4088
AIR WATER INC.
エア・ウォーター株式会社
Basic Materials · Specialty Chemicals
Air Water Inc. engages in manufacturing selling products and services related to industrial gas, chemical, medical, energy, agriculture and food products, logistics, seawater, and other businesses in Japan. It operates through the Digital & Industry, Energy Solutions, Health & Safety, Agriculture & Foods, and Other Business segments. The Digital & Industry segment manufactures and sells industrial gases including oxygen, nitrogen, argon, carbon dioxide, and hydrogen, and electronic and functional materials. Its Energy Solutions segment is involved in the sale of LP gas and kerosene, as well as the manufacture and sale of liquid nitrogen gas-related equipment. The Health & Safety segment offers oxygen and other medical gases, dental and hygiene materials, hypodermic needles, and aerosol products, as well as hospital facility construction, hospital services, and home medical care services. Its Agriculture & Foods segment is involved in the process and distribution of vegetables and fruits; manufacture and sale of frozen food and processed meat products; and operation of contract manufacture of soft drinks. The Other Business segment consists of logistics services for general cargo, food, medical supplies, and environmental products; manufacture and sale of commercial use salt; supply of high-output uninterruptible power sources; and a woody biomass power generation business. It also engages in the operation and maintenance of high-pressure gas production plants; metal surface hardening treatment services; and design and manufacture of robot systems, jigs, and tools. It also manufactures and sells industrial rubber products and resin products; precision polishing pads and artificial leather; magnesium oxide, fused magnesia, magnesium hydroxide, and ceramic products; electrothermal magnesia; and rubber molded products. The company also designs, manufactures, and sells dental care products. The company was incorporated in 1929 and is headquartered in Osaka, Japan.
Price
¥2,599
Market Cap
¥594.9B
Ent. Value
¥942.6B
Net Debt
−¥347.6B
Shares Out.
228.9M
P / E
12.1×
EV / EBIT
12.5×
P / Book
—
P / NCAV
N/M
Div. Yield
2.89%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥1,075.9B | ¥1,024.5B | ¥1,004.9B | ¥888.7B |
| Cost of Sales | ¥844.4B | ¥804.3B | ¥804.8B | ¥689.6B |
| Gross Profit | ¥231.5B | ¥220.3B | ¥200.1B | ¥199.1B |
| SG&A | ¥166.8B | ¥158.4B | ¥150.4B | ¥139.7B |
| Operating Income | ¥75.2B | ¥68.3B | ¥62.2B | ¥65.2B |
| Non-Operating Income | ¥4.1B | ¥2.9B | ¥2.1B | ¥1.4B |
| Non-Operating Expenses | ¥5.4B | ¥4.4B | ¥3.3B | ¥2.3B |
| Pre-tax Income | ¥74.0B | ¥66.7B | ¥61.0B | ¥64.2B |
| Net Income (owners) | ¥49.1B | ¥44.4B | ¥40.1B | ¥43.2B |
| Minority Interest | ¥1.3B | ¥1.8B | ¥2.5B | ¥3.0B |
| Comprehensive Income | ¥48.8B | ¥82.3B | ¥51.2B | ¥54.1B |
| EBITDA | ¥124.5B | ¥114.9B | ¥107.2B | ¥108.6B |
| EPS | ¥214.57 | ¥194.69 | ¥176.84 | ¥191.06 |
| Shares Outstanding | 228.9M | 228.8M | 228.7M | 228.6M |
| Shares Issued (total) | 229.8M | 229.8M | 229.8M | 229.8M |
| Treasury Shares | 0.8M | 0.9M | 1.1M | 1.1M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,250.1B | ¥1,222.7B | ¥1,091.6B | ¥1,022.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥456.6B | ¥449.4B | ¥431.1B | ¥376.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥70.6B | ¥65.0B | ¥65.9B | ¥59.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥793.6B | ¥773.3B | ¥660.5B | ¥645.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥526.0B | ¥497.7B | ¥443.4B | ¥442.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥80.3B | ¥81.9B | ¥65.1B | ¥60.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥42.9B | ¥46.2B | ¥32.6B | ¥28.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥2.7B | ¥2.7B | ¥2.2B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥713.3B | ¥714.2B | ¥645.2B | ¥602.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥327.9B | ¥317.5B | ¥299.7B | ¥263.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥95.4B | ¥85.9B | ¥83.3B | ¥72.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥385.4B | ¥396.7B | ¥345.5B | ¥339.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥322.8B | ¥332.8B | ¥283.4B | ¥273.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥23.3B | ¥23.8B | ¥14.6B | ¥12.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥536.9B | ¥508.5B | ¥446.5B | ¥419.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥47.7B | ¥49.1B | ¥50.0B | ¥52.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥369.8B | ¥335.1B | ¥303.7B | ¥275.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-808M | ¥-2.2B | ¥-3.5B | ¥-4.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥44.5B | ¥50.7B | ¥24.3B | ¥16.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥517.1B | ¥488.6B | ¥430.2B | ¥395.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥19.7B | ¥19.9B | ¥16.2B | ¥24.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥418.2B | ¥418.7B | ¥366.7B | ¥346.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-347.6B | ¥-353.7B | ¥-300.8B | ¥-286.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-256.7B | ¥-264.8B | ¥-214.0B | ¥-225.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-1,121 | ¥-1,157 | ¥-936 | ¥-985 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,259 | ¥2,135 | ¥1,881 | ¥1,728 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥93.2B | ¥79.6B | ¥57.0B | ¥71.6B |
| D&A | ¥49.2B | ¥46.6B | ¥45.0B | ¥43.4B |
| Investing CF | ¥-62.2B | ¥-98.0B | ¥-71.1B | ¥-53.2B |
| CapEx | ¥67.5B | ¥63.5B | ¥64.5B | ¥45.0B |
| Purchase Investments | ¥-3.9B | ¥-6.2B | ¥-3.9B | ¥-10.5B |
| Financing CF | ¥-27.3B | ¥14.7B | ¥19.3B | ¥-6.6B |
| Free Cash Flow | ¥25.8B | ¥16.2B | ¥-7.6B | ¥26.6B |
| Net Change in Cash | ¥5.4B | ¥-3.0B | ¥5.1B | ¥12.6B |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 7
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
28,879 | 12.60% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
13,628 | 5.95% |
| 3 |
Sumitomo Mitsui Trust Bank
三井住友信託銀行株式会社
|
7,936 | 3.46% |
| 4 |
NIPPON STEEL CORPORATION
日本製鉄株式会社
|
6,900 | 3.01% |
| 5 |
STATE STREET BANK AND TRUSTCOMPANY
STATE STREET BANK AND TRUSTCOMPANY 505001(常任代理人株式会社みずほ銀行決済営業部)
|
6,430 | 2.81% |
| 6 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
6,259 | 2.73% |
| 7 |
Business Partner Stock Ownership Plan
エア・ウォーター取引先持株会
|
5,997 | 2.62% |
| 8 | 全国共済農業協同組合連合会 | 4,951 | 2.16% |
| 9 | エア・ウォーターグループ持株会 | 4,786 | 2.09% |
| 10 |
North Pacific Bank,Ltd.
株式会社北洋銀行
|
4,574 | 2.00% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
22.0%
-0.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.8%
+0.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
14.6%
-0.1% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 39.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 13.89% | 12.74% | 12.60% -0.14% | |
| Japan Custody Bank 日本カストディ銀行 | 6.33% | 6.01% | 5.95% -0.06% | |
| Sumitomo Mitsui Trust Bank 三井住友信託銀行 | 3.47% | 3.46% | 3.46% | |
| NIPPON STEEL CORPORATION 日本製鉄 | 3.01% | 3.01% | 3.01% | |
| State Street | 2.40% | 2.47% | 2.81% +0.34% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 2.73% | 2.73% | 2.73% | |
| Business Partner Stock Ownership Plan エア・ウォーター取引先持株会 | 2.62% | 2.67% | 2.62% -0.05% | |
| 全国共済農業協同組合連合会 | 2.16% | 2.16% | 2.16% | |
| エア・ウォーターグループ持株会 NEW ENTRY | — | — | — | 2.09% NEW |
| North Pacific Bank,Ltd. 式会社北洋銀行 | 2.00% | 2.00% | 2.00% | |
| BNYMSANV AS AGENT/CLIENTSLUX UCITS NON TREATY 1 last seen 2024 | Exited Top 10 | — | 2.12% | — |
| 式会社北海道銀行 last seen 2023 | Exited Top 10 | 1.80% | — | — |
| Concentration (HHI) ⓘ | 286 | 253 | 250 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥33,843M
+4% since 2023
Holdings
40
+3 new
27 exited
Trend
4 unwinding
vs 2023
| Held Company | FY2025 ¥33,843M total | FY2023 ¥32,674M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
DAIKIN INDUSTRIES, LTD.
ダイキン工業㈱
|
5,553 |
344,100
|
8,139 | 344,100 | M |
|
NITTO BOSEKI CO.,LTD.
日東紡績㈱
|
4,148 |
997,200
|
2,009 | 997,200 | M |
|
Namura Shipbuilding Co.,Ltd.
㈱名村造船所
|
3,788 |
1,658,200
|
577 | 1,658,200 | M |
|
MORITA HOLDINGS CORPORATION
㈱モリタホールディングス
|
3,584 |
1,730,000
|
2,300 | 1,730,000 | M |
|
NAKAYAMA STEEL WORKS, LTD.
㈱中山製鋼所
|
3,500 |
4,729,861
|
4,602 | 4,729,861 | |
|
NAGANO KEIKI CO., LTD.
長野計器㈱
|
2,680 |
1,402,000
|
1,847 | 1,402,000 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
1,945 |
NEW
New
522,868
|
— | M | |
|
KYOEI STEEL LTD.
共英製鋼㈱
|
1,300 |
-46.5%
↓
691,500
|
2,076 | 1,291,500 | |
|
DELICA FOODS HOLDINGS CO.,LTD.
デリカフーズホールディングス㈱
|
866 |
1,719,400
|
945 | 1,719,400 | |
|
Nippon Electric Glass Co., Ltd.
日本電気硝子㈱
|
757 |
+1.2%
↑
217,226
|
547 | 214,642 | M |
|
Idemitsu Kosan Co.,Ltd.
出光興産㈱
|
600 |
+400.0%
↑
570,000
|
330 | 114,000 | M |
|
IWATANI CORPORATION
岩谷産業㈱ (注5)
|
597 |
NEW
New
400,000
|
— | M | |
|
KOATSU GAS KOGYO CO., LTD.
高圧ガス工業㈱
|
547 |
616,000
|
433 | 616,000 | M |
|
SHIP HEALTHCARE HOLDINGS, INC.
シップヘルスケアホールディングス㈱
|
527 |
263,200
|
641 | 263,200 | M |
|
DAIHEN CORPORATION
㈱ダイヘン
|
480 |
75,891
|
336 | 75,891 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
413 |
101,992
|
191 | 101,992 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
379 |
188,500
|
159 | 188,500 | M |
|
Mitsui Chemicals, Inc.
三井化学㈱
|
349 |
104,600
|
356 | 104,600 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ (注6)
|
338 |
NEW
New
89,307
|
— | M | |
|
NIPPON STEEL CORPORATION
日本製鉄㈱
|
333 |
104,489
|
326 | 104,489 | M |
|
RINNAI CORPORATION
リンナイ㈱
|
220 |
+200.0%
↑
63,780
|
206 | 21,260 | M |
| ㈱八十二銀行 | 184 |
175,000
|
100 | 175,000 | M |
|
KANTO DENKA KOGYO CO.,LTD.
関東電化工業㈱
|
173 |
200,000
|
206 | 200,000 | |
|
Denyo Co.,Ltd.
デンヨー㈱
|
159 |
-42.6%
↓
65,503
|
194 | 114,103 | M |
| Green Earth Institute㈱ | 129 |
300,000
|
234 | 300,000 | |
|
Hokuhoku Financial Group, Inc.
㈱ほくほくフィナンシャルグループ
|
88 |
34,440
|
31 | 34,440 | M |
|
KOIKE SANSO KOGYO CO.,LTD.
小池酸素工業㈱
|
83 |
13,300
|
30 | 13,300 | M |
|
North Pacific Bank,Ltd.
㈱北洋銀行
|
74 |
144,000
|
40 | 144,000 | M |
|
OSAKA GAS CO.,LTD.
大阪瓦斯㈱
|
22 |
6,615
|
14 | 6,615 | M |
|
LUCKLAND CO., LTD.
㈱ラックランド
|
21 |
-80.3%
↓
12,400
|
183 | 63,000 | M |
|
NADEX CO., LTD.
㈱ナ・デックス
|
6 |
-45.0%
↓
6,600
|
12 | 12,000 | M |
|
CHUGOKUKOGYO CO.,LTD.
中国工業㈱
|
— | — | M | ||
|
Sanoyas Holdings Corporation
サノヤスホールディングス㈱
|
— | — | |||
|
TOMOE CORPORATION
㈱巴コーポレーション
|
— | — | |||
|
YOKOGAWA ELECTRIC CORPORATION
横河電機㈱
|
— | — | |||
|
Juroku Financial Group, Inc.
㈱十六フィナンシャルグループ
|
— | — | |||
|
ALPS ALPINE CO., LTD.
アルプスアルパイン㈱
|
— | — | |||
|
Maruichi Steel Pipe Co., Ltd.
丸一鋼管㈱
|
— | — | |||
|
Hitachi, Ltd.
㈱日立製作所
|
— | — | |||
|
Nissha Co., Ltd.
NISSHA㈱
|
— | — | |||
|
HOCHIKI CORPORATION
ホーチキ㈱
|
— |
−100%
Exit
—
|
774 | 500,000 | M |
|
TERUMO CORPORATION
テルモ㈱
|
— |
−100%
Exit
—
|
428 | 120,000 | |
|
Toyo Seikan Group Holdings, Ltd.
東洋製罐グループホールディングス㈱
|
— |
−100%
Exit
—
|
452 | 247,700 | M |
|
NIPPON SHOKUBAI CO., LTD.
㈱日本触媒
|
— |
−100%
Exit
—
|
512 | 97,000 | M |
|
The Japan Steel Works, Ltd.
㈱日本製鋼所
|
— |
−100%
Exit
—
|
297 | 120,000 | M |
| ㈱淀川製鋼所 | — |
−100%
Exit
—
|
122 | 45,004 | M |
|
Daido Special Steel Co., Ltd.
大同特殊鋼㈱
|
— |
−100%
Exit
—
|
58 | 11,220 | |
|
Pharmarise Holdings Corporation
ファーマライズホールディングス㈱
|
— |
−100%
Exit
—
|
93 | 150,000 | |
|
Nippon Carbon Co. , Ltd.
日本カーボン㈱
|
— |
−100%
Exit
—
|
41 | 10,000 | M |
|
Shinsho Corporation
神鋼商事㈱
|
— |
−100%
Exit
—
|
12 | 2,100 | M |
|
Oji Holdings Corporation
王子ホールディングス㈱
|
— |
−100%
Exit
—
|
10 | 20,000 | |
|
OSAKA STEEL CO.,LTD.
大阪製鐵㈱
|
— |
−100%
Exit
—
|
1 | 1,000 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
1,187 | 261,434 | M |
|
Shin-Etsu Chemical Co., Ltd.
信越化学工業㈱
|
— |
−100%
Exit
—
|
673 | 31,500 | |
|
IWATANI CORPORATION
岩谷産業㈱
|
— |
−100%
Exit
—
|
579 | 100,000 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
157 | 29,769 | M |
|
DAIWA HOUSE INDUSTRY CO., LTD.
大和ハウス工業㈱
|
— |
−100%
Exit
—
|
93 | 30,000 | |
|
AGC Inc.
AGC㈱
|
— |
−100%
Exit
—
|
33 | 6,800 | |
| 日立造船㈱ | — |
−100%
Exit
—
|
30 | 35,097 | |
|
Sanko Metal Industrial Co., Ltd.
三晃金属工業㈱
|
— |
−100%
Exit
—
|
19 | 5,000 | |
|
DIC Corporation
DIC㈱
|
— |
−100%
Exit
—
|
13 | 5,565 | |
|
Asahi Kasei Corporation
旭化成㈱
|
— |
−100%
Exit
—
|
9 | 10,000 | M |
|
HOKKAN HOLDINGS LIMITED
ホッカンホールディングス㈱
|
— |
−100%
Exit
—
|
5 | 4,000 | M |
|
Mitsubishi Heavy Industries,Ltd.
三菱重工業㈱
|
— |
−100%
Exit
—
|
4 | 1,000 | |
|
Sharp Corporation
シャープ㈱
|
— |
−100%
Exit
—
|
4 | 4,500 | |
|
DAISHINKU CORP.
㈱大真空
|
— |
−100%
Exit
—
|
3 | 4,400 | |
|
Sansha Electric Manufacturing Co.,Ltd.
㈱三社電機製作所
|
— |
−100%
Exit
—
|
1 | 2,000 | |
| Portfolio total | 33,843 | 32,674 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding