Overview
Wholesale Trade

AZEARTH Corporation

AZEAS Co., Ltd. is a pioneer in Japan's protective clothing industry with over 40 years of history, primarily engaged in the manufacture and sale of chemical protective suits (including DuPont™ Tyvek® and Tychem® branded products), asbestos and environmental hazard control equipment, and related safety gear targeting industrial, government, and healthcare customers. The company also manufactures non-woven fabric masks through its own Akita factory (Azeas Design Center Akita) and distributes life material products such as tatami and apparel materials. Its competitive strengths include deep application expertise, end-user training capabilities, a nationwide logistics network (Okayama and Saitama distribution centers), and a strategic partnership with Asahi-DuPont Flash Spun Products Co., Ltd. as the exclusive domestic distributor.

Market Cap
¥3.79B
US$24.2M
EV
¥0.97B
US$6.20M
Stock¥664▲+0.45%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.4
x
LTM EV/EBIT
3.5
x
LTM PER
20.6
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-18.7%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.79BUS$24.2MMarket Cap0.01BUS$0.07M+ Debt2.58BUS$16.5M− Cash0.25BUS$1.57M− Inv. Sec.0.97BUS$6.20MEV
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Performance & Balance
Revenue 5Y (¥B)
9.55US$60.9M'22/49.08US$57.9M'23/48.24US$52.6M'24/48.03US$51.2M'25/48.29US$52.9M'26/4
EBITDA 5Y (¥B)
0.49US$3.10M'22/40.64US$4.08M'23/40.39US$2.47M'24/40.29US$1.84M'25/40.32US$2.06M'26/4
Net Income 5Y (¥B)
0.27US$1.70M'22/40.41US$2.59M'23/40.19US$1.19M'24/40.20US$1.27M'25/40.14US$0.88M'26/4
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
2.35US$15.0M0.48US$3.03M'22/43.29US$21.0M0.32US$2.04M'23/43.06US$19.5M0.21US$1.32M'24/43.13US$19.9M0.10US$0.61M'25/42.87US$18.3M'26/4
Shareholders
Top 10 hold 31.9%
1
Asahicho Co., Ltd.
7.90%
2
Kikuko SUZUKI
5.49%
3
Kazuhiro SUZUKI
2.84%
4
Sayaka MITA
2.75%
5
Masahiro SAWADA
2.58%
6
Sumitomo Mitsui Banking Corporation
2.15%
7
The Hiroshima Bank, Ltd.
2.15%
8
JDC CORPORATION
2.06%
9
Kazuo NAKATA
2.04%
10
Custody Bank of Japan, Ltd. (Trust Account E)
1.93%
Management
8 officers
Bunmei SAITO
Representative Director, President
Apr 1994 Joined Workman Co., Ltd. Apr 2003 Joined the Company Apr 2006 Segment Manager, First Business Division Jul 2007 Director, General Manager, First Business Division Nov 2011 Director, Executive Officer, General Manager, Protective Clothing and Environmental Materials Business Division May 2013 Director, Executive Officer, General Manager, Operations Division Nov 2014 Director, Executive Officer, General Manager, Sales Division I, Protective Clothing and Environmental Materials Sales Headquarters Aug 2015 Director, Executive Officer, General Manager, Sales Division I, Protective Clothing and Environmental Materials May 2016 Director, Executive Officer, General Manager, Protective Clothing and Environmental Materials Sales Division Aug 2018 Director, Managing Executive Officer, General Manager, Protective Clothing and Environmental Materials Sales Division May 2019 Representative Director, President (current) Jun 2026 Chairman, Japan Protective Clothing Council (concurrent) (current)
1971-06-09
Kazuhiro SUZUKI
Director, Executive Officer, General Manager, Administration Division
Apr 2003 Joined Freund Corporation Nov 2006 Joined the Company Aug 2013 Manager, IT Business Promotion Office Feb 2014 Representative Director, President, Marukou Co., Ltd. (concurrent) (merged into the Company in May 2025) May 2015 Manager, New Projects Office May 2016 Section Manager, New Projects Section, Business Development Division May 2020 General Manager, Business Development Division May 2021 General Manager, General Affairs Division Nov 2022 Executive Officer, General Manager, General Affairs Division; in charge of General Affairs Division and Quality Control Division Jan 2023 Executive Officer, in charge of Management Planning and Quality Control May 2023 Executive Officer, General Manager, Quality Control Division Jul 2023 Director, Executive Officer, General Manager, Quality Control Division Jun 2024 Chairman, Japan Protective Clothing Council (concurrent) Jul 2025 Director, Executive Officer, General Manager, Administration Division (current)
1980-06-30
Junki SEKIYA
Director, Executive Officer, General Manager, Sales Division
Apr 1990 Joined Furusato Industries, Ltd. Dec 1997 Joined KO Sangyo Co., Ltd. Jan 1999 Joined the Company May 2006 General Manager, Sales Division, Protective Clothing and Environmental Materials Business Division May 2008 General Manager, West Japan Sales Division, Protective Clothing and Environmental Materials Business Division Aug 2009 General Manager, Marketing Division, Protective Clothing and Environmental Materials Business Division May 2012 General Manager, Operations Division, Protective Clothing and Environmental Materials Business Division May 2013 General Manager, Operations Division Nov 2014 General Manager, Supply Chain Division May 2016 Responsible General Manager, Protective Clothing and Environmental Materials Sales Division Jun 2020 Representative Director, Vice President, Medicare Japan Co., Ltd. (concurrent) (current) May 2021 Executive Officer, General Manager, Protective Clothing and Environmental Materials Sales Division; Director, Masuko Japan Co., Ltd. (concurrent) (current) May 2023 Executive Officer, in charge of Sales Division and China Subsidiary May 2024 Executive Officer, General Manager, Sales Division; General Manager, Life Materials Sales Division; in charge of China Subsidiary Jul 2025 Director, Executive Officer, General Manager, Sales Division; General Manager, Life Materials Sales Division I; in charge of China Subsidiary May 2026 Director, Executive Officer, General Manager, Sales Division; General Manager, Life Materials Sales Division I; in charge of China Subsidiary and Vietnam Subsidiary (current)
1966-05-29
Tomoko MACHIDA
Director
Apr 1982 Joined The Asahi Shimbun Company Jun 2012 Executive Officer for Planning and Events, and General Manager, Planning and Events Headquarters, The Asahi Shimbun Company Apr 2013 Member of the Board of Trustees, National Museum of Western Art (independent administrative institution) Jun 2013 Director, Western Head Office Representative, The Asahi Shimbun Company Jun 2016 Director, in charge of Planning and Events and Women's Project, The Asahi Shimbun Company Jun 2017 Director, Tokyo Head Office Representative, in charge of CSR, Education Business and Women's Project, The Asahi Shimbun Company Jun 2018 Senior Executive Officer, in charge of CSR, Education Business and Women's Project, The Asahi Shimbun Company Jun 2022 Managing Director, Foundation for Promotion of Letters and Print Culture (public interest foundation) (current) Jul 2022 Outside Director of the Company (current) Oct 2022 External Member, Management Council, Kyoto University (current)
1959-12-27
Fumio IKEDA
Director
Apr 1979 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Feb 2009 Seconded to Nihon Kokudo Kaihatsu Co., Ltd.; General Manager, Construction Headquarters Aug 2011 Executive Officer, Sales Headquarters, Nihon Kokudo Kaihatsu Co., Ltd.; in charge of Sales Dec 2012 Executive Officer, Deputy General Manager, Sales Headquarters, Nihon Kokudo Kaihatsu Co., Ltd. Jun 2013 Managing Executive Officer, Deputy General Manager, Sales Headquarters, Nihon Kokudo Kaihatsu Co., Ltd. Sep 2016 Managing Executive Officer, in charge of Corporate Sales, Construction Business Headquarters, Nihon Kokudo Kaihatsu Co., Ltd. Aug 2019 Senior Advisor, in charge of Corporate Sales, Nihon Kokudo Kaihatsu Co., Ltd. Oct 2020 Senior Advisor, in charge of Construction Business Headquarters Sales Relations, Nihon Kokudo Kaihatsu Co., Ltd. Aug 2023 Advisor, Kokudo Building Ace Co., Ltd. (current) Aug 2023 Advisor, Nihon Kokudo Kaihatsu Co., Ltd. (current) May 2024 Advisor, Japan 3PL Association (general incorporated association) (current) Jul 2025 Outside Director of the Company (current)
1955-08-08
Masahiro SAWADA
Full-time Corporate Auditor
Apr 1981 Joined Hakuho Sangyo Co., Ltd. Feb 1985 Joined Marukou Co., Ltd. (merged into the Company in May 2025) Mar 1988 Senior Managing Director, Marukou Co., Ltd. Mar 1997 Representative Director, President, Marukou Co., Ltd. Feb 2014 Joined the Company as Executive Officer May 2014 Executive Officer, General Manager, Management Strategy Office Nov 2014 Executive Officer, in charge of Business Strategy, Apparel and Tatami Materials Sales Headquarters Aug 2015 Seconded to Marukou Co., Ltd. (merged into the Company in May 2025); Advisor Jul 2021 Seconded to Marukou Co., Ltd.; Corporate Auditor May 2025 Assistant to General Manager, General Affairs Division, the Company Jul 2025 Corporate Auditor of the Company (current)
1957-11-28
Osamu KAGE
Part-time Corporate Auditor
Sep 1970 Passed the National Bar Examination Apr 1973 Registered as Attorney-at-Law Apr 1981 Managing Attorney, Kage Law Office (now Ginza Sogo Law Office) (current) Apr 2003 Director, Sugamo Gakuen School Corporation (current) Jul 2006 Outside Corporate Auditor of the Company (current) Oct 2010 Chairman, Government Procurement Complaint Review Committee, Cabinet Office Jun 2016 Outside Corporate Auditor, Japan Airlines Co., Ltd. Sep 2016 Special Advisor, Tokyo Metropolitan Government Reform Headquarters
1947-03-25
Akio TAKAHASHI
Part-time Corporate Auditor
Mar 1989 Joined Tohmatsu & Co. (now Deloitte Tohmatsu LLC) Mar 1991 Registered as Certified Public Accountant Jan 2010 Joined Partners Consulting Co., Ltd. Nov 2013 Partner, Partners SG Audit Corporation (now Partners Sogo Audit LLC) Jul 2017 Outside Corporate Auditor of the Company (current) Jun 2019 Representative, Takahashi Akio CPA Office (current) Jan 2022 Corporate Auditor, Mighty Mighty Co., Ltd. Jun 2022 Outside Director (Audit and Supervisory Committee Member), JCD Solution Co., Ltd. (now Top Hills Co., Ltd.) Mar 2023 Corporate Auditor, Kraft Co., Ltd.
1966-12-29
Large Shareholding Reports
Asahicho Co., Ltd.
2026-10-09
9.15%→10.22%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-06-25
8.15%→9.15%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-06-17
8.15%→9.15%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-05-20
7.08%→8.15%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-04-10
7.02%→7.08%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-04-06
6.02%→7.02%
Annual report (as of 2026-04-30): 7.90%
Asahicho
2026-02-06
5.00%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-02-06
5.00%→6.02%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-04-30): 7.90%
Asahicho
2026-02-05
5.00%→6.02%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-02-04
5.00%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2026-01-22
5.00%→6.02%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2025-09-19
5.00%
Annual report (as of 2026-04-30): 7.90%
Asahicho Co., Ltd.
2025-09-12
5.00%
Annual report (as of 2026-04-30): 7.90%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-09
Large Shareholding Report
TDnet
2026-09-11
Q1 Earnings Flash
FY ending Apr 2027
EDINET
2026-07-29
Annual Securities Report
Period: May 2025 – Apr 2026
TDnet
2026-07-27
中期経営計画
TDnet
2026-07-07
株主総会招集通知
EDINETAmended
2026-06-25
Change Report
EDINET
2026-06-17
Large Shareholding Report
EDINET
2026-05-20
Large Shareholding Report
EDINETAmended
2026-04-10
Change Report
EDINET
2026-04-06
Large Shareholding Report
TDnet
2026-03-13
Q3 Earnings Flash
FY ending Apr 2026
EDINETAmended
2026-02-06
Change Report
EDINETAmended
2026-02-06
Change Report
EDINETAmended
2026-02-05
Change Report
EDINETAmended
2026-02-04
Change Report
EDINET
2026-01-22
Large Shareholding Report
EDINET
2025-12-12
Semi-Annual Securities Report
Period: May 2025 – Apr 2026
EDINETAmended
2025-09-19
Change Report
TDnet
2025-09-12
Q1 Earnings Flash
FY ending Apr 2026
EDINET
2025-09-12
Large Shareholding Report
EDINET
2025-07-25
Annual Securities Report
Period: May 2024 – Apr 2025
EDINETAmended
2025-06-13
中期経営計画
TDnet
2025-03-12
Q3 Earnings Flash
FY ending Apr 2025
EDINET
2024-12-11
Semi-Annual Securities Report
Period: May 2024 – Apr 2025
TDnet
2024-09-11
Q1 Earnings Flash
FY ending Apr 2025
EDINET
2024-07-25
Annual Securities Report
Period: May 2023 – Apr 2024
EDINET
2024-03-13
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2023-12-13
Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINET
2023-09-13
Quarterly Securities Report
Period: May 2023 – Jul 2023
EDINET
2023-07-27
Annual Securities Report
Period: May 2022 – Apr 2023
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