# ASAHI KOGYOSHA 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97期(2025/04/01－2026/03/31) (S100YIGB)
> Page: https://vizora.meequs.com/en/company/asahi-kogyosha
> Retrieved: 2026-09-30T21:06:12.673Z

## Company

Asahi Kogyosha, founded in 1925, is a company in Semiconductor Equipment listed on TSE Prime. It has 1,148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI KOGYOSHA CO., LTD. |
| Ticker | 1975 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1975.T) |
| Listing | TSE Prime |
| Head office | 東京都港区浜松町一丁目25番7号 |
| Representative (per filing) | 代表取締役社長 髙須康有 |
| Founded | Apr 1925 |
| Share capital | ¥3.86B |
| Employees (consolidated) | 1,148 |
| Average salary (parent only) | ¥12.2M |
| Fiscal year end | March |
| Website | www.asahikogyosha.co.jp (https://www.asahikogyosha.co.jp/) |
| Corporate number | 5010401000023 |
| EDINET | E00153 |
| Industries (Vizora) | Semiconductor Equipment, Air Conditioning, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YIGB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.5 | 72 |
| Profitability | 65.1 | 76 |
| Cash conversion | 73.6 | 74 |
| Efficiency | 71.7 | 76 |

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 95% of Asahi Kogyosha's sales come from Installation Work, with The Manufacture and Sale of Equipment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit +61.2%.

## Company structure

- Segment revenue mix: Installation Work 94.6%、The Manufacture and Sale of Equipment 5.4%
- Revenue → net income: ¥104823000000 → ¥9240000000
- Net income → operating cash flow: ¥9240000000 → ¥12732000000（difference ¥3492000000）
- Main uses of operating cash flow: CapEx ¥3969000000 / dividends ¥3735000000 / buybacks ¥0
- Change in cash: ¥7876000000
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 | ¥104.8B |  |
| Operating income | ¥11.7B | Margin 11.1% |
| Net income | ¥9.24B | Margin 8.8% |
| Free cash flow | ¥8.76B |  |
| Largest business | Installation Work | of segment revenue 94.6% |
| Employees (consolidated) | 1,148 |  |
| EPS | ¥357.13 |  |
| Book value per share | ¥1909.92 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 27,200,000 |  |
| Treasury shares | 1,324,300 |  |
| Shareholders | 5,950 |  |
| Average salary (parent only) | ¥12.2M | Filing company only |
| Cash ratio | 26.1% | Cash ÷ revenue 25.1% |
| Vs. industry median margin | +2.1 pp | Plant Engineering & Building Services |
| ROE | 22.1% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +52% over five years
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥70435000000 | ¥104823000000 | +48.8% |
| Operating income | ¥2235000000 | ¥11682000000 | +422.7% |
| Operating margin | 3.2% | 11.1% | +8 pp |
| Employees | 997 people | 1,148 people | +15.1% |
| Cash and equivalents | ¥15919000000 | ¥26266000000 | +65.0% |

### 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 |
| --- | ---: |
| 設備工事事業 → 設備工事事業 | 89.0% |
| 機器製造販売事業 → 機器製造販売事業 | 5.4% |
| 機器製造販売事業 → 事業再編・廃止 | 5.6% |
| 新設・再編 → 設備工事事業 | 5.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 104,823 | 100.0% | S100YIGB |
| Cost of revenue | 83,377 | 79.5% | S100YIGB |
| Gross profit | 21,446 | 20.5% | S100YIGB |
| SG&A | 9,763 | 9.3% | S100YIGB |
| Operating income | 11,682 | 11.1% | S100YIGB |
| Ordinary income | 12,031 | 11.5% | S100YIGB |
| Pretax income | 12,468 | 11.9% | S100YIGB |
| Income tax | 3,228 | 3.1% | S100YIGB |
| Net income | 9,240 | 8.8% | S100YIGB |
| Net income attributable to owners | 9,240 | 8.8% | S100YIGB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 9 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 20.5% → Operating margin 11.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.0%; Core profit growth: +61.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.37×
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 | 91,947 | 104,823 | 12,876 | +14.0% |
| Gross profit | 15,357 | 21,446 | 6,089 | +39.6% |
| Operating income | 7,248 | 11,682 | 4,434 | +61.2% |
| Net income attributable to owners | 6,229 | 9,240 | 3,011 | +48.3% |
| Operating cash flow | 1,276 | 12,732 | 11,456 | +897.8% |
| Free cash flow | -240 | 8,763 | 9,003 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 103,964 | 3,661 | 3.5% | 2,319 | 8,112 | 7,894 | S100LTQ1 |
| FY ending Mar 2021 | 70,435 | 2,235 | 3.2% | 1,821 | -1,459 | -1,750 | S100OK08 |
| FY ending Mar 2022 | 68,820 | 2,287 | 3.3% | 1,860 | 4,648 | 4,454 | S100R7AE |
| FY ending Mar 2023 | 80,171 | 2,697 | 3.4% | 2,480 | -34 | -1,384 | S100TVAM |
| FY ending Mar 2024 | 91,676 | 4,568 | 5.0% | 3,712 | 2,010 | 1,724 | S100W3X9 |
| FY ending Mar 2025 | 91,947 | 7,248 | 7.9% | 6,229 | 1,276 | -240 | S100YIGB |
| FY ending Mar 2026 | 104,823 | 11,682 | 11.1% | 9,240 | 12,732 | 8,763 | S100YIGB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.3M |
| Operating income per employee (consolidated) | ¥10.2M |
| Net income per employee (consolidated) | ¥8M |

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) | 987 | 993 | 987 | 1,092 | 1,148 |
| Average salary (parent company) | ¥8M | ¥8.5M | ¥10.1M | ¥10.9M | ¥12.2M |
| Average age (parent company) | 44.7 years | 44.6 years | 44.6 years | 45.3 years | 44.6 years |
| Average tenure (parent company) | 19.9 years | 19.7 years | 19.7 years | 18.4 years | 17.8 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Installation Work | 99,141 | 94.6% | 11,783 | 11.9% |
| The Manufacture and Sale of Equipment | 5,681 | 5.4% | -101 | -1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Installation Work | 94.6% | 100.0% | 5.4 | 11.9% |
| The Manufacture and Sale of Equipment | 5.4% | — | — | -1.8% |

Loss-making segment (excluded from profit shares): The Manufacture and Sale of Equipment -101 JPY mn

Segment → industry: The Manufacture and Sale of Equipment → Semiconductor Equipment / The Manufacture and Sale of Equipment → Air Conditioning / Installation Work → Plant Engineering & Building Services

## 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 | 12,732 | 12.1% | S100YIGB |
| Capital expenditure | 3,969 | 3.8% | S100YIGB |
| Free cash flow | 8,763 | 8.4% | 算出 |
| Investing cash flow | -5,472 | -5.2% | S100YIGB |
| Financing cash flow | 498 | 0.5% | S100YIGB |
| Dividends paid | 3,735 | 3.6% | S100YIGB |
| Share buyback | 0 | 0.0% | S100YIGB |
| Change in cash | 7,876 | 7.5% | S100YIGB |
| Cash and equivalents | 26,266 | 25.1% | S100YIGB |

## 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 | 19,390 | 17,540 | 17,979 | 18,389 | 26,266 | S100TVAM, S100W3X9, S100YIGB |
| Total assets | 72,081 | 78,941 | 84,012 | 80,861 | 100,697 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Net assets | 34,360 | 35,380 | 38,756 | 42,027 | 50,858 | S100TVAM, S100W3X9, S100YIGB |
| Share capital | 3,857 | 3,857 | 3,857 | 3,857 | 3,857 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Property, plant and equipment | 5,383 | 6,321 | 6,370 | 8,510 | 11,177 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Intangible assets excluding goodwill | 1,031 | 791 | 675 | 448 | 356 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Investment securities | 12,290 | 11,305 | 11,846 | 9,836 | 15,436 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Current assets | 52,136 | 59,201 | 63,854 | 60,288 | 72,673 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Current liabilities | 35,576 | 41,642 | 43,677 | 36,786 | 44,990 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Short-term borrowings | 3,800 | 3,300 | 3,300 | 3,300 | 3,200 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Long-term borrowings | — | — | — | 196 | 3,753 | S100YIGB |
| Total liabilities | 37,720 | 43,561 | 45,255 | 38,834 | 49,838 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Equity attributable to owners of parent | 30,046 | 31,792 | 34,316 | 38,912 | 44,745 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Retained earnings | 23,120 | 24,830 | 27,321 | 31,878 | 37,383 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |
| Treasury stock | -691 | -672 | -660 | -647 | -595 | S100R7AE, S100TVAM, S100W3X9, S100YIGB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YIGB |
| Property, plant and equipment | 11% | S100YIGB |
| Intangibles and goodwill | 1% | S100YIGB |
| Investment securities | 15% | S100YIGB |
| Other assets | 47% | S100YIGB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YIGB |
| Equity | 51% | S100YIGB |
| Other liabilities | 0% | S100YIGB |

### 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 | 72,081 | 78,941 | 84,012 | 80,861 | 100,697 |
| Equity | 34,360 | 35,380 | 38,756 | 42,027 | 50,858 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,390 | 17,540 | 17,979 | 18,389 | 26,266 |

## 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) | 10.7% | S100YIGB |
| Fixed assets ÷ total assets | 11.1% | S100YIGB |
| Goodwill ÷ parent equity | — | —, S100YIGB |

### 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) | 26.1% |
| Cash ÷ revenue | 25.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.0% |
| Cash vs. profit gap | 3,492 JPY mn (of net income 37.8%) |
| Shareholder returns / net income | 40.4% |
| Shareholder returns / FCF | 42.6% |
| Shareholder payments — dividends / net income | 40.4% |
| Shareholder payments — dividends / FCF | 42.6% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 43.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.7% | 0.95× | 2.6% | 2.40× | 6.2% | S100R7AE |
| 2023 | 3.1% | 1.06× | 3.3% | 2.44× | 8.0% | S100TVAM |
| 2024 | 4.0% | 1.13× | 4.6% | 2.46× | 11.2% | S100W3X9 |
| 2025 | 6.8% | 1.12× | 7.6% | 2.25× | 17.0% | S100YIGB |
| 2026 | 8.8% | 1.15× | 10.2% | 2.17× | 22.1% | S100YIGB |

## 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 | 9.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 朝日工業社共栄会 | Major shareholder | 4.5% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.9% | 2026-03-31 |
| 朝日工業社西日本共栄会 | Major shareholder | 3.8% | 2026-03-31 |
| 朝日工業社従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 髙須康有 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YIGB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGB,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W3X9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3X9,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TVAM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVAM,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R7AE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7AE,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OK08 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK08,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LTQ1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTQ1,, |

## 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).