# ACSL Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XVUY)
> Page: https://vizora.meequs.com/en/company/acsl
> Retrieved: 2026-09-30T19:05:56.824Z

## Company

Acsl, founded in 2013, is a company in Aerospace listed on TSE Growth. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ACSL Ltd. |
| Ticker | 6232 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6232.T) |
| Listing | TSE Growth |
| Head office | 東京都江戸川区臨海町三丁目6番4号2階 |
| Representative (per filing) | 代表取締役Co-CEO 早川 研介 |
| Founded | Nov 2013 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Website | www.acsl.co.jp (https://www.acsl.co.jp/) |
| Corporate number | 9040001083503 |
| EDINET | E34514 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100XVUY, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 31.8 | 11 |
| Efficiency | 57.7 | 13 |

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)

- Acsl brought in ¥2.6B in revenue.
- It lost about ¥71 for every ¥100 of sales at the operating level.
- Revenue changed -2.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.6B |  |
| Operating income | -¥1.84B | Margin -70.8% |
| Net income | -¥1.36B | Margin -52.5% |
| Free cash flow | -¥1.25B |  |
| Employees (consolidated) | 58 |  |
| EPS | ¥-78.71 |  |
| Book value per share | ¥108 |  |
| Equity ratio | 29.1% |  |
| Shares outstanding | 18,045,018 |  |
| Treasury shares | 100 |  |
| Shareholders | 24,955 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 77.7% |
| Vs. industry median margin | -48.9 pp | Aerospace |
| ROA | -26.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 5.2× its level five years ago
- FY2025, operating loss is 71 per ¥100 of revenue
- FY2025, cash is 36% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥620705000 | ¥2598734000 | +318.7% |
| Operating income | ¥-1139272000 | ¥-1840400000 | — |
| Operating margin | -183.5% | -70.8% | +112.7 pp |
| Employees | 65 people | 58 people | -10.8% |
| Cash and equivalents | ¥1891731000 | ¥2018722000 | +6.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,599 | 100.0% | S100XVUY |
| Cost of revenue | 2,097 | 80.7% | S100XVUY |
| Gross profit | 501 | 19.3% | S100XVUY |
| SG&A | 2,342 | 90.1% | S100XVUY |
| Operating income | -1,840 | -70.8% | S100XVUY |
| Ordinary income | -1,075 | -41.4% | S100XVUY |
| Pretax income | -1,360 | -52.3% | S100XVUY |
| Income tax | 4 | 0.2% | S100XVUY |
| Net income | -1,364 | -52.5% | S100XVUY |
| Net income attributable to owners | -1,364 | -52.5% | S100XVUY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 90 |
| Operating income | -71 |
| (Ref.) Net income | -52 |

### Margin funnel

Gross margin 19.3% → Operating margin -70.8% → Net margin -52.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,656 | 2,599 | -57 | -2.1% |
| Gross profit | 151 | 501 | 350 | +232.2% |
| Operating income | -2,293 | -1,840 | 453 | — |
| Net income attributable to owners | -2,371 | -1,364 | 1,007 | — |
| Operating cash flow | -1,903 | -1,246 | 656 | — |
| Free cash flow | -1,985 | -1,253 | 732 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 621 | -1,139 | -183.5% | -1,512 | -1,164 | -1,292 | S100O2QM |
| FY ending Dec 2021 | 501 | -1,189 | -237.3% | -1,226 | -1,346 | -1,388 | S100QG6H |
| FY ending Dec 2022 | 1,635 | -2,204 | -134.8% | -2,592 | -2,148 | -2,358 | S100T5GY |
| FY ending Dec 2023 | 896 | -2,071 | -231.1% | -2,543 | -2,572 | -2,667 | S100VITW |
| FY ending Dec 2024 | 2,656 | -2,293 | -86.4% | -2,371 | -1,903 | -1,985 | S100XVUY |
| FY ending Dec 2025 | 2,599 | -1,840 | -70.8% | -1,364 | -1,246 | -1,253 | S100XVUY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.8M |
| Operating income per employee (consolidated) | -¥31.7M |
| Net income per employee (consolidated) | -¥23.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 70 | 71 | 90 | 56 | 58 |
| Average salary (parent company) | ¥6.9M | ¥7.2M | ¥7.1M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 38.2 years | 39.2 years | 40.2 years | 41.3 years | 42.4 years |
| Average tenure (parent company) | 3.0 years | 3.4 years | 3.5 years | 4.0 years | 3.9 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) -2.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,246 | -48.0% | S100XVUY |
| Capital expenditure | 7 | 0.3% | S100XVUY |
| Free cash flow | -1,253 | -48.2% | 算出 |
| Investing cash flow | -7 | -0.3% | S100XVUY |
| Financing cash flow | 2,021 | 77.8% | S100XVUY |
| Change in cash | 775 | 29.8% | S100XVUY |
| Cash and equivalents | 2,019 | 77.7% | S100XVUY |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,760 | 1,356 | 1,500 | 1,244 | 2,019 | S100T5GY, S100VITW, S100XVUY |
| Total assets | 5,715 | 4,977 | 5,095 | 4,563 | 5,665 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Net assets | 5,419 | 2,939 | 2,265 | 195 | 1,756 | S100T5GY, S100VITW, S100XVUY |
| Share capital | 4,538 | 17 | 971 | 150 | 1,477 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Property, plant and equipment | — | 58 | 68 | 4 | 6 | S100T5GY, S100VITW, S100XVUY |
| Intangible assets excluding goodwill | 132 | 216 | 209 | 112 | 41 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Investment securities | 1,061 | 776 | 242 | 198 | 50 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Current assets | 4,177 | 3,573 | 4,203 | 3,878 | 5,346 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Current liabilities | 287 | 2,004 | 1,603 | 2,130 | 1,045 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Short-term borrowings | — | 1,000 | 895 | 1,320 | — | S100T5GY, S100VITW, S100XVUY |
| Long-term borrowings | — | — | — | 1,440 | 1,440 | S100XVUY |
| Total liabilities | 296 | 2,038 | 2,830 | 4,369 | 3,909 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Non-controlling interests | 4 | 4 | 1 | 0 | 0 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Equity attributable to owners of parent | 5,351 | 2,774 | 2,139 | 77 | 1,648 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Retained earnings | -3,702 | -2,594 | -5,137 | -2,464 | -2,124 | S100QG6H, S100T5GY, S100VITW, S100XVUY |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QG6H, S100T5GY, S100VITW, S100XVUY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XVUY |
| Property, plant and equipment | 0% | S100XVUY |
| Intangibles and goodwill | 1% | S100XVUY |
| Investment securities | 1% | S100XVUY |
| Other assets | 63% | S100XVUY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100XVUY |
| Equity | 31% | S100XVUY |
| Other liabilities | 0% | S100XVUY |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,715 | 4,977 | 5,095 | 4,563 | 5,665 |
| Equity | 5,419 | 2,939 | 2,265 | 195 | 1,756 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,760 | 1,356 | 1,500 | 1,244 | 2,019 |

## 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) | 0.2% | S100XVUY |
| Fixed assets ÷ total assets | 0.1% | S100XVUY |
| Goodwill ÷ parent equity | — | —, S100XVUY |

### 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) | 35.6% |
| Cash ÷ revenue | 77.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 117 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -21.4% | —× | — | S100QG6H |
| 2022 | — | —× | -48.5% | —× | — | S100T5GY |
| 2023 | — | —× | -50.5% | —× | — | S100VITW |
| 2024 | — | —× | -49.1% | —× | — | S100XVUY |
| 2025 | — | —× | -26.7% | —× | — | S100XVUY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本郵政キャピタル㈱ | Major shareholder | 7.0% | 2025-12-31 |
| 野波 健蔵 | Major shareholder | 6.7% | 2025-12-31 |
| IGLOBE PLATINUM FUND Ⅱ PTE. LTD.(常任代理人 みずほ証券㈱) | Major shareholder | 4.8% | 2025-12-31 |
| ㈱菊池製作所 | Major shareholder | 2.7% | 2025-12-31 |
| 楽天証券㈱共有口 | Major shareholder | 1.9% | 2025-12-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ， ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ／ＵＣＩＴＳ－ＦＵＬＬ ＴＡＸ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.9% | 2025-12-31 |
| 源利㈱ | Major shareholder | 1.6% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2025-12-31 |
| 早川 研介 | Major shareholder | 1.3% | 2025-12-31 |
| 菊池 功 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XVUY | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVUY,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VITW | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VITW,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T5GY | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5GY,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QG6H | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG6H,, |
| 訂正有価証券報告書－第10期(令和3年4月1日－令和3年12月31日) | S100O2QM | 2022-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2QM,, |

## 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).