1. Japan Stocks

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    Basic Materials

  3. •

    Chemicals - Specialty
Air Water Inc.

Air Water Inc.

AWTRF
Air Water Inc.US flagOther OTC
14.75
USD
- -
- -
3.38BMarket Cap
Air Water Inc.
AWTRF
(Other OTC)

Recent

price

14.75

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2,256.14
2,473.79
2,564.19
2,765.17
3,279.36
3,373.98
3,369.71
3,438.15
3,860.11
3,795.36
3,919.84
3,565.67
3,924.8
4,427.47
4,496.57
4,704.37
2,400.13
Revenue per Share
73.64
61.24
89.35
94.04
98.32
105.74
102.73
114.53
128.95
147.33
147.43
120.97
190.85
176.84
194.69
214.57
118.55
Basic EPS, GAAP
119.52
8.92
90.2
25.58
56.14
98.42
28.36
101.28
-57.09
-66.18
-98.85
108.63
111.46
-42.81
57.74
96.62
61.23
Free Cash Flow per Basic Share
21.58
22.12
21.96
21.98
24.99
27.05
28.98
28.12
37.25
40.23
38.9
46.25
49.5
57.46
62.29
66.08
30.11
Dividend per Share
667.07
707.29
604.81
665.53
737.02
816.59
889.54
984.58
1,133.32
1,229.41
1,379.36
1,329.01
1,461.92
1,584.05
1,715.91
1,861.31
1,768.7
Book Value per Share
794.53
811.99
864.39
928.3
1,029.3
1,130.34
1,195.16
1,287.23
1,295.72
1,317.15
1,300.62
1,286.34
1,464.65
1,536.67
1,669.46
1,808.9
1,701.35
Tangible Book Value per Share
189
191
192
195
196
196
196
195
195
196
206
226
226
227
228
229
228
Basic Weighted Avg Shares
426,357
471,809
492,679
540,016
641,256
660,541
660,622
670,536
753,559
742,288
809,083
806,630
888,668
1,004,914
1,024,540
1,075,929
547,565
Sales/Revenue/Turnover
6.62
6.63
6.43
5.17
5.47
5.47
5.98
6.17
5.63
5.54
6.06
6.07
7.12
5.94
6.46
6.6
7.14
Operating Margin (%)
18,269
20,784
21,933
23,838
26,369
27,335
28,905
27,978
29,663
30,776
34,994
39,033
43,378
44,987
46,590
49,231
24,106
Depreciation Expense
13,916
11,680
17,167
18,365
19,225
20,702
20,139
22,337
25,173
28,815
30,430
27,367
43,214
40,137
44,360
49,074
27,047
Net Income, GAAP
42.72
48.54
43.81
31.89
39.62
38.67
38.02
35.82
33.36
26.47
32.28
38.86
27.75
29.56
30.83
31.85
27.4
Effective Tax Rate (%)
3.26
2.48
3.48
3.4
3
3.13
3.05
3.33
3.34
3.88
3.76
3.39
4.86
3.99
4.33
4.56
4.94
Profit Margin (%)
16,404
18,232
19,269
19,009
40,280
37,168
55,167
54,029
59,151
45,613
49,777
96,639
113,844
131,442
131,891
128,737
109,111
Working Capital
68,449
81,046
76,807
85,152
111,672
97,849
109,710
116,799
128,111
168,803
195,648
250,876
273,852
283,385
332,786
322,818
315,791
LT Debt
163,949
169,126
182,699
199,212
219,482
240,154
256,179
280,750
280,168
295,009
351,814
372,388
419,856
446,481
508,484
536,858
510,797
Total Equity
5.67
5.5
5.86
5.81
5.82
5.66
5.96
6.02
6.05
5.93
5.5
4.42
6.25
5.28
5.2
5.07
3.09
Return on Invested Capital (%)
5.38
4.49
6.34
6.62
6.06
6.13
5.52
5.81
5.94
6.23
5.21
4.23
6.32
5.53
5.81
6.07
3.38
Return on Capital (%)
11.7
8.95
13.67
14.92
14.03
13.62
12.05
12.19
12.18
12.48
11.59
9.35
13.68
11.62
11.82
12.02
7
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
ST Debt
85,933
- -
95,786
LT Borrowings
332,786
- -
315,791
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
228
- -
229
Market Capitalization
445,627
474,253
394,170

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
Total Current Assets
449,372
- -
411,932
Cash, Cash Equivalents & STI
76,725
- -
66,188
Accounts Receivable, Net
240,584
- -
209,537
Inventories
92,643
- -
103,778
Total Current Liabilities
317,481
- -
302,821
Payables & Accruals
- -
- -
- -
ST Debt
85,933
- -
95,786
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.5%
8.88%
5.58%
Free Cash Flow
-42.22%
-104.74%
67.95%
Net Income, GAAP
10.28%
12.37%
10.63%
Sales/Revenue/Turnover
5.13%
5.98%
5.02%
Total Cash Common Dividend
11.58%
13.82%
6.49%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
230,039
246,935
267,693
279,872
1,024,540
2025
- -
- -
- -
- -
1,075,929
2026
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
31.39
44.65
60.24
- -
194.69
2025
- -
- -
- -
- -
214.57
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
29.8
2.39
28.36
- -
62.29
2025
- -
- -
- -
- -
66.08
2026
- -
- -
- -
- -
- -
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Business
Air Water Inc. operates primarily in the industrial gases and chemical solutions sector, manufacturing and supplying a diverse range of products including industrial gases (oxygen, nitrogen, argon), chemical products, electronic materials, food packaging and processing materials, and environmental solutions. The company provides services such as gas-related equipment installation and maintenance, water treatment, and logistics support. Air Water serves a broad spectrum of industries including healthcare, electronics, manufacturing, food and beverage, and environmental sectors, primarily in Japan but also extending operations throughout Asia. Founded in 1929 and headquartered in Osaka, Japan, Air Water Inc. has a long-standing presence in providing integrated industrial solutions. Recent major developments include strategic expansions in its environmental and medical gas businesses, bolstered by partnerships aimed at enhancing its water treatment solutions. The company has introduced new product lines focused on advanced electronic materials and sustainable packaging solutions. Additionally, it has pursued acquisitions to strengthen its footprint in the healthcare and industrial gas markets, reflecting a strategic shift towards high-growth and high-value-added sectors. These developments align with Air Water's commitment to innovation and sustainability in its core operations. Air Water maintains a structured business segmented into industrial gases; chemical products and materials; electronics-related products; and life and healthcare services. This comprehensive portfolio supports its target markets including industrial manufacturers, healthcare providers, electronics firms, and environmental management companies. The company operates through a range of subsidiaries and affiliated entities, maintaining a significant market presence in Japan with expanding activities in neighboring Asian countries. Overall, Air Water Inc. positions itself as a multidisciplinary provider of industrial gas, chemical, and environmental solutions with an expanding focus on technological innovation and strategic partnerships to drive growth in key industrial and healthcare sectors. This multifaceted approach strengthens its competitive edge and broadens its geographic reach in Asia.