# HOSHIZAKI CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/01/01－2025/12/31) (S100XSOT)
> Page: https://vizora.meequs.com/en/company/hoshizaki
> Retrieved: 2026-09-30T19:10:22.827Z

## Company

Hoshizaki, founded in 1947, is a company in Air Conditioning listed on TSE Prime. It has 17,041 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOSHIZAKI CORPORATION |
| Ticker | 6465 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6465.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊明市栄町南館3番の16 |
| Representative (per filing) | 代表取締役社長 小林 靖浩 |
| Founded | Feb 1947 |
| Share capital | ¥8.14B |
| Employees (consolidated) | 17,041 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.hoshizaki.co.jp (https://www.hoshizaki.co.jp/) |
| Corporate number | 4180001069484 |
| EDINET | E01654 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100XSOT, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 50 | 11 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 77.3 | 11 |

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 47% of Hoshizaki's sales come from Japan, with American States and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +1.7%.

## Company structure

- Segment revenue mix: Japan 46.7%、American States 24.9%、Asia 16.5%、Europe 11.9%
- Revenue → net income: ¥485890000000 → ¥38728000000
- Net income → operating cash flow: ¥38728000000 → ¥30528000000（difference ¥-8200000000）
- Main uses of operating cash flow: CapEx ¥11057000000 / dividends ¥15607000000 / buybacks ¥5494000000
- Change in cash: ¥-58380000000
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 | ¥485.9B |  |
| Operating income | ¥51.9B | Margin 10.7% |
| Net income | ¥38.1B | Margin 7.9% |
| Free cash flow | ¥19.5B |  |
| Largest business | Japan | of segment revenue 46.7% |
| Employees (consolidated) | 17,041 |  |
| EPS | ¥179.82 |  |
| Book value per share | ¥968.92 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 144,890,000 |  |
| Treasury shares | 3,293,800 |  |
| Shareholders | 6,112 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 27.7% | Cash ÷ revenue 32.8% |
| Vs. industry median margin | 0 pp | Air Conditioning |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥238314000000 | ¥485890000000 | +103.9% |
| Operating income | ¥18447000000 | ¥51932000000 | +181.5% |
| Operating margin | 7.7% | 10.7% | +2.9 pp |
| Employees | 12,555 people | 17,041 people | +35.7% |
| Cash and equivalents | ¥148833000000 | ¥159442000000 | +7.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 46.7% |
| 日本 → 事業再編・廃止 | 23.0% |
| 米州 → 米州 | 19.3% |
| 欧州・アジア → 事業再編・廃止 | 11.0% |
| 新設・再編 → 米州 | 5.7% |
| 新設・再編 → 欧州 | 11.9% |
| 新設・再編 → アジア | 16.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.4% | ¥226739000000 | 13.4% | 2 |
| American States | 5 years | +21.4% | ¥121183000000 | 9.1% | 2 |
| Asia | 2 years | +28.3% | ¥80319000000 | 18.0% | 2 |
| Europe | 2 years | +49.2% | ¥57648000000 | 2.5% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 485,890 | 100.0% | S100XSOT |
| Cost of revenue | 304,449 | 62.7% | S100XSOT |
| Gross profit | 181,441 | 37.3% | S100XSOT |
| SG&A | 129,508 | 26.7% | S100XSOT |
| Operating income | 51,932 | 10.7% | S100XSOT |
| Ordinary income | 56,305 | 11.6% | S100XSOT |
| Pretax income | 56,249 | 11.6% | S100XSOT |
| Income tax | 17,521 | 3.6% | S100XSOT |
| Net income | 38,728 | 8.0% | S100XSOT |
| Net income attributable to owners | 38,148 | 7.9% | S100XSOT |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 26 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 37.3% → Operating margin 10.7% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +1.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.19×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 445,495 | 485,890 | 40,395 | +9.1% |
| Gross profit | 166,449 | 181,441 | 14,992 | +9.0% |
| Operating income | 51,050 | 51,932 | 882 | +1.7% |
| Net income attributable to owners | 36,936 | 38,148 | 1,212 | +3.3% |
| Operating cash flow | 47,344 | 30,528 | -16,816 | -35.5% |
| Free cash flow | 36,677 | 19,471 | -17,206 | -46.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 290,136 | 32,664 | 11.3% | 24,437 | 30,455 | 26,110 | S100L0ZS |
| FY ending Dec 2020 | 238,314 | 18,447 | 7.7% | 11,442 | 20,734 | 17,323 | S100NPPT |
| FY ending Dec 2021 | 274,419 | 24,931 | 9.1% | 21,679 | 27,343 | 23,912 | S100QHHF |
| FY ending Dec 2022 | 321,338 | 27,378 | 8.5% | 23,977 | 5,170 | -430 | S100T4W3 |
| FY ending Dec 2023 | 373,563 | 43,520 | 11.6% | 32,835 | 37,698 | 30,650 | S100VGXH |
| FY ending Dec 2024 | 445,495 | 51,050 | 11.5% | 36,936 | 47,344 | 36,677 | S100XSOT |
| FY ending Dec 2025 | 485,890 | 51,932 | 10.7% | 38,148 | 30,528 | 19,471 | S100XSOT |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.5M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 12,923 | 13,271 | 13,361 | 16,061 | 17,041 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.5M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 44.9 years | 44.8 years | 44.5 years | 44.5 years | 44.4 years |
| Average tenure (parent company) | 18.1 years | 18.0 years | 17.8 years | 17.6 years | 17.1 years |

Year over year: Employees (consolidated) +6.1% · Revenue (consolidated) +9.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 226,739 | 46.7% | 30,404 | 13.4% |
| American States | 121,183 | 24.9% | 11,006 | 9.1% |
| Europe | 57,648 | 11.9% | 1,461 | 2.5% |
| Asia | 80,319 | 16.5% | 14,430 | 18.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 46.7% | 53.1% | 6.4 | 13.4% |
| American States | 24.9% | 19.2% | -5.7 | 9.1% |
| Europe | 11.9% | 2.5% | -9.3 | 2.5% |
| Asia | 16.5% | 25.2% | 8.7 | 18.0% |

Segment → industry: Asia → Air Conditioning / Europe → Air Conditioning / American States → Air Conditioning / Japan → Air Conditioning

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 30,528 | 6.3% | S100XSOT |
| Capital expenditure | 11,057 | 2.3% | S100XSOT |
| Free cash flow | 19,471 | 4.0% | 算出 |
| Investing cash flow | -75,876 | -15.6% | S100XSOT |
| Financing cash flow | -15,006 | -3.1% | S100XSOT |
| Dividends paid | 15,607 | 3.2% | S100XSOT |
| Share buyback | 5,494 | 1.1% | S100XSOT |
| Change in cash | -58,380 | -12.0% | S100XSOT |
| Cash and equivalents | 159,442 | 32.8% | S100XSOT |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 181,615 | 186,669 | 227,072 | 214,391 | 159,442 | S100T4W3, S100VGXH, S100XSOT |
| Total assets | 378,469 | 423,898 | 465,361 | 547,638 | 575,646 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Net assets | 259,862 | 292,500 | 332,937 | 382,815 | 413,914 | S100T4W3, S100VGXH, S100XSOT |
| Share capital | 8,052 | 8,070 | 8,098 | 8,138 | 8,138 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Trade receivables | 31,120 | — | — | — | — | S100QHHF |
| Property, plant and equipment | 43,174 | 49,510 | 53,034 | 80,498 | 91,630 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Intangible assets excluding goodwill | 2,766 | 17,957 | 18,357 | 43,839 | 101,077 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Goodwill | 623 | 9,549 | 9,382 | 18,958 | 76,352 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Investment securities | 10,057 | 15,279 | 17,067 | 11,272 | 16,712 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Current assets | 310,645 | 328,240 | 364,145 | 390,307 | 342,313 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Current liabilities | 94,448 | 102,987 | 104,638 | 129,923 | 135,598 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Trade payables | 26,070 | 32,714 | 30,308 | 36,252 | 36,255 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Short-term borrowings | — | — | — | 4,901 | 6,390 | S100XSOT |
| Total liabilities | 118,607 | 131,398 | 132,424 | 164,823 | 161,731 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Non-controlling interests | 2,035 | 3,550 | 4,439 | 19,134 | 21,306 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Equity attributable to owners of parent | 262,579 | 274,795 | 297,476 | 303,611 | 322,042 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Retained earnings | 239,958 | 252,140 | 274,766 | 295,327 | 317,873 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |
| Treasury stock | -6 | -8 | -8 | -14,514 | -18,527 | S100QHHF, S100T4W3, S100VGXH, S100XSOT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XSOT |
| Property, plant and equipment | 16% | S100XSOT |
| Intangibles and goodwill | 31% | S100XSOT |
| Investment securities | 3% | S100XSOT |
| Other assets | 22% | S100XSOT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XSOT |
| Other liabilities | 22% | S100XSOT |
| Equity | 72% | S100XSOT |
| Other liabilities | 0% | S100XSOT |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 378,469 | 423,898 | 465,361 | 547,638 | 575,646 |
| Equity | 259,862 | 292,500 | 332,937 | 382,815 | 413,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 181,615 | 186,669 | 227,072 | 214,391 | 159,442 |

## 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) | 18.9% | S100XSOT |
| Fixed assets ÷ total assets | 15.9% | S100XSOT |
| Goodwill ÷ parent equity | 23.7% | S100XSOT |

Goodwill over 4 years: 623 → 76,352 JPY; total investing cash flow: -102,784 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) | 27.7% |
| Cash ÷ revenue | 32.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.8% |
| Cash vs. profit gap | -7,620 JPY mn (of net income -20.0%) |
| Shareholder returns / net income | 55.3% |
| Shareholder returns / FCF | 108.4% |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 80.2% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 248.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.9% | 0.73× | 5.7% | 1.44× | 8.3% | S100QHHF |
| 2022 | 7.5% | 0.80× | 6.0% | 1.49× | 8.9% | S100T4W3 |
| 2023 | 8.8% | 0.84× | 7.4% | 1.55× | 11.5% | S100VGXH |
| 2024 | 8.3% | 0.88× | 7.3% | 1.69× | 12.3% | S100XSOT |
| 2025 | 7.9% | 0.87× | 6.8% | 1.80× | 12.2% | S100XSOT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.8% | 2025-12-31 |
| 坂本ドネイション・ファウンデイション株式会社 | Major shareholder | 8.8% | 2025-12-31 |
| 公益財団法人ホシザキグリーン財団 | Major shareholder | 8.6% | 2025-12-31 |
| ジェーピー モルガン チェース バンク380055 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 6.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2025-12-31 |
| ホシザキグループ社員持株会 | Major shareholder | 3.3% | 2025-12-31 |
| 一般財団法人ホシザキ新星財団 | Major shareholder | 2.4% | 2025-12-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.0% | 2025-12-31 |
| 坂本 美由紀 | Major shareholder | 1.6% | 2025-12-31 |
| 野村信託銀行株式会社（信託 2052229） | Major shareholder | 1.3% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥485.9B, up +9.1% from ¥445.5B.
- Operating income rose only +1.7% to ¥51.9B, so profit did not keep pace with sales.
- Net income attributable to owners grew +3.3% to ¥38.1B.
- Operating cash flow dropped -35.5% to ¥30.5B, and free cash flow fell -46.9% to ¥19.5B.

### Drivers

- In Asia, refrigerator sales were strong, led by India, lifting both sales and profit
- In the Americas, a newly acquired company added sales, but one-off costs for the acquisition and an ERP rollout, plus higher labor costs, cut profit
- In Europe, tougher competition and hyperinflation in Turkey, including its accounting effects, sharply reduced profit
- Operating cash flow was held down by income tax payments and a contribution to a retirement benefit trust

### Risks

- US tariff policy and countermeasures by other countries could make parts harder to source and raise production costs
- Price competition could intensify beyond what cost cuts can absorb
- Acquired businesses could miss their plans, leading to goodwill impairments

Cited: Annual Securities Report, 80th fiscal year (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 80th fiscal year (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/01/01－2025/12/31) | S100XSOT | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSOT,, |
| 有価証券報告書－第79期(2024/01/01－2024/12/31) | S100VGXH | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXH,, |
| 有価証券報告書－第78期(2023/01/01－2023/12/31) | S100T4W3 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4W3,, |
| 有価証券報告書－第77期(2022/01/01－2022/12/31) | S100QHHF | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHHF,, |
| 有価証券報告書－第76期(令和3年1月1日－令和3年12月31日) | S100NPPT | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPPT,, |
| 有価証券報告書－第75期(令和2年1月1日－令和2年12月31日) | S100L0ZS | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0ZS,, |

## 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).