# RIX 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80期(2025/04/01－2026/03/31) (S100YGQ4)
> Page: https://vizora.meequs.com/en/company/rix
> Retrieved: 2026-09-30T20:57:47.404Z

## Company

RIX, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 805 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIX CORPORATION |
| Ticker | 7525 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7525.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区東比恵1丁目4番10号(2025年9月22日付で本店を移転し、所在地を『福岡市博多区山王1丁目15番15号』から上記の場所に変更しました。) |
| Representative (per filing) | 代表取締役社長執行役員 安井卓 |
| Founded | May 1947 |
| Share capital | ¥827.9M |
| Employees (consolidated) | 805 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.rix.co.jp (https://www.rix.co.jp/) |
| Corporate number | 5290001017448 |
| EDINET | E02856 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YGQ4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.1 | 179 |
| Profitability | 85.7 | 185 |
| Cash conversion | 19.3 | 179 |
| Efficiency | 26.2 | 185 |

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 28% of RIX's sales come from Steel, with Automobile and Electric and semiconductor making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -8.9%.

## Company structure

- Segment revenue mix: Steel 28.3%、Automobile 21.8%、Electric and semiconductor 14.1%、Other 13.8%、Rubber and tire 6.7%
- Revenue → net income: ¥55827347000 → ¥3081568000
- Net income → operating cash flow: ¥3081568000 → ¥1343969000（difference ¥-1737599000）
- Main uses of operating cash flow: CapEx ¥1227828000 / dividends ¥1230242000 / buybacks ¥117000
- Change in cash: ¥-93954000
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 | ¥55.8B |  |
| Operating income | ¥3.54B | Margin 6.3% |
| Net income | ¥3.18B | Margin 5.7% |
| Free cash flow | ¥116.1M |  |
| Largest business | Steel | of segment revenue 28.3% |
| Employees (consolidated) | 805 |  |
| EPS | ¥376.65 |  |
| Book value per share | ¥2705.56 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 8,640,000 |  |
| Treasury shares | 564,500 |  |
| Shareholders | 11,173 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 14.2% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | +3.5 pp | Specialty Trading & Wholesale |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36023411000 | ¥55827347000 | +55.0% |
| Operating income | ¥1785858000 | ¥3537661000 | +98.1% |
| Operating margin | 5.0% | 6.3% | +1.4 pp |
| Employees | 668 people | 805 people | +20.5% |
| Cash and equivalents | ¥7043318000 | ¥6753029000 | -4.1% |

### 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 |
| --- | ---: |
| 鉄鋼 → 鉄鋼 | 28.3% |
| 鉄鋼 → 事業再編・廃止 | 2.0% |
| 自動車 → 自動車 | 21.8% |
| 電子・半導体 → 電子・半導体 | 12.7% |
| ゴム・タイヤ → ゴム・タイヤ | 5.7% |
| 工作機械 → 工作機械 | 3.5% |
| 高機能材 → 高機能材 | 4.0% |
| 高機能材 → 事業再編・廃止 | 0.8% |
| 環境 → 環境 | 4.5% |
| 紙パルプ → 紙パルプ | 1.6% |
| 紙パルプ → 事業再編・廃止 | 0.4% |
| その他 → その他 | 13.8% |
| その他 → 事業再編・廃止 | 0.8% |
| 新設・再編 → 自動車 | 0.0% |
| 新設・再編 → 電子・半導体 | 1.4% |
| 新設・再編 → ゴム・タイヤ | 1.1% |
| 新設・再編 → 工作機械 | 1.2% |
| 新設・再編 → 環境 | 0.4% |

Segment revenue source references: 18 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Steel | 5 years | +7.6% | ¥15822331000 | 12.8% | 2 |
| Automobile | 5 years | +9.2% | ¥12179853000 | 11.2% | 2 |
| Electric and semiconductor | 5 years | +11.4% | ¥7858658000 | 12.2% | 2 |
| Other | 5 years | +8.0% | ¥7679162000 | 14.6% | 2 |
| Rubber and tire | 5 years | +12.9% | ¥3764855000 | 9.0% | 2 |
| Environment | 5 years | +10.9% | ¥2742525000 | 8.5% | 2 |
| Machine tools | 5 years | +16.0% | ¥2633923000 | 24.2% | 2 |
| High-Tech Material | 5 years | +5.4% | ¥2252678000 | 10.9% | 2 |
| Paper pulp | 5 years | +3.9% | ¥893359000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,827 | 100.0% | S100YGQ4 |
| Cost of revenue | 41,079 | 73.6% | S100YGQ4 |
| Gross profit | 14,748 | 26.4% | S100YGQ4 |
| SG&A | 11,210 | 20.1% | S100YGQ4 |
| Operating income | 3,538 | 6.3% | S100YGQ4 |
| Ordinary income | 3,897 | 7.0% | S100YGQ4 |
| Pretax income | 4,586 | 8.2% | S100YGQ4 |
| Income tax | 1,504 | 2.7% | S100YGQ4 |
| Net income | 3,082 | 5.5% | S100YGQ4 |
| Net income attributable to owners | 3,180 | 5.7% | S100YGQ4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.4% → Operating margin 6.3% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -8.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.42×
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 | 54,728 | 55,827 | 1,100 | +2.0% |
| Gross profit | 13,593 | 14,748 | 1,155 | +8.5% |
| Operating income | 3,882 | 3,538 | -344 | -8.9% |
| Net income attributable to owners | 2,841 | 3,180 | 339 | +11.9% |
| Operating cash flow | 3,127 | 1,344 | -1,783 | -57.0% |
| Free cash flow | 1,110 | 116 | -993 | -89.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,247 | 2,577 | 6.0% | 1,827 | 2,286 | 2,105 | S100LMWU |
| FY ending Mar 2021 | 36,023 | 1,786 | 5.0% | 1,365 | 2,146 | 1,939 | S100OBG0 |
| FY ending Mar 2022 | 39,970 | 2,580 | 6.5% | 2,052 | 2,310 | 1,999 | S100RQBO |
| FY ending Mar 2023 | 45,224 | 3,326 | 7.4% | 2,764 | 2,128 | 1,029 | S100TTIE |
| FY ending Mar 2024 | 49,753 | 3,544 | 7.1% | 2,780 | 1,497 | 344 | S100W29P |
| FY ending Mar 2025 | 54,728 | 3,882 | 7.1% | 2,841 | 3,127 | 1,110 | S100YGQ4 |
| FY ending Mar 2026 | 55,827 | 3,538 | 6.3% | 3,180 | 1,344 | 116 | S100YGQ4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.4M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥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) | 675 | 707 | 723 | 765 | 805 |
| Average salary (parent company) | ¥6.5M | ¥7M | ¥7.7M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 39.0 years | 37.5 years | 37.3 years | 37.4 years | 37.4 years |
| Average tenure (parent company) | 13.1 years | 11.7 years | 11.2 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel | 15,822 | 28.3% | 2,026 | 12.8% |
| Automobile | 12,180 | 21.8% | 1,366 | 11.2% |
| Electric and semiconductor | 7,859 | 14.1% | 960 | 12.2% |
| Rubber and tire | 3,765 | 6.7% | 339 | 9.0% |
| Machine tools | 2,634 | 4.7% | 636 | 24.2% |
| High-Tech Material | 2,253 | 4.0% | 246 | 10.9% |
| Environment | 2,743 | 4.9% | 232 | 8.5% |
| Paper pulp | 893 | 1.6% | 107 | 12.0% |
| Other | 7,679 | 13.8% | 1,121 | 14.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel | 28.3% | 28.8% | 0.5 | 12.8% |
| Automobile | 21.8% | 19.4% | -2.4 | 11.2% |
| Electric and semiconductor | 14.1% | 13.6% | -0.4 | 12.2% |
| Rubber and tire | 6.7% | 4.8% | -1.9 | 9.0% |
| Machine tools | 4.7% | 9.0% | 4.3 | 24.2% |
| High-Tech Material | 4.0% | 3.5% | -0.5 | 10.9% |
| Environment | 4.9% | 3.3% | -1.6 | 8.5% |
| Paper pulp | 1.6% | 1.5% | -0.1 | 12.0% |
| Other | 13.8% | 15.9% | 2.2 | 14.6% |

Segment → industry: Steel → Specialty Trading & Wholesale / Automobile → Specialty Trading & Wholesale / Electric and semiconductor → Specialty Trading & Wholesale / Rubber and tire → Specialty Trading & Wholesale / Machine tools → Specialty Trading & Wholesale / High-Tech Material → Specialty Trading & Wholesale / Environment → Specialty Trading & Wholesale / Paper pulp → 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 | 1,344 | 2.4% | S100YGQ4 |
| Capital expenditure | 1,228 | 2.2% | S100YGQ4 |
| Free cash flow | 116 | 0.2% | 算出 |
| Investing cash flow | -380 | -0.7% | S100YGQ4 |
| Financing cash flow | -1,187 | -2.1% | S100YGQ4 |
| Dividends paid | 1,230 | 2.2% | S100YGQ4 |
| Share buyback | 0 | 0.0% | S100YGQ4 |
| Change in cash | -94 | -0.2% | S100YGQ4 |
| Cash and equivalents | 6,753 | 12.1% | S100YGQ4 |

## 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 | 8,195 | 7,693 | 6,752 | 6,568 | 6,753 | S100TTIE, S100W29P, S100YGQ4 |
| Total assets | 34,188 | 37,442 | 41,118 | 43,814 | 47,506 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Net assets | 19,500 | 21,685 | 24,073 | 26,053 | 29,188 | S100TTIE, S100W29P, S100YGQ4 |
| Share capital | 828 | 828 | 828 | 828 | 828 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Property, plant and equipment | 3,050 | 3,612 | 4,301 | 5,426 | 6,121 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Intangible assets excluding goodwill | 164 | 366 | 734 | 794 | 1,627 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Investment securities | 2,602 | 3,233 | 4,137 | 3,836 | 4,696 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Current assets | 27,184 | 29,009 | 30,648 | 32,408 | 33,772 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Current liabilities | 13,257 | 14,397 | 15,432 | 16,285 | 16,209 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Short-term borrowings | 1,515 | 1,403 | 1,440 | 1,411 | 1,515 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Long-term borrowings | 270 | 249 | 237 | 206 | 295 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Total liabilities | 14,688 | 15,758 | 17,045 | 17,760 | 18,318 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Non-controlling interests | 356 | 407 | 490 | 555 | 491 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Equity attributable to owners of parent | 18,464 | 20,303 | 21,850 | 23,716 | 25,897 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Retained earnings | 16,987 | 19,015 | 20,540 | 22,377 | 24,534 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |
| Treasury stock | -408 | -610 | -602 | -591 | -583 | S100RQBO, S100TTIE, S100W29P, S100YGQ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGQ4 |
| Property, plant and equipment | 13% | S100YGQ4 |
| Intangibles and goodwill | 3% | S100YGQ4 |
| Investment securities | 10% | S100YGQ4 |
| Other assets | 60% | S100YGQ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YGQ4 |
| Equity | 61% | S100YGQ4 |
| Other liabilities | 0% | S100YGQ4 |

### 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 | 34,188 | 37,442 | 41,118 | 43,814 | 47,506 |
| Equity | 19,500 | 21,685 | 24,073 | 26,053 | 29,188 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,195 | 7,693 | 6,752 | 6,568 | 6,753 |

## 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) | 11.0% | S100YGQ4 |
| Fixed assets ÷ total assets | 12.9% | S100YGQ4 |
| Goodwill ÷ parent equity | — | —, S100YGQ4 |

### 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) | 14.2% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 38.0% |
| Cash vs. profit gap | -1,836 JPY mn (of net income -57.7%) |
| Shareholder returns / net income | 38.7% |
| Shareholder returns / FCF | 1059.4% |
| Shareholder payments — dividends / net income | 38.7% |
| Shareholder payments — dividends / FCF | 1059.3% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 28.3% |

## 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 | 5.1% | 1.17× | 6.0% | 1.85× | 11.1% | S100RQBO |
| 2023 | 6.1% | 1.26× | 7.7% | 1.85× | 14.3% | S100TTIE |
| 2024 | 5.6% | 1.27× | 7.1% | 1.86× | 13.2% | S100W29P |
| 2025 | 5.2% | 1.29× | 6.7% | 1.86× | 12.5% | S100YGQ4 |
| 2026 | 5.7% | 1.22× | 7.0% | 1.84× | 12.8% | S100YGQ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＯＫ株式会社 | Major shareholder | 10.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| リックス取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 安井 玄一郎 | Major shareholder | 3.0% | 2026-03-31 |
| リックス従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 園 田 和佳子 | Major shareholder | 2.1% | 2026-03-31 |
| 山 田 貴 広 | Major shareholder | 2.0% | 2026-03-31 |
| 国立大学法人九州大学 | Major shareholder | 1.6% | 2026-03-31 |
| 安 井 龍之助 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YGQ4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQ4,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W29P | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W29P,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TTIE | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIE,, |
| 訂正有価証券報告書－第77期(2022/04/01－2023/03/31) | S100RQBO | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQBO,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OBG0 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBG0,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LMWU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMWU,, |

## 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).