# ASAKA INDUSTRIAL 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122期(2025/04/01－2026/03/31) (S100YIX3)
> Page: https://vizora.meequs.com/en/company/asaka-industrial
> Retrieved: 2026-09-30T22:47:59.198Z

## Company

Asaka Industrial is a company in Industrial Machinery listed on TSE Standard. It has 142 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAKA INDUSTRIAL CO.,LTD. |
| Ticker | 5962 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5962.T) |
| Listing | TSE Standard |
| Head office | 堺市堺区海山町2丁117番地 |
| Representative (per filing) | 代表取締役社長 岡田 実 |
| Share capital | ¥829.6M |
| Employees (consolidated) | 142 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.asaka-ind.co.jp (https://www.asaka-ind.co.jp/) |
| Corporate number | 8120101000268 |
| EDINET | E01391 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YIX3, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.6 | 110 |
| Profitability | 19.3 | 122 |
| Cash conversion | 11.6 | 116 |
| Efficiency | 93.9 | 122 |
| Financial strength | 61.1 | 9 |

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 64% of Asaka Industrial's sales come from Daily commodities, with Physical distribution equipments making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit +2.1%.

## Company structure

- Segment revenue mix: Daily commodities 63.5%、Physical distribution equipments 36.5%
- Revenue → net income: ¥8357984000 → ¥410221000
- Net income → operating cash flow: ¥410221000 → ¥96611000（difference ¥-313610000）
- Main uses of operating cash flow: CapEx ¥88180000 / dividends ¥47990000 / buybacks ¥39000
- Change in cash: ¥73231000
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 | ¥8.36B |  |
| Operating income | ¥311.1M | Margin 3.7% |
| Net income | ¥410.2M | Margin 4.9% |
| Free cash flow | ¥8.4M |  |
| Largest business | Daily commodities | of segment revenue 63.5% |
| Employees (consolidated) | 142 |  |
| EPS | ¥427.05 |  |
| Book value per share | ¥4787.63 |  |
| Equity ratio | 65.6% |  |
| Shares outstanding | 1,037,080 |  |
| Treasury shares | 76,400 |  |
| Shareholders | 1,213 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 16.5% | Net cash ¥289.1M · Cash ÷ revenue 13.8% |
| Vs. industry median margin | -3.9 pp | Industrial Machinery |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by -36 points
- FY2026, employees -2% while operating income rose 2%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8286794000 | ¥8357984000 | +0.9% |
| Operating income | ¥182910000 | ¥311103000 | +70.1% |
| Operating margin | 2.2% | 3.7% | +1.5 pp |
| Employees | 148 people | 142 people | -4.1% |
| Cash and equivalents | ¥836441000 | ¥1155251000 | +38.1% |

### 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 |
| --- | ---: |
| 生活関連用品 → 生活関連用品 | 63.5% |
| 生活関連用品 → 事業再編・廃止 | 0.6% |
| 物流機器 → 物流機器 | 35.8% |
| 新設・再編 → 物流機器 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,358 | 100.0% | S100YIX3 |
| Cost of revenue | 6,056 | 72.5% | S100YIX3 |
| Gross profit | 2,302 | 27.5% | S100YIX3 |
| SG&A | 1,991 | 23.8% | S100YIX3 |
| Operating income | 311 | 3.7% | S100YIX3 |
| Ordinary income | 347 | 4.1% | S100YIX3 |
| Pretax income | 598 | 7.2% | S100YIX3 |
| Income tax | 188 | 2.2% | S100YIX3 |
| Net income | 410 | 4.9% | S100YIX3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 27.5% → Operating margin 3.7% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.1%; Core profit growth: +2.1%
Operating leverage (core profit growth ÷ revenue growth): -1.96×
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 | 8,448 | 8,358 | -90 | -1.1% |
| Gross profit | 2,290 | 2,302 | 12 | +0.5% |
| Operating income | 305 | 311 | 6 | +2.1% |
| Operating cash flow | 234 | 97 | -137 | -58.7% |
| Free cash flow | -98 | 8 | 106 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,985 | 87 | 1.1% | 40 | 145 | 45 | S100LLZL |
| FY ending Mar 2021 | 8,287 | 183 | 2.2% | 140 | 192 | 30 | S100OHV9 |
| FY ending Mar 2022 | 8,555 | 296 | 3.5% | 214 | 496 | 431 | S100R5IG |
| FY ending Mar 2023 | 8,563 | 277 | 3.2% | 195 | 43 | -38 | S100TTIZ |
| FY ending Mar 2024 | 8,582 | 311 | 3.6% | 303 | 27 | -59 | S100W6TY |
| FY ending Mar 2025 | 8,448 | 305 | 3.6% | 228 | 234 | -98 | S100YIX3 |
| FY ending Mar 2026 | 8,358 | 311 | 3.7% | 410 | 97 | 8 | S100YIX3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 148 | 148 | 151 | 145 | 142 |
| Average salary (parent company) | ¥5.6M | ¥5.4M | ¥5.5M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 45.0 years | 46.0 years | 45.0 years | 46.0 years | 47.0 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 19.0 years | 20.0 years | 20.0 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Daily commodities | 5,311 | 63.5% | 141 | 2.6% |
| Physical distribution equipments | 3,047 | 36.5% | 375 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Daily commodities | 63.5% | 27.2% | -36.3 | 2.6% |
| Physical distribution equipments | 36.5% | 72.8% | 36.3 | 12.3% |

Segment → industry: Physical distribution equipments → Industrial Machinery

## 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 | 97 | 1.2% | S100YIX3 |
| Capital expenditure | 88 | 1.1% | S100YIX3 |
| Free cash flow | 8 | 0.1% | 算出 |
| Investing cash flow | 140 | 1.7% | S100YIX3 |
| Financing cash flow | -163 | -2.0% | S100YIX3 |
| Dividends paid | 48 | 0.6% | S100YIX3 |
| Share buyback | 0 | 0.0% | S100YIX3 |
| Change in cash | 73 | 0.9% | S100YIX3 |
| Cash and equivalents | 1,155 | 13.8% | S100YIX3 |

## 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 | 1,192 | 1,041 | 1,102 | 1,082 | 1,155 | S100TTIZ, S100W6TY, S100YIX3 |
| Total assets | 6,900 | 6,943 | 7,328 | 6,845 | 7,012 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Net assets | 3,321 | 3,503 | 4,016 | 4,223 | 4,599 | S100TTIZ, S100W6TY, S100YIX3 |
| Share capital | 830 | 830 | 830 | 830 | 830 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Property, plant and equipment | 398 | 376 | 384 | 623 | 627 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Intangible assets excluding goodwill | 13 | 17 | 19 | 16 | 9 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Investment securities | 983 | 1,062 | 1,407 | 1,437 | 1,506 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Current assets | 5,208 | 5,180 | 5,261 | 4,539 | 4,647 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Current liabilities | 3,199 | 2,986 | 2,772 | 2,008 | 1,881 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Short-term borrowings | 530 | 530 | 630 | 630 | 630 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Long-term borrowings | 60 | 54 | 67 | 121 | 36 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Bonds | 134 | 217 | 200 | 200 | 200 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Interest-bearing debt | 723 | 801 | 897 | 951 | 866 | 算出 |
| Total liabilities | 3,579 | 3,440 | 3,312 | 2,622 | 2,413 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Equity attributable to owners of parent | 2,888 | 3,035 | 3,299 | 3,479 | 3,841 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Retained earnings | 1,636 | 1,783 | 2,047 | 2,227 | 2,589 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |
| Treasury stock | -87 | -87 | -87 | -87 | -87 | S100R5IG, S100TTIZ, S100W6TY, S100YIX3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YIX3 |
| Property, plant and equipment | 9% | S100YIX3 |
| Intangibles and goodwill | 0% | S100YIX3 |
| Investment securities | 22% | S100YIX3 |
| Other assets | 53% | S100YIX3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 22% | S100YIX3 |
| Equity | 66% | S100YIX3 |

### 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 | 6,900 | 6,943 | 7,328 | 6,845 | 7,012 |
| Equity | 3,321 | 3,503 | 4,016 | 4,223 | 4,599 |
| Interest-bearing debt | 723 | 801 | 897 | 951 | 866 |
| Cash | 1,192 | 1,041 | 1,102 | 1,082 | 1,155 |

## 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) | 7.5% | S100YIX3 |
| Fixed assets ÷ total assets | 8.9% | S100YIX3 |
| Goodwill ÷ parent equity | — | —, S100YIX3 |

### 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 | 13.8% |
| Net cash (cash − interest-bearing debt) | ¥289.1M |
| Net debt ÷ operating cash flow | -2.99× |
| Cash conversion (operating CF ÷ operating income) | 31.1% |
| Cash vs. profit gap | -314 JPY mn (of net income -76.4%) |
| Shareholder returns / net income | 11.7% |
| Shareholder returns / FCF | 569.7% |
| Shareholder payments — dividends / net income | 11.7% |
| Shareholder payments — dividends / FCF | 569.2% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 144.8% |

## 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 | 2.5% | 1.24× | 3.1% | 2.39× | 7.4% | S100R5IG |
| 2023 | 2.3% | 1.24× | 2.8% | 2.34× | 6.6% | S100TTIZ |
| 2024 | 3.5% | 1.20× | 4.2% | 2.25× | 9.6% | S100W6TY |
| 2025 | 2.7% | 1.19× | 3.2% | 2.09× | 6.7% | S100YIX3 |
| 2026 | 4.9% | 1.21× | 5.9% | 1.89× | 11.2% | S100YIX3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浅香工業取引先持株会 | Major shareholder | 10.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 4.7% | 2026-03-31 |
| アサカ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 浅香 佳子 | Major shareholder | 3.2% | 2026-03-31 |
| 日本伸銅株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社西沢材木店 | Major shareholder | 2.9% | 2026-03-31 |
| 浅香 肇 | Major shareholder | 2.8% | 2026-03-31 |
| 浅香 幸三 | Major shareholder | 2.7% | 2026-03-31 |
| 三菱ＵＦＪ eスマート証券株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| HMG JAPAN FUND (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YIX3 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIX3,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W6TY | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6TY,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TTIZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIZ,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R5IG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5IG,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OHV9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHV9,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LLZL | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLZL,, |

## 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).