# ASAHIPEN 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80期(2025/04/01－2026/03/31) (S100YLY9)
> Page: https://vizora.meequs.com/en/company/asahipen
> Retrieved: 2026-09-30T20:26:27.136Z

## Company

Asahipen, founded in 1947, is a company in Watches, Jewelry & Eyewear listed on TSE Standard. It has 375 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHIPEN CORPORATION |
| Ticker | 4623 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4623.T) |
| Listing | TSE Standard |
| Head office | 大阪市鶴見区鶴見四丁目1番12号 |
| Representative (per filing) | 代表取締役社長 澤田 耕吾 |
| Founded | Sep 1947 |
| Share capital | ¥100M |
| Employees (consolidated) | 375 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.asahipen.jp (https://www.asahipen.jp/) |
| Corporate number | 4120001001403 |
| EDINET | E00909 |
| Industries (Vizora) | Watches, Jewelry & Eyewear, Furniture, Interior & Lifestyle Goods, Paints & Inks, Pets |

> Profile source: annual securities report (S100YLY9, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 23 |
| Profitability | 23.9 | 23 |
| Cash conversion | 79.5 | 22 |
| Efficiency | 37 | 23 |
| Financial strength | 37.5 | 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)

- About 44% of Asahipen's sales come from Paint, with DIY products and Pet making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -27.4%.

## Company structure

- Segment revenue mix: Paint 43.5%、DIY products 28.7%、Pet 20.1%、Watch 6.3%、Other 1.5%
- Revenue → net income: ¥16822749000 → ¥727740000
- Net income → operating cash flow: ¥727740000 → ¥1242724000（difference ¥514984000）
- Main uses of operating cash flow: CapEx ¥841880000 / dividends ¥233523000 / buybacks ¥349980000
- Change in cash: ¥949250000
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 | ¥16.8B |  |
| Operating income | ¥628.4M | Margin 3.7% |
| Net income | ¥727.7M | Margin 4.3% |
| Free cash flow | ¥400.8M |  |
| Largest business | Paint | of segment revenue 43.5% |
| Employees (consolidated) | 375 |  |
| EPS | ¥201.59 |  |
| Book value per share | ¥4040.65 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 4,500,000 |  |
| Treasury shares | 792,200 |  |
| Shareholders | 5,462 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 16.5% | Net cash -¥1.16B · Cash ÷ revenue 25.5% |
| Vs. industry median margin | -2.2 pp | Paints & Inks |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.5× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15845204000 | ¥16822749000 | +6.2% |
| Operating income | ¥1020697000 | ¥628412000 | -38.4% |
| Operating margin | 6.4% | 3.7% | -2.7 pp |
| Employees | 225 people | 375 people | +66.7% |
| Cash and equivalents | ¥3550875000 | ¥4281900000 | +20.6% |

### 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 |
| --- | ---: |
| 塗料事業 → 塗料事業 | 43.5% |
| 塗料事業 → 事業再編・廃止 | 16.2% |
| ＤＩＹ用品事業 → ＤＩＹ用品事業 | 28.7% |
| ＤＩＹ用品事業 → 事業再編・廃止 | 10.9% |
| その他 → その他 | 0.7% |
| 新設・再編 → ペット用品事業 | 20.1% |
| 新設・再編 → 時計用品事業 | 6.3% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Paint | 5 years | -5.0% | ¥7318032000 | 4.4% | 2 |
| DIY products | 5 years | -5.1% | ¥4821523000 | 4.5% | 2 |
| Pet | 3 years | -0.3% | ¥3376778000 | 1.6% | 2 |
| Watch | — | — | ¥1054175000 | -6.7% | 2 |
| Other | 5 years | +16.5% | ¥252239000 | 44.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,823 | 100.0% | S100YLY9 |
| Cost of revenue | 11,434 | 68.0% | S100YLY9 |
| Gross profit | 5,389 | 32.0% | S100YLY9 |
| SG&A | 4,761 | 28.3% | S100YLY9 |
| Operating income | 628 | 3.7% | S100YLY9 |
| Ordinary income | 739 | 4.4% | S100YLY9 |
| Pretax income | 1,019 | 6.1% | S100YLY9 |
| Income tax | 291 | 1.7% | S100YLY9 |
| Net income | 728 | 4.3% | S100YLY9 |
| Net income attributable to owners | 728 | 4.3% | S100YLY9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 28 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 32.0% → Operating margin 3.7% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -27.4%
Operating leverage (core profit growth ÷ revenue growth): 14.27×
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 | 17,152 | 16,823 | -329 | -1.9% |
| Gross profit | 5,301 | 5,389 | 88 | +1.7% |
| Operating income | 865 | 628 | -237 | -27.4% |
| Net income attributable to owners | 702 | 728 | 26 | +3.7% |
| Operating cash flow | 967 | 1,243 | 276 | +28.6% |
| Free cash flow | -449 | 401 | 850 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,761 | 657 | 4.8% | 525 | 993 | 63 | S100LV11 |
| FY ending Mar 2021 | 15,845 | 1,021 | 6.4% | 633 | 1,421 | 293 | S100OK26 |
| FY ending Mar 2022 | 14,221 | 905 | 6.4% | 1,004 | 1,261 | 1,061 | S100RXMG |
| FY ending Mar 2023 | 17,131 | 792 | 4.6% | 654 | 351 | 6 | S100UAVC |
| FY ending Mar 2024 | 17,106 | 844 | 4.9% | 380 | 841 | 521 | S100W71K |
| FY ending Mar 2025 | 17,152 | 865 | 5.0% | 702 | 967 | -449 | S100YLY9 |
| FY ending Mar 2026 | 16,823 | 628 | 3.7% | 728 | 1,243 | 401 | S100YLY9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥1.7M |
| 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) | 226 | 258 | 259 | 253 | 375 |
| Average salary (parent company) | ¥5.8M | ¥5.6M | ¥5.4M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 43.2 years | 43.1 years | 43.2 years | 44.4 years | 44.8 years |
| Average tenure (parent company) | 15.9 years | 16.0 years | 15.8 years | 16.4 years | 16.6 years |

Year over year: Employees (consolidated) +48.2% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint | 7,318 | 43.5% | 319 | 4.4% |
| DIY products | 4,822 | 28.7% | 215 | 4.5% |
| Pet | 3,377 | 20.1% | 54 | 1.6% |
| Watch | 1,054 | 6.3% | -70 | -6.7% |
| Other | 252 | 1.5% | 113 | 44.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint | 43.5% | 45.5% | 2.0 | 4.4% |
| DIY products | 28.7% | 30.7% | 2.0 | 4.5% |
| Pet | 20.1% | 7.7% | -12.4 | 1.6% |
| Watch | 6.3% | — | — | -6.7% |
| Other | 1.5% | 16.1% | 14.6 | 44.7% |

Loss-making segment (excluded from profit shares): Watch -70 JPY mn

Segment → industry: Watch → Watches, Jewelry & Eyewear / DIY products → Furniture, Interior & Lifestyle Goods / Paint → Paints & Inks / Pet → Pets

## 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 | 1,243 | 7.4% | S100YLY9 |
| Capital expenditure | 842 | 5.0% | S100YLY9 |
| Free cash flow | 401 | 2.4% | 算出 |
| Investing cash flow | -912 | -5.4% | S100YLY9 |
| Financing cash flow | 616 | 3.7% | S100YLY9 |
| Dividends paid | 234 | 1.4% | S100YLY9 |
| Share buyback | 350 | 2.1% | S100YLY9 |
| Change in cash | 949 | 5.6% | S100YLY9 |
| Cash and equivalents | 4,282 | 25.5% | S100YLY9 |

## 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 | 4,387 | 4,110 | 3,906 | 3,333 | 4,282 | S100UAVC, S100W71K, S100YLY9 |
| Total assets | 19,726 | 21,520 | 21,573 | 21,531 | 25,963 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Net assets | 13,251 | 13,530 | 13,705 | 14,151 | 14,993 | S100UAVC, S100W71K, S100YLY9 |
| Share capital | 5,869 | 5,869 | 5,869 | 5,869 | 100 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Property, plant and equipment | 6,143 | 6,346 | 6,315 | 7,442 | 8,535 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Intangible assets excluding goodwill | 240 | 1,106 | 958 | 808 | 654 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Goodwill | — | 879 | 735 | 590 | 446 | S100UAVC, S100W71K, S100YLY9 |
| Investment securities | 2,303 | 2,500 | 2,902 | 2,877 | 3,765 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Current assets | 10,625 | 10,898 | 10,706 | 9,717 | 12,157 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Current liabilities | 3,702 | 4,833 | 4,558 | 3,669 | 7,455 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Trade payables | 1,172 | 1,450 | 1,226 | 1,097 | 1,342 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Short-term borrowings | 580 | 1,280 | 1,090 | 1,295 | 3,498 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Long-term borrowings | 200 | 1,043 | 771 | 1,200 | 1,147 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Bonds | 1,500 | 1,000 | 1,300 | 1,300 | 800 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Interest-bearing debt | 2,280 | 3,323 | 3,161 | 3,795 | 5,444 | 算出 |
| Total liabilities | 6,475 | 7,990 | 7,869 | 7,380 | 10,971 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Equity attributable to owners of parent | 12,313 | 12,487 | 12,367 | 12,776 | 12,962 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Retained earnings | 3,815 | 4,261 | 4,426 | 4,918 | 5,412 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |
| Treasury stock | -1,543 | -1,814 | -2,097 | -1,118 | -1,423 | S100RXMG, S100UAVC, S100W71K, S100YLY9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YLY9 |
| Property, plant and equipment | 33% | S100YLY9 |
| Intangibles and goodwill | 4% | S100YLY9 |
| Investment securities | 15% | S100YLY9 |
| Other assets | 32% | S100YLY9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YLY9 |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 16% | S100YLY9 |
| Equity | 58% | S100YLY9 |

### 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 | 19,726 | 21,520 | 21,573 | 21,531 | 25,963 |
| Equity | 13,251 | 13,530 | 13,705 | 14,151 | 14,993 |
| Interest-bearing debt | 2,280 | 3,323 | 3,161 | 3,795 | 5,444 |
| Cash | 4,387 | 4,110 | 3,906 | 3,333 | 4,282 |

## 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) | 50.7% | S100YLY9 |
| Fixed assets ÷ total assets | 32.9% | S100YLY9 |
| Goodwill ÷ parent equity | 3.4% | S100YLY9 |

### 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) | 16.5% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | -¥1.16B |
| Net debt ÷ operating cash flow | 0.94× |
| Cash conversion (operating CF ÷ operating income) | 197.8% |
| Cash vs. profit gap | 515 JPY mn (of net income 70.8%) |
| Shareholder returns / net income | 80.2% |
| Shareholder returns / FCF | 145.6% |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | 58.3% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 73.4% |

## 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 | 7.1% | 0.72× | 5.1% | 1.60× | 8.2% | S100RXMG |
| 2023 | 3.8% | 0.83× | 3.2% | 1.66× | 5.3% | S100UAVC |
| 2024 | 2.2% | 0.79× | 1.8% | 1.73× | 3.1% | S100W71K |
| 2025 | 4.1% | 0.80× | 3.3% | 1.71× | 5.6% | S100YLY9 |
| 2026 | 4.3% | 0.71× | 3.1% | 1.85× | 5.7% | S100YLY9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般財団法人アサヒペンひかり財団 | Major shareholder | 12.5% | 2026-03-31 |
| アサヒペン共伸会 | Major shareholder | 5.3% | 2026-03-31 |
| アサヒペン共栄会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 澤田 耕吾 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社伊予銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 田中 猛 | Major shareholder | 1.6% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 田中 弘文 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YLY9 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLY9,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W71K | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W71K,, |
| 訂正有価証券報告書－第78期(2023/04/01－2024/03/31) | S100UAVC | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAVC,, |
| 訂正有価証券報告書－第77期(2022/04/01－2023/03/31) | S100RXMG | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXMG,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OK26 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK26,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LV11 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV11,, |

## 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).