# AIZAWA SECURITIES GROUP CO., LTD.: 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106期(2025/04/01－2026/03/31) (S100YIEX)
> Page: https://vizora.meequs.com/en/company/aizawa-securities-group
> Retrieved: 2026-09-30T21:08:23.532Z

## Company

Aizawa Securities Group, founded in 1933, is a company in Securities & Asset Management listed on TSE Prime. It has 707 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIZAWA SECURITIES GROUP CO., LTD. |
| Ticker | 8708 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8708.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 藍澤卓弥 |
| Founded | Oct 1933 |
| Share capital | ¥8B |
| Employees (consolidated) | 707 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.aizawa-group.jp (https://www.aizawa-group.jp/) |
| Corporate number | 5010001036574 |
| EDINET | E03763 |
| Industries (Vizora) | Securities & Asset Management, Venture Capital |

> Profile source: annual securities report (S100YIEX, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 95% of Aizawa Securities Group's sales come from Financial Securities Business, with Investment business and Asset management business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +1.9% from the prior year, operating profit -98.6%.

## Company structure

- Segment revenue mix: Financial Securities Business 95.1%、Investment business 3.9%、Asset management business 0.9%
- Revenue → net income: ¥20973000000 → ¥2623000000
- Net income → operating cash flow: ¥2623000000 → ¥4503000000（difference ¥1880000000）
- Main uses of operating cash flow: CapEx ¥225000000 / dividends ¥3059000000 / buybacks —
- Change in cash: ¥9213000000
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 | ¥21B |  |
| Operating income | ¥26M | Margin 0.1% |
| Net income | ¥2.75B | Margin 13.1% |
| Free cash flow | ¥4.28B |  |
| Largest business | Financial Securities Business | of segment revenue 95.1% |
| Employees (consolidated) | 707 |  |
| EPS | ¥11.98 |  |
| Book value per share | ¥1054.53 |  |
| Equity ratio | 38.2% |  |
| Shares outstanding | 39,525,000 |  |
| Treasury shares | 7,573,800 |  |
| Shareholders | 8,091 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.0% | Cash ÷ revenue 106.7% |
| Vs. industry median margin | -20.6 pp | Securities & Asset Management |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16433000000 | ¥20973000000 | +27.6% |
| Operating income | ¥929000000 | ¥26000000 | -97.2% |
| Operating margin | 5.7% | 0.1% | -5.5 pp |
| Employees | 784 people | 707 people | -9.8% |
| Cash and equivalents | ¥16231000000 | ¥22375000000 | +37.9% |

### 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 |
| --- | ---: |
| 証券事業 → 証券事業 | 95.1% |
| 証券事業 → 事業再編・廃止 | 3.0% |
| 運用事業 → 運用事業 | 0.9% |
| 運用事業 → 事業再編・廃止 | 0.3% |
| 投資事業 → 投資事業 | 0.6% |
| 新設・再編 → 投資事業 | 3.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial Securities Business | 5 years | +4.5% | ¥20127000000 | 5.2% | 2 |
| Investment business | 5 years | +52.2% | ¥832000000 | -86.8% | 2 |
| Asset management business | 5 years | -1.3% | ¥194000000 | -187.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,973 | 100.0% | S100YIEX |
| SG&A | 19,879 | 94.8% | S100YIEX |
| Operating income | 26 | 0.1% | S100YIEX |
| Ordinary income | 666 | 3.2% | S100YIEX |
| Pretax income | 4,156 | 19.8% | S100YIEX |
| Income tax | 1,533 | 7.3% | S100YIEX |
| Net income | 2,623 | 12.5% | S100YIEX |
| Net income attributable to owners | 2,752 | 13.1% | S100YIEX |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 100 |
| Operating income | 0 |
| (Ref.) Net income | 13 |

### Margin funnel

Operating margin 0.1% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.9%; Core profit growth: -98.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -52.60×
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 | 20,587 | 20,973 | 386 | +1.9% |
| Operating income | 1,886 | 26 | -1,860 | -98.6% |
| Net income attributable to owners | 3,172 | 2,752 | -420 | -13.2% |
| Operating cash flow | -5,759 | 4,503 | 10,262 | — |
| Free cash flow | -6,246 | 4,278 | 10,524 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,188 | 252 | 1.8% | 940 | 8,818 | 8,709 | S100TVL4 |
| FY ending Mar 2021 | 16,433 | 929 | 5.7% | 4,538 | -1,618 | -1,980 | S100OI0O |
| FY ending Mar 2022 | 16,050 | -533 | -3.3% | 2,901 | -3,930 | -4,267 | S100RXLK |
| FY ending Mar 2023 | 12,751 | -2,782 | -21.8% | -2,375 | -9,487 | -9,728 | S100TVL4 |
| FY ending Mar 2024 | 18,980 | 1,159 | 6.1% | 2,975 | 8,447 | 8,232 | S100WCU1 |
| FY ending Mar 2025 | 20,587 | 1,886 | 9.2% | 3,172 | -5,759 | -6,246 | S100YIEX |
| FY ending Mar 2026 | 20,973 | 26 | 0.1% | 2,752 | 4,503 | 4,278 | S100YIEX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.7M |
| Operating income per employee (consolidated) | ¥36.8K |
| Net income per employee (consolidated) | ¥3.9M |

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) | 773 | 741 | 742 | 723 | 707 |
| Average salary (parent company) | ¥6.6M | ¥6.5M | ¥7M | ¥8.2M | ¥7.5M |
| Average age (parent company) | 45.0 years | 45.0 years | 45.0 years | 45.0 years | 44.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 15.0 years | 13.0 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Securities Business | 20,127 | 95.1% | 1,054 | 5.2% |
| Asset management business | 194 | 0.9% | -364 | -187.6% |
| Investment business | 832 | 3.9% | -722 | -86.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial Securities Business | 95.1% | 100.0% | 4.9 | 5.2% |
| Asset management business | 0.9% | — | — | -187.6% |
| Investment business | 3.9% | — | — | -86.8% |

Loss-making segment (excluded from profit shares): Asset management business -364 JPY mn

Loss-making segment (excluded from profit shares): Investment business -722 JPY mn

Segment → industry: Asset management business → Securities & Asset Management / Financial Securities Business → Securities & Asset Management / Investment business → Venture Capital

## 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 | 4,503 | 21.5% | S100YIEX |
| Capital expenditure | 225 | 1.1% | S100YIEX |
| Free cash flow | 4,278 | 20.4% | 算出 |
| Investing cash flow | 3,470 | 16.5% | S100YIEX |
| Financing cash flow | 1,156 | 5.5% | S100YIEX |
| Dividends paid | 3,059 | 14.6% | S100YIEX |
| Change in cash | 9,213 | 43.9% | S100YIEX |
| Cash and equivalents | 22,375 | 106.7% | S100YIEX |

## 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 | 18,666 | 13,734 | 22,709 | 13,161 | 22,375 | S100TVL4, S100WCU1, S100YIEX |
| Total assets | 104,723 | 98,835 | 124,119 | 109,529 | 124,324 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Net assets | 58,029 | 54,030 | 58,657 | 47,599 | 50,486 | S100TVL4, S100WCU1, S100YIEX |
| Share capital | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Property, plant and equipment | 8,160 | 9,936 | 10,850 | 11,211 | 11,247 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Intangible assets excluding goodwill | 241 | 100 | 33 | 32 | 40 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Goodwill | 182 | 69 | — | — | — | S100RXLK, S100TVL4 |
| Investment securities | 24,791 | 23,439 | 26,066 | 25,208 | 28,532 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Current assets | 69,488 | 63,533 | 84,030 | 70,047 | 81,770 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Current liabilities | 38,440 | 34,365 | 52,952 | 51,150 | 61,853 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Short-term borrowings | 3,795 | 6,445 | 6,045 | 9,675 | 7,512 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Long-term borrowings | 3,036 | 5,588 | 6,347 | 5,156 | 5,315 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Total liabilities | 46,693 | 44,804 | 65,462 | 61,929 | 73,837 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Non-controlling interests | 2,317 | 3,033 | 3,002 | 3,035 | 3,001 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Equity attributable to owners of parent | 48,254 | 44,162 | 45,513 | 35,557 | 35,321 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Retained earnings | 36,922 | 33,447 | 35,484 | 28,237 | 27,925 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |
| Treasury stock | -4,790 | -5,471 | -6,179 | -8,508 | -8,429 | S100RXLK, S100TVL4, S100WCU1, S100YIEX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YIEX |
| Property, plant and equipment | 9% | S100YIEX |
| Intangibles and goodwill | 0% | S100YIEX |
| Investment securities | 23% | S100YIEX |
| Other assets | 50% | S100YIEX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YIEX |
| Equity | 41% | S100YIEX |
| Other liabilities | 0% | S100YIEX |

### 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 | 104,723 | 98,835 | 124,119 | 109,529 | 124,324 |
| Equity | 58,029 | 54,030 | 58,657 | 47,599 | 50,486 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,666 | 13,734 | 22,709 | 13,161 | 22,375 |

## 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) | 53.6% | S100YIEX |
| Fixed assets ÷ total assets | 9.0% | S100YIEX |
| Goodwill ÷ parent equity | — | —, S100YIEX |

### 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) | 18.0% |
| Cash ÷ revenue | 106.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 17319.2% |
| Cash vs. profit gap | 1,751 JPY mn (of net income 63.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 111.2% |
| Shareholder payments — dividends / FCF | 71.5% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 77.1% |

## 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 | 18.1% | 0.15× | 2.8% | 2.17× | 6.0% | S100RXLK |
| 2023 | — | —× | -2.3% | —× | — | S100TVL4 |
| 2024 | 15.7% | 0.17× | 2.7% | 2.49× | 6.6% | S100WCU1 |
| 2025 | 15.4% | 0.18× | 2.7% | 2.88× | 7.8% | S100YIEX |
| 2026 | 13.1% | 0.18× | 2.4% | 3.30× | 7.8% | S100YIEX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藍澤不動産株式会社 | Major shareholder | 15.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.2% | 2026-03-31 |
| 藍澤 卓弥 | Major shareholder | 4.5% | 2026-03-31 |
| 鈴木 啓子 | Major shareholder | 3.8% | 2026-03-31 |
| 藍澤 基彌 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社野村総合研究所 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社七十七銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社SMBC信託銀行 (株式会社三井住友銀行退職給付信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YIEX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEX,, |
| 訂正有価証券報告書－第105期(2024/04/01－2025/03/31) | S100WCU1 | 2025-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCU1,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TVL4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVL4,, |
| 訂正有価証券報告書－第103期(2022/04/01－2023/03/31) | S100RXLK | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXLK,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OI0O | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI0O,, |
| 訂正有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100N5AH | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5AH,, |

## 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).