Overview
Rubber Products

ASAHI RUBBER INC.

Asahi Rubber Inc. is a Saitama-based manufacturer specializing in industrial rubber products and medical/sanitary rubber products. Its industrial rubber segment supplies rubber components for automotive devices, electronic/electrical equipment, industrial machinery, and sporting goods, with manufacturing in Japan and China and sales channels covering domestic, Asian, European, and North American markets. The medical and sanitary rubber segment produces medical-grade rubber products and sanitary rubber goods with superior impact absorption, distributed domestically and across Asia.

Market Cap
¥3.46B
US$22.0M
EV
¥3.50B
US$22.3M
Stock¥770▼-0.65%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.1
x
LTM EV/EBIT
17.8
x
LTM PER
21.9
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.2%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 23, 26Market-wide: Market decline (TOPIX -3.4%)
2Mar 25, 26Company-specific negative news despite market gains
MC → EV Bridge
3.46BUS$22.0MMarket Cap2.85BUS$18.2M+ Debt2.54BUS$16.2M− Cash0.26BUS$1.68M− Inv. Sec.3.50BUS$22.3MEV
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Performance & Balance
Revenue 5Y (¥B)
7.02US$44.8M'22/37.21US$46.0M'23/37.18US$45.8M'24/37.64US$48.7M'25/37.85US$50.1M'26/3
EBITDA 5Y (¥B)
0.75US$4.76M'22/30.61US$3.86M'23/30.59US$3.76M'24/30.52US$3.29M'25/30.69US$4.41M'26/3
Net Income 5Y (¥B)
0.24US$1.52M'22/30.20US$1.29M'23/30.13US$0.85M'24/3-0.24-US$1.51M'25/30.16US$1.01M'26/3
Capital Structure
64%
36%
EquityD/E 0.57xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
2.80US$17.9M2.43US$15.5M'22/32.38US$15.2M1.90US$12.1M'23/32.47US$15.7M1.76US$11.2M'24/32.17US$13.8M1.92US$12.2M'25/32.57US$16.4M2.31US$14.7M'26/3
Shareholders
Top 10 hold 52.4%
1
Ito Corporation Ltd.
10.35%
2
Shinbun Kinzoku Co., Ltd.
7.43%
3
Employee Stock Ownership Association
5.29%
4
Naomi SATO
4.96%
5
ASAHI RUBBER INC. Stock Ownership Association
4.83%
6
The Master Trust Bank of Japan, Ltd.
4.82%
7
The Toho Bank,Ltd.
4.49%
8
The Musashino Bank,Ltd.
4.26%
9
Kiyohiro KO
3.01%
10
Rinkichi YOKOYAMA
3.00%
Management
8 officers
Yoichiro WATANABE
Representative Director, President
Apr 1989 Joined the Company May 1997 Transferred to Fine Rubber Research Co., Ltd. (now Asahi FR Research Co., Ltd.) Oct 2000 Transferred to Asahi Rubber Co., Ltd. Apr 2001 Deputy General Manager, Technical Department, the Company Apr 2002 General Manager, High-Performance Products Division, the Company Jun 2004 Director, Fine Rubber Research Co., Ltd. (current) Apr 2009 Group Manager, Sales Coordination Group, Business Headquarters, the Company Apr 2010 General Manager, Sales Coordination Department, the Company Jun 2010 Director, General Manager, Sales Coordination Department, the Company Apr 2011 Director, in charge of Overseas Sales, the Company Jan 2012 Chairman, Asahi Technology (Shanghai) Co., Ltd. Apr 2012 Director, in charge of Sales, the Company Jan 2013 Chairman, Asahi Rubber (Hong Kong) Co., Ltd. Jan 2013 Executive Director, Asahi Technology (Shanghai) Co., Ltd. Mar 2015 Representative Director, President, the Company (current) Jun 2020 Representative Director, President, Asahi FR Research Co., Ltd. Apr 2023 Director, Asahi Crosslink Corporation (current)
1967-01-05
Naofumi OTSUKI
Representative Director, Senior Managing Director, in charge of Business and Quality Assurance
Apr 1995 Joined the Company Apr 2013 General Manager, Technology Group 2, Technology Headquarters, the Company Jul 2013 Auditor, Dongguan Asahi Precision Rubber Products Co., Ltd. Jan 2014 Director, Dongguan Asahi Precision Rubber Products Co., Ltd. Apr 2014 Group Manager, Technology Group, Fukushima Plant, the Company Apr 2016 Chairman and General Manager, Dongguan Asahi Precision Rubber Products Co., Ltd. Jun 2020 Executive Officer, in charge of China, the Company; Chairman and General Manager, Dongguan Asahi Precision Rubber Products Co., Ltd. Jan 2023 Executive Officer, in charge of Technology, the Company Apr 2023 Executive Officer, in charge of Business and Technology, the Company Jun 2024 Director, Asahi FR Research Co., Ltd.; Director, in charge of Business, the Company Mar 2025 Representative Director, President, Asahi FR Research Co., Ltd. (current) Apr 2025 Director, in charge of Business and Quality Assurance; General Manager, Technology Headquarters, the Company Jun 2025 Senior Managing Director, in charge of Business and Quality Assurance; General Manager, Technology Headquarters, the Company Jun 2026 Representative Director, Senior Managing Director, in charge of Business and Quality Assurance; General Manager, Technology Headquarters, the Company (current)
1972-09-27
Nobuyuki HORI
Director, in charge of Administration
Sep 1991 Joined the Company Oct 2003 General Manager, General Affairs Department, Administration Headquarters, the Company Apr 2012 General Manager, Administration Division, the Company Jan 2013 Auditor, Dongguan Asahi Precision Rubber Products Co., Ltd. Jan 2013 Director, ARI International Corporation (now Asahi Crosslink Corporation) (current) Apr 2014 General Manager, Administration Headquarters, the Company Jun 2020 Executive Officer, General Manager, Administration Headquarters, the Company Apr 2024 Executive Officer, in charge of Administration, the Company Jun 2024 Director, Asahi FR Research Co., Ltd. (current); Director, in charge of Administration, the Company (current) Jan 2026 Chairman, Asahi Rubber (Hong Kong) Co., Ltd. (current)
1969-01-06
Keiji MATOBA
Director, in charge of Sales
Apr 1994 Joined Bikou Co., Ltd. Aug 1996 Joined Nitto Shoji Co., Ltd. Jul 2003 Joined the Company Apr 2016 General Manager, Osaka Sales Office, Sales Headquarters, the Company Apr 2017 General Manager, Sales Department 2, Sales Headquarters, the Company Apr 2019 General Manager, Development Sales Department, Sales Headquarters, the Company Apr 2024 General Manager, Sales Headquarters, the Company Jun 2024 Executive Officer, General Manager, Sales Headquarters, the Company (current) Aug 2024 Director, Asahi Front Medic Co., Ltd. (current) Jun 2026 Director, in charge of Sales, the Company (current)
1969-11-15
Masuji TASAKI
Director, Audit and Supervisory Committee Member
Apr 1986 Joined the Company Apr 2002 Group Manager, Technology Group, Asakalar Optical Business Division, the Company Apr 2010 Group Manager, Technology Group, Technology Coordination Department, the Company Oct 2011 Acting Manager, Technology Coordination Department, and Group Manager, Technology Group, the Company Apr 2012 General Manager, Technology Coordination Department, the Company Apr 2013 General Manager, Technology Headquarters, the Company Apr 2014 Plant Manager, Shirakawa Plant, the Company Aug 2015 Deputy General Manager, Administration Headquarters, the Company Apr 2016 General Manager, Administration Headquarters, the Company Jun 2016 Director, General Manager, Administration Headquarters, the Company Jun 2017 Director, in charge of Quality Assurance, General Manager, Administration Headquarters, the Company Apr 2018 Director, General Manager, Administration Headquarters, and General Manager, Quality Assurance Department, the Company Apr 2020 Director, in charge of Administration and Optical Development, the Company Apr 2022 Director, in charge of Administration, Quality, Environment and Intellectual Property, the Company May 2022 Director, Asahi FR Research Co., Ltd. Jun 2024 Full-time Director, Audit and Supervisory Committee Member, the Company (current)
1963-08-11
Katsumaro CHIKUSHI
Director, Audit and Supervisory Committee Member
Apr 1970 Joined the Ministry of Finance Jul 1975 Director, Kusatsu Tax Office Jul 1995 Director, Osaka Customs Jul 2000 Director General, Japan Mint Sep 2003 Joined Suntory Ltd.; Managing Director Apr 2011 Advisor, Suntory Holdings Ltd. Jan 2012 Joined Marunouchi Chuo Law Office as Attorney-at-Law (current) Jul 2015 Outside Director, Nishi-Nihon Yuko Shoji Co., Ltd. (current) Jun 2018 Director, Audit and Supervisory Committee Member, the Company (current)
1947-01-31
Osamu WATANABE
Director, Audit and Supervisory Committee Member
Apr 1983 Employed by Fukushima Prefectural Government; Plastics Division, Industrial Arts Department, Aizuwakamatsu Industrial Testing Center Apr 1992 Organic Materials Division, Fukushima Prefectural High-Tech Plaza Apr 2009 Director, Aizuwakamatsu Technical Support Center, Fukushima Prefectural High-Tech Plaza Apr 2013 Chief, Industrial Creation Division, Commerce and Labor Department, Fukushima Prefectural Government Apr 2018 Deputy Director, Fukushima Prefectural High-Tech Plaza Apr 2020 Coordinator, Energy Agency Fukushima, Fukushima Industrial Promotion Center (public interest foundation) Apr 2022 Advisor, the Company Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)
1959-05-30
Atsuko OCHIAI
Director, Audit and Supervisory Committee Member
Apr 1997 Joined Nomura Research Institute, Ltd.; seconded to and transferred to Nomura Securities Financial Research Institute Jul 2004 Joined Goldman Sachs Japan Co., Ltd. Oct 2009 Transferred to Goldman Sachs International (UK) Oct 2012 Transferred to Goldman Sachs (Asia) LLC (Hong Kong) Sep 2014 Joined Japan Philanthropy Association Jul 2019 Independent business coach (current) May 2021 Director, Audit and Supervisory Committee Member, Jade Group Inc. (current) May 2022 Auditor, Kadila Capital Management Co., Ltd. (current) Mar 2026 Advisor, the Company Jun 2026 Director, Audit and Supervisory Committee Member, the Company (current)
1974-11-09
Large Shareholding Reports
Tamasu Co., Ltd.
2026-08-31
9.18%
Tamasu Co., Ltd.
2026-08-31
9.18%
Asahi Rubber Kyoei Shareholding Association, Chairman Shuichi TSUBURAYA
2026-07-24
5.03%
Shinbun Kinzoku Co., Ltd.
2026-06-16
7.69%→8.47%
Annual report (as of 2026-03-31): 7.43%
Shinbun Kinzoku Co., Ltd.
2026-06-16
8.47%→9.99%
Annual report (as of 2026-03-31): 7.43%
Shinbun Kinzoku Co., Ltd.
2026-05-14
7.69%→9.99%
Annual report (as of 2026-03-31): 7.43%
Shinbun Kinzoku Co., Ltd.
2026-04-03
6.54%→7.69%
Annual report (as of 2026-03-31): 7.43%
Shinbun Kinzoku Co., Ltd.
2025-10-20
6.54%
Annual report (as of 2026-03-31): 7.43%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-31
Large Shareholding Report
EDINETAmended
2026-08-31
Change Report
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-24
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-16
Large Shareholding Report
EDINETAmended
2026-06-16
Change Report
EDINET
2026-05-14
Large Shareholding Report
EDINET
2026-04-03
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-20
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-08
Quarterly Securities Report
EDINET
2022-06-21
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINETAmended
2021-08-06
Amended Annual Securities Report
EDINET
2021-08-06
Quarterly Securities Report
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