# AUTOWAVE Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2025/04/01－2026/03/31) (S100YLV8)
> Page: https://vizora.meequs.com/en/company/autowave
> Retrieved: 2026-09-30T20:18:08.311Z

## Company

Autowave, founded in 1990, is a company in Car Accessories listed on TSE Standard. It has 183 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AUTOWAVE CO.,LTD. |
| Ticker | 2666 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2666.T) |
| Listing | TSE Standard |
| Head office | 千葉市稲毛区宮野木町1850番地 |
| Representative (per filing) | 代表取締役社長 廣岡 大介 |
| Founded | Sep 1990 |
| Share capital | ¥100M |
| Employees (consolidated) | 183 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.auto-wave.co.jp (https://www.auto-wave.co.jp/) |
| Corporate number | 4040001001139 |
| EDINET | E03355 |
| Industries (Vizora) | Car Accessories, Car Dealers & Used Cars, Supermarkets |

> Profile source: annual securities report (S100YLV8, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.3 | 22 |
| Cash conversion | 87.5 | 20 |
| Efficiency | 25 | 22 |

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 68% of Autowave's sales come from car related business, with gyomu super business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +16.1%.

## Company structure

- Segment revenue mix: car related business 67.6%、gyomu super business 32.4%
- Revenue → net income: ¥9835820000 → ¥441565000
- Net income → operating cash flow: ¥441565000 → ¥568078000（difference ¥126513000）
- Main uses of operating cash flow: CapEx ¥59467000 / dividends ¥43076000 / buybacks —
- Change in cash: ¥235850000
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 | ¥9.84B |  |
| Operating income | ¥318.7M | Margin 3.2% |
| Net income | ¥441.6M | Margin 4.5% |
| Free cash flow | ¥508.6M |  |
| Largest business | car related business | of segment revenue 67.6% |
| Employees (consolidated) | 183 |  |
| EPS | ¥30.56 |  |
| Book value per share | ¥314 |  |
| Equity ratio | 57.4% |  |
| Shares outstanding | 14,451,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,221 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -2.5 pp | Car Accessories |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, employees -1% while operating income rose 16%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7426456000 | ¥9835820000 | — |
| Operating income | ¥142818000 | ¥318701000 | — |
| Operating margin | 1.9% | 3.2% | +1.3 pp |
| Employees | 201 people | 183 people | — |
| Cash and equivalents | ¥772797000 | ¥765540000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → 車関連事業 | 67.6% |
| 新設・再編 → 業務スーパー事業 | 32.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,836 | 100.0% | S100YLV8 |
| Cost of revenue | 6,952 | 70.7% | 算出 |
| Gross profit | 2,884 | 29.3% | S100YLV8 |
| SG&A | 2,565 | 26.1% | S100YLV8 |
| Operating income | 319 | 3.2% | S100YLV8 |
| Ordinary income | 459 | 4.7% | S100YLV8 |
| Pretax income | 428 | 4.3% | S100YLV8 |
| Income tax | -14 | -0.1% | S100YLV8 |
| Net income | 442 | 4.5% | S100YLV8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 26 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 29.3% → Operating margin 3.2% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +16.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.48×
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 | 8,871 | 9,836 | 964 | +10.9% |
| Gross profit | 2,785 | 2,884 | 99 | +3.6% |
| Operating income | 274 | 319 | 44 | +16.1% |
| Operating cash flow | 325 | 568 | 243 | +74.7% |
| Free cash flow | 123 | 509 | 386 | +313.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,601 | 70 | 0.9% | 178 | 552 | 484 | S100LYB3 |
| FY ending Mar 2021 | 7,064 | 118 | 1.7% | 142 | 571 | 459 | S100OFG8 |
| FY ending Mar 2022 | 7,426 | 143 | 1.9% | 137 | 560 | 368 | S100OFG8 |
| FY ending Mar 2022 | 7,422 | 149 | 2.0% | 137 | 560 | — | S100R2TC |
| FY ending Mar 2023 | 7,994 | 296 | 3.7% | 260 | 368 | 208 | S100TPJ2 |
| FY ending Mar 2024 | 8,423 | 334 | 4.0% | 263 | 538 | 397 | S100W15T |
| FY ending Mar 2025 | 8,871 | 274 | 3.1% | 269 | 325 | 123 | S100YLV8 |
| FY ending Mar 2026 | 9,836 | 319 | 3.2% | 442 | 568 | 509 | S100YLV8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.7M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 200 | 192 | 187 | 184 | 183 |
| Average salary (parent company) | — | ¥5M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | — | 45.9 years | 42.5 years | 42.6 years | 44.0 years |
| Average tenure (parent company) | — | 11.3 years | 10.9 years | 10.3 years | 11.8 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| car related business | 6,649 | 67.6% | 536 | 8.1% |
| gyomu super business | 3,187 | 32.4% | 105 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| car related business | 67.6% | 83.6% | 16.0 | 8.1% |
| gyomu super business | 32.4% | 16.4% | -16.0 | 3.3% |

Segment → industry: car related business → Car Accessories / car related business → Car Dealers & Used Cars / gyomu super business → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 568 | 5.8% | S100YLV8 |
| Capital expenditure | 59 | 0.6% | S100YLV8 |
| Free cash flow | 509 | 5.2% | 算出 |
| Investing cash flow | -89 | -0.9% | S100YLV8 |
| Financing cash flow | -243 | -2.5% | S100YLV8 |
| Dividends paid | 43 | 0.4% | S100YLV8 |
| Change in cash | 236 | 2.4% | S100YLV8 |
| Cash and equivalents | 766 | 7.8% | S100YLV8 |

## 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 | 764 | 607 | 651 | 530 | 766 | S100TPJ2, S100W15T, S100YLV8 |
| Total assets | 7,571 | 7,460 | 7,402 | 7,520 | 7,904 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Net assets | 3,449 | 3,680 | 3,914 | 4,139 | 4,538 | S100TPJ2, S100W15T, S100YLV8 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Property, plant and equipment | 4,860 | 4,816 | 4,729 | 4,678 | 4,634 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Intangible assets excluding goodwill | 37 | 30 | 41 | 42 | 40 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Current assets | 1,830 | 1,770 | 1,741 | 1,826 | 2,068 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Current liabilities | 1,599 | 1,537 | 1,626 | 1,682 | 1,727 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Short-term borrowings | 400 | 400 | 500 | 500 | 500 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Long-term borrowings | 1,584 | 1,384 | 1,080 | 880 | 680 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Total liabilities | 4,122 | 3,780 | 3,488 | 3,381 | 3,367 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Equity attributable to owners of parent | 3,449 | 3,680 | 3,914 | 4,139 | 4,538 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Retained earnings | 843 | 1,074 | 1,308 | 1,534 | 1,932 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R2TC, S100TPJ2, S100W15T, S100YLV8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YLV8 |
| Property, plant and equipment | 59% | S100YLV8 |
| Intangibles and goodwill | 0% | S100YLV8 |
| Other assets | 31% | S100YLV8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YLV8 |
| Equity | 57% | S100YLV8 |

### 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 | 7,571 | 7,460 | 7,402 | 7,520 | 7,904 |
| Equity | 3,449 | 3,680 | 3,914 | 4,139 | 4,538 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 764 | 607 | 651 | 530 | 766 |

## 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) | 47.1% | S100YLV8 |
| Fixed assets ÷ total assets | 58.6% | S100YLV8 |
| Goodwill ÷ parent equity | — | —, S100YLV8 |

### 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) | 9.7% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.2% |
| Cash vs. profit gap | 127 JPY mn (of net income 28.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.8% |
| Shareholder payments — dividends / FCF | 8.5% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 15.7% |

## 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 | 1.8% | 0.98× | 1.8% | 2.19× | 4.0% | S100YLV8, S100R2TC |
| 2023 | 3.2% | 1.06× | 3.5% | 2.11× | 7.3% | S100TPJ2 |
| 2024 | 3.1% | 1.13× | 3.5% | 1.96× | 6.9% | S100W15T |
| 2025 | 3.0% | 1.19× | 3.6% | 1.85× | 6.7% | S100YLV8 |
| 2026 | 4.5% | 1.28× | 5.7% | 1.78× | 10.2% | S100YLV8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 廣岡 大介 | Major shareholder | 16.0% | 2026-03-31 |
| ウェーブ会 | Major shareholder | 9.0% | 2026-03-31 |
| オートウェーブ従業員持株会 | Major shareholder | 8.5% | 2026-03-31 |
| 廣岡 昭彦 | Major shareholder | 4.6% | 2026-03-31 |
| フクイ クニオ | Major shareholder | 3.7% | 2026-03-31 |
| 廣岡 耕平 | Major shareholder | 3.4% | 2026-03-31 |
| 中村 忠明 | Major shareholder | 1.8% | 2026-03-31 |
| 星川 輝 | Major shareholder | 1.5% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YLV8 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLV8,, |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W15T | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W15T,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TPJ2 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJ2,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R2TC | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2TC,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OFG8 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFG8,, |
| 訂正有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LYB3 | 2021-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYB3,, |

## 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).