# ASAHI  INTECC CO.,LTD.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2024/07/01－2025/06/30) (S100WQNM)
> Page: https://vizora.meequs.com/en/company/asahi-intecc
> Retrieved: 2026-09-30T20:25:13.820Z

## Company

Asahi Intecc, founded in 1976, is a company in Medical Devices listed on TSE Prime. It has 9,473 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI INTECC CO., LTD. |
| Ticker | 7747 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7747.T) |
| Listing | TSE Prime |
| Head office | 愛知県瀬戸市暁町3番地100 |
| Representative (per filing) | 代表取締役社長 宮田憲次 |
| Founded | Jul 1976 |
| Share capital | ¥18.9B |
| Employees (consolidated) | 9,473 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | June |
| Website | www.asahi-intecc.co.jp (https://www.asahi-intecc.co.jp/) |
| Corporate number | 8180001049706 |
| EDINET | E02349 |
| Industries (Vizora) | Medical Devices, Industrial Machinery |

> Profile source: annual securities report (S100WQNM, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.5 | 38 |
| Profitability | 83.3 | 39 |
| Cash conversion | 82.9 | 38 |
| Efficiency | 37.2 | 39 |

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 90% of Asahi Intecc's sales come from Medical, with Device making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +11.6% from the prior year, operating profit +35.9%.

## Company structure

- Segment revenue mix: Medical 89.8%、Device 10.2%
- Revenue → net income: ¥120025000000 → ¥12792000000
- Net income → operating cash flow: ¥12792000000 → ¥40543000000（difference ¥27751000000）
- Main uses of operating cash flow: CapEx ¥8578000000 / dividends ¥5533000000 / buybacks ¥4446000000
- Change in cash: ¥17542000000
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 | ¥120B |  |
| Operating income | ¥30.1B | Margin 25.1% |
| Net income | ¥12.7B | Margin 10.6% |
| Free cash flow | ¥32B |  |
| Largest business | Medical | of segment revenue 89.8% |
| Employees (consolidated) | 9,473 |  |
| EPS | ¥79.79 |  |
| Book value per share | ¥403.61 |  |
| Equity ratio | 77.9% |  |
| Shares outstanding | 271,633,600 |  |
| Treasury shares | 1,964,600 |  |
| Shareholders | 16,153 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 27.5% | Cash ÷ revenue 44.3% |
| Vs. industry median margin | +14 pp | Medical Devices |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, one segment accounts for 88% of positive segment profit
- FY2025, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56546000000 | ¥120025000000 | +112.3% |
| Operating income | ¥12445000000 | ¥30079000000 | +141.7% |
| Operating margin | 22.0% | 25.1% | +3.1 pp |
| Employees | 8,761 people | 9,473 people | +8.1% |
| Cash and equivalents | ¥18554000000 | ¥53200000000 | +186.7% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディカル事業 → メディカル事業 | 84.6% |
| デバイス事業 → デバイス事業 | 10.2% |
| デバイス事業 → 事業再編・廃止 | 5.2% |
| 新設・再編 → メディカル事業 | 5.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,025 | 100.0% | S100WQNM |
| Cost of revenue | 38,789 | 32.3% | S100WQNM |
| Gross profit | 81,235 | 67.7% | S100WQNM |
| SG&A | 51,155 | 42.6% | S100WQNM |
| Operating income | 30,079 | 25.1% | S100WQNM |
| Ordinary income | 29,563 | 24.6% | S100WQNM |
| Pretax income | 18,655 | 15.5% | S100WQNM |
| Income tax | 5,863 | 4.9% | S100WQNM |
| Net income | 12,792 | 10.7% | S100WQNM |
| Net income attributable to owners | 12,737 | 10.6% | S100WQNM |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 43 |
| Operating income | 25 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 67.7% → Operating margin 25.1% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.6%; Core profit growth: +35.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.09×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 107,547 | 120,025 | 12,478 | +11.6% |
| Gross profit | 69,053 | 81,235 | 12,182 | +17.6% |
| Operating income | 22,135 | 30,079 | 7,944 | +35.9% |
| Net income attributable to owners | 15,808 | 12,737 | -3,071 | -19.4% |
| Operating cash flow | 34,708 | 40,543 | 5,835 | +16.8% |
| Free cash flow | 24,164 | 31,965 | 7,801 | +32.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 57,217 | 15,169 | 26.5% | 11,238 | 11,720 | 2,451 | S100JW2J |
| FY ending Jun 2020 | 56,546 | 12,445 | 22.0% | 9,178 | 11,166 | 1,445 | S100MIQN |
| FY ending Jun 2021 | 61,507 | 12,795 | 20.8% | 9,984 | 8,920 | -2,568 | S100P9GU |
| FY ending Jun 2022 | 77,748 | 15,239 | 19.6% | 10,857 | 17,302 | 8,742 | S100RWXB |
| FY ending Jun 2023 | 90,101 | 18,030 | 20.0% | 13,106 | 19,138 | 6,425 | S100UFF7 |
| FY ending Jun 2024 | 107,547 | 22,135 | 20.6% | 15,808 | 34,708 | 24,164 | S100WQNM |
| FY ending Jun 2025 | 120,025 | 30,079 | 25.1% | 12,737 | 40,543 | 31,965 | S100WQNM |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9,409 | 10,435 | 10,187 | 9,371 | 9,473 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.5M | ¥7M |
| Average age (parent company) | 36.4 years | 36.6 years | 36.7 years | 36.9 years | 37.1 years |
| Average tenure (parent company) | 7.4 years | 7.3 years | 7.3 years | 7.2 years | 7.2 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +11.6%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical | 107,779 | 89.8% | 33,445 | 31.0% |
| Device | 12,245 | 10.2% | 4,624 | 37.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical | 89.8% | 87.9% | -1.9 | 31.0% |
| Device | 10.2% | 12.1% | 1.9 | 37.8% |

Segment → industry: Medical → Medical Devices / Device → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,543 | 33.8% | S100WQNM |
| Capital expenditure | 8,578 | 7.1% | S100WQNM |
| Free cash flow | 31,965 | 26.6% | 算出 |
| Investing cash flow | -13,434 | -11.2% | S100WQNM |
| Financing cash flow | -8,107 | -6.8% | S100WQNM |
| Dividends paid | 5,533 | 4.6% | S100WQNM |
| Share buyback | 4,446 | 3.7% | S100WQNM |
| Change in cash | 17,542 | 14.6% | S100WQNM |
| Cash and equivalents | 53,200 | 44.3% | S100WQNM |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 21,358 | 32,321 | 34,884 | 35,658 | 53,200 | S100RWXB, S100UFF7, S100WQNM |
| Total assets | 115,427 | 155,127 | 172,644 | 191,614 | 193,187 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Net assets | 92,938 | 121,130 | 134,300 | 151,961 | 151,354 | S100RWXB, S100UFF7, S100WQNM |
| Share capital | 12,647 | 18,860 | 18,860 | 18,860 | 18,860 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Trade receivables | 10,110 | 13,987 | 14,678 | 17,676 | 15,767 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Property, plant and equipment | 40,790 | 45,561 | 53,683 | 60,129 | 59,082 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Intangible assets excluding goodwill | 6,264 | 19,358 | 18,369 | 16,959 | 5,595 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Goodwill | 2,549 | 8,200 | 7,737 | 6,910 | 110 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Investment securities | 4,685 | 7,052 | 6,177 | 15,185 | 19,389 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Current assets | 61,132 | 79,609 | 90,261 | 94,696 | 103,359 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Current liabilities | 14,672 | 20,761 | 26,316 | 29,494 | 27,856 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Trade payables | 1,694 | 3,180 | 2,856 | 2,289 | 2,655 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Short-term borrowings | 4,593 | 5,815 | 10,361 | 5,615 | 2,387 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Long-term borrowings | 3,450 | 6,364 | 3,892 | 1,087 | 6,633 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Total liabilities | 22,488 | 33,996 | 38,344 | 39,652 | 41,833 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Non-controlling interests | 25 | 1,670 | 1,987 | 744 | 795 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Equity attributable to owners of parent | 89,312 | 109,599 | 119,448 | 131,375 | 134,134 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Retained earnings | 61,155 | 69,018 | 78,867 | 90,742 | 97,947 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |
| Treasury stock | -7 | -7 | -7 | -7 | -4,453 | S100P9GU, S100RWXB, S100UFF7, S100WQNM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100WQNM |
| Receivables | 8% | S100WQNM |
| Property, plant and equipment | 31% | S100WQNM |
| Intangibles and goodwill | 3% | S100WQNM |
| Investment securities | 10% | S100WQNM |
| Other assets | 21% | S100WQNM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100WQNM |
| Other liabilities | 20% | S100WQNM |
| Equity | 78% | S100WQNM |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 115,427 | 155,127 | 172,644 | 191,614 | 193,187 |
| Equity | 92,938 | 121,130 | 134,300 | 151,961 | 151,354 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,358 | 32,321 | 34,884 | 35,658 | 53,200 |

## 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) | 49.2% | S100WQNM |
| Fixed assets ÷ total assets | 30.6% | S100WQNM |
| Goodwill ÷ parent equity | 0.1% | S100WQNM |

Goodwill over 4 years: 2,549 → 110 JPY; total investing cash flow: -84,821 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) | 27.5% |
| Cash ÷ revenue | 44.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.8% |
| Cash vs. profit gap | 27,806 JPY mn (of net income 218.3%) |
| Shareholder returns / net income | 78.3% |
| Shareholder returns / FCF | 31.2% |
| Shareholder payments — dividends / net income | 43.4% |
| Shareholder payments — dividends / FCF | 17.3% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 33.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 16.2% | 0.53× | 8.6% | 1.29× | 11.2% | S100P9GU |
| 2022 | 14.0% | 0.57× | 8.0% | 1.36× | 10.9% | S100RWXB |
| 2023 | 14.5% | 0.55× | 8.0% | 1.43× | 11.4% | S100UFF7 |
| 2024 | 14.7% | 0.59× | 8.7% | 1.45× | 12.6% | S100WQNM |
| 2025 | 10.6% | 0.62× | 6.6% | 1.45× | 9.6% | S100WQNM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 14.0% | 2025-06-30 |
| ボウエンホールディングス㈱ | Major shareholder | 8.6% | 2025-06-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2025-06-30 |
| THE CHASE MANHATTAN BANK, N.A. LONDON（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.9% | 2025-06-30 |
| JP MORGAN CHASE BANK 385632 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.8% | 2025-06-30 |
| アイシーエスピー㈲ | Major shareholder | 2.7% | 2025-06-30 |
| JPモルガン証券㈱ | Major shareholder | 2.6% | 2025-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-06-30 |
| ㈱ハイレックスコーポレーション | Major shareholder | 2.2% | 2025-06-30 |
| 宮田 昌彦 | Major shareholder | 2.1% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2024/07/01－2025/06/30) | S100WQNM | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQNM,, |
| 有価証券報告書－第48期(2023/07/01－2024/06/30) | S100UFF7 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFF7,, |
| 有価証券報告書－第47期(2022/07/01－2023/06/30) | S100RWXB | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWXB,, |
| 有価証券報告書－第46期(令和3年7月1日－令和4年6月30日) | S100P9GU | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9GU,, |
| 有価証券報告書－第45期(令和2年7月1日－令和3年6月30日) | S100MIQN | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIQN,, |
| 訂正有価証券報告書－第44期(令和1年7月1日－令和2年6月30日) | S100JW2J | 2020-10-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JW2J,, |

## 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).