# Ai Holdings Corporation: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/07/01－2026/06/30) (S100Z45U)
> Page: https://vizora.meequs.com/en/company/ai-holdings
> Retrieved: 2026-09-30T17:57:02.578Z

## Company

Ai Holdings, founded in 2007, is a company in Robots & Factory Automation listed on TSE Prime. It has 2,648 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ai Holdings Corporation |
| Ticker | 3076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3076.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町19番21号 |
| Representative (per filing) | 代表取締役会長 佐々木 秀吉 |
| Founded | Feb 2007 |
| Share capital | ¥5B |
| Employees (consolidated) | 2,648 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | June |
| Website | www.aiholdings.co.jp (https://www.aiholdings.co.jp/) |
| Corporate number | 4010001108077 |
| EDINET | E03006 |
| Industries (Vizora) | Robots & Factory Automation, Cameras & Optics, PCs & Peripherals, Printers & Office Equipment |

> Profile source: annual securities report (S100Z45U, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 78.6 | 7 |
| Cash conversion | 41.7 | 6 |
| Efficiency | 43.8 | 8 |

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 32% of Ai Holdings's sales come from Telecommunications, with Security Equipment and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +28.4% from the prior year, operating profit +21.1%.

## Company structure

- Segment revenue mix: Telecommunications 31.9%、Security Equipment 18.7%、Other 16.5%、Peripheral Computer Equipment 14.9%、Design 8.7%
- Revenue → net income: ¥85024000000 → ¥11960000000
- Net income → operating cash flow: ¥11960000000 → ¥10807000000（difference ¥-1153000000）
- Main uses of operating cash flow: CapEx ¥1928000000 / dividends ¥5831000000 / buybacks ¥2000000
- Change in cash: ¥9621000000
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 | ¥85B |  |
| Operating income | ¥10.8B | Margin 12.7% |
| Net income | ¥11.9B | Margin 14.0% |
| Free cash flow | ¥8.88B |  |
| Largest business | Telecommunications | of segment revenue 31.9% |
| Employees (consolidated) | 2,648 |  |
| EPS | ¥191.74 |  |
| Book value per share | ¥931.71 |  |
| Equity ratio | 80.8% |  |
| Shares outstanding | 56,590,000 |  |
| Treasury shares | 3,317,400 |  |
| Shareholders | 65,051 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 37.5% | Cash ÷ revenue 64.2% |
| Vs. industry median margin | +0.9 pp | Robots & Factory Automation |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 38 points
- FY2026, employees -5% while operating income rose 21%
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46219000000 | ¥85024000000 | +84.0% |
| Operating income | ¥9447000000 | ¥10762000000 | +13.9% |
| Operating margin | 20.4% | 12.7% | -7.8 pp |
| Employees | 1,331 people | 2,648 people | +98.9% |
| Cash and equivalents | ¥32012000000 | ¥54577000000 | +70.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| セキュリティ機器 → セキュリティ機器 | 18.7% |
| セキュリティ機器 → 事業再編・廃止 | 8.9% |
| カード機器及びその他事務用機器 → カード機器及びその他事務用機器 | 2.9% |
| カード機器及びその他事務用機器 → 事業再編・廃止 | 5.1% |
| 情報機器 → 情報機器 | 14.9% |
| 情報機器 → 事業再編・廃止 | 26.8% |
| 設計事業 → 設計事業 | 8.7% |
| 設計事業 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 13.5% |
| 新設・再編 → 計測機器 | 6.4% |
| 新設・再編 → 情報通信 | 31.9% |
| 新設・再編 → その他 | 3.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Telecommunications | — | — | ¥27102000000 | 4.6% | 2 |
| Security Equipment | 5 years | +4.5% | ¥15890000000 | 38.9% | 2 |
| Other | 5 years | +17.6% | ¥14026000000 | 2.8% | 2 |
| Peripheral Computer Equipment | 5 years | -8.0% | ¥12671000000 | 4.4% | 2 |
| Design | 5 years | +11.6% | ¥7436000000 | 19.9% | 2 |
| Measuring Equipment | 2 years | +65.2% | ¥5442000000 | 14.4% | 2 |
| Card Equipment and Other Office Equipment | 5 years | -7.8% | ¥2454000000 | 12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 85,024 | 100.0% | S100Z45U |
| Cost of revenue | 51,458 | 60.5% | S100Z45U |
| Gross profit | 33,565 | 39.5% | S100Z45U |
| SG&A | 22,802 | 26.8% | S100Z45U |
| Operating income | 10,762 | 12.7% | S100Z45U |
| Ordinary income | 12,535 | 14.7% | S100Z45U |
| Pretax income | 16,150 | 19.0% | S100Z45U |
| Income tax | 4,190 | 4.9% | S100Z45U |
| Net income | 11,960 | 14.1% | S100Z45U |
| Net income attributable to owners | 11,937 | 14.0% | S100Z45U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 27 |
| Operating income | 13 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 39.5% → Operating margin 12.7% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.4%; Core profit growth: +21.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 66,197 | 85,024 | 18,827 | +28.4% |
| Gross profit | 30,343 | 33,565 | 3,222 | +10.6% |
| Operating income | 8,889 | 10,762 | 1,873 | +21.1% |
| Net income attributable to owners | 21,202 | 11,937 | -9,265 | -43.7% |
| Operating cash flow | 7,647 | 10,807 | 3,160 | +41.3% |
| Free cash flow | 3,938 | 8,879 | 4,941 | +125.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 43,179 | 7,596 | 17.6% | 4,620 | 5,578 | 4,882 | S100MHSY |
| FY ending Jun 2021 | 46,219 | 9,447 | 20.4% | 5,863 | 9,372 | 8,678 | S100PB7F |
| FY ending Jun 2022 | 47,059 | 9,850 | 20.9% | 7,738 | 8,095 | 7,269 | S100RYLF |
| FY ending Jun 2023 | 46,396 | 9,434 | 20.3% | 8,243 | 4,541 | 3,797 | S100UG61 |
| FY ending Jun 2024 | 49,812 | 9,853 | 19.8% | 15,681 | 8,432 | 6,168 | S100WRM2 |
| FY ending Jun 2025 | 66,197 | 8,889 | 13.4% | 21,202 | 7,647 | 3,938 | S100Z45U |
| FY ending Jun 2026 | 85,024 | 10,762 | 12.7% | 11,937 | 10,807 | 8,879 | S100Z45U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.1M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥4.5M |

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 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,308 | 1,341 | 1,371 | 2,794 | 2,648 |
| Average salary (parent company) | ¥5.9M | ¥5.6M | ¥5.8M | ¥5.7M | ¥6M |
| Average age (parent company) | 48.0 years | 47.2 years | 48.9 years | 48.9 years | 49.1 years |
| Average tenure (parent company) | 14.5 years | 15.2 years | 16.1 years | 17.8 years | 15.9 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) +28.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Security Equipment | 15,890 | 18.7% | 6,187 | 38.9% |
| Card Equipment and Other Office Equipment | 2,454 | 2.9% | 310 | 12.6% |
| Peripheral Computer Equipment | 12,671 | 14.9% | 562 | 4.4% |
| Measuring Equipment | 5,442 | 6.4% | 786 | 14.4% |
| Telecommunications | 27,102 | 31.9% | 1,249 | 4.6% |
| Design | 7,436 | 8.7% | 1,482 | 19.9% |
| Other | 14,026 | 16.5% | 393 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Security Equipment | 18.7% | 56.4% | 37.7 | 38.9% |
| Card Equipment and Other Office Equipment | 2.9% | 2.8% | -0.1 | 12.6% |
| Peripheral Computer Equipment | 14.9% | 5.1% | -9.8 | 4.4% |
| Measuring Equipment | 6.4% | 7.2% | 0.8 | 14.4% |
| Telecommunications | 31.9% | 11.4% | -20.5 | 4.6% |
| Design | 8.7% | 13.5% | 4.8 | 19.9% |
| Other | 16.5% | 3.6% | -12.9 | 2.8% |

Segment → industry: Measuring Equipment → Robots & Factory Automation / Security Equipment → Cameras & Optics / Peripheral Computer Equipment → PCs & Peripherals / Card Equipment and Other Office Equipment → Printers & Office Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,807 | 12.7% | S100Z45U |
| Capital expenditure | 1,928 | 2.3% | S100Z45U |
| Free cash flow | 8,879 | 10.4% | 算出 |
| Investing cash flow | 5,915 | 7.0% | S100Z45U |
| Financing cash flow | -7,976 | -9.4% | S100Z45U |
| Dividends paid | 5,831 | 6.9% | S100Z45U |
| Share buyback | 2 | 0.0% | S100Z45U |
| Change in cash | 9,621 | 11.3% | S100Z45U |
| Cash and equivalents | 54,577 | 64.2% | S100Z45U |

## 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 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 36,435 | 37,566 | 36,021 | 44,790 | 54,577 | S100UG61, S100WRM2, S100Z45U |
| Total assets | 75,418 | 80,524 | 93,901 | 140,827 | 145,674 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Net assets | 61,337 | 67,271 | 80,514 | 111,987 | 117,904 | S100UG61, S100WRM2, S100Z45U |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Property, plant and equipment | 9,579 | 10,221 | 10,844 | 33,139 | 29,295 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Intangible assets excluding goodwill | 1,852 | 1,859 | 2,270 | 3,344 | 4,038 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Goodwill | 1,566 | 1,622 | 1,778 | 1,584 | 1,548 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Investment securities | 1,685 | 3,490 | 3,550 | 5,138 | 5,997 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Current assets | 55,513 | 56,544 | 56,194 | 83,265 | 90,935 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Current liabilities | 10,457 | 9,482 | 9,973 | 16,565 | 17,748 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Trade payables | 3,951 | 3,855 | 3,960 | 6,851 | 6,157 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Total liabilities | 14,081 | 13,253 | 13,387 | 28,840 | 27,769 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Non-controlling interests | 81 | 253 | 482 | 2,522 | 253 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Equity attributable to owners of parent | 59,270 | 64,033 | 75,305 | 105,700 | 111,233 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Retained earnings | 49,927 | 54,673 | 66,054 | 82,728 | 88,188 | S100RYLF, S100UG61, S100WRM2, S100Z45U |
| Treasury stock | -4,704 | -4,705 | -4,707 | -1,676 | -1,678 | S100RYLF, S100UG61, S100WRM2, S100Z45U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Z45U |
| Property, plant and equipment | 20% | S100Z45U |
| Intangibles and goodwill | 4% | S100Z45U |
| Investment securities | 4% | S100Z45U |
| Other assets | 35% | S100Z45U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Z45U |
| Other liabilities | 15% | S100Z45U |
| Equity | 81% | S100Z45U |
| Other liabilities | 0% | S100Z45U |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 75,418 | 80,524 | 93,901 | 140,827 | 145,674 |
| Equity | 61,337 | 67,271 | 80,514 | 111,987 | 117,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 36,435 | 37,566 | 36,021 | 44,790 | 54,577 |

## 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) | 34.5% | S100Z45U |
| Fixed assets ÷ total assets | 20.1% | S100Z45U |
| Goodwill ÷ parent equity | 1.4% | S100Z45U |

Goodwill over 4 years: 1,566 → 1,548 JPY; total investing cash flow: 3,050 JPY. This does not imply causation.

### 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) | 37.5% |
| Cash ÷ revenue | 64.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.4% |
| Cash vs. profit gap | -1,130 JPY mn (of net income -9.5%) |
| Shareholder returns / net income | 48.9% |
| Shareholder returns / FCF | 65.7% |
| Shareholder payments — dividends / net income | 48.8% |
| Shareholder payments — dividends / FCF | 65.7% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 54.7% |

## 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 | 16.4% | 0.62× | 10.3% | 1.27× | 13.1% | S100RYLF |
| 2023 | 17.8% | 0.60× | 10.6% | 1.26× | 13.4% | S100UG61 |
| 2024 | 31.5% | 0.57× | 18.0% | 1.25× | 22.5% | S100WRM2 |
| 2025 | 32.0% | 0.56× | 18.1% | 1.30× | 23.4% | S100Z45U |
| 2026 | 14.0% | 0.59× | 8.3% | 1.32× | 11.0% | S100Z45U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 秀吉 | Major shareholder | 20.5% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.3% | 2026-06-30 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - HONG KONG PRIVATE BANKING DIVISION-CLIENT ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 5.2% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.5% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-06-30 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-06-30 |
| CACEIS BANK, LUXEMBOURG BRANCH / AIF CLIENTS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-06-30 |
| あいホールディングス社員持株会 | Major shareholder | 1.6% | 2026-06-30 |
| UH Partners2投資事業有限責任組合 | Major shareholder | 1.5% | 2026-06-30 |
| 第一生命保険株式会社 | Major shareholder | 1.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/07/01－2026/06/30) | S100Z45U | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z45U,, |
| 有価証券報告書－第19期(2024/07/01－2025/06/30) | S100WRM2 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRM2,, |
| 有価証券報告書－第18期(2023/07/01－2024/06/30) | S100UG61 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG61,, |
| 訂正有価証券報告書－第17期(2022/07/01－2023/06/30) | S100RYLF | 2023-10-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RYLF,, |
| 訂正有価証券報告書－第16期(令和3年7月1日－令和4年6月30日) | S100PB7F | 2022-10-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PB7F,, |
| 有価証券報告書－第15期(令和2年7月1日－令和3年6月30日) | S100MHSY | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHSY,, |

## 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).