3161
AZEARTH Corporation
アゼアス株式会社
Wholesale Trade
AZEARTH Corporation manufactures and sells chemical protective garments and environmental equipment in Japan and internationally. It provides polystyrene foam for tatami matting and flooring, insulation boards, threads, edges, and machines, as well as other types of tatami materials. The company also engages in the laying and construction work on the section that lies beneath tatami. In addition, it offers garment materials, such as inner linings, interlining clothes, pocket clothes, and quarter lining belts; and other textile materials. AZEARTH Corporation was incorporated in 1947 and is headquartered in Tokyo, Japan.
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⚠ TSE Capital Mandate
P / Book
0.56×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Net Sales
¥8.0B
¥8.2B
¥9.1B
¥9.5B
Cost of Sales
¥6.3B
¥6.6B
¥7.1B
¥7.7B
Gross Profit
¥1.7B
¥1.7B
¥2.0B
¥1.9B
SG&A
¥1.5B
¥1.4B
¥1.4B
¥1.5B
Operating Income
¥192M
¥292M
¥532M
¥388M
Non-Operating Income
¥32M
¥19M
¥32M
¥29M
Dividend Income
¥6M
¥6M
¥5M
¥5M
Interest Income
¥1M
¥0M
¥0M
¥3M
Non-Operating Expenses
¥6M
¥2M
¥1M
¥2M
Interest Expense
¥1M
¥1M
¥1M
¥0M
Ordinary Income
¥217M
¥308M
¥563M
¥414M
Pre-tax Income
¥277M
¥309M
¥570M
¥417M
Income Taxes
¥78M
¥121M
¥163M
¥151M
Current Tax
¥98M
¥106M
¥169M
¥131M
Deferred Tax
¥-20M
¥16M
¥-6M
¥19M
Net Income (owners)
¥199M
¥188M
¥407M
¥266M
Comprehensive Income
¥162M
¥230M
¥437M
¥303M
EBITDA
¥290M
¥388M
¥640M
¥487M
EPS
¥34.97
¥33.04
¥71.96
¥47.21
Shares Outstanding
5.8M
5.8M
5.8M
5.8M
Shares Issued (total)
6.1M
6.1M
6.1M
6.1M
Treasury Shares
0.3M
0.3M
0.3M
0.3M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Total Assets
¥8.5B
¥8.5B
¥9.0B
¥8.7B
Current Assets
¥6.3B
¥6.5B
¥7.0B
¥6.2B
Cash & Deposits
¥3.0B
¥2.9B
¥3.2B
¥2.2B
Trade Receivables
¥983M
¥1.1B
¥1.2B
¥1.4B
Non-Current Assets
¥2.1B
¥2.0B
¥2.1B
¥2.4B
PP&E
¥1.5B
¥1.5B
¥1.6B
¥1.9B
Intangible Assets
¥254M
¥138M
¥90M
¥87M
Investment Securities
¥174M
¥170M
¥141M
¥127M
Deferred Tax Assets
¥20M
¥5M
¥19M
¥17M
Total Liabilities
¥1.7B
¥1.8B
¥2.4B
¥2.4B
Current Liabilities
¥1.6B
¥1.5B
¥2.1B
¥1.8B
Accounts Payable
¥605M
¥528M
¥824M
¥1.1B
ST Debt
¥95M
¥112M
¥112M
¥156M
Taxes Payable
¥52M
¥62M
¥122M
¥94M
Non-Current Liabilities
¥104M
¥242M
¥349M
¥543M
Total LT Borrowings
—
¥95M
¥207M
¥319M
Pension Obligations
¥50M
¥95M
¥87M
¥84M
Total Equity
¥6.8B
¥6.7B
¥6.6B
¥6.3B
Capital Stock
¥888M
¥888M
¥888M
¥888M
Capital Surplus
¥1.1B
¥1.1B
¥1.1B
¥1.1B
Retained Earnings
¥4.9B
¥4.8B
¥4.7B
¥4.4B
Treasury Stock
¥-225M
¥-228M
¥-246M
¥-256M
AOCI
¥131M
¥168M
¥126M
¥95M
Equity (owners)
¥6.6B
¥6.6B
¥6.5B
¥6.2B
Total Interest-Bearing Debt ⓘ
¥95M
¥207M
¥319M
¥475M
Net Cash ⓘ
¥2.9B
¥2.7B
¥2.8B
¥1.7B
NCAV ⓘ
¥4.6B
¥4.7B
¥4.5B
¥3.9B
NCAV/Share
¥797
¥803
¥781
¥663
BV/Share
¥1,140
¥1,126
¥1,113
¥1,061
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
Operating CF
¥466M
¥-7M
¥897M
¥-52M
Interest Paid
¥-1M
¥-1M
¥-1M
¥-0M
Interest Received
¥7M
¥6M
¥6M
¥8M
D&A
¥98M
¥97M
¥108M
¥100M
Investing CF
¥-165M
¥22M
¥295M
¥-655M
CapEx
¥77M
¥27M
¥45M
¥646M
Proceeds from Invest.
—
—
—
¥3M
Financing CF
¥-246M
¥-240M
¥-265M
¥184M
Dividends Paid
¥-134M
¥-128M
¥-116M
¥-172M
Share Buybacks
—
—
—
¥-52M
LT Debt Repaid
¥-112M
¥-112M
¥-156M
¥-94M
Free Cash Flow
¥388M
¥-34M
¥852M
¥-697M
Net Change in Cash
¥62M
¥-213M
¥935M
¥-502M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
ROE
3.0%
2.8%
6.3%
4.3%
ROA
2.3%
2.1%
4.6%
3.1%
EPS
¥34.97
¥33.04
¥71.96
¥47.21
DPS
¥23.00
¥23.00
¥22.00
¥20.00
BPS
¥1,188.45
¥1,181.78
¥1,166.95
¥1,111.97
FCF/Share
¥67
¥-6
¥146
¥-120
NCAV/Share
¥797
¥803
¥781
¥663
Payout Ratio
65.8%
69.6%
30.6%
42.4%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 10
Date Activist Stake Event Flag Demands Source
2026-05-20
AsahichoCorporation
8.15%
+1.07%
change
Passive
—
2026-04-10
AsahichoCorporation
7.08%
+0.06%
correction
Passive
—
2026-04-06
AsahichoCorporation
7.02%
+1.0%
change
Passive
—
2026-02-06
AsahichoCorporation
5.0%
correction
Passive
—
2026-02-06
AsahichoCorporation
6.02%
+1.02%
correction
Passive
—
2026-02-05
AsahichoCorporation
6.02%
+1.02%
correction
Passive
—
2026-02-04
AsahichoCorporation
5.0%
-1.02%
correction
Passive
—
2026-01-22
AsahichoCorporation
6.02%
+1.02%
change
Passive
—
2025-09-19
AsahichoCorporation
5.0%
correction
Passive
—
2025-09-12
AsahichoCorporation
5.0%
initial_5pct
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 6
#
Shareholder
Shares (thou.)
% of Total
1
鈴木 貴久子
319,913
5.49%
2
株式会社Asahicho
300,000
5.15%
3
鈴木 一裕
164,673
2.83%
4
三田 さや香
160,000
2.75%
5
澤田 匡宏
150,000
2.58%
6
Japan Custody Bank
株式会社日本カストディ銀行(信託E口)
127,200
2.18%
7
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
125,000
2.15%
8
株式会社広島銀行
125,000
2.15%
9
JDC CORPORATION
日本国土開発株式会社
120,000
2.06%
10
中田 一男
117,000
2.01%
Domestic Nominees
2.2%
-0.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
27.2%
+2.5% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
鈴木 貴久子
5.49%
5.49%
5.49%
式会社Asahicho
NEW ENTRY
—
—
—
5.15%
NEW
鈴木 一裕
2.75%
2.81%
2.83%
+0.02%
三田 さや香
2.75%
2.75%
2.75%
澤田 匡宏
2.58%
2.58%
2.58%
Japan Custody Bank
日本カストディ銀行
2.79%
2.28%
2.18%
-0.10%
Sumitomo Mitsui Banking Corporation
三井住友銀行
2.15%
2.15%
2.15%
式会社広島銀行
2.15%
2.15%
2.15%
JDC CORPORATION
日本国土開発
2.06%
2.06%
2.06%
中田 一男
1.72%
1.80%
2.01%
+0.21%
上田八木短資
last seen 2024
Exited Top 10
—
2.86%
—
倉敷繊維加工
last seen 2023
Exited Top 10
1.72%
—
—
Concentration (HHI)
ⓘ
79
82
101
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥174M
+24% since 2023
Holdings
6
Trend
1 building
vs 2023
Held Company
FY2025
¥174M total
FY2023
¥140M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Hirogin Holdings, Inc.
㈱ひろぎんホールディングス
77
65,000
44
65,000
JDC CORPORATION
日本国土開発㈱
55
114,500
70
114,500
M
Japan Dry Distillation Industry Co., Ltd.
日本乾溜工業㈱
32
30,000
19
30,000
M
JICHODO Co.,Ltd.
㈱自重堂
6
600
4
600
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
2
+200.0%
↑
600
1
200
THE TOCHIGI BANK, LTD.
㈱栃木銀行
2
6,000
2
6,000
M
Portfolio total
174
140
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding