# Ai Partners Financial Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YHKS)
> Page: https://vizora.meequs.com/en/company/ai-partners-financial
> Retrieved: 2026-09-30T22:42:06.793Z

## Company

Ai Partners Financial, founded in 2006, is a company in Securities & Asset Management listed on TSE Growth. It has 38 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ai・Partners Financial Inc. |
| Ticker | 7345 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7345.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市西区南幸二丁目20番5号 |
| Representative (per filing) | 代表取締役社長 田中 譲治 |
| Founded | Feb 2006 |
| Share capital | ¥342.1M |
| Employees (consolidated) | 38 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.aipf.co.jp (https://www.aipf.co.jp/) |
| Corporate number | 3020001046095 |
| EDINET | E34851 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YHKS, filed 2026-06-24). As of filing

## Key points (generated from figures)

- Ai Partners Financial brought in ¥4.58B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +20.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4584869000 → ¥90470000
- Net income → operating cash flow: ¥90470000 → ¥130340000（difference ¥39870000）
- Main uses of operating cash flow: CapEx ¥6897000 / dividends ¥13078000 / buybacks —
- Change in cash: ¥101998000
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 | ¥4.58B |  |
| Operating income | ¥110.2M | Margin 2.4% |
| Net income | ¥90.5M | Margin 2.0% |
| Free cash flow | ¥123.4M |  |
| Employees (consolidated) | 38 |  |
| EPS | ¥24.69 |  |
| Diluted EPS | ¥24.12 |  |
| Book value per share | ¥215.62 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 3,534,800 |  |
| Treasury shares | 243,600 |  |
| Shareholders | 511 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 44.9% | Cash ÷ revenue 13.0% |
| Vs. industry median margin | -18.3 pp | Securities & Asset Management |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4034438000 | ¥4584869000 | +13.6% |
| Operating income | ¥245496000 | ¥110239000 | -55.1% |
| Operating margin | 6.1% | 2.4% | -3.7 pp |
| Employees | 42 people | 38 people | -9.5% |
| Cash and equivalents | ¥526217000 | ¥597286000 | +13.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,585 | 100.0% | S100YHKS |
| Cost of revenue | 3,702 | 80.7% | S100YHKS |
| Gross profit | 883 | 19.3% | S100YHKS |
| SG&A | 773 | 16.9% | S100YHKS |
| Operating income | 110 | 2.4% | S100YHKS |
| Ordinary income | 113 | 2.5% | S100YHKS |
| Pretax income | 113 | 2.5% | S100YHKS |
| Income tax | 22 | 0.5% | S100YHKS |
| Net income | 90 | 2.0% | S100YHKS |
| Net income attributable to owners | 90 | 2.0% | S100YHKS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 17 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.3% → Operating margin 2.4% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,797 | 4,585 | 788 | +20.7% |
| Gross profit | 752 | 883 | 131 | +17.5% |
| Operating income | -2 | 110 | 112 | — |
| Net income attributable to owners | -10 | 90 | 100 | — |
| Operating cash flow | -3 | 130 | 133 | — |
| Free cash flow | -8 | 123 | 132 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,467 | 6 | 0.2% | -1 | -61 | -82 | S100LRSW |
| FY ending Mar 2021 | 4,034 | 245 | 6.1% | 153 | 312 | 291 | S100OJKY |
| FY ending Mar 2022 | 3,807 | 117 | 3.1% | 65 | -60 | -80 | S100R5N1 |
| FY ending Mar 2023 | 3,000 | -121 | -4.0% | -132 | -62 | -75 | S100TTLU |
| FY ending Mar 2024 | 3,733 | 14 | 0.4% | 7 | 14 | 11 | S100W3EQ |
| FY ending Mar 2025 | 3,797 | -2 | -0.1% | -10 | -3 | -8 | S100YHKS |
| FY ending Mar 2026 | 4,585 | 110 | 2.4% | 90 | 130 | 123 | S100YHKS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.7M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 38 | 38 | 39 | 39 | 38 |
| Average salary (parent company) | ¥6.3M | ¥6.8M | ¥6.4M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 46.8 years | 48.2 years | 48.8 years | 48.6 years | 48.3 years |
| Average tenure (parent company) | 3.5 years | 3.8 years | 4.6 years | 5.3 years | 5.9 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +20.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 130 | 2.8% | S100YHKS |
| Capital expenditure | 7 | 0.2% | S100YHKS |
| Free cash flow | 123 | 2.7% | 算出 |
| Investing cash flow | -8 | -0.2% | S100YHKS |
| Financing cash flow | -20 | -0.4% | S100YHKS |
| Dividends paid | 13 | 0.3% | S100YHKS |
| Change in cash | 102 | 2.2% | S100YHKS |
| Cash and equivalents | 597 | 13.0% | S100YHKS |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 725 | 542 | 519 | 495 | 597 | S100TTLU, S100W3EQ, S100YHKS |
| Total assets | 1,205 | 999 | 1,083 | 1,000 | 1,331 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Net assets | 871 | 635 | 634 | 630 | 719 | S100TTLU, S100W3EQ, S100YHKS |
| Share capital | 324 | 324 | 333 | 342 | 342 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Property, plant and equipment | 62 | 72 | 55 | 41 | 32 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Intangible assets excluding goodwill | 1 | 3 | 2 | 1 | 1 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Current assets | 1,033 | 818 | 904 | 834 | 1,173 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Current liabilities | 293 | 304 | 402 | 330 | 567 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Total liabilities | 335 | 363 | 449 | 370 | 612 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Equity attributable to owners of parent | 871 | 635 | 634 | 630 | 719 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Retained earnings | 334 | 186 | 180 | 158 | 235 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |
| Treasury stock | -40 | -128 | -140 | -140 | -130 | S100R5N1, S100TTLU, S100W3EQ, S100YHKS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100YHKS |
| Property, plant and equipment | 2% | S100YHKS |
| Intangibles and goodwill | 0% | S100YHKS |
| Other assets | 53% | S100YHKS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YHKS |
| Equity | 54% | S100YHKS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,205 | 999 | 1,083 | 1,000 | 1,331 |
| Equity | 871 | 635 | 634 | 630 | 719 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 725 | 542 | 519 | 495 | 597 |

## 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) | 0.7% | S100YHKS |
| Fixed assets ÷ total assets | 2.4% | S100YHKS |
| Goodwill ÷ parent equity | — | —, S100YHKS |

### 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) | 44.9% |
| Cash ÷ revenue | 13.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.2% |
| Cash vs. profit gap | 40 JPY mn (of net income 44.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | 10.6% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 6.4% |

## 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 | 1.7% | 3.16× | 5.4% | 1.38× | 7.5% | S100R5N1 |
| 2023 | — | —× | -12.0% | —× | — | S100TTLU |
| 2024 | 0.2% | 3.59× | 0.7% | 1.64× | 1.2% | S100W3EQ |
| 2025 | — | —× | -0.9% | —× | — | S100YHKS |
| 2026 | 2.0% | 3.93× | 7.8% | 1.73× | 13.4% | S100YHKS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石原 章太郎 | Major shareholder | 10.7% | 2026-03-31 |
| 千代田インベストメント第１号投資事業有限責任組合無限責任組合員 千代田インベストメント株式会社 | Major shareholder | 10.1% | 2026-03-31 |
| 中道 謙 | Major shareholder | 9.7% | 2026-03-31 |
| 田中 譲治 | Major shareholder | 4.8% | 2026-03-31 |
| 大木 塁 | Major shareholder | 4.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員 光通信株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.8% | 2026-03-31 |
| 大島 昇 | Major shareholder | 3.3% | 2026-03-31 |
| ＢＳＰ戦略ファンド第１号投資事業有限責任組合無限責任組合員 ＢＳＰアセットマネジメント株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 守屋 顕一 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YHKS | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHKS,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W3EQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3EQ,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TTLU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTLU,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R5N1 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5N1,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OJKY | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJKY,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LRSW | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRSW,, |

## 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).