# AeroEdge Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第10期(2024/07/01－2025/06/30) (S100WRXZ)
> Page: https://vizora.meequs.com/en/company/aeroedge
> Retrieved: 2026-09-30T20:18:02.784Z

## Company

AeroEdge, founded in 2013, is a company in Aerospace listed on TSE Growth. It has 132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AeroEdge Co., Ltd. |
| Ticker | 7409 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7409.T) |
| Listing | TSE Growth |
| Head office | 栃木県足利市寺岡町482番地6 |
| Representative (per filing) | 代表取締役社長 兼 執行役員CEO 森西 淳 |
| Founded | Nov 2013 |
| Share capital | ¥495.6M |
| Employees (consolidated) | 132 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | June |
| Website | aeroedge.co.jp (https://aeroedge.co.jp/) |
| Corporate number | 4060001027529 |
| EDINET | E38695 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100WRXZ, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 77.3 | 11 |
| Cash conversion | 90 | 5 |
| Efficiency | 50 | 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)

- AeroEdge brought in ¥3.6B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit -7.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3602276000 → ¥734432000
- Net income → operating cash flow: ¥734432000 → ¥1333251000（difference ¥598819000）
- Main uses of operating cash flow: CapEx ¥1952164000 / dividends — / buybacks —
- Change in cash: ¥-239758000
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 | ¥3.6B |  |
| Operating income | ¥655.2M | Margin 18.2% |
| Net income | ¥734.4M | Margin 20.4% |
| Free cash flow | -¥618.9M |  |
| Employees (consolidated) | 132 |  |
| EPS | ¥191.42 |  |
| Diluted EPS | ¥171.71 |  |
| Book value per share | ¥1011.08 |  |
| Equity ratio | 47.3% |  |
| Shares outstanding | 3,843,379 |  |
| Shareholders | 1,807 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 19.2% | Cash ÷ revenue 43.7% |
| Vs. industry median margin | +40.1 pp | Aerospace |
| ROE | 21.0% | Derived from disclosed figures |
| ROA | 9.5% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending Jun 2022 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1964694000 | ¥3602276000 | +83.4% |
| Operating income | ¥-124236000 | ¥655174000 | — |
| Operating margin | -6.3% | 18.2% | +24.5 pp |
| Employees | 84 people | 132 people | +57.1% |
| Cash and equivalents | ¥1119296000 | ¥1573893000 | +40.6% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,602 | 100.0% | S100WRXZ |
| Cost of revenue | 1,916 | 53.2% | S100WRXZ |
| Gross profit | 1,687 | 46.8% | S100WRXZ |
| SG&A | 1,031 | 28.6% | S100WRXZ |
| Operating income | 655 | 18.2% | S100WRXZ |
| Ordinary income | 565 | 15.7% | S100WRXZ |
| Pretax income | 564 | 15.7% | S100WRXZ |
| Income tax | -170 | -4.7% | S100WRXZ |
| Net income | 734 | 20.4% | S100WRXZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 29 |
| Operating income | 18 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 46.8% → Operating margin 18.2% → Net margin 20.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.5%; Core profit growth: -7.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.95×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,350 | 3,602 | 252 | +7.5% |
| Gross profit | 1,512 | 1,687 | 174 | +11.5% |
| Operating income | 705 | 655 | -50 | -7.1% |
| Operating cash flow | 1,391 | 1,333 | -58 | -4.2% |
| Free cash flow | -135 | -619 | -484 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 1,965 | -124 | -6.3% | 7 | 39 | -756 | S100RY7W |
| FY ending Jun 2023 | 2,921 | 479 | 16.4% | 673 | 1,077 | 938 | S100UGK8 |
| FY ending Jun 2024 | 3,350 | 705 | 21.1% | 699 | 1,391 | -135 | S100WRXZ |
| FY ending Jun 2025 | 3,602 | 655 | 18.2% | 734 | 1,333 | -619 | S100WRXZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.3M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥5.6M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 84 | 85 | 102 | 132 |
| Average salary (parent company) | — | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | — | 37.7 years | 38.7 years | 36.8 years |
| Average tenure (parent company) | — | 4.3 years | 5.5 years | 3.9 years |

Year over year: Employees (consolidated) +29.4% · Revenue (consolidated) +7.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,333 | 37.0% | S100WRXZ |
| Capital expenditure | 1,952 | 54.2% | S100WRXZ |
| Free cash flow | -619 | -17.2% | 算出 |
| Investing cash flow | -1,953 | -54.2% | S100WRXZ |
| Financing cash flow | 379 | 10.5% | S100WRXZ |
| Change in cash | -240 | -6.7% | S100WRXZ |
| Cash and equivalents | 1,574 | 43.7% | S100WRXZ |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,119 | 1,728 | 1,814 | 1,574 | S100UGK8, S100WRXZ |
| Total assets | 5,358 | 5,788 | 7,237 | 8,211 | S100RY7W, S100UGK8, S100WRXZ |
| Net assets | 955 | 1,622 | 3,094 | 3,890 | S100UGK8, S100WRXZ |
| Share capital | 100 | 100 | 482 | 496 | S100RY7W, S100UGK8, S100WRXZ |
| Property, plant and equipment | 3,145 | 2,782 | 3,964 | 4,829 | S100RY7W, S100UGK8, S100WRXZ |
| Intangible assets excluding goodwill | 66 | 62 | 32 | 19 | S100RY7W, S100UGK8, S100WRXZ |
| Current assets | 2,126 | 2,828 | 3,134 | 3,014 | S100RY7W, S100UGK8, S100WRXZ |
| Current liabilities | 889 | 838 | 1,373 | 940 | S100RY7W, S100UGK8, S100WRXZ |
| Long-term borrowings | 2,807 | 2,767 | 2,366 | 3,139 | S100RY7W, S100UGK8, S100WRXZ |
| Total liabilities | 4,403 | 4,166 | 4,143 | 4,321 | S100RY7W, S100UGK8, S100WRXZ |
| Equity attributable to owners of parent | 986 | 1,659 | 3,122 | 3,883 | S100RY7W, S100UGK8, S100WRXZ |
| Retained earnings | -1,783 | 673 | 1,372 | 2,106 | S100RY7W, S100UGK8, S100WRXZ |
| Treasury stock | — | — | — | -0 | S100WRXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100WRXZ |
| Property, plant and equipment | 59% | S100WRXZ |
| Intangibles and goodwill | 0% | S100WRXZ |
| Other assets | 22% | S100WRXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100WRXZ |
| Equity | 47% | S100WRXZ |
| Other liabilities | 0% | S100WRXZ |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,358 | 5,788 | 7,237 | 8,211 |
| Equity | 955 | 1,622 | 3,094 | 3,890 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,119 | 1,728 | 1,814 | 1,574 |

## 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) | 134.0% | S100WRXZ |
| Fixed assets ÷ total assets | 58.8% | S100WRXZ |
| Goodwill ÷ parent equity | — | —, S100WRXZ |

### 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) | 19.2% |
| Cash ÷ revenue | 43.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 203.5% |
| Cash vs. profit gap | 599 JPY mn (of net income 81.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 54.2% |
| Investing CF relative to operating CF | 146.5% |

## 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 | 0.4% | 0.37× | 0.1% | 5.44× | 0.7% | S100RY7W |
| 2023 | 23.0% | 0.52× | 12.1% | 4.21× | 50.9% | S100UGK8 |
| 2024 | 20.9% | 0.51× | 10.7% | 2.72× | 29.2% | S100WRXZ |
| 2025 | 20.4% | 0.47× | 9.5% | 2.21× | 21.0% | S100WRXZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊地歯車株式会社 | Major shareholder | 18.7% | 2025-06-30 |
| 豊田通商株式会社 | Major shareholder | 12.0% | 2025-06-30 |
| 株式会社日本政策投資銀行 | Major shareholder | 11.2% | 2025-06-30 |
| 森西 淳 | Major shareholder | 10.7% | 2025-06-30 |
| DMG森精機株式会社 | Major shareholder | 10.4% | 2025-06-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 5.6% | 2025-06-30 |
| ナイン・ステーツ・4投資事業有限責任組合 | Major shareholder | 3.5% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.5% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第10期(2024/07/01－2025/06/30) | S100WRXZ | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRXZ,, |
| 有価証券報告書－第9期(2023/07/01－2024/06/30) | S100UGK8 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGK8,, |
| 有価証券報告書－第8期(2022/07/01－2023/06/30) | S100RY7W | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY7W,, |

## 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).