# AKIBA Holdings 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44期(2025/04/01－2026/03/31) (S100YH7L)
> Page: https://vizora.meequs.com/en/company/akiba-holdings
> Retrieved: 2026-09-30T19:14:48.665Z

## Company

AKIBA Holdings, founded in 1968, is a company in PCs & Peripherals listed on TSE Standard. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AKIBA Holdings Co.,Ltd. |
| Ticker | 6840 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6840.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区築地二丁目1番17号 |
| Representative (per filing) | 代表取締役社長 白鳥 俊昭 |
| Founded | Dec 1968 |
| Share capital | ¥100M |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.akiba-holdings.co.jp (https://www.akiba-holdings.co.jp/) |
| Corporate number | 9010001101820 |
| EDINET | E02045 |
| Industries (Vizora) | PCs & Peripherals, Business Process Outsourcing, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YH7L, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.4 | 11 |
| Profitability | 60.7 | 14 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 82.1 | 14 |

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 53% of AKIBA Holdings's sales come from Memory, Computer devices, and IoT business, with Telecom Construction Tech and High performance computing making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +46.6% from the prior year, operating profit +80.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥26.8B |  |
| Operating income | ¥1.29B | Margin 4.8% |
| Net income | ¥883.1M | Margin 3.3% |
| Free cash flow | -¥91.9M |  |
| Largest business | Memory, Computer devices, and IoT business | of segment revenue 53.5% |
| Employees (consolidated) | 279 |  |
| EPS | ¥12 |  |
| Book value per share | ¥134.28 |  |
| Equity ratio | 24.9% |  |
| Shares outstanding | 9,192,560 |  |
| Treasury shares | 7,900 |  |
| Shareholders | 4,104 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 33.3% | Net cash -¥1.09B · Cash ÷ revenue 22.1% |
| Vs. industry median margin | +1.1 pp | PCs & Peripherals |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -25 points
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14742554000 | ¥26782643000 | +81.7% |
| Operating income | ¥697007000 | ¥1290660000 | +85.2% |
| Operating margin | 4.7% | 4.8% | +0.1 pp |
| Employees | 164 people | 279 people | +70.1% |
| Cash and equivalents | ¥3732992000 | ¥5911646000 | +58.4% |

### 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 |
| --- | ---: |
| メモリ製品製造販売事業 → 事業再編・廃止 | 61.1% |
| 通信コンサルティング事業 → 事業再編・廃止 | 24.4% |
| HPC事業 → HPC事業 | 14.5% |
| 新設・再編 → メモリ・PC関連デバイス・IoT事業 | 53.5% |
| 新設・再編 → 通信建設テック事業 | 30.5% |
| 新設・再編 → HPC事業 | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Memory, Computer devices, and IoT business | 3 years | +32.5% | ¥13641710000 | 2.4% | 2 |
| Telecom Construction Tech | 3 years | +8.5% | ¥7786359000 | 5.1% | 2 |
| High performance computing | 5 years | +14.0% | ¥4087616000 | 10.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,783 | 100.0% | S100YH7L |
| Cost of revenue | 22,084 | 82.5% | S100YH7L |
| Gross profit | 4,699 | 17.5% | S100YH7L |
| SG&A | 3,408 | 12.7% | S100YH7L |
| Operating income | 1,291 | 4.8% | S100YH7L |
| Ordinary income | 1,373 | 5.1% | S100YH7L |
| Pretax income | 1,357 | 5.1% | S100YH7L |
| Income tax | 366 | 1.4% | S100YH7L |
| Net income | 990 | 3.7% | S100YH7L |
| Net income attributable to owners | 883 | 3.3% | S100YH7L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.5% → Operating margin 4.8% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +46.6%; Core profit growth: +80.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.72×
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 | 18,272 | 26,783 | 8,511 | +46.6% |
| Gross profit | 3,869 | 4,699 | 829 | +21.4% |
| Operating income | 716 | 1,291 | 574 | +80.2% |
| Net income attributable to owners | 112 | 883 | 771 | +686.6% |
| Operating cash flow | -374 | -31 | 344 | — |
| Free cash flow | -541 | -92 | 449 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,574 | 642 | 5.1% | 655 | -246 | -311 | S100LTP4 |
| FY ending Mar 2021 | 14,743 | 697 | 4.7% | 346 | 949 | 879 | S100OGJ8 |
| FY ending Mar 2022 | 16,167 | 722 | 4.5% | 382 | -147 | -226 | S100R5FS |
| FY ending Mar 2023 | 15,007 | 1,064 | 7.1% | 702 | -20 | -59 | S100TW0Z |
| FY ending Mar 2024 | 15,849 | 839 | 5.3% | 293 | -41 | -212 | S100W7J1 |
| FY ending Mar 2025 | 18,272 | 716 | 3.9% | 112 | -374 | -541 | S100YH7L |
| FY ending Mar 2026 | 26,783 | 1,291 | 4.8% | 883 | -31 | -92 | S100YH7L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 196 | 221 | 241 | 266 | 279 |
| Average salary (parent company) | ¥5.9M | ¥5.1M | ¥6.6M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 38.0 years | 38.0 years | 38.0 years | 37.0 years | 38.0 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 4.0 years | 4.0 years | 3.0 years |

Year over year: Employees (consolidated) +4.9% · Revenue (consolidated) +46.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Memory, Computer devices, and IoT business | 13,642 | 53.5% | 322 | 2.4% |
| Telecom Construction Tech | 7,786 | 30.5% | 395 | 5.1% |
| High performance computing | 4,088 | 16.0% | 414 | 10.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Memory, Computer devices, and IoT business | 53.5% | 28.4% | -25.0 | 2.4% |
| Telecom Construction Tech | 30.5% | 34.9% | 4.4 | 5.1% |
| High performance computing | 16.0% | 36.6% | 20.6 | 10.1% |

Segment → industry: High performance computing → PCs & Peripherals / Memory, Computer devices, and IoT business → PCs & Peripherals / Telecom Construction Tech → Business Process Outsourcing / Telecom Construction Tech → Plant Engineering & Building Services

## 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 | -31 | -0.1% | S100YH7L |
| Capital expenditure | 61 | 0.2% | S100YH7L |
| Free cash flow | -92 | -0.3% | 算出 |
| Investing cash flow | -50 | -0.2% | S100YH7L |
| Financing cash flow | 667 | 2.5% | S100YH7L |
| Change in cash | 586 | 2.2% | S100YH7L |
| Cash and equivalents | 5,912 | 22.1% | S100YH7L |

## 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 | 3,728 | 3,396 | 4,114 | 5,326 | 5,912 | S100TW0Z, S100W7J1, S100YH7L |
| Total assets | 9,178 | 10,136 | 11,468 | 13,628 | 17,765 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Net assets | 2,673 | 3,427 | 3,795 | 3,978 | 4,968 | S100TW0Z, S100W7J1, S100YH7L |
| Share capital | 700 | 100 | 100 | 100 | 100 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Property, plant and equipment | 141 | 202 | 236 | 257 | 267 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Intangible assets excluding goodwill | 16 | 289 | 99 | 282 | 224 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Goodwill | 12 | 284 | 6 | 116 | 87 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Current assets | 8,765 | 9,317 | 10,749 | 12,658 | 16,770 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Current liabilities | 5,725 | 5,799 | 6,313 | 6,818 | 10,638 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Short-term borrowings | 2,950 | 3,050 | 3,450 | 3,650 | 5,062 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Long-term borrowings | 623 | 702 | 1,191 | 2,397 | 1,762 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Bonds | 24 | 58 | — | 240 | 180 | S100R5FS, S100TW0Z, S100YH7L |
| Interest-bearing debt | 3,597 | 3,810 | — | 6,287 | 7,004 | 算出 |
| Total liabilities | 6,504 | 6,709 | 7,673 | 9,650 | 12,797 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Non-controlling interests | 244 | 301 | 375 | 446 | 554 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Equity attributable to owners of parent | 2,425 | 3,127 | 3,419 | 3,532 | 4,415 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Retained earnings | 1,255 | 2,245 | 2,538 | 2,650 | 3,533 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100R5FS, S100TW0Z, S100W7J1, S100YH7L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YH7L |
| Property, plant and equipment | 2% | S100YH7L |
| Intangibles and goodwill | 2% | S100YH7L |
| Other assets | 63% | S100YH7L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 33% | S100YH7L |
| Equity | 28% | S100YH7L |

### 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 | 9,178 | 10,136 | 11,468 | 13,628 | 17,765 |
| Equity | 2,673 | 3,427 | 3,795 | 3,978 | 4,968 |
| Interest-bearing debt | 3,597 | 3,810 | — | 6,287 | 7,004 |
| Cash | 3,728 | 3,396 | 4,114 | 5,326 | 5,912 |

## 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) | 1.0% | S100YH7L |
| Fixed assets ÷ total assets | 1.5% | S100YH7L |
| Goodwill ÷ parent equity | 2.0% | S100YH7L |

Goodwill over 4 years: 12 → 87 JPY; total investing cash flow: -878 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) | 33.3% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | -¥1.09B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -2.4% |
| Cash vs. profit gap | -914 JPY mn (of net income -103.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 2.4% | 1.76× | 4.2% | 3.79× | 15.8% | S100R5FS |
| 2023 | 4.7% | 1.55× | 7.3% | 3.48× | 25.3% | S100TW0Z |
| 2024 | 1.8% | 1.47× | 2.7% | 3.30× | 8.9% | S100W7J1 |
| 2025 | 0.6% | 1.46× | 0.9% | 3.61× | 3.2% | S100YH7L |
| 2026 | 3.3% | 1.71× | 5.6% | 3.95× | 22.2% | S100YH7L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 髙島 勇二 | Major shareholder | 26.1% | 2026-03-31 |
| 堀 礼一郎 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社クベーラ・ホールディングス | Major shareholder | 2.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 松下 彰利 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.0% | 2026-03-31 |
| 古賀 広幸 | Major shareholder | 1.9% | 2026-03-31 |
| 石橋 拓朗 | Major shareholder | 1.7% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ ＮＯＮ ＴＲＥＡＴＹ ＪＡＳＤＥＣ （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 森安 英雄 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YH7L | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH7L,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W7J1 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7J1,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TW0Z | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW0Z,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R5FS | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5FS,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OGJ8 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGJ8,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LTP4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTP4,, |

## 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).