# AlphaPurchase Corporation: 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16期(2025/01/01－2025/12/31) (S100XT1E)
> Page: https://vizora.meequs.com/en/company/alphapurchase
> Retrieved: 2026-09-30T19:05:55.782Z

## Company

AlphaPurchase, founded in 2000, is a company in Real Estate Brokerage & Management listed on TSE Standard. It has 265 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AlphaPurchase Corporation |
| Ticker | 7115 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7115.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田一丁目4番28号三田国際ビル |
| Representative (per filing) | 代表取締役 社長 田辺 孝夫 |
| Founded | Nov 2000 |
| Share capital | ¥644.2M |
| Employees (consolidated) | 265 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.alphapurchase.co.jp (https://www.alphapurchase.co.jp/) |
| Corporate number | 8010401090648 |
| EDINET | E38118 |
| Industries (Vizora) | Real Estate Brokerage & Management, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XT1E, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.9 | 179 |
| Profitability | 44.1 | 185 |
| Cash conversion | 27.1 | 179 |
| Efficiency | 94.9 | 185 |

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 75% of AlphaPurchase's sales come from MRO business, with FM business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +18.2%.

## Company structure

- Segment revenue mix: MRO business 75.2%、FM business 24.7%、Other 0.0%
- Revenue → net income: ¥58922469000 → ¥1031264000
- Net income → operating cash flow: ¥1031264000 → ¥903924000（difference ¥-127340000）
- Main uses of operating cash flow: CapEx ¥893942000 / dividends ¥261965000 / buybacks ¥225786000
- Change in cash: ¥-398855000
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 | ¥58.9B |  |
| Operating income | ¥1.47B | Margin 2.5% |
| Net income | ¥1.03B | Margin 1.8% |
| Free cash flow | ¥10M |  |
| Largest business | MRO business | of segment revenue 75.2% |
| Employees (consolidated) | 265 |  |
| EPS | ¥98.36 |  |
| Diluted EPS | ¥94.49 |  |
| Book value per share | ¥671.17 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 9,854,500 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,969 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -0.4 pp | Specialty Trading & Wholesale |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 81% of positive segment profit
- FY2025, cash is 27% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37948178000 | ¥58922469000 | +55.3% |
| Operating income | ¥864427000 | ¥1468544000 | +69.9% |
| Operating margin | 2.3% | 2.5% | +0.2 pp |
| Employees | 240 people | 265 people | +10.4% |
| Cash and equivalents | ¥2864856000 | ¥5360227000 | +87.1% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 |
| --- | ---: |
| MRO事業 → MRO事業 | 74.5% |
| FM事業 → FM事業 | 24.7% |
| FM事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → MRO事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| MRO business | 4 years | +11.9% | ¥44321898000 | 2.7% | 2 |
| FM business | 4 years | +11.0% | ¥14578573000 | 1.4% | 2 |
| Other | 4 years | -31.3% | ¥21997000 | 356.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,922 | 100.0% | S100XT1E |
| Cost of revenue | 52,817 | 89.6% | S100XT1E |
| Gross profit | 6,105 | 10.4% | S100XT1E |
| SG&A | 4,637 | 7.9% | S100XT1E |
| Operating income | 1,469 | 2.5% | S100XT1E |
| Ordinary income | 1,483 | 2.5% | S100XT1E |
| Pretax income | 1,483 | 2.5% | S100XT1E |
| Income tax | 452 | 0.8% | S100XT1E |
| Net income | 1,031 | 1.8% | S100XT1E |
| Net income attributable to owners | 1,031 | 1.8% | S100XT1E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.4% → Operating margin 2.5% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +18.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.43×
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 | 55,953 | 58,922 | 2,970 | +5.3% |
| Gross profit | 5,524 | 6,105 | 581 | +10.5% |
| Operating income | 1,242 | 1,469 | 226 | +18.2% |
| Net income attributable to owners | 866 | 1,031 | 165 | +19.1% |
| Operating cash flow | 2,472 | 904 | -1,568 | -63.4% |
| Free cash flow | 1,668 | 10 | -1,658 | -99.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 37,948 | 864 | 2.3% | 511 | 473 | -170 | S100QFVV |
| FY ending Dec 2022 | 44,383 | 1,042 | 2.3% | 704 | 1,377 | 697 | S100T4JC |
| FY ending Dec 2023 | 51,951 | 1,188 | 2.3% | 851 | 1,224 | 508 | S100VHG0 |
| FY ending Dec 2024 | 55,953 | 1,242 | 2.2% | 866 | 2,472 | 1,668 | S100XT1E |
| FY ending Dec 2025 | 58,922 | 1,469 | 2.5% | 1,031 | 904 | 10 | S100XT1E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥222.3M |
| Operating income per employee (consolidated) | ¥5.5M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 240 | 252 | 262 | 264 | 265 |
| Average salary (parent company) | — | ¥5.5M | ¥5.7M | ¥5.6M | ¥5.6M |
| Average age (parent company) | — | 41.7 years | 40.8 years | 40.4 years | 40.0 years |
| Average tenure (parent company) | — | 7.4 years | 6.9 years | 7.4 years | 7.6 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MRO business | 44,322 | 75.2% | 1,187 | 2.7% |
| FM business | 14,579 | 24.7% | 203 | 1.4% |
| Other | 22 | 0.0% | 78 | 356.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MRO business | 75.2% | 80.8% | 5.6 | 2.7% |
| FM business | 24.7% | 13.9% | -10.9 | 1.4% |
| Other | 0.0% | 5.3% | 5.3 | 356.3% |

Segment → industry: FM business → Real Estate Brokerage & Management / MRO business → Specialty Trading & Wholesale

## 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 | 904 | 1.5% | S100XT1E |
| Capital expenditure | 894 | 1.5% | S100XT1E |
| Free cash flow | 10 | 0.0% | 算出 |
| Investing cash flow | -924 | -1.6% | S100XT1E |
| Financing cash flow | -380 | -0.6% | S100XT1E |
| Dividends paid | 262 | 0.4% | S100XT1E |
| Share buyback | 226 | 0.4% | S100XT1E |
| Change in cash | -399 | -0.7% | S100XT1E |
| Cash and equivalents | 5,360 | 9.1% | S100XT1E |

## 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 | 2,865 | 3,897 | 4,170 | 5,759 | 5,360 | S100T4JC, S100VHG0, S100XT1E |
| Total assets | 13,245 | 15,285 | 17,115 | 18,381 | 19,854 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Net assets | 3,046 | 4,594 | 5,370 | 6,072 | 6,743 | S100T4JC, S100VHG0, S100XT1E |
| Share capital | 50 | 523 | 557 | 580 | 644 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Property, plant and equipment | 139 | 165 | 116 | 82 | 58 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Intangible assets excluding goodwill | 1,633 | 1,793 | 1,882 | 2,112 | 2,347 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Current assets | 11,067 | 12,912 | 14,696 | 15,926 | 17,145 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Current liabilities | 9,944 | 10,578 | 11,691 | 12,275 | 13,040 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Long-term borrowings | 215 | 77 | 23 | 3 | — | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Total liabilities | 10,199 | 10,691 | 11,745 | 12,310 | 13,112 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Equity attributable to owners of parent | 3,046 | 4,593 | 5,370 | 6,072 | 6,743 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Retained earnings | 2,743 | 3,345 | 4,054 | 4,708 | 5,478 | S100QFVV, S100T4JC, S100VHG0, S100XT1E |
| Treasury stock | — | — | -0 | -0 | -226 | S100VHG0, S100XT1E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XT1E |
| Property, plant and equipment | 0% | S100XT1E |
| Intangibles and goodwill | 12% | S100XT1E |
| Other assets | 61% | S100XT1E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XT1E |
| Equity | 34% | S100XT1E |

### 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 | 13,245 | 15,285 | 17,115 | 18,381 | 19,854 |
| Equity | 3,046 | 4,594 | 5,370 | 6,072 | 6,743 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,865 | 3,897 | 4,170 | 5,759 | 5,360 |

## 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) | 0.1% | S100XT1E |
| Fixed assets ÷ total assets | 0.3% | S100XT1E |
| Goodwill ÷ parent equity | — | —, S100XT1E |

### 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) | 27.0% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 61.6% |
| Cash vs. profit gap | -127 JPY mn (of net income -12.3%) |
| Shareholder returns / net income | 47.3% |
| Shareholder returns / FCF | 4886.3% |
| Shareholder payments — dividends / net income | 25.4% |
| Shareholder payments — dividends / FCF | 2624.4% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 102.2% |

## 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 | 1.3% | 2.87× | 3.9% | 4.35× | 16.8% | S100QFVV |
| 2022 | 1.6% | 3.11× | 4.9% | 3.73× | 18.4% | S100T4JC |
| 2023 | 1.6% | 3.21× | 5.3% | 3.25× | 17.1% | S100VHG0 |
| 2024 | 1.5% | 3.15× | 4.9% | 3.10× | 15.1% | S100XT1E |
| 2025 | 1.8% | 3.08× | 5.4% | 2.98× | 16.1% | S100XT1E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アスクル株式会社 | Major shareholder | 61.4% | 2025-12-31 |
| アズワン株式会社 | Major shareholder | 7.3% | 2025-12-31 |
| NORTHERN TRUST CO．(AVFC) RE NON TREATY CLIENTS ACCOUNT | Major shareholder | 3.4% | 2025-12-31 |
| 豊島不動産株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| 多田 雅之 | Major shareholder | 1.6% | 2025-12-31 |
| 中川特殊鋼MROパートナーズ投資事業組合 | Major shareholder | 1.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.0% | 2025-12-31 |
| 田邉 孝夫 | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 0.9% | 2025-12-31 |
| 菊地 雅巳 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XT1E | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT1E,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VHG0 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHG0,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T4JC | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4JC,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QFVV | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFVV,, |

## 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).