# ASAHI INTELLIGENCE SERVICE 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64期(2025/04/01－2026/03/31) (S100YHT5)
> Page: https://vizora.meequs.com/en/company/asahi-intelligence-service
> Retrieved: 2026-09-30T19:38:33.918Z

## Company

Asahi Intelligence Service, founded in 1962, is a company in IT Services & System Integration listed on TSE Standard. It has 1,911 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAHI INTELLIGENCE SERVICE CO.,LTD. |
| Ticker | 9799 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9799.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内1丁目7番12号 |
| Representative (per filing) | 代表取締役社長 濵田広徳 |
| Founded | Aug 1962 |
| Share capital | ¥733.4M |
| Employees (consolidated) | 1,911 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.aiskk.co.jp (https://www.aiskk.co.jp/) |
| Corporate number | 7010001035087 |
| EDINET | E04920 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YHT5, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36 | 157 |
| Profitability | 57.4 | 196 |
| Cash conversion | 26.2 | 185 |
| Efficiency | 38 | 196 |

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)

- Asahi Intelligence Service brought in ¥16.5B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +3.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16548199000 → ¥1276269000
- Net income → operating cash flow: ¥1276269000 → ¥1045211000（difference ¥-231058000）
- Main uses of operating cash flow: CapEx ¥52357000 / dividends ¥534290000 / buybacks ¥584536000
- Change in cash: ¥-855080000
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 | ¥16.5B |  |
| Operating income | ¥1.65B | Margin 9.9% |
| Net income | ¥1.28B | Margin 7.7% |
| Free cash flow | ¥992.9M |  |
| Employees (consolidated) | 1,911 |  |
| EPS | ¥82.37 |  |
| Book value per share | ¥795.48 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 16,529,000 |  |
| Treasury shares | 917,400 |  |
| Shareholders | 4,465 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 35.1% | Cash ÷ revenue 32.3% |
| Vs. industry median margin | +1 pp | IT Services & System Integration |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12282312000 | ¥16548199000 | +34.7% |
| Operating income | ¥1210259000 | ¥1645999000 | +36.0% |
| Operating margin | 9.9% | 9.9% | +0.1 pp |
| Employees | 1,604 people | 1,911 people | +19.1% |
| Cash and equivalents | ¥5079855000 | ¥5342779000 | +5.2% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,548 | 100.0% | S100YHT5 |
| Cost of revenue | 12,800 | 77.3% | S100YHT5 |
| Gross profit | 3,748 | 22.7% | S100YHT5 |
| SG&A | 2,102 | 12.7% | S100YHT5 |
| Operating income | 1,646 | 9.9% | S100YHT5 |
| Ordinary income | 1,702 | 10.3% | S100YHT5 |
| Pretax income | 1,727 | 10.4% | S100YHT5 |
| Income tax | 451 | 2.7% | S100YHT5 |
| Net income | 1,276 | 7.7% | S100YHT5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 22.7% → Operating margin 9.9% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +3.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.83×
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 | 15,820 | 16,548 | 728 | +4.6% |
| Gross profit | 3,449 | 3,748 | 300 | +8.7% |
| Operating income | 1,586 | 1,646 | 60 | +3.8% |
| Operating cash flow | 927 | 1,045 | 118 | +12.7% |
| Free cash flow | 922 | 993 | 71 | +7.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,056 | 1,179 | 9.8% | 808 | 796 | 750 | S100LH6H |
| FY ending Mar 2021 | 12,282 | 1,210 | 9.9% | 843 | 992 | 969 | S100O94W |
| FY ending Mar 2022 | 12,971 | 1,248 | 9.6% | 863 | 781 | 774 | S100QZD9 |
| FY ending Mar 2023 | 13,861 | 1,312 | 9.5% | 912 | 587 | 577 | S100TOM9 |
| FY ending Mar 2024 | 14,786 | 1,428 | 9.7% | 1,071 | 1,067 | 1,062 | S100W4QF |
| FY ending Mar 2025 | 15,820 | 1,586 | 10.0% | 1,189 | 927 | 922 | S100YHT5 |
| FY ending Mar 2026 | 16,548 | 1,646 | 9.9% | 1,276 | 1,045 | 993 | S100YHT5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.7M |
| Operating income per employee (consolidated) | ¥861.3K |
| Net income per employee (consolidated) | ¥667.9K |

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) | 1,653 | 1,746 | 1,790 | 1,863 | 1,911 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥4.9M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 35.2 years | 35.3 years | 35.3 years | 35.4 years | 35.7 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.1 years | 12.2 years | 12.4 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +4.6%

## 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 | 1,045 | 6.3% | S100YHT5 |
| Capital expenditure | 52 | 0.3% | S100YHT5 |
| Free cash flow | 993 | 6.0% | 算出 |
| Investing cash flow | -868 | -5.2% | S100YHT5 |
| Financing cash flow | -1,032 | -6.2% | S100YHT5 |
| Dividends paid | 534 | 3.2% | S100YHT5 |
| Share buyback | 585 | 3.5% | S100YHT5 |
| Change in cash | -855 | -5.2% | S100YHT5 |
| Cash and equivalents | 5,343 | 32.3% | S100YHT5 |

## 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 | 4,944 | 5,236 | 6,279 | 6,198 | 5,343 | S100TOM9, S100W4QF, S100YHT5 |
| Total assets | 12,157 | 12,894 | 13,932 | 14,646 | 15,236 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Net assets | 9,592 | 10,169 | 10,967 | 11,684 | 12,181 | S100TOM9, S100W4QF, S100YHT5 |
| Share capital | 733 | 733 | 733 | 733 | 733 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Property, plant and equipment | 68 | 59 | 58 | 56 | 116 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Intangible assets excluding goodwill | 42 | 32 | 30 | 22 | 17 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Investment securities | 1,438 | 2,042 | 1,846 | 2,285 | 2,731 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Current assets | 8,917 | 9,066 | 10,118 | 10,435 | 10,221 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Current liabilities | 2,466 | 2,603 | 2,838 | 2,873 | 2,932 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Short-term borrowings | 260 | 260 | 210 | 210 | 210 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Total liabilities | 2,565 | 2,725 | 2,965 | 2,962 | 3,055 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Equity attributable to owners of parent | 9,559 | 10,130 | 10,855 | 11,562 | 12,025 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Retained earnings | 8,573 | 9,144 | 9,869 | 10,576 | 11,319 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |
| Treasury stock | -372 | -372 | -372 | -372 | -841 | S100QZD9, S100TOM9, S100W4QF, S100YHT5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YHT5 |
| Property, plant and equipment | 1% | S100YHT5 |
| Intangibles and goodwill | 0% | S100YHT5 |
| Investment securities | 18% | S100YHT5 |
| Other assets | 46% | S100YHT5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YHT5 |
| Equity | 80% | S100YHT5 |
| Other liabilities | 0% | S100YHT5 |

### 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 | 12,157 | 12,894 | 13,932 | 14,646 | 15,236 |
| Equity | 9,592 | 10,169 | 10,967 | 11,684 | 12,181 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,944 | 5,236 | 6,279 | 6,198 | 5,343 |

## 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) | 0.7% | S100YHT5 |
| Fixed assets ÷ total assets | 0.8% | S100YHT5 |
| Goodwill ÷ parent equity | — | —, S100YHT5 |

### 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) | 35.1% |
| Cash ÷ revenue | 32.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.5% |
| Cash vs. profit gap | -231 JPY mn (of net income -18.1%) |
| Shareholder returns / net income | 87.7% |
| Shareholder returns / FCF | 112.7% |
| Shareholder payments — dividends / net income | 41.9% |
| Shareholder payments — dividends / FCF | 53.8% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 83.0% |

## 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 | 6.7% | 1.07× | 7.1% | 1.27× | 9.0% | S100QZD9 |
| 2023 | 6.6% | 1.11× | 7.3% | 1.27× | 9.3% | S100TOM9 |
| 2024 | 7.2% | 1.10× | 8.0% | 1.28× | 10.2% | S100W4QF |
| 2025 | 7.5% | 1.11× | 8.3% | 1.27× | 10.6% | S100YHT5 |
| 2026 | 7.7% | 1.11× | 8.5% | 1.27× | 10.8% | S100YHT5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 旭情報サービス社員持株会 | Major shareholder | 15.5% | 2026-03-31 |
| 大槻 幸子 | Major shareholder | 5.1% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.1% | 2026-03-31 |
| 大槻 武史 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 大槻 剛康 | Major shareholder | 1.9% | 2026-03-31 |
| 大槻 幸史 | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02505002(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| BBH FOR FIDELITY LOW=PRICED STOCK FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YHT5 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHT5,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100W4QF | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QF,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TOM9 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOM9,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100QZD9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZD9,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100O94W | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O94W,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LH6H | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LH6H,, |

## 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).