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Air Water
(4088)
Air Water (4088) vs. iShares MSCI Japan ETF (EWJ)
Air Water Business Overview & Revenue Model
Air Water Financial Statement Overview
| Breakdown | TTM | Mar 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08T | 1.08T | 1.02T | 1.00T | 888.67B | 806.63B |
| Gross Profit | 238.76B | 231.53B | 220.27B | 200.08B | 199.11B | 180.90B |
| EBITDA | 110.89B | 124.30B | 115.51B | 106.34B | 107.95B | 88.84B |
| Net Income | 7.74B | 49.08B | 44.36B | 40.14B | 43.21B | 27.37B |
Balance Sheet | ||||||
| Total Assets | 1.15T | 1.25T | 1.22T | 1.09T | 1.02T | 926.82B |
| Cash, Cash Equivalents and Short-Term Investments | 63.79B | 70.61B | 64.97B | 65.94B | 59.55B | 45.98B |
| Total Debt | 423.55B | 446.73B | 443.25B | 390.21B | 373.74B | 337.82B |
| Total Liabilities | 693.95B | 713.29B | 714.21B | 645.16B | 602.17B | 554.43B |
| Stockholders Equity | 444.75B | 517.14B | 488.56B | 430.23B | 395.13B | 357.80B |
Cash Flow | ||||||
| Free Cash Flow | 18.36B | 25.76B | 16.16B | -9.72B | 25.24B | 24.57B |
| Operating Cash Flow | 90.24B | 93.24B | 79.63B | 56.95B | 71.57B | 76.60B |
| Investing Cash Flow | -58.57B | -62.17B | -97.97B | -71.14B | -53.15B | -52.70B |
| Financing Cash Flow | -27.97B | -27.34B | 14.72B | 19.26B | -6.62B | -20.89B |
Air Water Technical Analysis
Air Water Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥747.95B | 21.12 | 12.15% | 1.58% | 2.62% | 2.81% | |
74 Outperform | ¥333.27B | 12.62 | 5.47% | 3.41% | 2.60% | 9.50% | |
69 Neutral | ¥481.73B | 63.98 | 10.06% | 3.06% | 4.35% | 7.88% | |
64 Neutral | $1.47T | 21.24 | 3.63% | 3.98% | -1.17% | ― | |
64 Neutral | ¥920.69B | -56.78 | -1.15% | 3.49% | -6.83% | -123.67% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥913.33B | 52.39 | 2.02% | 3.82% | -4.63% | -65.11% |
Air Water Corporate Events
Air Water Inc. has reissued its English-language consolidated financial results for the six months ended September 30, 2025, citing the need to align wording and formatting with Tokyo Stock Exchange examples and internal stylistic standards. The revisions include adding a translation disclaimer, standardizing presentation of negative figures and terminology, adjusting table headings, clarifying that comparative figures reflect restatements, aligning IFRS compliance wording with the Japanese original, and correcting typographical errors, without altering any numerical financial data.
The updated results show that revenue for the first half of fiscal 2025 rose 2.4% year on year to 516.6 billion yen, but the company swung to an operating loss of 5.4 billion yen and a loss attributable to owners of the parent of 21.2 billion yen. Equity attributable to owners of the parent decreased to 444.7 billion yen and total assets fell to 1.15 trillion yen as of September 30, 2025, underscoring a deterioration in profitability and balance sheet strength compared with the prior year and fiscal year-end levels.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2698.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has issued a correction to its recently announced revision of full-year financial forecasts for the fiscal year ending March 31, 2026, clarifying a minor numerical error in basic earnings per share. The company confirmed that while revenue and profit projections remain drastically reduced from the original forecast, the corrected basic earnings per share for the revised outlook is now stated as a loss of ¥43.63 instead of ¥43.52, reflecting a purely technical adjustment rather than a change in the underlying earnings outlook.
The updated guidance maintains revenue at ¥1.15 trillion with operating profit slashed to ¥14 billion from ¥84 billion and profit attributable to owners of parent revised to a loss of ¥10 billion from a previously expected profit of ¥53 billion. These figures underscore a sharp deterioration from both the initial forecast and the prior fiscal year’s results, reinforcing the scale of the company’s earnings downgrade even though the latest notice is limited to correcting the per-share loss figure.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2698.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has released the public version of an investigation report compiled by a Special Investigating Committee, following internal scrutiny into unspecified matters at the company. After receiving the report dated February 9, 2026, the company completed procedures including partial non-disclosure of sensitive sections before publishing the material in Japanese.
Management emphasized that certain portions of the report have been withheld to protect personal and confidential information, while expressing apologies to shareholders, investors, and other stakeholders for the concern caused. The publication marks a formal step in addressing governance issues under review and signals to the market that the company is attempting to restore transparency and stakeholder confidence through a structured disclosure process.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2698.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. disclosed that its accounting auditor, KPMG AZSA LLC, issued a qualified conclusion on the company’s interim consolidated financial statements for the fiscal year ending March 31, 2026. The qualification stems from the discovery of inappropriate accounting treatments at the parent company and multiple subsidiaries, including deferral of inventory losses, revenue manipulation, and improper asset accounting, which forced restatements of comparative figures and has shaken confidence in the firm’s governance and financial reporting.
The issues were uncovered after a 2025 finding at a subsidiary prompted broader internal and external investigations involving interviews, digital forensics, surveys, and whistleblower measures across the group. While restatements have been reflected in the latest interim condensed consolidated accounts, prior-period reports have not been amended and the investigations remain ongoing, leaving investors and other stakeholders facing continued uncertainty over the full extent of past misstatements and potential further corrections.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2698.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water has submitted its semi-annual report for the fiscal year ending March 31, 2026, to the Kanto Local Finance Bureau after receiving an extension of the filing deadline. The company also restated past consolidated financial statements, acknowledging inappropriate accounting treatments and issuing an apology to shareholders and investors.
An internal review in 2025 uncovered improper inventory-related accounting at a subsidiary, which further investigations revealed to be more widespread across the group, involving premature revenue recognition, inventory overstatements, and other manipulations. A Special Investigating Committee and external experts conducted extensive interviews, digital forensics, and surveys, leading to retroactive corrections including revenue misstatements of ¥530 million in the current interim period and ¥3,353 million in the prior interim period, underscoring significant governance and internal control issues.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has sharply revised its full-year forecast for the year ending March 31, 2026, keeping revenue unchanged at ¥1.15 trillion but slashing expected operating profit from ¥84 billion to ¥14 billion and projecting a ¥10 billion net loss attributable to owners. The downgrade follows the discovery of improper accounting practices, the launch of a Special Investigation Committee, and a broad re-examination of internal controls and financial figures.
The new outlook reflects large impairment losses on goodwill and other assets, primarily in overseas businesses, alongside significant costs tied to the investigation and additional audit and inventory procedures. Air Water is also absorbing losses from withdrawing from its overseas cryogenic equipment business and certain hydrogen-related investments, as well as from optimizing inventory valuation, while cautioning that further adjustments may emerge as its probes and audits continue, though its dividend forecast remains unchanged.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water reported consolidated revenue of ¥516.6 billion for the six months ended September 30, 2025, up 2.4% year on year, but swung to an operating loss of ¥5.4 billion and a net loss attributable to owners of the parent of ¥21.2 billion, compared with solid profits a year earlier. Equity attributable to owners declined to ¥444.8 billion and the equity ratio was broadly flat at 38.56%, while basic earnings per share turned negative at ¥-92.42, underscoring a sharp deterioration in profitability.
Despite the downturn, the company raised its interim dividend to ¥37.50 per share from ¥32.00 a year earlier and kept its full-year dividend forecast at ¥75.00, signaling a commitment to shareholder returns. Management revised full-year guidance, now expecting revenue of ¥1.15 trillion but projecting a steep drop in operating profit to ¥14.0 billion and a full-year net loss of ¥10.0 billion, indicating that earnings headwinds are likely to persist and could weigh on investor sentiment and capital allocation decisions.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water has disclosed that a special investigative committee found inappropriate accounting within the group, including involvement by top management, and traced the problem to a long-standing corporate environment in which misconduct could be overlooked. In response, the board has approved an outline of recurrence prevention measures and elevated them to the highest management priority, aiming to reform corporate culture, governance and internal controls while reviewing its company-wide strategy and business portfolio to restore transparency and social trust.
The company’s internal analysis, led by a Management Reform Committee, concluded that excessive emphasis on hitting ambitious performance targets and a strong top-down management style created heavy pressure on frontline operations and discouraged the surfacing of problems. Rapid expansion via M&A outpaced the buildup of accounting and management functions and weakened the effectiveness of internal controls, contributing to ethical lapses and an unhealthy organizational culture that allowed improper accounting to occur.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has disclosed that a Special Investigating Committee of external experts, created after the discovery of inappropriate accounting practices involving loss deferrals at several subsidiaries and its Plant Gas Division, has submitted an interim investigation report dated February 9, 2026. The company will publish a redacted version of this report and continues to cooperate with the committee as further inquiries proceed, while apologizing to shareholders and other stakeholders for the disruption and concern.
In response to the findings, Air Water plans to amend past annual securities reports and related financial summaries once the investigation and its own additional reviews are complete. The company also aims to file its FY2026 semiannual securities report and second-quarter results by the extended February 13 deadline, has delayed the release of third-quarter FY2026 results due to unfinished investigative items, and is preparing governance and internal control reforms to prevent recurrence and restore trust.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has secured a ¥113.0 billion syndicated commitment line from Sumitomo Mitsui Trust Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, with the facility running from February 12, 2026 to January 29, 2027. The unsecured, unguaranteed line is intended to strengthen the company’s financial base by providing agile and stable access to liquidity, enhancing funding flexibility and reinforcing its balance-sheet resilience amid potential market or operational funding needs.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2699.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has announced that it will delay the disclosure of its consolidated financial results for the third quarter of the fiscal year ending March 2026 beyond 45 days after the quarter’s close, citing ongoing investigations into inappropriate accounting practices at several consolidated subsidiaries and within its Plant Gas Division. A special investigating committee of external experts, established in October 2025, is still examining previously identified loss deferrals related to inventories and other items, and the company has already obtained an extension to file its semi-annual securities report and second-quarter results by February 13, 2026; the timing of the third-quarter disclosure will be announced once determined, underscoring continued uncertainty around its financial reporting and potentially affecting investor confidence and regulatory scrutiny.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2371.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. has promoted outside director Yoshihiro Senzai to chairperson of the board of directors, effective January 30, 2026, elevating an external member to lead the board. The move follows an ongoing investigation into inappropriate accounting practices at certain consolidated subsidiaries and other group companies, and is intended to quickly strengthen internal controls, enhance group-wide governance, and improve the effectiveness and oversight functions of the board, signaling to stakeholders a more robust corporate governance stance in response to the accounting issues.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2371.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.
Air Water Inc. announced the resignation of its Chairman and Representative Director, Kikuo Toyoda, effective December 3, 2025, as part of an ongoing investigation into inappropriate accounting practices at its subsidiaries. The company plans to implement governance reforms and internal control measures under the leadership of a newly established Management Reform Committee to prevent future issues.
The most recent analyst rating on (JP:4088) stock is a Hold with a Yen2393.00 price target. To see the full list of analyst forecasts on Air Water stock, see the JP:4088 Stock Forecast page.