# ARATA 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24期(2025/04/01－2026/03/31) (S100YEVF)
> Page: https://vizora.meequs.com/en/company/arata
> Retrieved: 2026-09-30T19:09:22.971Z

## Company

Arata, founded in 1936, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 3,008 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARATA CORPORATION |
| Ticker | 2733 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2733.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区東陽六丁目3番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 東風谷 誠一 |
| Founded | May 1936 |
| Share capital | ¥8.57B |
| Employees (consolidated) | 3,008 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.arata-gr.jp (https://www.arata-gr.jp/) |
| Corporate number | 5040001020385 |
| EDINET | E02947 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEVF, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.6 | 179 |
| Profitability | 18.6 | 185 |
| Cash conversion | 73.5 | 179 |
| Efficiency | 94.3 | 185 |
| Financial strength | 67.5 | 20 |

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)

- Arata brought in ¥1T in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit -11.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1004749000000 → ¥10131000000
- Net income → operating cash flow: ¥10131000000 → ¥18694000000（difference ¥8563000000）
- Main uses of operating cash flow: CapEx ¥8488000000 / dividends ¥3688000000 / buybacks —
- Change in cash: ¥16125000000
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 | ¥1T |  |
| Operating income | ¥13.2B | Margin 1.3% |
| Net income | ¥10.1B | Margin 1.0% |
| Free cash flow | ¥10.2B |  |
| Employees (consolidated) | 3,008 |  |
| EPS | ¥269.95 |  |
| Book value per share | ¥3123.45 |  |
| Equity ratio | 35.7% |  |
| Shares outstanding | 36,057,424 |  |
| Treasury shares | 2,580,700 |  |
| Shareholders | 13,556 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 11.1% | Net cash -¥10.1B · Cash ÷ revenue 3.8% |
| Vs. industry median margin | -1.6 pp | Specialty Trading & Wholesale |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥834033000000 | ¥1004749000000 | +20.5% |
| Operating income | ¥11521000000 | ¥13207000000 | +14.6% |
| Operating margin | 1.4% | 1.3% | -0.1 pp |
| Employees | 2,997 people | 3,008 people | +0.4% |
| Cash and equivalents | ¥20888000000 | ¥38623000000 | +84.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,004,749 | 100.0% | S100YEVF |
| Cost of revenue | 907,419 | 90.3% | S100YEVF |
| Gross profit | 97,330 | 9.7% | S100YEVF |
| SG&A | 84,123 | 8.4% | S100YEVF |
| Operating income | 13,207 | 1.3% | S100YEVF |
| Ordinary income | 13,534 | 1.3% | S100YEVF |
| Pretax income | 14,758 | 1.5% | S100YEVF |
| Income tax | 4,626 | 0.5% | S100YEVF |
| Net income | 10,131 | 1.0% | S100YEVF |
| Net income attributable to owners | 10,130 | 1.0% | S100YEVF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 9 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.7% → Operating margin 1.3% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -11.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.33×
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 | 986,212 | 1,004,749 | 18,537 | +1.9% |
| Gross profit | 96,221 | 97,330 | 1,109 | +1.2% |
| Operating income | 14,989 | 13,207 | -1,782 | -11.9% |
| Net income attributable to owners | 10,358 | 10,130 | -228 | -2.2% |
| Operating cash flow | 9,775 | 18,694 | 8,919 | +91.2% |
| Free cash flow | 3,768 | 10,206 | 6,438 | +170.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 796,227 | 9,326 | 1.2% | 7,191 | 5,262 | 1,787 | S100LO73 |
| FY ending Mar 2021 | 834,033 | 11,521 | 1.4% | 8,200 | 14,071 | 8,738 | S100OGR5 |
| FY ending Mar 2022 | 857,087 | 12,743 | 1.5% | 9,009 | 6,545 | 69 | S100R6B3 |
| FY ending Mar 2023 | 891,600 | 12,812 | 1.4% | 8,223 | 10,969 | 6,634 | S100TSFC |
| FY ending Mar 2024 | 944,149 | 14,508 | 1.5% | 10,322 | 14,059 | 8,505 | S100W0SM |
| FY ending Mar 2025 | 986,212 | 14,989 | 1.5% | 10,358 | 9,775 | 3,768 | S100YEVF |
| FY ending Mar 2026 | 1,004,749 | 13,207 | 1.3% | 10,130 | 18,694 | 10,206 | S100YEVF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥334M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 2,972 | 2,924 | 2,893 | 2,923 | 3,008 |
| Average salary (parent company) | ¥5.4M | ¥5.7M | ¥6M | ¥6M | ¥6.2M |
| Average age (parent company) | 42.4 years | 42.7 years | 42.9 years | 42.8 years | 42.7 years |
| Average tenure (parent company) | 18.6 years | 18.9 years | 18.9 years | 18.7 years | 18.5 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +1.9%

## 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 | 18,694 | 1.9% | S100YEVF |
| Capital expenditure | 8,488 | 0.8% | S100YEVF |
| Free cash flow | 10,206 | 1.0% | 算出 |
| Investing cash flow | -12,787 | -1.3% | S100YEVF |
| Financing cash flow | 10,117 | 1.0% | S100YEVF |
| Dividends paid | 3,688 | 0.4% | S100YEVF |
| Change in cash | 16,125 | 1.6% | S100YEVF |
| Cash and equivalents | 38,623 | 3.8% | S100YEVF |

## 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 | 19,354 | 22,771 | 27,016 | 22,497 | 38,623 | S100TSFC, S100W0SM, S100YEVF |
| Total assets | 271,315 | 290,857 | 316,976 | 311,728 | 347,880 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Net assets | 96,172 | 102,066 | 109,719 | 116,557 | 124,162 | S100TSFC, S100W0SM, S100YEVF |
| Share capital | 8,568 | 8,568 | 8,572 | 8,572 | 8,572 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Trade receivables | 107,359 | 114,690 | 133,316 | 123,945 | 129,370 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Property, plant and equipment | 50,925 | 51,455 | 50,361 | 52,939 | 54,827 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Intangible assets excluding goodwill | 4,387 | 5,010 | 5,606 | 5,684 | 15,446 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Goodwill | — | — | — | — | 8,631 | S100YEVF |
| Investment securities | 12,135 | 11,557 | 12,875 | 12,659 | 13,603 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Current assets | 198,793 | 217,681 | 242,745 | 233,705 | 256,312 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Current liabilities | 144,281 | 158,760 | 170,647 | 158,961 | 178,533 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Trade payables | 93,714 | 99,383 | 120,748 | 110,949 | 120,334 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Short-term borrowings | 19,147 | 18,869 | 13,740 | 12,019 | 21,152 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Long-term borrowings | 10,869 | 11,696 | 13,730 | 12,629 | 22,076 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Bonds | 6,000 | — | 5,000 | 5,700 | 5,500 | S100R6B3, S100W0SM, S100YEVF |
| Interest-bearing debt | 36,016 | — | 32,470 | 30,348 | 48,728 | 算出 |
| Total liabilities | 175,143 | 188,791 | 207,257 | 195,171 | 223,717 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Non-controlling interests | 7 | — | 15 | 32 | 33 | S100R6B3, S100W0SM, S100YEVF |
| Equity attributable to owners of parent | 92,848 | 98,779 | 105,089 | 110,634 | 117,153 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Retained earnings | 59,871 | 65,812 | 73,504 | 80,373 | 86,816 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |
| Treasury stock | -3,474 | -3,475 | -4,863 | -6,723 | -6,648 | S100R6B3, S100TSFC, S100W0SM, S100YEVF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YEVF |
| Receivables | 37% | S100YEVF |
| Property, plant and equipment | 16% | S100YEVF |
| Intangibles and goodwill | 7% | S100YEVF |
| Investment securities | 4% | S100YEVF |
| Other assets | 25% | S100YEVF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 34% | S100YEVF |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 16% | S100YEVF |
| Equity | 36% | S100YEVF |
| Other liabilities | 0% | S100YEVF |

### 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 | 271,315 | 290,857 | 316,976 | 311,728 | 347,880 |
| Equity | 96,172 | 102,066 | 109,719 | 116,557 | 124,162 |
| Interest-bearing debt | 36,016 | — | 32,470 | 30,348 | 48,728 |
| Cash | 19,354 | 22,771 | 27,016 | 22,497 | 38,623 |

## 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) | 5.5% | S100YEVF |
| Fixed assets ÷ total assets | 15.8% | S100YEVF |
| Goodwill ÷ parent equity | 7.4% | S100YEVF |

### 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) | 11.1% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | -¥10.1B |
| Net debt ÷ operating cash flow | 0.54× |
| Cash conversion (operating CF ÷ operating income) | 141.5% |
| Cash vs. profit gap | 8,564 JPY mn (of net income 84.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 36.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 68.4% |

## 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 | 1.1% | 3.16× | 3.3% | 2.92× | 9.7% | S100R6B3 |
| 2023 | 0.9% | 3.17× | 2.9% | 2.93× | 8.6% | S100TSFC |
| 2024 | 1.1% | 3.11× | 3.4% | 2.98× | 10.1% | S100W0SM |
| 2025 | 1.1% | 3.14× | 3.3% | 2.91× | 9.6% | S100YEVF |
| 2026 | 1.0% | 3.05× | 3.1% | 2.90× | 8.9% | S100YEVF |

## 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 | 11.6% | 2026-03-31 |
| 音羽殖産株式会社 | Major shareholder | 6.3% | 2026-03-31 |
| あらた社員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.9% | 2026-03-31 |
| ライオン株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 畑中 伸介 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 reached ¥1T, up 1.9% from ¥986.2B.
- Gross profit grew 1.2% to ¥97.3B, but SG&A rose faster, so operating income fell 11.9% from ¥15B to ¥13.2B.
- Net income attributable to owners slipped only 2.2% to ¥10.1B.
- Cash generation improved sharply: operating cash flow rose 91.2% to ¥18.7B and free cash flow rose 170.9% to ¥10.2B.

### Drivers

- Higher unit prices, from inflation and a push into larger packs and higher-value products, lifted sales even though volumes did not grow
- Health and beauty and pet products grew, and new business with convenience stores and other new retailers added sales
- Higher distribution-center fees charged by retailers squeezed the gross margin, while labor shortages pushed up staff and logistics costs

### Risks

- Consolidation among retailers and the entry of foreign chains could reduce the value placed on a wholesaler's logistics
- Changes to the sales incentives that manufacturers pay could affect earnings
- If a shrinking population makes it hard to hire and train staff, the business could be affected

Cited: Annual Securities Report, 24th fiscal period (Apr 2025 - Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual Securities Report, 24th fiscal period (Apr 2025 - Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YEVF | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEVF,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W0SM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0SM,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TSFC | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFC,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R6B3 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6B3,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OGR5 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGR5,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LO73 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO73,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アルフレッサホールディングス | Alliance | 食品・日用品・一般用医薬品の卸売での業務提携 | S100YH29 |

## 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).