# UACJ Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YCV0)
> Page: https://vizora.meequs.com/en/company/uacj
> Retrieved: 2026-09-30T20:24:34.601Z

## Company

Uacj, founded in 2025, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 10,183 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UACJ Corporation |
| Ticker | 5741 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5741.T) |
| Listing | TSE Prime |
| Head office | 東京都港区三田3丁目5番19号 (注)2025年12月15日から本店所在地 東京都千代田区大手町1丁目7番2号が上記のように移転しております。 |
| Representative (per filing) | 代表取締役 社長執行役員 田中 信二 |
| Founded | Apr 2025 |
| Share capital | ¥52.3B |
| Employees (consolidated) | 10,183 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.uacj.co.jp (https://www.uacj.co.jp/) |
| Corporate number | 9010001098116 |
| EDINET | E01330 |
| Industries (Vizora) | Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100YCV0, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55.8 | 26 |
| Cash conversion | 58 | 25 |
| Efficiency | 64.8 | 27 |

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)

- Uacj brought in ¥1.18T in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +18.3% from the prior year, operating profit +34.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1181716000000 → ¥47444000000
- Net income → operating cash flow: ¥47444000000 → ¥64023000000（difference ¥16579000000）
- Main uses of operating cash flow: CapEx ¥57583000000 / dividends ¥7242000000 / buybacks ¥6000000
- Change in cash: ¥32113000000
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 | ¥1.18T |  |
| Operating income | ¥76.9B | Margin 6.5% |
| Net income | ¥38.9B | Margin 3.3% |
| Free cash flow | ¥6.44B |  |
| Employees (consolidated) | 10,183 |  |
| EPS | ¥214.75 |  |
| Book value per share | ¥1051.01 |  |
| Equity ratio | 30.9% | Derived from disclosed figures |
| Shares outstanding | 185,312,000 |  |
| Treasury shares | 4,243,400 |  |
| Shareholders | 17,690 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 5.2% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | +0.9 pp | Non-ferrous Metals & Wires |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 34%

## What changed in 5 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥569756000000 | ¥1181716000000 | — |
| Operating income | ¥11144000000 | ¥76863000000 | — |
| Operating margin | 2.0% | 6.5% | +4.5 pp |
| Employees | 9,722 people | 10,183 people | — |
| Cash and equivalents | ¥28085000000 | ¥58442000000 | — |

### 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 |
| --- | ---: |
| アルミ圧延品事業 → 事業再編・廃止 | 73.8% |
| 加工品・関連事業 → 事業再編・廃止 | 26.2% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,181,716 | 100.0% | S100YCV0 |
| Cost of revenue | 1,023,424 | 86.6% | S100YCV0 |
| Gross profit | 158,293 | 13.4% | S100YCV0 |
| SG&A | 85,555 | 7.2% | S100YCV0 |
| Operating income | 76,863 | 6.5% | S100YCV0 |
| Pretax income | 63,687 | 5.4% | S100YCV0 |
| Income tax | 16,243 | 1.4% | S100YCV0 |
| Net income | 47,444 | 4.0% | S100YCV0 |
| Net income attributable to owners | 38,882 | 3.3% | S100YCV0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 7 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.4% → Operating margin 6.5% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.3%; Core profit growth: +34.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.86×
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 | 998,781 | 1,181,716 | 182,935 | +18.3% |
| Gross profit | 132,478 | 158,293 | 25,815 | +19.5% |
| Operating income | 57,361 | 76,863 | 19,502 | +34.0% |
| Net income attributable to owners | 27,979 | 38,882 | 10,903 | +39.0% |
| Operating cash flow | 9,119 | 64,023 | 54,904 | +602.1% |
| Free cash flow | -29,289 | 6,440 | 35,729 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 615,150 | 10,126 | 1.6% | 2,038 | 58,115 | 4,748 | S100LVYU |
| FY ending Mar 2021 | 569,756 | 11,144 | 2.0% | -3,269 | 38,623 | 14,806 | S100OK0U |
| FY ending Mar 2022 | 782,911 | 59,520 | 7.6% | 32,054 | 7,799 | -13,133 | S100R9BJ |
| FY ending Mar 2023 | 955,717 | 11,319 | 1.2% | -1,315 | 54,219 | 27,377 | S100TV3T |
| FY ending Mar 2024 | 892,781 | 31,378 | 3.5% | 13,858 | 94,918 | 61,025 | S100VYZ4 |
| FY ending Mar 2025 | 998,781 | 57,361 | 5.7% | 27,979 | 9,119 | -29,289 | S100YCV0 |
| FY ending Mar 2026 | 1,181,716 | 76,863 | 6.5% | 38,882 | 64,023 | 6,440 | S100YCV0 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 9,571 | 9,510 | 10,460 | 10,203 | 10,183 |
| Average salary (parent company) | ¥6.6M | ¥7.2M | ¥6.8M | ¥7.1M | ¥7.8M |
| Average age (parent company) | 40.8 years | 40.7 years | 41.0 years | 41.4 years | 41.4 years |
| Average tenure (parent company) | 16.4 years | 16.3 years | 16.3 years | 15.7 years | 15.5 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +18.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 64,023 | 5.4% | S100YCV0 |
| Capital expenditure | 57,583 | 4.9% | S100YCV0 |
| Free cash flow | 6,440 | 0.5% | 算出 |
| Investing cash flow | -59,525 | -5.0% | S100YCV0 |
| Financing cash flow | 25,435 | 2.2% | S100YCV0 |
| Dividends paid | 7,242 | 0.6% | S100YCV0 |
| Share buyback | 6 | 0.0% | S100YCV0 |
| Change in cash | 32,113 | 2.7% | S100YCV0 |
| Cash and equivalents | 58,442 | 4.9% | S100YCV0 |

## 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 | 22,962 | 23,357 | 40,199 | 26,329 | 58,442 | S100TV3T, S100VYZ4, S100YCV0 |
| Total assets | 892,735 | 895,731 | 914,430 | 970,006 | 1,121,225 | S100TV3T, S100VYZ4, S100YCV0 |
| Net assets | 255,155 | 267,987 | 302,046 | 319,588 | 384,866 | S100TV3T, S100VYZ4, S100YCV0 |
| Share capital | 52,277 | 52,277 | 52,277 | 52,277 | 52,277 | S100TV3T, S100VYZ4, S100YCV0 |
| Trade receivables | 122,709 | — | — | — | — | S100OK0U |
| Property, plant and equipment | 357,693 | 365,655 | 385,183 | 394,346 | 422,816 | S100TV3T, S100VYZ4, S100YCV0 |
| Intangible assets excluding goodwill | 42,002 | 39,744 | — | — | — | S100R9BJ |
| Goodwill | 32,461 | 33,604 | 35,441 | 35,250 | 30,377 | S100TV3T, S100VYZ4, S100YCV0 |
| Investment securities | 10,941 | 11,657 | — | — | — | S100R9BJ |
| Current assets | 447,436 | 437,650 | 431,188 | 479,545 | 597,065 | S100TV3T, S100VYZ4, S100YCV0 |
| Current liabilities | 322,136 | 338,603 | — | — | — | S100R9BJ |
| Trade payables | 118,549 | 118,099 | — | — | — | S100R9BJ |
| Short-term borrowings | 103,696 | 103,733 | — | — | — | S100R9BJ |
| Long-term borrowings | 197,526 | 179,030 | — | — | — | S100R9BJ |
| Total liabilities | 637,581 | 627,744 | 612,384 | 650,418 | 736,360 | S100TV3T, S100VYZ4, S100YCV0 |
| Non-controlling interests | 19,596 | 21,222 | — | — | — | S100R9BJ |
| Equity attributable to owners of parent | 235,228 | 246,495 | 277,040 | 290,622 | 346,973 | S100TV3T, S100VYZ4, S100YCV0 |
| Retained earnings | 101,881 | 97,782 | 107,183 | 129,594 | 161,658 | S100TV3T, S100VYZ4, S100YCV0 |
| Treasury stock | -338 | -341 | -348 | -5,337 | -5,294 | S100TV3T, S100VYZ4, S100YCV0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YCV0 |
| Property, plant and equipment | 38% | S100YCV0 |
| Intangibles and goodwill | 3% | — |
| Other assets | 54% | S100YCV0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YCV0 |
| Equity | 34% | S100YCV0 |

### 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 | 892,735 | 895,731 | 914,430 | 970,006 | 1,121,225 |
| Equity | 255,155 | 267,987 | 302,046 | 319,588 | 384,866 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,962 | 23,357 | 40,199 | 26,329 | 58,442 |

## 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) | 35.8% | S100YCV0 |
| Fixed assets ÷ total assets | 37.7% | S100YCV0 |
| Goodwill ÷ parent equity | 8.8% | S100YCV0 |

Goodwill over 4 years: 32,461 → 30,377 JPY; total investing cash flow: -181,852 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) | 5.2% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.3% |
| Cash vs. profit gap | 25,141 JPY mn (of net income 64.7%) |
| Shareholder returns / net income | 18.6% |
| Shareholder returns / FCF | 112.5% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 112.5% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 93.0% |

## 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 | 4.1% | 0.88× | 3.6% | 3.80× | 13.6% | S100R9BJ, S100TV3T |
| 2023 | — | —× | -0.1% | —× | — | S100TV3T |
| 2024 | 1.6% | 0.99× | 1.5% | 3.46× | 5.3% | S100VYZ4 |
| 2025 | 2.8% | 1.06× | 3.0% | 3.32× | 9.9% | S100YCV0 |
| 2026 | 3.3% | 1.13× | 3.7% | 3.28× | 12.2% | S100YCV0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 13.1% | 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 | 11.3% | 2026-03-31 |
| 古河電気工業株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT （常任代理人 BOFA証券株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| ECM MF （常任代理人 立花証券株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.0% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.18T, up 18.3% from ¥998.8B a year earlier.
- Operating income rose 34.0% to ¥76.9B and net income attributable to owners rose 39.0% to ¥38.9B, so profit grew faster than sales.
- Operating cash flow jumped from ¥9.12B to ¥64B, and free cash flow swung from -¥29.3B to a positive ¥6.44B.

### Drivers

- Overseas sales volumes rose at Tri-Arrows Aluminum Inc. and UACJ (Thailand) Co., Ltd., backed by steady demand for can stock, which lifted total sheet volumes
- Higher aluminum ingot prices lifted revenue; the company's own "business profit" measure, which strips out inventory valuation effects, grew far less than operating income
- Operating cash flow rose mainly because pretax income was higher

### Risks

- Sharp short-term swings in aluminum ingot prices can change inventory values and make profit jump around from period to period
- US tariff policy and tension in the Middle East could raise purchasing and shipping costs or make materials harder to secure
- Rising interest rates or tighter lending conditions could make borrowing more expensive

Cited: Annual Securities Report, 13th fiscal period (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, 13th fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YCV0 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCV0,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100VYZ4 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYZ4,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TV3T | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV3T,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R9BJ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9BJ,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OK0U | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK0U,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LVYU | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVYU,, |

## 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).