# ARAYA INDUSTRIAL CO.,LTD.: 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162期(2025/04/01－2026/03/31) (S100Y8QF)
> Page: https://vizora.meequs.com/en/company/araya-industrial
> Retrieved: 2026-09-30T22:27:53.962Z

## Company

Araya Industrial, founded in 2002, is a company in Bicycles listed on TSE Standard. It has 501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ARAYA INDUSTRIAL CO., LTD. |
| Ticker | 7305 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7305.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区南船場二丁目12番12号 |
| Representative (per filing) | 代表取締役社長 市川圭司 |
| Founded | Oct 2002 |
| Share capital | ¥3.94B |
| Employees (consolidated) | 501 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.araya-kk.co.jp (https://www.araya-kk.co.jp/) |
| Corporate number | 4120001077344 |
| EDINET | E02258 |
| Industries (Vizora) | Bicycles, Steel, Real Estate Development & Leasing |

> Profile source: annual securities report (S100Y8QF, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 33 |
| Profitability | 58.6 | 35 |
| Cash conversion | 53.2 | 31 |
| Efficiency | 44.3 | 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 98% of Araya Industrial's sales come from Steel pipe related, with Real estate rent business and Bicycle-related making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -5.6% from the prior year, operating profit +14.9%.

## Company structure

- Segment revenue mix: Steel pipe related 97.9%、Real estate rent business 1.7%、Bicycle-related 0.3%、Other 0.1%
- Revenue → net income: ¥40447000000 → ¥1552000000
- Net income → operating cash flow: ¥1552000000 → ¥3402000000（difference ¥1850000000）
- Main uses of operating cash flow: CapEx ¥1510000000 / dividends ¥1437000000 / buybacks ¥1000000
- Change in cash: ¥2098000000
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 | ¥40.4B |  |
| Operating income | ¥1.89B | Margin 4.7% |
| Net income | ¥1.52B | Margin 3.8% |
| Free cash flow | ¥1.89B |  |
| Largest business | Steel pipe related | of segment revenue 97.9% |
| Employees (consolidated) | 501 |  |
| EPS | ¥166.41 |  |
| Book value per share | ¥2407.27 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 5,200,000 |  |
| Treasury shares | 400,500 |  |
| Shareholders | 6,251 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 21.8% |
| Vs. industry median margin | +1.2 pp | Steel |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36504000000 | ¥40447000000 | +10.8% |
| Operating income | ¥713000000 | ¥1885000000 | +164.4% |
| Operating margin | 2.0% | 4.7% | +2.7 pp |
| Employees | 510 people | 501 people | -1.8% |
| Cash and equivalents | ¥8409000000 | ¥8801000000 | +4.7% |

### 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 |
| --- | ---: |
| 鋼管関連 → 鋼管関連 | 97.2% |
| 自転車関連 → 自転車関連 | 0.3% |
| 自転車関連 → 事業再編・廃止 | 0.9% |
| 不動産等賃貸 → 不動産等賃貸 | 1.6% |
| その他 → その他 | 0.0% |
| 新設・再編 → 鋼管関連 | 0.6% |
| 新設・再編 → 不動産等賃貸 | 0.2% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel pipe related | 5 years | +2.2% | ¥39592000000 | 3.3% | 2 |
| Real estate rent business | 5 years | +4.0% | ¥692000000 | 87.1% | 2 |
| Bicycle-related | 5 years | -21.8% | ¥124000000 | -13.7% | 2 |
| Other | 5 years | +27.5% | ¥37000000 | 5.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,447 | 100.0% | S100Y8QF |
| Cost of revenue | 32,129 | 79.4% | S100Y8QF |
| Gross profit | 8,317 | 20.6% | S100Y8QF |
| SG&A | 6,431 | 15.9% | S100Y8QF |
| Operating income | 1,885 | 4.7% | S100Y8QF |
| Ordinary income | 2,306 | 5.7% | S100Y8QF |
| Pretax income | 2,246 | 5.6% | S100Y8QF |
| Income tax | 694 | 1.7% | S100Y8QF |
| Net income | 1,552 | 3.8% | S100Y8QF |
| Net income attributable to owners | 1,521 | 3.8% | S100Y8QF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.6% → Operating margin 4.7% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.6%; Core profit growth: +14.9%
Operating leverage (core profit growth ÷ revenue growth): -2.66×
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 | 42,845 | 40,447 | -2,398 | -5.6% |
| Gross profit | 7,717 | 8,317 | 600 | +7.8% |
| Operating income | 1,641 | 1,885 | 244 | +14.9% |
| Net income attributable to owners | 2,128 | 1,521 | -607 | -28.5% |
| Operating cash flow | 2,733 | 3,402 | 669 | +24.5% |
| Free cash flow | 1,879 | 1,892 | 13 | +0.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,046 | 1,275 | 3.1% | 706 | 1,455 | -1,394 | S100LQT7 |
| FY ending Mar 2021 | 36,504 | 713 | 2.0% | 1,284 | 2,314 | 772 | S100OG4C |
| FY ending Mar 2022 | 40,760 | 3,384 | 8.3% | 2,573 | 1,220 | 294 | S100R3N2 |
| FY ending Mar 2023 | 46,426 | 4,628 | 10.0% | 3,060 | 2,067 | 1,002 | S100TP89 |
| FY ending Mar 2024 | 44,556 | 2,053 | 4.6% | 1,691 | 2,872 | 2,409 | S100VTZF |
| FY ending Mar 2025 | 42,845 | 1,641 | 3.8% | 2,128 | 2,733 | 1,879 | S100Y8QF |
| FY ending Mar 2026 | 40,447 | 1,885 | 4.7% | 1,521 | 3,402 | 1,892 | S100Y8QF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.7M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3M |

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) | 505 | 486 | 480 | 488 | 501 |
| Average salary (parent company) | ¥4.7M | ¥5.4M | ¥5.5M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 38.0 years | 38.0 years | 38.0 years | 40.0 years | 39.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 17.0 years | 16.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel pipe related | 39,592 | 97.9% | 1,290 | 3.3% |
| Bicycle-related | 124 | 0.3% | -17 | -13.7% |
| Real estate rent business | 692 | 1.7% | 603 | 87.1% |
| Other | 37 | 0.1% | 2 | 5.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel pipe related | 97.9% | 68.1% | -29.8 | 3.3% |
| Bicycle-related | 0.3% | — | — | -13.7% |
| Real estate rent business | 1.7% | 31.8% | 30.1 | 87.1% |
| Other | 0.1% | 0.1% | 0.0 | 5.4% |

Loss-making segment (excluded from profit shares): Bicycle-related -17 JPY mn

Segment → industry: Bicycle-related → Bicycles / Steel pipe related → Steel / Real estate rent business → Real Estate Development & Leasing

## 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 | 3,402 | 8.4% | S100Y8QF |
| Capital expenditure | 1,510 | 3.7% | S100Y8QF |
| Free cash flow | 1,892 | 4.7% | 算出 |
| Investing cash flow | -1,942 | -4.8% | S100Y8QF |
| Financing cash flow | 648 | 1.6% | S100Y8QF |
| Dividends paid | 1,437 | 3.6% | S100Y8QF |
| Share buyback | 1 | 0.0% | S100Y8QF |
| Change in cash | 2,098 | 5.2% | S100Y8QF |
| Cash and equivalents | 8,801 | 21.8% | S100Y8QF |

## 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 | 8,141 | 8,271 | 9,417 | 6,703 | 8,801 | S100TP89, S100VTZF, S100Y8QF |
| Total assets | 52,524 | 54,040 | 58,187 | 52,060 | 59,521 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Net assets | 28,847 | 32,220 | 36,010 | 31,578 | 34,905 | S100TP89, S100VTZF, S100Y8QF |
| Share capital | 3,940 | 3,940 | 3,940 | 3,940 | 3,940 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Property, plant and equipment | 12,732 | 12,335 | 12,206 | 12,363 | 14,098 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Intangible assets excluding goodwill | 380 | 296 | 209 | 115 | 228 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Goodwill | — | — | — | — | 157 | S100Y8QF |
| Investment securities | 7,054 | 7,732 | 10,756 | 9,306 | 13,453 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Current assets | 31,802 | 33,219 | 33,817 | 29,180 | 29,833 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Current liabilities | 18,219 | 16,997 | 17,383 | 15,593 | 17,294 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Trade payables | 9,014 | 7,739 | 8,228 | 7,006 | 6,428 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Short-term borrowings | 3,600 | 3,541 | 3,548 | 3,720 | 4,910 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Long-term borrowings | 2,590 | 2,270 | 1,200 | 1,630 | 2,509 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Total liabilities | 23,676 | 21,820 | 22,177 | 20,482 | 24,616 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Non-controlling interests | 208 | 355 | 413 | 463 | 494 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Equity attributable to owners of parent | 26,329 | 28,955 | 30,090 | 26,463 | 26,525 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Retained earnings | 18,454 | 21,082 | 22,215 | 22,918 | 19,711 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |
| Treasury stock | -695 | -696 | -694 | -5,084 | -1,723 | S100R3N2, S100TP89, S100VTZF, S100Y8QF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y8QF |
| Property, plant and equipment | 24% | S100Y8QF |
| Intangibles and goodwill | 1% | S100Y8QF |
| Investment securities | 22% | S100Y8QF |
| Other assets | 38% | S100Y8QF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100Y8QF |
| Other liabilities | 30% | S100Y8QF |
| Equity | 59% | S100Y8QF |

### 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 | 52,524 | 54,040 | 58,187 | 52,060 | 59,521 |
| Equity | 28,847 | 32,220 | 36,010 | 31,578 | 34,905 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,141 | 8,271 | 9,417 | 6,703 | 8,801 |

## 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) | 34.9% | S100Y8QF |
| Fixed assets ÷ total assets | 23.7% | S100Y8QF |
| Goodwill ÷ parent equity | 0.6% | S100Y8QF |

### 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) | 14.8% |
| Cash ÷ revenue | 21.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 180.5% |
| Cash vs. profit gap | 1,881 JPY mn (of net income 123.7%) |
| Shareholder returns / net income | 94.5% |
| Shareholder returns / FCF | 76.0% |
| Shareholder payments — dividends / net income | 94.5% |
| Shareholder payments — dividends / FCF | 76.0% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 57.1% |

## 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 | 6.3% | 0.78× | 4.9% | 1.99× | 9.8% | S100R3N2 |
| 2023 | 6.6% | 0.87× | 5.7% | 1.93× | 11.1% | S100TP89 |
| 2024 | 3.8% | 0.79× | 3.0% | 1.90× | 5.7% | S100VTZF |
| 2025 | 5.0% | 0.78× | 3.9% | 1.95× | 7.5% | S100Y8QF |
| 2026 | 3.8% | 0.72× | 2.7% | 2.11× | 5.7% | S100Y8QF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人ツバメの会 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社北國銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.3% | 2026-03-31 |
| 加賀商工有限会社 | Major shareholder | 2.1% | 2026-03-31 |
| みずほ信託銀行株式会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2026-03-31 |
| 損害保険ジャパン株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 積水樹脂株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100Y8QF | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y8QF,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100VTZF | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTZF,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TP89 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP89,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R3N2 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3N2,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OG4C | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG4C,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LQT7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQT7,, |

## 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).