# AISAN TECHNOLOGY CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第56期(2025/04/01－2026/03/31) (S100YTFF)
> Page: https://vizora.meequs.com/en/company/aisan-technology
> Retrieved: 2026-09-30T20:59:21.611Z

## Company

Aisan Technology, founded in 1970, is a company in IT Services & System Integration listed on TSE Standard. It has 197 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AISAN TECHNOLOGY CO.,LTD. |
| Ticker | 4667 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4667.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市中区錦三丁目7番14号 ATビル |
| Representative (per filing) | 代表取締役社長 加藤 淳 |
| Founded | Aug 1970 |
| Share capital | ¥1.92B |
| Employees (consolidated) | 197 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | aisan-corp.com (https://aisan-corp.com/) |
| Corporate number | 5180001049428 |
| EDINET | E04980 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YTFF, filed 2026-07-31). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.8 | 157 |
| Profitability | 57.9 | 196 |
| Cash conversion | 77 | 185 |
| Efficiency | 13 | 196 |

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 57% of Aisan Technology's sales come from Mobility DX, with PUblic and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +22.1% from the prior year, operating profit +69.2%.

## Company structure

- Segment revenue mix: Mobility DX 57.1%、PUblic 42.8%、Other 0.1%
- Revenue → net income: ¥7593146000 → ¥555524000
- Net income → operating cash flow: ¥555524000 → ¥865341000（difference ¥309817000）
- Main uses of operating cash flow: CapEx ¥222669000 / dividends ¥131701000 / buybacks ¥42000
- Change in cash: ¥1646349000
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 | ¥7.59B |  |
| Operating income | ¥760.5M | Margin 10.0% |
| Net income | ¥522M | Margin 6.9% |
| Free cash flow | ¥642.7M |  |
| Largest business | Mobility DX | of segment revenue 57.1% |
| Employees (consolidated) | 197 |  |
| EPS | ¥82.76 |  |
| Book value per share | ¥1170.93 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 5,548,979 |  |
| Treasury shares | 268,800 |  |
| Shareholders | 5,337 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 55.2% | Cash ÷ revenue 76.7% |
| Vs. industry median margin | +1.1 pp | IT Services & System Integration |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 55% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3589088000 | ¥7593146000 | +111.6% |
| Operating income | ¥244877000 | ¥760499000 | +210.6% |
| Operating margin | 6.8% | 10.0% | +3.2 pp |
| Employees | 115 people | 197 people | +71.3% |
| Cash and equivalents | ¥4133646000 | ¥5822351000 | +40.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 測地ソリューション事業 → 事業再編・廃止 | 25.8% |
| 公共セグメント → 事業再編・廃止 | 33.6% |
| Ｇ空間ソリューション事業 → 事業再編・廃止 | 16.0% |
| モビリティセグメント → 事業再編・廃止 | 16.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新規事業 → 事業再編・廃止 | 8.2% |
| 新設・再編 → 公共 | 42.8% |
| 新設・再編 → モビリティ・DX | 57.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility DX | 2 years | +23.8% | ¥4332993000 | 12.4% | 2 |
| PUblic | 2 years | +10.9% | ¥3250458000 | 18.1% | 2 |
| Other | 5 years | -2.0% | ¥9694000 | 54.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,593 | 100.0% | S100YTFF |
| Cost of revenue | 4,655 | 61.3% | S100YTFF |
| Gross profit | 2,938 | 38.7% | S100YTFF |
| SG&A | 2,177 | 28.7% | S100YTFF |
| Operating income | 760 | 10.0% | S100YTFF |
| Ordinary income | 761 | 10.0% | S100YTFF |
| Pretax income | 770 | 10.1% | S100YTFF |
| Income tax | 215 | 2.8% | S100YTFF |
| Net income | 556 | 7.3% | S100YTFF |
| Net income attributable to owners | 522 | 6.9% | S100YTFF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 29 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 38.7% → Operating margin 10.0% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.1%; Core profit growth: +69.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.14×
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 | 6,221 | 7,593 | 1,373 | +22.1% |
| Gross profit | 2,328 | 2,938 | 609 | +26.2% |
| Operating income | 449 | 760 | 311 | +69.2% |
| Net income attributable to owners | 286 | 522 | 236 | +82.4% |
| Operating cash flow | 934 | 865 | -68 | -7.3% |
| Free cash flow | 723 | 643 | -80 | -11.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,301 | 482 | 11.2% | 333 | 445 | 301 | S100LMH3 |
| FY ending Mar 2021 | 3,589 | 245 | 6.8% | 182 | 409 | 264 | S100OJP2 |
| FY ending Mar 2022 | 4,191 | 258 | 6.1% | 203 | 586 | 442 | S100R6JK |
| FY ending Mar 2023 | 4,463 | 331 | 7.4% | 241 | 392 | 179 | S100TO3D |
| FY ending Mar 2024 | 5,479 | 450 | 8.2% | 340 | -240 | -543 | S100VY3B |
| FY ending Mar 2025 | 6,221 | 449 | 7.2% | 286 | 934 | 723 | S100YTFF |
| FY ending Mar 2026 | 7,593 | 760 | 10.0% | 522 | 865 | 643 | S100YTFF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.5M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 140 | 153 | 168 | 179 | 197 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.2M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 40.7 years | 39.9 years | 40.3 years | 39.7 years | 41.0 years |
| Average tenure (parent company) | 13.7 years | 13.0 years | 12.6 years | 12.8 years | 12.5 years |

Year over year: Employees (consolidated) +10.1% · Revenue (consolidated) +22.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PUblic | 3,250 | 42.8% | 588 | 18.1% |
| Mobility DX | 4,333 | 57.1% | 538 | 12.4% |
| Other | 10 | 0.1% | 5 | 54.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| PUblic | 42.8% | 52.0% | 9.2 | 18.1% |
| Mobility DX | 57.1% | 47.5% | -9.5 | 12.4% |
| Other | 0.1% | 0.5% | 0.3 | 54.9% |

Segment → industry: Mobility DX → IT Services & System Integration / PUblic → Software & SaaS

## 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 | 865 | 11.4% | S100YTFF |
| Capital expenditure | 223 | 2.9% | S100YTFF |
| Free cash flow | 643 | 8.5% | 算出 |
| Investing cash flow | 34 | 0.5% | S100YTFF |
| Financing cash flow | 747 | 9.8% | S100YTFF |
| Dividends paid | 132 | 1.7% | S100YTFF |
| Share buyback | 0 | 0.0% | S100YTFF |
| Change in cash | 1,646 | 21.7% | S100YTFF |
| Cash and equivalents | 5,822 | 76.7% | S100YTFF |

## 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 | 4,197 | 4,257 | 3,844 | 4,176 | 5,822 | S100TO3D, S100VY3B, S100YTFF |
| Total assets | 7,717 | 8,002 | 8,597 | 8,672 | 10,556 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Net assets | 5,747 | 6,045 | 6,311 | 6,349 | 6,673 | S100TO3D, S100VY3B, S100YTFF |
| Share capital | 1,923 | 1,923 | 1,923 | 1,923 | 1,923 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Property, plant and equipment | 798 | 837 | 925 | 913 | 1,070 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Intangible assets excluding goodwill | 255 | 256 | 263 | 288 | 299 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Investment securities | 623 | 623 | 630 | 819 | 453 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Current assets | 5,785 | 6,026 | 6,533 | 6,434 | 8,409 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Current liabilities | 1,546 | 1,569 | 1,811 | 1,825 | 3,198 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Trade payables | 612 | 747 | 874 | — | — | S100R6JK, S100TO3D |
| Short-term borrowings | — | — | — | 51 | 1,030 | S100YTFF |
| Total liabilities | 1,970 | 1,957 | 2,287 | 2,322 | 3,883 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Non-controlling interests | — | 118 | 109 | 125 | 159 | S100TO3D, S100VY3B, S100YTFF |
| Equity attributable to owners of parent | 5,746 | 5,926 | 6,196 | 6,090 | 6,497 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Retained earnings | 1,713 | 1,883 | 2,142 | 2,320 | 2,710 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |
| Treasury stock | -200 | -190 | -181 | -461 | -440 | S100R6JK, S100TO3D, S100VY3B, S100YTFF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YTFF |
| Property, plant and equipment | 10% | S100YTFF |
| Intangibles and goodwill | 3% | S100YTFF |
| Investment securities | 4% | S100YTFF |
| Other assets | 28% | S100YTFF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YTFF |
| Equity | 63% | S100YTFF |

### 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 | 7,717 | 8,002 | 8,597 | 8,672 | 10,556 |
| Equity | 5,747 | 6,045 | 6,311 | 6,349 | 6,673 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,197 | 4,257 | 3,844 | 4,176 | 5,822 |

## 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) | 14.1% | S100YTFF |
| Fixed assets ÷ total assets | 10.1% | S100YTFF |
| Goodwill ÷ parent equity | — | —, S100YTFF |

### 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) | 55.2% |
| Cash ÷ revenue | 76.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.8% |
| Cash vs. profit gap | 343 JPY mn (of net income 65.8%) |
| Shareholder returns / net income | 25.2% |
| Shareholder returns / FCF | 20.5% |
| Shareholder payments — dividends / net income | 25.2% |
| Shareholder payments — dividends / FCF | 20.5% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 4.0% |

## 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 | 4.9% | 0.54× | 2.6% | 1.34× | 3.5% | S100R6JK |
| 2023 | 5.4% | 0.57× | 3.1% | 1.35× | 4.1% | S100TO3D |
| 2024 | 6.2% | 0.66× | 4.1% | 1.37× | 5.6% | S100VY3B |
| 2025 | 4.6% | 0.72× | 3.3% | 1.41× | 4.7% | S100YTFF |
| 2026 | 6.9% | 0.79× | 5.4% | 1.53× | 8.3% | S100YTFF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 加藤 清久 | Major shareholder | 10.5% | 2026-03-31 |
| 三菱電機株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| ＫＤＤＩ株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 有限会社アット | Major shareholder | 4.8% | 2026-03-31 |
| 佐々木 薫 | Major shareholder | 3.8% | 2026-03-31 |
| 安藤 和久 | Major shareholder | 2.3% | 2026-03-31 |
| 各務 正人 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社タイムチケット | Major shareholder | 1.9% | 2026-03-31 |
| 加藤 淳 | Major shareholder | 1.6% | 2026-03-31 |
| アイサンテクノロジー従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YTFF | 2026-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YTFF,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100VY3B | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY3B,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TO3D | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO3D,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R6JK | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6JK,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OJP2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJP2,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LMH3 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMH3,, |

## 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).