# ASAHI EITO HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2024/12/01－2025/11/30) (S100XNR4)
> Page: https://vizora.meequs.com/en/company/asahi-eito-holdings
> Retrieved: 2026-09-30T20:27:01.707Z

## Company

Asahi Eito Holdings, founded in 1950, is a company in Electric Power & Gas listed on TSE Standard. It has 146 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI EITO HOLDINGS CO.,LTD. |
| Ticker | 5341 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5341.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区常盤町一丁目3番8号 |
| Representative (per filing) | 代表取締役会長兼社長グループCEO 星野 和也 |
| Founded | Dec 1950 |
| Share capital | ¥2.55B |
| Employees (consolidated) | 146 |
| Fiscal year end | November |
| Website | www.asahieito-holdings.co.jp (https://www.asahieito-holdings.co.jp/) |
| Corporate number | 2120101021352 |
| EDINET | E01176 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XNR4, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.1 | 56 |
| Profitability | 2.6 | 58 |
| Efficiency | 99.1 | 58 |

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 59% of Asahi Eito Holdings's sales come from Housing business, with Living business and Other making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed +9.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.34B |  |
| Operating income | -¥272.3M | Margin -6.3% |
| Net income | -¥340.8M | Margin -7.9% |
| Free cash flow | -¥151.6M |  |
| Largest business | Housing business | of segment revenue 58.7% |
| Employees (consolidated) | 146 |  |
| EPS | ¥-56.06 |  |
| Book value per share | ¥164.97 |  |
| Equity ratio | 35.2% |  |
| Shares outstanding | 6,544,000 |  |
| Treasury shares | 2,200 |  |
| Shareholders | 2,239 |  |
| Cash ratio | 19.2% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | -10.7 pp | Housing Equipment & Building Materials |
| ROA | -13.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.5× its level five years ago
- FY2025, one segment accounts for 66% of positive segment profit
- FY2025, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2002305000 | ¥4336907000 | +116.6% |
| Operating income | ¥18823000 | ¥-272305000 | -1546.7% |
| Operating margin | 0.9% | -6.3% | -7.2 pp |
| Employees | 46 people | 146 people | +217.4% |
| Cash and equivalents | ¥825590000 | ¥492988000 | -40.3% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 住まい事業 | 58.7% |
| 新設・再編 → 暮らし事業 | 36.5% |
| 新設・再編 → 投資事業 | 0.1% |
| 新設・再編 → その他 | 4.6% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Housing business | 2 years | +15.1% | ¥2670638000 | -11.8% | 2 |
| Living business | 2 years | +5.4% | ¥1660077000 | 1.4% | 2 |
| Other | 2 years | +61.6% | ¥211200000 | 3.8% | 2 |
| investment business | 2 years | 0.0% | ¥6192000 | 57.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,337 | 100.0% | S100XNR4 |
| Cost of revenue | 2,999 | 69.2% | S100XNR4 |
| Gross profit | 1,338 | 30.8% | S100XNR4 |
| SG&A | 1,610 | 37.1% | S100XNR4 |
| Operating income | -272 | -6.3% | S100XNR4 |
| Ordinary income | -287 | -6.6% | S100XNR4 |
| Pretax income | -291 | -6.7% | S100XNR4 |
| Income tax | 28 | 0.7% | S100XNR4 |
| Net income | -319 | -7.4% | S100XNR4 |
| Net income attributable to owners | -341 | -7.9% | S100XNR4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 37 |
| Operating income | -6 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 30.8% → Operating margin -6.3% → Net margin -7.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,968 | 4,337 | 369 | +9.3% |
| Gross profit | 1,228 | 1,338 | 110 | +8.9% |
| Operating income | -321 | -272 | 48 | — |
| Net income attributable to owners | -375 | -341 | 34 | — |
| Operating cash flow | -166 | -101 | 65 | — |
| Free cash flow | -193 | -152 | 42 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 2,427 | -281 | -11.6% | -371 | -221 | -244 | S100KV1Z |
| FY ending Nov 2020 | 2,002 | 19 | 0.9% | 17 | 103 | 94 | S100NKQY |
| FY ending Nov 2021 | 1,766 | -5 | -0.3% | -42 | -35 | -67 | S100RR4X |
| FY ending Nov 2022 | 2,283 | -188 | -8.2% | -163 | -502 | -519 | S100U8GP |
| FY ending Nov 2023 | 3,518 | -470 | -13.4% | -623 | -104 | -123 | S100VBJB |
| FY ending Nov 2024 | 3,968 | -321 | -8.1% | -375 | -166 | -193 | S100XNR4 |
| FY ending Nov 2025 | 4,337 | -272 | -6.3% | -341 | -101 | -152 | S100XNR4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.7M |
| Operating income per employee (consolidated) | -¥1.9M |
| Net income per employee (consolidated) | -¥2.3M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 52 | 62 | 120 | 143 | 146 |
| Average salary (parent company) | ¥4.2M | ¥3.9M | — | — | — |
| Average age (parent company) | 46.3 years | 48.1 years | — | — | — |
| Average tenure (parent company) | 11.8 years | 11.8 years | — | — | — |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +9.3%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 2,671 | 58.7% | -316 | -11.8% |
| Living business | 1,660 | 36.5% | 23 | 1.4% |
| investment business | 6 | 0.1% | 4 | 57.9% |
| Other | 211 | 4.6% | 8 | 3.8% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 58.7% | — | — | -11.8% |
| Living business | 36.5% | 66.2% | 29.7 | 1.4% |
| investment business | 0.1% | 10.5% | 10.4 | 57.9% |
| Other | 4.6% | 23.3% | 18.7 | 3.8% |

Loss-making segment (excluded from profit shares): Housing business -316 JPY mn

Segment → industry: Living business → Electric Power & Gas / investment business → Real Estate Development & Leasing / Housing business → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -101 | -2.3% | S100XNR4 |
| Capital expenditure | 51 | 1.2% | S100XNR4 |
| Free cash flow | -152 | -3.5% | 算出 |
| Investing cash flow | -82 | -1.9% | S100XNR4 |
| Financing cash flow | 201 | 4.6% | S100XNR4 |
| Change in cash | 19 | 0.4% | S100XNR4 |
| Cash and equivalents | 493 | 11.4% | S100XNR4 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 908 | 326 | 385 | 465 | 493 | S100U8GP, S100VBJB, S100XNR4 |
| Total assets | 2,053 | 2,072 | 2,787 | 2,552 | 2,573 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Net assets | 1,141 | 1,210 | 1,174 | 1,087 | 1,041 | S100U8GP, S100VBJB, S100XNR4 |
| Share capital | 1,852 | 1,971 | 2,178 | 2,386 | 2,554 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Trade receivables | 292 | 384 | 563 | 503 | 613 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Property, plant and equipment | 345 | 345 | 579 | 582 | 613 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Intangible assets excluding goodwill | 29 | 25 | 171 | 105 | 73 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Goodwill | — | — | 168 | 99 | 71 | S100VBJB, S100XNR4 |
| Investment securities | — | 5 | 1 | 5 | 2 | S100U8GP, S100VBJB, S100XNR4 |
| Current assets | 1,589 | 1,585 | 1,870 | 1,720 | 1,738 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Current liabilities | 405 | 422 | 680 | 633 | 729 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Trade payables | 22 | 70 | 247 | 212 | 331 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Short-term borrowings | 8 | 13 | — | 1 | 4 | S100RR4X, S100U8GP, S100XNR4 |
| Long-term borrowings | 421 | 366 | 725 | 616 | 581 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Total liabilities | 913 | 862 | 1,613 | 1,465 | 1,532 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Non-controlling interests | — | 15 | 39 | 21 | 8 | S100U8GP, S100VBJB, S100XNR4 |
| Equity attributable to owners of parent | 1,145 | 1,224 | 1,016 | 969 | 926 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Retained earnings | -1,154 | -1,313 | -1,937 | -2,312 | -2,652 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100RR4X, S100U8GP, S100VBJB, S100XNR4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XNR4 |
| Receivables | 24% | S100XNR4 |
| Property, plant and equipment | 24% | S100XNR4 |
| Intangibles and goodwill | 6% | S100XNR4 |
| Investment securities | 0% | S100XNR4 |
| Other assets | 27% | S100XNR4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XNR4 |
| Other liabilities | 47% | S100XNR4 |
| Equity | 40% | S100XNR4 |
| Other liabilities | 0% | S100XNR4 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,053 | 2,072 | 2,787 | 2,552 | 2,573 |
| Equity | 1,141 | 1,210 | 1,174 | 1,087 | 1,041 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 908 | 326 | 385 | 465 | 493 |

## 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) | 14.1% | S100XNR4 |
| Fixed assets ÷ total assets | 23.8% | S100XNR4 |
| Goodwill ÷ parent equity | 7.6% | S100XNR4 |

### 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) | 19.2% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 240 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -2.0% | —× | — | S100RR4X |
| 2022 | — | —× | -7.9% | —× | — | S100U8GP |
| 2023 | — | —× | -25.6% | —× | — | S100VBJB |
| 2024 | — | —× | -14.0% | —× | — | S100XNR4 |
| 2025 | — | —× | -13.3% | —× | — | S100XNR4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GLOBAL SEMICONDUCTOR SPECIAL GAS LIMITED （常任代理人 翁 道逵） | Major shareholder | 14.5% | 2025-11-30 |
| 瀬戸口 正章 | Major shareholder | 5.6% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 3.2% | 2025-11-30 |
| PHILLIP SECURITIES(HONG KONG)LIMITED （常任代理人 フィリップ証券株式会社） | Major shareholder | 2.8% | 2025-11-30 |
| 株式会社ワブ | Major shareholder | 2.6% | 2025-11-30 |
| SCBHK AC-CHINA GALAXY INTERNATIONAL SECURITIES (HONG KONG)CO., LIMITED-CLIENT ACCOUNT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2025-11-30 |
| 星野 和也 | Major shareholder | 2.1% | 2025-11-30 |
| 上田八木短資株式会社 | Major shareholder | 1.9% | 2025-11-30 |
| 金井 和彦 | Major shareholder | 1.9% | 2025-11-30 |
| 江田 尚之 | Major shareholder | 1.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2024/12/01－2025/11/30) | S100XNR4 | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNR4,, |
| 有価証券報告書－第74期(2023/12/01－2024/11/30) | S100VBJB | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBJB,, |
| 訂正有価証券報告書－第73期(2022/12/01－2023/11/30) | S100U8GP | 2024-08-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U8GP,, |
| 訂正有価証券報告書－第72期(2021/12/01－2022/11/30) | S100RR4X | 2023-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR4X,, |
| 有価証券報告書－第71期(令和2年12月1日－令和3年11月30日) | S100NKQY | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKQY,, |
| 有価証券報告書－第70期(令和1年12月1日－令和2年11月30日) | S100KV1Z | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV1Z,, |

## 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).