# ASAHI CONCRETE WORKS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第146期(2025/04/01－2026/03/31) (S100YIYA)
> Page: https://vizora.meequs.com/en/company/asahi-concrete-works
> Retrieved: 2026-09-30T23:28:33.933Z

## Company

Asahi Concrete Works, founded in 1923, is a company in Cement & Concrete listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asahi Concrete Works Co., Ltd. |
| Ticker | 5268 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5268.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区築地1丁目8番2号 |
| Representative (per filing) | 代表取締役社長 狩野堅太郎 |
| Founded | Nov 1923 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.asahi-concrete.co.jp (https://www.asahi-concrete.co.jp/) |
| Corporate number | 5010001034751 |
| EDINET | E01143 |
| Industries (Vizora) | Cement & Concrete, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIYA, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.9 | 16 |
| Profitability | 46.9 | 16 |
| Cash conversion | 28.1 | 16 |
| Efficiency | 3.1 | 16 |

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 99% of Asahi Concrete Works's sales come from Concrete related business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.7% from the prior year, operating profit +9.8%.

## Company structure

- Segment revenue mix: Concrete related business 99.4%、Real estate business 0.6%
- Revenue → net income: ¥7636534000 → ¥455217000
- Net income → operating cash flow: ¥455217000 → ¥388231000（difference ¥-66986000）
- Main uses of operating cash flow: CapEx ¥497783000 / dividends ¥222032000 / buybacks ¥25000
- Change in cash: ¥-235230000
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 | ¥7.64B |  |
| Operating income | ¥609.9M | Margin 8.0% |
| Net income | ¥455.2M | Margin 6.0% |
| Free cash flow | -¥109.6M |  |
| Largest business | Concrete related business | of segment revenue 99.4% |
| Employees (consolidated) | 188 |  |
| EPS | ¥34.57 |  |
| Book value per share | ¥965.17 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 13,233,000 |  |
| Treasury shares | 61,600 |  |
| Shareholders | 1,985 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 15.3% | Cash ÷ revenue 33.5% |
| Vs. industry median margin | -0.2 pp | Cement & Concrete |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, employees -1% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8417567000 | ¥7636534000 | -9.3% |
| Operating income | ¥508151000 | ¥609925000 | +20.0% |
| Operating margin | 6.0% | 8.0% | +2 pp |
| Employees | 211 people | 188 people | -10.9% |
| Cash and equivalents | ¥2640255000 | ¥2559470000 | -3.1% |

### 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 |
| --- | ---: |
| コンクリート関連事業 → コンクリート関連事業 | 99.4% |
| 不動産事業 → 不動産事業 | 0.6% |
| 不動産事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → コンクリート関連事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,637 | 100.0% | S100YIYA |
| Cost of revenue | 6,009 | 78.7% | S100YIYA |
| Gross profit | 1,627 | 21.3% | S100YIYA |
| SG&A | 1,017 | 13.3% | S100YIYA |
| Operating income | 610 | 8.0% | S100YIYA |
| Ordinary income | 676 | 8.9% | S100YIYA |
| Pretax income | 660 | 8.6% | S100YIYA |
| Income tax | 204 | 2.7% | S100YIYA |
| Net income | 455 | 6.0% | S100YIYA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.3% → Operating margin 8.0% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.7%; Core profit growth: +9.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.71×
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 | 7,222 | 7,637 | 415 | +5.7% |
| Gross profit | 1,524 | 1,627 | 104 | +6.8% |
| Operating income | 555 | 610 | 54 | +9.8% |
| Operating cash flow | 883 | 388 | -495 | -56.1% |
| Free cash flow | 578 | -110 | -687 | -119.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,803 | 568 | 5.8% | 382 | 694 | 431 | S100LU2P |
| FY ending Mar 2021 | 8,418 | 508 | 6.0% | 410 | 647 | 422 | S100OLSU |
| FY ending Mar 2022 | 6,467 | 366 | 5.7% | 310 | 388 | 195 | S100R7UH |
| FY ending Mar 2023 | 6,584 | 346 | 5.2% | 312 | 740 | 490 | S100TVXE |
| FY ending Mar 2024 | 7,072 | 412 | 5.8% | 338 | 415 | 212 | S100W6TJ |
| FY ending Mar 2025 | 7,222 | 555 | 7.7% | 412 | 883 | 578 | S100YIYA |
| FY ending Mar 2026 | 7,637 | 610 | 8.0% | 455 | 388 | -110 | S100YIYA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.6M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 209 | 199 | 194 | 189 | 188 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.1M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 45.4 years | 45.5 years | 46.6 years | 47.6 years | 48.2 years |
| Average tenure (parent company) | 17.0 years | 17.6 years | 17.3 years | 18.2 years | 18.2 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +5.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Concrete related business | 7,594 | 99.4% | 660 | 8.7% |
| Real estate business | 43 | 0.6% | 18 | 42.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Concrete related business | 99.4% | 97.3% | -2.1 | 8.7% |
| Real estate business | 0.6% | 2.7% | 2.1 | 42.8% |

Segment → industry: Concrete related business → Cement & Concrete / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 388 | 5.1% | S100YIYA |
| Capital expenditure | 498 | 6.5% | S100YIYA |
| Free cash flow | -110 | -1.4% | 算出 |
| Investing cash flow | -349 | -4.6% | S100YIYA |
| Financing cash flow | -275 | -3.6% | S100YIYA |
| Dividends paid | 222 | 2.9% | S100YIYA |
| Share buyback | 0 | 0.0% | S100YIYA |
| Change in cash | -235 | -3.1% | S100YIYA |
| Cash and equivalents | 2,559 | 33.5% | S100YIYA |

## 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 | 2,206 | 2,402 | 2,588 | 2,795 | 2,559 | S100TVXE, S100W6TJ, S100YIYA |
| Total assets | 13,627 | 13,480 | 14,416 | 15,908 | 16,766 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Net assets | 10,175 | 10,366 | 10,853 | 12,126 | 12,713 | S100TVXE, S100W6TJ, S100YIYA |
| Share capital | 1,205 | 1,205 | 1,205 | 1,205 | 1,205 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Property, plant and equipment | 2,422 | 2,402 | 2,391 | 2,393 | 2,564 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Intangible assets excluding goodwill | 77 | 75 | 72 | 72 | 130 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Investment securities | 874 | 991 | 1,177 | 1,202 | 1,242 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Current assets | 9,004 | 8,653 | 9,239 | 9,006 | 8,840 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Current liabilities | 2,736 | 2,387 | 2,690 | 2,394 | 2,521 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Short-term borrowings | 200 | 200 | 200 | 170 | 120 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Bonds | 500 | 500 | 500 | 500 | 500 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Total liabilities | 3,452 | 3,114 | 3,563 | 3,782 | 4,054 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Equity attributable to owners of parent | 9,905 | 10,045 | 10,212 | 10,395 | 10,635 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Retained earnings | 7,926 | 8,067 | 8,233 | 8,408 | 8,640 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |
| Treasury stock | -45 | -45 | -45 | -40 | -33 | S100R7UH, S100TVXE, S100W6TJ, S100YIYA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YIYA |
| Property, plant and equipment | 15% | S100YIYA |
| Intangibles and goodwill | 1% | S100YIYA |
| Investment securities | 8% | S100YIYA |
| Other assets | 61% | S100YIYA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YIYA |
| Equity | 76% | S100YIYA |

### 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 | 13,627 | 13,480 | 14,416 | 15,908 | 16,766 |
| Equity | 10,175 | 10,366 | 10,853 | 12,126 | 12,713 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,206 | 2,402 | 2,588 | 2,795 | 2,559 |

## 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) | 33.6% | S100YIYA |
| Fixed assets ÷ total assets | 15.3% | S100YIYA |
| Goodwill ÷ parent equity | — | —, S100YIYA |

### 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) | 15.3% |
| Cash ÷ revenue | 33.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.7% |
| Cash vs. profit gap | -67 JPY mn (of net income -14.7%) |
| Shareholder returns / net income | 48.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 89.9% |

## 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 | 4.8% | 0.47× | 2.3% | 1.38× | 3.1% | S100R7UH |
| 2023 | 4.7% | 0.49× | 2.3% | 1.36× | 3.1% | S100TVXE |
| 2024 | 4.8% | 0.51× | 2.4% | 1.38× | 3.3% | S100W6TJ |
| 2025 | 5.7% | 0.48× | 2.7% | 1.47× | 4.0% | S100YIYA |
| 2026 | 6.0% | 0.47× | 2.8% | 1.55× | 4.3% | S100YIYA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本ヒューム株式会社 | Major shareholder | 29.6% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 柳内光子 | Major shareholder | 5.4% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託太平洋セメント口 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 高周波熱錬株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 山一産協株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 日本コンクリート工業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ケイコン株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第146期(2025/04/01－2026/03/31) | S100YIYA | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIYA,, |
| 有価証券報告書－第145期(2024/04/01－2025/03/31) | S100W6TJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6TJ,, |
| 有価証券報告書－第144期(2023/04/01－2024/03/31) | S100TVXE | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVXE,, |
| 有価証券報告書－第143期(2022/04/01－2023/03/31) | S100R7UH | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7UH,, |
| 有価証券報告書－第142期(令和3年4月1日－令和4年3月31日) | S100OLSU | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLSU,, |
| 有価証券報告書－第141期(令和2年4月1日－令和3年3月31日) | S100LU2P | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU2P,, |

## 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).