AIRMAN CORPORATION
6364・Prime Market・Machinery
Business
AIRMAN Co., Ltd. is an industrial machinery manufacturer founded in 1938, headquartered in Tsubame City, Niigata Prefecture, which changed to its current company name in April 2025. The company consists of two segments: the Construction Machinery Business (approximately 80% of net sales), centered on Engine Compressors, Engine Generators, and Aerial Work Platform Vehicles, and the Industrial Machinery Business (approximately 20%), centered on Motor Compressors and Emergency Generators. In addition to domestic construction machinery rental companies and industrial users, its main customers include a major broad-area rental company in North America (Alliance North America, Inc., which accounts for 23.2% of net sales), and it has also expanded its sales network into Europe, Asia, and Oceania. The group, comprising 6 subsidiaries and 1 affiliated company, handles everything from manufacturing to sales and Service in an integrated manner. The company is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
In the core Construction Machinery Business, the company sells its own products through domestic rental companies and overseas sales agents, with direct transactions with major rental companies in North America via AIRMAN USA CORPORATION serving as a key pillar of revenue. In the Industrial Machinery Business, OEM supply to Kobelco Compressors Corporation forms a stable revenue base, while expansion of directly-sold products for external sales is structured to improve profit margins. Recurring revenue is also expanding due to growth in Parts & Service sales, and the penetration of price pass-through is contributing to improved profit margins.
Company Strengths
Sales to Alliance North America, Inc. reached ¥12,903 million in the fiscal year under review (23.2% of total sales), a significant increase from ¥10,401 million (19.1%) in the previous fiscal year. Shipments of Engine Compressors for North America grew substantially, and Engine Generators also showed a recovery trend, with the company's proprietary customer base—built through strengthened collaboration with local sales agents—forming a competitive advantage.
In FY2026 (ending March 2026), operating profit reached ¥7,184 million (up 11.2% year on year) and ordinary profit reached ¥8,014 million (up 17.4% year on year), both renewing record highs. Despite headwinds from soaring raw material prices and U.S. tariffs, the company advanced price pass-through to customers, and the segment profit margin of the Industrial Machinery Business reached 20.1%. This demonstrates a track record of pricing power that enables profit expansion even while absorbing cost increases.
The company holds 320 industrial property rights in Japan and overseas combined, with 83 applications pending. In July 2025, it launched a hydrogen technology test facility and developed prototype demonstration units for hydrogen-dedicated combustion Engine Compressors and hydrogen fuel cell-type power generation equipment. Through the development of biofuel Engine Generators, CO₂ emission display devices, and carbon-neutral oil, the company is building an in-house technological foundation for next-generation products.
ENVALITH's Perspective
Performance Trend
Revenue achieved five consecutive years of growth, rising from ¥36,651 million in FY2022 (ended March 2022) to ¥55,604 million in FY2026 (ending March 2026). In FY2026, increased sales of Engine Compressors and generators to North America combined with a weaker yen (an external factor) drove all indicators to record highs: operating profit of ¥7,184 million, ordinary profit of ¥8,014 million, and net profit of ¥5,596 million. However, for FY2027 (ending March 2027), a significant profit decline is forecast, with operating profit projected at ¥5,630 million (down 21.6% year on year), due to the continued impact of US tariffs, rising raw material costs, and the fading of foreign exchange gains, marking a turning point in the earnings trend. The swing to negative operating cash flow (-¥2,377 million) is also a near-term concern.
Growth Strategy
Mid-term Vision 2027 built on three pillars: expanding North American sales, strengthening the domestic Industrial Machinery Business, and creating new businesses
Positioning North America as the most important market, the company is expanding sales of both Engine Compressors and Engine Generators to major rental companies. In FY2026 (ending March 2026), shipments to North America grew significantly and market share also expanded. However, the impact of U.S. tariffs is expected to pressure profits from FY2027 (ending March 2027) onward.
The company is strengthening its sales and Service structure centered on the newly established Industrial Machinery Sales Department, aiming to expand business across the group as a whole. In FY2026 (ending March 2026), sales of the Industrial Machinery Business reached a record high of ¥11,052 million (up 8.1% year on year), with segment profit of ¥2,221 million (up 22.3% year on year), reflecting the effects of these initiatives.
In December 2025, the company launched the "SDG25S-4B1" generator for reefer containers, entering a new business domain for cold chain logistics. Through providing products that meet societal and industrial needs, the company aims to expand beyond its existing markets. At present, the contribution to business performance is limited, and future market penetration remains a challenge.
In response to rising raw material prices and the impact of U.S. tariffs, the company is continuing to promote price pass-through to sales prices. In FY2026 (ending March 2026), price pass-through contributed to profit improvement in both the Construction Machinery Business and Industrial Machinery Business segments, improving the operating profit margin to 12.9% (from 11.9% in the previous period). This is expected to continue in FY2027 (ending March 2027) as well, but is not expected to fully absorb cost increases.
Last updated: July 19, 2026