# ASAHI-SEIKI MANUFACTURING CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YHGQ)
> Page: https://vizora.meequs.com/en/company/asahi-seiki-manufacturing
> Retrieved: 2026-09-30T22:26:31.179Z

## Company

Asahi-Seiki Manufacturing, founded in 1953, is a company in Machine Tools listed on Nagoya. It has 456 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI-SEIKI MANUFACTURING CO.,LTD. |
| Ticker | 6111 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6111.T) |
| Listing | Nagoya |
| Head office | 愛知県尾張旭市旭前町新田洞5050番地の1 |
| Representative (per filing) | 取締役社長 神谷 真二 |
| Founded | Aug 1953 |
| Share capital | ¥4.18B |
| Employees (consolidated) | 456 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.asahiseiki-mfg.co.jp (https://www.asahiseiki-mfg.co.jp/) |
| Corporate number | 7180001079431 |
| EDINET | E01550 |
| Industries (Vizora) | Machine Tools, Defense |

> Profile source: annual securities report (S100YHGQ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Defense (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 5 |
| Profitability | 10 | 5 |
| Cash conversion | 90 | 5 |
| Efficiency | 30 | 5 |

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 66% of Asahi-Seiki Manufacturing's sales come from Precision processing operation division, with Machine operation division making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +13.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Precision processing operation division 65.5%、Machine operation division 34.5%
- Revenue → net income: ¥13393258000 → ¥803895000
- Net income → operating cash flow: ¥803895000 → ¥1359394000（difference ¥555499000）
- Main uses of operating cash flow: CapEx ¥2543152000 / dividends ¥149035000 / buybacks ¥414137000
- Change in cash: ¥1820949000
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 | ¥13.4B |  |
| Operating income | ¥123.2M | Margin 0.9% |
| Net income | ¥803.9M | Margin 6.0% |
| Free cash flow | -¥1.18B |  |
| Largest business | Precision processing operation division | of segment revenue 65.5% |
| Employees (consolidated) | 456 |  |
| EPS | ¥337.04 |  |
| Book value per share | ¥6157.12 |  |
| Equity ratio | 59.1% |  |
| Shares outstanding | 3,088,000 |  |
| Treasury shares | 796,300 |  |
| Shareholders | 2,432 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 42.4% |
| Vs. industry median margin | -6.2 pp | Defense |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.8× dividends
- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11756345000 | ¥13393258000 | +13.9% |
| Operating income | ¥-224000000 | ¥123175000 | — |
| Operating margin | -1.9% | 0.9% | +2.8 pp |
| Employees | 518 people | 456 people | -12.0% |
| Cash and equivalents | ¥6976589000 | ¥5679352000 | -18.6% |

### 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 |
| --- | ---: |
| 精密加工事業部 → 精密加工事業部 | 58.4% |
| 機械事業部 → 機械事業部 | 34.5% |
| 機械事業部 → 事業再編・廃止 | 7.1% |
| 新設・再編 → 精密加工事業部 | 7.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,393 | 100.0% | S100YHGQ |
| Cost of revenue | 11,549 | 86.2% | 算出 |
| Gross profit | 1,844 | 13.8% | S100YHGQ |
| SG&A | 1,721 | 12.8% | S100YHGQ |
| Operating income | 123 | 0.9% | S100YHGQ |
| Ordinary income | 178 | 1.3% | S100YHGQ |
| Pretax income | 1,081 | 8.1% | S100YHGQ |
| Income tax | 277 | 2.1% | S100YHGQ |
| Net income | 804 | 6.0% | S100YHGQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 13.8% → Operating margin 0.9% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 11,769 | 13,393 | 1,624 | +13.8% |
| Gross profit | 1,599 | 1,844 | 245 | +15.3% |
| Operating income | -121 | 123 | 245 | — |
| Operating cash flow | 615 | 1,359 | 745 | +121.1% |
| Free cash flow | -466 | -1,184 | -717 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,942 | 289 | 2.1% | 404 | 1,388 | 439 | S100LQXB |
| FY ending Mar 2021 | 11,756 | -224 | -1.9% | 409 | 2,051 | 1,365 | S100OF7G |
| FY ending Mar 2022 | 12,920 | 423 | 3.3% | 504 | 187 | -182 | S100R3YS |
| FY ending Mar 2023 | 13,100 | 348 | 2.7% | 296 | -691 | -1,404 | S100TQRW |
| FY ending Mar 2024 | 13,144 | -45 | -0.3% | 114 | 362 | -255 | S100W2N7 |
| FY ending Mar 2025 | 11,769 | -121 | -1.0% | 288 | 615 | -466 | S100YHGQ |
| FY ending Mar 2026 | 13,393 | 123 | 0.9% | 804 | 1,359 | -1,184 | S100YHGQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.4M |
| Operating income per employee (consolidated) | ¥270.1K |
| Net income per employee (consolidated) | ¥1.8M |

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) | 502 | 497 | 481 | 477 | 456 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.7M | ¥5.9M | ¥5.7M |
| Average age (parent company) | 44.5 years | 44.8 years | 45.3 years | 45.6 years | 45.6 years |
| Average tenure (parent company) | 18.8 years | 18.8 years | 19.5 years | 19.8 years | 19.8 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) +13.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precision processing operation division | 8,774 | 65.5% | 808 | 9.2% |
| Machine operation division | 4,619 | 34.5% | 52 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precision processing operation division | 65.5% | 94.0% | 28.5 | 9.2% |
| Machine operation division | 34.5% | 6.0% | -28.5 | 1.1% |

Segment → industry: Machine operation division → Machine Tools / Precision processing operation division → Defense

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,359 | 10.1% | S100YHGQ |
| Capital expenditure | 2,543 | 19.0% | S100YHGQ |
| Free cash flow | -1,184 | -8.8% | 算出 |
| Investing cash flow | -1,571 | -11.7% | S100YHGQ |
| Financing cash flow | 2,029 | 15.1% | S100YHGQ |
| Dividends paid | 149 | 1.1% | S100YHGQ |
| Share buyback | 414 | 3.1% | S100YHGQ |
| Change in cash | 1,821 | 13.6% | S100YHGQ |
| Cash and equivalents | 5,679 | 42.4% | S100YHGQ |

## 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 | 5,660 | 4,074 | 3,985 | 3,858 | 5,679 | S100TQRW, S100W2N7, S100YHGQ |
| Total assets | 20,141 | 20,460 | 20,678 | 20,013 | 23,883 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Net assets | 13,561 | 13,618 | 14,173 | 14,171 | 14,115 | S100TQRW, S100W2N7, S100YHGQ |
| Share capital | 4,175 | 4,175 | 4,175 | 4,175 | 4,175 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Property, plant and equipment | 4,592 | 4,722 | 4,974 | 4,835 | 7,292 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Intangible assets excluding goodwill | 68 | 62 | 54 | 203 | 328 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Investment securities | 2,452 | 2,344 | 3,187 | 2,954 | 2,434 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Current assets | 12,764 | 13,014 | 12,142 | 11,620 | 13,279 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Current liabilities | 5,624 | 5,901 | 5,365 | 4,768 | 6,404 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Short-term borrowings | 1,700 | 1,700 | 2,100 | 2,100 | 2,100 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Long-term borrowings | — | — | — | — | 2,438 | S100YHGQ |
| Total liabilities | 6,580 | 6,843 | 6,505 | 5,842 | 9,769 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Equity attributable to owners of parent | 12,406 | 12,527 | 12,467 | 12,580 | 12,820 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Retained earnings | 6,027 | 6,148 | 6,088 | 6,202 | 6,857 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |
| Treasury stock | -1,265 | -1,265 | -1,265 | -1,266 | -1,680 | S100R3YS, S100TQRW, S100W2N7, S100YHGQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YHGQ |
| Property, plant and equipment | 31% | S100YHGQ |
| Intangibles and goodwill | 1% | S100YHGQ |
| Investment securities | 10% | S100YHGQ |
| Other assets | 34% | S100YHGQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YHGQ |
| Equity | 59% | S100YHGQ |

### 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 | 20,141 | 20,460 | 20,678 | 20,013 | 23,883 |
| Equity | 13,561 | 13,618 | 14,173 | 14,171 | 14,115 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,660 | 4,074 | 3,985 | 3,858 | 5,679 |

## 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) | 54.4% | S100YHGQ |
| Fixed assets ÷ total assets | 30.5% | S100YHGQ |
| Goodwill ÷ parent equity | — | —, S100YHGQ |

### 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) | 23.8% |
| Cash ÷ revenue | 42.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1103.6% |
| Cash vs. profit gap | 555 JPY mn (of net income 69.1%) |
| Shareholder returns / net income | 70.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.0% |
| Investing CF relative to operating CF | 115.6% |

## 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 | 3.9% | 0.64× | 2.5% | 1.62× | 4.1% | S100R3YS |
| 2023 | 2.3% | 0.65× | 1.5% | 1.63× | 2.4% | S100TQRW |
| 2024 | 0.9% | 0.64× | 0.6% | 1.65× | 0.9% | S100W2N7 |
| 2025 | 2.4% | 0.58× | 1.4% | 1.62× | 2.3% | S100YHGQ |
| 2026 | 6.0% | 0.61× | 3.7% | 1.73× | 6.3% | S100YHGQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 古河電気工業株式会社 | Major shareholder | 18.5% | 2026-03-31 |
| 岡谷鋼機株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 旭化成株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| オークマ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 三谷伸銅株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| あさひ持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YHGQ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHGQ,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W2N7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2N7,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TQRW | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQRW,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R3YS | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3YS,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OF7G | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF7G,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LQXB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQXB,, |

## 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).