# ALLIED TELESIS HOLDINGS K.K.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/01/01－2025/12/31) (S100XVFP)
> Page: https://vizora.meequs.com/en/company/allied-telesis-holdings
> Retrieved: 2026-09-30T19:13:19.015Z

## Company

Allied Telesis Holdings, founded in 1987, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 1,856 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALLIED TELESIS HOLDINGS K.K. |
| Ticker | 6835 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6835.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田七丁目21番11号 |
| Representative (per filing) | 代表取締役会長兼社長 サチエ オオシマ |
| Founded | Mar 1987 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,856 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | December |
| Website | www.at-global.com (https://www.at-global.com/) |
| Corporate number | 4010701012116 |
| EDINET | E01867 |
| Industries (Vizora) | Smartphones & Communications Equipment |

> Profile source: annual securities report (S100XVFP, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 10 |
| Profitability | 70.8 | 12 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 87.5 | 12 |

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 67% of Allied Telesis Holdings's sales come from Japan, with America and EMEA making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +23.5%.

## Company structure

- Segment revenue mix: Japan 66.5%、America 15.6%、EMEA 12.1%、Asia Oceania 5.8%
- Revenue → net income: ¥49950064000 → ¥2921999000
- Net income → operating cash flow: ¥2921999000 → ¥6747143000（difference ¥3825144000）
- Main uses of operating cash flow: CapEx ¥525884000 / dividends ¥642764000 / buybacks ¥489801000
- Change in cash: ¥2769734000
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 | ¥50B |  |
| Operating income | ¥4.23B | Margin 8.5% |
| Net income | ¥2.92B | Margin 5.8% |
| Free cash flow | ¥6.22B |  |
| Largest business | Japan | of segment revenue 66.5% |
| Employees (consolidated) | 1,856 |  |
| EPS | ¥18.77 |  |
| Book value per share | ¥129.48 |  |
| Equity ratio | 43.8% |  |
| Shares outstanding | 105,012,176 |  |
| Shareholders | 13,444 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 34.9% | Cash ÷ revenue 34.1% |
| Vs. industry median margin | +3.1 pp | Smartphones & Communications Equipment |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, parent-company salary changed +35% over five years
- FY2025, employees -1% while operating income rose 23%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29381092000 | ¥49950064000 | +70.0% |
| Operating income | ¥624415000 | ¥4228756000 | +577.2% |
| Operating margin | 2.1% | 8.5% | +6.3 pp |
| Employees | 1,724 people | 1,856 people | +7.7% |
| Cash and equivalents | ¥4060310000 | ¥17029080000 | +319.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 66.5% |
| 日本 → 事業再編・廃止 | 3.8% |
| 米州 → 米州 | 13.4% |
| EMEA → EMEA | 11.2% |
| アジア・オセアニア → アジア・オセアニア | 5.0% |
| 新設・再編 → 米州 | 2.1% |
| 新設・再編 → EMEA | 0.8% |
| 新設・再編 → アジア・オセアニア | 0.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +10.0% | ¥33222855000 | 7.0% | 2 |
| America | 5 years | +14.5% | ¥7775416000 | 13.1% | 2 |
| EMEA | 5 years | +12.8% | ¥6038866000 | 4.5% | 2 |
| Asia Oceania | 5 years | +14.5% | ¥2912926000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,950 | 100.0% | S100XVFP |
| Cost of revenue | 20,675 | 41.4% | S100XVFP |
| Gross profit | 29,275 | 58.6% | S100XVFP |
| SG&A | 25,047 | 50.1% | S100XVFP |
| Operating income | 4,229 | 8.5% | S100XVFP |
| Ordinary income | 3,800 | 7.6% | S100XVFP |
| Pretax income | 3,719 | 7.4% | S100XVFP |
| Income tax | 797 | 1.6% | S100XVFP |
| Net income | 2,922 | 5.8% | S100XVFP |
| Net income attributable to owners | 2,920 | 5.8% | S100XVFP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 50 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 58.6% → Operating margin 8.5% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +23.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.63×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,459 | 49,950 | 1,491 | +3.1% |
| Gross profit | 27,899 | 29,275 | 1,376 | +4.9% |
| Operating income | 3,425 | 4,229 | 804 | +23.5% |
| Net income attributable to owners | 3,602 | 2,920 | -682 | -18.9% |
| Operating cash flow | 5,743 | 6,747 | 1,004 | +17.5% |
| Free cash flow | 5,085 | 6,221 | 1,136 | +22.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 29,122 | 246 | 0.8% | 135 | 406 | -365 | S100L1EM |
| FY ending Dec 2020 | 29,381 | 624 | 2.1% | 186 | 913 | 378 | S100NSTP |
| FY ending Dec 2021 | 33,265 | 1,403 | 4.2% | 1,370 | 2,540 | 2,192 | S100QHBC |
| FY ending Dec 2022 | 41,498 | 1,885 | 4.5% | 8,605 | 8,407 | 7,120 | S100T6CK |
| FY ending Dec 2023 | 44,386 | 2,208 | 5.0% | 1,090 | -74 | -955 | S100VI7Q |
| FY ending Dec 2024 | 48,459 | 3,425 | 7.1% | 3,602 | 5,743 | 5,085 | S100XVFP |
| FY ending Dec 2025 | 49,950 | 4,229 | 8.5% | 2,920 | 6,747 | 6,221 | S100XVFP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.9M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,807 | 1,792 | 1,850 | 1,879 | 1,856 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥8.4M | ¥8.4M | ¥9.5M |
| Average age (parent company) | 45.1 years | 47.3 years | 44.9 years | 44.5 years | 45.9 years |
| Average tenure (parent company) | 15.0 years | 16.0 years | 13.0 years | 14.0 years | 16.0 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 33,223 | 66.5% | 2,321 | 7.0% |
| America | 7,775 | 15.6% | 1,019 | 13.1% |
| EMEA | 6,039 | 12.1% | 272 | 4.5% |
| Asia Oceania | 2,913 | 5.8% | 478 | 16.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 66.5% | 56.8% | -9.8 | 7.0% |
| America | 15.6% | 24.9% | 9.3 | 13.1% |
| EMEA | 12.1% | 6.6% | -5.4 | 4.5% |
| Asia Oceania | 5.8% | 11.7% | 5.9 | 16.4% |

Segment → industry: Asia Oceania → Smartphones & Communications Equipment / EMEA → Smartphones & Communications Equipment / America → Smartphones & Communications Equipment / Japan → Smartphones & Communications Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,747 | 13.5% | S100XVFP |
| Capital expenditure | 526 | 1.1% | S100XVFP |
| Free cash flow | 6,221 | 12.5% | 算出 |
| Investing cash flow | -537 | -1.1% | S100XVFP |
| Financing cash flow | -3,339 | -6.7% | S100XVFP |
| Dividends paid | 643 | 1.3% | S100XVFP |
| Share buyback | 490 | 1.0% | S100XVFP |
| Change in cash | 2,770 | 5.5% | S100XVFP |
| Cash and equivalents | 17,029 | 34.1% | S100XVFP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,718 | 9,052 | 10,701 | 14,259 | 17,029 | S100T6CK, S100VI7Q, S100XVFP |
| Total assets | 28,883 | 41,637 | 45,495 | 46,487 | 48,729 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Net assets | 6,201 | 15,768 | 17,468 | 19,452 | 21,334 | S100T6CK, S100VI7Q, S100XVFP |
| Share capital | 10,019 | 10,019 | 10,019 | 10,019 | 10,019 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Trade receivables | 5,378 | — | — | — | — | S100QHBC |
| Property, plant and equipment | 5,815 | 7,861 | 7,913 | 6,750 | 7,001 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Intangible assets excluding goodwill | 226 | 262 | 300 | 211 | 207 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Investment securities | 3 | 3 | 3 | 2 | 2 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Current assets | 18,533 | 29,520 | 32,805 | 35,420 | 37,178 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Current liabilities | 16,461 | 19,753 | 19,862 | 20,724 | 22,521 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Trade payables | 3,113 | 3,998 | 3,603 | 3,189 | 3,943 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Short-term borrowings | 1,300 | — | — | — | — | S100QHBC |
| Long-term borrowings | 2,516 | 1,397 | 4,642 | 3,017 | 1,834 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Total liabilities | 22,682 | 25,869 | 28,027 | 27,035 | 27,395 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Non-controlling interests | — | — | — | — | 3 | S100XVFP |
| Equity attributable to owners of parent | 5,773 | 14,520 | 15,610 | 16,850 | 18,633 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Retained earnings | -4,446 | 4,301 | 5,391 | 7,031 | 8,614 | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |
| Treasury stock | -0 | -0 | -0 | -200 | — | S100QHBC, S100T6CK, S100VI7Q, S100XVFP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XVFP |
| Property, plant and equipment | 14% | S100XVFP |
| Intangibles and goodwill | 1% | S100XVFP |
| Investment securities | 0% | S100XVFP |
| Other assets | 50% | S100XVFP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XVFP |
| Other liabilities | 48% | S100XVFP |
| Equity | 44% | S100XVFP |
| Other liabilities | 0% | S100XVFP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,883 | 41,637 | 45,495 | 46,487 | 48,729 |
| Equity | 6,201 | 15,768 | 17,468 | 19,452 | 21,334 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,718 | 9,052 | 10,701 | 14,259 | 17,029 |

## 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) | 14.0% | S100XVFP |
| Fixed assets ÷ total assets | 14.4% | S100XVFP |
| Goodwill ÷ parent equity | — | —, S100XVFP |

### 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) | 34.9% |
| Cash ÷ revenue | 34.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.6% |
| Cash vs. profit gap | 3,827 JPY mn (of net income 131.1%) |
| Shareholder returns / net income | 38.8% |
| Shareholder returns / FCF | 18.2% |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | 10.3% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 8.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.15× | 4.7% | 5.00× | 23.7% | S100QHBC |
| 2022 | 20.7% | 1.18× | 24.4% | 3.48× | 84.8% | S100T6CK |
| 2023 | 2.5% | 1.02× | 2.5% | 2.89× | 7.2% | S100VI7Q |
| 2024 | 7.4% | 1.05× | 7.8% | 2.83× | 22.2% | S100XVFP |
| 2025 | 5.8% | 1.05× | 6.1% | 2.68× | 16.5% | S100XVFP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| OSHIMA GENERAL HOLDINGS No.1,LLC(常任代理人：みずほ証券株式会社) | Major shareholder | 45.4% | 2025-12-31 |
| 立花証券株式会社 | Major shareholder | 6.4% | 2025-12-31 |
| 横山 尚之 | Major shareholder | 1.4% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人：シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.9% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 野村證券株式会社(常任代理人：株式会社三井住友銀行) | Major shareholder | 0.8% | 2025-12-31 |
| BOFAS INC SEGREGATION ACCOUNT(常任代理人：BOFA証券株式会社) | Major shareholder | 0.6% | 2025-12-31 |
| アライドテレシスホールディングス従業員持株会 | Major shareholder | 0.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-12-31 |
| 福永 嘉之 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/01/01－2025/12/31) | S100XVFP | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVFP,, |
| 有価証券報告書－第38期(2024/01/01－2024/12/31) | S100VI7Q | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI7Q,, |
| 有価証券報告書－第37期(2023/01/01－2023/12/31) | S100T6CK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6CK,, |
| 有価証券報告書－第36期(2022/01/01－2022/12/31) | S100QHBC | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHBC,, |
| 有価証券報告書－第35期(令和3年1月1日－令和3年12月31日) | S100NSTP | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSTP,, |
| 有価証券報告書－第34期(令和2年1月1日－令和2年12月31日) | S100L1EM | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1EM,, |

## 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).