# Asahi Kasei Corporation: 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135期(2025/04/01－2026/03/31) (S100YGRD)
> Page: https://vizora.meequs.com/en/company/asahi-kasei
> Retrieved: 2026-09-30T22:16:46.517Z

## Company

Asahi Kasei, founded in 1931, is a company in Medical Devices listed on TSE Prime. It has 47,895 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI KASEI CORPORATION |
| Ticker | 3407 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3407.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目1番2号 |
| Representative (per filing) | 代表取締役社長 工藤 幸四郎 |
| Founded | May 1931 |
| Share capital | ¥103.4B |
| Employees (consolidated) | 47,895 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.asahi-kasei.com (https://www.asahi-kasei.com/) |
| Corporate number | 5120001059606 |
| EDINET | E00877 |
| Industries (Vizora) | Medical Devices, Chemicals, Pharmaceuticals, Homebuilders |

> Profile source: annual securities report (S100YGRD, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.4 | 96 |
| Profitability | 49.5 | 100 |
| Cash conversion | 38 | 96 |
| Efficiency | 63.5 | 100 |
| Financial strength | 55.3 | 19 |

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 42% of Asahi Kasei's sales come from Material, with Homes and Health Care making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +9.1%.

## Company structure

- Segment revenue mix: Material 42.5%、Homes 35.0%、Health Care 21.6%、Other 0.9%
- Revenue → net income: ¥3074505000000 → ¥163539000000
- Net income → operating cash flow: ¥163539000000 → ¥303104000000（difference ¥139565000000）
- Main uses of operating cash flow: CapEx ¥211050000000 / dividends ¥54386000000 / buybacks ¥2344000000
- Change in cash: ¥-17967000000
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 | ¥3.07T |  |
| Operating income | ¥231.2B | Margin 7.5% |
| Net income | ¥158.8B | Margin 5.2% |
| Free cash flow | ¥92.1B |  |
| Largest business | Material | of segment revenue 42.5% |
| Employees (consolidated) | 47,895 |  |
| EPS | ¥83.24 |  |
| Book value per share | ¥442.66 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 1,365,752,000 |  |
| Treasury shares | 7,841,400 |  |
| Shareholders | 172,509 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥565.5B · Cash ÷ revenue 12.1% |
| Vs. industry median margin | 0 pp | Chemicals |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2106051000000 | ¥3074505000000 | +46.0% |
| Operating income | ¥171808000000 | ¥231200000000 | +34.6% |
| Operating margin | 8.2% | 7.5% | -0.6 pp |
| Employees | 44,497 people | 47,895 people | +7.6% |
| Cash and equivalents | ¥216235000000 | ¥372068000000 | +72.1% |

### 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 |
| --- | ---: |
| ヘルスケア → ヘルスケア | 19.4% |
| 住宅 → 住宅 | 32.9% |
| マテリアル → マテリアル | 42.5% |
| マテリアル → 事業再編・廃止 | 4.6% |
| その他 → その他 | 0.7% |
| 新設・再編 → ヘルスケア | 2.2% |
| 新設・再編 → 住宅 | 2.2% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Material | 5 years | +5.7% | ¥1306240000000 | 5.2% | 2 |
| Homes | 5 years | +9.2% | ¥1077394000000 | 9.3% | 2 |
| Health Care | 5 years | +10.2% | ¥664146000000 | 12.6% | 2 |
| Other | 5 years | +13.4% | ¥26725000000 | 14.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,074,505 | 100.0% | S100YGRD |
| Cost of revenue | 2,065,913 | 67.2% | S100YGRD |
| Gross profit | 1,008,592 | 32.8% | S100YGRD |
| SG&A | 777,392 | 25.3% | S100YGRD |
| Operating income | 231,200 | 7.5% | S100YGRD |
| Ordinary income | 230,419 | 7.5% | S100YGRD |
| Pretax income | 214,609 | 7.0% | S100YGRD |
| Income tax | 51,070 | 1.7% | S100YGRD |
| Net income | 163,539 | 5.3% | S100YGRD |
| Net income attributable to owners | 158,793 | 5.2% | S100YGRD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 25 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 32.8% → Operating margin 7.5% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +9.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.43×
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 | 3,037,312 | 3,074,505 | 37,193 | +1.2% |
| Gross profit | 958,260 | 1,008,592 | 50,332 | +5.3% |
| Operating income | 211,921 | 231,200 | 19,279 | +9.1% |
| Net income attributable to owners | 134,996 | 158,793 | 23,797 | +17.6% |
| Operating cash flow | 301,489 | 303,104 | 1,615 | +0.5% |
| Free cash flow | 83,550 | 92,054 | 8,504 | +10.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,151,646 | 177,264 | 8.2% | 103,931 | 124,460 | -29,990 | S100LNZQ |
| FY ending Mar 2021 | 2,106,051 | 171,808 | 8.2% | 79,768 | 253,676 | 103,384 | S100OCR3 |
| FY ending Mar 2022 | 2,461,317 | 202,647 | 8.2% | 161,880 | 183,271 | 13,563 | S100SC6S |
| FY ending Mar 2023 | 2,726,485 | 127,716 | 4.7% | -91,948 | 90,804 | -81,354 | S100TQ91 |
| FY ending Mar 2024 | 2,784,878 | 140,746 | 5.1% | 43,806 | 295,300 | 123,346 | S100W2HS |
| FY ending Mar 2025 | 3,037,312 | 211,921 | 7.0% | 134,996 | 301,489 | 83,550 | S100YGRD |
| FY ending Mar 2026 | 3,074,505 | 231,200 | 7.5% | 158,793 | 303,104 | 92,054 | S100YGRD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 46,751 | 48,897 | 49,295 | 50,352 | 47,895 |
| Average salary (parent company) | ¥7.5M | ¥7.6M | ¥7.5M | ¥8M | ¥8.5M |
| Average age (parent company) | 41.3 years | 41.5 years | 41.5 years | 41.8 years | 41.9 years |
| Average tenure (parent company) | 14.6 years | 13.9 years | 14.3 years | 14.8 years | 17.1 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health Care | 664,146 | 21.6% | 83,452 | 12.6% |
| Homes | 1,077,394 | 35.0% | 99,781 | 9.3% |
| Material | 1,306,240 | 42.5% | 68,321 | 5.2% |
| Other | 26,725 | 0.9% | 3,932 | 14.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health Care | 21.6% | 32.7% | 11.1 | 12.6% |
| Homes | 35.0% | 39.1% | 4.0 | 9.3% |
| Material | 42.5% | 26.7% | -15.7 | 5.2% |
| Other | 0.9% | 1.5% | 0.7 | 14.7% |

Segment → industry: Health Care → Medical Devices / Material → Chemicals / Health Care → Pharmaceuticals / Homes → Homebuilders

## 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 | 303,104 | 9.9% | S100YGRD |
| Capital expenditure | 211,050 | 6.9% | S100YGRD |
| Free cash flow | 92,054 | 3.0% | 算出 |
| Investing cash flow | -106,873 | -3.5% | S100YGRD |
| Financing cash flow | -245,354 | -8.0% | S100YGRD |
| Dividends paid | 54,386 | 1.8% | S100YGRD |
| Share buyback | 2,344 | 0.1% | S100YGRD |
| Change in cash | -17,967 | -0.6% | S100YGRD |
| Cash and equivalents | 372,068 | 12.1% | S100YGRD |

## 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 | 242,948 | 247,903 | 333,498 | 390,035 | 372,068 | S100TQ91, S100W2HS, S100YGRD |
| Total assets | 3,349,075 | 3,453,900 | 3,662,730 | 4,015,214 | 4,137,943 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Net assets | 1,718,815 | 1,695,382 | 1,848,625 | 1,913,944 | 2,165,647 | S100TQ91, S100W2HS, S100YGRD |
| Share capital | 103,389 | 103,389 | 103,389 | 103,389 | 103,389 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Property, plant and equipment | 805,215 | 871,701 | 853,289 | 920,611 | 961,081 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Intangible assets excluding goodwill | 836,843 | 736,158 | 754,728 | 930,553 | 917,865 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Goodwill | 431,335 | 348,561 | 360,676 | 389,640 | 383,805 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Investment securities | 246,701 | 212,611 | 188,288 | 168,371 | 140,241 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Current assets | 1,334,209 | 1,488,195 | 1,650,037 | 1,769,448 | 1,865,357 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Current liabilities | 923,850 | 912,163 | 914,572 | 964,608 | 793,143 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Trade payables | 178,092 | 180,560 | 213,252 | 193,583 | 195,002 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Short-term borrowings | 239,491 | 196,032 | 178,091 | 203,249 | 99,926 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Long-term borrowings | 253,785 | 409,424 | 425,926 | 567,209 | 587,618 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Bonds | 160,000 | 170,000 | 200,000 | 280,000 | 250,000 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Interest-bearing debt | 653,276 | 775,456 | 804,017 | 1,050,458 | 937,544 | 算出 |
| Total liabilities | 1,630,260 | 1,758,517 | 1,814,106 | 2,101,271 | 1,972,296 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Non-controlling interests | 31,405 | 35,087 | 35,234 | 54,523 | 77,189 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Equity attributable to owners of parent | 1,459,381 | 1,317,493 | 1,311,878 | 1,366,768 | 1,468,278 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Retained earnings | 1,282,325 | 1,141,690 | 1,135,533 | 1,191,076 | 1,294,711 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |
| Treasury stock | -6,219 | -7,426 | -7,316 | -8,015 | -10,140 | S100SC6S, S100TQ91, S100W2HS, S100YGRD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGRD |
| Property, plant and equipment | 23% | S100YGRD |
| Intangibles and goodwill | 32% | S100YGRD |
| Investment securities | 3% | S100YGRD |
| Other assets | 33% | S100YGRD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YGRD |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 20% | S100YGRD |
| Equity | 52% | S100YGRD |

### 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 | 3,349,075 | 3,453,900 | 3,662,730 | 4,015,214 | 4,137,943 |
| Equity | 1,718,815 | 1,695,382 | 1,848,625 | 1,913,944 | 2,165,647 |
| Interest-bearing debt | 653,276 | 775,456 | 804,017 | 1,050,458 | 937,544 |
| Cash | 242,948 | 247,903 | 333,498 | 390,035 | 372,068 |

## 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) | 31.3% | S100YGRD |
| Fixed assets ÷ total assets | 23.2% | S100YGRD |
| Goodwill ÷ parent equity | 26.1% | S100YGRD |

Goodwill over 4 years: 431,335 → 383,805 JPY; total investing cash flow: -1,065,224 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) | 9.0% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | -¥565.5B |
| Net debt ÷ operating cash flow | 1.87× |
| Cash conversion (operating CF ÷ operating income) | 131.1% |
| Cash vs. profit gap | 144,311 JPY mn (of net income 90.9%) |
| Shareholder returns / net income | 35.7% |
| Shareholder returns / FCF | 61.6% |
| Shareholder payments — dividends / net income | 34.2% |
| Shareholder payments — dividends / FCF | 59.1% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 35.3% |

## 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 | 6.6% | 0.73× | 4.8% | 2.29× | 11.1% | S100SC6S |
| 2023 | — | —× | -2.7% | —× | — | S100TQ91 |
| 2024 | 1.6% | 0.78× | 1.2% | 2.71× | 3.3% | S100W2HS |
| 2025 | 4.4% | 0.79× | 3.5% | 2.87× | 10.1% | S100YGRD |
| 2026 | 5.2% | 0.75× | 3.9% | 2.88× | 11.2% | S100YGRD |

## 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) (注) １ | Major shareholder | 14.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) (注) １ | Major shareholder | 6.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| 旭化成グループ従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託 みずほ銀行口再信託受託者 株式会社日本カストディ銀行 (注) １ | Major shareholder | 1.5% | 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 | 1.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥3.07T, up just +1.2%.
- Profits grew much faster: operating income reached ¥231.2B (+9.1%) and net income ¥158.8B (+17.6%).
- Gains in Health Care and Homes more than made up for a weaker Material segment.

### Drivers

- Health Care grew on higher sales of key drugs and newly consolidating Calliditas, a Swedish drug maker it acquired
- In Homes, larger and higher-spec custom houses in Japan pushed up average prices
- In Material, electronics sold well on AI server demand, but chemicals were hurt by a large scheduled shutdown at the Mizushima plant and inventory valuation effects

### Risks

- An accident or an environmental rule breach at a plant could halt operations and damage trust
- Quality misconduct or certification lapses could lead to recalls or stopped production
- Economic-security policies, disasters, or geopolitical events could disrupt its supply chains

Cited: Annual Securities Report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第135期(2025/04/01－2026/03/31) | S100YGRD | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGRD,, |
| 有価証券報告書－第134期(2024/04/01－2025/03/31) | S100W2HS | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HS,, |
| 有価証券報告書－第133期(2023/04/01－2024/03/31) | S100TQ91 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ91,, |
| 訂正有価証券報告書－第132期(2022/04/01－2023/03/31) | S100SC6S | 2023-11-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SC6S,, |
| 有価証券報告書－第131期(令和3年4月1日－令和4年3月31日) | S100OCR3 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCR3,, |
| 有価証券報告書－第130期(令和2年4月1日－令和3年3月31日) | S100LNZQ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNZQ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 帝人 | Joint venture | 帝人フロンティアと旭化成アドバンスを統合し、帝人 80%・旭化成 20% の合弁会社（TAフロンティア）とする基本契約 | S100YCMK |

## 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).