# ASAHI YUKIZAI 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105期(2025/04/01－2026/03/31) (S100YDDN)
> Page: https://vizora.meequs.com/en/company/asahi-yukizai
> Retrieved: 2026-09-30T17:52:22.000Z

## Company

Asahi Yukizai, founded in 2001, is a company in Chemicals listed on TSE Prime. It has 1,748 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI YUKIZAI CORPORATION |
| Ticker | 4216 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4216.T) |
| Listing | TSE Prime |
| Head office | 宮崎県延岡市中の瀬町二丁目5955番地 (同所は登記上の本店所在地であり、実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長執行役員 CEO 中野 賀津也 |
| Founded | Feb 2001 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,748 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.asahi-yukizai.co.jp (https://www.asahi-yukizai.co.jp/) |
| Corporate number | 7350001006608 |
| EDINET | E00830 |
| Industries (Vizora) | Chemicals, Plant Engineering & Building Services, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YDDN, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65 | 110 |
| Profitability | 62.7 | 122 |
| Cash conversion | 59.1 | 116 |
| Efficiency | 54.5 | 122 |

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 60% of Asahi Yukizai's sales come from Valve and Piping Systems, with Resin and Water Treatment and Natural Resources Exploitation making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -6.0% from the prior year, operating profit -31.8%.

## Company structure

- Segment revenue mix: Valve and Piping Systems 60.1%、Resin 28.7%、Water Treatment and Natural Resources Exploitation 11.2%
- Revenue → net income: ¥80081000000 → ¥3434000000
- Net income → operating cash flow: ¥3434000000 → ¥10449000000（difference ¥7015000000）
- Main uses of operating cash flow: CapEx ¥9841000000 / dividends ¥2177000000 / buybacks ¥2000000
- Change in cash: ¥-831000000
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 | ¥80.1B |  |
| Operating income | ¥7.58B | Margin 9.5% |
| Net income | ¥3.33B | Margin 4.2% |
| Free cash flow | ¥608M |  |
| Largest business | Valve and Piping Systems | of segment revenue 60.1% |
| Employees (consolidated) | 1,748 |  |
| EPS | ¥175.34 |  |
| Book value per share | ¥2772.7 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 19,800,000 |  |
| Treasury shares | 867,400 |  |
| Shareholders | 5,311 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 29.0% |
| Vs. industry median margin | +1.9 pp | Industrial Machinery |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53551000000 | ¥80081000000 | +49.5% |
| Operating income | ¥3404000000 | ¥7579000000 | +122.6% |
| Operating margin | 6.4% | 9.5% | +3.1 pp |
| Employees | 1,559 people | 1,748 people | +12.1% |
| Cash and equivalents | ¥10398000000 | ¥23228000000 | +123.4% |

### 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 |
| --- | ---: |
| 管材システム事業 → 管材システム事業 | 57.6% |
| 樹脂事業 → 樹脂事業 | 28.7% |
| 樹脂事業 → 事業再編・廃止 | 1.0% |
| 水処理・資源開発事業 → 水処理・資源開発事業 | 11.2% |
| 水処理・資源開発事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 管材システム事業 | 2.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Valve and Piping Systems | 5 years | +9.3% | ¥48117000000 | 13.1% | 2 |
| Resin | 5 years | +7.7% | ¥22977000000 | 4.0% | 2 |
| Water Treatment and Natural Resources Exploitation | 5 years | +5.6% | ¥8987000000 | 6.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 80,081 | 100.0% | S100YDDN |
| Cost of revenue | 50,559 | 63.1% | S100YDDN |
| Gross profit | 29,522 | 36.9% | S100YDDN |
| SG&A | 21,942 | 27.4% | S100YDDN |
| Operating income | 7,579 | 9.5% | S100YDDN |
| Ordinary income | 7,956 | 9.9% | S100YDDN |
| Pretax income | 5,832 | 7.3% | S100YDDN |
| Income tax | 2,398 | 3.0% | S100YDDN |
| Net income | 3,434 | 4.3% | S100YDDN |
| Net income attributable to owners | 3,326 | 4.2% | S100YDDN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 27 |
| Operating income | 10 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 36.9% → Operating margin 9.5% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.0%; Core profit growth: -31.8%
Operating leverage (core profit growth ÷ revenue growth): 5.34×
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 | 85,162 | 80,081 | -5,081 | -6.0% |
| Gross profit | 32,943 | 29,522 | -3,421 | -10.4% |
| Operating income | 11,121 | 7,579 | -3,542 | -31.8% |
| Net income attributable to owners | 7,624 | 3,326 | -4,298 | -56.4% |
| Operating cash flow | 11,335 | 10,449 | -886 | -7.8% |
| Free cash flow | 5,691 | 608 | -5,083 | -89.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 56,581 | 4,368 | 7.7% | 3,138 | 6,194 | 3,217 | S100LLDU |
| FY ending Mar 2021 | 53,551 | 3,404 | 6.4% | 2,789 | 3,420 | 1,183 | S100OHPH |
| FY ending Mar 2022 | 64,732 | 6,575 | 10.2% | 4,773 | 7,175 | 5,472 | S100R4PV |
| FY ending Mar 2023 | 77,099 | 11,947 | 15.5% | 9,425 | 5,841 | 991 | S100TR46 |
| FY ending Mar 2024 | 87,426 | 15,576 | 17.8% | 11,382 | 9,698 | 4,910 | S100VY66 |
| FY ending Mar 2025 | 85,162 | 11,121 | 13.1% | 7,624 | 11,335 | 5,691 | S100YDDN |
| FY ending Mar 2026 | 80,081 | 7,579 | 9.5% | 3,326 | 10,449 | 608 | S100YDDN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,555 | 1,652 | 1,718 | 1,787 | 1,748 |
| Average salary (parent company) | ¥6.1M | ¥6.5M | ¥6.8M | ¥7.1M | ¥6.8M |
| Average age (parent company) | 44.1 years | 44.1 years | 44.1 years | 44.0 years | 42.1 years |
| Average tenure (parent company) | 21.0 years | 20.0 years | 19.0 years | 18.1 years | 16.1 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) -6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Valve and Piping Systems | 48,117 | 60.1% | 6,285 | 13.1% |
| Resin | 22,977 | 28.7% | 918 | 4.0% |
| Water Treatment and Natural Resources Exploitation | 8,987 | 11.2% | 575 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Valve and Piping Systems | 60.1% | 80.8% | 20.7 | 13.1% |
| Resin | 28.7% | 11.8% | -16.9 | 4.0% |
| Water Treatment and Natural Resources Exploitation | 11.2% | 7.4% | -3.8 | 6.4% |

Segment → industry: Resin → Chemicals / Water Treatment and Natural Resources Exploitation → Plant Engineering & Building Services / Water Treatment and Natural Resources Exploitation → Waste Management & Recycling / Valve and Piping Systems → Industrial Machinery

## 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 | 10,449 | 13.0% | S100YDDN |
| Capital expenditure | 9,841 | 12.3% | S100YDDN |
| Free cash flow | 608 | 0.8% | 算出 |
| Investing cash flow | -9,539 | -11.9% | S100YDDN |
| Financing cash flow | -1,712 | -2.1% | S100YDDN |
| Dividends paid | 2,177 | 2.7% | S100YDDN |
| Share buyback | 2 | 0.0% | S100YDDN |
| Change in cash | -831 | -1.0% | S100YDDN |
| Cash and equivalents | 23,228 | 29.0% | S100YDDN |

## 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 | 14,311 | 13,928 | 18,761 | 24,059 | 23,228 | S100TR46, S100VY66, S100YDDN |
| Total assets | 74,925 | 86,256 | 101,371 | 105,772 | 108,582 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Net assets | 51,867 | 61,179 | 71,673 | 78,262 | 81,593 | S100TR46, S100VY66, S100YDDN |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Inventories | 13,235 | 18,977 | 22,278 | 21,505 | 21,448 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Property, plant and equipment | 18,003 | 20,927 | 24,267 | 26,770 | 30,034 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Intangible assets excluding goodwill | 2,245 | 2,376 | 2,661 | 2,397 | 3,088 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Goodwill | 968 | 909 | 816 | 741 | 664 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Investment securities | 3,333 | 3,028 | 3,084 | 2,404 | 4,571 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Current assets | 47,830 | 55,720 | 66,660 | 69,563 | 66,146 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Current liabilities | 18,365 | 20,765 | 24,374 | 20,165 | 17,422 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Trade payables | 6,155 | 7,255 | 6,876 | 5,579 | 5,022 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Short-term borrowings | 2,575 | 2,022 | 4,200 | 3,700 | 2,800 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Long-term borrowings | 195 | 203 | — | 2,200 | 3,692 | S100R4PV, S100TR46, S100YDDN |
| Total liabilities | 23,058 | 25,077 | 29,698 | 27,509 | 26,989 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Non-controlling interests | 504 | 566 | 723 | 626 | 711 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Equity attributable to owners of parent | 49,257 | 57,440 | 66,368 | 71,052 | 72,201 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Retained earnings | 36,861 | 45,032 | 54,672 | 60,282 | 61,430 | S100R4PV, S100TR46, S100VY66, S100YDDN |
| Treasury stock | -1,100 | -1,166 | -1,877 | -2,766 | -2,766 | S100R4PV, S100TR46, S100VY66, S100YDDN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YDDN |
| Inventories | 20% | S100YDDN |
| Property, plant and equipment | 28% | S100YDDN |
| Intangibles and goodwill | 3% | S100YDDN |
| Investment securities | 4% | S100YDDN |
| Other assets | 24% | S100YDDN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YDDN |
| Other liabilities | 20% | S100YDDN |
| Equity | 75% | S100YDDN |

### 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 | 74,925 | 86,256 | 101,371 | 105,772 | 108,582 |
| Equity | 51,867 | 61,179 | 71,673 | 78,262 | 81,593 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,311 | 13,928 | 18,761 | 24,059 | 23,228 |

## 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) | 37.5% | S100YDDN |
| Fixed assets ÷ total assets | 27.7% | S100YDDN |
| Goodwill ÷ parent equity | 0.9% | S100YDDN |

Goodwill over 4 years: 968 → 664 JPY; total investing cash flow: -25,836 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) | 21.4% |
| Cash ÷ revenue | 29.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.9% |
| Cash vs. profit gap | 7,123 JPY mn (of net income 214.2%) |
| Shareholder returns / net income | 65.5% |
| Shareholder returns / FCF | 358.4% |
| Shareholder payments — dividends / net income | 65.5% |
| Shareholder payments — dividends / FCF | 358.1% |
| CapEx intensity (capex ÷ revenue) | 12.3% |
| Investing CF relative to operating CF | 91.3% |

## 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 | 7.4% | 0.86× | 6.4% | 1.52× | 9.7% | S100R4PV |
| 2023 | 12.2% | 0.96× | 11.7% | 1.51× | 17.7% | S100TR46 |
| 2024 | 13.0% | 0.93× | 12.1% | 1.52× | 18.4% | S100VY66 |
| 2025 | 9.0% | 0.82× | 7.4% | 1.51× | 11.1% | S100YDDN |
| 2026 | 4.2% | 0.75× | 3.1% | 1.50× | 4.6% | S100YDDN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 旭化成株式会社 | Major shareholder | 30.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.5% | 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 | 7.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社宮崎銀行 | Major shareholder | 2.6% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１２(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 2.4% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YDDN | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDDN,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100VY66 | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY66,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TR46 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR46,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R4PV | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4PV,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OHPH | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHPH,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LLDU | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLDU,, |

## 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).