# FUJISASH 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45期(2025/04/01－2026/03/31) (S100YIDL)
> Page: https://vizora.meequs.com/en/company/fujisash
> Retrieved: 2026-09-30T21:01:35.327Z

## Company

Fujisash, founded in 1930, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 2,814 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJISASH CO.,LTD. |
| Ticker | 5940 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5940.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市幸区鹿島田一丁目1番2号 |
| Representative (per filing) | 代表取締役社長 江崎 裕之 |
| Founded | Jul 1930 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 2,814 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.fujisash.co.jp (https://www.fujisash.co.jp/) |
| Corporate number | 7020001070117 |
| EDINET | E01422 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Housing Equipment & Building Materials, Waste Management & Recycling, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YIDL, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 56 |
| Profitability | 37.1 | 58 |
| Cash conversion | 47 | 50 |
| Efficiency | 87.1 | 58 |
| Financial strength | 31.3 | 8 |

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 71% of Fujisash's sales come from Construction Material, with Aluminium Extrusion and Processed Products and Environmental Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.1% from the prior year, operating profit +12.2%.

## Company structure

- Segment revenue mix: Construction Material 70.6%、Aluminium Extrusion and Processed Products 22.2%、Environmental Engineering 3.3%、Transportation Business 3.3%、Other 0.7%
- Revenue → net income: ¥101470000000 → ¥2042000000
- Net income → operating cash flow: ¥2042000000 → ¥2853000000（difference ¥811000000）
- Main uses of operating cash flow: CapEx ¥6248000000 / dividends — / buybacks —
- Change in cash: ¥266000000
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 | ¥101.5B |  |
| Operating income | ¥2.78B | Margin 2.7% |
| Net income | ¥2.03B | Margin 2.0% |
| Free cash flow | -¥3.4B |  |
| Largest business | Construction Material | of segment revenue 70.6% |
| Employees (consolidated) | 2,814 |  |
| EPS | ¥141.38 |  |
| Book value per share | ¥1493.25 |  |
| Equity ratio | 29.6% |  |
| Shares outstanding | 12,626,782 |  |
| Treasury shares | 25,900 |  |
| Shareholders | 6,198 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 14.3% | Net cash -¥12B · Cash ÷ revenue 12.2% |
| Vs. industry median margin | -1.7 pp | Housing Equipment & Building Materials |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, employees -3% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥92396000000 | ¥101470000000 | +9.8% |
| Operating income | ¥534000000 | ¥2778000000 | +420.2% |
| Operating margin | 0.6% | 2.7% | +2.2 pp |
| Employees | 3,055 people | 2,814 people | -7.9% |
| Cash and equivalents | ¥15886000000 | ¥12357000000 | -22.2% |

### 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 |
| --- | ---: |
| 建材 → 建材 | 70.6% |
| 建材 → 事業再編・廃止 | 3.5% |
| 形材外販 → 形材外販 | 20.0% |
| 環境 → 環境 | 3.3% |
| 環境 → 事業再編・廃止 | 0.2% |
| 物流 → 物流 | 2.0% |
| その他 → その他 | 0.4% |
| 新設・再編 → 形材外販 | 2.2% |
| 新設・再編 → 物流 | 1.3% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction Material | 5 years | +0.9% | ¥71639000000 | 5.2% | 2 |
| Aluminium Extrusion and Processed Products | 5 years | +4.0% | ¥22522000000 | 1.2% | 2 |
| Environmental Engineering | 5 years | +0.7% | ¥3323000000 | 8.6% | 2 |
| Transportation Business | 5 years | +12.8% | ¥3318000000 | 11.9% | 2 |
| Other | 5 years | +12.7% | ¥666000000 | 55.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 101,470 | 100.0% | S100YIDL |
| Cost of revenue | 84,751 | 83.5% | S100YIDL |
| Gross profit | 16,719 | 16.5% | S100YIDL |
| SG&A | 13,941 | 13.7% | S100YIDL |
| Operating income | 2,778 | 2.7% | S100YIDL |
| Ordinary income | 2,796 | 2.8% | S100YIDL |
| Pretax income | 2,827 | 2.8% | S100YIDL |
| Income tax | 785 | 0.8% | S100YIDL |
| Net income | 2,042 | 2.0% | S100YIDL |
| Net income attributable to owners | 2,032 | 2.0% | S100YIDL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.5% → Operating margin 2.7% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.1%; Core profit growth: +12.2%
Operating leverage (core profit growth ÷ revenue growth): -3.91×
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 | 104,754 | 101,470 | -3,284 | -3.1% |
| Gross profit | 16,342 | 16,719 | 377 | +2.3% |
| Operating income | 2,475 | 2,778 | 303 | +12.2% |
| Net income attributable to owners | 2,225 | 2,032 | -193 | -8.7% |
| Operating cash flow | -74 | 2,853 | 2,927 | — |
| Free cash flow | -2,219 | -3,395 | -1,176 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,789 | 596 | 0.6% | 432 | 4,830 | 2,255 | S100LSRM |
| FY ending Mar 2021 | 92,396 | 534 | 0.6% | 572 | 3,487 | 802 | S100OJGU |
| FY ending Mar 2022 | 90,430 | 885 | 1.0% | -3,326 | 442 | -998 | S100R745 |
| FY ending Mar 2023 | 101,700 | 735 | 0.7% | 338 | 1,548 | -1,439 | S100ULUP |
| FY ending Mar 2024 | 101,260 | 1,773 | 1.8% | 1,714 | 5,884 | 3,315 | S100W2EZ |
| FY ending Mar 2025 | 104,754 | 2,475 | 2.4% | 2,225 | -74 | -2,219 | S100YIDL |
| FY ending Mar 2026 | 101,470 | 2,778 | 2.7% | 2,032 | 2,853 | -3,395 | S100YIDL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.1M |
| Operating income per employee (consolidated) | ¥987.2K |
| Net income per employee (consolidated) | ¥722.1K |

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) | 2,970 | 2,887 | 2,919 | 2,889 | 2,814 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.7M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 45.2 years | 45.9 years | 46.6 years | 46.5 years | 46.8 years |
| Average tenure (parent company) | 21.1 years | 21.5 years | 22.0 years | 21.8 years | 21.9 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) -3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction Material | 71,639 | 70.6% | 3,752 | 5.2% |
| Aluminium Extrusion and Processed Products | 22,522 | 22.2% | 262 | 1.2% |
| Environmental Engineering | 3,323 | 3.3% | 285 | 8.6% |
| Transportation Business | 3,318 | 3.3% | 395 | 11.9% |
| Other | 666 | 0.7% | 369 | 55.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction Material | 70.6% | 74.1% | 3.5 | 5.2% |
| Aluminium Extrusion and Processed Products | 22.2% | 5.2% | -17.0 | 1.2% |
| Environmental Engineering | 3.3% | 5.6% | 2.4 | 8.6% |
| Transportation Business | 3.3% | 7.8% | 4.5 | 11.9% |
| Other | 0.7% | 7.3% | 6.6 | 55.4% |

Segment → industry: Aluminium Extrusion and Processed Products → Non-ferrous Metals & Wires / Construction Material → Housing Equipment & Building Materials / Environmental Engineering → Waste Management & Recycling / Transportation Business → Trucking & Parcel Delivery

## 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 | 2,853 | 2.8% | S100YIDL |
| Capital expenditure | 6,248 | 6.2% | S100YIDL |
| Free cash flow | -3,395 | -3.3% | 算出 |
| Investing cash flow | -6,320 | -6.2% | S100YIDL |
| Financing cash flow | 3,800 | 3.7% | S100YIDL |
| Change in cash | 266 | 0.3% | S100YIDL |
| Cash and equivalents | 12,357 | 12.2% | S100YIDL |

## 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 | 13,560 | 13,523 | 15,625 | 12,091 | 12,357 | S100ULUP, S100W2EZ, S100YIDL |
| Total assets | 83,315 | 87,249 | 89,408 | 84,286 | 86,185 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Net assets | 18,065 | 18,630 | 20,953 | 23,591 | 25,769 | S100ULUP, S100W2EZ, S100YIDL |
| Share capital | 1,709 | 1,709 | 1,709 | 1,709 | 1,709 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Property, plant and equipment | 25,376 | 26,428 | 27,307 | 27,438 | 30,731 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Intangible assets excluding goodwill | 550 | 688 | 682 | 653 | 1,074 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Goodwill | 187 | 141 | 95 | 49 | 3 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Investment securities | 2,865 | 3,108 | 4,033 | 3,799 | 4,548 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Current assets | 49,426 | 51,789 | 52,342 | 47,839 | 45,671 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Current liabilities | 38,984 | 41,807 | 41,675 | 35,986 | 36,763 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Trade payables | 14,073 | 13,616 | 11,651 | 9,044 | 7,552 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Short-term borrowings | 13,286 | 14,686 | 14,149 | 13,268 | 15,422 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Long-term borrowings | 5,666 | 5,464 | 5,668 | 5,606 | 8,407 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Bonds | 3,445 | 4,230 | 4,070 | 3,910 | 550 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Interest-bearing debt | 22,397 | 24,380 | 23,887 | 22,784 | 24,379 | 算出 |
| Total liabilities | 65,250 | 68,618 | 68,454 | 60,694 | 60,416 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Non-controlling interests | 175 | 193 | 210 | 221 | 259 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Equity attributable to owners of parent | 16,210 | 16,423 | 17,964 | 19,933 | 21,594 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Retained earnings | 13,694 | 13,907 | 15,448 | 17,422 | 19,139 | S100R745, S100ULUP, S100W2EZ, S100YIDL |
| Treasury stock | -9 | -9 | -10 | -14 | -70 | S100R745, S100ULUP, S100W2EZ, S100YIDL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIDL |
| Property, plant and equipment | 36% | S100YIDL |
| Intangibles and goodwill | 1% | S100YIDL |
| Investment securities | 5% | S100YIDL |
| Other assets | 44% | S100YIDL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YIDL |
| Interest-bearing debt | 28% | 算出 |
| Other liabilities | 33% | S100YIDL |
| Equity | 30% | S100YIDL |

### 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 | 83,315 | 87,249 | 89,408 | 84,286 | 86,185 |
| Equity | 18,065 | 18,630 | 20,953 | 23,591 | 25,769 |
| Interest-bearing debt | 22,397 | 24,380 | 23,887 | 22,784 | 24,379 |
| Cash | 13,560 | 13,523 | 15,625 | 12,091 | 12,357 |

## 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) | 30.3% | S100YIDL |
| Fixed assets ÷ total assets | 35.7% | S100YIDL |
| Goodwill ÷ parent equity | 0.0% | S100YIDL |

Goodwill over 4 years: 187 → 3 JPY; total investing cash flow: -15,128 JPY. This does not imply causation.

### 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) | 14.3% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | -¥12B |
| Net debt ÷ operating cash flow | 4.21× |
| Cash conversion (operating CF ÷ operating income) | 102.7% |
| Cash vs. profit gap | 821 JPY mn (of net income 40.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.2% |
| Investing CF relative to operating CF | 221.5% |

## 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 | — | —× | -4.0% | —× | — | S100R745 |
| 2023 | 0.3% | 1.19× | 0.4% | 5.23× | 2.1% | S100ULUP |
| 2024 | 1.7% | 1.15× | 1.9% | 5.14× | 10.0% | S100W2EZ |
| 2025 | 2.1% | 1.21× | 2.6% | 4.58× | 11.7% | S100YIDL |
| 2026 | 2.0% | 1.19× | 2.4% | 4.11× | 9.8% | S100YIDL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 文化シヤッター株式会社 | Major shareholder | 23.5% | 2026-03-31 |
| 大栄不動産株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 中島 和信 | Major shareholder | 2.6% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 不二サッシ社員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 千々石 寛 | Major shareholder | 1.4% | 2026-03-31 |
| 大日メタックス株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 三井物産メタルズ株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YIDL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIDL,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W2EZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2EZ,, |
| 訂正有価証券報告書－第43期(2023/04/01－2024/03/31) | S100ULUP | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULUP,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R745 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R745,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OJGU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJGU,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LSRM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSRM,, |

## 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).