# Asaka Riken Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2024/10/01－2025/09/30) (S100XCLW)
> Page: https://vizora.meequs.com/en/company/asaka-riken
> Retrieved: 2026-09-30T22:16:19.103Z

## Company

Asaka Riken, founded in 1969, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 194 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asaka Riken Co.,Ltd. |
| Ticker | 5724 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5724.T) |
| Listing | TSE Standard |
| Head office | 福島県郡山市田村町金屋字マセ口47番地 |
| Representative (per filing) | 代表取締役社長 山田 浩太 |
| Founded | Aug 1969 |
| Share capital | ¥504.3M |
| Employees (consolidated) | 194 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.asaka.co.jp (https://www.asaka.co.jp/) |
| Corporate number | 7380001004435 |
| EDINET | E21649 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Software & SaaS, Waste Management & Recycling |

> Profile source: annual securities report (S100XCLW, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.6 | 24 |
| Profitability | 34 | 25 |
| Cash conversion | 34 | 25 |
| Efficiency | 46 | 25 |
| Financial strength | 86.4 | 11 |

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 84% of Asaka Riken's sales come from Precious Metal Division, with Environment Division and System Division making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +9.0% from the prior year, operating profit +67.9%.

## Company structure

- Segment revenue mix: Precious Metal Division 83.7%、Environment Division 13.8%、System Division 2.3%、Other 0.2%
- Revenue → net income: ¥8685989000 → ¥300240000
- Net income → operating cash flow: ¥300240000 → ¥409988000（difference ¥109748000）
- Main uses of operating cash flow: CapEx ¥1553988000 / dividends ¥40247000 / buybacks ¥36000
- Change in cash: ¥3160566000
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 | ¥8.69B |  |
| Operating income | ¥492.9M | Margin 5.7% |
| Net income | ¥300.2M | Margin 3.5% |
| Free cash flow | -¥1.14B |  |
| Largest business | Precious Metal Division | of segment revenue 83.7% |
| Employees (consolidated) | 194 |  |
| EPS | ¥56.45 |  |
| Book value per share | ¥954.18 |  |
| Equity ratio | 35.4% |  |
| Shares outstanding | 5,144,600 |  |
| Treasury shares | 117,700 |  |
| Shareholders | 4,244 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 29.3% | Net cash -¥1.46B · Cash ÷ revenue 46.6% |
| Vs. industry median margin | +0.1 pp | Non-ferrous Metals & Wires |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7412926000 | ¥8685989000 | +17.2% |
| Operating income | ¥85387000 | ¥492944000 | +477.3% |
| Operating margin | 1.2% | 5.7% | +4.5 pp |
| Employees | 169 people | 194 people | +14.8% |
| Cash and equivalents | ¥1220455000 | ¥4050929000 | +231.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 貴金属事業 → 貴金属事業 | 83.7% |
| 貴金属事業 → 事業再編・廃止 | 7.0% |
| 環境事業 → 環境事業 | 7.5% |
| システム事業 → システム事業 | 1.7% |
| その他 → その他 | 0.2% |
| 新設・再編 → 環境事業 | 6.4% |
| 新設・再編 → システム事業 | 0.6% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precious Metal Division | 5 years | +1.6% | ¥7267727000 | 4.2% | 2 |
| Environment Division | 5 years | +16.7% | ¥1201876000 | 5.9% | 2 |
| System Division | 5 years | +9.6% | ¥196144000 | 8.4% | 2 |
| Other | 5 years | +10.6% | ¥20239000 | 194.5% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,686 | 100.0% | S100XCLW |
| Cost of revenue | 5,968 | 68.7% | S100XCLW |
| Gross profit | 2,718 | 31.3% | S100XCLW |
| SG&A | 2,225 | 25.6% | S100XCLW |
| Operating income | 493 | 5.7% | S100XCLW |
| Ordinary income | 429 | 4.9% | S100XCLW |
| Pretax income | 380 | 4.4% | S100XCLW |
| Income tax | 80 | 0.9% | S100XCLW |
| Net income | 300 | 3.5% | S100XCLW |
| Net income attributable to owners | 300 | 3.5% | S100XCLW |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.3% → Operating margin 5.7% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.0%; Core profit growth: +67.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.53×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,968 | 8,686 | 718 | +9.0% |
| Gross profit | 2,328 | 2,718 | 390 | +16.7% |
| Operating income | 294 | 493 | 199 | +67.9% |
| Net income attributable to owners | 372 | 300 | -71 | -19.2% |
| Operating cash flow | 800 | 410 | -390 | -48.7% |
| Free cash flow | 311 | -1,144 | -1,455 | -467.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 9,738 | 158 | 1.6% | 81 | 447 | 259 | S100KEZD |
| FY ending Sep 2020 | 7,413 | 85 | 1.2% | 120 | 652 | 226 | S100N45V |
| FY ending Sep 2021 | 8,071 | 420 | 5.2% | 377 | 399 | 130 | S100PUJK |
| FY ending Sep 2022 | 8,593 | 816 | 9.5% | 622 | 838 | 237 | S100SJ1G |
| FY ending Sep 2023 | 8,286 | 395 | 4.8% | 307 | 698 | -405 | S100UZOK |
| FY ending Sep 2024 | 7,968 | 294 | 3.7% | 372 | 800 | 311 | S100XCLW |
| FY ending Sep 2025 | 8,686 | 493 | 5.7% | 300 | 410 | -1,144 | S100XCLW |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.8M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 176 | 182 | 181 | 175 | 194 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.5M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 40.5 years | 41.1 years | 41.4 years | 41.8 years | 41.5 years |
| Average tenure (parent company) | 12.4 years | 12.5 years | 12.7 years | 13.1 years | 12.0 years |

Year over year: Employees (consolidated) +10.9% · Revenue (consolidated) +9.0%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precious Metal Division | 7,268 | 83.7% | 302 | 4.2% |
| Environment Division | 1,202 | 13.8% | 71 | 5.9% |
| System Division | 196 | 2.3% | 16 | 8.4% |
| Other | 20 | 0.2% | 39 | 194.5% |

### 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 |
| --- | ---: |
| Precious Metal Division | 83.7% |
| Environment Division | 13.8% |
| System Division | 2.3% |
| Other | 0.2% |

Segment → industry: Precious Metal Division → Non-ferrous Metals & Wires / System Division → Software & SaaS / Environment Division → Waste Management & Recycling / Precious Metal Division → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 410 | 4.7% | S100XCLW |
| Capital expenditure | 1,554 | 17.9% | S100XCLW |
| Free cash flow | -1,144 | -13.2% | 算出 |
| Investing cash flow | -801 | -9.2% | S100XCLW |
| Financing cash flow | 3,551 | 40.9% | S100XCLW |
| Dividends paid | 40 | 0.5% | S100XCLW |
| Share buyback | 0 | 0.0% | S100XCLW |
| Change in cash | 3,161 | 36.4% | S100XCLW |
| Cash and equivalents | 4,051 | 46.6% | S100XCLW |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,054 | 1,346 | 1,139 | 890 | 4,051 | S100SJ1G, S100UZOK, S100XCLW |
| Total assets | 7,125 | 7,886 | 8,349 | 8,544 | 13,806 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Net assets | 3,538 | 4,118 | 4,256 | 4,650 | 4,926 | S100SJ1G, S100UZOK, S100XCLW |
| Share capital | 504 | 504 | 504 | 504 | 504 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Trade receivables | 412 | 406 | 424 | 431 | 544 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Property, plant and equipment | 2,826 | 3,259 | 4,097 | 4,282 | 5,503 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Intangible assets excluding goodwill | 33 | 34 | 70 | 77 | 56 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Investment securities | 135 | 91 | 114 | 195 | 207 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Current assets | 3,684 | 4,253 | 3,815 | 3,724 | 7,922 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Current liabilities | 2,409 | 2,185 | 2,302 | 1,911 | 3,086 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Short-term borrowings | 1,397 | 913 | 963 | 202 | 202 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Long-term borrowings | 474 | 840 | 1,228 | 1,277 | 4,974 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Bonds | 330 | 330 | 130 | 200 | 330 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Interest-bearing debt | 2,201 | 2,082 | 2,321 | 1,679 | 5,507 | 算出 |
| Total liabilities | 3,587 | 3,767 | 4,093 | 3,894 | 8,881 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Non-controlling interests | 4 | 4 | 4 | — | — | S100PUJK, S100SJ1G, S100UZOK |
| Equity attributable to owners of parent | 3,439 | 4,035 | 4,146 | 4,488 | 4,757 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Retained earnings | 2,616 | 3,198 | 3,424 | 3,756 | 4,016 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |
| Treasury stock | -41 | -34 | -151 | -142 | -129 | S100PUJK, S100SJ1G, S100UZOK, S100XCLW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XCLW |
| Receivables | 4% | S100XCLW |
| Property, plant and equipment | 40% | S100XCLW |
| Intangibles and goodwill | 0% | S100XCLW |
| Investment securities | 2% | S100XCLW |
| Other assets | 25% | S100XCLW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 40% | 算出 |
| Other liabilities | 24% | S100XCLW |
| Equity | 36% | S100XCLW |
| Other liabilities | 0% | S100XCLW |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,125 | 7,886 | 8,349 | 8,544 | 13,806 |
| Equity | 3,538 | 4,118 | 4,256 | 4,650 | 4,926 |
| Interest-bearing debt | 2,201 | 2,082 | 2,321 | 1,679 | 5,507 |
| Cash | 1,054 | 1,346 | 1,139 | 890 | 4,051 |

## 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) | 63.4% | S100XCLW |
| Fixed assets ÷ total assets | 39.9% | S100XCLW |
| Goodwill ÷ parent equity | — | —, S100XCLW |

### 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) | 29.3% |
| Cash ÷ revenue | 46.6% |
| Net cash (cash − interest-bearing debt) | -¥1.46B |
| Net debt ÷ operating cash flow | 3.55× |
| Cash conversion (operating CF ÷ operating income) | 83.2% |
| Cash vs. profit gap | 110 JPY mn (of net income 36.6%) |
| Shareholder returns / net income | 13.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.9% |
| Investing CF relative to operating CF | 195.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.7% | 1.13× | 5.3% | 2.07× | 11.0% | S100PUJK |
| 2022 | 7.2% | 1.14× | 8.3% | 2.01× | 16.6% | S100SJ1G |
| 2023 | 3.7% | 1.02× | 3.8% | 1.98× | 7.5% | S100UZOK |
| 2024 | 4.7% | 0.94× | 4.4% | 1.96× | 8.6% | S100XCLW |
| 2025 | 3.5% | 0.78× | 2.7% | 2.42× | 6.5% | S100XCLW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社モラル・コーポレーション | Major shareholder | 41.8% | 2025-09-30 |
| 白岩 政一 | Major shareholder | 4.1% | 2025-09-30 |
| 株式会社常陽銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.6% | 2025-09-30 |
| 株式会社東邦銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.2% | 2025-09-30 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト 信託銀行株式会社） | Major shareholder | 2.9% | 2025-09-30 |
| 東京中小企業投資育成株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| アサカ理研社員持株会 | Major shareholder | 1.2% | 2025-09-30 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 佐藤 恵美子 | Major shareholder | 0.8% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2024/10/01－2025/09/30) | S100XCLW | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCLW,, |
| 有価証券報告書－第57期(2023/10/01－2024/09/30) | S100UZOK | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZOK,, |
| 有価証券報告書－第56期(2022/10/01－2023/09/30) | S100SJ1G | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ1G,, |
| 有価証券報告書－第55期(令和3年10月1日－令和4年9月30日) | S100PUJK | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUJK,, |
| 有価証券報告書－第54期(令和2年10月1日－令和3年9月30日) | S100N45V | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N45V,, |
| 有価証券報告書－第53期(令和1年10月1日－令和2年9月30日) | S100KEZD | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEZD,, |

## 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).