# ANEST IWATA 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80期(2025/04/01－2026/03/31) (S100YF9W)
> Page: https://vizora.meequs.com/en/company/anest-iwata
> Retrieved: 2026-09-30T20:26:58.200Z

## Company

Anest Iwata, founded in 1957, is a company in Industrial Machinery listed on TSE Prime. It has 1,897 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ANEST IWATA Corporation |
| Ticker | 6381 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6381.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新吉田町3176番地 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 三好栄祐 |
| Founded | Apr 1957 |
| Share capital | ¥3.35B |
| Employees (consolidated) | 1,897 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.anestiwata-corp.com (https://www.anestiwata-corp.com/) |
| Corporate number | 3020001043522 |
| EDINET | E01554 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YF9W, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.3 | 110 |
| Profitability | 65.2 | 122 |
| Cash conversion | 62.5 | 116 |
| Efficiency | 61.1 | 122 |

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 41% of Anest Iwata's sales come from Japan, with China and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -5.8%.

## Company structure

- Segment revenue mix: Japan 40.9%、China 23.8%、Europe 20.7%、Americas 14.6%
- Revenue → net income: ¥55909000000 → ¥6313000000
- Net income → operating cash flow: ¥6313000000 → ¥8145000000（difference ¥1832000000）
- Main uses of operating cash flow: CapEx ¥3458000000 / dividends ¥2659000000 / buybacks —
- Change in cash: ¥410000000
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 | ¥55.9B |  |
| Operating income | ¥5.56B | Margin 10.0% |
| Net income | ¥5.36B | Margin 9.6% |
| Free cash flow | ¥4.69B |  |
| Largest business | Japan | of segment revenue 40.9% |
| Employees (consolidated) | 1,897 |  |
| EPS | ¥130.1 |  |
| Book value per share | ¥961.92 |  |
| Equity ratio | 68.0% |  |
| Shares outstanding | 41,745,505 |  |
| Treasury shares | 2,156,400 |  |
| Shareholders | 10,517 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 32.4% |
| Vs. industry median margin | +2.4 pp | Industrial Machinery |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35588516000 | ¥55909000000 | +57.1% |
| Operating income | ¥3444393000 | ¥5563000000 | +61.5% |
| Operating margin | 9.7% | 10.0% | +0.3 pp |
| Employees | 1,748 people | 1,897 people | +8.5% |
| Cash and equivalents | ¥11643240000 | ¥18096000000 | +55.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 40.9% |
| 日本 → 事業再編・廃止 | 3.3% |
| 欧州 → 欧州 | 11.9% |
| アジア → 事業再編・廃止 | 30.8% |
| その他 → 事業再編・廃止 | 13.1% |
| 新設・再編 → 欧州 | 8.8% |
| 新設・再編 → 米州 | 14.6% |
| 新設・再編 → 中国 | 23.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.2% | ¥19387000000 | 15.0% | 2 |
| China | 4 years | +4.9% | ¥11256000000 | 4.6% | 2 |
| Europe | 5 years | +18.3% | ¥9809000000 | 10.3% | 2 |
| Americas | 4 years | +8.6% | ¥6909000000 | 12.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,909 | 100.0% | S100YF9W |
| Cost of revenue | 29,766 | 53.2% | S100YF9W |
| Gross profit | 26,143 | 46.8% | S100YF9W |
| SG&A | 20,580 | 36.8% | S100YF9W |
| Operating income | 5,563 | 10.0% | S100YF9W |
| Ordinary income | 7,718 | 13.8% | S100YF9W |
| Pretax income | 8,472 | 15.2% | S100YF9W |
| Income tax | 2,159 | 3.9% | S100YF9W |
| Net income | 6,313 | 11.3% | S100YF9W |
| Net income attributable to owners | 5,356 | 9.6% | S100YF9W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 37 |
| Operating income | 10 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 46.8% → Operating margin 10.0% → Net margin 9.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -5.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.09×
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 | 54,411 | 55,909 | 1,498 | +2.8% |
| Gross profit | 25,320 | 26,143 | 823 | +3.3% |
| Operating income | 5,903 | 5,563 | -340 | -5.8% |
| Net income attributable to owners | 4,276 | 5,356 | 1,080 | +25.3% |
| Operating cash flow | 9,746 | 8,145 | -1,601 | -16.4% |
| Free cash flow | 6,761 | 4,687 | -2,074 | -30.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,091 | 3,876 | 9.9% | 2,718 | 4,141 | 3,162 | S100N1GW |
| FY ending Mar 2021 | 35,589 | 3,444 | 9.7% | 2,623 | 4,602 | 3,836 | S100OPQ2 |
| FY ending Mar 2022 | 42,337 | 4,780 | 11.3% | 3,541 | 3,890 | 2,455 | S100R1BJ |
| FY ending Mar 2023 | 48,515 | 5,838 | 12.0% | 4,381 | 4,329 | 2,157 | S100TQZL |
| FY ending Mar 2024 | 53,425 | 6,176 | 11.6% | 4,931 | 6,770 | 4,604 | S100W3EW |
| FY ending Mar 2025 | 54,411 | 5,903 | 10.8% | 4,276 | 9,746 | 6,761 | S100YF9W |
| FY ending Mar 2026 | 55,909 | 5,563 | 10.0% | 5,356 | 8,145 | 4,687 | S100YF9W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,764 | 1,799 | 1,865 | 1,906 | 1,897 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.8M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 42.3 years | 42.6 years | 42.4 years | 42.3 years | 42.6 years |
| Average tenure (parent company) | 15.8 years | 17.1 years | 16.1 years | 15.2 years | 15.2 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19,387 | 40.9% | 2,913 | 15.0% |
| Europe | 9,809 | 20.7% | 1,015 | 10.3% |
| Americas | 6,909 | 14.6% | 863 | 12.5% |
| China | 11,256 | 23.8% | 517 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 40.9% | 54.9% | 13.9 | 15.0% |
| Europe | 20.7% | 19.1% | -1.6 | 10.3% |
| Americas | 14.6% | 16.3% | 1.7 | 12.5% |
| China | 23.8% | 9.7% | -14.0 | 4.6% |

Segment → industry: China → Industrial Machinery / Americas → Industrial Machinery / Europe → Industrial Machinery / Japan → 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 | 8,145 | 14.6% | S100YF9W |
| Capital expenditure | 3,458 | 6.2% | S100YF9W |
| Free cash flow | 4,687 | 8.4% | 算出 |
| Investing cash flow | -4,326 | -7.7% | S100YF9W |
| Financing cash flow | -3,864 | -6.9% | S100YF9W |
| Dividends paid | 2,659 | 4.8% | S100YF9W |
| Change in cash | 410 | 0.7% | S100YF9W |
| Cash and equivalents | 18,096 | 32.4% | S100YF9W |

## 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 | 12,916 | 12,080 | 14,608 | 17,686 | 18,096 | S100TQZL, S100W3EW, S100YF9W |
| Total assets | 55,819 | 60,136 | 66,144 | 69,202 | 74,641 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Net assets | 40,210 | 45,255 | 50,074 | 53,561 | 57,542 | S100TQZL, S100W3EW, S100YF9W |
| Share capital | 3,354 | 3,354 | 3,354 | 3,354 | 3,354 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Trade receivables | 8,005 | 9,102 | 9,795 | 10,435 | 11,912 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Property, plant and equipment | 11,449 | 12,461 | 13,715 | 15,095 | 16,603 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Intangible assets excluding goodwill | 3,307 | 3,204 | 3,266 | 3,213 | 2,922 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Goodwill | 982 | 757 | 733 | 600 | 418 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Investment securities | 4,530 | 5,464 | 6,269 | 3,173 | 5,181 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Current assets | 34,326 | 36,773 | 40,571 | 45,229 | 47,507 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Current liabilities | 11,616 | 11,719 | 12,789 | 12,161 | 13,677 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Trade payables | 5,225 | 5,355 | 5,686 | 5,432 | 6,153 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Short-term borrowings | 857 | 908 | 991 | 858 | 899 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Long-term borrowings | 284 | 275 | 48 | 138 | 145 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Total liabilities | 15,609 | 14,881 | 16,069 | 15,641 | 17,098 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Non-controlling interests | 4,587 | 5,229 | 5,915 | 6,707 | 6,796 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Equity attributable to owners of parent | 34,583 | 37,466 | 39,737 | 41,435 | 44,308 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Retained earnings | 31,246 | 34,282 | 37,425 | 39,749 | 42,572 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |
| Treasury stock | -1,026 | -1,179 | -2,051 | -2,698 | -2,649 | S100R1BJ, S100TQZL, S100W3EW, S100YF9W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YF9W |
| Receivables | 16% | S100YF9W |
| Property, plant and equipment | 22% | S100YF9W |
| Intangibles and goodwill | 5% | S100YF9W |
| Investment securities | 7% | S100YF9W |
| Other assets | 26% | S100YF9W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YF9W |
| Other liabilities | 15% | S100YF9W |
| Equity | 77% | S100YF9W |
| Other liabilities | 0% | S100YF9W |

### 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 | 55,819 | 60,136 | 66,144 | 69,202 | 74,641 |
| Equity | 40,210 | 45,255 | 50,074 | 53,561 | 57,542 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,916 | 12,080 | 14,608 | 17,686 | 18,096 |

## 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) | 29.7% | S100YF9W |
| Fixed assets ÷ total assets | 22.2% | S100YF9W |
| Goodwill ÷ parent equity | 0.9% | S100YF9W |

Goodwill over 4 years: 982 → 418 JPY; total investing cash flow: -13,243 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) | 24.2% |
| Cash ÷ revenue | 32.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.4% |
| Cash vs. profit gap | 2,789 JPY mn (of net income 52.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.6% |
| Shareholder payments — dividends / FCF | 56.7% |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 53.1% |

## 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 | 8.4% | 0.76× | 6.3% | 1.61× | 10.2% | S100R1BJ |
| 2023 | 9.0% | 0.84× | 7.6% | 1.61× | 12.2% | S100TQZL |
| 2024 | 9.2% | 0.85× | 7.8% | 1.64× | 12.8% | S100W3EW |
| 2025 | 7.9% | 0.80× | 6.3% | 1.67× | 10.5% | S100YF9W |
| 2026 | 9.6% | 0.78× | 7.4% | 1.68× | 12.5% | S100YF9W |

## 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 | 12.4% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| アネスト岩田得意先持株会 | Major shareholder | 5.3% | 2026-03-31 |
| アネスト岩田仕入先持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.8% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＵＫＵＣ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＮＯＮ ＬＥＮＤＩＮＧ １０ＰＣＴ ＴＲＥＡＴＹ ＡＣＣＯＵＮＴ(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.6% | 2026-03-31 |
| アネスト岩田従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 岩田 一也 | Major shareholder | 2.0% | 2026-03-31 |
| ＪＡＰＡＮ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ ＦＵＮＤ（常任代理人 立花証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YF9W | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF9W,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W3EW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3EW,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TQZL | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQZL,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R1BJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BJ,, |
| 訂正有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OPQ2 | 2022-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OPQ2,, |
| 訂正有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100N1GW | 2021-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1GW,, |

## 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).