# ATSUGI  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100期(2025/04/01－2026/03/31) (S100YKV3)
> Page: https://vizora.meequs.com/en/company/atsugi
> Retrieved: 2026-09-30T18:10:48.674Z

## Company

Atsugi, founded in 1947, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ATSUGI CO., LTD. |
| Ticker | 3529 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3529.T) |
| Listing | TSE Standard |
| Head office | 神奈川県海老名市大谷北一丁目3番2号 |
| Representative (per filing) | 代表取締役社長 日光 信二 |
| Founded | Dec 1947 |
| Share capital | ¥20B |
| Employees (consolidated) | 1,207 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 4021001026648 |
| EDINET | E00567 |
| Industries (Vizora) | Real Estate Development & Leasing, Nursing Care, Apparel |

> Profile source: annual securities report (S100YKV3, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.3 | 55 |
| Profitability | 10.7 | 61 |
| Efficiency | 13.9 | 61 |

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 94% of Atsugi's sales come from textile and apparel business, with real estate business and Other making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -1.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥21.5B |  |
| Operating income | -¥1.02B | Margin -4.7% |
| Net income | -¥1.14B | Margin -5.3% |
| Free cash flow | -¥1.85B |  |
| Largest business | textile and apparel business | of segment revenue 93.9% |
| Employees (consolidated) | 1,207 |  |
| EPS | ¥-60.06 |  |
| Book value per share | ¥1820.11 |  |
| Equity ratio | 80.2% |  |
| Shares outstanding | 17,319,568 |  |
| Treasury shares | 1,305,500 |  |
| Shareholders | 13,320 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 16.9% |
| Vs. industry median margin | -7.8 pp | Apparel |
| ROA | -2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 85 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16228000000 | ¥21469000000 | +32.3% |
| Operating income | ¥-2593000000 | ¥-1019000000 | — |
| Operating margin | -16.0% | -4.7% | +11.2 pp |
| Employees | 1,479 people | 1,207 people | -18.4% |
| Cash and equivalents | ¥7403000000 | ¥3633000000 | -50.9% |

### 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 |
| --- | ---: |
| 繊維事業 → 繊維事業 | 92.3% |
| 不動産事業 → 不動産事業 | 3.2% |
| 不動産事業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 2.9% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 繊維事業 | 1.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| textile and apparel business | 5 years | +6.1% | ¥20156000000 | -7.4% | 2 |
| real estate business | 5 years | +4.1% | ¥697000000 | 77.2% | 2 |
| Other | 5 years | -2.1% | ¥615000000 | 12.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,469 | 100.0% | S100YKV3 |
| Cost of revenue | 14,799 | 68.9% | S100YKV3 |
| Gross profit | 6,670 | 31.1% | S100YKV3 |
| SG&A | 7,689 | 35.8% | S100YKV3 |
| Operating income | -1,019 | -4.7% | S100YKV3 |
| Ordinary income | -912 | -4.2% | S100YKV3 |
| Pretax income | -1,083 | -5.0% | S100YKV3 |
| Income tax | 53 | 0.2% | S100YKV3 |
| Net income | -1,137 | -5.3% | S100YKV3 |
| Net income attributable to owners | -1,137 | -5.3% | S100YKV3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 36 |
| Operating income | -5 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 31.1% → Operating margin -4.7% → Net margin -5.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 21,880 | 21,469 | -411 | -1.9% |
| Gross profit | 6,942 | 6,670 | -272 | -3.9% |
| Operating income | -930 | -1,019 | -89 | — |
| Net income attributable to owners | -376 | -1,137 | -761 | — |
| Operating cash flow | 415 | -388 | -803 | -193.5% |
| Free cash flow | -2,645 | -1,846 | 799 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,621 | -461 | -2.3% | -5,933 | 1,013 | 636 | S100LTKW |
| FY ending Mar 2021 | 16,228 | -2,593 | -16.0% | -3,826 | -2,949 | -3,120 | S100OJW8 |
| FY ending Mar 2022 | 21,445 | -2,293 | -10.7% | -1,827 | -748 | -1,871 | S100R8LQ |
| FY ending Mar 2023 | 20,503 | -2,131 | -10.4% | -1,215 | -1,356 | -3,205 | S100TU7T |
| FY ending Mar 2024 | 21,209 | -425 | -2.0% | 1,331 | -1,344 | -3,497 | S100W3TR |
| FY ending Mar 2025 | 21,880 | -930 | -4.3% | -376 | 415 | -2,645 | S100YKV3 |
| FY ending Mar 2026 | 21,469 | -1,019 | -4.7% | -1,137 | -388 | -1,846 | S100YKV3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.8M |
| Operating income per employee (consolidated) | -¥844.2K |
| Net income per employee (consolidated) | -¥942K |

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) | 1,456 | 1,400 | 1,443 | 1,273 | 1,207 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.7M | ¥5.7M |
| Average age (parent company) | 41.5 years | 42.8 years | 43.3 years | 44.0 years | 44.8 years |
| Average tenure (parent company) | 14.6 years | 15.0 years | 13.4 years | 13.1 years | 13.8 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| textile and apparel business | 20,156 | 93.9% | -1,495 | -7.4% |
| real estate business | 697 | 3.2% | 538 | 77.2% |
| Other | 615 | 2.9% | 75 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| textile and apparel business | 93.9% | — | — | -7.4% |
| real estate business | 3.2% | 87.8% | 84.5 | 77.2% |
| Other | 2.9% | 12.2% | 9.4 | 12.2% |

Loss-making segment (excluded from profit shares): textile and apparel business -1,495 JPY mn

Segment → industry: real estate business → Real Estate Development & Leasing / Other → Nursing Care / textile and apparel business → Apparel

## 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 | -388 | -1.8% | S100YKV3 |
| Capital expenditure | 1,458 | 6.8% | S100YKV3 |
| Free cash flow | -1,846 | -8.6% | 算出 |
| Investing cash flow | -1,176 | -5.5% | S100YKV3 |
| Financing cash flow | -674 | -3.1% | S100YKV3 |
| Share buyback | 4 | 0.0% | S100YKV3 |
| Change in cash | -1,721 | -8.0% | S100YKV3 |
| Cash and equivalents | 3,633 | 16.9% | S100YKV3 |

## 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 | 5,500 | 4,749 | 3,850 | 5,354 | 3,633 | S100TU7T, S100W3TR, S100YKV3 |
| Total assets | 42,234 | 40,688 | 42,014 | 40,847 | 39,902 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Net assets | 32,145 | 30,932 | 33,441 | 31,662 | 32,010 | S100TU7T, S100W3TR, S100YKV3 |
| Share capital | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Trade receivables | 4,204 | 4,241 | 4,185 | 4,311 | 3,850 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Property, plant and equipment | 15,818 | 16,020 | 16,815 | 19,577 | 20,180 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Intangible assets excluding goodwill | 471 | 1,338 | 1,669 | 499 | 520 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Investment securities | 7,201 | 6,621 | 6,076 | 3,702 | 4,353 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Current assets | 18,524 | 16,562 | 16,983 | 16,832 | 14,570 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Current liabilities | 4,922 | 5,291 | 4,104 | 5,236 | 3,424 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Trade payables | 2,065 | 1,957 | 1,434 | 1,365 | 1,098 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Short-term borrowings | — | — | — | 617 | 462 | S100YKV3 |
| Long-term borrowings | 1,380 | 909 | 439 | — | — | S100R8LQ, S100TU7T, S100W3TR |
| Total liabilities | 10,088 | 9,756 | 8,572 | 9,184 | 7,891 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Equity attributable to owners of parent | 27,945 | 26,728 | 28,069 | 27,690 | 26,549 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Retained earnings | -2,630 | -2,076 | -734 | -1,110 | -2,247 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |
| Treasury stock | -1,466 | -1,466 | -1,468 | -1,470 | -1,474 | S100R8LQ, S100TU7T, S100W3TR, S100YKV3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YKV3 |
| Receivables | 10% | S100YKV3 |
| Property, plant and equipment | 51% | S100YKV3 |
| Intangibles and goodwill | 1% | S100YKV3 |
| Investment securities | 11% | S100YKV3 |
| Other assets | 18% | S100YKV3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YKV3 |
| Other liabilities | 17% | S100YKV3 |
| Equity | 80% | S100YKV3 |
| Other liabilities | 0% | S100YKV3 |

### 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 | 42,234 | 40,688 | 42,014 | 40,847 | 39,902 |
| Equity | 32,145 | 30,932 | 33,441 | 31,662 | 32,010 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,500 | 4,749 | 3,850 | 5,354 | 3,633 |

## 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) | 94.0% | S100YKV3 |
| Fixed assets ÷ total assets | 50.6% | S100YKV3 |
| Goodwill ÷ parent equity | — | —, S100YKV3 |

### 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) | 9.1% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 749 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -4.3% | —× | — | S100R8LQ |
| 2023 | — | —× | -2.9% | —× | — | S100TU7T |
| 2024 | 6.3% | 0.51× | 3.2% | 1.51× | 4.9% | S100W3TR |
| 2025 | — | —× | -0.9% | —× | — | S100YKV3 |
| 2026 | — | —× | -2.8% | —× | — | S100YKV3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東レ株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| SG/UCITS V/INV（常任代理人 香港上海銀行） | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社オンワードホールディングス | Major shareholder | 3.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 旭化成株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/UOB KAYHIAN PRIVATE LIMITED（常任代理人 香港上海銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 江綿株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| チャレンジ２号投資事業組合 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YKV3 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKV3,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W3TR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3TR,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TU7T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU7T,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R8LQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8LQ,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OJW8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJW8,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LTKW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTKW,, |

## 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).