# ISHIZUKA GLASS 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91期(2025/03/21－2026/03/20) (S100YBU1)
> Page: https://vizora.meequs.com/en/company/ishizuka-glass
> Retrieved: 2026-09-30T19:14:02.748Z

## Company

Ishizuka Glass, founded in 1941, is a company in Food Packaging listed on TSE Standard. It has 1,880 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISHIZUKA GLASS CO.,LTD. |
| Ticker | 5204 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5204.T) |
| Listing | TSE Standard |
| Head office | 愛知県岩倉市川井町1880番地 |
| Representative (per filing) | 代表取締役 社長執行役員 石塚 久継 |
| Founded | Apr 1941 |
| Share capital | ¥6.34B |
| Employees (consolidated) | 1,880 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.ishizuka.co.jp (https://www.ishizuka.co.jp/) |
| Corporate number | 4180001088187 |
| EDINET | E01123 |
| Industries (Vizora) | Food Packaging, Glass & Ceramics, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YBU1, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.3 | 15 |
| Profitability | 70 | 15 |
| Cash conversion | 75 | 14 |
| Efficiency | 3.3 | 15 |
| Financial strength | 16.7 | 3 |

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 38% of Ishizuka Glass's sales come from Packaging container, with Plastics container and Glass tableware making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Packaging container 37.9%、Plastics container 16.5%、Glass tableware 13.8%、Glass bottle 11.7%、Paper package 9.6%
- Revenue → net income: ¥59510000000 → ¥2713000000
- Net income → operating cash flow: ¥2713000000 → ¥8306000000（difference ¥5593000000）
- Main uses of operating cash flow: CapEx ¥4756000000 / dividends ¥271000000 / buybacks —
- Change in cash: ¥-1927000000
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 | ¥59.5B |  |
| Operating income | ¥4.16B | Margin 7.0% |
| Net income | ¥2.62B | Margin 4.4% |
| Free cash flow | ¥3.55B |  |
| Largest business | Packaging container | of segment revenue 37.9% |
| Employees (consolidated) | 1,880 |  |
| EPS | ¥624.19 |  |
| Book value per share | ¥7379.35 |  |
| Equity ratio | 37.8% |  |
| Shares outstanding | 4,219,000 |  |
| Treasury shares | 49,400 |  |
| Shareholders | 5,846 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 2.9% | Net cash -¥18.4B · Cash ÷ revenue 4.9% |
| Vs. industry median margin | +1.6 pp | Food Packaging |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64940000000 | ¥59510000000 | -8.4% |
| Operating income | ¥852000000 | ¥4160000000 | +388.3% |
| Operating margin | 1.3% | 7.0% | +5.7 pp |
| Employees | 2,075 people | 1,880 people | -9.4% |
| Cash and equivalents | ¥3598000000 | ¥2943000000 | -18.2% |

### 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 |
| --- | ---: |
| ガラスびん関連 → ガラスびん関連 | 11.7% |
| ガラスびん関連 → 事業再編・廃止 | 9.6% |
| 紙容器関連 → 紙容器関連 | 9.6% |
| 紙容器関連 → 事業再編・廃止 | 1.6% |
| プラスチック容器関連 → プラスチック容器関連 | 16.5% |
| プラスチック容器関連 → 事業再編・廃止 | 25.9% |
| 産業器材関連 → 事業再編・廃止 | 3.1% |
| ハウスウェア関連 → ハウスウェア関連 | 13.8% |
| ハウスウェア関連 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 5.5% |
| その他 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 包装容器関連 | 37.9% |
| 新設・再編 → 産業マテリアル関連 | 4.9% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Packaging container | — | — | ¥36317000000 | 7.8% | 2 |
| Plastics container | 5 years | -10.5% | ¥15858000000 | 10.6% | 2 |
| Glass tableware | 5 years | +6.5% | ¥13246000000 | 6.6% | 2 |
| Glass bottle | 5 years | -4.1% | ¥11252000000 | 6.5% | 2 |
| Paper package | 5 years | +4.9% | ¥9206000000 | 4.6% | 2 |
| Other | 5 years | +3.0% | ¥5285000000 | -0.9% | 2 |
| Industrial materials | — | — | ¥4660000000 | 10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,510 | 100.0% | S100YBU1 |
| Cost of revenue | 44,035 | 74.0% | S100YBU1 |
| Gross profit | 15,474 | 26.0% | S100YBU1 |
| SG&A | 11,314 | 19.0% | S100YBU1 |
| Operating income | 4,160 | 7.0% | S100YBU1 |
| Ordinary income | 3,882 | 6.5% | S100YBU1 |
| Pretax income | 3,798 | 6.4% | S100YBU1 |
| Income tax | 1,084 | 1.8% | S100YBU1 |
| Net income | 2,713 | 4.6% | S100YBU1 |
| Net income attributable to owners | 2,618 | 4.4% | S100YBU1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 19 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 26.0% → Operating margin 7.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +8.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 55,994 | 59,510 | 3,516 | +6.3% |
| Gross profit | 14,825 | 15,474 | 649 | +4.4% |
| Operating income | 3,849 | 4,160 | 311 | +8.1% |
| Net income attributable to owners | 3,088 | 2,618 | -470 | -15.2% |
| Operating cash flow | 7,169 | 8,306 | 1,137 | +15.9% |
| Free cash flow | -1,321 | 3,550 | 4,871 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 73,745 | 2,497 | 3.4% | 1,180 | 5,756 | 351 | S100LINJ |
| FY ending Mar 2021 | 64,940 | 852 | 1.3% | -3,023 | 4,211 | -279 | S100O9DM |
| FY ending Mar 2022 | 69,384 | 2,612 | 3.8% | 2,254 | 4,093 | 1,899 | S100SN3J |
| FY ending Mar 2023 | 56,749 | 2,210 | 3.9% | 252 | 2,087 | -3,701 | S100TMSF |
| FY ending Mar 2024 | 57,882 | 5,456 | 9.4% | 4,707 | 5,704 | -2,319 | S100VXZF |
| FY ending Mar 2025 | 55,994 | 3,849 | 6.9% | 3,088 | 7,169 | -1,321 | S100YBU1 |
| FY ending Mar 2026 | 59,510 | 4,160 | 7.0% | 2,618 | 8,306 | 3,550 | S100YBU1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 2,018 | 1,867 | 1,839 | 1,816 | 1,880 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.6M | ¥5.9M | ¥6M |
| Average age (parent company) | 42.8 years | 43.2 years | 43.7 years | 43.8 years | 43.6 years |
| Average tenure (parent company) | 17.3 years | 18.4 years | 18.5 years | 19.2 years | 19.7 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Glass bottle | 11,252 | 11.7% | 733 | 6.5% |
| Paper package | 9,206 | 9.6% | 419 | 4.6% |
| Plastics container | 15,858 | 16.5% | 1,683 | 10.6% |
| Packaging container | 36,317 | 37.9% | 2,836 | 7.8% |
| Glass tableware | 13,246 | 13.8% | 878 | 6.6% |
| Industrial materials | 4,660 | 4.9% | 499 | 10.7% |
| Other | 5,285 | 5.5% | -50 | -0.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Glass bottle | 11.7% | 10.4% | -1.3 | 6.5% |
| Paper package | 9.6% | 5.9% | -3.7 | 4.6% |
| Plastics container | 16.5% | 23.9% | 7.3 | 10.6% |
| Packaging container | 37.9% | 40.2% | 2.3 | 7.8% |
| Glass tableware | 13.8% | 12.5% | -1.4 | 6.6% |
| Industrial materials | 4.9% | 7.1% | 2.2 | 10.7% |
| Other | 5.5% | — | — | -0.9% |

Loss-making segment (excluded from profit shares): Other -50 JPY mn

Segment → industry: Glass bottle → Food Packaging / Paper package → Food Packaging / Plastics container → Food Packaging / Packaging container → Food Packaging / Glass tableware → Glass & Ceramics / Glass tableware → Furniture, Interior & Lifestyle Goods / Industrial materials → Glass & Ceramics

## 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 | 8,306 | 14.0% | S100YBU1 |
| Capital expenditure | 4,756 | 8.0% | S100YBU1 |
| Free cash flow | 3,550 | 6.0% | 算出 |
| Investing cash flow | -4,413 | -7.4% | S100YBU1 |
| Financing cash flow | -5,752 | -9.7% | S100YBU1 |
| Dividends paid | 271 | 0.5% | S100YBU1 |
| Change in cash | -1,927 | -3.2% | S100YBU1 |
| Cash and equivalents | 2,943 | 4.9% | S100YBU1 |

## 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 | 5,325 | 6,069 | 3,778 | 4,871 | 2,943 | S100TMSF, S100VXZF, S100YBU1 |
| Total assets | 82,097 | 86,536 | 92,115 | 100,417 | 99,995 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Net assets | 28,863 | 28,749 | 32,350 | 35,332 | 39,292 | S100TMSF, S100VXZF, S100YBU1 |
| Share capital | 6,344 | 6,344 | 6,344 | 6,344 | 6,344 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Trade receivables | 15,071 | 15,767 | 16,577 | 16,616 | 16,939 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Property, plant and equipment | 32,675 | 35,423 | 40,071 | 44,495 | 44,285 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Intangible assets excluding goodwill | 147 | 121 | 108 | 82 | 108 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Investment securities | 6,922 | 6,801 | 6,239 | 6,463 | 7,869 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Current assets | 40,646 | 42,862 | 44,447 | 48,008 | 46,083 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Current liabilities | 26,560 | 22,866 | 24,903 | 27,551 | 26,012 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Trade payables | 9,353 | 9,782 | 10,998 | 11,523 | 10,954 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Short-term borrowings | 8,557 | 4,166 | 3,813 | 4,394 | 3,714 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Long-term borrowings | 2,821 | 13,660 | 15,376 | 14,132 | 12,778 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Bonds | 8,618 | 8,078 | 8,100 | 6,298 | 4,820 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Interest-bearing debt | 19,996 | 25,904 | 27,289 | 24,824 | 21,312 | 算出 |
| Total liabilities | 53,233 | 57,787 | 59,765 | 65,085 | 60,702 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Non-controlling interests | 3,616 | 3,644 | 1,407 | 1,419 | 1,516 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Equity attributable to owners of parent | 17,528 | 17,584 | 22,195 | 25,063 | 27,392 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Retained earnings | 6,663 | 6,719 | 11,281 | 14,119 | 16,532 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |
| Treasury stock | -85 | -86 | -109 | -88 | -173 | S100SN3J, S100TMSF, S100VXZF, S100YBU1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YBU1 |
| Receivables | 17% | S100YBU1 |
| Property, plant and equipment | 44% | S100YBU1 |
| Intangibles and goodwill | 0% | S100YBU1 |
| Investment securities | 8% | S100YBU1 |
| Other assets | 28% | S100YBU1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YBU1 |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 29% | S100YBU1 |
| Equity | 39% | S100YBU1 |
| Other liabilities | 0% | S100YBU1 |

### 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 | 82,097 | 86,536 | 92,115 | 100,417 | 99,995 |
| Equity | 28,863 | 28,749 | 32,350 | 35,332 | 39,292 |
| Interest-bearing debt | 19,996 | 25,904 | 27,289 | 24,824 | 21,312 |
| Cash | 5,325 | 6,069 | 3,778 | 4,871 | 2,943 |

## 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) | 74.4% | S100YBU1 |
| Fixed assets ÷ total assets | 44.3% | S100YBU1 |
| Goodwill ÷ parent equity | — | —, S100YBU1 |

### 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) | 2.9% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | -¥18.4B |
| Net debt ÷ operating cash flow | 2.21× |
| Cash conversion (operating CF ÷ operating income) | 199.7% |
| Cash vs. profit gap | 5,688 JPY mn (of net income 217.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.4% |
| Shareholder payments — dividends / FCF | 7.6% |
| CapEx intensity (capex ÷ revenue) | 8.0% |
| Investing CF relative to operating CF | 53.1% |

## 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 | 3.2% | 0.85× | 2.7% | 4.68× | 12.9% | S100SN3J |
| 2023 | 0.4% | 0.67× | 0.3% | 4.80× | 1.4% | S100TMSF |
| 2024 | 8.1% | 0.65× | 5.3% | 4.49× | 23.7% | S100VXZF |
| 2025 | 5.5% | 0.58× | 3.2% | 4.07× | 13.1% | S100YBU1 |
| 2026 | 4.4% | 0.59× | 2.6% | 3.82× | 10.0% | S100YBU1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治安田生命保険相互会社 | Major shareholder | 5.3% | 2026-03-20 |
| BBH CO FOR ARCUS JAPAN VALUE FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.4% | 2026-03-20 |
| 株式会社みずほ銀行 | Major shareholder | 4.2% | 2026-03-20 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2026-03-20 |
| 東朋テクノロジー株式会社 | Major shareholder | 3.1% | 2026-03-20 |
| 第一生命保険株式会社 | Major shareholder | 2.9% | 2026-03-20 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-20 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.3% | 2026-03-20 |
| 愛知時計電機株式会社 | Major shareholder | 2.3% | 2026-03-20 |
| 石塚芳三 | Major shareholder | 2.1% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/03/21－2026/03/20) | S100YBU1 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBU1,, |
| 有価証券報告書－第90期(2024/03/21－2025/03/20) | S100VXZF | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXZF,, |
| 有価証券報告書－第89期(2023/03/21－2024/03/20) | S100TMSF | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMSF,, |
| 訂正有価証券報告書－第88期(2022/03/21－2023/03/20) | S100SN3J | 2024-02-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SN3J,, |
| 有価証券報告書－第87期(令和3年3月21日－令和4年3月20日) | S100O9DM | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9DM,, |
| 有価証券報告書－第86期(令和2年3月21日－令和3年3月20日) | S100LINJ | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LINJ,, |

## 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).