# AOKI Holdings Inc.: 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50期(2025/04/01－2026/03/31) (S100YFPQ)
> Page: https://vizora.meequs.com/en/company/aoki-holdings
> Retrieved: 2026-09-30T21:02:52.318Z

## Company

AOKI Holdings, founded in 1965, is a company in Amusement Centers & Karaoke listed on TSE Prime. It has 3,226 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AOKI Holdings Inc. |
| Ticker | 8214 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8214.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市都筑区葛が谷6番56号 |
| Representative (per filing) | 代表取締役社長 田村春生 |
| Founded | Jul 1965 |
| Share capital | ¥23.3B |
| Employees (consolidated) | 3,226 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.aoki-hd.co.jp (https://www.aoki-hd.co.jp/) |
| Corporate number | 5020001091635 |
| EDINET | E03116 |
| Industries (Vizora) | Amusement Centers & Karaoke, Sporting Goods & Fitness, Real Estate Development & Leasing, Apparel, Weddings |

> Profile source: annual securities report (S100YFPQ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.7 | 55 |
| Profitability | 81.1 | 61 |
| Cash conversion | 62.8 | 47 |
| Efficiency | 33.6 | 61 |

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 AOKI Holdings's sales come from Fashion, with Entertainment and Anniversaire and Bridal making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +8.3%.

## Company structure

- Segment revenue mix: Fashion 52.9%、Entertainment 39.5%、Anniversaire and Bridal 6.4%、Real estate lease 1.1%、Other 0.1%
- Revenue → net income: ¥194532000000 → ¥9469000000
- Net income → operating cash flow: ¥9469000000 → ¥17635000000（difference ¥8166000000）
- Main uses of operating cash flow: CapEx ¥12331000000 / dividends ¥6720000000 / buybacks ¥1000000
- Change in cash: ¥-7871000000
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 | ¥194.5B |  |
| Operating income | ¥16.9B | Margin 8.7% |
| Net income | ¥9.46B | Margin 4.9% |
| Free cash flow | ¥5.3B |  |
| Largest business | Fashion | of segment revenue 52.9% |
| Employees (consolidated) | 3,226 |  |
| EPS | ¥80.48 |  |
| Book value per share | ¥1434.1 |  |
| Equity ratio | 64.3% |  |
| Shares outstanding | 86,649,504 |  |
| Treasury shares | 2,491,400 |  |
| Shareholders | 63,716 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 12.0% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | +5.7 pp | Apparel |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥143169000000 | ¥194532000000 | +35.9% |
| Operating income | ¥-5793000000 | ¥16947000000 | — |
| Operating margin | -4.0% | 8.7% | +12.8 pp |
| Employees | 3,487 people | 3,226 people | -7.5% |
| Cash and equivalents | ¥29941000000 | ¥27008000000 | -9.8% |

### 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 |
| --- | ---: |
| ファッション事業 → ファッション事業 | 52.9% |
| ファッション事業 → 事業再編・廃止 | 6.7% |
| エンターテイメント事業 → エンターテイメント事業 | 33.9% |
| アニヴェルセル・ブライダル事業 → アニヴェルセル・ブライダル事業 | 5.6% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.8% |
| その他 → その他 | 0.1% |
| 新設・再編 → エンターテイメント事業 | 5.6% |
| 新設・再編 → アニヴェルセル・ブライダル事業 | 0.8% |
| 新設・再編 → 不動産賃貸事業 | 0.3% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fashion | 5 years | +3.8% | ¥102892000000 | 8.3% | 2 |
| Entertainment | 5 years | +9.6% | ¥76762000000 | 9.5% | 2 |
| Anniversaire and Bridal | 5 years | +9.1% | ¥12436000000 | 7.0% | 2 |
| Real estate lease | 5 years | +13.4% | ¥2202000000 | 70.1% | 2 |
| Other | 5 years | +21.3% | ¥239000000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 194,532 | 100.0% | S100YFPQ |
| Cost of revenue | 111,651 | 57.4% | S100YFPQ |
| Gross profit | 82,881 | 42.6% | S100YFPQ |
| SG&A | 65,933 | 33.9% | S100YFPQ |
| Operating income | 16,947 | 8.7% | S100YFPQ |
| Ordinary income | 16,370 | 8.4% | S100YFPQ |
| Pretax income | 14,975 | 7.7% | S100YFPQ |
| Income tax | 5,506 | 2.8% | S100YFPQ |
| Net income | 9,469 | 4.9% | S100YFPQ |
| Net income attributable to owners | 9,461 | 4.9% | S100YFPQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 34 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 42.6% → Operating margin 8.7% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +8.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.69×
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 | 192,688 | 194,532 | 1,844 | +1.0% |
| Gross profit | 80,690 | 82,881 | 2,191 | +2.7% |
| Operating income | 15,646 | 16,947 | 1,301 | +8.3% |
| Net income attributable to owners | 9,574 | 9,461 | -113 | -1.2% |
| Operating cash flow | 21,736 | 17,635 | -4,101 | -18.9% |
| Free cash flow | 11,011 | 5,304 | -5,707 | -51.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 180,220 | 6,649 | 3.7% | 447 | 14,803 | -127 | S100LNBX |
| FY ending Mar 2021 | 143,169 | -5,793 | -4.0% | -11,931 | 4,351 | -6,589 | S100OKYF |
| FY ending Mar 2022 | 154,916 | 5,443 | 3.5% | 2,563 | 17,132 | 8,755 | S100RCC3 |
| FY ending Mar 2023 | 176,170 | 10,235 | 5.8% | 5,632 | 17,475 | 12,127 | S100TW11 |
| FY ending Mar 2024 | 187,716 | 13,860 | 7.4% | 7,574 | 17,593 | 5,700 | S100W5EZ |
| FY ending Mar 2025 | 192,688 | 15,646 | 8.1% | 9,574 | 21,736 | 11,011 | S100YFPQ |
| FY ending Mar 2026 | 194,532 | 16,947 | 8.7% | 9,461 | 17,635 | 5,304 | S100YFPQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.3M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 2,988 | 2,967 | 3,014 | 3,098 | 3,226 |
| Average salary (parent company) | ¥6.3M | ¥7M | ¥6.6M | ¥7.5M | ¥7.4M |
| Average age (parent company) | 40.1 years | 41.4 years | 42.8 years | 45.0 years | 44.8 years |
| Average tenure (parent company) | 7.6 years | 7.2 years | 7.2 years | 7.5 years | 7.8 years |

Year over year: Employees (consolidated) +4.1% · Revenue (consolidated) +1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fashion | 102,892 | 52.9% | 8,508 | 8.3% |
| Entertainment | 76,762 | 39.5% | 7,267 | 9.5% |
| Anniversaire and Bridal | 12,436 | 6.4% | 874 | 7.0% |
| Real estate lease | 2,202 | 1.1% | 1,544 | 70.1% |
| Other | 239 | 0.1% | 16 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fashion | 52.9% | 46.7% | -6.2 | 8.3% |
| Entertainment | 39.5% | 39.9% | 0.4 | 9.5% |
| Anniversaire and Bridal | 6.4% | 4.8% | -1.6 | 7.0% |
| Real estate lease | 1.1% | 8.5% | 7.3 | 70.1% |
| Other | 0.1% | 0.1% | -0.0 | 6.7% |

Segment → industry: Entertainment → Amusement Centers & Karaoke / Entertainment → Sporting Goods & Fitness / Real estate lease → Real Estate Development & Leasing / Fashion → Apparel / Anniversaire and Bridal → Weddings

## 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 | 17,635 | 9.1% | S100YFPQ |
| Capital expenditure | 12,331 | 6.3% | S100YFPQ |
| Free cash flow | 5,304 | 2.7% | 算出 |
| Investing cash flow | -10,562 | -5.4% | S100YFPQ |
| Financing cash flow | -14,945 | -7.7% | S100YFPQ |
| Dividends paid | 6,720 | 3.5% | S100YFPQ |
| Share buyback | 1 | 0.0% | S100YFPQ |
| Change in cash | -7,871 | -4.0% | S100YFPQ |
| Cash and equivalents | 27,008 | 13.9% | S100YFPQ |

## 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 | 37,937 | 38,295 | 35,657 | 34,880 | 27,008 | S100TW11, S100W5EZ, S100YFPQ |
| Total assets | 233,008 | 233,416 | 236,327 | 232,976 | 225,455 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Net assets | 127,641 | 132,251 | 137,056 | 142,140 | 145,208 | S100TW11, S100W5EZ, S100YFPQ |
| Share capital | 23,282 | 23,282 | 23,282 | 23,282 | 23,282 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Inventories | 18,330 | 19,465 | 22,247 | 22,737 | 23,370 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Property, plant and equipment | 113,422 | 109,299 | 111,042 | 112,110 | 113,264 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Intangible assets excluding goodwill | 5,538 | 7,007 | 6,771 | 6,403 | 7,121 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Goodwill | — | 346 | 264 | — | 8 | S100TW11, S100W5EZ, S100YFPQ |
| Investment securities | 2,477 | 2,249 | 2,199 | 760 | 541 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Current assets | 74,513 | 78,836 | 81,800 | 79,819 | 70,865 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Current liabilities | 44,415 | 48,904 | 51,857 | 50,627 | 46,009 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Short-term borrowings | — | — | — | — | 1,000 | S100YFPQ |
| Long-term borrowings | 44,314 | 36,206 | 32,687 | 25,684 | 18,960 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Total liabilities | 105,366 | 101,164 | 99,270 | 90,835 | 80,247 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Non-controlling interests | — | 281 | 299 | 298 | 306 | S100TW11, S100W5EZ, S100YFPQ |
| Equity attributable to owners of parent | 126,484 | 131,022 | 135,645 | 140,952 | 143,789 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Retained earnings | 82,821 | 87,434 | 92,813 | 98,017 | 100,749 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |
| Treasury stock | -3,489 | -3,490 | -3,047 | -2,960 | -2,887 | S100RCC3, S100TW11, S100W5EZ, S100YFPQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YFPQ |
| Inventories | 11% | S100YFPQ |
| Property, plant and equipment | 50% | S100YFPQ |
| Intangibles and goodwill | 3% | S100YFPQ |
| Investment securities | 0% | S100YFPQ |
| Other assets | 24% | S100YFPQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YFPQ |
| Equity | 64% | S100YFPQ |

### 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 | 233,008 | 233,416 | 236,327 | 232,976 | 225,455 |
| Equity | 127,641 | 132,251 | 137,056 | 142,140 | 145,208 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,937 | 38,295 | 35,657 | 34,880 | 27,008 |

## 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) | 58.2% | S100YFPQ |
| Fixed assets ÷ total assets | 50.2% | S100YFPQ |
| Goodwill ÷ parent equity | 0.0% | S100YFPQ |

### 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) | 12.0% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.1% |
| Cash vs. profit gap | 8,174 JPY mn (of net income 86.4%) |
| Shareholder returns / net income | 71.0% |
| Shareholder returns / FCF | 126.7% |
| Shareholder payments — dividends / net income | 71.0% |
| Shareholder payments — dividends / FCF | 126.7% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 59.9% |

## 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 | 1.7% | 0.66× | 1.1% | 1.84× | 2.0% | S100RCC3 |
| 2023 | 3.2% | 0.76× | 2.4% | 1.81× | 4.4% | S100TW11 |
| 2024 | 4.0% | 0.80× | 3.2% | 1.76× | 5.7% | S100W5EZ |
| 2025 | 5.0% | 0.82× | 4.1% | 1.70× | 6.9% | S100YFPQ |
| 2026 | 4.9% | 0.85× | 4.1% | 1.61× | 6.6% | S100YFPQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アニヴェルセルＨＯＬＤＩＮＧＳ | Major shareholder | 38.5% | 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 | 6.1% | 2026-03-31 |
| 株式会社トレイデアーリ | Major shareholder | 5.1% | 2026-03-31 |
| 青 木 彰 宏 | Major shareholder | 3.1% | 2026-03-31 |
| 青 木 柾 允 | Major shareholder | 3.0% | 2026-03-31 |
| ＡＯＫＩホールディングス取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 青 木 擴 憲 | Major shareholder | 2.2% | 2026-03-31 |
| 青 木 寶 久 | Major shareholder | 2.2% | 2026-03-31 |
| ＡＯＫＩホールディングス従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/04/01－2026/03/31) | S100YFPQ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFPQ,, |
| 有価証券報告書－第49期(2024/04/01－2025/03/31) | S100W5EZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5EZ,, |
| 有価証券報告書－第48期(2023/04/01－2024/03/31) | S100TW11 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW11,, |
| 訂正有価証券報告書－第47期(2022/04/01－2023/03/31) | S100RCC3 | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCC3,, |
| 有価証券報告書－第46期(令和3年4月1日－令和4年3月31日) | S100OKYF | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKYF,, |
| 有価証券報告書－第45期(令和2年4月1日－令和3年3月31日) | S100LNBX | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNBX,, |

## 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).