# ATOMIX 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79期(2025/04/01－2026/03/31) (S100YIIT)
> Page: https://vizora.meequs.com/en/company/atomix
> Retrieved: 2026-09-30T18:23:02.016Z

## Company

Atomix, founded in 1948, is a company in General Contractors listed on TSE Standard. It has 278 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ATOMIX CO.,LTD. |
| Ticker | 4625 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4625.T) |
| Listing | TSE Standard |
| Head office | 東京都板橋区舟渡三丁目9番6号 |
| Representative (per filing) | 代表取締役社長 宮里 勝之 |
| Founded | May 1948 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 278 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.atomix.co.jp (https://www.atomix.co.jp/) |
| Corporate number | 5011401000351 |
| EDINET | E00911 |
| Industries (Vizora) | General Contractors, Paints & Inks |

> Profile source: annual securities report (S100YIIT, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.3 | 23 |
| Profitability | 37 | 23 |
| Cash conversion | 43.2 | 22 |
| Efficiency | 54.3 | 23 |

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 93% of Atomix's sales come from Paint sale business, with Construction business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +62.2%.

## Company structure

- Segment revenue mix: Paint sale business 92.7%、Construction business 7.3%
- Revenue → net income: ¥12763250000 → ¥945140000
- Net income → operating cash flow: ¥945140000 → ¥650750000（difference ¥-294390000）
- Main uses of operating cash flow: CapEx ¥771393000 / dividends ¥96823000 / buybacks —
- Change in cash: ¥505312000
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 | ¥12.8B |  |
| Operating income | ¥569.1M | Margin 4.5% |
| Net income | ¥945.1M | Margin 7.4% |
| Free cash flow | -¥120.6M |  |
| Largest business | Paint sale business | of segment revenue 92.7% |
| Employees (consolidated) | 278 |  |
| EPS | ¥169.47 |  |
| Book value per share | ¥1899.68 |  |
| Equity ratio | 68.6% |  |
| Shares outstanding | 7,242,000 |  |
| Treasury shares | 1,515,900 |  |
| Shareholders | 2,456 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 26.1% |
| Vs. industry median margin | -1.5 pp | Paints & Inks |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, employees -2% while operating income rose 62%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11122609000 | ¥12763250000 | +14.8% |
| Operating income | ¥644946000 | ¥569068000 | -11.8% |
| Operating margin | 5.8% | 4.5% | -1.3 pp |
| Employees | 288 people | 278 people | -3.5% |
| Cash and equivalents | ¥2823839000 | ¥3336836000 | +18.2% |

### 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 |
| --- | ---: |
| 塗料販売事業 → 塗料販売事業 | 91.3% |
| 施工事業 → 施工事業 | 7.3% |
| 施工事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 塗料販売事業 | 1.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,763 | 100.0% | S100YIIT |
| Cost of revenue | 9,080 | 71.1% | S100YIIT |
| Gross profit | 3,683 | 28.9% | S100YIIT |
| SG&A | 3,114 | 24.4% | S100YIIT |
| Operating income | 569 | 4.5% | S100YIIT |
| Ordinary income | 606 | 4.8% | S100YIIT |
| Pretax income | 1,348 | 10.6% | S100YIIT |
| Income tax | 403 | 3.2% | S100YIIT |
| Net income | 945 | 7.4% | S100YIIT |
| Net income attributable to owners | 945 | 7.4% | S100YIIT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 24 |
| Operating income | 5 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.9% → Operating margin 4.5% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +62.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.53×
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 | 12,348 | 12,763 | 415 | +3.4% |
| Gross profit | 3,296 | 3,683 | 387 | +11.7% |
| Operating income | 351 | 569 | 218 | +62.2% |
| Net income attributable to owners | 229 | 945 | 716 | +313.0% |
| Operating cash flow | 1,021 | 651 | -370 | -36.3% |
| Free cash flow | 368 | -121 | -488 | -132.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,518 | 416 | 4.0% | 283 | 718 | 315 | S100LUGZ |
| FY ending Mar 2021 | 11,123 | 645 | 5.8% | 380 | 1,213 | 924 | S100OK13 |
| FY ending Mar 2022 | 11,062 | 421 | 3.8% | 378 | 695 | 313 | S100R8MP |
| FY ending Mar 2023 | 11,392 | 156 | 1.4% | 82 | 283 | -68 | S100TTPO |
| FY ending Mar 2024 | 12,122 | 360 | 3.0% | 239 | 494 | -200 | S100W568 |
| FY ending Mar 2025 | 12,348 | 351 | 2.8% | 229 | 1,021 | 368 | S100YIIT |
| FY ending Mar 2026 | 12,763 | 569 | 4.5% | 945 | 651 | -121 | S100YIIT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.9M |
| Operating income per employee (consolidated) | ¥2M |
| 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) | 281 | 281 | 281 | 283 | 278 |
| Average salary (parent company) | ¥6M | ¥5.6M | ¥5.5M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 43.0 years | 43.6 years | 44.2 years | 44.5 years | 44.6 years |
| Average tenure (parent company) | 19.5 years | 20.3 years | 20.5 years | 20.7 years | 20.5 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint sale business | 11,836 | 92.7% | 860 | 7.3% |
| Construction business | 927 | 7.3% | 80 | 8.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint sale business | 92.7% | 91.4% | -1.3 | 7.3% |
| Construction business | 7.3% | 8.6% | 1.3 | 8.7% |

Segment → industry: Construction business → General Contractors / Paint sale business → Paints & Inks

## 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 | 651 | 5.1% | S100YIIT |
| Capital expenditure | 771 | 6.0% | S100YIIT |
| Free cash flow | -121 | -0.9% | 算出 |
| Investing cash flow | -110 | -0.9% | S100YIIT |
| Financing cash flow | -35 | -0.3% | S100YIIT |
| Dividends paid | 97 | 0.8% | S100YIIT |
| Change in cash | 505 | 4.0% | S100YIIT |
| Cash and equivalents | 3,337 | 26.1% | S100YIIT |

## 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 | 3,188 | 2,936 | 2,595 | 2,832 | 3,337 | S100TTPO, S100W568, S100YIIT |
| Total assets | 14,544 | 14,390 | 15,190 | 15,025 | 16,366 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Net assets | 9,971 | 9,983 | 10,189 | 10,352 | 11,231 | S100TTPO, S100W568, S100YIIT |
| Share capital | 1,040 | 1,040 | 1,040 | 1,040 | 1,040 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Property, plant and equipment | 4,330 | 4,274 | 4,785 | 5,077 | 4,496 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Intangible assets excluding goodwill | 470 | 460 | 386 | 424 | 418 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Investment securities | 447 | 464 | 536 | 565 | 705 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Current assets | 9,024 | 8,960 | 9,303 | 8,709 | 10,301 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Current liabilities | 3,950 | 3,830 | 4,405 | 4,053 | 4,524 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Trade payables | 1,331 | 1,205 | 1,343 | 1,058 | 873 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Short-term borrowings | 160 | 160 | 115 | 100 | 200 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Long-term borrowings | 75 | 15 | — | — | — | S100R8MP, S100TTPO |
| Total liabilities | 4,572 | 4,406 | 5,001 | 4,673 | 5,135 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Equity attributable to owners of parent | 9,788 | 9,780 | 9,926 | 10,061 | 10,911 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Retained earnings | 9,012 | 8,999 | 9,143 | 9,276 | 10,124 | S100R8MP, S100TTPO, S100W568, S100YIIT |
| Treasury stock | -1,004 | -999 | -997 | -1,010 | -1,008 | S100R8MP, S100TTPO, S100W568, S100YIIT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YIIT |
| Property, plant and equipment | 28% | S100YIIT |
| Intangibles and goodwill | 3% | S100YIIT |
| Investment securities | 4% | S100YIIT |
| Other assets | 45% | S100YIIT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIIT |
| Other liabilities | 26% | S100YIIT |
| Equity | 69% | S100YIIT |

### 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 | 14,544 | 14,390 | 15,190 | 15,025 | 16,366 |
| Equity | 9,971 | 9,983 | 10,189 | 10,352 | 11,231 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,188 | 2,936 | 2,595 | 2,832 | 3,337 |

## 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) | 35.2% | S100YIIT |
| Fixed assets ÷ total assets | 27.5% | S100YIIT |
| Goodwill ÷ parent equity | — | —, S100YIIT |

### 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) | 20.4% |
| Cash ÷ revenue | 26.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.4% |
| Cash vs. profit gap | -294 JPY mn (of net income -31.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 16.9% |

## 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 | 3.4% | 0.76× | 2.6% | 1.49× | 3.9% | S100R8MP |
| 2023 | 0.7% | 0.79× | 0.6% | 1.48× | 0.8% | S100TTPO |
| 2024 | 2.0% | 0.82× | 1.6% | 1.50× | 2.4% | S100W568 |
| 2025 | 1.9% | 0.82× | 1.5% | 1.51× | 2.3% | S100YIIT |
| 2026 | 7.4% | 0.81× | 6.0% | 1.50× | 9.0% | S100YIIT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アトミクス取引先持株会 | Major shareholder | 17.6% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 12.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ESOP信託口・75715口） | Major shareholder | 7.0% | 2026-03-31 |
| 西川 正洋 | Major shareholder | 4.9% | 2026-03-31 |
| ナラサキライン株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 東洋テック株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| アトミクス社員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 楠本化成株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ケーシー工業株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YIIT | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIIT,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W568 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W568,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TTPO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTPO,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R8MP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8MP,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OK13 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK13,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LUGZ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUGZ,, |

## 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).