S100YCUS |
| Net income attributable to owners | 147 | 2.7% | S100YCUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.7% → Operating margin 4.4% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.7%; Core profit growth: -1.4%
Operating leverage (core profit growth ÷ revenue growth): 0.36×
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 | 5,583 | 5,374 | -209 | -3.7% |
| Gross profit | 1,043 | 1,004 | -39 | -3.7% |
| Operating income | 239 | 236 | -3 | -1.4% |
| Net income attributable to owners | 142 | 147 | 5 | +3.7% |
| Operating cash flow | 462 | 342 | -120 | -26.1% |
| Free cash flow | 358 | 253 | -105 | -29.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,439 | 49 | 0.9% | -23 | 193 | -25 | S100LWVD |
| FY ending Mar 2021 | 4,401 | 30 | 0.7% | 4 | 175 | -70 | S100OIF6 |
| FY ending Mar 2022 | 5,085 | 18 | 0.3% | 2 | 368 | 254 | S100TCGZ |
| FY ending Mar 2023 | 5,485 | 161 | 2.9% | 80 | -166 | -368 | S100TNJP |
| FY ending Mar 2024 | 5,534 | 189 | 3.4% | 133 | 762 | 706 | S100W386 |
| FY ending Mar 2025 | 5,583 | 239 | 4.3% | 142 | 462 | 358 | S100YCUS |
| FY ending Mar 2026 | 5,374 | 236 | 4.4% | 147 | 342 | 253 | S100YCUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥950.5K |

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) | 169 | 161 | 159 | 161 | 155 |
| Average salary (parent company) | ¥4M | ¥4.3M | ¥4.9M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 44.6 years | 45.1 years | 47.1 years | 47.9 years | 47.4 years |
| Average tenure (parent company) | 14.9 years | 15.9 years | 17.3 years | 17.1 years | 18.9 years |

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

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| For construction and packing | 3,808 | 70.9% | 320 | 8.4% |
| For electric and transportation | 1,566 | 29.1% | 113 | 7.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| For construction and packing | 70.9% | 73.9% | 3.0 | 8.4% |
| For electric and transportation | 29.1% | 26.1% | -3.0 | 7.2% |

Segment → industry: For electric and transportation → Auto Parts / For construction and packing → Steel

## 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 | 342 | 6.4% | S100YCUS |
| Capital expenditure | 89 | 1.7% | S100YCUS |
| Free cash flow | 253 | 4.7% | 算出 |
| Investing cash flow | -88 | -1.6% | S100YCUS |
| Financing cash flow | -278 | -5.2% | S100YCUS |
| Dividends paid | 59 | 1.1% | S100YCUS |
| Change in cash | -25 | -0.5% | S100YCUS |
| Cash and equivalents | 672 | 12.5% | S100YCUS |

## 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 | 569 | 422 | 622 | 698 | 672 | S100TNJP, S100W386, S100YCUS |
| Total assets | 5,231 | 5,596 | 5,358 | 5,232 | 4,972 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Net assets | 1,184 | 1,257 | 1,372 | 1,485 | 1,573 | S100TNJP, S100W386, S100YCUS |
| Share capital | 615 | 615 | 615 | 615 | 615 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Property, plant and equipment | 1,895 | 1,837 | 1,777 | 1,700 | 1,691 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Intangible assets excluding goodwill | 11 | 36 | 38 | 30 | 23 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Investment securities | 0 | 0 | 0 | 0 | — | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Current assets | 3,189 | 3,597 | 3,418 | 3,371 | 3,121 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Current liabilities | 2,874 | 3,124 | 2,867 | 2,692 | 2,579 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Trade payables | 705 | 715 | 693 | 749 | 633 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Short-term borrowings | 1,601 | 1,804 | 1,442 | 1,286 | 1,321 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Long-term borrowings | 973 | 999 | 881 | 793 | 543 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Total liabilities | 4,047 | 4,339 | 3,985 | 3,747 | 3,399 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Equity attributable to owners of parent | 1,184 | 1,257 | 1,372 | 1,485 | 1,573 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Retained earnings | 534 | 607 | 723 | 835 | 923 | S100TCGZ, S100TNJP, S100W386, S100YCUS |
| Treasury stock | -41 | -41 | -41 | -41 | -41 | S100TCGZ, S100TNJP, S100W386, S100YCUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YCUS |
| Property, plant and equipment | 34% | S100YCUS |
| Intangibles and goodwill | 0% | S100YCUS |
| Other assets | 52% | S100YCUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YCUS |
| Other liabilities | 56% | S100YCUS |
| Equity | 31% | S100YCUS |
| Other liabilities | 0% | S100YCUS |

### 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 | 5,231 | 5,596 | 5,358 | 5,232 | 4,972 |
| Equity | 1,184 | 1,257 | 1,372 | 1,485 | 1,573 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 569 | 422 | 622 | 698 | 672 |

## 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) | 31.5% | S100YCUS |
| Fixed assets ÷ total assets | 34.0% | S100YCUS |
| Goodwill ÷ parent equity | — | —, S100YCUS |

### 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) | 13.5% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.8% |
| Cash vs. profit gap | 194 JPY mn (of net income 131.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.9% |
| Shareholder payments — dividends / FCF | 23.3% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 25.9% |

## 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 | 0.0% | 0.97× | 0.0% | 4.42× | 0.2% | S100TCGZ |
| 2023 | 1.5% | 1.01× | 1.5% | 4.44× | 6.5% | S100TNJP |
| 2024 | 2.4% | 1.01× | 2.4% | 4.17× | 10.1% | S100W386 |
| 2025 | 2.5% | 1.05× | 2.7% | 3.71× | 9.9% | S100YCUS |
| 2026 | 2.7% | 1.05× | 2.9% | 3.34× | 9.6% | S100YCUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 21.1% | 2026-03-31 |
| 株式会社神戸製鋼所 | Major shareholder | 17.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2026-03-31 |
| 日本製線株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 佐伯 高史 | Major shareholder | 1.3% | 2026-03-31 |
| 林 勇一郎 | Major shareholder | 1.2% | 2026-03-31 |
| PHILLIP SECURITIES CLIENTS (RETAIL) （常任代理人 フィリップ証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| アマテイ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 鈴木 和見 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YCUS | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCUS,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W386 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W386,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TNJP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNJP,, |
| 訂正有価証券報告書－第82期(2022/04/01－2023/03/31) | S100TCGZ | 2024-05-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCGZ,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OIF6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIF6,, |
| 訂正有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LWVD | 2021-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LWVD,, |

## 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).