# Asahi Co.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/02/21－2026/02/20) (S100Y2X4)
> Page: https://vizora.meequs.com/en/company/asahi
> Retrieved: 2026-09-30T21:31:19.430Z

## Company

Asahi, founded in 1975, is a company in Bicycles listed on TSE Prime. It has 1,826 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI CO.,LTD. |
| Ticker | 3333 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3333.T) |
| Listing | TSE Prime |
| Head office | 大阪市都島区高倉町三丁目11番4号 |
| Representative (per filing) | 代表取締役社長 下田 佳史 |
| Founded | Apr 1975 |
| Share capital | ¥2.06B |
| Employees (consolidated) | 1,826 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | February |
| Website | www.cb-asahi.co.jp (https://www.cb-asahi.co.jp/) |
| Corporate number | 7120001006861 |
| EDINET | E03439 |
| Industries (Vizora) | Bicycles |

> Profile source: annual securities report (S100Y2X4, filed 2026-05-13). As of filing

## Five-axis industry profile

Primary industry: Bicycles (2026-02-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 12.5 | 4 |
| Cash conversion | 87.5 | 4 |
| Efficiency | 62.5 | 4 |

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)

- Asahi brought in ¥81.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -28.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥81374883000 → ¥2268821000
- Net income → operating cash flow: ¥2268821000 → ¥6299895000（difference ¥4031074000）
- Main uses of operating cash flow: CapEx ¥1979144000 / dividends ¥1313504000 / buybacks —
- Change in cash: ¥2831899000
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 | ¥81.4B |  |
| Operating income | ¥3.94B | Margin 4.8% |
| Net income | ¥2.27B | Margin 2.8% |
| Free cash flow | ¥4.32B |  |
| Employees (consolidated) | 1,826 |  |
| EPS | ¥87.12 |  |
| Book value per share | ¥1542.09 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 26,240,800 |  |
| Treasury shares | 500 |  |
| Shareholders | 19,257 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -1 pp | Bicycles |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69456001000 | ¥81374883000 | +17.2% |
| Operating income | ¥6863883000 | ¥3937894000 | -42.6% |
| Operating margin | 9.9% | 4.8% | -5 pp |
| Employees | 1,600 people | 1,826 people | +14.1% |
| Cash and equivalents | ¥7697850000 | ¥12269975000 | +59.4% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,375 | 100.0% | S100Y2X4 |
| Cost of revenue | 42,583 | 52.3% | S100Y2X4 |
| Gross profit | 38,791 | 47.7% | S100Y2X4 |
| SG&A | 34,854 | 42.8% | S100Y2X4 |
| Operating income | 3,938 | 4.8% | S100Y2X4 |
| Ordinary income | 4,170 | 5.1% | S100Y2X4 |
| Pretax income | 3,518 | 4.3% | S100Y2X4 |
| Income tax | 1,249 | 1.5% | S100Y2X4 |
| Net income | 2,269 | 2.8% | S100Y2X4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 43 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 47.7% → Operating margin 4.8% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -28.2%
Operating leverage (core profit growth ÷ revenue growth): 105.34×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 81,593 | 81,375 | -219 | -0.3% |
| Gross profit | 38,740 | 38,791 | 52 | +0.1% |
| Operating income | 5,486 | 3,938 | -1,548 | -28.2% |
| Operating cash flow | 4,293 | 6,300 | 2,007 | +46.7% |
| Free cash flow | 1,591 | 4,321 | 2,730 | +171.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 59,853 | 4,006 | 6.7% | 2,559 | 3,954 | 2,709 | S100LCCT |
| FY ending Feb 2021 | 69,456 | 6,864 | 9.9% | 4,718 | 7,295 | 5,744 | S100O26N |
| FY ending Feb 2022 | 71,399 | 5,221 | 7.3% | 3,542 | 1,586 | -541 | S100QR6P |
| FY ending Feb 2023 | 74,712 | 5,128 | 6.9% | 3,366 | 2,534 | 36 | S100TCYC |
| FY ending Feb 2024 | 78,076 | 4,912 | 6.3% | 3,113 | 8,582 | 5,727 | S100VQSO |
| FY ending Feb 2025 | 81,593 | 5,486 | 6.7% | 3,556 | 4,293 | 1,591 | S100Y2X4 |
| FY ending Feb 2026 | 81,375 | 3,938 | 4.8% | 2,269 | 6,300 | 4,321 | S100Y2X4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.6M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,683 | 1,754 | 1,766 | 1,794 | 1,826 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.8M | ¥5M | ¥5.1M |
| Average age (parent company) | 33.0 years | 33.0 years | 34.0 years | 34.0 years | 35.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 9.0 years | 9.0 years | 9.0 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -0.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,300 | 7.7% | S100Y2X4 |
| Capital expenditure | 1,979 | 2.4% | S100Y2X4 |
| Free cash flow | 4,321 | 5.3% | 算出 |
| Investing cash flow | -2,154 | -2.6% | S100Y2X4 |
| Financing cash flow | -1,314 | -1.6% | S100Y2X4 |
| Dividends paid | 1,314 | 1.6% | S100Y2X4 |
| Change in cash | 2,832 | 3.5% | S100Y2X4 |
| Cash and equivalents | 12,270 | 15.1% | S100Y2X4 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,135 | 5,296 | 9,501 | 9,438 | 12,270 | S100TCYC, S100VQSO, S100Y2X4 |
| Total assets | 46,473 | 50,411 | 52,554 | 54,452 | 56,078 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Net assets | 35,346 | 34,988 | 36,964 | 39,116 | 40,159 | S100TCYC, S100VQSO, S100Y2X4 |
| Share capital | 2,061 | 2,061 | 2,061 | 2,061 | 2,061 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Property, plant and equipment | 13,030 | 13,400 | 14,222 | 14,844 | 14,761 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Intangible assets excluding goodwill | 515 | 836 | 1,104 | 1,058 | 833 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Current assets | 24,947 | 27,638 | 29,239 | 30,561 | 32,680 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Current liabilities | 10,072 | 14,322 | 14,438 | 14,141 | 14,669 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Total liabilities | 11,127 | 15,424 | 15,590 | 15,336 | 15,919 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Equity attributable to owners of parent | 35,220 | 35,147 | 36,935 | 39,138 | 40,097 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Retained earnings | 31,174 | 31,101 | 32,889 | 35,198 | 36,155 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |
| Treasury stock | -180 | -180 | -180 | -287 | -285 | S100QR6P, S100TCYC, S100VQSO, S100Y2X4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y2X4 |
| Property, plant and equipment | 26% | S100Y2X4 |
| Intangibles and goodwill | 2% | S100Y2X4 |
| Other assets | 50% | S100Y2X4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100Y2X4 |
| Equity | 72% | S100Y2X4 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,473 | 50,411 | 52,554 | 54,452 | 56,078 |
| Equity | 35,346 | 34,988 | 36,964 | 39,116 | 40,159 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,135 | 5,296 | 9,501 | 9,438 | 12,270 |

## 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) | 18.1% | S100Y2X4 |
| Fixed assets ÷ total assets | 26.3% | S100Y2X4 |
| Goodwill ÷ parent equity | — | —, S100Y2X4 |

### 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) | 21.9% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.0% |
| Cash vs. profit gap | 4,031 JPY mn (of net income 177.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.9% |
| Shareholder payments — dividends / FCF | 30.4% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 34.2% |

## 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 | 5.0% | 1.54× | 7.6% | 1.32× | 10.1% | S100QR6P |
| 2023 | 4.5% | 1.54× | 6.9% | 1.38× | 9.6% | S100TCYC |
| 2024 | 4.0% | 1.52× | 6.0% | 1.43× | 8.6% | S100VQSO |
| 2025 | 4.4% | 1.53× | 6.6% | 1.41× | 9.3% | S100Y2X4 |
| 2026 | 2.8% | 1.47× | 4.1% | 1.39× | 5.7% | S100Y2X4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 下田 佳史 | Major shareholder | 12.5% | 2026-02-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2026-02-20 |
| 下田 英樹 | Major shareholder | 7.9% | 2026-02-20 |
| 下田 美智子 | Major shareholder | 5.9% | 2026-02-20 |
| 株式会社シー・ビー・エイ | Major shareholder | 5.0% | 2026-02-20 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-02-20 |
| 下田 富昭 | Major shareholder | 2.9% | 2026-02-20 |
| あさひ従業員持株会 | Major shareholder | 2.6% | 2026-02-20 |
| 下田 忍 | Major shareholder | 2.5% | 2026-02-20 |
| NORTHERN TRUST CO.(AVFC)RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.2% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/02/21－2026/02/20) | S100Y2X4 | 2026-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y2X4,, |
| 有価証券報告書－第50期(2024/02/21－2025/02/20) | S100VQSO | 2025-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQSO,, |
| 有価証券報告書－第49期(2023/02/21－2024/02/20) | S100TCYC | 2024-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TCYC,, |
| 有価証券報告書－第48期(2022/02/21－2023/02/20) | S100QR6P | 2023-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QR6P,, |
| 有価証券報告書－第47期(令和3年2月21日－令和4年2月20日) | S100O26N | 2022-05-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O26N,, |
| 有価証券報告書－第46期(令和2年2月21日－令和3年2月20日) | S100LCCT | 2021-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCCT,, |

## 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).