# ASTI 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63期(2025/04/01－2026/03/31) (S100YD3Z)
> Page: https://vizora.meequs.com/en/company/asti
> Retrieved: 2026-09-30T18:09:01.962Z

## Company

Asti, founded in 1963, is a company in Auto Parts listed on TSE Standard. It has 4,282 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASTI CORPORATION |
| Ticker | 6899 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6899.T) |
| Listing | TSE Standard |
| Head office | 静岡県浜松市中央区米津町2804番地 |
| Representative (per filing) | 代表取締役社長 波多野 淳彦 |
| Founded | May 1963 |
| Share capital | ¥2.48B |
| Employees (consolidated) | 4,282 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.asti.co.jp (https://www.asti.co.jp/) |
| Corporate number | 2080401000184 |
| EDINET | E02013 |
| Industries (Vizora) | Auto Parts, Electronic Components |

> Profile source: annual securities report (S100YD3Z, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.5 | 110 |
| Profitability | 8.6 | 111 |
| Cash conversion | 87.5 | 108 |
| Efficiency | 94.1 | 111 |

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 36% of Asti's sales come from Electrical equipment for cars, with Wire Harness and Home and Industry Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit -14.2%.

## Company structure

- Segment revenue mix: Electrical equipment for cars 35.7%、Wire Harness 33.5%、Home and Industry Electronics 30.3%、Other 0.4%
- Revenue → net income: ¥62400669000 → ¥715730000
- Net income → operating cash flow: ¥715730000 → ¥4206133000（difference ¥3490403000）
- Main uses of operating cash flow: CapEx ¥2567869000 / dividends ¥343532000 / buybacks ¥271000
- Change in cash: ¥-457767000
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 | ¥62.4B |  |
| Operating income | ¥1.3B | Margin 2.1% |
| Net income | ¥712.7M | Margin 1.1% |
| Free cash flow | ¥1.64B |  |
| Largest business | Electrical equipment for cars | of segment revenue 35.7% |
| Employees (consolidated) | 4,282 |  |
| EPS | ¥375.61 |  |
| Book value per share | ¥5569.35 |  |
| Equity ratio | 55.5% |  |
| Shares outstanding | 3,417,006 |  |
| Treasury shares | 291,300 |  |
| Shareholders | 1,969 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -2.7 pp | Auto Parts |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45213913000 | ¥62400669000 | +38.0% |
| Operating income | ¥980349000 | ¥1302288000 | +32.8% |
| Operating margin | 2.2% | 2.1% | -0.1 pp |
| Employees | 5,162 people | 4,282 people | -17.0% |
| Cash and equivalents | ¥2194339000 | ¥3852516000 | +75.6% |

### 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 |
| --- | ---: |
| 車載電装品 → 車載電装品 | 35.7% |
| 車載電装品 → 事業再編・廃止 | 0.3% |
| 民生産業機器 → 民生産業機器 | 30.3% |
| 民生産業機器 → 事業再編・廃止 | 1.3% |
| ワイヤーハーネス → ワイヤーハーネス | 32.1% |
| その他 → その他 | 0.2% |
| 新設・再編 → ワイヤーハーネス | 1.5% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical equipment for cars | 5 years | +6.5% | ¥22267220000 | 1.6% | 2 |
| Wire Harness | 5 years | +7.6% | ¥20935298000 | 1.8% | 2 |
| Home and Industry Electronics | 5 years | +5.8% | ¥18929745000 | 2.9% | 2 |
| Other | 5 years | +19.7% | ¥268404000 | -5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,401 | 100.0% | S100YD3Z |
| Cost of revenue | 55,950 | 89.7% | S100YD3Z |
| Gross profit | 6,451 | 10.3% | S100YD3Z |
| SG&A | 5,149 | 8.3% | S100YD3Z |
| Operating income | 1,302 | 2.1% | S100YD3Z |
| Ordinary income | 1,326 | 2.1% | S100YD3Z |
| Pretax income | 1,057 | 1.7% | S100YD3Z |
| Income tax | 342 | 0.5% | S100YD3Z |
| Net income | 716 | 1.1% | S100YD3Z |
| Net income attributable to owners | 713 | 1.1% | S100YD3Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.3% → Operating margin 2.1% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.6%; Core profit growth: -14.2%
Operating leverage (core profit growth ÷ revenue growth): 3.06×
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 | 65,441 | 62,401 | -3,041 | -4.6% |
| Gross profit | 6,382 | 6,451 | 69 | +1.1% |
| Operating income | 1,518 | 1,302 | -216 | -14.2% |
| Net income attributable to owners | 625 | 713 | 88 | +14.0% |
| Operating cash flow | 5,600 | 4,206 | -1,394 | -24.9% |
| Free cash flow | 3,839 | 1,638 | -2,201 | -57.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,496 | 960 | 2.1% | 544 | 2,734 | 818 | S100LKZT |
| FY ending Mar 2021 | 45,214 | 980 | 2.2% | 1,391 | 154 | -1,403 | S100OH8H |
| FY ending Mar 2022 | 58,790 | 281 | 0.5% | 703 | -4,755 | -6,286 | S100R3W1 |
| FY ending Mar 2023 | 64,884 | 1,894 | 2.9% | 1,513 | 4,911 | -64 | S100TQO4 |
| FY ending Mar 2024 | 63,608 | 2,234 | 3.5% | 2,695 | 3,223 | 1,339 | S100VZBO |
| FY ending Mar 2025 | 65,441 | 1,518 | 2.3% | 625 | 5,600 | 3,839 | S100YD3Z |
| FY ending Mar 2026 | 62,401 | 1,302 | 2.1% | 713 | 4,206 | 1,638 | S100YD3Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.6M |
| Operating income per employee (consolidated) | ¥304.1K |
| Net income per employee (consolidated) | ¥166.4K |

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) | 4,517 | 4,362 | 4,346 | 4,233 | 4,282 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.4M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 42.4 years | 42.4 years | 42.9 years | 43.1 years | 43.1 years |
| Average tenure (parent company) | 17.4 years | 17.3 years | 17.4 years | 17.4 years | 17.4 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical equipment for cars | 22,267 | 35.7% | 362 | 1.6% |
| Home and Industry Electronics | 18,930 | 30.3% | 541 | 2.9% |
| Wire Harness | 20,935 | 33.5% | 376 | 1.8% |
| Other | 268 | 0.4% | -16 | -5.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical equipment for cars | 35.7% | 28.3% | -7.4 | 1.6% |
| Home and Industry Electronics | 30.3% | 42.3% | 12.0 | 2.9% |
| Wire Harness | 33.5% | 29.4% | -4.2 | 1.8% |
| Other | 0.4% | — | — | -5.9% |

Loss-making segment (excluded from profit shares): Other -16 JPY mn

Segment → industry: Wire Harness → Auto Parts / Electrical equipment for cars → Auto Parts / Home and Industry Electronics → Electronic Components

## 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 | 4,206 | 6.7% | S100YD3Z |
| Capital expenditure | 2,568 | 4.1% | S100YD3Z |
| Free cash flow | 1,638 | 2.6% | 算出 |
| Investing cash flow | -2,525 | -4.0% | S100YD3Z |
| Financing cash flow | -2,052 | -3.3% | S100YD3Z |
| Dividends paid | 344 | 0.6% | S100YD3Z |
| Share buyback | 0 | 0.0% | S100YD3Z |
| Change in cash | -458 | -0.7% | S100YD3Z |
| Cash and equivalents | 3,853 | 6.2% | S100YD3Z |

## 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 | 1,965 | 2,838 | 2,780 | 4,310 | 3,853 | S100TQO4, S100VZBO, S100YD3Z |
| Total assets | 42,752 | 46,357 | 48,010 | 46,049 | 45,010 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Net assets | 19,277 | 21,105 | 24,319 | 24,583 | 25,032 | S100TQO4, S100VZBO, S100YD3Z |
| Share capital | 2,476 | 2,476 | 2,476 | 2,476 | 2,476 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Trade receivables | 8,792 | 8,208 | 8,589 | 8,802 | 7,783 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Property, plant and equipment | 11,803 | 15,333 | 14,795 | 14,205 | 14,837 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Intangible assets excluding goodwill | 812 | 858 | 910 | 855 | 711 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Investment securities | 615 | 645 | 683 | 703 | 818 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Current assets | 28,987 | 28,868 | 30,919 | 29,599 | 28,113 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Current liabilities | 15,356 | 14,917 | 14,131 | 12,035 | 11,363 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Trade payables | 5,082 | 4,968 | 5,100 | 4,907 | 4,793 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Short-term borrowings | 7,986 | 6,835 | 6,428 | 4,393 | 3,781 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Long-term borrowings | 7,786 | 10,044 | 9,222 | 9,041 | 7,996 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Total liabilities | 23,475 | 25,253 | 23,692 | 21,466 | 19,978 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Non-controlling interests | 19 | 17 | 33 | 40 | 42 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Equity attributable to owners of parent | 18,100 | 19,488 | 21,901 | 22,057 | 22,425 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Retained earnings | 13,401 | 14,789 | 17,203 | 17,359 | 17,728 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |
| Treasury stock | -417 | -418 | -419 | -419 | -419 | S100R3W1, S100TQO4, S100VZBO, S100YD3Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YD3Z |
| Receivables | 17% | S100YD3Z |
| Property, plant and equipment | 33% | S100YD3Z |
| Intangibles and goodwill | 2% | S100YD3Z |
| Investment securities | 2% | S100YD3Z |
| Other assets | 38% | S100YD3Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YD3Z |
| Other liabilities | 34% | S100YD3Z |
| Equity | 55% | S100YD3Z |

### 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 | 42,752 | 46,357 | 48,010 | 46,049 | 45,010 |
| Equity | 19,277 | 21,105 | 24,319 | 24,583 | 25,032 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,965 | 2,838 | 2,780 | 4,310 | 3,853 |

## 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) | 23.8% | S100YD3Z |
| Fixed assets ÷ total assets | 33.0% | S100YD3Z |
| Goodwill ÷ parent equity | — | —, S100YD3Z |

### 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) | 8.6% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 323.0% |
| Cash vs. profit gap | 3,493 JPY mn (of net income 490.2%) |
| Shareholder returns / net income | 48.2% |
| Shareholder returns / FCF | 21.0% |
| Shareholder payments — dividends / net income | 48.2% |
| Shareholder payments — dividends / FCF | 21.0% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 60.0% |

## 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 | 1.2% | 1.38× | 1.6% | 2.36× | 3.9% | S100R3W1 |
| 2023 | 2.3% | 1.46× | 3.4% | 2.37× | 8.0% | S100TQO4 |
| 2024 | 4.2% | 1.35× | 5.7% | 2.28× | 13.0% | S100VZBO |
| 2025 | 1.0% | 1.39× | 1.3% | 2.14× | 2.8% | S100YD3Z |
| 2026 | 1.1% | 1.37× | 1.6% | 2.05× | 3.2% | S100YD3Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＳＴＩ従業員持株会 | Major shareholder | 8.8% | 2026-03-31 |
| ＡＳＴＩ共栄会 | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 加賀電子株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.2% | 2026-03-31 |
| 中島 秀樹 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 浜松磐田信用金庫 | Major shareholder | 1.7% | 2026-03-31 |
| 江熊 和浩 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YD3Z | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD3Z,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100VZBO | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZBO,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TQO4 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQO4,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R3W1 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3W1,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OH8H | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH8H,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LKZT | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKZT,, |

## 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).