# ACCESS CO., LTD.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2025/02/01－2026/01/31) (S100Y070)
> Page: https://vizora.meequs.com/en/company/access
> Retrieved: 2026-09-30T20:58:20.704Z

## Company

Access, founded in 1984, is a company in Software & SaaS listed on TSE Prime. It has 795 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ACCESS CO., LTD. |
| Ticker | 4813 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4813.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田練塀町3番地 |
| Representative (per filing) | 代表取締役 社長執行役員 大石 清恭 |
| Founded | Feb 1984 |
| Share capital | ¥17.2B |
| Employees (consolidated) | 795 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | January |
| Website | www.access-company.com (https://www.access-company.com/) |
| Corporate number | 5010001009662 |
| EDINET | E05168 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Y070, filed 2026-04-28). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.5 | 105 |
| Profitability | 3.8 | 145 |
| Efficiency | 56.2 | 145 |

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)

- About 44% of Access's sales come from Network business, with IoT business and Global Web Platform business making up much of the rest.
- It lost about ¥14 for every ¥100 of sales at the operating level.
- Revenue changed +20.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥19.2B |  |
| Operating income | -¥2.69B | Margin -14.0% |
| Net income | -¥3.4B | Margin -17.7% |
| Free cash flow | -¥5.53B |  |
| Largest business | Network business | of segment revenue 44.2% |
| Employees (consolidated) | 795 |  |
| EPS | ¥-93.33 |  |
| Book value per share | ¥185.45 |  |
| Equity ratio | 39.6% |  |
| Shares outstanding | 39,962,100 |  |
| Treasury shares | 2,174,700 |  |
| Shareholders | 10,057 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 30.2% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | -26.4 pp | Software & SaaS |
| ROA | -17.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.7× dividends
- FY2026, segment profit share differs by 28 points
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7516733000 | ¥19215583000 | +155.6% |
| Operating income | ¥-2641849000 | ¥-2688610000 | — |
| Operating margin | -35.1% | -14.0% | +21.2 pp |
| Employees | 774 people | 795 people | +2.7% |
| Cash and equivalents | ¥16545097000 | ¥5171257000 | -68.7% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内事業 → 事業再編・廃止 | 69.9% |
| 海外事業 → 事業再編・廃止 | 5.7% |
| ネットワーク事業 → ネットワーク事業 | 24.3% |
| 新設・再編 → IoT事業 | 44.1% |
| 新設・再編 → Webプラットフォーム事業 | 11.7% |
| 新設・再編 → ネットワーク事業 | 19.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Network business | 5 years | +35.9% | ¥8488986000 | -37.1% | 2 |
| IoT business | 4 years | +11.2% | ¥8469319000 | 3.6% | 2 |
| Global Web Platform business | 4 years | +5.2% | ¥2257277000 | 9.1% | 2 |

## Income statement（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,216 | 100.0% | S100Y070 |
| Cost of revenue | 11,097 | 57.7% | S100Y070 |
| Gross profit | 8,119 | 42.3% | S100Y070 |
| SG&A | 10,807 | 56.2% | S100Y070 |
| Operating income | -2,689 | -14.0% | S100Y070 |
| Ordinary income | -2,635 | -13.7% | S100Y070 |
| Pretax income | -3,175 | -16.5% | S100Y070 |
| Income tax | 224 | 1.2% | S100Y070 |
| Net income | -3,399 | -17.7% | S100Y070 |
| Net income attributable to owners | -3,399 | -17.7% | S100Y070 |

## Per ¥100 of revenue（FY ending Jan 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 56 |
| Operating income | -14 |
| (Ref.) Net income | -18 |

### Margin funnel

Gross margin 42.3% → Operating margin -14.0% → Net margin -17.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,931 | 19,216 | 3,285 | +20.6% |
| Gross profit | 7,058 | 8,119 | 1,061 | +15.0% |
| Operating income | -2,260 | -2,689 | -429 | — |
| Net income attributable to owners | -5,384 | -3,399 | 1,985 | — |
| Operating cash flow | 1,134 | -3,936 | -5,070 | -447.0% |
| Free cash flow | -421 | -5,526 | -5,105 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 9,423 | 388 | 4.1% | 493 | 492 | -3,145 | S100L5OY |
| FY ending Jan 2021 | 7,517 | -2,642 | -35.1% | -2,537 | 881 | -2,368 | S100NXGF |
| FY ending Jan 2022 | 9,854 | -3,219 | -32.7% | -3,049 | 642 | -2,068 | S100QMYS |
| FY ending Jan 2023 | 13,060 | -1,707 | -13.1% | -2,684 | 954 | -1,843 | S100TBTR |
| FY ending Jan 2024 | 15,118 | -1,978 | -13.1% | -2,232 | 96 | -1,179 | S100WFBK |
| FY ending Jan 2025 | 15,931 | -2,260 | -14.2% | -5,384 | 1,134 | -421 | S100Y070 |
| FY ending Jan 2026 | 19,216 | -2,689 | -14.0% | -3,399 | -3,936 | -5,526 | S100Y070 |

## People and productivity（FY ending Jan 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.2M |
| Operating income per employee (consolidated) | -¥3.4M |
| Net income per employee (consolidated) | -¥4.3M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 801 | 814 | 809 | 830 | 795 |
| Average salary (parent company) | ¥6.8M | ¥7.2M | ¥7.7M | ¥7.6M | ¥7.8M |
| Average age (parent company) | 38.8 years | 39.6 years | 40.2 years | 40.3 years | 40.4 years |
| Average tenure (parent company) | 7.6 years | 8.5 years | 9.3 years | 9.5 years | 10.0 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +20.6%

## Segments（FY ending Jan 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IoT business | 8,469 | 44.1% | 309 | 3.6% |
| Global Web Platform business | 2,257 | 11.7% | 206 | 9.1% |
| Network business | 8,489 | 44.2% | -3,150 | -37.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| IoT business | 44.1% | 60.0% | 15.9 | 3.6% |
| Global Web Platform business | 11.7% | 40.0% | 28.3 | 9.1% |
| Network business | 44.2% | — | — | -37.1% |

Loss-making segment (excluded from profit shares): Network business -3,150 JPY mn

Segment → industry: Network business → Software & SaaS / Global Web Platform business → Software & SaaS / IoT business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,936 | -20.5% | S100Y070 |
| Capital expenditure | 1,590 | 8.3% | S100Y070 |
| Free cash flow | -5,526 | -28.8% | 算出 |
| Investing cash flow | -1,577 | -8.2% | S100Y070 |
| Financing cash flow | -19 | -0.1% | S100Y070 |
| Dividends paid | 0 | 0.0% | S100Y070 |
| Share buyback | 0 | 0.0% | S100Y070 |
| Change in cash | -5,389 | -28.0% | S100Y070 |
| Cash and equivalents | 5,171 | 26.9% | S100Y070 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,093 | 11,584 | 10,310 | 10,560 | 5,171 | S100TBTR, S100WFBK, S100Y070 |
| Total assets | 27,962 | 25,240 | 20,320 | 21,529 | 17,095 | S100QMYS, S100TBTR, S100WFBK, S100Y070 |
| Net assets | 25,394 | 16,899 | 15,122 | 10,052 | 6,785 | S100TBTR, S100WFBK, S100Y070 |
| Share capital | 29,539 | 17,000 | 17,072 | 17,180 | 17,180 | S100QMYS, S100TBTR, S100WFBK, S100Y070 |
| Trade receivables | 2,921 | — | — | — | — | S100QMYS |
| Property, plant and equipment | 456 | — | 547 | 1,297 | 1,159 | S100QMYS, S100WFBK, S100Y070 |
| Intangible assets excluding goodwill | 5,976 | — | 1,614 | 1,618 | 1,547 | S100QMYS, S100WFBK, S100Y070 |
| Goodwill | 606 | — | 81 | — | — | S100QMYS, S100WFBK |
| Investment securities | 855 | — | 604 | 676 | 650 | S100QMYS, S100WFBK, S100Y070 |
| Current assets | 18,985 | — | 16,951 | 17,248 | 13,037 | S100QMYS, S100WFBK, S100Y070 |
| Current liabilities | 2,089 | — | 4,683 | 9,985 | 8,813 | S100QMYS, S100WFBK, S100Y070 |
| Total liabilities | 2,568 | — | 5,198 | 11,477 | 10,310 | S100QMYS, S100WFBK, S100Y070 |
| Non-controlling interests | 15 | — | 0 | — | — | S100QMYS, S100WFBK |
| Equity attributable to owners of parent | 27,230 | — | 16,880 | 11,734 | 8,362 | S100QMYS, S100WFBK, S100Y070 |
| Retained earnings | -2,184 | — | -10,863 | -16,247 | -19,645 | S100QMYS, S100WFBK, S100Y070 |
| Treasury stock | -278 | — | -1,534 | -1,511 | -1,484 | S100QMYS, S100WFBK, S100Y070 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100Y070 |
| Property, plant and equipment | 7% | S100Y070 |
| Intangibles and goodwill | 9% | S100Y070 |
| Investment securities | 4% | S100Y070 |
| Other assets | 50% | S100Y070 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100Y070 |
| Equity | 40% | S100Y070 |
| Other liabilities | 0% | S100Y070 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,962 | 25,240 | 20,320 | 21,529 | 17,095 |
| Equity | 25,394 | 16,899 | 15,122 | 10,052 | 6,785 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,093 | 11,584 | 10,310 | 10,560 | 5,171 |

## 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) | 6.0% | S100Y070 |
| Fixed assets ÷ total assets | 6.8% | S100Y070 |
| Goodwill ÷ parent equity | — | —, S100Y070 |

### 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) | 30.2% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -537 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -10.9% | —× | — | S100QMYS |
| 2023 | — | —× | -10.1% | —× | — | S100TBTR, S100WFBK |
| 2024 | — | —× | -9.8% | —× | — | S100WFBK |
| 2025 | — | —× | -25.7% | —× | — | S100Y070 |
| 2026 | — | —× | -17.6% | —× | — | S100Y070 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 清原 達郎 | Major shareholder | 33.3% | 2026-01-31 |
| NTT株式会社 | Major shareholder | 13.6% | 2026-01-31 |
| 株式会社SBI証券 | Major shareholder | 4.8% | 2026-01-31 |
| 椎橋 正則 | Major shareholder | 2.5% | 2026-01-31 |
| 金子 博昭 | Major shareholder | 2.0% | 2026-01-31 |
| 株式会社日本生物材料センター | Major shareholder | 1.8% | 2026-01-31 |
| 株式会社ノースブレイン | Major shareholder | 1.0% | 2026-01-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-01-31 |
| 株式会社椎橋商店 | Major shareholder | 0.9% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 0.8% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2025/02/01－2026/01/31) | S100Y070 | 2026-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y070,, |
| 訂正有価証券報告書－第41期(2024/02/01－2025/01/31) | S100WFBK | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFBK,, |
| 有価証券報告書－第40期(2023/02/01－2024/01/31) | S100TBTR | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBTR,, |
| 有価証券報告書－第39期(2022/02/01－2023/01/31) | S100QMYS | 2023-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMYS,, |
| 有価証券報告書－第38期(令和3年2月1日－令和4年1月31日) | S100NXGF | 2022-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXGF,, |
| 有価証券報告書－第37期(令和2年2月1日－令和3年1月31日) | S100L5OY | 2021-04-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L5OY,, |

## 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).