# Akatsuki Corp.: 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76期(2025/04/01－2026/03/31) (S100YBUN)
> Page: https://vizora.meequs.com/en/company/akatsuki
> Retrieved: 2026-09-30T18:59:06.530Z

## Company

Akatsuki, founded in 1950, is a company in Securities & Asset Management listed on TSE Standard. It has 443 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Akatsuki Corp. |
| Ticker | 8737 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8737.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋小舟町8番1号 |
| Representative (per filing) | 代表取締役社長 島根 秀明 |
| Founded | Sep 1950 |
| Share capital | ¥5.67B |
| Employees (consolidated) | 443 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | March |
| Website | www.akatsuki-fg.com (https://www.akatsuki-fg.com/) |
| Corporate number | 4010001134040 |
| EDINET | E03733 |
| Industries (Vizora) | Securities & Asset Management, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YBUN, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.7 | 75 |
| Profitability | 43.6 | 86 |
| Cash conversion | 23.8 | 82 |
| Efficiency | 55.2 | 86 |

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 76% of Akatsuki's sales come from Real estate-related business, with Securities business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +20.7% from the prior year, operating profit +50.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥68.7B |  |
| Operating income | ¥6.28B | Margin 9.1% |
| Net income | ¥4.05B | Margin 5.9% |
| Free cash flow | -¥4.5B |  |
| Largest business | Real estate-related business | of segment revenue 76.0% |
| Employees (consolidated) | 443 |  |
| EPS | ¥81.85 |  |
| Book value per share | ¥371.16 |  |
| Equity ratio | 20.2% |  |
| Shares outstanding | 34,029,000 |  |
| Treasury shares | 354,300 |  |
| Shareholders | 18,800 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 20.2% |
| Vs. industry median margin | -1.4 pp | Real Estate Development & Leasing |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39090144000 | ¥68718280000 | +75.8% |
| Operating income | ¥2590760000 | ¥6277815000 | +142.3% |
| Operating margin | 6.6% | 9.1% | +2.5 pp |
| Employees | 329 people | 443 people | +34.7% |
| Cash and equivalents | ¥15544409000 | ¥13851361000 | -10.9% |

### 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 |
| --- | ---: |
| 証券関連事業 → 証券関連事業 | 24.0% |
| 証券関連事業 → 事業再編・廃止 | 7.4% |
| 不動産関連事業 → 不動産関連事業 | 68.6% |
| 新設・再編 → 不動産関連事業 | 7.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,718 | 100.0% | S100YBUN |
| Cost of revenue | 43,345 | 63.1% | S100YBUN |
| Gross profit | 25,373 | 36.9% | 算出 |
| SG&A | 18,963 | 27.6% | S100YBUN |
| Operating income | 6,278 | 9.1% | S100YBUN |
| Ordinary income | 6,269 | 9.1% | S100YBUN |
| Pretax income | 6,253 | 9.1% | S100YBUN |
| Income tax | 2,027 | 2.9% | S100YBUN |
| Net income | 4,226 | 6.1% | S100YBUN |
| Net income attributable to owners | 4,052 | 5.9% | S100YBUN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 28 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 36.9% → Operating margin 9.1% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.7%; Core profit growth: +50.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.44×
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 | 56,929 | 68,718 | 11,790 | +20.7% |
| Gross profit | 22,403 | 25,373 | 2,970 | +13.3% |
| Operating income | 4,170 | 6,278 | 2,108 | +50.5% |
| Net income attributable to owners | 2,632 | 4,052 | 1,421 | +54.0% |
| Operating cash flow | -3,348 | -4,286 | -938 | — |
| Free cash flow | -3,721 | -4,497 | -776 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,423 | 1,594 | 4.6% | 1,418 | 4,078 | 3,194 | S100LSM9 |
| FY ending Mar 2021 | 39,090 | 2,591 | 6.6% | 1,431 | 6,853 | 6,629 | S100OENZ |
| FY ending Mar 2022 | 35,313 | 1,569 | 4.4% | 1,008 | -4,612 | -4,750 | S100R5UB |
| FY ending Mar 2023 | 39,336 | 1,803 | 4.6% | 781 | -474 | -854 | S100TUIX |
| FY ending Mar 2024 | 46,682 | 3,419 | 7.3% | 2,539 | 817 | 729 | S100W632 |
| FY ending Mar 2025 | 56,929 | 4,170 | 7.3% | 2,632 | -3,348 | -3,721 | S100YBUN |
| FY ending Mar 2026 | 68,718 | 6,278 | 9.1% | 4,052 | -4,286 | -4,497 | S100YBUN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥155.1M |
| Operating income per employee (consolidated) | ¥14.2M |
| Net income per employee (consolidated) | ¥9.1M |

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) | 343 | 349 | 365 | 380 | 443 |
| Average salary (parent company) | ¥10.6M | ¥10.2M | ¥12.5M | ¥8.7M | ¥9.9M |
| Average age (parent company) | 43.0 years | 45.8 years | 45.5 years | 42.8 years | 45.7 years |
| Average tenure (parent company) | 5.1 years | 5.4 years | 5.2 years | 3.0 years | 4.7 years |

Year over year: Employees (consolidated) +16.6% · Revenue (consolidated) +20.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Securities business | 16,462 | 24.0% | 2,447 | 14.9% |
| Real estate-related business | 52,256 | 76.0% | 4,703 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Securities business | 24.0% | 34.2% | 10.3 | 14.9% |
| Real estate-related business | 76.0% | 65.8% | -10.3 | 9.0% |

Segment → industry: Securities business → Securities & Asset Management / Real estate-related business → Real Estate Development & Leasing

## 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 | -4,286 | -6.2% | S100YBUN |
| Capital expenditure | 211 | 0.3% | S100YBUN |
| Free cash flow | -4,497 | -6.5% | 算出 |
| Investing cash flow | 29 | 0.0% | S100YBUN |
| Financing cash flow | -460 | -0.7% | S100YBUN |
| Dividends paid | 987 | 1.4% | S100YBUN |
| Share buyback | 118 | 0.2% | S100YBUN |
| Change in cash | -4,717 | -6.9% | S100YBUN |
| Cash and equivalents | 13,851 | 20.2% | S100YBUN |

## 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 | 12,460 | 11,406 | 22,236 | 18,568 | 13,851 | S100TUIX, S100W632, S100YBUN |
| Total assets | 64,184 | 69,275 | 92,131 | 92,036 | 103,865 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Net assets | 14,772 | 14,857 | 16,750 | 18,853 | 21,697 | S100TUIX, S100W632, S100YBUN |
| Share capital | 5,665 | 5,665 | 5,665 | 5,665 | 5,665 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Property, plant and equipment | 1,146 | 891 | 867 | 993 | 942 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Intangible assets excluding goodwill | 1,605 | 1,528 | 1,306 | 1,115 | 933 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Goodwill | 1,345 | 1,130 | 915 | 699 | 501 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Investment securities | 3,171 | 3,850 | 3,973 | 3,772 | 4,428 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Current assets | 57,401 | 62,192 | 84,715 | 84,874 | 96,439 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Current liabilities | 38,428 | 44,441 | 65,772 | 60,566 | 69,372 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Short-term borrowings | 10,792 | 13,919 | 25,621 | 22,079 | 21,738 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Long-term borrowings | 7,609 | 6,710 | 6,496 | 7,374 | 7,739 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Total liabilities | 49,411 | 54,418 | 75,381 | 73,182 | 82,167 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Non-controlling interests | 672 | 543 | 604 | 979 | 679 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Equity attributable to owners of parent | 14,078 | 14,288 | 16,036 | 17,811 | 20,900 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Retained earnings | 6,556 | 6,725 | 8,619 | 10,492 | 13,581 | S100R5UB, S100TUIX, S100W632, S100YBUN |
| Treasury stock | -1,275 | -1,227 | -1,370 | -1,496 | -1,518 | S100R5UB, S100TUIX, S100W632, S100YBUN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YBUN |
| Property, plant and equipment | 1% | S100YBUN |
| Intangibles and goodwill | 2% | S100YBUN |
| Investment securities | 4% | S100YBUN |
| Other assets | 80% | S100YBUN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 79% | S100YBUN |
| Equity | 21% | S100YBUN |

### 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 | 64,184 | 69,275 | 92,131 | 92,036 | 103,865 |
| Equity | 14,772 | 14,857 | 16,750 | 18,853 | 21,697 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,460 | 11,406 | 22,236 | 18,568 | 13,851 |

## 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) | 1.4% | S100YBUN |
| Fixed assets ÷ total assets | 0.9% | S100YBUN |
| Goodwill ÷ parent equity | 2.4% | S100YBUN |

Goodwill over 4 years: 1,345 → 501 JPY; total investing cash flow: -1,939 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) | 13.3% |
| Cash ÷ revenue | 20.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -68.3% |
| Cash vs. profit gap | -8,339 JPY mn (of net income -205.8%) |
| Shareholder returns / net income | 27.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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 | 2.9% | 0.55× | 1.6% | 4.56× | 7.2% | S100R5UB |
| 2023 | 2.0% | 0.59× | 1.2% | 4.70× | 5.5% | S100TUIX |
| 2024 | 5.4% | 0.58× | 3.1% | 5.32× | 16.7% | S100W632 |
| 2025 | 4.6% | 0.62× | 2.9% | 5.44× | 15.6% | S100YBUN |
| 2026 | 5.9% | 0.70× | 4.1% | 5.06× | 20.9% | S100YBUN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 10.1% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券㈱） | Major shareholder | 10.0% | 2026-03-31 |
| 島根 秀明 | Major shareholder | 6.2% | 2026-03-31 |
| ㈱アエリア | Major shareholder | 3.8% | 2026-03-31 |
| 工藤 英人 | Major shareholder | 3.1% | 2026-03-31 |
| 小林 祐介 | Major shareholder | 2.0% | 2026-03-31 |
| 長嶋 貴之 | Major shareholder | 1.9% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS－MARGIN（CASHPB） （常任代理人 野村證券㈱） | Major shareholder | 1.5% | 2026-03-31 |
| マネックスグループ㈱ | Major shareholder | 1.4% | 2026-03-31 |
| 大和証券㈱ | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YBUN | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBUN,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W632 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W632,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TUIX | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUIX,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R5UB | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UB,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OENZ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OENZ,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LSM9 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSM9,, |

## 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).