# ASIA PILE HOLDINGS 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21期(2025/04/01－2026/03/31) (S100YJPY)
> Page: https://vizora.meequs.com/en/company/asia-pile-holdings
> Retrieved: 2026-09-30T18:29:01.671Z

## Company

Asia Pile Holdings, founded in 2005, is a company in Cement & Concrete listed on TSE Prime. It has 2,681 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASIA PILE HOLDINGS CORPORATION |
| Ticker | 5288 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5288.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町36番2号 |
| Representative (per filing) | 代表取締役社長最高執行役員 黒瀬 修介 |
| Founded | Apr 2005 |
| Share capital | ¥6.62B |
| Employees (consolidated) | 2,681 |
| Average salary (parent only) | ¥10.3M |
| Fiscal year end | March |
| Website | www.asiapile-hd.com (https://www.asiapile-hd.com/) |
| Corporate number | 2010001119497 |
| EDINET | E01222 |
| Industries (Vizora) | Cement & Concrete, General Contractors |

> Profile source: annual securities report (S100YJPY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.1 | 16 |
| Profitability | 65.6 | 16 |
| Cash conversion | 65.6 | 16 |
| Efficiency | 90.6 | 16 |

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 82% of Asia Pile Holdings's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +151.2%.

## Company structure

- Segment revenue mix: Domestic business 81.8%、Overseas business 18.2%
- Revenue → net income: ¥115956000000 → ¥7856000000
- Net income → operating cash flow: ¥7856000000 → ¥15663000000（difference ¥7807000000）
- Main uses of operating cash flow: CapEx ¥6333000000 / dividends ¥1771000000 / buybacks ¥0
- Change in cash: ¥1546000000
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 | ¥116B |  |
| Operating income | ¥10.9B | Margin 9.4% |
| Net income | ¥7.59B | Margin 6.5% |
| Free cash flow | ¥9.33B |  |
| Largest business | Domestic business | of segment revenue 81.8% |
| Employees (consolidated) | 2,681 |  |
| EPS | ¥53.65 |  |
| Book value per share | ¥760.77 |  |
| Equity ratio | 49.4% |  |
| Shares outstanding | 38,089,000 |  |
| Treasury shares | 900 |  |
| Shareholders | 12,964 |  |
| Average salary (parent only) | ¥10.3M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | +1.2 pp | Cement & Concrete |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87192000000 | ¥115956000000 | +33.0% |
| Operating income | ¥3340000000 | ¥10883000000 | +225.8% |
| Operating margin | 3.8% | 9.4% | +5.6 pp |
| Employees | 2,961 people | 2,681 people | -9.5% |
| Cash and equivalents | ¥14344000000 | ¥21244000000 | +48.1% |

### 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 |
| --- | ---: |
| 国内事業 → 国内事業 | 81.6% |
| 海外事業 → 海外事業 | 18.2% |
| 海外事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 国内事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 115,956 | 100.0% | S100YJPY |
| Cost of revenue | 93,337 | 80.5% | S100YJPY |
| Gross profit | 22,619 | 19.5% | S100YJPY |
| SG&A | 11,736 | 10.1% | S100YJPY |
| Operating income | 10,883 | 9.4% | S100YJPY |
| Ordinary income | 10,865 | 9.4% | S100YJPY |
| Pretax income | 10,991 | 9.5% | S100YJPY |
| Income tax | 3,134 | 2.7% | S100YJPY |
| Net income | 7,856 | 6.8% | S100YJPY |
| Net income attributable to owners | 7,592 | 6.5% | S100YJPY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 10 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.5% → Operating margin 9.4% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +151.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.06×
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 | 100,803 | 115,956 | 15,153 | +15.0% |
| Gross profit | 15,426 | 22,619 | 7,193 | +46.6% |
| Operating income | 4,333 | 10,883 | 6,550 | +151.2% |
| Net income attributable to owners | 2,346 | 7,592 | 5,246 | +223.6% |
| Operating cash flow | 4,671 | 15,663 | 10,992 | +235.3% |
| Free cash flow | 1,619 | 9,330 | 7,711 | +476.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 93,175 | 5,076 | 5.4% | 2,712 | 6,891 | 4,575 | S100LRAW |
| FY ending Mar 2021 | 87,192 | 3,340 | 3.8% | 2,437 | 7,304 | 4,480 | S100OKD8 |
| FY ending Mar 2022 | 93,176 | 2,184 | 2.3% | 1,494 | 3,628 | 1,106 | S100R9GF |
| FY ending Mar 2023 | 110,245 | 6,283 | 5.7% | 4,130 | 7,549 | 2,856 | S100TVM5 |
| FY ending Mar 2024 | 103,151 | 7,016 | 6.8% | 3,821 | 4,241 | 36 | S100W5W9 |
| FY ending Mar 2025 | 100,803 | 4,333 | 4.3% | 2,346 | 4,671 | 1,619 | S100YJPY |
| FY ending Mar 2026 | 115,956 | 10,883 | 9.4% | 7,592 | 15,663 | 9,330 | S100YJPY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.3M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 2,867 | 2,683 | 2,667 | 2,523 | 2,681 |
| Average salary (parent company) | ¥8.6M | ¥8.5M | ¥8.7M | ¥8.3M | ¥10.3M |
| Average age (parent company) | 51.2 years | 56.6 years | 52.6 years | 49.9 years | 50.9 years |
| Average tenure (parent company) | 20.3 years | 15.7 years | 20.3 years | 17.9 years | 18.0 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +15.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 94,902 | 81.8% | 9,460 | 10.0% |
| Overseas business | 21,054 | 18.2% | 1,416 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 81.8% | 87.0% | 5.1 | 10.0% |
| Overseas business | 18.2% | 13.0% | -5.1 | 6.7% |

Segment → industry: Overseas business → Cement & Concrete / Domestic business → Cement & Concrete / Overseas business → General Contractors / Domestic business → General Contractors

## 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 | 15,663 | 13.5% | S100YJPY |
| Capital expenditure | 6,333 | 5.5% | S100YJPY |
| Free cash flow | 9,330 | 8.0% | 算出 |
| Investing cash flow | -11,016 | -9.5% | S100YJPY |
| Financing cash flow | -3,241 | -2.8% | S100YJPY |
| Dividends paid | 1,771 | 1.5% | S100YJPY |
| Share buyback | 0 | 0.0% | S100YJPY |
| Change in cash | 1,546 | 1.3% | S100YJPY |
| Cash and equivalents | 21,244 | 18.3% | S100YJPY |

## 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 | 14,225 | 19,817 | 16,282 | 19,698 | 21,244 | S100TVM5, S100W5W9, S100YJPY |
| Total assets | 85,755 | 99,229 | 95,230 | 97,395 | 105,710 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Net assets | 40,889 | 45,169 | 49,122 | 49,314 | 55,797 | S100TVM5, S100W5W9, S100YJPY |
| Share capital | 6,621 | 6,621 | 6,621 | 6,621 | 6,621 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Property, plant and equipment | 23,551 | 25,758 | 25,510 | 25,856 | 27,514 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Intangible assets excluding goodwill | 593 | 568 | 375 | 617 | 1,765 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Goodwill | 131 | 104 | 74 | 61 | 602 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Investment securities | 3,029 | 3,308 | 4,602 | 4,174 | 6,134 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Current assets | 57,457 | 68,487 | 62,898 | 64,862 | 68,483 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Current liabilities | 39,654 | 46,817 | 39,973 | 40,141 | 43,648 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Trade payables | 15,223 | 13,069 | 10,640 | 11,276 | 12,772 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Short-term borrowings | 7,247 | 9,263 | 8,569 | 9,826 | 10,567 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Long-term borrowings | 2,587 | 4,731 | 3,264 | 5,153 | 3,312 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Total liabilities | 44,866 | 54,060 | 46,108 | 48,081 | 49,913 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Non-controlling interests | 3,603 | 3,880 | 4,157 | 3,583 | 3,598 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Equity attributable to owners of parent | 36,437 | 39,904 | 42,393 | 43,144 | 48,968 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Retained earnings | 21,109 | 24,577 | 27,065 | 27,826 | 33,650 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R9GF, S100TVM5, S100W5W9, S100YJPY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJPY |
| Property, plant and equipment | 26% | S100YJPY |
| Intangibles and goodwill | 2% | S100YJPY |
| Investment securities | 6% | S100YJPY |
| Other assets | 46% | S100YJPY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YJPY |
| Other liabilities | 35% | S100YJPY |
| Equity | 53% | S100YJPY |

### 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 | 85,755 | 99,229 | 95,230 | 97,395 | 105,710 |
| Equity | 40,889 | 45,169 | 49,122 | 49,314 | 55,797 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,225 | 19,817 | 16,282 | 19,698 | 21,244 |

## 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) | 23.7% | S100YJPY |
| Fixed assets ÷ total assets | 26.0% | S100YJPY |
| Goodwill ÷ parent equity | 1.2% | S100YJPY |

Goodwill over 4 years: 131 → 602 JPY; total investing cash flow: -24,924 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) | 20.1% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.9% |
| Cash vs. profit gap | 8,071 JPY mn (of net income 106.3%) |
| Shareholder returns / net income | 23.3% |
| Shareholder returns / FCF | 19.0% |
| Shareholder payments — dividends / net income | 23.3% |
| Shareholder payments — dividends / FCF | 19.0% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 70.3% |

## 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 | 1.6% | 1.09× | 1.7% | 2.35× | 4.1% | S100R9GF |
| 2023 | 3.7% | 1.19× | 4.5% | 2.42× | 10.8% | S100TVM5 |
| 2024 | 3.7% | 1.06× | 3.9% | 2.36× | 9.3% | S100W5W9 |
| 2025 | 2.3% | 1.05× | 2.4% | 2.25× | 5.5% | S100YJPY |
| 2026 | 6.5% | 1.14× | 7.5% | 2.20× | 16.5% | S100YJPY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 12.5% | 2026-03-31 |
| 太平洋セメント㈱ | Major shareholder | 6.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| アジアパイルホールディングスグループ取引先持株会 | Major shareholder | 3.6% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| ㈱みずほ銀行 （常任代理人㈱日本カストディ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーMUFG証券㈱） | Major shareholder | 2.5% | 2026-03-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人㈱みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 丸大産業㈱ | Major shareholder | 2.0% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人㈱三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YJPY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJPY,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W5W9 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5W9,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TVM5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVM5,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R9GF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9GF,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OKD8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKD8,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LRAW | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRAW,, |

## 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).