# A-tie Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/09/01－2025/08/31) (S100X7EY)
> Page: https://vizora.meequs.com/en/company/a-tie
> Retrieved: 2026-09-30T21:33:05.689Z

## Company

A-tie, founded in 2004, is a company in Funerals listed on TSE Growth. It has 55 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | A-tie Co.,Ltd. |
| Ticker | 369A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/369A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田錦町三丁目21番地 |
| Representative (per filing) | 代表取締役社長 樺山 玄基 |
| Founded | Oct 2004 |
| Share capital | ¥164.1M |
| Employees (consolidated) | 55 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | August |
| Website | a-tie.co.jp (https://a-tie.co.jp/) |
| Corporate number | 3011101038066 |
| EDINET | E36667 |
| Industries (Vizora) | Funerals |

> Profile source: annual securities report (S100X7EY, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Funerals (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 5 |
| Profitability | 91.7 | 6 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 58.3 | 6 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- A-tie brought in ¥2.93B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +23.3% from the prior year, operating profit +40.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2929212000 → ¥457358000
- Net income → operating cash flow: ¥457358000 → ¥762423000（difference ¥305065000）
- Main uses of operating cash flow: CapEx ¥16091000 / dividends ¥120000000 / buybacks —
- Change in cash: ¥83604000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.93B |  |
| Operating income | ¥713.3M | Margin 24.3% |
| Net income | ¥457.4M | Margin 15.6% |
| Free cash flow | ¥746.3M |  |
| Employees (consolidated) | 55 |  |
| EPS | ¥113.22 |  |
| Diluted EPS | ¥110.61 |  |
| Book value per share | ¥747.35 |  |
| Equity ratio | 81.5% |  |
| Shares outstanding | 4,231,000 |  |
| Shareholders | 2,210 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 52.9% | Cash ÷ revenue 70.1% |
| Vs. industry median margin | +18.7 pp | Funerals |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 12.8% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 41%
- FY2025, cash is 53% of total assets

## What changed in 1 years

| Metric | FY ending Aug 2024 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2376316000 | ¥2929212000 | +23.3% |
| Operating income | ¥506141000 | ¥713250000 | +40.9% |
| Operating margin | 21.3% | 24.3% | +3.1 pp |
| Employees | 58 people | 55 people | -5.2% |
| Cash and equivalents | ¥1970955000 | ¥2054560000 | +4.2% |

### Change in segment revenue mix

Span: FY ending Aug 2024 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,929 | 100.0% | S100X7EY |
| Cost of revenue | 934 | 31.9% | S100X7EY |
| Gross profit | 1,995 | 68.1% | S100X7EY |
| SG&A | 1,282 | 43.8% | S100X7EY |
| Operating income | 713 | 24.3% | S100X7EY |
| Ordinary income | 706 | 24.1% | S100X7EY |
| Pretax income | 644 | 22.0% | S100X7EY |
| Income tax | 187 | 6.4% | S100X7EY |
| Net income | 457 | 15.6% | S100X7EY |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 44 |
| Operating income | 24 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 68.1% → Operating margin 24.3% → Net margin 15.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.3%; Core profit growth: +40.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,376 | 2,929 | 553 | +23.3% |
| Gross profit | 1,622 | 1,995 | 373 | +23.0% |
| Operating income | 506 | 713 | 207 | +40.9% |
| Operating cash flow | 962 | 762 | -199 | -20.7% |
| Free cash flow | 937 | 746 | -190 | -20.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2024 | 2,376 | 506 | 21.3% | 297 | 962 | 937 | S100X7EY |
| FY ending Aug 2025 | 2,929 | 713 | 24.3% | 457 | 762 | 746 | S100X7EY |

## People and productivity（FY ending Aug 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.3M |
| Operating income per employee (consolidated) | ¥13M |
| Net income per employee (consolidated) | ¥8.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 58 | 55 |
| Average salary (parent company) | — | ¥6.8M |
| Average age (parent company) | — | 41.4 years |
| Average tenure (parent company) | — | 4.9 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) +23.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 762 | 26.0% | S100X7EY |
| Capital expenditure | 16 | 0.5% | S100X7EY |
| Free cash flow | 746 | 25.5% | 算出 |
| Investing cash flow | -824 | -28.1% | S100X7EY |
| Financing cash flow | 145 | 5.0% | S100X7EY |
| Dividends paid | 120 | 4.1% | S100X7EY |
| Change in cash | 84 | 2.9% | S100X7EY |
| Cash and equivalents | 2,055 | 70.1% | S100X7EY |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 1,971 | 2,055 | S100X7EY |
| Total assets | 3,272 | 3,881 | S100X7EY |
| Net assets | 2,537 | 3,162 | S100X7EY |
| Share capital | 20 | 164 | S100X7EY |
| Property, plant and equipment | 47 | 31 | S100X7EY |
| Intangible assets excluding goodwill | 12 | 7 | S100X7EY |
| Current assets | 2,008 | 2,116 | S100X7EY |
| Current liabilities | 599 | 588 | S100X7EY |
| Total liabilities | 736 | 719 | S100X7EY |
| Equity attributable to owners of parent | 2,537 | 3,162 | S100X7EY |
| Retained earnings | 2,517 | 2,854 | S100X7EY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100X7EY |
| Property, plant and equipment | 1% | S100X7EY |
| Intangibles and goodwill | 0% | S100X7EY |
| Other assets | 46% | S100X7EY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100X7EY |
| Equity | 81% | S100X7EY |
| Other liabilities | 0% | S100X7EY |

### Balance sheet history

| Metric | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: |
| Total assets | 3,272 | 3,881 |
| Equity | 2,537 | 3,162 |
| Interest-bearing debt | — | — |
| Cash | 1,971 | 2,055 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.0% | S100X7EY |
| Fixed assets ÷ total assets | 0.8% | S100X7EY |
| Goodwill ÷ parent equity | — | —, S100X7EY |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 52.9% |
| Cash ÷ revenue | 70.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.9% |
| Cash vs. profit gap | 305 JPY mn (of net income 66.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.2% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 108.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 12.5% | 0.73× | 9.1% | 1.29× | 11.7% | S100X7EY |
| 2025 | 15.6% | 0.82× | 12.8% | 1.26× | 16.1% | S100X7EY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エージーアイ | Major shareholder | 28.4% | 2025-08-31 |
| 樺山伸一 | Major shareholder | 26.2% | 2025-08-31 |
| 樺山玄基 | Major shareholder | 6.6% | 2025-08-31 |
| 上田八木短資株式会社 | Major shareholder | 4.2% | 2025-08-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.5% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 3.0% | 2025-08-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 1.8% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.9% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/09/01－2025/08/31) | S100X7EY | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7EY,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).