# ASKA Pharmaceutical Holdings CO., Ltd.: 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5期(2025/04/01－2026/03/31) (S100YEAY)
> Page: https://vizora.meequs.com/en/company/aska-pharmaceutical-holdings
> Retrieved: 2026-09-30T20:34:05.932Z

## Company

ASKA Pharmaceutical Holdings, founded in 2021, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 1,611 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASKA Pharmaceutical Holdings Co., Ltd. |
| Ticker | 4886 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4886.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 山口 惣大 |
| Founded | Apr 2021 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 1,611 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | March |
| Website | www.aska-pharma-hd.co.jp (https://www.aska-pharma-hd.co.jp/) |
| Corporate number | 8010401159328 |
| EDINET | E35791 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Pharmaceuticals, CRO & Clinical Testing |

> Profile source: annual securities report (S100YEAY, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 65.9 | 22 |
| Cash conversion | 58.3 | 18 |
| Efficiency | 79.7 | 32 |

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 83% of ASKA Pharmaceutical Holdings's sales come from pharmaceutical business, with animal health business and Oversea business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +9.4%.

## Company structure

- Segment revenue mix: pharmaceutical business 82.8%、animal health business 10.3%、Oversea business 6.5%、Other 0.3%
- Revenue → net income: ¥71127000000 → ¥5625000000
- Net income → operating cash flow: ¥5625000000 → ¥6303000000（difference ¥678000000）
- Main uses of operating cash flow: CapEx ¥2874000000 / dividends ¥1617000000 / buybacks —
- Change in cash: ¥-476000000
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 | ¥71.1B |  |
| Operating income | ¥5.83B | Margin 8.2% |
| Net income | ¥5.42B | Margin 7.6% |
| Free cash flow | ¥3.43B |  |
| Largest business | pharmaceutical business | of segment revenue 82.8% |
| Employees (consolidated) | 1,611 |  |
| EPS | ¥83.99 |  |
| Book value per share | ¥1602.01 |  |
| Equity ratio | 62.6% |  |
| Shares outstanding | 28,763,199 |  |
| Treasury shares | 365,000 |  |
| Shareholders | 5,489 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | +1 pp | Pharmaceuticals |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, employees -1% while operating income rose 9%

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56607000000 | ¥71127000000 | +25.7% |
| Operating income | ¥4795000000 | ¥5834000000 | +21.7% |
| Operating margin | 8.5% | 8.2% | -0.3 pp |
| Employees | 777 people | 1,611 people | +107.3% |
| Cash and equivalents | ¥17103000000 | ¥10126000000 | -40.8% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 医薬品事業 → 医薬品事業 | 82.8% |
| 医薬品事業 → 事業再編・廃止 | 6.9% |
| アニマルヘルス事業 → アニマルヘルス事業 | 9.9% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → アニマルヘルス事業 | 0.4% |
| 新設・再編 → 海外事業 | 6.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| pharmaceutical business | 4 years | +3.8% | ¥58927000000 | 12.1% | 2 |
| animal health business | 4 years | +6.8% | ¥7334000000 | 4.7% | 2 |
| Oversea business | — | — | ¥4640000000 | 2.3% | 2 |
| Other | 4 years | +5.0% | ¥225000000 | -5.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,127 | 100.0% | S100YEAY |
| Cost of revenue | 36,982 | 52.0% | S100YEAY |
| Gross profit | 34,145 | 48.0% | S100YEAY |
| SG&A | 28,311 | 39.8% | S100YEAY |
| Operating income | 5,834 | 8.2% | S100YEAY |
| Ordinary income | 5,665 | 8.0% | S100YEAY |
| Pretax income | 6,991 | 9.8% | S100YEAY |
| Income tax | 1,366 | 1.9% | S100YEAY |
| Net income | 5,625 | 7.9% | S100YEAY |
| Net income attributable to owners | 5,424 | 7.6% | S100YEAY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 40 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 48.0% → Operating margin 8.2% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +9.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.87×
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 | 64,139 | 71,127 | 6,988 | +10.9% |
| Gross profit | 31,335 | 34,145 | 2,810 | +9.0% |
| Operating income | 5,331 | 5,834 | 503 | +9.4% |
| Net income attributable to owners | 5,101 | 5,424 | 323 | +6.3% |
| Operating cash flow | 2,485 | 6,303 | 3,818 | +153.6% |
| Free cash flow | -1,077 | 3,429 | 4,506 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 56,607 | 4,795 | 8.5% | 4,290 | 2,842 | 465 | S100R645 |
| FY ending Mar 2023 | 60,461 | 5,108 | 8.4% | 4,238 | 3,351 | 2,605 | S100TOTO |
| FY ending Mar 2024 | 62,843 | 6,500 | 10.3% | 7,545 | 1,486 | 33 | S100VZL4 |
| FY ending Mar 2025 | 64,139 | 5,331 | 8.3% | 5,101 | 2,485 | -1,077 | S100YEAY |
| FY ending Mar 2026 | 71,127 | 5,834 | 8.2% | 5,424 | 6,303 | 3,429 | S100YEAY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.2M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 777 | 747 | 762 | 1,632 | 1,611 |
| Average salary (parent company) | ¥9.8M | ¥9.6M | ¥9.8M | ¥9.7M | ¥10.2M |
| Average age (parent company) | 46.0 years | 47.0 years | 46.0 years | 46.0 years | 46.0 years |
| Average tenure (parent company) | 21.0 years | 21.0 years | 20.0 years | 18.0 years | 17.0 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| pharmaceutical business | 58,927 | 82.8% | 7,121 | 12.1% |
| animal health business | 7,334 | 10.3% | 344 | 4.7% |
| Oversea business | 4,640 | 6.5% | 108 | 2.3% |
| Other | 225 | 0.3% | -13 | -5.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| pharmaceutical business | 82.8% | 94.0% | 11.2 | 12.1% |
| animal health business | 10.3% | 4.5% | -5.8 | 4.7% |
| Oversea business | 6.5% | 1.4% | -5.1 | 2.3% |
| Other | 0.3% | — | — | -5.8% |

Loss-making segment (excluded from profit shares): Other -13 JPY mn

Segment → industry: animal health business → Livestock, Feed & Fertilizer / Oversea business → Pharmaceuticals / animal health business → Pharmaceuticals / pharmaceutical business → Pharmaceuticals / Other → CRO & Clinical Testing

## 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 | 6,303 | 8.9% | S100YEAY |
| Capital expenditure | 2,874 | 4.0% | S100YEAY |
| Free cash flow | 3,429 | 4.8% | 算出 |
| Investing cash flow | -5,752 | -8.1% | S100YEAY |
| Financing cash flow | -818 | -1.2% | S100YEAY |
| Dividends paid | 1,617 | 2.3% | S100YEAY |
| Change in cash | -476 | -0.7% | S100YEAY |
| Cash and equivalents | 10,126 | 14.2% | S100YEAY |

## 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 | 17,103 | 17,505 | 16,738 | 10,603 | 10,126 | S100TOTO, S100VZL4, S100YEAY |
| Total assets | 83,297 | 87,138 | 90,745 | 104,295 | 112,379 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Net assets | 48,892 | 54,533 | 61,930 | 71,814 | 76,819 | S100TOTO, S100VZL4, S100YEAY |
| Share capital | 1,197 | 1,197 | 1,197 | 1,197 | 1,197 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Property, plant and equipment | 10,936 | 10,796 | 11,263 | 18,667 | 19,244 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Intangible assets excluding goodwill | 6,183 | 4,465 | 2,877 | 10,213 | 8,869 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Goodwill | — | — | — | 2,611 | 2,354 | S100YEAY |
| Investment securities | 12,223 | 14,385 | 15,654 | 12,666 | 17,299 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Current assets | 49,557 | 53,759 | 56,143 | 58,290 | 61,424 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Current liabilities | 16,011 | 17,650 | 23,968 | 22,879 | 22,291 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Trade payables | 3,118 | — | — | — | — | S100OHVN |
| Short-term borrowings | 300 | 300 | 300 | 2,521 | 1,707 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Long-term borrowings | 12,323 | 9,185 | 4,505 | 6,441 | 8,165 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Total liabilities | 34,404 | 32,604 | 28,815 | 32,480 | 35,559 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Non-controlling interests | — | — | — | 6,504 | 6,459 | S100YEAY |
| Equity attributable to owners of parent | 45,419 | 49,315 | 56,130 | 60,039 | 63,923 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Retained earnings | 45,833 | 49,619 | 56,372 | 59,545 | 63,352 | S100R645, S100TOTO, S100VZL4, S100YEAY |
| Treasury stock | -3,479 | -3,350 | -3,287 | -704 | -658 | S100R645, S100TOTO, S100VZL4, S100YEAY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YEAY |
| Property, plant and equipment | 17% | S100YEAY |
| Intangibles and goodwill | 10% | S100YEAY |
| Investment securities | 15% | S100YEAY |
| Other assets | 49% | S100YEAY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YEAY |
| Equity | 68% | S100YEAY |
| Other liabilities | 0% | S100YEAY |

### 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 | 83,297 | 87,138 | 90,745 | 104,295 | 112,379 |
| Equity | 48,892 | 54,533 | 61,930 | 71,814 | 76,819 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,103 | 17,505 | 16,738 | 10,603 | 10,126 |

## 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) | 27.1% | S100YEAY |
| Fixed assets ÷ total assets | 17.1% | S100YEAY |
| Goodwill ÷ parent equity | 3.7% | S100YEAY |

### 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) | 9.0% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.0% |
| Cash vs. profit gap | 879 JPY mn (of net income 16.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 47.2% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 91.3% |

## 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 | 7.6% | 0.68× | 5.2% | 1.83× | 9.4% | S100R645 |
| 2023 | 7.0% | 0.71× | 5.0% | 1.80× | 8.9% | S100TOTO |
| 2024 | 12.0% | 0.71× | 8.5% | 1.69× | 14.3% | S100VZL4 |
| 2025 | 8.0% | 0.66× | 5.2% | 1.68× | 8.8% | S100YEAY |
| 2026 | 7.6% | 0.66× | 5.0% | 1.75× | 8.8% | S100YEAY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.4% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC （常任代理人 香港上海銀行東京支店） | Major shareholder | 8.4% | 2026-03-31 |
| 武田薬品工業株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| ゼリア新薬工業株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| NAVF SELECT LLC （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS MARGIN（CASHPB） (常任代理人 野村證券株式会社) | Major shareholder | 2.8% | 2026-03-31 |
| 山口隆 | Major shareholder | 2.5% | 2026-03-31 |
| CACEIS BANK,LUXEMBOURG BRANCH/ AIF CLIENTS ASSETS (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5期(2025/04/01－2026/03/31) | S100YEAY | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEAY,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100VZL4 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZL4,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TOTO | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOTO,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R645 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R645,, |
| 有価証券報告書－第1期(令和3年4月1日－令和4年3月31日) | S100OHVN | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHVN,, |

## 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).