# AINAVO HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2024/10/01－2025/09/30) (S100XAO8)
> Page: https://vizora.meequs.com/en/company/ainavo-holdings
> Retrieved: 2026-09-30T23:08:44.026Z

## Company

Ainavo Holdings, founded in 1955, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 1,107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AINAVO HOLDINGS Co.,Ltd. |
| Ticker | 7539 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7539.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区元浅草二丁目6番6号 東京日産台東ビル4階 |
| Representative (per filing) | 代表取締役社長 阿部一成 |
| Founded | Mar 1955 |
| Share capital | ¥896.4M |
| Employees (consolidated) | 1,107 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | September |
| Website | www.ainavo.co.jp (https://www.ainavo.co.jp/) |
| Corporate number | 9011801005756 |
| EDINET | E02865 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XAO8, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.8 | 179 |
| Profitability | 48.4 | 185 |
| Cash conversion | 65.1 | 179 |
| Efficiency | 72.7 | 185 |

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 84% of Ainavo Holdings's sales come from Detached house, with Large-scale properties making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +16.6%.

## Company structure

- Segment revenue mix: Detached house 84.5%、Large-scale properties 15.5%
- Revenue → net income: ¥92272175000 → ¥1679268000
- Net income → operating cash flow: ¥1679268000 → ¥3146639000（difference ¥1467371000）
- Main uses of operating cash flow: CapEx ¥412441000 / dividends ¥538845000 / buybacks —
- Change in cash: ¥781668000
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 | ¥92.3B |  |
| Operating income | ¥2.53B | Margin 2.7% |
| Net income | ¥1.68B | Margin 1.8% |
| Free cash flow | ¥2.73B |  |
| Largest business | Detached house | of segment revenue 84.5% |
| Employees (consolidated) | 1,107 |  |
| EPS | ¥31.42 |  |
| Book value per share | ¥496.92 |  |
| Equity ratio | 55.4% |  |
| Shares outstanding | 23,295,640 |  |
| Treasury shares | 64,200 |  |
| Shareholders | 16,614 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 14.1% |
| Vs. industry median margin | -0.1 pp | Specialty Trading & Wholesale |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 73% of positive segment profit
- FY2025, employees -4% while operating income rose 17%
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥65338446000 | ¥92272175000 | +41.2% |
| Operating income | ¥1796590000 | ¥2531850000 | +40.9% |
| Operating margin | 2.7% | 2.7% | 0 pp |
| Employees | 848 people | 1,107 people | +30.5% |
| Cash and equivalents | ¥11459381000 | ¥13003546000 | +13.5% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 大型物件事業 → 大型物件事業 | 14.8% |
| 戸建住宅事業 → 戸建住宅事業 | 84.5% |
| 戸建住宅事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 大型物件事業 | 0.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 92,272 | 100.0% | S100XAO8 |
| Cost of revenue | 78,647 | 85.2% | S100XAO8 |
| Gross profit | 13,625 | 14.8% | S100XAO8 |
| SG&A | 11,093 | 12.0% | S100XAO8 |
| Operating income | 2,532 | 2.7% | S100XAO8 |
| Ordinary income | 2,850 | 3.1% | S100XAO8 |
| Pretax income | 2,847 | 3.1% | S100XAO8 |
| Income tax | 1,168 | 1.3% | S100XAO8 |
| Net income | 1,679 | 1.8% | S100XAO8 |
| Net income attributable to owners | 1,679 | 1.8% | S100XAO8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 12 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.8% → Operating margin 2.7% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +16.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.99×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 89,783 | 92,272 | 2,489 | +2.8% |
| Gross profit | 12,904 | 13,625 | 721 | +5.6% |
| Operating income | 2,171 | 2,532 | 361 | +16.6% |
| Net income attributable to owners | 1,269 | 1,679 | 410 | +32.3% |
| Operating cash flow | 2,825 | 3,147 | 322 | +11.4% |
| Free cash flow | 2,628 | 2,734 | 106 | +4.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 69,585 | 2,164 | 3.1% | 1,455 | 2,692 | 2,475 | S100KE13 |
| FY ending Sep 2020 | 65,338 | 1,797 | 2.7% | 1,349 | 1,311 | 1,140 | S100N225 |
| FY ending Sep 2021 | 66,122 | 1,903 | 2.9% | 1,310 | 1,942 | 1,864 | S100PTR2 |
| FY ending Sep 2022 | 79,144 | 1,899 | 2.4% | 1,647 | 396 | 234 | S100SH8S |
| FY ending Sep 2023 | 86,086 | 1,770 | 2.1% | 1,274 | 1,677 | 1,532 | S100UYK0 |
| FY ending Sep 2024 | 89,783 | 2,171 | 2.4% | 1,269 | 2,825 | 2,628 | S100XAO8 |
| FY ending Sep 2025 | 92,272 | 2,532 | 2.7% | 1,679 | 3,147 | 2,734 | S100XAO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.4M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 852 | 1,013 | 1,088 | 1,148 | 1,107 |
| Average salary (parent company) | ¥7.7M | ¥7.6M | ¥6.9M | ¥7.4M | ¥7.1M |
| Average age (parent company) | 42.2 years | 37.1 years | 39.4 years | 36.5 years | 35.5 years |
| Average tenure (parent company) | 16.5 years | 12.8 years | 12.0 years | 11.1 years | 10.2 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +2.8%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Large-scale properties | 14,309 | 15.5% | 1,140 | 8.0% |
| Detached house | 77,963 | 84.5% | 3,122 | 4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Large-scale properties | 15.5% | 26.8% | 11.2 | 8.0% |
| Detached house | 84.5% | 73.2% | -11.2 | 4.0% |

Segment → industry: Large-scale properties → Plant Engineering & Building Services / Detached house → Specialty Trading & Wholesale / Large-scale properties → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,147 | 3.4% | S100XAO8 |
| Capital expenditure | 412 | 0.4% | S100XAO8 |
| Free cash flow | 2,734 | 3.0% | 算出 |
| Investing cash flow | -1,831 | -2.0% | S100XAO8 |
| Financing cash flow | -534 | -0.6% | S100XAO8 |
| Dividends paid | 539 | 0.6% | S100XAO8 |
| Change in cash | 782 | 0.8% | S100XAO8 |
| Cash and equivalents | 13,004 | 14.1% | S100XAO8 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,780 | 12,113 | 10,166 | 12,184 | 13,004 | S100SH8S, S100UYK0, S100XAO8 |
| Total assets | 36,922 | 42,640 | 44,003 | 44,962 | 47,482 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Net assets | 22,199 | 23,209 | 24,180 | 24,863 | 26,299 | S100SH8S, S100UYK0, S100XAO8 |
| Share capital | 896 | 896 | 896 | 896 | 896 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Property, plant and equipment | 5,587 | 6,599 | 6,607 | 6,595 | 6,724 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Intangible assets excluding goodwill | 444 | 289 | 218 | 430 | 488 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Goodwill | 181 | 136 | 91 | 278 | 207 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Investment securities | 1,556 | 1,401 | 2,274 | 2,222 | 2,110 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Current assets | 27,146 | 31,645 | 30,167 | 32,458 | 32,910 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Current liabilities | 13,331 | 17,868 | 18,271 | 18,508 | 19,431 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Short-term borrowings | 215 | 427 | 291 | 231 | 215 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Long-term borrowings | 161 | 234 | 172 | 116 | 101 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Total liabilities | 14,722 | 19,431 | 19,823 | 20,098 | 21,183 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Equity attributable to owners of parent | 21,606 | 22,831 | 23,538 | 24,193 | 25,404 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Retained earnings | 19,382 | 20,607 | 21,315 | 21,969 | 23,116 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |
| Treasury stock | -34 | -34 | -34 | -34 | -13 | S100PTR2, S100SH8S, S100UYK0, S100XAO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XAO8 |
| Property, plant and equipment | 14% | S100XAO8 |
| Intangibles and goodwill | 2% | S100XAO8 |
| Investment securities | 4% | S100XAO8 |
| Other assets | 53% | S100XAO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XAO8 |
| Equity | 55% | S100XAO8 |
| Other liabilities | 0% | S100XAO8 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 36,922 | 42,640 | 44,003 | 44,962 | 47,482 |
| Equity | 22,199 | 23,209 | 24,180 | 24,863 | 26,299 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,780 | 12,113 | 10,166 | 12,184 | 13,004 |

## 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) | 7.3% | S100XAO8 |
| Fixed assets ÷ total assets | 14.2% | S100XAO8 |
| Goodwill ÷ parent equity | 0.8% | S100XAO8 |

Goodwill over 4 years: 181 → 207 JPY; total investing cash flow: -5,325 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) | 27.4% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.3% |
| Cash vs. profit gap | 1,467 JPY mn (of net income 87.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | 19.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 58.2% |

## 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 | 2.0% | 1.79× | 3.5% | 1.71× | 6.1% | S100PTR2 |
| 2022 | 2.1% | 1.99× | 4.1% | 1.79× | 7.4% | S100SH8S |
| 2023 | 1.5% | 1.99× | 2.9% | 1.87× | 5.5% | S100UYK0 |
| 2024 | 1.4% | 2.02× | 2.9% | 1.86× | 5.3% | S100XAO8 |
| 2025 | 1.8% | 2.00× | 3.6% | 1.86× | 6.8% | S100XAO8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ホールセール株式会社 | Major shareholder | 7.4% | 2025-09-30 |
| 株式会社アベタ | Major shareholder | 7.4% | 2025-09-30 |
| マルティス株式会社 | Major shareholder | 5.0% | 2025-09-30 |
| アイナボホールディングス従業員持株会 | Major shareholder | 4.6% | 2025-09-30 |
| 株式会社タクルコ | Major shareholder | 4.2% | 2025-09-30 |
| 株式会社マユルコ | Major shareholder | 3.8% | 2025-09-30 |
| 清原達郎 | Major shareholder | 3.0% | 2025-09-30 |
| 阿部一成 | Major shareholder | 2.9% | 2025-09-30 |
| 阿部太一 | Major shareholder | 2.3% | 2025-09-30 |
| 阿部亮平 | Major shareholder | 2.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2024/10/01－2025/09/30) | S100XAO8 | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAO8,, |
| 有価証券報告書－第70期(2023/10/01－2024/09/30) | S100UYK0 | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYK0,, |
| 有価証券報告書－第69期(2022/10/01－2023/09/30) | S100SH8S | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SH8S,, |
| 有価証券報告書－第68期(令和3年10月1日－令和4年9月30日) | S100PTR2 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTR2,, |
| 有価証券報告書－第67期(令和2年10月1日－令和3年9月30日) | S100N225 | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N225,, |
| 有価証券報告書－第66期(令和1年10月1日－令和2年9月30日) | S100KE13 | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE13,, |

## 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).