# AS ONE CORPORATION: 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65期(2025/04/01－2026/03/31) (S100YHL5)
> Page: https://vizora.meequs.com/en/company/as-one
> Retrieved: 2026-09-30T19:03:18.573Z

## Company

AS ONE, founded in 1962, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 758 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AS ONE CORPORATION |
| Ticker | 7476 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7476.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区江戸堀二丁目1番27号 |
| Representative (per filing) | 代表取締役社長CEO 井内卓嗣 |
| Founded | Jun 1962 |
| Share capital | ¥5.08B |
| Employees (consolidated) | 758 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.as-1.co.jp (https://www.as-1.co.jp/) |
| Corporate number | 8120001060544 |
| EDINET | E02835 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHL5, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.4 | 179 |
| Profitability | 97 | 185 |
| Cash conversion | 23.2 | 179 |
| Efficiency | 18.1 | 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)

- AS ONE brought in ¥110.7B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +10.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥110698000000 → ¥9179000000
- Net income → operating cash flow: ¥9179000000 → ¥6469000000（difference ¥-2710000000）
- Main uses of operating cash flow: CapEx ¥2752000000 / dividends ¥4668000000 / buybacks ¥1253000000
- Change in cash: ¥-4040000000
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 | ¥110.7B |  |
| Operating income | ¥12.8B | Margin 11.6% |
| Net income | ¥9.18B | Margin 8.3% |
| Free cash flow | ¥3.72B |  |
| Employees (consolidated) | 758 |  |
| EPS | ¥121.69 |  |
| Diluted EPS | ¥121.52 |  |
| Book value per share | ¥968.51 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 75,012,540 |  |
| Treasury shares | 3,483,100 |  |
| Shareholders | 7,454 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 14.6% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | +8.7 pp | Specialty Trading & Wholesale |
| ROE | 14.1% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81606782000 | ¥110698000000 | +35.6% |
| Operating income | ¥9891794000 | ¥12838000000 | +29.8% |
| Operating margin | 12.1% | 11.6% | -0.5 pp |
| Employees | 631 people | 758 people | +20.1% |
| Cash and equivalents | ¥10056627000 | ¥14990000000 | +49.1% |

### 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 |
| --- | ---: | ---: | ---: |
| Revenue | 110,698 | 100.0% | S100YHL5 |
| Cost of revenue | 77,232 | 69.8% | S100YHL5 |
| Gross profit | 33,465 | 30.2% | S100YHL5 |
| SG&A | 20,627 | 18.6% | S100YHL5 |
| Operating income | 12,838 | 11.6% | S100YHL5 |
| Ordinary income | 13,228 | 11.9% | S100YHL5 |
| Pretax income | 13,184 | 11.9% | S100YHL5 |
| Income tax | 4,004 | 3.6% | S100YHL5 |
| Net income | 9,179 | 8.3% | S100YHL5 |
| Net income attributable to owners | 9,179 | 8.3% | S100YHL5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 19 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 30.2% → Operating margin 11.6% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +10.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.60×
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 | 103,751 | 110,698 | 6,947 | +6.7% |
| Gross profit | 31,315 | 33,465 | 2,150 | +6.9% |
| Operating income | 11,593 | 12,838 | 1,245 | +10.7% |
| Net income attributable to owners | 8,229 | 9,179 | 950 | +11.5% |
| Operating cash flow | 9,311 | 6,469 | -2,842 | -30.5% |
| Free cash flow | 7,522 | 3,717 | -3,805 | -50.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 70,390 | 8,551 | 12.1% | 5,966 | 6,312 | 2,003 | S100LNPR |
| FY ending Mar 2021 | 81,607 | 9,892 | 12.1% | 5,989 | 5,381 | 3,192 | S100OD1U |
| FY ending Mar 2022 | 86,954 | 9,342 | 10.7% | 7,203 | 8,840 | 7,688 | S100R56J |
| FY ending Mar 2023 | 91,422 | 11,396 | 12.5% | 8,113 | 6,970 | 5,816 | S100TRV6 |
| FY ending Mar 2024 | 95,536 | 10,435 | 10.9% | 7,500 | 6,496 | 4,921 | S100W555 |
| FY ending Mar 2025 | 103,751 | 11,593 | 11.2% | 8,229 | 9,311 | 7,522 | S100YHL5 |
| FY ending Mar 2026 | 110,698 | 12,838 | 11.6% | 9,179 | 6,469 | 3,717 | S100YHL5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥146M |
| Operating income per employee (consolidated) | ¥16.9M |
| Net income per employee (consolidated) | ¥12.1M |

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) | 648 | 668 | 711 | 731 | 758 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | ¥6.9M | ¥7.2M | ¥7.1M |
| Average age (parent company) | 37.5 years | 37.7 years | 38.0 years | 38.0 years | 38.1 years |
| Average tenure (parent company) | 10.9 years | 11.1 years | 11.2 years | 11.2 years | 11.3 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +6.7%

## 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 | 6,469 | 5.8% | S100YHL5 |
| Capital expenditure | 2,752 | 2.5% | S100YHL5 |
| Free cash flow | 3,717 | 3.4% | 算出 |
| Investing cash flow | -2,474 | -2.2% | S100YHL5 |
| Financing cash flow | -8,055 | -7.3% | S100YHL5 |
| Dividends paid | 4,668 | 4.2% | S100YHL5 |
| Share buyback | 1,253 | 1.1% | S100YHL5 |
| Change in cash | -4,040 | -3.6% | S100YHL5 |
| Cash and equivalents | 14,990 | 13.5% | S100YHL5 |

## 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 | 14,428 | 13,822 | 9,409 | 19,031 | 14,990 | S100TRV6, S100W555, S100YHL5 |
| Total assets | 96,105 | 97,479 | 95,832 | 100,140 | 102,421 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Net assets | 66,154 | 63,968 | 64,662 | 66,709 | 71,178 | S100TRV6, S100W555, S100YHL5 |
| Share capital | 5,075 | 5,075 | 5,075 | 5,075 | 5,075 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Inventories | 8,172 | 11,008 | 10,831 | 11,717 | 12,074 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Property, plant and equipment | 8,092 | 7,696 | 8,107 | 8,166 | 10,470 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Intangible assets excluding goodwill | 1,551 | 1,564 | 1,634 | 1,590 | 1,715 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Investment securities | 21,811 | 20,493 | 19,702 | 14,573 | 11,650 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Current assets | 59,904 | 62,660 | 61,229 | 69,957 | 73,023 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Current liabilities | 25,721 | 27,305 | 26,101 | 26,494 | 25,764 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Trade payables | 19,487 | 19,690 | 19,939 | 18,323 | 16,961 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Short-term borrowings | 1,600 | 2,750 | 1,288 | 2,435 | 2,122 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Long-term borrowings | 1,500 | 3,438 | 2,313 | 4,752 | 2,630 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Total liabilities | 29,951 | 33,511 | 31,170 | 33,431 | 31,242 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Equity attributable to owners of parent | 59,874 | 57,710 | 59,124 | 63,220 | 66,784 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Retained earnings | 56,074 | 58,286 | 60,641 | 64,635 | 63,003 | S100R56J, S100TRV6, S100W555, S100YHL5 |
| Treasury stock | -6,106 | -9,990 | -10,929 | -10,840 | -5,632 | S100R56J, S100TRV6, S100W555, S100YHL5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YHL5 |
| Inventories | 12% | S100YHL5 |
| Property, plant and equipment | 10% | S100YHL5 |
| Intangibles and goodwill | 2% | S100YHL5 |
| Investment securities | 11% | S100YHL5 |
| Other assets | 50% | S100YHL5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YHL5 |
| Other liabilities | 14% | S100YHL5 |
| Equity | 69% | S100YHL5 |
| Other liabilities | 0% | S100YHL5 |

### 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 | 96,105 | 97,479 | 95,832 | 100,140 | 102,421 |
| Equity | 66,154 | 63,968 | 64,662 | 66,709 | 71,178 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,428 | 13,822 | 9,409 | 19,031 | 14,990 |

## 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) | 9.5% | S100YHL5 |
| Fixed assets ÷ total assets | 10.2% | S100YHL5 |
| Goodwill ÷ parent equity | — | —, S100YHL5 |

### 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) | 14.6% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.4% |
| Cash vs. profit gap | -2,710 JPY mn (of net income -29.5%) |
| Shareholder returns / net income | 64.5% |
| Shareholder returns / FCF | 159.3% |
| Shareholder payments — dividends / net income | 50.9% |
| Shareholder payments — dividends / FCF | 125.6% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 38.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.3% | 0.90× | 7.5% | 1.61× | 12.0% | S100R56J |
| 2023 | 8.9% | 0.94× | 8.4% | 1.65× | 13.8% | S100TRV6 |
| 2024 | 7.9% | 0.99× | 7.8% | 1.65× | 12.8% | S100W555 |
| 2025 | 7.9% | 1.06× | 8.4% | 1.60× | 13.5% | S100YHL5 |
| 2026 | 8.3% | 1.09× | 9.1% | 1.56× | 14.1% | S100YHL5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.8% | 2026-03-31 |
| 有限会社井内盛英堂 | Major shareholder | 10.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055(常任代理人 株式会社みずほ銀行) | Major shareholder | 5.4% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行) | Major shareholder | 4.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行) | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS(常任代理人 香港上海銀行) | Major shareholder | 3.1% | 2026-03-31 |
| 井内 郁江 | Major shareholder | 2.7% | 2026-03-31 |
| 井内 英夫 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YHL5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHL5,, |
| 有価証券報告書－第64期(2024/04/01－2025/03/31) | S100W555 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W555,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TRV6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRV6,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R56J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R56J,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OD1U | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD1U,, |
| 有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LNPR | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNPR,, |

## 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).