5857
�シ。�シイ�シ・繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ譬ェ蠑丈シ夂、セ
AREホールディングス株式会社
Nonferrous Metals
ARE Holdings, Inc. engages in refining, manufacturing, and trading of precious metals and rare metals in Japan, Asia, and North America. The company operates in two segments, Precious Metals and Environmental Preservation. It recycles and sells various metals, including gold, silver, palladium, platinum, and rhodium that are used in a range of industry fields, such as E-scrap, dentistry, jewelry, plating treatment, precision cleaning, and catalysts. The company also engages in the collection, transportation, and intermediate processing of industrial waste, as well as provides digital platform to streamline operations for industrial waste management companies. In addition, it is involved in refining and processing of gold and silver. The company was formerly known as Asahi Holdings, Inc. and changed its name to ARE Holdings, Inc. in June 2023. The company was founded in 1952 and is headquartered in Kobe, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥570.0B
¥570.0B
¥322.3B
¥292.4B
¥192.4B
Cost of Sales
¥525.2B
¥525.2B
¥300.9B
¥263.0B
¥157.8B
Gross Profit
¥44.8B
¥44.8B
¥21.4B
¥29.5B
¥34.7B
SG&A
¥9.6B
¥9.6B
¥8.2B
¥8.1B
¥7.7B
Operating Income
¥37.1B
¥37.1B
¥12.4B
¥19.3B
¥26.4B
Non-Operating Income
—
¥692M
¥1.1B
¥466M
¥619M
Non-Operating Expenses
—
¥194M
¥1.1B
¥797M
¥890M
Ordinary Income
¥34.7B
¥20.5B
—
—
—
Pre-tax Income
¥34.7B
¥34.7B
¥12.4B
¥16.1B
¥26.4B
Net Income (owners)
¥24.4B
¥24.4B
¥24.5B
¥10.9B
¥18.7B
Minority Interest
—
¥-8M
—
—
—
Comprehensive Income
—
¥6.6B
¥26.3B
¥12.8B
¥15.2B
EBITDA
¥40.1B
¥40.1B
¥16.0B
¥22.6B
¥29.1B
EPS
¥315.49
¥315.49
¥319.54
¥141.19
¥238.11
Shares Outstanding
—
77.4M
77.9M
77.6M
79.6M
Shares Issued (total)
—
79.7M
79.7M
79.7M
79.7M
Treasury Shares
—
2.3M
1.8M
2.1M
0.1M
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥615.4B
¥615.4B
¥318.0B
¥287.4B
¥298.4B
Current Assets
¥537.0B
¥537.0B
¥253.8B
¥238.4B
¥241.8B
Cash & Deposits
¥10.3B
¥10.3B
¥6.9B
¥18.0B
¥6.1B
Non-Current Assets
¥78.4B
¥78.4B
¥64.2B
¥49.1B
¥56.6B
PP&E
¥41.8B
¥41.8B
¥33.2B
¥42.6B
¥43.7B
Goodwill
—
¥19M
¥19M
¥1.0B
¥1.0B
Intangible Assets
—
¥1.4B
¥1.6B
¥1.3B
¥712M
Deferred Tax Assets
—
¥2.0B
¥5M
¥3.5B
¥6.3B
Total Liabilities
¥384.8B
¥384.8B
¥191.5B
¥180.5B
¥193.2B
Current Liabilities
¥276.9B
¥276.9B
¥113.0B
¥125.5B
¥148.6B
ST Debt
¥98.6B
¥98.6B
¥70.0B
¥91.5B
¥108.3B
Non-Current Liabilities
¥108.0B
¥108.0B
¥78.5B
¥55.0B
¥44.6B
Total LT Borrowings
¥84.6B
¥84.6B
¥71.2B
¥52.9B
¥42.7B
Deferred Tax Liab.
—
¥6.3B
¥4.4B
¥275M
¥576M
Total Equity
¥230.6B
¥230.6B
¥126.5B
¥107.0B
¥105.1B
Capital Surplus
—
¥12.1B
¥12.2B
¥12.1B
¥12.0B
Retained Earnings
¥138.5B
¥138.5B
¥113.8B
¥96.3B
¥92.4B
Treasury Stock
—
¥-6.1B
¥-5.9B
¥-5.9B
¥-1.8B
AOCI
—
¥-9.2B
¥-1.5B
¥-3.3B
¥-5.1B
Equity (owners)
¥230.6B
¥230.6B
¥126.5B
¥107.0B
¥105.1B
Minority Interests
—
¥47M
—
—
—
Total Interest-Bearing Debt ⓘ
¥183.2B
¥183.2B
¥141.2B
¥144.4B
¥150.9B
Net Cash ⓘ
¥-172.9B
¥-172.9B
¥-134.3B
¥-126.4B
¥-144.8B
NCAV ⓘ
¥152.2B
¥152.2B
¥62.3B
¥57.9B
¥48.5B
NCAV/Share
—
¥1,966
¥799
¥746
¥609
BV/Share
—
¥2,978
¥1,623
¥1,378
¥1,320
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-99.4B
¥-99.4B
¥12.6B
¥36.8B
¥11.1B
D&A
¥3.0B
¥3.0B
¥3.6B
¥3.3B
¥2.7B
Investing CF
¥-349M
¥-349M
¥-28.7B
¥-3.9B
¥-7.8B
CapEx
¥8.3B
¥8.3B
¥7.6B
¥4.4B
¥8.4B
Financing CF
¥91.9B
¥91.9B
¥7.0B
¥-23.8B
¥-6.0B
Free Cash Flow
¥-107.7B
¥-107.7B
¥5.0B
¥32.3B
¥2.7B
Net Change in Cash
—
¥10.7B
¥-11.1B
¥11.8B
¥-3.9B
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
10.6%
13.7%
21.0%
10.3%
17.8%
ROA
4.0%
5.2%
8.1%
3.7%
6.3%
EPS
¥315.49
¥315.49
¥319.54
¥141.19
¥238.11
DPS
¥60.00
¥60.00
¥90.00
¥90.00
¥90.00
BPS
¥2,682.61
¥2,682.61
—
—
—
FCF/Share
—
¥-1,391
¥65
¥417
¥34
NCAV/Share
—
¥1,966
¥799
¥746
¥609
Payout Ratio
19.0%
19.0%
28.2%
63.7%
37.8%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 31
Date Activist Stake Event Flag Demands Source
2026-05-20
JPMorgan Asset Management (Japan) Limited
6.37%
+0.22%
change
Passive
—
2026-05-08
Mitsubishi UFJ Financial Group Inc.
4.5%
-1.06%
change
Passive
—
2026-05-08
JPMorgan Asset Management (Japan) Limited
6.15%
-0.99%
change
Passive
—
2026-04-22
BlackRock Japan Co., Ltd.
5.2%
correction
Passive
—
2026-04-20
JPMorgan Asset Management (Japan) Limited
7.14%
+0.26%
change
Passive
—
2026-04-17
BlackRock Japan Co., Ltd.
5.2%
-0.44%
change
Passive
—
2026-04-03
JPMorgan Asset Management (Japan) Limited
6.88%
+0.34%
change
Passive
—
2026-03-19
Daiwa Asset Management Co.Ltd.
4.7%
-1.1%
change
Passive
—
2026-03-18
GK Maple
—
exit
Passive
—
2026-03-18
JPMorgan Asset Management (Japan) Limited
6.54%
-1.89%
change
Passive
—
2026-03-13
GK Maple
7.17%
correction
Passive
—
2026-03-13
GK Maple
5.31%
-1.86%
change
Passive
—
2026-03-12
GK Maple
7.17%
correction
Passive
—
2026-03-12
GK Maple
7.17%
change
Passive
—
2026-03-11
Maple GK
7.17%
initial_5pct
Passive
—
2026-03-06
Daiwa Asset Management Co.Ltd.
5.8%
correction
Passive
—
2026-03-06
Asahi Refining USA Inc.
—
correction
Passive
—
2026-03-05
Asahi Refining USA Inc.
—
exit
Passive
—
2026-03-05
Nomura Securities Co.,Ltd.
4.03%
-1.94%
change
Passive
—
2026-03-05
Daiwa Asset Management Co.Ltd.
5.8%
initial_5pct
Passive
—
2026-03-04
JPMorgan Asset Management (Japan) Limited
8.43%
+1.59%
change
Passive
—
2026-03-02
Asahi Refining USA Inc.
5.41%
-2.32%
change
Passive
—
2026-02-24
Asahi Refining USA Inc.
7.73%
change
Passive
—
2026-02-19
Nomura Securities Co.,Ltd.
5.97%
+0.88%
change
Passive
—
2026-02-18
JPMorgan Asset Management (Japan) Limited
6.84%
initial_5pct
Passive
—
2026-02-18
BlackRock Japan Co., Ltd.
5.64%
change
Passive
—
2025-09-19
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
4.53%
change
Passive
—
2025-05-09
Nomura Securities Co.,Ltd.
5.09%
-0.58%
change
Passive
—
2025-04-03
Nomura Securities Co.,Ltd.
5.67%
+0.67%
change
Passive
—
2024-08-06
Nomura Securities Co.,Ltd.
5.0%
initial_5pct
Passive
—
2024-07-29
Mitsubishi UFJ Financial Group Inc.
5.56%
change
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-19
15:30
Div Increase
¥5.6B ¥65.0/sh
+62%
ARE Holdings announced a final dividend of ¥65 per share for fiscal year ending March 31, 2026, totaling ¥5.637 billion,…
Summary
ARE Holdings announced a final dividend of ¥65 per share for fiscal year ending March 31, 2026, totaling ¥5.637 billion, effective June 2, 2026. This represents a 62.5% increase from the prior year's ¥40 per share final dividend, with full-year dividend reaching ¥125 per share versus ¥80 previously. The increase aligns with the company's dividend policy targeting a 40% payout ratio while maintaining internal reserves for growth investments and M&A activities.
Deadline: 2026-06-02
YoY: +62%
Source (JP)
2026年3月31日を基準日とする1株当たり配当金(期末配当)につきましては、上記方針を踏まえ総合的に勘案した結果、直近の配当予想のとおり、1株当たり65円とさせていただきます。
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
12,465
16.10%
2
Japan Custody Bank
㈱日本カストディ銀行(信託口)
5,328
6.88%
3
寺山 満春
1,802
2.33%
4
寺山 正道
1,404
1.81%
5
STATE STREET BANK WEST CLIENT - TREATY
STATE STREET BANK WEST CLIENT - TREATY 505234 (常任代理人 ㈱みずほ銀行決済営業部)
1,161
1.50%
6
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS) (常任代理人 シティバンク、エヌ・エイ東京支店)
1,044
1.35%
7
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 ㈱みずほ銀行決済営業部)
1,034
1.34%
8
JP MORGAN CHASE BANK
JP MORGAN CHASE BANK 385781 (常任代理人 ㈱みずほ銀行決済営業部)
978
1.26%
9
MUFG Bank
㈱三菱UFJ銀行
900
1.16%
10
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 ㈱みずほ銀行決済営業部)
829
1.07%
Domestic Nominees
23.0%
+0.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
5.2%
+1.9% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
6.7%
-1.7% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
日本マスタートラスト信託銀行
17.73%
16.48%
16.10%
-0.38%
Japan Custody Bank
日本カストディ銀行
6.50%
6.41%
6.88%
+0.47%
State Street
2.11%
2.09%
3.91%
+1.82%
寺山 満春
2.31%
2.30%
2.33%
+0.03%
寺山 正道
1.81%
1.80%
1.81%
+0.01%
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)
1.58%
1.55%
1.35%
-0.20%
JP Morgan
—
1.21%
1.26%
+0.05%
MUFG Bank
㈱三菱UFJ銀行
1.16%
1.16%
1.16%
Employee Stock Ownership Plan
アサヒ従業員持株会
last seen 2024
Exited Top 10
1.70%
1.55%
—
Credit Suisse
last seen 2023
Exited Top 10
1.04%
—
—
Concentration (HHI)
ⓘ
377
333
335
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved