# ASAHI Net, Inc.: 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36期(2025/04/01－2026/03/31) (S100YEHW)
> Page: https://vizora.meequs.com/en/company/asahi-net
> Retrieved: 2026-09-30T21:00:27.935Z

## Company

ASAHI Net, founded in 1990, is a company in Broadband & ISPs listed on TSE Prime. It has 220 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asahi Net, Inc. |
| Ticker | 3834 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3834.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座四丁目12番15号 |
| Representative (per filing) | 代表取締役 社長執行役員 小松 大 |
| Founded | Apr 1990 |
| Share capital | ¥630M |
| Employees (consolidated) | 220 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | asahi-net.co.jp (https://asahi-net.co.jp/) |
| Corporate number | 9010001035779 |
| EDINET | E04496 |
| Industries (Vizora) | Broadband & ISPs |

> Profile source: annual securities report (S100YEHW, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 7 |
| Profitability | 72.2 | 9 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 27.8 | 9 |

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 Net brought in ¥13.5B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -23.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13517000000 → ¥1293000000
- Net income → operating cash flow: ¥1293000000 → ¥1914000000（difference ¥621000000）
- Main uses of operating cash flow: CapEx ¥2739000000 / dividends ¥659000000 / buybacks ¥701000000
- Change in cash: ¥-1686000000
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 | ¥13.5B |  |
| Operating income | ¥1.79B | Margin 13.2% |
| Net income | ¥1.29B | Margin 9.6% |
| Free cash flow | -¥825M |  |
| Employees (consolidated) | 220 |  |
| EPS | ¥49.65 |  |
| Book value per share | ¥505.9 |  |
| Equity ratio | 90.3% |  |
| Shares outstanding | 32,000,000 |  |
| Treasury shares | 6,089,000 |  |
| Shareholders | 17,659 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | +2.6 pp | Broadband & ISPs |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11351000000 | ¥13517000000 | +19.1% |
| Operating income | ¥1690000000 | ¥1791000000 | +6.0% |
| Operating margin | 14.9% | 13.2% | -1.6 pp |
| Employees | 206 people | 220 people | +6.8% |
| Cash and equivalents | ¥4239000000 | ¥2474000000 | -41.6% |

### 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 | 13,517 | 100.0% | S100YEHW |
| Cost of revenue | 9,407 | 69.6% | S100YEHW |
| Gross profit | 4,109 | 30.4% | S100YEHW |
| SG&A | 2,318 | 17.1% | S100YEHW |
| Operating income | 1,791 | 13.2% | S100YEHW |
| Ordinary income | 1,821 | 13.5% | S100YEHW |
| Pretax income | 1,820 | 13.5% | S100YEHW |
| Income tax | 527 | 3.9% | S100YEHW |
| Net income | 1,293 | 9.6% | S100YEHW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 17 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.4% → Operating margin 13.2% → Net margin 9.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -23.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.04×
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 | 13,078 | 13,517 | 439 | +3.4% |
| Gross profit | 4,437 | 4,109 | -328 | -7.4% |
| Operating income | 2,345 | 1,791 | -554 | -23.6% |
| Operating cash flow | 2,462 | 1,914 | -548 | -22.3% |
| Free cash flow | 771 | -825 | -1,596 | -207.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,265 | 1,606 | 15.6% | 1,150 | 1,223 | 314 | S100LLAJ |
| FY ending Mar 2021 | 11,351 | 1,690 | 14.9% | 1,301 | 1,889 | 526 | S100P8FT |
| FY ending Mar 2022 | 11,577 | 1,834 | 15.8% | 1,255 | 1,428 | 281 | S100R68Z |
| FY ending Mar 2023 | 12,170 | 1,841 | 15.1% | 1,285 | 1,363 | -379 | S100TQNY |
| FY ending Mar 2024 | 12,217 | 1,965 | 16.1% | 1,289 | 2,468 | 717 | S100W33B |
| FY ending Mar 2025 | 13,078 | 2,345 | 17.9% | 1,752 | 2,462 | 771 | S100YEHW |
| FY ending Mar 2026 | 13,517 | 1,791 | 13.2% | 1,293 | 1,914 | -825 | S100YEHW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.4M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥5.9M |

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) | 193 | 192 | 200 | 214 | 220 |
| Average salary (parent company) | ¥5.3M | ¥5.3M | ¥5M | ¥5.2M | ¥5.1M |
| Average age (parent company) | 39.8 years | 39.7 years | 40.2 years | 40.2 years | 40.4 years |
| Average tenure (parent company) | 8.8 years | 8.5 years | 9.3 years | 9.2 years | 9.8 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +3.4%

## 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 | 1,914 | 14.2% | S100YEHW |
| Capital expenditure | 2,739 | 20.3% | S100YEHW |
| Free cash flow | -825 | -6.1% | 算出 |
| Investing cash flow | -2,239 | -16.6% | S100YEHW |
| Financing cash flow | -1,361 | -10.1% | S100YEHW |
| Dividends paid | 659 | 4.9% | S100YEHW |
| Share buyback | 701 | 5.2% | S100YEHW |
| Change in cash | -1,686 | -12.5% | S100YEHW |
| Cash and equivalents | 2,474 | 18.3% | S100YEHW |

## 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 | 3,992 | 3,647 | 3,509 | 4,161 | 2,474 | S100TQNY, S100W33B, S100YEHW |
| Total assets | 12,940 | 13,660 | 14,279 | 14,787 | 14,515 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Net assets | 11,281 | 11,961 | 12,506 | 13,091 | 13,108 | S100TQNY, S100W33B, S100YEHW |
| Share capital | 630 | 630 | 630 | 630 | 630 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Property, plant and equipment | 2,361 | 2,268 | 2,239 | 1,834 | 2,213 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Intangible assets excluding goodwill | 830 | 1,272 | 1,919 | 3,020 | 4,313 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Investment securities | 475 | 276 | 354 | 401 | 462 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Current assets | 8,851 | 9,336 | 9,254 | 8,924 | 6,866 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Current liabilities | 1,659 | 1,698 | 1,772 | 1,696 | 1,406 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Total liabilities | 1,659 | 1,699 | 1,772 | 1,696 | 1,406 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Equity attributable to owners of parent | 11,126 | 11,824 | 12,313 | 12,862 | 12,840 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Retained earnings | 11,670 | 12,340 | 12,989 | 14,101 | 14,734 | S100R68Z, S100TQNY, S100W33B, S100YEHW |
| Treasury stock | -2,023 | -1,998 | -2,165 | -2,737 | -3,401 | S100R68Z, S100TQNY, S100W33B, S100YEHW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YEHW |
| Property, plant and equipment | 15% | S100YEHW |
| Intangibles and goodwill | 30% | S100YEHW |
| Investment securities | 3% | S100YEHW |
| Other assets | 35% | S100YEHW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YEHW |
| Equity | 90% | S100YEHW |
| Other liabilities | 0% | S100YEHW |

### 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 | 12,940 | 13,660 | 14,279 | 14,787 | 14,515 |
| Equity | 11,281 | 11,961 | 12,506 | 13,091 | 13,108 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,992 | 3,647 | 3,509 | 4,161 | 2,474 |

## 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) | 16.4% | S100YEHW |
| Fixed assets ÷ total assets | 15.2% | S100YEHW |
| Goodwill ÷ parent equity | — | —, S100YEHW |

### 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) | 17.0% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.9% |
| Cash vs. profit gap | 621 JPY mn (of net income 48.0%) |
| Shareholder returns / net income | 105.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 51.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.3% |
| Investing CF relative to operating CF | 117.0% |

## 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 | 10.8% | 0.89× | 9.7% | 1.16× | 11.3% | S100R68Z |
| 2023 | 10.6% | 0.92× | 9.7% | 1.16× | 11.2% | S100TQNY |
| 2024 | 10.6% | 0.87× | 9.2% | 1.16× | 10.7% | S100W33B |
| 2025 | 13.4% | 0.90× | 12.1% | 1.15× | 13.9% | S100YEHW |
| 2026 | 9.6% | 0.92× | 8.8% | 1.14× | 10.1% | S100YEHW |

## 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 | 10.0% | 2026-03-31 |
| 株式会社朝日新聞社 | Major shareholder | 8.6% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社ＩＷＡＳＡＫＩ | Major shareholder | 6.5% | 2026-03-31 |
| 杉山 裕一 | Major shareholder | 3.7% | 2026-03-31 |
| 岩崎 慎一 | Major shareholder | 3.7% | 2026-03-31 |
| 梅村 守 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社シマドコーポレーション | Major shareholder | 1.9% | 2026-03-31 |
| 朝日ネット従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YEHW | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHW,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W33B | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W33B,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TQNY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQNY,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100R68Z | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R68Z,, |
| 訂正有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100P8FT | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8FT,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LLAJ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLAJ,, |

## 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).