# Arisawa Mfg. 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78期(2025/04/01－2026/03/31) (S100YCDM)
> Page: https://vizora.meequs.com/en/company/arisawa-mfg
> Retrieved: 2026-09-30T20:29:41.002Z

## Company

Arisawa Mfg., founded in 1949, is a company in Chemicals listed on TSE Prime. It has 1,583 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Arisawa Mfg. Co., Ltd. |
| Ticker | 5208 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5208.T) |
| Listing | TSE Prime |
| Head office | 新潟県上越市南本町1丁目5番5号 |
| Representative (per filing) | 代表取締役社長 有沢 悠太 |
| Founded | Jul 1949 |
| Share capital | ¥7.88B |
| Employees (consolidated) | 1,583 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.arisawa.co.jp (https://www.arisawa.co.jp/) |
| Corporate number | 1110001018789 |
| EDINET | E01152 |
| Industries (Vizora) | Chemicals, Aerospace, Electronic Components |

> Profile source: annual securities report (S100YCDM, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.9 | 96 |
| Profitability | 78.5 | 100 |
| Cash conversion | 6.8 | 96 |
| Efficiency | 57.5 | 100 |

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 64% of Arisawa Mfg.'s sales come from Electronic materials, with Industrial application structural materials and Display materials making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +18.6%.

## Company structure

- Segment revenue mix: Electronic materials 63.5%、Industrial application structural materials 24.3%、Display materials 7.0%、Electric insulation materials 4.5%、Other 0.6%
- Revenue → net income: ¥56474208000 → ¥4995801000
- Net income → operating cash flow: ¥4995801000 → ¥3144332000（difference ¥-1851469000）
- Main uses of operating cash flow: CapEx ¥6914976000 / dividends ¥3258049000 / buybacks ¥471000
- Change in cash: ¥-1874671000
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 | ¥56.5B |  |
| Operating income | ¥5.81B | Margin 10.3% |
| Net income | ¥5B | Margin 8.8% |
| Free cash flow | -¥3.77B |  |
| Largest business | Electronic materials | of segment revenue 63.5% |
| Employees (consolidated) | 1,583 |  |
| EPS | ¥107.19 |  |
| Diluted EPS | ¥107.18 |  |
| Book value per share | ¥1126.26 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 33,603,000 |  |
| Treasury shares | 770,800 |  |
| Shareholders | 24,943 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 26.4% |
| Vs. industry median margin | +2.8 pp | Chemicals |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46439548000 | ¥56474208000 | +21.6% |
| Operating income | ¥3118486000 | ¥5805289000 | +86.2% |
| Operating margin | 6.7% | 10.3% | +3.6 pp |
| Employees | 1,433 people | 1,583 people | +10.5% |
| Cash and equivalents | ¥11488288000 | ¥14880998000 | +29.5% |

### 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 |
| --- | ---: |
| 電子材料 → 電子材料 | 63.5% |
| 電子材料 → 事業再編・廃止 | 4.6% |
| 産業用構造材料 → 産業用構造材料 | 19.0% |
| 電気絶縁材料 → 電気絶縁材料 | 4.5% |
| 電気絶縁材料 → 事業再編・廃止 | 0.5% |
| ディスプレイ材料 → ディスプレイ材料 | 6.1% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 産業用構造材料 | 5.3% |
| 新設・再編 → ディスプレイ材料 | 1.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic materials | 5 years | +2.5% | ¥35882868000 | 9.9% | 2 |
| Industrial application structural materials | 5 years | +9.2% | ¥13731132000 | 21.1% | 2 |
| Display materials | 5 years | +7.1% | ¥3973750000 | 21.0% | 2 |
| Electric insulation materials | 5 years | +1.7% | ¥2546564000 | 10.4% | 2 |
| Other | 5 years | -15.4% | ¥339892000 | 68.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,474 | 100.0% | S100YCDM |
| Cost of revenue | 43,057 | 76.2% | S100YCDM |
| Gross profit | 13,418 | 23.8% | S100YCDM |
| SG&A | 7,612 | 13.5% | S100YCDM |
| Operating income | 5,805 | 10.3% | S100YCDM |
| Ordinary income | 6,158 | 10.9% | S100YCDM |
| Pretax income | 6,579 | 11.7% | S100YCDM |
| Income tax | 1,584 | 2.8% | S100YCDM |
| Net income | 4,996 | 8.8% | S100YCDM |
| Net income attributable to owners | 4,996 | 8.8% | S100YCDM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.8% → Operating margin 10.3% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +18.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.39×
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 | 49,816 | 56,474 | 6,659 | +13.4% |
| Gross profit | 11,621 | 13,418 | 1,796 | +15.5% |
| Operating income | 4,893 | 5,805 | 912 | +18.6% |
| Net income attributable to owners | 3,970 | 4,996 | 1,026 | +25.8% |
| Operating cash flow | 4,549 | 3,144 | -1,404 | -30.9% |
| Free cash flow | 2,299 | -3,771 | -6,069 | -264.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,970 | 2,762 | 6.0% | 213 | 4,838 | 1,961 | S100LS1K |
| FY ending Mar 2021 | 46,440 | 3,118 | 6.7% | 2,161 | 611 | -1,373 | S100OKYM |
| FY ending Mar 2022 | 43,090 | 3,321 | 7.7% | 3,911 | 5,901 | 3,894 | S100R9IC |
| FY ending Mar 2023 | 42,722 | 2,228 | 5.2% | 2,856 | 3,471 | -904 | S100TX1S |
| FY ending Mar 2024 | 42,114 | 1,484 | 3.5% | 1,640 | 3,220 | -560 | S100W4RS |
| FY ending Mar 2025 | 49,816 | 4,893 | 9.8% | 3,970 | 4,549 | 2,299 | S100YCDM |
| FY ending Mar 2026 | 56,474 | 5,805 | 10.3% | 4,996 | 3,144 | -3,771 | S100YCDM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 1,425 | 1,458 | 1,468 | 1,498 | 1,583 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥5.7M | ¥6.8M | ¥6.7M |
| Average age (parent company) | 44.1 years | 44.8 years | 44.9 years | 45.4 years | 45.4 years |
| Average tenure (parent company) | 20.3 years | 20.9 years | 20.9 years | 21.3 years | 21.0 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +13.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic materials | 35,883 | 63.5% | 3,559 | 9.9% |
| Industrial application structural materials | 13,731 | 24.3% | 2,902 | 21.1% |
| Electric insulation materials | 2,547 | 4.5% | 265 | 10.4% |
| Display materials | 3,974 | 7.0% | 834 | 21.0% |
| Other | 340 | 0.6% | 233 | 68.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic materials | 63.5% | 45.7% | -17.9 | 9.9% |
| Industrial application structural materials | 24.3% | 37.2% | 12.9 | 21.1% |
| Electric insulation materials | 4.5% | 3.4% | -1.1 | 10.4% |
| Display materials | 7.0% | 10.7% | 3.7 | 21.0% |
| Other | 0.6% | 3.0% | 2.4 | 68.6% |

Segment → industry: Electric insulation materials → Chemicals / Industrial application structural materials → Chemicals / Electronic materials → Chemicals / Industrial application structural materials → Aerospace / Display materials → Electronic Components / Electronic materials → Electronic Components

## 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 | 3,144 | 5.6% | S100YCDM |
| Capital expenditure | 6,915 | 12.2% | S100YCDM |
| Free cash flow | -3,771 | -6.7% | 算出 |
| Investing cash flow | -7,091 | -12.6% | S100YCDM |
| Financing cash flow | 1,749 | 3.1% | S100YCDM |
| Dividends paid | 3,258 | 5.8% | S100YCDM |
| Share buyback | 0 | 0.0% | S100YCDM |
| Change in cash | -1,875 | -3.3% | S100YCDM |
| Cash and equivalents | 14,881 | 26.4% | S100YCDM |

## 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 | 16,893 | 18,536 | 17,700 | 16,371 | 14,881 | S100TX1S, S100W4RS, S100YCDM |
| Total assets | 68,689 | 67,660 | 68,817 | 71,737 | 81,039 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Net assets | 47,966 | 47,108 | 46,246 | 48,559 | 50,688 | S100TX1S, S100W4RS, S100YCDM |
| Share capital | 7,644 | 7,848 | 7,862 | 7,880 | 7,882 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Property, plant and equipment | 13,775 | 16,446 | 17,962 | 18,765 | 23,641 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Intangible assets excluding goodwill | 279 | 244 | 383 | 300 | 307 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Investment securities | 7,876 | 2,545 | 2,327 | 1,969 | 1,930 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Current assets | 45,876 | 47,420 | 47,098 | 49,527 | 54,002 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Current liabilities | 15,191 | 16,277 | 19,423 | 18,583 | 26,645 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Trade payables | 5,638 | 5,213 | 7,014 | 7,704 | 8,748 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Short-term borrowings | 3,562 | 5,056 | 5,302 | 4,926 | 10,989 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Long-term borrowings | 3,845 | 2,723 | 1,971 | 3,677 | 3,000 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Bonds | 28 | 11 | — | — | — | S100R9IC, S100TX1S |
| Interest-bearing debt | 7,435 | 7,791 | — | — | — | 算出 |
| Total liabilities | 20,723 | 20,552 | 22,570 | 23,177 | 30,351 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Non-controlling interests | 30 | — | — | — | — | S100R9IC |
| Equity attributable to owners of parent | 45,298 | 44,827 | 42,867 | 44,147 | 45,186 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Retained earnings | 34,937 | 34,293 | 32,253 | 33,495 | 35,226 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |
| Treasury stock | -300 | -513 | -461 | -472 | -1,177 | S100R9IC, S100TX1S, S100W4RS, S100YCDM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCDM |
| Property, plant and equipment | 29% | S100YCDM |
| Intangibles and goodwill | 0% | S100YCDM |
| Investment securities | 3% | S100YCDM |
| Other assets | 50% | S100YCDM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YCDM |
| Other liabilities | 27% | S100YCDM |
| Equity | 62% | S100YCDM |

### 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 | 68,689 | 67,660 | 68,817 | 71,737 | 81,039 |
| Equity | 47,966 | 47,108 | 46,246 | 48,559 | 50,688 |
| Interest-bearing debt | 7,435 | 7,791 | — | — | — |
| Cash | 16,893 | 18,536 | 17,700 | 16,371 | 14,881 |

## 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) | 41.9% | S100YCDM |
| Fixed assets ÷ total assets | 29.2% | S100YCDM |
| Goodwill ÷ parent equity | — | —, S100YCDM |

### 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) | 18.4% |
| Cash ÷ revenue | 26.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.2% |
| Cash vs. profit gap | -1,851 JPY mn (of net income -37.1%) |
| Shareholder returns / net income | 65.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 65.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.2% |
| Investing CF relative to operating CF | 225.5% |

## 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 | 9.1% | 0.63× | 5.7% | 1.52× | 8.6% | S100R9IC |
| 2023 | 6.7% | 0.63× | 4.2% | 1.51× | 6.3% | S100TX1S |
| 2024 | 3.9% | 0.62× | 2.4% | 1.56× | 3.7% | S100W4RS |
| 2025 | 8.0% | 0.71× | 5.6% | 1.62× | 9.1% | S100YCDM |
| 2026 | 8.8% | 0.74× | 6.5% | 1.71× | 11.2% | S100YCDM |

## 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 | 15.8% | 2026-03-31 |
| 三菱瓦斯化学株式会社 （注）3 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社第四北越銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 有澤 三治 | Major shareholder | 1.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.2% | 2026-03-31 |
| 森 洋子 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YCDM | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCDM,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W4RS | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4RS,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TX1S | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX1S,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R9IC | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9IC,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OKYM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKYM,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LS1K | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1K,, |

## 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).