# HAVIX CORPORATION: 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76期(2025/04/01－2026/03/31) (S100YE3K)
> Page: https://vizora.meequs.com/en/company/havix
> Retrieved: 2026-09-30T21:33:19.995Z

## Company

Havix, founded in 1950, is a company in Textiles & Fibers listed on TSE Standard. It has 205 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAVIX CORPORATION |
| Ticker | 3895 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3895.T) |
| Listing | TSE Standard |
| Head office | 岐阜県岐阜市福光東三丁目5番7号 |
| Representative (per filing) | 代表取締役社長 福村大介 |
| Founded | Dec 1950 |
| Share capital | ¥593.7M |
| Employees (consolidated) | 205 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.havix.co.jp (https://www.havix.co.jp/) |
| Corporate number | 6200001004239 |
| EDINET | E00690 |
| Industries (Vizora) | Textiles & Fibers, Paper & Pulp |

> Profile source: annual securities report (S100YE3K, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 53.1 | 16 |
| Cash conversion | 95.8 | 12 |
| Efficiency | 90.6 | 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 56% of Havix's sales come from Non-woven fabric related, with Paper related making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -9.6% from the prior year, operating profit -38.3%.

## Company structure

- Segment revenue mix: Non-woven fabric related 55.9%、Paper related 44.1%
- Revenue → net income: ¥12110277000 → ¥547212000
- Net income → operating cash flow: ¥547212000 → ¥2498296000（difference ¥1951084000）
- Main uses of operating cash flow: CapEx ¥2207835000 / dividends ¥140490000 / buybacks —
- Change in cash: ¥1758850000
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 | ¥12.1B |  |
| Operating income | ¥428.9M | Margin 3.5% |
| Net income | ¥547.2M | Margin 4.5% |
| Free cash flow | ¥290.5M |  |
| Largest business | Non-woven fabric related | of segment revenue 55.9% |
| Employees (consolidated) | 205 |  |
| EPS | ¥69.91 |  |
| Book value per share | ¥984.49 |  |
| Equity ratio | 56.0% |  |
| Shares outstanding | 8,175,280 |  |
| Treasury shares | 339,600 |  |
| Shareholders | 2,870 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | +0.1 pp | Textiles & Fibers |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.6× net income
- FY2026, one segment accounts for 67% of positive segment profit

## 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 | ¥10897603000 | ¥12110277000 | — |
| Operating income | ¥-62169000 | ¥428874000 | — |
| Operating margin | -0.6% | 3.5% | +4.1 pp |
| Employees | 231 people | 205 people | — |
| Cash and equivalents | ¥760476000 | ¥2495290000 | — |

### 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 |
| --- | ---: |
| 不織布関連事業 → 不織布関連事業 | 54.5% |
| 紙関連事業 → 紙関連事業 | 44.1% |
| 紙関連事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 不織布関連事業 | 1.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,110 | 100.0% | S100YE3K |
| Cost of revenue | 9,789 | 80.8% | S100YE3K |
| Gross profit | 2,321 | 19.2% | S100YE3K |
| SG&A | 1,892 | 15.6% | S100YE3K |
| Operating income | 429 | 3.5% | S100YE3K |
| Ordinary income | 475 | 3.9% | S100YE3K |
| Pretax income | 669 | 5.5% | S100YE3K |
| Income tax | 122 | 1.0% | S100YE3K |
| Net income | 547 | 4.5% | S100YE3K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 19.2% → Operating margin 3.5% → Net margin 4.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,403 | 12,110 | -1,293 | -9.6% |
| Gross profit | 2,610 | 2,321 | -289 | -11.1% |
| Operating income | 695 | 429 | -266 | -38.3% |
| Operating cash flow | 52 | 2,498 | 2,446 | +4667.4% |
| Free cash flow | -476 | 290 | 766 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,870 | 943 | 7.3% | 566 | 1,576 | -522 | S100LLH3 |
| FY ending Mar 2021 | 10,647 | 768 | 7.2% | 562 | 1,270 | 773 | S100PZN9 |
| FY ending Mar 2022 | 10,898 | -62 | -0.6% | -2,449 | 67 | -66 | S100R1DX |
| FY ending Mar 2023 | 12,084 | -92 | -0.8% | 52 | 447 | 301 | S100TQ0P |
| FY ending Mar 2024 | 13,205 | 755 | 5.7% | 675 | 1,645 | 1,377 | S100VYRU |
| FY ending Mar 2025 | 13,313 | 717 | 5.4% | 672 | 52 | — | S100YE3K |
| FY ending Mar 2025 | 13,403 | 695 | 5.2% | 672 | 52 | -476 | S100VYRU |
| FY ending Mar 2026 | 12,110 | 429 | 3.5% | 547 | 2,498 | 290 | S100YE3K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.1M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥2.7M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 207 | 204 | 207 | 208 | 205 |
| Average salary (parent company) | ¥5.2M | ¥5.7M | — | ¥5.9M | ¥5.9M |
| Average age (parent company) | 38.8 years | 39.5 years | — | 40.3 years | 40.4 years |
| Average tenure (parent company) | 11.0 years | 11.4 years | — | 11.1 years | 11.2 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Non-woven fabric related | 6,773 | 55.9% | 1,066 | 15.7% |
| Paper related | 5,337 | 44.1% | 513 | 9.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Non-woven fabric related | 55.9% | 67.5% | 11.6 | 15.7% |
| Paper related | 44.1% | 32.5% | -11.6 | 9.6% |

Segment → industry: Non-woven fabric related → Textiles & Fibers / Paper related → Paper & Pulp

## 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 | 2,498 | 20.6% | S100YE3K |
| Capital expenditure | 2,208 | 18.2% | S100YE3K |
| Free cash flow | 290 | 2.4% | 算出 |
| Investing cash flow | -2,199 | -18.2% | S100YE3K |
| Financing cash flow | 1,460 | 12.1% | S100YE3K |
| Dividends paid | 140 | 1.2% | S100YE3K |
| Change in cash | 1,759 | 14.5% | S100YE3K |
| Cash and equivalents | 2,495 | 20.6% | S100YE3K |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 991 | 1,909 | 736 | 800 | 2,495 | S100VYRU, S100YE3K |
| Total assets | 12,604 | 13,096 | 12,192 | 12,309 | 13,771 | S100TQ0P, S100VYRU, S100YE3K |
| Net assets | 6,115 | 6,732 | 7,230 | 7,265 | 7,714 | S100VYRU, S100YE3K |
| Share capital | 594 | 594 | 594 | 594 | 594 | S100TQ0P, S100VYRU, S100YE3K |
| Property, plant and equipment | 2,783 | 2,846 | 3,081 | 3,082 | 5,083 | S100TQ0P, S100VYRU, S100YE3K |
| Intangible assets excluding goodwill | 79 | 217 | 236 | 236 | 190 | S100TQ0P, S100VYRU, S100YE3K |
| Investment securities | 143 | 184 | 150 | 150 | 241 | S100TQ0P, S100VYRU, S100YE3K |
| Current assets | 8,978 | 9,316 | 8,231 | 8,335 | 7,799 | S100TQ0P, S100VYRU, S100YE3K |
| Current liabilities | 4,422 | 4,826 | 3,830 | 3,913 | 3,296 | S100TQ0P, S100VYRU, S100YE3K |
| Trade payables | 1,466 | 1,440 | — | 1,504 | — | S100TQ0P, S100VYRU |
| Long-term borrowings | 1,842 | 1,301 | 905 | 905 | 2,524 | S100TQ0P, S100VYRU, S100YE3K |
| Total liabilities | 6,489 | 6,364 | 4,961 | 5,044 | 6,057 | S100TQ0P, S100VYRU, S100YE3K |
| Equity attributable to owners of parent | 6,074 | 6,671 | 7,169 | 7,228 | 7,588 | S100TQ0P, S100VYRU, S100YE3K |
| Retained earnings | 4,962 | 5,544 | 6,028 | 6,092 | 6,435 | S100TQ0P, S100VYRU, S100YE3K |
| Treasury stock | -122 | -111 | -103 | -103 | -95 | S100TQ0P, S100VYRU, S100YE3K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YE3K |
| Property, plant and equipment | 37% | S100YE3K |
| Intangibles and goodwill | 1% | S100YE3K |
| Investment securities | 2% | S100YE3K |
| Other assets | 42% | S100YE3K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YE3K |
| Equity | 56% | S100YE3K |
| Other liabilities | 0% | S100YE3K |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,604 | 13,096 | 12,192 | 12,309 | 13,771 |
| Equity | 6,115 | 6,732 | 7,230 | 7,265 | 7,714 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 991 | 1,909 | 736 | 800 | 2,495 |

## 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) | 42.0% | S100YE3K |
| Fixed assets ÷ total assets | 36.9% | S100YE3K |
| Goodwill ÷ parent equity | — | —, S100YE3K |

### 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) | 18.1% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 582.5% |
| Cash vs. profit gap | 1,951 JPY mn (of net income 356.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | 48.4% |
| CapEx intensity (capex ÷ revenue) | 18.2% |
| Investing CF relative to operating CF | 88.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 0.4% | 0.96× | 0.4% | 2.08× | 0.9% | S100TQ0P |
| 2024 | 5.1% | 1.03× | 5.3% | 2.02× | 10.6% | S100VYRU |
| 2025 | 5.1% | 1.09× | 5.5% | 1.70× | 9.4% | S100YE3K |
| 2025 | 5.0% | 1.09× | 5.5% | 1.70× | 9.3% | S100VYRU |
| 2026 | 4.5% | 0.88× | 4.0% | 1.81× | 7.2% | S100YE3K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 酒 井 正 吾 | Major shareholder | 8.2% | 2026-03-31 |
| 福 村 大 介 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 岐阜信用金庫 | Major shareholder | 4.8% | 2026-03-31 |
| 福 村 善 光 | Major shareholder | 4.4% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社大垣共立銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.8% | 2026-03-31 |
| ハビックス従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| ヤマニ洋紙工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 福 村 洋 介 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YE3K | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE3K,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100VYRU | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYRU,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TQ0P | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ0P,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R1DX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1DX,, |
| 訂正有価証券報告書－第72期(2021/04/01－2022/03/31) | S100PZN9 | 2023-01-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PZN9,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LLH3 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLH3,, |

## 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).