# ASAHI KAGAKU KOGYO CO.,LTD: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2024/09/01－2025/08/31) (S100X6CC)
> Page: https://vizora.meequs.com/en/company/asahi-kagaku-kogyo
> Retrieved: 2026-09-30T19:15:50.441Z

## Company

Asahi Kagaku Kogyo, founded in 1962, is a company in Chemicals listed on TSE Standard. It has 477 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI KAGAKU KOGYO CO.,LTD. |
| Ticker | 7928 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7928.T) |
| Listing | TSE Standard |
| Head office | 愛知県碧南市港南町二丁目8番地14 (同所は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 杉浦 武 |
| Founded | Sep 1962 |
| Share capital | ¥671.8M |
| Employees (consolidated) | 477 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | August |
| Website | www.asahikagakukogyo.co.jp (https://www.asahikagakukogyo.co.jp/) |
| Corporate number | 5180301015006 |
| EDINET | E01031 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100X6CC, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.2 | 96 |
| Profitability | 2.5 | 100 |
| Efficiency | 97.5 | 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 46% of Asahi Kagaku Kogyo's sales come from China, with Japan and Thailand making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +0.2% from the prior year, operating profit -220.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.36B |  |
| Operating income | -¥45.6M | Margin -0.5% |
| Net income | ¥47.1M | Margin 0.6% |
| Free cash flow | -¥513.2M |  |
| Largest business | China | of segment revenue 46.1% |
| Employees (consolidated) | 477 |  |
| EPS | ¥-15.97 |  |
| Book value per share | ¥1148.35 |  |
| Equity ratio | 79.2% |  |
| Shares outstanding | 3,896,000 |  |
| Treasury shares | 768,200 |  |
| Shareholders | 6,439 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 14.3% |
| Vs. industry median margin | -8.1 pp | Chemicals |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.9× net income
- FY2025, one segment accounts for 97% of positive segment profit
- FY2025, segment profit share differs by 51 points

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7665678000 | ¥8359845000 | +9.1% |
| Operating income | ¥94232000 | ¥-45597000 | -148.4% |
| Operating margin | 1.2% | -0.5% | -1.8 pp |
| Employees | 567 people | 477 people | -15.9% |
| Cash and equivalents | ¥1258195000 | ¥1194692000 | -5.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 43.0% |
| 日本 → 事業再編・廃止 | 7.3% |
| 中国 → 中国 | 43.5% |
| タイ → タイ | 6.2% |
| 新設・再編 → 中国 | 2.6% |
| 新設・再編 → タイ | 4.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| China | 5 years | +2.9% | ¥3851839000 | 4.6% | 2 |
| Japan | 5 years | -1.4% | ¥3595905000 | -6.7% | 2 |
| Thailand | 5 years | +13.8% | ¥912101000 | 0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,360 | 100.0% | S100X6CC |
| Cost of revenue | 7,566 | 90.5% | S100X6CC |
| Gross profit | 794 | 9.5% | S100X6CC |
| SG&A | 839 | 10.0% | S100X6CC |
| Operating income | -46 | -0.5% | S100X6CC |
| Ordinary income | 113 | 1.4% | S100X6CC |
| Pretax income | 118 | 1.4% | S100X6CC |
| Income tax | 70 | 0.8% | S100X6CC |
| Net income | 47 | 0.6% | S100X6CC |
| Net income attributable to owners | 47 | 0.6% | S100X6CC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 10 |
| Operating income | -1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.5% → Operating margin -0.5% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,340 | 8,360 | 20 | +0.2% |
| Gross profit | 751 | 794 | 43 | +5.7% |
| Operating income | 38 | -46 | -83 | -220.3% |
| Net income attributable to owners | 94 | 47 | -47 | -49.7% |
| Operating cash flow | 296 | 138 | -159 | -53.5% |
| Free cash flow | 13 | -513 | -526 | -4010.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 8,510 | 146 | 1.7% | -273 | 204 | -20 | S100K9M3 |
| FY ending Aug 2020 | 7,666 | 94 | 1.2% | 48 | 465 | 229 | S100MY2X |
| FY ending Aug 2021 | 10,409 | 806 | 7.7% | 553 | 692 | 399 | S100POVO |
| FY ending Aug 2022 | 10,721 | 527 | 4.9% | 389 | 253 | -182 | S100SDHB |
| FY ending Aug 2023 | 8,663 | 170 | 2.0% | 23 | 756 | 455 | S100UV4R |
| FY ending Aug 2024 | 8,340 | 38 | 0.5% | 94 | 296 | 13 | S100X6CC |
| FY ending Aug 2025 | 8,360 | -46 | -0.5% | 47 | 138 | -513 | S100X6CC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | -¥95.6K |
| Net income per employee (consolidated) | ¥98.8K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 549 | 549 | 514 | 482 | 477 |
| Average salary (parent company) | ¥4.2M | ¥3.9M | ¥3.8M | ¥3.9M | ¥4M |
| Average age (parent company) | 38.9 years | 39.4 years | 39.7 years | 39.8 years | 40.8 years |
| Average tenure (parent company) | 9.9 years | 10.0 years | 10.7 years | 10.9 years | 11.2 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 3,596 | 43.0% | -240 | -6.7% |
| China | 3,852 | 46.1% | 177 | 4.6% |
| Thailand | 912 | 10.9% | 6 | 0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 43.0% | — | — | -6.7% |
| China | 46.1% | 96.6% | 50.5 | 4.6% |
| Thailand | 10.9% | 3.4% | -7.5 | 0.7% |

Loss-making segment (excluded from profit shares): Japan -240 JPY mn

Segment → industry: Thailand → Chemicals / China → Chemicals / Japan → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 138 | 1.6% | S100X6CC |
| Capital expenditure | 651 | 7.8% | S100X6CC |
| Free cash flow | -513 | -6.1% | 算出 |
| Investing cash flow | -284 | -3.4% | S100X6CC |
| Financing cash flow | 82 | 1.0% | S100X6CC |
| Dividends paid | 38 | 0.5% | S100X6CC |
| Change in cash | -137 | -1.6% | S100X6CC |
| Cash and equivalents | 1,195 | 14.3% | S100X6CC |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,345 | 1,255 | 1,386 | 1,331 | 1,195 | S100SDHB, S100UV4R, S100X6CC |
| Total assets | 6,436 | 6,847 | 6,437 | 6,954 | 6,678 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Net assets | 4,622 | 5,259 | 5,146 | 5,534 | 5,291 | S100SDHB, S100UV4R, S100X6CC |
| Share capital | 672 | 672 | 672 | 672 | 672 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Trade receivables | 1,118 | 1,081 | 814 | 930 | 869 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Property, plant and equipment | 1,952 | 2,253 | 2,143 | 2,269 | 2,593 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Intangible assets excluding goodwill | 12 | 15 | 26 | 47 | 40 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Investment securities | 135 | 76 | 83 | 220 | 225 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Current assets | 3,422 | 3,812 | 3,827 | 3,584 | 3,157 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Current liabilities | 1,596 | 1,359 | 1,082 | 1,231 | 1,197 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Short-term borrowings | — | — | — | — | 120 | S100X6CC |
| Total liabilities | 1,814 | 1,588 | 1,291 | 1,420 | 1,387 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Equity attributable to owners of parent | 3,933 | 4,139 | 4,074 | 4,143 | 4,152 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Retained earnings | 2,830 | 3,107 | 3,042 | 3,111 | 3,121 | S100POVO, S100SDHB, S100UV4R, S100X6CC |
| Treasury stock | -299 | -370 | -370 | -370 | -370 | S100POVO, S100SDHB, S100UV4R, S100X6CC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100X6CC |
| Receivables | 13% | S100X6CC |
| Property, plant and equipment | 39% | S100X6CC |
| Intangibles and goodwill | 1% | S100X6CC |
| Investment securities | 3% | S100X6CC |
| Other assets | 26% | S100X6CC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100X6CC |
| Equity | 79% | S100X6CC |
| Other liabilities | 0% | S100X6CC |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,436 | 6,847 | 6,437 | 6,954 | 6,678 |
| Equity | 4,622 | 5,259 | 5,146 | 5,534 | 5,291 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,345 | 1,255 | 1,386 | 1,331 | 1,195 |

## 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) | 31.0% | S100X6CC |
| Fixed assets ÷ total assets | 38.8% | S100X6CC |
| Goodwill ÷ parent equity | — | —, S100X6CC |

### 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) | 17.9% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 91 JPY mn (of net income 192.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 80.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 206.0% |

## 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 | 5.3% | 1.62× | 8.6% | 1.64× | 14.0% | S100POVO |
| 2022 | 3.6% | 1.61× | 5.9% | 1.65× | 9.7% | S100SDHB |
| 2023 | 0.3% | 1.30× | 0.3% | 1.62× | 0.6% | S100UV4R |
| 2024 | 1.1% | 1.25× | 1.4% | 1.63× | 2.3% | S100X6CC |
| 2025 | 0.6% | 1.23× | 0.7% | 1.64× | 1.1% | S100X6CC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 杉浦 武 | Major shareholder | 14.3% | 2025-08-31 |
| 杉浦 求 | Major shareholder | 9.5% | 2025-08-31 |
| 旭化学工業取引先持株会 | Major shareholder | 7.1% | 2025-08-31 |
| 株式会社三幸商会 | Major shareholder | 4.9% | 2025-08-31 |
| 岡崎信用金庫 | Major shareholder | 3.5% | 2025-08-31 |
| 株式会社マキタ | Major shareholder | 2.5% | 2025-08-31 |
| 碧南小型運送株式会社 | Major shareholder | 1.6% | 2025-08-31 |
| ASGJapan（株） | Major shareholder | 1.4% | 2025-08-31 |
| 細川 陽介 | Major shareholder | 1.3% | 2025-08-31 |
| 帝人株式会社 | Major shareholder | 1.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2024/09/01－2025/08/31) | S100X6CC | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6CC,, |
| 有価証券報告書－第58期(2023/09/01－2024/08/31) | S100UV4R | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV4R,, |
| 有価証券報告書－第57期(2022/09/01－2023/08/31) | S100SDHB | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDHB,, |
| 有価証券報告書－第56期(令和3年9月1日－令和4年8月31日) | S100POVO | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POVO,, |
| 有価証券報告書－第55期(令和2年9月1日－令和3年8月31日) | S100MY2X | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY2X,, |
| 有価証券報告書－第54期(令和1年9月1日－令和2年8月31日) | S100K9M3 | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9M3,, |

## 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).