# AuBEX 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141期(2025/04/01－2026/03/31) (S100YK22)
> Page: https://vizora.meequs.com/en/company/aubex
> Retrieved: 2026-09-30T20:48:14.527Z

## Company

AuBEX, founded in 1892, is a company in Medical Devices listed on TSE Standard. It has 353 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AuBEX CORPORATION |
| Ticker | 3583 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3583.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区両国四丁目31番11号 |
| Representative (per filing) | 代表取締役社長 栗原則義 |
| Founded | Dec 1892 |
| Share capital | ¥1.94B |
| Employees (consolidated) | 353 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.aubex.co.jp (https://www.aubex.co.jp/) |
| Corporate number | 6010601009020 |
| EDINET | E00584 |
| Industries (Vizora) | Medical Devices, Stationery & Office Supplies |

> Profile source: annual securities report (S100YK22, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.6 | 16 |
| Profitability | 84.4 | 16 |
| Cash conversion | 26.9 | 13 |
| Efficiency | 15.6 | 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 70% of AuBEX's sales come from Technological products, with Medical products making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -26.9%.

## Company structure

- Segment revenue mix: Technological products 70.4%、Medical products 29.6%
- Revenue → net income: ¥6015307000 → ¥573312000
- Net income → operating cash flow: ¥573312000 → ¥329183000（difference ¥-244129000）
- Main uses of operating cash flow: CapEx ¥443075000 / dividends ¥100522000 / buybacks ¥48467000
- Change in cash: ¥-222975000
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 | ¥6.02B |  |
| Operating income | ¥615.4M | Margin 10.2% |
| Net income | ¥573.3M | Margin 9.5% |
| Free cash flow | -¥113.9M |  |
| Largest business | Technological products | of segment revenue 70.4% |
| Employees (consolidated) | 353 |  |
| EPS | ¥140.1 |  |
| Book value per share | ¥2139.5 |  |
| Equity ratio | 71.3% |  |
| Shares outstanding | 3,092,623 |  |
| Treasury shares | 74,400 |  |
| Shareholders | 905 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 24.9% | Cash ÷ revenue 42.0% |
| Vs. industry median margin | +5.6 pp | Stationery & Office Supplies |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4751464000 | ¥6015307000 | +26.6% |
| Operating income | ¥265496000 | ¥615435000 | +131.8% |
| Operating margin | 5.6% | 10.2% | +4.6 pp |
| Employees | 350 people | 353 people | +0.9% |
| Cash and equivalents | ¥1867635000 | ¥2527404000 | +35.3% |

### 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 |
| --- | ---: |
| テクノ製品事業 → テクノ製品事業 | 70.0% |
| メディカル製品事業 → メディカル製品事業 | 29.6% |
| メディカル製品事業 → 事業再編・廃止 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → テクノ製品事業 | 0.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,015 | 100.0% | S100YK22 |
| Cost of revenue | 4,007 | 66.6% | S100YK22 |
| Gross profit | 2,008 | 33.4% | S100YK22 |
| SG&A | 1,393 | 23.2% | S100YK22 |
| Operating income | 615 | 10.2% | S100YK22 |
| Ordinary income | 630 | 10.5% | S100YK22 |
| Pretax income | 636 | 10.6% | S100YK22 |
| Income tax | 62 | 1.0% | S100YK22 |
| Net income | 573 | 9.5% | S100YK22 |
| Net income attributable to owners | 573 | 9.5% | S100YK22 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 23 |
| Operating income | 10 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 33.4% → Operating margin 10.2% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -26.9%
Operating leverage (core profit growth ÷ revenue growth): 78.35×
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 | 6,036 | 6,015 | -21 | -0.3% |
| Gross profit | 2,294 | 2,008 | -285 | -12.4% |
| Operating income | 841 | 615 | -226 | -26.9% |
| Net income attributable to owners | 580 | 573 | -7 | -1.2% |
| Operating cash flow | 637 | 329 | -308 | -48.4% |
| Free cash flow | 455 | -114 | -569 | -125.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,141 | 218 | 4.2% | 141 | 279 | 104 | S100LN6M |
| FY ending Mar 2021 | 4,751 | 265 | 5.6% | 115 | 631 | 439 | S100ODMS |
| FY ending Mar 2022 | 5,486 | 707 | 12.9% | 537 | 1,001 | 833 | S100R1FM |
| FY ending Mar 2023 | 5,315 | 623 | 11.7% | 469 | 338 | 64 | S100TOP3 |
| FY ending Mar 2024 | 5,387 | 561 | 10.4% | 436 | 1,055 | 904 | S100W2GJ |
| FY ending Mar 2025 | 6,036 | 841 | 13.9% | 580 | 637 | 455 | S100YK22 |
| FY ending Mar 2026 | 6,015 | 615 | 10.2% | 573 | 329 | -114 | S100YK22 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 364 | 340 | 343 | 368 | 353 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥4.9M | ¥6.4M | ¥5.9M |
| Average age (parent company) | 46.0 years | 46.1 years | 47.1 years | 45.1 years | 45.2 years |
| Average tenure (parent company) | 17.1 years | 18.1 years | 19.0 years | 18.1 years | 17.1 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Technological products | 4,236 | 70.4% | 767 | 18.1% |
| Medical products | 1,779 | 29.6% | 162 | 9.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Technological products | 70.4% | 82.6% | 12.1 | 18.1% |
| Medical products | 29.6% | 17.4% | -12.1 | 9.1% |

Segment → industry: Medical products → Medical Devices / Technological products → Stationery & Office Supplies

## 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 | 329 | 5.5% | S100YK22 |
| Capital expenditure | 443 | 7.4% | S100YK22 |
| Free cash flow | -114 | -1.9% | 算出 |
| Investing cash flow | -444 | -7.4% | S100YK22 |
| Financing cash flow | -149 | -2.5% | S100YK22 |
| Dividends paid | 101 | 1.7% | S100YK22 |
| Share buyback | 48 | 0.8% | S100YK22 |
| Change in cash | -223 | -3.7% | S100YK22 |
| Cash and equivalents | 2,527 | 42.0% | S100YK22 |

## 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 | 2,435 | 2,388 | 2,841 | 2,750 | 2,527 | S100TOP3, S100W2GJ, S100YK22 |
| Total assets | 9,441 | 9,328 | 9,722 | 9,843 | 10,165 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Net assets | 5,416 | 5,833 | 6,257 | 6,708 | 7,252 | S100TOP3, S100W2GJ, S100YK22 |
| Share capital | 1,940 | 1,940 | 1,940 | 1,940 | 1,940 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Trade receivables | 1,316 | 1,193 | 1,169 | 1,298 | 1,136 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Property, plant and equipment | 3,276 | 3,121 | 3,063 | 2,944 | 3,147 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Intangible assets excluding goodwill | 28 | 25 | 31 | 33 | 44 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Investment securities | 89 | 114 | 131 | 125 | 127 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Current assets | 5,855 | 5,925 | 6,343 | 6,586 | 6,609 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Current liabilities | 2,314 | 1,384 | 1,748 | 1,639 | 1,359 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Trade payables | 479 | 322 | 150 | 163 | 154 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Long-term borrowings | 1,146 | 1,517 | 1,092 | 894 | 941 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Total liabilities | 4,025 | 3,495 | 3,465 | 3,135 | 2,913 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Equity attributable to owners of parent | 5,355 | 5,687 | 6,067 | 6,529 | 6,976 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Retained earnings | 3,110 | 3,435 | 3,810 | 4,329 | 4,801 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |
| Treasury stock | -213 | -206 | -201 | -256 | -283 | S100R1FM, S100TOP3, S100W2GJ, S100YK22 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YK22 |
| Receivables | 11% | S100YK22 |
| Property, plant and equipment | 31% | S100YK22 |
| Intangibles and goodwill | 1% | S100YK22 |
| Investment securities | 1% | S100YK22 |
| Other assets | 31% | S100YK22 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YK22 |
| Other liabilities | 27% | S100YK22 |
| Equity | 71% | S100YK22 |

### 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 | 9,441 | 9,328 | 9,722 | 9,843 | 10,165 |
| Equity | 5,416 | 5,833 | 6,257 | 6,708 | 7,252 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,435 | 2,388 | 2,841 | 2,750 | 2,527 |

## 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) | 52.3% | S100YK22 |
| Fixed assets ÷ total assets | 31.0% | S100YK22 |
| Goodwill ÷ parent equity | — | —, S100YK22 |

### 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) | 24.9% |
| Cash ÷ revenue | 42.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.5% |
| Cash vs. profit gap | -244 JPY mn (of net income -42.6%) |
| Shareholder returns / net income | 26.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 134.8% |

## 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 | 9.8% | 0.58× | 5.7% | 1.76× | 10.0% | S100R1FM |
| 2023 | 8.8% | 0.57× | 5.0% | 1.70× | 8.5% | S100TOP3 |
| 2024 | 8.1% | 0.57× | 4.6% | 1.62× | 7.4% | S100W2GJ |
| 2025 | 9.6% | 0.62× | 5.9% | 1.55× | 9.2% | S100YK22 |
| 2026 | 9.5% | 0.60× | 5.7% | 1.48× | 8.5% | S100YK22 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 昭和化学工業㈱ | Major shareholder | 15.6% | 2026-03-31 |
| ㈱麻生 | Major shareholder | 14.8% | 2026-03-31 |
| 若築建設㈱ | Major shareholder | 14.0% | 2026-03-31 |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 9.3% | 2026-03-31 |
| 栗原 則義 | Major shareholder | 2.9% | 2026-03-31 |
| 藤巻 修道 | Major shareholder | 2.3% | 2026-03-31 |
| 青木 勇 | Major shareholder | 2.1% | 2026-03-31 |
| 木内 美雪 | Major shareholder | 1.6% | 2026-03-31 |
| オーベクス従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| ㈱ベステック | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第141期(2025/04/01－2026/03/31) | S100YK22 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK22,, |
| 有価証券報告書－第140期(2024/04/01－2025/03/31) | S100W2GJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GJ,, |
| 有価証券報告書－第139期(2023/04/01－2024/03/31) | S100TOP3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOP3,, |
| 有価証券報告書－第138期(2022/04/01－2023/03/31) | S100R1FM | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1FM,, |
| 有価証券報告書－第137期(令和3年4月1日－令和4年3月31日) | S100ODMS | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODMS,, |
| 有価証券報告書－第136期(令和2年4月1日－令和3年3月31日) | S100LN6M | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN6M,, |

## 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).