# Aplix Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第41期(2025/01/01－2025/12/31) (S100XXPK)
> Page: https://vizora.meequs.com/en/company/aplix
> Retrieved: 2026-09-30T18:55:02.500Z

## Company

Aplix, founded in 1986, is a company in Telecom Carriers listed on TSE Growth. It has 53 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aplix Corporation |
| Ticker | 3727 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3727.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西早稲田二丁目20番9号 |
| Representative (per filing) | 代表取締役社長 倉林 聡子 |
| Founded | Feb 1986 |
| Share capital | ¥66.1M |
| Employees (consolidated) | 53 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.aplix.co.jp (https://www.aplix.co.jp/) |
| Corporate number | 6011101001194 |
| EDINET | E05369 |
| Industries (Vizora) | Telecom Carriers, IT Services & System Integration |

> Profile source: annual securities report (S100XXPK, filed 2026-04-08). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 4.5 | 11 |
| Efficiency | 40.9 | 11 |

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 87% of Aplix's sales come from Stock business Enterprise, with System development enterprise making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -22.5% from the prior year, operating profit -129.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.87B |  |
| Operating income | -¥64.9M | Margin -2.3% |
| Net income | -¥137.4M | Margin -4.8% |
| Free cash flow | — |  |
| Largest business | Stock business Enterprise | of segment revenue 87.2% |
| Employees (consolidated) | 53 |  |
| EPS | ¥-6.31 |  |
| Diluted EPS | ¥-6.31 |  |
| Book value per share | ¥99.27 |  |
| Equity ratio | 66.8% | Derived from disclosed figures |
| Shares outstanding | 21,936,130 |  |
| Treasury shares | 129,900 |  |
| Shareholders | 10,361 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 37.9% | Cash ÷ revenue 46.4% |
| Vs. industry median margin | -14.1 pp | Telecom Carriers |
| ROA | -3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 38% of total assets

## What changed in 5 years

Accounting standard changed in FY2021; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3384712000 | ¥2873930000 | — |
| Operating income | ¥54280000 | ¥-64869000 | — |
| Operating margin | 1.6% | -2.3% | -3.9 pp |
| Employees | 45 people | 53 people | — |
| Cash and equivalents | ¥1307194000 | ¥1333896000 | — |

### 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 |
| --- | ---: |
| テクノロジー事業 → 事業再編・廃止 | 20.7% |
| ソリューション事業 → 事業再編・廃止 | 79.3% |
| 新設・再編 → ストックビジネス事業 | 87.2% |
| 新設・再編 → システム開発事業 | 12.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,874 | 100.0% | S100XXPK |
| Cost of revenue | 1,909 | 66.4% | S100XXPK |
| Gross profit | 965 | 33.6% | S100XXPK |
| SG&A | 863 | 30.0% | S100XXPK |
| Operating income | -65 | -2.3% | S100XXPK |
| Pretax income | -69 | -2.4% | S100XXPK |
| Income tax | 69 | 2.4% | S100XXPK |
| Net income | -137 | -4.8% | S100XXPK |
| Net income attributable to owners | -137 | -4.8% | S100XXPK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 30 |
| Other operating | 6 |
| Operating income | -2 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 33.6% → Operating margin -2.3% → Net margin -4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,707 | 2,874 | -833 | -22.5% |
| Gross profit | 1,066 | 965 | -101 | -9.5% |
| Operating income | 218 | -65 | -283 | -129.7% |
| Net income attributable to owners | 157 | -137 | -294 | -187.5% |
| Operating cash flow | 317 | 283 | -33 | -10.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 844 | -183 | -21.7% | -218 | 106 | — | S100L2B7 |
| FY ending Dec 2020 | 3,385 | 54 | 1.6% | 84 | -286 | — | S100NRXZ |
| FY ending Dec 2021 | 3,505 | -102 | -2.9% | -107 | 60 | 43 | S100QIQN |
| FY ending Dec 2022 | 3,497 | 90 | 2.6% | 186 | 252 | 250 | S100T57K |
| FY ending Dec 2023 | 3,761 | 321 | 8.5% | 336 | 435 | 432 | S100VHUA |
| FY ending Dec 2024 | 3,707 | 218 | 5.9% | 157 | 317 | 176 | S100XXPK |
| FY ending Dec 2025 | 2,874 | -65 | -2.3% | -137 | 283 | — | S100XXPK |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.2M |
| Operating income per employee (consolidated) | -¥1.2M |
| Net income per employee (consolidated) | -¥2.6M |

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) | 46 | 45 | 49 | 51 | 53 |
| Average salary (parent company) | ¥6.1M | ¥6.5M | ¥6M | ¥6.2M | ¥5.7M |
| Average age (parent company) | 47.0 years | 47.4 years | 45.7 years | 46.9 years | 47.2 years |
| Average tenure (parent company) | 10.8 years | 11.9 years | 11.4 years | 12.1 years | 12.1 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) -22.5%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Stock business Enterprise | 2,505 | 87.2% | — | — |
| System development enterprise | 369 | 12.8% | — | — |

### 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 |
| --- | ---: |
| Stock business Enterprise | 87.2% |
| System development enterprise | 12.8% |

Segment → industry: Stock business Enterprise → Telecom Carriers / System development enterprise → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 283 | 9.9% | S100XXPK |
| Investing cash flow | -87 | -3.0% | S100XXPK |
| Financing cash flow | -186 | -6.5% | S100XXPK |
| Dividends paid | 75 | 2.6% | S100XXPK |
| Share buyback | 0 | 0.0% | S100XXPK |
| Change in cash | 10 | 0.4% | S100XXPK |
| Cash and equivalents | 1,334 | 46.4% | S100XXPK |

## 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 | 1,341 | 1,472 | 1,808 | 1,324 | 1,334 | S100T57K, S100VHUA, S100XXPK |
| Total assets | 2,826 | 2,961 | 3,273 | 3,886 | 3,516 | S100T57K, S100VHUA, S100XXPK |
| Net assets | 2,023 | 2,211 | 2,555 | 2,595 | 2,348 | S100T57K, S100VHUA, S100XXPK |
| Share capital | 2,445 | 51 | 51 | 63 | 66 | S100T57K, S100VHUA, S100XXPK |
| Property, plant and equipment | 6 | 0 | 2 | 2 | 1 | S100T57K, S100VHUA, S100XXPK |
| Intangible assets excluding goodwill | 624 | 522 | — | — | — | S100QIQN |
| Goodwill | 468 | 468 | 468 | 893 | 779 | S100T57K, S100VHUA, S100XXPK |
| Investment securities | 10 | 0 | — | — | — | S100QIQN |
| Current assets | 2,069 | 2,149 | 2,410 | 1,896 | 1,803 | S100T57K, S100VHUA, S100XXPK |
| Current liabilities | 658 | 579 | — | — | — | S100QIQN |
| Short-term borrowings | 200 | 100 | — | — | — | S100QIQN |
| Total liabilities | 802 | 751 | 719 | 1,291 | 1,168 | S100T57K, S100VHUA, S100XXPK |
| Non-controlling interests | 6 | 6 | — | — | — | S100QIQN |
| Equity attributable to owners of parent | 2,017 | 2,205 | 2,549 | 2,595 | 2,348 | S100T57K, S100VHUA, S100XXPK |
| Retained earnings | -1,785 | 244 | 604 | 716 | 463 | S100T57K, S100VHUA, S100XXPK |
| Treasury stock | -26 | -26 | -26 | -26 | -27 | S100T57K, S100VHUA, S100XXPK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XXPK |
| Property, plant and equipment | 0% | S100XXPK |
| Intangibles and goodwill | 22% | — |
| Other assets | 40% | S100XXPK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100XXPK |
| Equity | 67% | S100XXPK |
| Other liabilities | 0% | S100XXPK |

### 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 | 2,826 | 2,961 | 3,273 | 3,886 | 3,516 |
| Equity | 2,023 | 2,211 | 2,555 | 2,595 | 2,348 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,341 | 1,472 | 1,808 | 1,324 | 1,334 |

## 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) | 0.0% | S100XXPK |
| Fixed assets ÷ total assets | 0.0% | S100XXPK |
| Goodwill ÷ parent equity | 33.2% | S100XXPK |

Goodwill over 4 years: 468 → 779 JPY; total investing cash flow: -1,282 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) | 37.9% |
| Cash ÷ revenue | 46.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 421 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 30.8% |

## 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 | — | —× | -3.8% | —× | — | S100QIQN, S100T57K |
| 2022 | 5.3% | 1.21× | 6.4% | 1.37× | 8.8% | S100T57K |
| 2023 | 8.9% | 1.21× | 10.8% | 1.31× | 14.1% | S100VHUA |
| 2024 | 4.2% | 1.04× | 4.4% | 1.39× | 6.1% | S100XXPK |
| 2025 | — | —× | -3.7% | —× | — | S100XXPK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社光通信 | Major shareholder | 5.1% | 2025-12-31 |
| チャールズ レーシー | Major shareholder | 4.4% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員 光通信株式会社 | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.3% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 星川 輝 | Major shareholder | 1.3% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 熊谷 正昭 | Major shareholder | 1.0% | 2025-12-31 |
| マネックス証券株式会社 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第41期(2025/01/01－2025/12/31) | S100XXPK | 2026-04-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XXPK,, |
| 有価証券報告書－第40期(2024/01/01－2024/12/31) | S100VHUA | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHUA,, |
| 有価証券報告書－第39期(2023/01/01－2023/12/31) | S100T57K | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T57K,, |
| 有価証券報告書－第38期(2022/01/01－2022/12/31) | S100QIQN | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIQN,, |
| 有価証券報告書－第37期(令和3年1月1日－令和3年12月31日) | S100NRXZ | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRXZ,, |
| 有価証券報告書－第36期(令和2年1月1日－令和2年12月31日) | S100L2B7 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2B7,, |

## 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).