# ASAHI RUBBER INC.: 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56期(2025/04/01－2026/03/31) (S100YKQB)
> Page: https://vizora.meequs.com/en/company/asahi-rubber
> Retrieved: 2026-09-30T21:01:51.313Z

## Company

Asahi Rubber, founded in 1970, is a company in Medical Devices listed on TSE Standard. It has 538 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI RUBBER INC. |
| Ticker | 5162 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5162.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市大宮区土手町二丁目7番2 |
| Representative (per filing) | 代表取締役社長 渡邉 陽一郎 |
| Founded | May 1970 |
| Share capital | ¥516.9M |
| Employees (consolidated) | 538 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.asahi-rubber.co.jp (https://www.asahi-rubber.co.jp/) |
| Corporate number | 9030001000319 |
| EDINET | E01115 |
| Industries (Vizora) | Medical Devices, Tires & Rubber |

> Profile source: annual securities report (S100YKQB, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.9 | 14 |
| Profitability | 3.6 | 14 |
| Cash conversion | 96.4 | 14 |
| Efficiency | 67.9 | 14 |

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 76% of Asahi Rubber's sales come from Industrial rubber business, with Rubber business for medical care, hygiene making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +8567.4%.

## Company structure

- Segment revenue mix: Industrial rubber business 75.7%、Rubber business for medical care, hygiene 24.3%
- Revenue → net income: ¥7852091000 → ¥158928000
- Net income → operating cash flow: ¥158928000 → ¥835935000（difference ¥677007000）
- Main uses of operating cash flow: CapEx ¥745723000 / dividends ¥92090000 / buybacks ¥51888000
- Change in cash: ¥386089000
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 | ¥7.85B |  |
| Operating income | ¥197.8M | Margin 2.5% |
| Net income | ¥158.9M | Margin 2.0% |
| Free cash flow | ¥90.2M |  |
| Largest business | Industrial rubber business | of segment revenue 75.7% |
| Employees (consolidated) | 538 |  |
| EPS | ¥38.83 |  |
| Book value per share | ¥863.44 |  |
| Equity ratio | 51.6% |  |
| Shares outstanding | 4,618,520 |  |
| Treasury shares | 3,700 |  |
| Shareholders | 2,996 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 20.3% |
| Vs. industry median margin | -5.5 pp | Tires & Rubber |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income
- FY2026, one segment accounts for 70% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6487864000 | ¥7852091000 | +21.0% |
| Operating income | ¥-92645000 | ¥197789000 | — |
| Operating margin | -1.4% | 2.5% | +3.9 pp |
| Employees | 514 people | 538 people | +4.7% |
| Cash and equivalents | ¥1456773000 | ¥1591408000 | +9.2% |

### 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 |
| --- | ---: |
| 工業用ゴム事業 → 工業用ゴム事業 | 75.7% |
| 工業用ゴム事業 → 事業再編・廃止 | 6.5% |
| 医療・衛生用ゴム事業 → 医療・衛生用ゴム事業 | 17.7% |
| 新設・再編 → 医療・衛生用ゴム事業 | 6.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,852 | 100.0% | S100YKQB |
| Cost of revenue | 5,997 | 76.4% | S100YKQB |
| Gross profit | 1,855 | 23.6% | S100YKQB |
| SG&A | 1,657 | 21.1% | S100YKQB |
| Operating income | 198 | 2.5% | S100YKQB |
| Ordinary income | 190 | 2.4% | S100YKQB |
| Pretax income | 212 | 2.7% | S100YKQB |
| Income tax | 53 | 0.7% | S100YKQB |
| Net income | 159 | 2.0% | S100YKQB |
| Net income attributable to owners | 159 | 2.0% | S100YKQB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.6% → Operating margin 2.5% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +8567.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3080.13×
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 | 7,640 | 7,852 | 212 | +2.8% |
| Gross profit | 1,605 | 1,855 | 250 | +15.6% |
| Operating income | 2 | 198 | 196 | +8567.4% |
| Net income attributable to owners | -236 | 159 | 395 | — |
| Operating cash flow | 483 | 836 | 353 | +73.2% |
| Free cash flow | -449 | 90 | 539 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,489 | 326 | 4.3% | 127 | 872 | 84 | S100M4TS |
| FY ending Mar 2021 | 6,488 | -93 | -1.4% | 114 | 719 | 338 | S100OBHC |
| FY ending Mar 2022 | 7,024 | 291 | 4.1% | 238 | 436 | 253 | S100R1G9 |
| FY ending Mar 2023 | 7,206 | 185 | 2.6% | 203 | 433 | 144 | S100TOWO |
| FY ending Mar 2024 | 7,181 | 156 | 2.2% | 134 | 641 | 191 | S100W7N4 |
| FY ending Mar 2025 | 7,640 | 2 | 0.0% | -236 | 483 | -449 | S100YKQB |
| FY ending Mar 2026 | 7,852 | 198 | 2.5% | 159 | 836 | 90 | S100YKQB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.6M |
| Operating income per employee (consolidated) | ¥367.6K |
| Net income per employee (consolidated) | ¥295.4K |

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) | 508 | 486 | 484 | 506 | 538 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 40.2 years | 40.5 years | 41.4 years | 42.5 years | 42.7 years |
| Average tenure (parent company) | 15.5 years | 14.9 years | 16.8 years | 16.7 years | 16.5 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial rubber business | 5,947 | 75.7% | 305 | 5.1% |
| Rubber business for medical care, hygiene | 1,905 | 24.3% | 132 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial rubber business | 75.7% | 69.8% | -5.9 | 5.1% |
| Rubber business for medical care, hygiene | 24.3% | 30.2% | 5.9 | 6.9% |

Segment → industry: Rubber business for medical care, hygiene → Medical Devices / Rubber business for medical care, hygiene → Tires & Rubber / Industrial rubber business → Tires & Rubber

## 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 | 836 | 10.6% | S100YKQB |
| Capital expenditure | 746 | 9.5% | S100YKQB |
| Free cash flow | 90 | 1.1% | 算出 |
| Investing cash flow | -674 | -8.6% | S100YKQB |
| Financing cash flow | 216 | 2.7% | S100YKQB |
| Dividends paid | 92 | 1.2% | S100YKQB |
| Share buyback | 52 | 0.7% | S100YKQB |
| Change in cash | 386 | 4.9% | S100YKQB |
| Cash and equivalents | 1,591 | 20.3% | S100YKQB |

## 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 | 956 | 891 | 1,386 | 1,205 | 1,591 | S100TOWO, S100W7N4, S100YKQB |
| Total assets | 9,720 | 9,387 | 9,414 | 9,299 | 9,732 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Net assets | 4,676 | 4,890 | 5,042 | 4,880 | 5,024 | S100TOWO, S100W7N4, S100YKQB |
| Share capital | 517 | 517 | 517 | 517 | 517 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Property, plant and equipment | 3,434 | 3,353 | 3,300 | 3,486 | 3,712 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Intangible assets excluding goodwill | 76 | 63 | 58 | 42 | 30 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Investment securities | 376 | 394 | 185 | 198 | 263 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Current assets | 5,378 | 5,073 | 5,418 | 5,074 | 5,304 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Current liabilities | 2,526 | 2,368 | 2,612 | 2,841 | 2,618 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Trade payables | 338 | 276 | 299 | 335 | 292 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Short-term borrowings | — | — | 300 | 800 | 600 | S100W7N4, S100YKQB |
| Long-term borrowings | 1,472 | 1,112 | 752 | 588 | 1,108 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Total liabilities | 5,044 | 4,497 | 4,372 | 4,419 | 4,707 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Equity attributable to owners of parent | 4,519 | 4,630 | 4,690 | 4,363 | 4,378 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Retained earnings | 3,591 | 3,703 | 3,745 | 3,417 | 3,485 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |
| Treasury stock | -55 | -55 | -35 | -34 | -89 | S100R1G9, S100TOWO, S100W7N4, S100YKQB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YKQB |
| Property, plant and equipment | 38% | S100YKQB |
| Intangibles and goodwill | 0% | S100YKQB |
| Investment securities | 3% | S100YKQB |
| Other assets | 43% | S100YKQB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YKQB |
| Other liabilities | 45% | S100YKQB |
| Equity | 52% | S100YKQB |

### 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 | 9,720 | 9,387 | 9,414 | 9,299 | 9,732 |
| Equity | 4,676 | 4,890 | 5,042 | 4,880 | 5,024 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 956 | 891 | 1,386 | 1,205 | 1,591 |

## 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) | 47.3% | S100YKQB |
| Fixed assets ÷ total assets | 38.1% | S100YKQB |
| Goodwill ÷ parent equity | — | —, S100YKQB |

### 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) | 16.4% |
| Cash ÷ revenue | 20.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 422.6% |
| Cash vs. profit gap | 677 JPY mn (of net income 426.0%) |
| Shareholder returns / net income | 90.6% |
| Shareholder returns / FCF | 159.6% |
| Shareholder payments — dividends / net income | 57.9% |
| Shareholder payments — dividends / FCF | 102.1% |
| CapEx intensity (capex ÷ revenue) | 9.5% |
| Investing CF relative to operating CF | 80.6% |

## 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 | 3.4% | 0.72× | 2.5% | 2.15× | 5.3% | S100R1G9 |
| 2023 | 2.8% | 0.75× | 2.1% | 2.09× | 4.4% | S100TOWO |
| 2024 | 1.9% | 0.76× | 1.4% | 2.02× | 2.9% | S100W7N4 |
| 2025 | — | —× | -2.5% | —× | — | S100YKQB |
| 2026 | 2.0% | 0.83× | 1.7% | 2.18× | 3.6% | S100YKQB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社伊藤コーポレーション | Major shareholder | 10.3% | 2026-03-31 |
| 晋文金属株式会社 | Major shareholder | 7.4% | 2026-03-31 |
| 朝日ラバ―従業員持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 佐藤 尚美 | Major shareholder | 5.0% | 2026-03-31 |
| 朝日ラバー共栄持株会 | Major shareholder | 4.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社東邦銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社武蔵野銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 黄 聖博 | Major shareholder | 3.0% | 2026-03-31 |
| 横山 林吉 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YKQB | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQB,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W7N4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7N4,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TOWO | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOWO,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R1G9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1G9,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OBHC | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBHC,, |
| 訂正有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100M4TS | 2021-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M4TS,, |

## 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).