Air Water Inc.

Air Water Inc.

2,720.00
JPY
+78.00
(+2.95%)
486.97BMarket Cap
Air Water Inc.
TSE:4088
(Tokyo Stock Exchange)

Recent

price

2,720.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
JPY
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
4,496.44
4,664.43
4,420.08
- -
Revenue per Share
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
194.68
-279.61
174.21
- -
Basic EPS, GAAP
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
99.64
149.64
- -
Free Cash Flow per Basic Share
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
80.56
- -
Dividend per Share
823.19
875.12
951.12
1,042
1,157.78
1,199.07
1,314.51
1,349.1
1,420.36
1,460
1,584.86
1,744.42
1,892.36
2,140.67
1,929.76
1,702.44
1,702.44
Book Value per Share
748.82
789.94
859.42
948.93
1,061.48
1,087.54
1,162.2
1,209.77
1,229.29
1,093.42
1,224.34
1,354.93
1,462.64
1,579.39
1,406.52
1,337.89
1,337.89
Tangible Book Value per Share
191
192
195
196
196
196
195
195
196
206
226
226
227
228
229
229
229
Basic Weighted Avg Shares
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
1,066,795
1,013,070
- -
Sales/Revenue/Turnover
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
-3.86
5.75
- -
Operating Margin (%)
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
48,210
57,056
- -
Depreciation Expense
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
-63,949
39,929
- -
Net Income, GAAP
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
- -
35.98
- -
Effective Tax Rate (%)
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
-5.99
3.94
- -
Profit Margin (%)
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
91,472
42,025
42,025
Working Capital
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
311,581
291,436
291,436
LT Debt
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
458,223
410,969
410,969
Total Equity
5.5
5.86
5.81
5.82
5.66
5.96
6.02
6.05
6.17
5.68
4.63
6.44
5.5
5.36
- -
4.47
- -
Return on Invested Capital (%)
4.09
5.51
5.49
5.08
5.12
4.65
4.97
5.25
5.73
4.83
3.9
5.79
5.05
5.25
- -
5.07
- -
Return on Capital (%)
7.51
10.45
10.3
9.87
9.62
8.72
9.09
9.68
10.64
9.98
7.93
11.48
9.73
9.66
-13.74
9.59
- -
Return on Common Equity (%)

Capital Structure

JPY

•

in mil. unless spec.
Jun'26
Sep'26
Mar'26
ST Debt
- -
100,465
177,019
LT Borrowings
- -
323,088
291,436
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
229
229
229
Market Capitalization
493,374
583,357
486,972

Working Capital

JPY

•

in mil. unless spec.
Jun'26
Sep'26
Mar'26
Total Current Assets
- -
411,528
466,627
Cash, Cash Equivalents & STI
- -
71,045
94,367
Accounts Receivable, Net
- -
201,259
206,928
Inventories
- -
103,351
121,761
Total Current Liabilities
- -
297,446
424,602
Payables & Accruals
- -
- -
- -
ST Debt
- -
100,465
177,019
Deferred Revenue
- -
- -
- -

Growth Rates

JPY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.26%
2.56%
-10.31%
Free Cash Flow
-29.53%
-49.5%
50.51%
Net Income, GAAP
-31.17%
-69.06%
-162.44%
Sales/Revenue/Turnover
4.54%
4.86%
-5.04%
Total Cash Common Dividend
13.06%
12.19%
22.16%

Quarterly Revenue

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
230,039
246,935
267,693
279,872
1,024,540
2025
- -
- -
- -
- -
1,066,795
2026
- -
- -
- -
- -
1,013,070

Quarterly Earnings Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
31.39
44.65
60.24
58.35
194.68
2025
- -
- -
- -
- -
-279.61
2026
- -
- -
- -
- -
174.21

Quarterly Dividends Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
29.8
2.39
28.36
1.77
62.29
2025
- -
- -
- -
- -
66.08
2026
- -
- -
- -
- -
80.56
Business
Air Water Inc. (4088.T) manufactures and sells industrial gases, chemicals, medical equipment, energy solutions, agriculture and food products, and related services across Japan and select overseas markets including India and North America; the company operates through four primary domains—Digital & Industry, Energy Solutions, Health & Safety, and Agriculture & Foods—offering products such as oxygen, nitrogen, argon, carbon dioxide, hydrogen, electronic and functional materials, liquefied petroleum gas, liquefied natural gas, liquefied biomethane, medical gases, hospital facilities, frozen foods, agroprocessing, and fruit and vegetable distribution, alongside logistics, seawater processing, and engineering technologies like high-purity nitrogen generators (V1) and compact liquefied oxygen/nitrogen units (VSU). Founded in 2000 through the merger of Daido Hoxan Inc. and Kyodo Oxygen Co., Ltd.—with roots tracing to 1929—and headquartered in Osaka, Japan, Air Water generates stable cash flows from its cornerstone industrial gas business while expanding into semiconductor-related materials, digital solutions, and decarbonization technologies such as CO2 recovery equipment and biomethane-derived green hydrogen to address social issues like carbon neutrality and food security. In June 2025, the company launches its new medium-term management plan "terrAWell30 2nd stage" for FY2025-2027, shifting from scale expansion—having achieved ¥1 trillion revenue in FY2022—to profitability pursuit through ¥320 billion in investments including ¥250 billion for growth via capital expenditures and M&A, business portfolio reforms targeting low-growth areas, ROE of 11% and operating income margin of 8.5% by FY2027, elevated dividend payout to 35% with progressive policies, and ESG goals like 30% GHG emissions reduction by FY2030; recent initiatives encompass a simplified absorption-type company split with Air Water Gas Products in August 2025, establishment of a Global & Engineering Group in FY2023 for overseas expansion aiming 20% overseas sales by FY2030, and new facilities like Air Water Forest in Hokkaido by December 2024 and Nature’s Blessing Farm Matsumoto in 2025.