# As Partners CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YIQV)
> Page: https://vizora.meequs.com/en/company/as-partners
> Retrieved: 2026-09-30T21:35:18.150Z

## Company

As Partners, founded in 2004, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 985 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | As Partners CO.,LTD. |
| Ticker | 160A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/160A.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田駿河台二丁目2番地 |
| Representative (per filing) | 代表取締役社長 兼 CEO 植村 健志 |
| Founded | Nov 2004 |
| Share capital | ¥601.8M |
| Employees (consolidated) | 985 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.as-partners.co.jp (https://www.as-partners.co.jp/) |
| Corporate number | 3010001090458 |
| EDINET | E39448 |
| Industries (Vizora) | Real Estate Development & Leasing, Nursing Care |

> Profile source: annual securities report (S100YIQV, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 15 |
| Profitability | 54.8 | 21 |
| Cash conversion | 92.1 | 19 |
| Efficiency | 54.8 | 21 |

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 65% of As Partners's sales come from Nursing care and senior business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +32.1% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Nursing care and senior business 65.3%、Real estate business 34.7%
- Revenue → net income: ¥23661011000 → ¥1184715000
- Net income → operating cash flow: ¥1184715000 → ¥4452502000（difference ¥3267787000）
- Main uses of operating cash flow: CapEx ¥5098463000 / dividends ¥196680000 / buybacks —
- Change in cash: ¥-352279000
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 | ¥23.7B |  |
| Operating income | ¥1.52B | Margin 6.4% |
| Net income | ¥1.18B | Margin 5.0% |
| Free cash flow | -¥646M |  |
| Largest business | Nursing care and senior business | of segment revenue 65.3% |
| Employees (consolidated) | 985 |  |
| EPS | ¥330.9 |  |
| Diluted EPS | ¥327.52 |  |
| Book value per share | ¥1440.46 |  |
| Equity ratio | 21.2% |  |
| Shares outstanding | 3,587,400 |  |
| Shareholders | 2,109 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 12.9% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | +0.3 pp | Nursing Care |
| ROE | 25.4% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, segment profit share differs by -24 points

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12782486000 | ¥23661011000 | +85.1% |
| Operating income | ¥201092000 | ¥1524486000 | +658.1% |
| Operating margin | 1.6% | 6.4% | +4.9 pp |
| Employees | 721 people | 985 people | +36.6% |
| Cash and equivalents | ¥1779884000 | ¥3132834000 | +76.0% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| シニア事業 → シニア事業 | 65.3% |
| シニア事業 → 事業再編・廃止 | 19.1% |
| 不動産事業 → 不動産事業 | 15.5% |
| 新設・再編 → 不動産事業 | 19.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,661 | 100.0% | S100YIQV |
| Cost of revenue | 19,394 | 82.0% | S100YIQV |
| Gross profit | 4,267 | 18.0% | S100YIQV |
| SG&A | 2,743 | 11.6% | S100YIQV |
| Operating income | 1,524 | 6.4% | S100YIQV |
| Ordinary income | 1,616 | 6.8% | S100YIQV |
| Pretax income | 1,610 | 6.8% | S100YIQV |
| Income tax | 426 | 1.8% | S100YIQV |
| Net income | 1,185 | 5.0% | S100YIQV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 18.0% → Operating margin 6.4% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.1%; Core profit growth: +16.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.52×
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 | 17,918 | 23,661 | 5,743 | +32.1% |
| Gross profit | 3,874 | 4,267 | 393 | +10.1% |
| Operating income | 1,305 | 1,524 | 219 | +16.8% |
| Operating cash flow | 776 | 4,453 | 3,677 | +474.0% |
| Free cash flow | -3,832 | -646 | 3,186 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 12,782 | 201 | 1.6% | 230 | -745 | -1,864 | S100TX4L |
| FY ending Mar 2024 | 17,151 | 806 | 4.7% | 564 | 3,433 | 2,193 | S100W3HY |
| FY ending Mar 2025 | 17,918 | 1,305 | 7.3% | 957 | 776 | -3,832 | S100YIQV |
| FY ending Mar 2026 | 23,661 | 1,524 | 6.4% | 1,185 | 4,453 | -646 | S100YIQV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 721 | 811 | 879 | 985 |
| Average salary (parent company) | — | ¥4.4M | ¥4.6M | ¥4.6M |
| Average age (parent company) | — | 33.0 years | 32.5 years | 33.7 years |
| Average tenure (parent company) | — | 4.1 years | 4.3 years | 4.2 years |

Year over year: Employees (consolidated) +12.1% · Revenue (consolidated) +32.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nursing care and senior business | 15,462 | 65.3% | 1,416 | 9.2% |
| Real estate business | 8,199 | 34.7% | 1,982 | 24.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nursing care and senior business | 65.3% | 41.7% | -23.7 | 9.2% |
| Real estate business | 34.7% | 58.3% | 23.7 | 24.2% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Nursing care and senior business → Nursing Care

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,453 | 18.8% | S100YIQV |
| Capital expenditure | 5,098 | 21.5% | S100YIQV |
| Free cash flow | -646 | -2.7% | 算出 |
| Investing cash flow | -5,404 | -22.8% | S100YIQV |
| Financing cash flow | 599 | 2.5% | S100YIQV |
| Dividends paid | 197 | 0.8% | S100YIQV |
| Change in cash | -352 | -1.5% | S100YIQV |
| Cash and equivalents | 3,133 | 13.2% | S100YIQV |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,780 | 2,898 | 3,485 | 3,133 | S100W3HY, S100YIQV |
| Total assets | 14,745 | 15,952 | 21,408 | 24,362 | S100TX4L, S100W3HY, S100YIQV |
| Net assets | 1,865 | 2,380 | 4,163 | 5,172 | S100W3HY, S100YIQV |
| Share capital | 123 | 123 | 594 | 602 | S100TX4L, S100W3HY, S100YIQV |
| Property, plant and equipment | 3,817 | 3,153 | 3,707 | 4,428 | S100TX4L, S100W3HY, S100YIQV |
| Intangible assets excluding goodwill | 102 | 93 | 82 | 82 | S100TX4L, S100W3HY, S100YIQV |
| Current assets | 9,657 | 11,365 | 16,353 | 15,316 | S100TX4L, S100W3HY, S100YIQV |
| Current liabilities | 8,497 | 9,141 | 8,934 | 14,624 | S100TX4L, S100W3HY, S100YIQV |
| Short-term borrowings | 2,058 | 485 | 1,130 | 1,601 | S100TX4L, S100W3HY, S100YIQV |
| Long-term borrowings | 3,943 | 3,486 | 7,263 | 3,250 | S100TX4L, S100W3HY, S100YIQV |
| Bonds | 20 | — | — | — | S100TX4L |
| Interest-bearing debt | 6,021 | — | — | — | 算出 |
| Total liabilities | 12,880 | 13,572 | 17,245 | 19,190 | S100TX4L, S100W3HY, S100YIQV |
| Equity attributable to owners of parent | 1,865 | 2,380 | 4,163 | 5,168 | S100TX4L, S100W3HY, S100YIQV |
| Retained earnings | 1,659 | 2,174 | 3,016 | 4,004 | S100TX4L, S100W3HY, S100YIQV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YIQV |
| Property, plant and equipment | 18% | S100YIQV |
| Intangibles and goodwill | 0% | S100YIQV |
| Other assets | 69% | S100YIQV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 79% | S100YIQV |
| Equity | 21% | S100YIQV |
| Other liabilities | 0% | S100YIQV |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 14,745 | 15,952 | 21,408 | 24,362 |
| Equity | 1,865 | 2,380 | 4,163 | 5,172 |
| Interest-bearing debt | 6,021 | — | — | — |
| Cash | 1,780 | 2,898 | 3,485 | 3,133 |

## 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) | 18.7% | S100YIQV |
| Fixed assets ÷ total assets | 18.2% | S100YIQV |
| Goodwill ÷ parent equity | — | —, S100YIQV |

### 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) | 12.9% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 292.1% |
| Cash vs. profit gap | 3,268 JPY mn (of net income 275.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 21.5% |
| Investing CF relative to operating CF | 121.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.8% | 0.87× | 1.6% | 7.91× | 12.3% | S100TX4L |
| 2024 | 3.3% | 1.12× | 3.7% | 7.23× | 26.6% | S100W3HY |
| 2025 | 5.3% | 0.96× | 5.1% | 5.71× | 29.2% | S100YIQV |
| 2026 | 5.0% | 1.03× | 5.2% | 4.91× | 25.4% | S100YIQV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ブレス | Major shareholder | 34.8% | 2026-03-31 |
| MIRARTHホールディングス株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 植村 健志 | Major shareholder | 4.5% | 2026-03-31 |
| 伊藤 啓敏 | Major shareholder | 4.3% | 2026-03-31 |
| 山本 皇自 | Major shareholder | 4.3% | 2026-03-31 |
| アズパートナーズ従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 上田八木短期投資株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| NOMURA PB NOMINESS LIMITED OMNIBUS-MARGIN (CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| 松尾 篤人 | Major shareholder | 1.6% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YIQV | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQV,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W3HY | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3HY,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TX4L | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX4L,, |

## 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).