# IWATANI 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83期(2025/04/01－2026/03/31) (S100YBEM)
> Page: https://vizora.meequs.com/en/company/iwatani
> Retrieved: 2026-09-30T20:25:47.989Z

## Company

Iwatani, founded in 1945, is a company in Chemicals listed on TSE Prime. It has 12,113 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IWATANI CORPORATION |
| Ticker | 8088 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8088.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区本町3丁目6番4号 |
| Representative (per filing) | 代表取締役社長兼CEO 間島寬 |
| Founded | Feb 1945 |
| Share capital | ¥35.1B |
| Employees (consolidated) | 12,113 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | March |
| Website | www.iwatani.co.jp (https://www.iwatani.co.jp/) |
| Corporate number | 8120001077357 |
| EDINET | E02567 |
| Industries (Vizora) | Chemicals, Electric Power & Gas, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YBEM, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.8 | 42 |
| Profitability | 19.3 | 44 |
| Cash conversion | 46.4 | 42 |
| Efficiency | 69.3 | 44 |
| Financial strength | 60.5 | 19 |

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 40% of Iwatani's sales come from Energy, with Industrial Gases and Machinery and Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit -17.1%.

## Company structure

- Segment revenue mix: Energy 40.5%、Industrial Gases and Machinery 31.8%、Materials 24.0%、Other 3.7%
- Revenue → net income: ¥908522000000 → ¥49143000000
- Net income → operating cash flow: ¥49143000000 → ¥59132000000（difference ¥9989000000）
- Main uses of operating cash flow: CapEx ¥45810000000 / dividends ¥16204000000 / buybacks —
- Change in cash: ¥-834000000
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 | ¥908.5B |  |
| Operating income | ¥38.3B | Margin 4.2% |
| Net income | ¥47.7B | Margin 5.2% |
| Free cash flow | ¥13.3B |  |
| Largest business | Energy | of segment revenue 40.5% |
| Employees (consolidated) | 12,113 |  |
| EPS | ¥149.33 |  |
| Book value per share | ¥1225.99 |  |
| Equity ratio | 48.6% |  |
| Shares outstanding | 234,246,000 |  |
| Treasury shares | 4,600,000 |  |
| Shareholders | 61,638 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 3.1% | Net cash -¥200.6B · Cash ÷ revenue 3.0% |
| Vs. industry median margin | -2.8 pp | Electric Power & Gas |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥562223000000 | ¥908522000000 | +61.6% |
| Operating income | ¥29352000000 | ¥38318000000 | +30.5% |
| Operating margin | 5.2% | 4.2% | -1 pp |
| Employees | 10,130 people | 12,113 people | +19.6% |
| Cash and equivalents | ¥38445000000 | ¥27660000000 | -28.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 総合エネルギー事業 → 総合エネルギー事業 | 40.5% |
| 総合エネルギー事業 → 事業再編・廃止 | 4.7% |
| 産業ガス・機械事業 → 産業ガス・機械事業 | 30.6% |
| マテリアル事業 → マテリアル事業 | 19.9% |
| その他 → その他 | 0.8% |
| 自然産業事業 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 産業ガス・機械事業 | 1.2% |
| 新設・再編 → マテリアル事業 | 4.2% |
| 新設・再編 → その他 | 2.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy | 5 years | +7.7% | ¥367732000000 | 3.7% | 2 |
| Industrial Gases and Machinery | 5 years | +10.9% | ¥288730000000 | 5.3% | 2 |
| Materials | 5 years | +14.3% | ¥218377000000 | 5.3% | 2 |
| Other | 5 years | +50.6% | ¥33681000000 | 10.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 908,522 | 100.0% | S100YBEM |
| Cost of revenue | 672,646 | 74.0% | S100YBEM |
| Gross profit | 235,875 | 26.0% | S100YBEM |
| SG&A | 197,557 | 21.7% | S100YBEM |
| Operating income | 38,318 | 4.2% | S100YBEM |
| Ordinary income | 55,220 | 6.1% | S100YBEM |
| Pretax income | 70,712 | 7.8% | S100YBEM |
| Income tax | 21,568 | 2.4% | S100YBEM |
| Net income | 49,143 | 5.4% | S100YBEM |
| Net income attributable to owners | 47,666 | 5.2% | S100YBEM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.0% → Operating margin 4.2% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.9%; Core profit growth: -17.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.92×
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 | 883,011 | 908,522 | 25,511 | +2.9% |
| Gross profit | 234,311 | 235,875 | 1,564 | +0.7% |
| Operating income | 46,222 | 38,318 | -7,904 | -17.1% |
| Net income attributable to owners | 40,465 | 47,666 | 7,201 | +17.8% |
| Operating cash flow | 52,419 | 59,132 | 6,713 | +12.8% |
| Free cash flow | -2,217 | 13,322 | 15,539 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 686,771 | 28,728 | 4.2% | 20,994 | 40,264 | 14,459 | S100LJ1L |
| FY ending Mar 2021 | 562,223 | 29,352 | 5.2% | 23,030 | 48,779 | 18,514 | S100OB0D |
| FY ending Mar 2022 | 690,392 | 40,076 | 5.8% | 29,964 | 13,075 | -15,369 | S100R0HX |
| FY ending Mar 2023 | 906,261 | 40,035 | 4.4% | 32,022 | 51,471 | 20,559 | S100TNQ1 |
| FY ending Mar 2024 | 847,888 | 50,635 | 6.0% | 43,468 | 54,854 | 13,914 | S100VY24 |
| FY ending Mar 2025 | 883,011 | 46,222 | 5.2% | 40,465 | 52,419 | -2,217 | S100YBEM |
| FY ending Mar 2026 | 908,522 | 38,318 | 4.2% | 47,666 | 59,132 | 13,322 | S100YBEM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 10,163 | 11,351 | 11,332 | 11,859 | 12,113 |
| Average salary (parent company) | ¥9M | ¥9.4M | ¥9.7M | ¥10.3M | ¥10.2M |
| Average age (parent company) | 39.6 years | 39.7 years | 39.6 years | 39.9 years | 39.8 years |
| Average tenure (parent company) | 15.7 years | 15.5 years | 15.3 years | 15.3 years | 15.3 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy | 367,732 | 40.5% | 13,498 | 3.7% |
| Industrial Gases and Machinery | 288,730 | 31.8% | 15,414 | 5.3% |
| Materials | 218,377 | 24.0% | 11,613 | 5.3% |
| Other | 33,681 | 3.7% | 3,517 | 10.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy | 40.5% | 30.6% | -9.8 | 3.7% |
| Industrial Gases and Machinery | 31.8% | 35.0% | 3.2 | 5.3% |
| Materials | 24.0% | 26.4% | 2.3 | 5.3% |
| Other | 3.7% | 8.0% | 4.3 | 10.4% |

Segment → industry: Industrial Gases and Machinery → Chemicals / Energy → Electric Power & Gas / Materials → Specialty Trading & Wholesale / Industrial Gases and Machinery → Specialty Trading & Wholesale

## 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 | 59,132 | 6.5% | S100YBEM |
| Capital expenditure | 45,810 | 5.0% | S100YBEM |
| Free cash flow | 13,322 | 1.5% | 算出 |
| Investing cash flow | -23,784 | -2.6% | S100YBEM |
| Financing cash flow | -37,067 | -4.1% | S100YBEM |
| Dividends paid | 16,204 | 1.8% | S100YBEM |
| Change in cash | -834 | -0.1% | S100YBEM |
| Cash and equivalents | 27,660 | 3.0% | S100YBEM |

## 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 | 29,574 | 33,256 | 33,614 | 27,588 | 27,660 | S100TNQ1, S100VY24, S100YBEM |
| Total assets | 558,479 | 656,003 | 830,495 | 873,044 | 899,772 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Net assets | 280,307 | 312,230 | 369,034 | 397,209 | 448,995 | S100TNQ1, S100VY24, S100YBEM |
| Share capital | 35,096 | 35,096 | 35,096 | 35,096 | 35,096 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Trade receivables | 131,094 | — | — | — | — | S100OB0D |
| Property, plant and equipment | 185,747 | 207,442 | 225,412 | 240,206 | 247,776 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Intangible assets excluding goodwill | 16,179 | 36,868 | 36,502 | 48,606 | 35,555 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Goodwill | 12,229 | 23,958 | 19,569 | 21,090 | 20,020 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Investment securities | 79,791 | 85,689 | 221,532 | 211,938 | 237,585 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Current assets | 259,471 | 303,189 | 309,573 | 328,458 | 317,947 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Current liabilities | 186,300 | 212,469 | 312,513 | 254,993 | 211,149 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Trade payables | 66,480 | 73,071 | 66,067 | 76,102 | 69,538 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Short-term borrowings | 32,343 | 25,747 | 129,161 | 24,421 | 38,036 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Long-term borrowings | 55,093 | 68,457 | 70,100 | 111,619 | 120,254 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Bonds | 10,000 | 30,000 | 40,000 | 70,000 | 70,000 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Interest-bearing debt | 97,436 | 124,204 | 239,261 | 206,040 | 228,290 | 算出 |
| Total liabilities | 278,172 | 343,773 | 461,461 | 475,835 | 450,777 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Non-controlling interests | 10,179 | 10,254 | 10,601 | 11,155 | 11,897 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Equity attributable to owners of parent | 242,050 | 269,271 | 307,393 | 340,576 | 372,957 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Retained earnings | 176,672 | 203,801 | 241,799 | 274,909 | 307,098 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |
| Treasury stock | -1,528 | -1,530 | -1,546 | -1,558 | -1,559 | S100R0HX, S100TNQ1, S100VY24, S100YBEM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YBEM |
| Property, plant and equipment | 28% | S100YBEM |
| Intangibles and goodwill | 6% | S100YBEM |
| Investment securities | 26% | S100YBEM |
| Other assets | 37% | S100YBEM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YBEM |
| Interest-bearing debt | 25% | 算出 |
| Other liabilities | 17% | S100YBEM |
| Equity | 50% | S100YBEM |

### 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 | 558,479 | 656,003 | 830,495 | 873,044 | 899,772 |
| Equity | 280,307 | 312,230 | 369,034 | 397,209 | 448,995 |
| Interest-bearing debt | 97,436 | 124,204 | 239,261 | 206,040 | 228,290 |
| Cash | 29,574 | 33,256 | 33,614 | 27,588 | 27,660 |

## 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) | 27.3% | S100YBEM |
| Fixed assets ÷ total assets | 27.5% | S100YBEM |
| Goodwill ÷ parent equity | 5.4% | S100YBEM |

Goodwill over 4 years: 12,229 → 20,020 JPY; total investing cash flow: -335,689 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) | 3.1% |
| Cash ÷ revenue | 3.0% |
| Net cash (cash − interest-bearing debt) | -¥200.6B |
| Net debt ÷ operating cash flow | 3.39× |
| Cash conversion (operating CF ÷ operating income) | 154.3% |
| Cash vs. profit gap | 11,466 JPY mn (of net income 24.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.0% |
| Shareholder payments — dividends / FCF | 121.6% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 40.2% |

## 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 | 4.3% | 1.24× | 5.4% | 2.31× | 12.4% | S100R0HX |
| 2023 | 3.5% | 1.49× | 5.3% | 2.38× | 12.5% | S100TNQ1 |
| 2024 | 5.1% | 1.14× | 5.8% | 2.58× | 15.1% | S100VY24 |
| 2025 | 4.6% | 1.04× | 4.8% | 2.63× | 12.5% | S100YBEM |
| 2026 | 5.2% | 1.02× | 5.4% | 2.48× | 13.4% | S100YBEM |

## 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 | 11.9% | 2026-03-31 |
| 公益財団法人岩谷直治記念財団 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社テツ・イワタニ | Major shareholder | 1.7% | 2026-03-31 |
| 岩谷産業泉友会 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| イワタニ炎友会 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥908.5B, up +2.9% from ¥883B.
- Operating income dropped -17.1% from ¥46.2B to ¥38.3B, as gross profit barely moved (+0.7%) and did not keep up with higher SG&A.
- Net income attributable to owners still rose +17.8% to ¥47.7B, lifted by gains from selling fixed assets.
- Operating cash flow grew +12.8% to ¥59.1B, and free cash flow swung from negative to a positive ¥13.3B.

### Drivers

- Lower LP gas import prices meant inventory bought at higher cost was sold at lower prices, cutting profit in the Energy segment.
- A softer helium market reduced margins in industrial gases.
- Higher sales of hydrogen and hydrogen equipment, plus rare earths and stainless steel in Materials, pushed revenue up.
- Gains on the sale of fixed assets boosted the bottom line.

### Risks

- When LP gas import prices fall, the time lag between buying and selling squeezes profit.
- LP gas sells mostly in winter, so profit is weighted to the second half of the year and depends on the weather.
- As LP gas is a fossil fuel, new climate rules could affect results.

Cited: Annual Securities Report (83rd term) (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 (83rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YBEM | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBEM,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100VY24 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY24,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TNQ1 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQ1,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R0HX | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0HX,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OB0D | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB0D,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LJ1L | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ1L,, |

## 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).