# AZEARTH Corporation: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2025/05/01－2026/04/30) (S100YSKW)
> Page: https://vizora.meequs.com/en/company/azearth
> Retrieved: 2026-09-30T21:02:59.608Z

## Company

Azearth, founded in 1947, is a company in Textiles & Fibers listed on TSE Standard. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AZEARTH Corporation |
| Ticker | 3161 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3161.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区蔵前四丁目13番7号 |
| Representative (per filing) | 代表取締役社長 斉藤文明 |
| Founded | May 1947 |
| Share capital | ¥887.6M |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | April |
| Website | www.azearth.co.jp (https://www.azearth.co.jp/) |
| Corporate number | 7010501008071 |
| EDINET | E24248 |
| Industries (Vizora) | Textiles & Fibers, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YSKW, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.9 | 179 |
| Profitability | 40.8 | 185 |
| Cash conversion | 8.7 | 179 |
| Efficiency | 13.8 | 185 |

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 58% of Azearth's sales come from Protective Clothing and Equipment, with Life Materials and Health Care Products making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +0.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.29B |  |
| Operating income | ¥192.4M | Margin 2.3% |
| Net income | ¥138.2M | Margin 1.7% |
| Free cash flow | -¥93.4M |  |
| Largest business | Protective Clothing and Equipment | of segment revenue 57.9% |
| Employees (consolidated) | 148 |  |
| EPS | ¥106.31 |  |
| Book value per share | ¥1161.72 |  |
| Equity ratio | 80.7% |  |
| Shares outstanding | 6,085,401 |  |
| Treasury shares | 263,100 |  |
| Shareholders | 4,631 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 25.2% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | -0.6 pp | Specialty Trading & Wholesale |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, cash is 25% of total assets
- FY2026, employees -5% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10205983000 | ¥8289681000 | -18.8% |
| Operating income | ¥793735000 | ¥192432000 | -75.8% |
| Operating margin | 7.8% | 2.3% | -5.5 pp |
| Employees | 174 people | 148 people | -14.9% |
| Cash and equivalents | ¥2370274000 | ¥2132978000 | -10.0% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 防護服・環境資機材 → 防護服・環境資機材 | 57.9% |
| 防護服・環境資機材 → 事業再編・廃止 | 2.8% |
| 機能性建材 → 事業再編・廃止 | 9.5% |
| アパレル資材 → 事業再編・廃止 | 21.4% |
| その他 → その他 | 2.8% |
| その他 → 事業再編・廃止 | 5.7% |
| 新設・再編 → ヘルスケア製品 | 4.7% |
| 新設・再編 → ライフマテリアル | 34.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Protective Clothing and Equipment | 5 years | -5.0% | ¥4800908000 | 11.7% | 2 |
| Life Materials | 4 years | -3.6% | ¥2865465000 | 5.9% | 2 |
| Health Care Products | 4 years | +90.6% | ¥388992000 | -14.2% | 2 |
| Other | 5 years | -23.0% | ¥234315000 | -13.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,290 | 100.0% | S100YSKW |
| Cost of revenue | 6,573 | 79.3% | S100YSKW |
| Gross profit | 1,717 | 20.7% | S100YSKW |
| SG&A | 1,524 | 18.4% | S100YSKW |
| Operating income | 192 | 2.3% | S100YSKW |
| Ordinary income | 214 | 2.6% | S100YSKW |
| Pretax income | 213 | 2.6% | S100YSKW |
| Income tax | 74 | 0.9% | S100YSKW |
| Net income | 138 | 1.7% | S100YSKW |
| Net income attributable to owners | 138 | 1.7% | S100YSKW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 19 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 20.7% → Operating margin 2.3% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.09×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,028 | 8,290 | 262 | +3.3% |
| Gross profit | 1,690 | 1,717 | 26 | +1.6% |
| Operating income | 192 | 192 | 1 | +0.3% |
| Net income attributable to owners | 199 | 138 | -61 | -30.6% |
| Operating cash flow | 466 | -28 | -494 | -106.0% |
| Free cash flow | 244 | -93 | -338 | -138.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 9,942 | 466 | 4.7% | 316 | 855 | 824 | S100LZYD |
| FY ending Apr 2021 | 10,206 | 794 | 7.8% | 621 | 798 | 693 | S100OSET |
| FY ending Apr 2022 | 9,545 | 388 | 4.1% | 266 | -52 | -709 | S100RFMX |
| FY ending Apr 2023 | 9,081 | 532 | 5.9% | 407 | 897 | 845 | S100U3IR |
| FY ending Apr 2024 | 8,242 | 292 | 3.5% | 188 | -7 | -70 | S100WEGE |
| FY ending Apr 2025 | 8,028 | 192 | 2.4% | 199 | 466 | 244 | S100YSKW |
| FY ending Apr 2026 | 8,290 | 192 | 2.3% | 138 | -28 | -93 | S100YSKW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥934K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 176 | 163 | 162 | 155 | 148 |
| Average salary (parent company) | ¥5.3M | ¥4.9M | ¥4.9M | ¥5M | ¥5.1M |
| Average age (parent company) | 45.2 years | 46.3 years | 47.1 years | 47.8 years | 48.3 years |
| Average tenure (parent company) | 13.1 years | 13.1 years | 13.3 years | 13.4 years | 14.5 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Protective Clothing and Equipment | 4,801 | 57.9% | 560 | 11.7% |
| Health Care Products | 389 | 4.7% | -55 | -14.2% |
| Life Materials | 2,865 | 34.6% | 169 | 5.9% |
| Other | 234 | 2.8% | -31 | -13.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Protective Clothing and Equipment | 57.9% | 76.8% | 18.9 | 11.7% |
| Health Care Products | 4.7% | — | — | -14.2% |
| Life Materials | 34.6% | 23.2% | -11.4 | 5.9% |
| Other | 2.8% | — | — | -13.2% |

Loss-making segment (excluded from profit shares): Health Care Products -55 JPY mn

Loss-making segment (excluded from profit shares): Other -31 JPY mn

Segment → industry: Life Materials → Textiles & Fibers / Life Materials → Specialty Trading & Wholesale / Health Care Products → Specialty Trading & Wholesale / Protective Clothing and Equipment → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -28 | -0.3% | S100YSKW |
| Capital expenditure | 65 | 0.8% | S100YSKW |
| Free cash flow | -93 | -1.1% | 算出 |
| Investing cash flow | -266 | -3.2% | S100YSKW |
| Financing cash flow | -229 | -2.8% | S100YSKW |
| Dividends paid | 134 | 1.6% | S100YSKW |
| Change in cash | -519 | -6.3% | S100YSKW |
| Cash and equivalents | 2,133 | 25.7% | S100YSKW |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,868 | 2,803 | 2,590 | 2,652 | 2,133 | S100U3IR, S100WEGE, S100YSKW |
| Total assets | 8,652 | 9,049 | 8,513 | 8,452 | 8,459 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Net assets | 6,273 | 6,604 | 6,724 | 6,768 | 6,826 | S100U3IR, S100WEGE, S100YSKW |
| Share capital | 888 | 888 | 888 | 888 | 888 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Property, plant and equipment | 1,930 | 1,624 | 1,535 | 1,512 | 1,456 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Intangible assets excluding goodwill | 87 | 90 | 138 | 254 | 246 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Investment securities | 127 | 141 | 170 | 174 | 233 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Current assets | 6,238 | 6,990 | 6,463 | 6,326 | 6,320 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Current liabilities | 1,836 | 2,095 | 1,546 | 1,580 | 1,516 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Trade payables | 1,056 | 824 | 528 | 605 | 491 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Long-term borrowings | 319 | 207 | 95 | — | — | S100RFMX, S100U3IR, S100WEGE |
| Total liabilities | 2,379 | 2,444 | 1,789 | 1,684 | 1,633 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Equity attributable to owners of parent | 6,178 | 6,479 | 6,556 | 6,637 | 6,647 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Retained earnings | 4,447 | 4,737 | 4,796 | 4,874 | 4,876 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |
| Treasury stock | -256 | -246 | -228 | -225 | -216 | S100RFMX, S100U3IR, S100WEGE, S100YSKW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YSKW |
| Property, plant and equipment | 17% | S100YSKW |
| Intangibles and goodwill | 3% | S100YSKW |
| Investment securities | 3% | S100YSKW |
| Other assets | 52% | S100YSKW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YSKW |
| Other liabilities | 13% | S100YSKW |
| Equity | 81% | S100YSKW |
| Other liabilities | 0% | S100YSKW |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,652 | 9,049 | 8,513 | 8,452 | 8,459 |
| Equity | 6,273 | 6,604 | 6,724 | 6,768 | 6,826 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,868 | 2,803 | 2,590 | 2,652 | 2,133 |

## 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) | 17.6% | S100YSKW |
| Fixed assets ÷ total assets | 17.2% | S100YSKW |
| Goodwill ÷ parent equity | — | —, S100YSKW |

### 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) | 25.2% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -14.6% |
| Cash vs. profit gap | -166 JPY mn (of net income -120.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 96.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 2.8% | 1.10× | 3.1% | 1.40× | 4.3% | S100RFMX |
| 2023 | 4.5% | 1.03× | 4.6% | 1.40× | 6.4% | S100U3IR |
| 2024 | 2.3% | 0.94× | 2.1% | 1.35× | 2.9% | S100WEGE |
| 2025 | 2.5% | 0.95× | 2.3% | 1.29× | 3.0% | S100YSKW |
| 2026 | 1.7% | 0.98× | 1.6% | 1.27× | 2.1% | S100YSKW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Asahicho | Major shareholder | 7.9% | 2026-04-30 |
| 鈴木 貴久子 | Major shareholder | 5.5% | 2026-04-30 |
| 鈴木 一裕 | Major shareholder | 2.8% | 2026-04-30 |
| 三田 さや香 | Major shareholder | 2.8% | 2026-04-30 |
| 澤田 匡宏 | Major shareholder | 2.6% | 2026-04-30 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2026-04-30 |
| 株式会社広島銀行 | Major shareholder | 2.1% | 2026-04-30 |
| 日本国土開発株式会社 | Major shareholder | 2.1% | 2026-04-30 |
| 中田 一男 | Major shareholder | 2.0% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.9% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/05/01－2026/04/30) | S100YSKW | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSKW,, |
| 有価証券報告書－第84期(2024/05/01－2025/04/30) | S100WEGE | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEGE,, |
| 有価証券報告書－第83期(2023/05/01－2024/04/30) | S100U3IR | 2024-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3IR,, |
| 有価証券報告書－第82期(2022/05/01－2023/04/30) | S100RFMX | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFMX,, |
| 有価証券報告書－第81期(令和3年5月1日－令和4年4月30日) | S100OSET | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSET,, |
| 有価証券報告書－第80期(令和2年5月1日－令和3年4月30日) | S100LZYD | 2021-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LZYD,, |

## 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).