# CORONA 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78期(2025/04/01－2026/03/31) (S100YF55)
> Page: https://vizora.meequs.com/en/company/corona
> Retrieved: 2026-09-30T22:08:17.025Z

## Company

Corona, founded in 1950, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 2,083 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CORONA CORPORATION |
| Ticker | 5909 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5909.T) |
| Listing | TSE Standard |
| Head office | 新潟県三条市東新保7番7号 |
| Representative (per filing) | 代表取締役社長 大桃満 |
| Founded | Jul 1950 |
| Share capital | ¥7.45B |
| Employees (consolidated) | 2,083 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.corona.co.jp (https://www.corona.co.jp/) |
| Corporate number | 5110001014116 |
| EDINET | E01444 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YF55, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.5 | 56 |
| Profitability | 21.6 | 58 |
| Cash conversion | 3 | 50 |
| Efficiency | 49.1 | 58 |

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)

- Corona brought in ¥85.3B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -36.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥85.3B |  |
| Operating income | ¥852M | Margin 1.0% |
| Net income | ¥991M | Margin 1.2% |
| Free cash flow | -¥3.38B |  |
| Employees (consolidated) | 2,083 |  |
| EPS | ¥23.24 |  |
| Book value per share | ¥2365.34 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 29,342,454 |  |
| Treasury shares | 97,600 |  |
| Shareholders | 12,704 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -3.5 pp | Housing Equipment & Building Materials |
| ROE | 1.3% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81646000000 | ¥85338000000 | +4.5% |
| Operating income | ¥953000000 | ¥852000000 | -10.6% |
| Operating margin | 1.2% | 1.0% | -0.2 pp |
| Employees | 2,283 people | 2,083 people | -8.8% |
| Cash and equivalents | ¥15306000000 | ¥9930000000 | -35.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 85,338 | 100.0% | S100YF55 |
| Cost of revenue | 66,975 | 78.5% | S100YF55 |
| Gross profit | 18,363 | 21.5% | S100YF55 |
| SG&A | 17,510 | 20.5% | S100YF55 |
| Operating income | 852 | 1.0% | S100YF55 |
| Ordinary income | 1,316 | 1.5% | S100YF55 |
| Pretax income | 1,319 | 1.5% | S100YF55 |
| Income tax | 328 | 0.4% | S100YF55 |
| Net income | 991 | 1.2% | S100YF55 |
| Net income attributable to owners | 991 | 1.2% | S100YF55 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 21 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 21.5% → Operating margin 1.0% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -36.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -251.24×
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 | 85,214 | 85,338 | 124 | +0.1% |
| Gross profit | 18,391 | 18,363 | -28 | -0.2% |
| Operating income | 1,343 | 852 | -491 | -36.6% |
| Net income attributable to owners | 1,103 | 991 | -112 | -10.2% |
| Operating cash flow | -423 | -731 | -308 | — |
| Free cash flow | -1,781 | -3,376 | -1,595 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 78,711 | 517 | 0.7% | 385 | 70 | -2,071 | S100LPHN |
| FY ending Mar 2021 | 81,646 | 953 | 1.2% | 626 | 6,048 | 4,160 | S100OJQE |
| FY ending Mar 2022 | 78,648 | 850 | 1.1% | 939 | 3,583 | 2,327 | S100R5RM |
| FY ending Mar 2023 | 85,335 | 1,901 | 2.2% | 1,482 | 3,666 | 2,455 | S100TQMD |
| FY ending Mar 2024 | 82,046 | 1,355 | 1.7% | 1,306 | -210 | -2,066 | S100W4MS |
| FY ending Mar 2025 | 85,214 | 1,343 | 1.6% | 1,103 | -423 | -1,781 | S100YF55 |
| FY ending Mar 2026 | 85,338 | 852 | 1.0% | 991 | -731 | -3,376 | S100YF55 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41M |
| Operating income per employee (consolidated) | ¥409K |
| Net income per employee (consolidated) | ¥475.8K |

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) | 2,240 | 2,162 | 2,138 | 2,110 | 2,083 |
| Average salary (parent company) | ¥5.1M | ¥5.4M | ¥5.3M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 43.7 years | 43.9 years | 44.4 years | 44.3 years | 44.4 years |
| Average tenure (parent company) | 19.2 years | 19.5 years | 20.0 years | 19.8 years | 19.6 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +0.1%

## 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 | -731 | -0.9% | S100YF55 |
| Capital expenditure | 2,645 | 3.1% | S100YF55 |
| Free cash flow | -3,376 | -4.0% | 算出 |
| Investing cash flow | -1,753 | -2.1% | S100YF55 |
| Financing cash flow | -818 | -1.0% | S100YF55 |
| Dividends paid | 818 | 1.0% | S100YF55 |
| Share buyback | 0 | 0.0% | S100YF55 |
| Change in cash | -3,303 | -3.9% | S100YF55 |
| Cash and equivalents | 9,930 | 11.6% | S100YF55 |

## 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 | 16,671 | 18,644 | 17,224 | 13,234 | 9,930 | S100TQMD, S100W4MS, S100YF55 |
| Total assets | 98,304 | 102,158 | 103,294 | 102,226 | 100,264 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Net assets | 72,780 | 72,899 | 75,184 | 76,282 | 77,845 | S100TQMD, S100W4MS, S100YF55 |
| Share capital | 7,449 | 7,449 | 7,449 | 7,449 | 7,449 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Property, plant and equipment | 17,076 | 16,934 | 16,317 | 16,881 | 16,869 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Intangible assets excluding goodwill | 588 | 489 | 405 | 360 | 382 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Investment securities | 18,857 | 20,510 | 21,450 | 22,664 | 21,047 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Current assets | 55,265 | 57,835 | 57,032 | 52,536 | 50,919 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Current liabilities | 23,470 | 27,238 | 25,476 | 22,691 | 18,838 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Trade payables | 17,699 | 21,147 | 19,373 | 16,457 | 12,576 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Total liabilities | 25,524 | 29,258 | 28,110 | 25,944 | 22,419 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Equity attributable to owners of parent | 71,999 | 72,707 | 73,191 | 73,509 | 73,714 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Retained earnings | 58,074 | 58,732 | 59,217 | 59,503 | 59,673 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |
| Treasury stock | -212 | -161 | -162 | -130 | -95 | S100R5RM, S100TQMD, S100W4MS, S100YF55 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YF55 |
| Property, plant and equipment | 17% | S100YF55 |
| Intangibles and goodwill | 0% | S100YF55 |
| Investment securities | 21% | S100YF55 |
| Other assets | 52% | S100YF55 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YF55 |
| Other liabilities | 10% | S100YF55 |
| Equity | 78% | S100YF55 |

### 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 | 98,304 | 102,158 | 103,294 | 102,226 | 100,264 |
| Equity | 72,780 | 72,899 | 75,184 | 76,282 | 77,845 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,671 | 18,644 | 17,224 | 13,234 | 9,930 |

## 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) | 19.8% | S100YF55 |
| Fixed assets ÷ total assets | 16.8% | S100YF55 |
| Goodwill ÷ parent equity | — | —, S100YF55 |

### 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) | 9.9% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -85.8% |
| Cash vs. profit gap | -1,722 JPY mn (of net income -173.8%) |
| Shareholder returns / net income | 82.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 82.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| 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 | 1.2% | 0.80× | 1.0% | 1.37× | 1.3% | S100R5RM |
| 2023 | 1.7% | 0.85× | 1.5% | 1.39× | 2.0% | S100TQMD |
| 2024 | 1.6% | 0.80× | 1.3% | 1.41× | 1.8% | S100W4MS |
| 2025 | 1.3% | 0.83× | 1.1% | 1.40× | 1.5% | S100YF55 |
| 2026 | 1.2% | 0.84× | 1.0% | 1.38× | 1.3% | S100YF55 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社コロナ興産 | Major shareholder | 37.8% | 2026-03-31 |
| 公益財団法人内田エネルギー科学振興財団 | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 4.5% | 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 | 3.6% | 2026-03-31 |
| コロナ社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| 外山産業株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 内田 力 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YF55 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF55,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W4MS | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4MS,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TQMD | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQMD,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R5RM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RM,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OJQE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJQE,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LPHN | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPHN,, |

## 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).