AISIN CORPORATION

株式会社アイシン

Transportation Equipments

Aisin Corporation manufactures and sells automotive parts, lifestyle, and energy and wellness related products in Japan. It provides eAxle; hybrid transmission; AT, CVT, and MT; thermal management products; fuel cell electric products; engine related products; parking and driving assistance systems; brakes; steering; doors and roofs; aerodynamic devices; battery frame parts; seat related products; cabin monitoring; and other products, as well as MaaS, car navigation related, and aftermarket products. The company also offers energy solutions comprising ENE·FARM, a system that generates electricity by extracting hydrogen from gas; gas heat pump air conditioners; and Peltier modules that are thermoelectric conversion devices. In addition, it provides YYProbe, a real time speech recognition application; AIR, a technology that allows conversion of water molecules in the air into water particles; pendulum acceleration reduction system; fiber laser; and audio equipment under the TAOC name. Aisin Corporation was founded in 1943 and is headquartered in Kariya, Japan.

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Price

¥2,414

Market Cap

¥1.8T

Ent. Value

¥1.9T

Net Debt

−¥28.9B

Shares Out.

757.7M

P / E

10.4×

EV / EBIT

8.1×

P / Book

0.79×

P / NCAV

75.78×

Div. Yield

1.24%

Financials

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥5,117.8B	¥5,117.8B	¥4,909.6B	¥4,402.8B	¥3,917.4B
Cost of Sales	¥4,498.8B	¥4,498.8B	¥4,358.9B	¥4,001.4B	¥3,468.9B
Gross Profit	¥618.9B	¥618.9B	¥550.7B	¥401.4B	¥448.5B
SG&A	¥383.5B	¥383.5B	¥417.7B	¥339.2B	¥292.5B
Operating Income	¥228.8B	¥228.8B	¥143.4B	¥57.9B	¥182.0B
Non-Operating Income	—	¥30.5B	¥25.4B	¥25.0B	¥37.5B
Non-Operating Expenses	—	¥49.4B	¥10.5B	¥16.6B	¥10.8B
Ordinary Income	¥247.9B	¥173.4B	—	—	—
Pre-tax Income	¥247.9B	¥247.9B	¥149.9B	¥73.7B	¥220.0B
Net Income (owners)	¥171.7B	¥171.7B	¥90.8B	¥37.7B	¥141.9B
Minority Interest	—	¥16.6B	¥22.0B	¥10.2B	¥15.1B
Comprehensive Income	—	¥-17.9B	¥463.0B	¥56.4B	¥296.2B
EBITDA	¥493.4B	¥493.4B	¥417.7B	¥335.1B	¥440.6B
EPS	¥232.64	¥232.64	¥336.93	¥139.77	¥526.66
Shares Outstanding	—	757.7M	269.5M	269.5M	269.5M
Shares Issued (total)	—	809.0M	294.7M	294.7M	294.7M
Treasury Shares	—	51.4M	25.1M	25.2M	25.2M

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥4,512.3B	¥4,512.3B	¥4,643.0B	¥4,135.8B	¥4,205.8B
Current Assets	¥2,040.3B	¥2,040.3B	¥1,897.8B	¥1,729.8B	¥1,732.2B
Cash & Deposits	¥592.4B	¥592.4B	¥527.2B	¥317.7B	¥386.9B
Non-Current Assets	¥2,472.0B	¥2,472.0B	¥2,745.3B	¥2,406.0B	¥2,473.6B
PP&E	¥1,444.0B	¥1,444.0B	¥1,470.9B	¥1,440.3B	¥1,468.6B
Goodwill	—	¥2.2B	¥1.4B	¥1.4B	¥1.3B
Intangible Assets	—	¥56.6B	¥55.9B	¥56.1B	¥45.7B
Deferred Tax Assets	—	¥88.2B	¥81.9B	¥80.3B	¥75.1B
Total Liabilities	¥2,016.2B	¥2,016.2B	¥2,241.0B	¥2,144.4B	¥2,209.3B
Current Liabilities	¥1,141.8B	¥1,141.8B	¥1,178.2B	¥1,117.9B	¥1,071.0B
ST Debt	¥97.8B	¥97.8B	¥100.2B	¥159.9B	¥111.8B
Non-Current Liabilities	¥874.4B	¥874.4B	¥1,062.8B	¥1,026.5B	¥1,138.3B
Total LT Borrowings	¥523.5B	¥523.5B	¥626.1B	¥688.8B	¥770.9B
Deferred Tax Liab.	—	¥75.4B	¥142.2B	¥49.5B	¥70.6B
Total Equity	¥2,496.1B	¥2,496.1B	¥2,402.0B	¥1,991.4B	¥1,996.5B
Capital Surplus	—	¥80.6B	¥79.4B	¥74.4B	¥76.3B
Retained Earnings	¥1,644.2B	¥1,644.2B	¥1,549.5B	¥1,440.4B	¥1,420.6B
Treasury Stock	—	¥-84.6B	¥-115.6B	¥-115.7B	¥-115.7B
AOCI	—	¥444.4B	¥577.6B	¥307.1B	¥330.3B
Equity (owners)	¥2,200.6B	¥2,200.6B	¥2,135.8B	¥1,751.3B	¥1,756.5B
Minority Interests	—	¥256.0B	¥266.2B	¥240.1B	¥240.0B

Total Interest-Bearing Debt ⓘ	¥621.3B	¥621.3B	¥726.3B	¥848.7B	¥882.7B
Net Cash ⓘ	¥-28.9B	¥-28.9B	¥-199.1B	¥-531.0B	¥-495.8B
NCAV ⓘ	¥24.1B	¥24.1B	¥-343.2B	¥-414.6B	¥-477.1B
NCAV/Share	—	¥32	¥-1,273	¥-1,538	¥-1,770
BV/Share	—	¥2,904	¥7,924	¥6,498	¥6,517

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥376.1B	¥376.1B	¥499.7B	¥238.0B	¥193.3B
D&A	¥264.6B	¥264.6B	¥274.3B	¥277.2B	¥258.6B
Investing CF	¥-77.2B	¥-77.2B	¥-93.2B	¥-186.9B	¥-205.0B
CapEx	¥241.8B	¥241.8B	¥228.1B	¥212.3B	¥217.8B
Financing CF	¥-182.0B	¥-182.0B	¥-211.7B	¥-127.8B	¥-135.9B
Free Cash Flow	¥134.3B	¥134.3B	¥271.6B	¥25.7B	¥-24.4B
Net Change in Cash	—	¥-75.6B	¥208.1B	¥-67.7B	¥-133.1B

Metric	FY 2025 TDnet	FY 2024 TDnet	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.9%	7.0%	4.1%	1.9%	7.1%
ROA	3.8%	3.8%	2.1%	0.9%	3.4%
EPS	¥232.64	¥232.64	¥336.93	¥139.77	¥526.66
DPS	¥30.00	¥30.00	¥170.00	¥170.00	¥170.00
BPS	¥3,037.06	¥3,037.06	—	—	—
FCF/Share	—	¥177	¥1,008	¥95	¥-91
NCAV/Share	—	¥32	¥-1,273	¥-1,538	¥-1,770
Payout Ratio	12.9%	12.9%	50.5%	121.6%	32.3%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2026-05-15	TOYOTA INDUSTRIES CORPORATION	5.57% +2.94%	initial_5pct	Passive	—
2026-05-13	TOYOTA MOTOR CORPORATION	23.83% +3.83%	change	Passive	—
2024-08-21	TOYOTA MOTOR CORPORATION	20.0% +1.69%	correction	Passive	—
2024-08-19	TOYOTA MOTOR CORPORATION	18.31% -1.69%	change	Passive	—
2024-07-12	TOYOTA MOTOR CORPORATION	20.0%	change	Passive	—
2024-07-12	TOYOTA INDUSTRIES CORPORATION	2.63%	change	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-04-28 13:00	Buyback	¥100.0B 9.0%	Aisin CORPORATION board resolved on 28 April 2026 to authorize a new share buyback program of up to 65 million shares (9…
Summary Aisin CORPORATION board resolved on 28 April 2026 to authorize a new share buyback program of up to 65 million shares (9.0% of outstanding) for a maximum of ¥100 billion through 31 March 2027. Concurrently, the company is cancelling 33 million previously acquired treasury shares and suspending the prior buyback authorization from April 2025. The buyback aims to enhance capital efficiency and Corporation value in line with the 2028 medium-term management plan. Deadline: 2027-03-31 % of Shares: 9.0% Shares: 65,000,000 Source (JP) 取得し得る株式の総数 65,000,000 株（上限）（発行済株式総数（自己株式を除く）に対する割合 9.0％）、株式の取得価額の総額 1,000 億円（上限）、取得期間 2026 年４月 30 日から 2027 年３月 31 日まで自己株式の取得に係る事項の決定及び自己株式の取得中止並びに自己株式の消却に関するお知らせ TDnet PDF
2026-04-28 13:00	Div Increase	¥29.0B ¥40.0/sh +33%	Aisin Corporation announced a dividend increase for fiscal year ending March 2026, Aisin the per-share final dividend fr…
Summary Aisin Corporation announced a dividend increase for fiscal year ending March 2026, Aisin the per-share final dividend from the prior forecast of 35 yen to 40 yen (+14.3% vs forecast, +33.3% vs prior year's 30 yen). Total dividend payout of ¥28.98 billion reflects improved shareholder equity and transition to a DOE-based dividend policy targeting progressive enhancement of shareholder returns as ROE improves. YoY: +33% Source (JP) 直近の期末配当予想から５円増配し、40 円といたします。本方針のもと、今後は ROE の改善を背景に、段階的に株主還元の充実をはかっていく考えです。 2026年３月期剰余金の配当に関するお知らせ TDnet PDF
2026-04-28 13:00	TOB	¥1791.0/sh 3.2%	Aisin announced a tender offer (TOB) to acquire all 23,239,227 shares (3.21% ownership) held by Toyota Automatic Loom Wo…
Summary Aisin announced a tender offer (TOB) to acquire all 23,239,227 shares (3.21% ownership) held by Toyota Automatic Loom Works for self-treasury purposes. The purchase price is set at 10% discount to the lower of the closing price on the business day before the final board decision or the one-month average closing price, with an upper limit of ¥1,791 per share (as of June 2, 2025). This acquisition supports Toyota group's capital restructuring and AISIN shareholder return strategy under its medium-term plan. Deadline: 2026-04-30 % of Shares: 3.2% Shares: 23,239,227 Source (JP) 自己株式の取得に関し、同日開催の取締役会において決議された自己株式の取得の上限及び期限の範囲内にて、自己株式の公開買付けを行うことを決議いたしました。買付予定数については、トヨタ不動産から提案を受けた応募対象株式と同数である23,239,227株（所有割合：3.21％）を買付予定数とし自己株式の取得及び自己株式の公開買付けに関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	TOYOTA MOTOR CORPORATION トヨタ自動車株式会社	161,828	21.35%
2	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）	74,064	9.77%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	43,879	5.79%
4	Toyota Industries Corporation 株式会社豊田自動織機	23,239	3.06%
5	Employee Stock Ownership Plan アイシン従業員持株会	20,531	2.70%
6	トヨタ不動産株式会社	19,034	2.51%
7	Nippon Life Insurance 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社）	18,900	2.49%
8	高知信用金庫	17,955	2.36%
9	ＪＰモルガン証券株式会社	15,934	2.10%
10	ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＷＥＳＴＣＬＩＥＮＴ－ＴＲＥＡＴＹ５０５２３４（常任代理人株式会社みずほ銀行）	10,371	1.36%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

15.6%

+2.1% 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

37.9%

-10.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
TOYOTA MOTOR CORPORATION トヨタ自動車		24.80%	24.80%	21.35% -3.45%
Japan Master Trust Bank 日本マスタートラスト信託銀行		9.89%	9.37%	9.77% +0.40%
Japan Custody Bank 日本カストディ銀行		4.07%	4.10%	5.79% +1.69%
Toyota Industries Corporation 式会社豊田自動織機		7.68%	7.68%	3.06% -4.62%
Employee Stock Ownership Plan アイシン従業員持株会		2.64%	2.53%	2.70% +0.17%
トヨタ不動産		2.35%	2.35%	2.51% +0.16%
Nippon Life Insurance 日本生命保険		2.33%	2.33%	2.49% +0.16%
高知信用金庫		1.93%	2.13%	2.36% +0.23%
ＪＰモルガン証券 NEW ENTRY	—	—	—	2.10% NEW
ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＷＥＳＴＣＬＩＥＮＴ－ＴＲＥＡＴＹ５０５２３４ NEW ENTRY	—	—	—	1.36% NEW
DENSO CORPORATION 式会社デンソー last seen 2024	Exited Top 10	4.81%	4.81%	—
全国共済農業協同組合連合会 last seen 2024	Exited Top 10	1.27%	1.27%	—
Concentration (HHI) ⓘ		835	825	626

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥96,733M -41% since 2023

Holdings 13 9 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥96,733M total		FY2023 ¥163,824M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TOYOTA INDUSTRIES CORPORATION ㈱豊田自動織機	83,578	6,578,372	48,351	6,578,372	M
suzuki motor corporation スズキ㈱	10,150	+300.0% ↑ 5,608,000	6,735	1,402,000	M
JTEKT Corporation ㈱ジェイテクト	1,619	-50.0% ↓ 1,436,457	2,933	2,872,857	M
UMC Electronics Co., Ltd. ユー・エム・シー・エレクトロニクス㈱	661	2,205,883	1,072	2,205,883
WITZ Corporation ㈱ヴィッツ	300	300,000	297	300,000
TAIHO KOGYO CO.,LTD. 大豊工業㈱	178	300,000	190	300,000	M
LIXIL Corporation ㈱ＬＩＸＩＬ	112	65,100	141	65,100
FINESINTER CO.,LTD. ㈱ファインシンター	86	-22.1% ↓ 105,600	139	135,600	M
OKAYA&CO.,LTD. 岡谷鋼機㈱	27	+100.0% ↑ 4,000	20	2,000	M
Misonoza Co. ㈱御園座	22	13,300	23	13,300
Chuo Automotive Industries Co., Ltd. 中央自動車工業㈱	—		—
TRINITY INDUSTRIAL CORPORATION トリニティ工業㈱	—		—
ISUZU MOTORS LIMITED いすゞ自動車㈱	—		—
Central Japan Railway Company 東海旅客鉄道㈱	—	−100% Exit —	1,581	100,000
AKEBONO BRAKE INDUSTRY CO.,LTD. 曙ブレーキ工業㈱	—	−100% Exit —	454	3,133,700
DENSO CORPORATION ㈱デンソー	—	−100% Exit —	93,364	12,543,964	M
TOYOTA TSUSHO CORPORATION 豊田通商㈱	—	−100% Exit —	4,787	851,900	M
TOYOTA BOSHOKU CORPORATION トヨタ紡織㈱	—	−100% Exit —	1,731	810,100	M
TOYODA GOSEI CO.,LTD. 豊田合成㈱	—	−100% Exit —	1,525	669,019	M
Iyogin Holdings,Inc. ㈱いよぎんホールディングス	—	−100% Exit —	221	294,000	M
HINO MORTORS,LTD. 日野自動車㈱	—	−100% Exit —	182	330,750
AICHI STEEL CORPORATION 愛知製鋼㈱	—	−100% Exit —	78	33,600	M
Portfolio total	96,733		163,824

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding