# Aozora Bank, 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93期(2025/04/01－2026/03/31) (S100YCRO)
> Page: https://vizora.meequs.com/en/company/aozora-bank
> Retrieved: 2026-09-30T18:37:21.155Z

## Company

Aozora Bank, founded in 1957, is a company in Online & Retail-Affiliated Banks listed on TSE Prime. It has 2,515 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aozora Bank, Ltd. |
| Ticker | 8304 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8304.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町六丁目1番地1 |
| Representative (per filing) | 代表取締役社長 大見 秀人 |
| Founded | Apr 1957 |
| Employees (consolidated) | 2,515 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Corporate number | 9010001016861 |
| EDINET | E03531 |
| Industries (Vizora) | Online & Retail-Affiliated Banks, Investment Funds, Major Banks |

> Profile source: annual securities report (S100YCRO, filed 2026-06-17). As of filing

## Key points (generated from figures)

- Aozora Bank brought in ¥242.3B in ordinary revenue.
- Out of every ¥100 of ordinary revenue, about ¥11 is left as ordinary profit.
- Ordinary revenue changed +4.7% from the prior year, ordinary profit +54.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥242.3B |  |
| Ordinary income | ¥27.2B | Margin 11.2% |
| Net income | ¥25.7B | Margin 10.6% |
| Employees (consolidated) | 2,515 |  |
| EPS | ¥160.81 |  |
| Diluted EPS | ¥160.51 |  |
| Book value per share | ¥3105.65 |  |
| Equity ratio | 5.6% |  |
| Shares outstanding | 139,789,000 |  |
| Treasury shares | 1,408,300 |  |
| Shareholders | 93,352 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 5.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥155755000000 | ¥242314000000 | +55.6% |
| Employees | 2,332 people | 2,515 people | +7.8% |
| Cash and equivalents | ¥847732000000 | ¥1449989000000 | +71.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 242,314 | 100.0% | S100YCRO |
| Ordinary expenses | 215,130 | 88.8% | S100YCRO |
| Ordinary income | 27,183 | 11.2% | S100YCRO |
| Extraordinary income | 0 | 0.0% | S100YCRO |
| Extraordinary loss | 12 | 0.0% | S100YCRO |
| Pretax income | 27,171 | 11.2% | S100YCRO |
| Income tax | 574 | 0.2% | S100YCRO |
| Net income | 26,597 | 11.0% | S100YCRO |
| Net income attributable to owners | 25,705 | 10.6% | S100YCRO |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 89 |
| Ordinary income | 11 |
| (Ref.) Net income | 11 |

### Margin funnel

Ordinary margin 11.2% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.7%; Core profit growth: +54.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.68×
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 | 231,460 | 242,314 | 10,854 | +4.7% |
| Net income attributable to owners | 20,518 | 25,705 | 5,187 | +25.3% |
| Operating cash flow | -56,900 | 132,619 | 189,519 | — |
| Free cash flow | -62,975 | 125,362 | 188,337 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 134,704 | — | — | 43,849 | 33,243 | — | S100LPOX |
| FY ending Mar 2018 | 148,819 | — | — | 43,064 | 227,599 | — | S100PBD2 |
| FY ending Mar 2019 | 160,136 | — | — | 36,130 | 147,285 | — | S100R24O |
| FY ending Mar 2020 | 184,406 | — | — | 28,142 | -286,284 | -291,242 | S100LPOX |
| FY ending Mar 2021 | 155,755 | — | — | 28,972 | 728,732 | 722,294 | S100PBD2 |
| FY ending Mar 2022 | 134,737 | — | — | 35,004 | 253,900 | 248,333 | S100R24O |
| FY ending Mar 2023 | 183,292 | — | — | 8,719 | -61,382 | -67,374 | S100UDNM |
| FY ending Mar 2024 | 246,299 | — | — | -49,904 | 133,949 | 126,473 | S100W0JL |
| FY ending Mar 2025 | 231,460 | — | — | 20,518 | -56,900 | -62,975 | S100YCRO |
| FY ending Mar 2026 | 242,314 | — | — | 25,705 | 132,619 | 125,362 | S100YCRO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.3M |
| Net income per employee (consolidated) | ¥10.2M |

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) | 2,382 | 2,442 | 2,476 | 2,477 | 2,515 |
| Average salary (parent company) | ¥8.2M | ¥8.7M | ¥8.9M | ¥9.1M | ¥9.3M |
| Average age (parent company) | 43.3 years | 43.8 years | 44.1 years | 44.5 years | 44.6 years |
| Average tenure (parent company) | 15.1 years | 15.7 years | 16.1 years | 16.5 years | 16.6 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Strategic Investments Unit | — | — | 38,637 | — |
| Market and International Business Unit | — | — | 3,923 | — |
| Customers Relations Unit | — | — | 1,164 | — |
| GMO Aozora Net Bank | — | — | 1,974 | — |

Segment → industry: GMO Aozora Net Bank → Online & Retail-Affiliated Banks / Strategic Investments Unit → Investment Funds / Customers Relations Unit → Major Banks / Market and International Business Unit → Major Banks / Strategic Investments Unit → Major Banks

## 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 | 132,619 | 54.7% | S100YCRO |
| Capital expenditure | 7,257 | 3.0% | S100YCRO |
| Free cash flow | 125,362 | 51.7% | 算出 |
| Investing cash flow | -14,281 | -5.9% | S100YCRO |
| Financing cash flow | -9,947 | -4.1% | S100YCRO |
| Dividends paid | 12,177 | 5.0% | S100YCRO |
| Share buyback | 0 | 0.0% | S100YCRO |
| Change in cash | 108,390 | 44.7% | S100YCRO |
| Cash and equivalents | 1,449,989 | 598.4% | S100YCRO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大和証券グループ本社 | Major shareholder | 23.9% | 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 | 10.9% | 2026-03-31 |
| 野村信託銀行株式会社（信託口2052255） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 5051001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| MORGAN STANLEY & CO. LLC （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| ISHARES CORE MSCI EAFE ETF （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YCRO | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCRO,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W0JL | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0JL,, |
| 訂正有価証券報告書－第91期(2023/04/01－2024/03/31) | S100UDNM | 2024-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDNM,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R24O | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R24O,, |
| 訂正有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100PBD2 | 2022-10-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PBD2,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LPOX | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPOX,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ | Joint venture | GMOあおぞらネット銀行の運営に関する株主間契約 | S100XSG3 |
| 大和証券グループ本社 | Capital alliance | 資本業務提携（第三者割当増資・社外取締役派遣。資産運用・M&A等で協働） | S100YCRO |

## 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).