# Rasa 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124期(2025/04/01－2026/03/31) (S100YJIY)
> Page: https://vizora.meequs.com/en/company/rasa
> Retrieved: 2026-09-30T18:04:24.656Z

## Company

Rasa, founded in 1939, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rasa Corporation |
| Ticker | 3023 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3023.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋蛎殻町一丁目11番5号 RASA日本橋ビルディング |
| Representative (per filing) | 代表取締役社長 青井邦夫 |
| Founded | Jan 1939 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.rasaco.co.jp (https://www.rasaco.co.jp/) |
| Corporate number | 7010001060127 |
| EDINET | E02547 |
| Industries (Vizora) | Specialty Trading & Wholesale, Industrial Machinery, Waste Management & Recycling, Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJIY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.5 | 110 |
| Profitability | 67.6 | 122 |
| Cash conversion | 28.9 | 116 |
| Efficiency | 73.4 | 122 |

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 35% of Rasa's sales come from Industrial machinery and construction machinery related, with Chemicals related and Resource and metal materials related making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Industrial machinery and construction machinery related 35.4%、Chemicals related 23.8%、Resource and metal materials related 19.7%、Environment and facility related 10.9%、Plant engineering and construction related 9.2%
- Revenue → net income: ¥28201000000 → ¥2378000000
- Net income → operating cash flow: ¥2378000000 → ¥2136000000（difference ¥-242000000）
- Main uses of operating cash flow: CapEx ¥75000000 / dividends ¥821000000 / buybacks ¥533000000
- Change in cash: ¥-70000000
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 | ¥28.2B |  |
| Operating income | ¥2.96B | Margin 10.5% |
| Net income | ¥2.38B | Margin 8.4% |
| Free cash flow | ¥2.06B |  |
| Largest business | Industrial machinery and construction machinery related | of segment revenue 35.4% |
| Employees (consolidated) | 262 |  |
| EPS | ¥184.3 |  |
| Book value per share | ¥1699.89 |  |
| Equity ratio | 71.1% |  |
| Shares outstanding | 11,383,000 |  |
| Treasury shares | 584,900 |  |
| Shareholders | 19,163 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | +7.6 pp | Specialty Trading & Wholesale |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26727000000 | ¥28201000000 | +5.5% |
| Operating income | ¥2190000000 | ¥2958000000 | +35.1% |
| Operating margin | 8.2% | 10.5% | +2.3 pp |
| Employees | 282 people | 262 people | -7.1% |
| Cash and equivalents | ¥4675000000 | ¥5662000000 | +21.1% |

### 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 |
| --- | ---: |
| 資源・金属素材関連 → 資源・金属素材関連 | 19.3% |
| 産機・建機関連 → 産機・建機関連 | 30.3% |
| 環境設備関連 → 環境設備関連 | 7.6% |
| 化成品関連 → 化成品関連 | 18.9% |
| プラント・設備工事関連 → プラント・設備工事関連 | 9.2% |
| プラント・設備工事関連 → 事業再編・廃止 | 13.8% |
| 不動産賃貸関連 → 不動産賃貸関連 | 0.9% |
| 新設・再編 → 資源・金属素材関連 | 0.4% |
| 新設・再編 → 産機・建機関連 | 5.1% |
| 新設・再編 → 環境設備関連 | 3.3% |
| 新設・再編 → 化成品関連 | 4.9% |
| 新設・再編 → 不動産賃貸関連 | 0.1% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial machinery and construction machinery related | 5 years | +4.3% | ¥9990000000 | 15.8% | 2 |
| Chemicals related | 5 years | +5.8% | ¥6718000000 | 1.9% | 2 |
| Resource and metal materials related | 5 years | +1.5% | ¥5549000000 | 1.9% | 2 |
| Environment and facility related | 5 years | +8.7% | ¥3087000000 | 24.4% | 2 |
| Plant engineering and construction related | 5 years | -15.8% | ¥2595000000 | 6.3% | 2 |
| Leasing related | 5 years | +2.5% | ¥259000000 | 79.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,201 | 100.0% | S100YJIY |
| Cost of revenue | 20,608 | 73.1% | S100YJIY |
| Gross profit | 7,592 | 26.9% | S100YJIY |
| SG&A | 4,634 | 16.4% | S100YJIY |
| Operating income | 2,958 | 10.5% | S100YJIY |
| Ordinary income | 3,226 | 11.4% | S100YJIY |
| Pretax income | 3,282 | 11.6% | S100YJIY |
| Income tax | 903 | 3.2% | S100YJIY |
| Net income | 2,378 | 8.4% | S100YJIY |
| Net income attributable to owners | 2,378 | 8.4% | S100YJIY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 16 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.9% → Operating margin 10.5% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +16.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.74×
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 | 26,568 | 28,201 | 1,633 | +6.1% |
| Gross profit | 6,853 | 7,592 | 739 | +10.8% |
| Operating income | 2,532 | 2,958 | 426 | +16.8% |
| Net income attributable to owners | 2,079 | 2,378 | 299 | +14.4% |
| Operating cash flow | 2,844 | 2,136 | -708 | -24.9% |
| Free cash flow | 2,793 | 2,061 | -732 | -26.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,251 | 2,105 | 7.2% | 1,750 | 3,773 | 3,590 | S100MGH9 |
| FY ending Mar 2021 | 26,727 | 2,190 | 8.2% | 1,544 | 887 | 694 | S100OH2Y |
| FY ending Mar 2022 | 31,329 | 2,551 | 8.1% | 2,014 | 886 | 821 | S100R5YW |
| FY ending Mar 2023 | 29,656 | 2,853 | 9.6% | 2,114 | 2,538 | 2,499 | S100TS6W |
| FY ending Mar 2024 | 27,916 | 2,497 | 8.9% | 1,997 | 717 | 660 | S100W22B |
| FY ending Mar 2025 | 26,568 | 2,532 | 9.5% | 2,079 | 2,844 | 2,793 | S100YJIY |
| FY ending Mar 2026 | 28,201 | 2,958 | 10.5% | 2,378 | 2,136 | 2,061 | S100YJIY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥107.6M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥9.1M |

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) | 262 | 241 | 253 | 258 | 262 |
| Average salary (parent company) | ¥7.6M | ¥8M | ¥8.6M | ¥8.4M | ¥8.8M |
| Average age (parent company) | 43.4 years | 43.9 years | 44.5 years | 45.0 years | 44.4 years |
| Average tenure (parent company) | 13.7 years | 13.6 years | 13.8 years | 13.3 years | 13.1 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Resource and metal materials related | 5,549 | 19.7% | 108 | 1.9% |
| Industrial machinery and construction machinery related | 9,990 | 35.4% | 1,581 | 15.8% |
| Environment and facility related | 3,087 | 10.9% | 753 | 24.4% |
| Chemicals related | 6,718 | 23.8% | 127 | 1.9% |
| Plant engineering and construction related | 2,595 | 9.2% | 163 | 6.3% |
| Leasing related | 259 | 0.9% | 205 | 79.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Resource and metal materials related | 19.7% | 3.7% | -16.0 | 1.9% |
| Industrial machinery and construction machinery related | 35.4% | 53.8% | 18.4 | 15.8% |
| Environment and facility related | 10.9% | 25.6% | 14.7 | 24.4% |
| Chemicals related | 23.8% | 4.3% | -19.5 | 1.9% |
| Plant engineering and construction related | 9.2% | 5.5% | -3.7 | 6.3% |
| Leasing related | 0.9% | 7.0% | 6.1 | 79.2% |

Segment → industry: Resource and metal materials related → Specialty Trading & Wholesale / Industrial machinery and construction machinery related → Specialty Trading & Wholesale / Industrial machinery and construction machinery related → Industrial Machinery / Environment and facility related → Specialty Trading & Wholesale / Environment and facility related → Waste Management & Recycling / Chemicals related → Specialty Trading & Wholesale / Plant engineering and construction related → Plant Engineering & Building Services / Leasing related → Real Estate Development & Leasing

## 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 | 2,136 | 7.6% | S100YJIY |
| Capital expenditure | 75 | 0.3% | S100YJIY |
| Free cash flow | 2,061 | 7.3% | 算出 |
| Investing cash flow | 25 | 0.1% | S100YJIY |
| Financing cash flow | -2,232 | -7.9% | S100YJIY |
| Dividends paid | 821 | 2.9% | S100YJIY |
| Share buyback | 533 | 1.9% | S100YJIY |
| Change in cash | -70 | -0.2% | S100YJIY |
| Cash and equivalents | 5,662 | 20.1% | S100YJIY |

## 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 | 4,443 | 5,530 | 4,647 | 5,732 | 5,662 | S100TS6W, S100W22B, S100YJIY |
| Total assets | 31,387 | 31,920 | 32,568 | 33,259 | 32,952 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Net assets | 19,156 | 20,100 | 21,450 | 21,861 | 23,433 | S100TS6W, S100W22B, S100YJIY |
| Share capital | 2,076 | 2,076 | 2,076 | 2,076 | 2,076 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Property, plant and equipment | 7,835 | 7,700 | 7,623 | 7,556 | 7,425 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Intangible assets excluding goodwill | 232 | 183 | 122 | 56 | 33 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Investment securities | 3,308 | 3,479 | 3,967 | 4,218 | 4,975 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Current assets | 18,702 | 19,093 | 19,523 | 20,219 | 18,911 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Current liabilities | 8,622 | 8,667 | 8,244 | 8,518 | 6,853 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Trade payables | 3,169 | 2,565 | 2,565 | 3,113 | 2,061 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Short-term borrowings | 1,690 | 2,100 | 1,600 | 1,650 | 800 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Long-term borrowings | 2,904 | 2,414 | 2,092 | 2,174 | 1,795 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Total liabilities | 12,230 | 11,820 | 11,117 | 11,397 | 9,519 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Equity attributable to owners of parent | 19,000 | 19,901 | 21,098 | 21,494 | 22,688 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Retained earnings | 15,269 | 16,689 | 17,835 | 18,226 | 19,783 | S100R5YW, S100TS6W, S100W22B, S100YJIY |
| Treasury stock | -183 | -702 | -651 | -643 | -1,016 | S100R5YW, S100TS6W, S100W22B, S100YJIY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJIY |
| Property, plant and equipment | 23% | S100YJIY |
| Intangibles and goodwill | 0% | S100YJIY |
| Investment securities | 15% | S100YJIY |
| Other assets | 45% | S100YJIY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJIY |
| Other liabilities | 23% | S100YJIY |
| Equity | 71% | S100YJIY |

### 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 | 31,387 | 31,920 | 32,568 | 33,259 | 32,952 |
| Equity | 19,156 | 20,100 | 21,450 | 21,861 | 23,433 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,443 | 5,530 | 4,647 | 5,732 | 5,662 |

## 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) | 26.3% | S100YJIY |
| Fixed assets ÷ total assets | 22.5% | S100YJIY |
| Goodwill ÷ parent equity | — | —, S100YJIY |

### 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) | 17.2% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.2% |
| Cash vs. profit gap | -242 JPY mn (of net income -10.2%) |
| Shareholder returns / net income | 56.9% |
| Shareholder returns / FCF | 65.7% |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 39.8% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 1.2% |

## 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 | 6.4% | 1.00× | 6.4% | 1.65× | 10.6% | S100R5YW |
| 2023 | 7.1% | 0.94× | 6.7% | 1.63× | 10.9% | S100TS6W |
| 2024 | 7.2% | 0.87× | 6.2% | 1.57× | 9.7% | S100W22B |
| 2025 | 7.8% | 0.81× | 6.3% | 1.55× | 9.8% | S100YJIY |
| 2026 | 8.4% | 0.85× | 7.2% | 1.50× | 10.8% | S100YJIY |

## 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 | 11.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.8% | 2026-03-31 |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 4.5% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.2% | 2026-03-31 |
| 大平洋機工株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| オー・ジー株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ラサ商事社員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社パシフィックソーワ | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002（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 |
| 井村 周一 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YJIY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJIY,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W22B | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W22B,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TS6W | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS6W,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R5YW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5YW,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OH2Y | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH2Y,, |
| 訂正有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100MGH9 | 2021-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGH9,, |

## 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).