# Aoyama Zaisan Networks Company,Limited: 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35期(2025/01/01－2025/12/31) (S100XTDE)
> Page: https://vizora.meequs.com/en/company/aoyama-zaisan-networks
> Retrieved: 2026-09-30T19:14:31.837Z

## Company

Aoyama Zaisan Networks, founded in 1999, is a company in Consulting listed on TSE Standard. It has 398 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aoyama Zaisan Networks Company,Limited |
| Ticker | 8929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8929.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂八丁目4番14号 |
| Representative (per filing) | 代表取締役社長 蓮見 正純 |
| Founded | Jan 1999 |
| Share capital | ¥1.27B |
| Employees (consolidated) | 398 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | December |
| Website | www.azn.co.jp (https://www.azn.co.jp/) |
| Corporate number | 4010401087540 |
| EDINET | E05407 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XTDE, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.9 | 31 |
| Profitability | 46.6 | 44 |
| Cash conversion | 14.8 | 44 |
| Efficiency | 83 | 44 |

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)

- Aoyama Zaisan Networks brought in ¥41.8B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -8.4% from the prior year, operating profit +10.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41785000000 → ¥2766000000
- Net income → operating cash flow: ¥2766000000 → ¥903000000（difference ¥-1863000000）
- Main uses of operating cash flow: CapEx ¥134000000 / dividends ¥1148000000 / buybacks —
- Change in cash: ¥915000000
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 | ¥41.8B |  |
| Operating income | ¥3.86B | Margin 9.2% |
| Net income | ¥2.75B | Margin 6.6% |
| Free cash flow | ¥769M |  |
| Employees (consolidated) | 398 |  |
| EPS | ¥85.77 |  |
| Diluted EPS | ¥85.61 |  |
| Book value per share | ¥401.34 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 25,123,859 |  |
| Treasury shares | 1,145,200 |  |
| Shareholders | 7,427 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 52.7% | Net cash ¥9.87B · Cash ÷ revenue 33.1% |
| Vs. industry median margin | -0.3 pp | Consulting |
| ROE | 26.7% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 53% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19118353000 | ¥41785000000 | +118.6% |
| Operating income | ¥1303384000 | ¥3858000000 | +196.0% |
| Operating margin | 6.8% | 9.2% | +2.4 pp |
| Employees | 247 people | 398 people | +61.1% |
| Cash and equivalents | ¥9424000000 | ¥13849000000 | +47.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,785 | 100.0% | S100XTDE |
| Cost of revenue | 33,284 | 79.7% | S100XTDE |
| Gross profit | 8,501 | 20.3% | S100XTDE |
| SG&A | 4,642 | 11.1% | S100XTDE |
| Operating income | 3,858 | 9.2% | S100XTDE |
| Ordinary income | 3,756 | 9.0% | S100XTDE |
| Pretax income | 3,756 | 9.0% | S100XTDE |
| Income tax | 990 | 2.4% | S100XTDE |
| Net income | 2,766 | 6.6% | S100XTDE |
| Net income attributable to owners | 2,750 | 6.6% | S100XTDE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 11 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.3% → Operating margin 9.2% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -8.4%; Core profit growth: +10.0%
Operating leverage (core profit growth ÷ revenue growth): -1.19×
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 | 45,618 | 41,785 | -3,833 | -8.4% |
| Gross profit | 6,969 | 8,501 | 1,532 | +22.0% |
| Operating income | 3,506 | 3,858 | 352 | +10.0% |
| Net income attributable to owners | 2,428 | 2,750 | 322 | +13.3% |
| Operating cash flow | 6,662 | 903 | -5,759 | -86.4% |
| Free cash flow | 6,597 | 769 | -5,828 | -88.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,061 | 1,603 | 8.4% | 1,676 | 2,300 | 2,081 | S100L1MK |
| FY ending Dec 2020 | 19,118 | 1,303 | 6.8% | 801 | 1,942 | 1,471 | S100NSO6 |
| FY ending Dec 2021 | 24,213 | 1,856 | 7.7% | 1,481 | 2,389 | 2,171 | S100QIDA |
| FY ending Dec 2022 | 35,952 | 2,629 | 7.3% | 1,694 | 2,219 | 2,093 | S100T635 |
| FY ending Dec 2023 | 36,098 | 3,265 | 9.0% | 2,062 | 2,488 | 2,443 | S100VHWT |
| FY ending Dec 2024 | 45,618 | 3,506 | 7.7% | 2,428 | 6,662 | 6,597 | S100XTDE |
| FY ending Dec 2025 | 41,785 | 3,858 | 9.2% | 2,750 | 903 | 769 | S100XTDE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥105M |
| Operating income per employee (consolidated) | ¥9.7M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 259 | 290 | 298 | 368 | 398 |
| Average salary (parent company) | ¥7.9M | ¥8.1M | ¥8.1M | ¥8.6M | ¥9.3M |
| Average age (parent company) | 38.8 years | 39.2 years | 39.2 years | 39.1 years | 39.9 years |
| Average tenure (parent company) | 7.0 years | 6.6 years | 6.5 years | 6.1 years | 6.5 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) -8.4%

## 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 | 903 | 2.2% | S100XTDE |
| Capital expenditure | 134 | 0.3% | S100XTDE |
| Free cash flow | 769 | 1.8% | 算出 |
| Investing cash flow | 901 | 2.2% | S100XTDE |
| Financing cash flow | -888 | -2.1% | S100XTDE |
| Dividends paid | 1,148 | 2.7% | S100XTDE |
| Change in cash | 915 | 2.2% | S100XTDE |
| Cash and equivalents | 13,849 | 33.1% | S100XTDE |

## 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 | 10,862 | 12,801 | 14,693 | 12,934 | 13,849 | S100T635, S100VHWT, S100XTDE |
| Total assets | 17,426 | 21,757 | 23,491 | 23,280 | 26,278 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Net assets | 7,128 | 8,320 | 9,584 | 9,816 | 11,712 | S100T635, S100VHWT, S100XTDE |
| Share capital | 1,167 | 1,210 | 1,210 | 1,259 | 1,271 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Property, plant and equipment | 2,681 | 2,630 | 2,494 | 328 | 327 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Intangible assets excluding goodwill | 551 | 410 | 289 | 4,003 | 3,624 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Goodwill | 28 | 19 | 10 | 1,295 | 1,164 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Investment securities | 1,587 | 2,727 | 2,514 | 2,845 | 2,106 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Current assets | 12,062 | 15,416 | 17,578 | 15,415 | 19,568 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Current liabilities | 3,846 | 5,142 | 5,460 | 5,705 | 6,060 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Short-term borrowings | 200 | — | 200 | 200 | 100 | S100QIDA, S100VHWT, S100XTDE |
| Long-term borrowings | 4,679 | 6,003 | 5,781 | 3,704 | 3,826 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Bonds | 180 | 30 | — | 70 | 50 | S100QIDA, S100T635, S100XTDE |
| Interest-bearing debt | 5,059 | — | — | 3,974 | 3,976 | 算出 |
| Total liabilities | 10,298 | 13,437 | 13,906 | 13,464 | 14,566 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Non-controlling interests | 4 | 24 | 37 | 15 | 31 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Equity attributable to owners of parent | 6,955 | 8,010 | 9,204 | 9,475 | 11,126 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Retained earnings | 4,625 | 5,593 | 6,756 | 8,113 | 9,714 | S100QIDA, S100T635, S100VHWT, S100XTDE |
| Treasury stock | -167 | -168 | -144 | -1,978 | -1,954 | S100QIDA, S100T635, S100VHWT, S100XTDE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XTDE |
| Property, plant and equipment | 1% | S100XTDE |
| Intangibles and goodwill | 18% | S100XTDE |
| Investment securities | 8% | S100XTDE |
| Other assets | 20% | S100XTDE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 40% | S100XTDE |
| Equity | 45% | S100XTDE |

### 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 | 17,426 | 21,757 | 23,491 | 23,280 | 26,278 |
| Equity | 7,128 | 8,320 | 9,584 | 9,816 | 11,712 |
| Interest-bearing debt | 5,059 | — | — | 3,974 | 3,976 |
| Cash | 10,862 | 12,801 | 14,693 | 12,934 | 13,849 |

## 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) | 0.8% | S100XTDE |
| Fixed assets ÷ total assets | 1.2% | S100XTDE |
| Goodwill ÷ parent equity | 10.5% | S100XTDE |

Goodwill over 4 years: 28 → 1,164 JPY; total investing cash flow: -3,433 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) | 52.7% |
| Cash ÷ revenue | 33.1% |
| Net cash (cash − interest-bearing debt) | ¥9.87B |
| Net debt ÷ operating cash flow | -10.93× |
| Cash conversion (operating CF ÷ operating income) | 23.4% |
| Cash vs. profit gap | -1,847 JPY mn (of net income -67.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 41.7% |
| Shareholder payments — dividends / FCF | 149.3% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 99.8% |

## 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 | 6.1% | 1.39× | 8.5% | 2.51× | 21.3% | S100QIDA |
| 2022 | 4.7% | 1.84× | 8.6% | 2.62× | 22.6% | S100T635 |
| 2023 | 5.7% | 1.60× | 9.1% | 2.63× | 24.0% | S100VHWT |
| 2024 | 5.3% | 1.95× | 10.4% | 2.50× | 26.0% | S100XTDE |
| 2025 | 6.6% | 1.69× | 11.1% | 2.41× | 26.7% | S100XTDE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 蓮見 正純 | Major shareholder | 10.6% | 2025-12-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.4% | 2025-12-31 |
| USBK NA JP I&W TS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社日本Ｍ＆Ａセンター | Major shareholder | 4.2% | 2025-12-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（年金信託口） | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社キャピタル・アセット・プランニング | Major shareholder | 1.7% | 2025-12-31 |
| 青山財産ネットワークス社員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社チェスター財産コンサルタンツ | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社チェスターマネジメント | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/01/01－2025/12/31) | S100XTDE | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTDE,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VHWT | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHWT,, |
| 有価証券報告書－第33期(2023/01/01－2023/12/31) | S100T635 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T635,, |
| 有価証券報告書－第32期(2022/01/01－2022/12/31) | S100QIDA | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIDA,, |
| 有価証券報告書－第31期(令和3年1月1日－令和3年12月31日) | S100NSO6 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSO6,, |
| 有価証券報告書－第30期(令和2年1月1日－令和2年12月31日) | S100L1MK | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1MK,, |

## 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).