# ASAKUMA CO., LTD.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第53期(2025/02/01－2026/01/31) (S100Y0LF)
> Page: https://vizora.meequs.com/en/company/asakuma
> Retrieved: 2026-09-30T21:00:49.894Z

## Company

Asakuma, founded in 1954, is a company in Restaurants & Pubs listed on TSE Standard. It has 156 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAKUMA CO., LTD. |
| Ticker | 7678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7678.T) |
| Listing | TSE Standard |
| Head office | 愛知県日進市赤池町西組32番地(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 廣田 陽一 |
| Founded | Sep 1954 |
| Share capital | ¥91.8M |
| Employees (consolidated) | 156 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | January |
| Website | www.asakuma.co.jp (https://www.asakuma.co.jp/) |
| Corporate number | 9180001066601 |
| EDINET | E34704 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Y0LF, filed 2026-04-23). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 64.4 | 66 |
| Cash conversion | 53.6 | 55 |
| Efficiency | 81.1 | 66 |

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)

- Asakuma brought in ¥10B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +188.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10045883000 → ¥325147000
- Net income → operating cash flow: ¥325147000 → ¥877756000（difference ¥552609000）
- Main uses of operating cash flow: CapEx ¥345501000 / dividends — / buybacks ¥382000
- Change in cash: ¥379374000
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 | ¥10B |  |
| Operating income | ¥519.1M | Margin 5.2% |
| Net income | ¥325.1M | Margin 3.2% |
| Free cash flow | ¥532.3M |  |
| Employees (consolidated) | 156 |  |
| EPS | ¥61.18 |  |
| Diluted EPS | ¥61.18 |  |
| Book value per share | ¥638.98 |  |
| Equity ratio | 68.6% |  |
| Shares outstanding | 5,385,020 |  |
| Treasury shares | 70,800 |  |
| Shareholders | 10,330 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 49.3% | Cash ÷ revenue 24.3% |
| Vs. industry median margin | +1.2 pp | Restaurants & Pubs |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, cash is 49% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2023 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6202461000 | ¥10045883000 | — |
| Operating income | ¥71575000 | ¥519096000 | — |
| Operating margin | 1.2% | 5.2% | +4 pp |
| Employees | 99 people | 156 people | — |
| Cash and equivalents | ¥1732842000 | ¥2441411000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,046 | 100.0% | S100Y0LF |
| Cost of revenue | 4,411 | 43.9% | S100Y0LF |
| Gross profit | 5,635 | 56.1% | S100Y0LF |
| SG&A | 5,116 | 50.9% | S100Y0LF |
| Operating income | 519 | 5.2% | S100Y0LF |
| Ordinary income | 527 | 5.2% | S100Y0LF |
| Pretax income | 507 | 5.1% | S100Y0LF |
| Income tax | 182 | 1.8% | S100Y0LF |
| Net income | 325 | 3.2% | S100Y0LF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 51 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 56.1% → Operating margin 5.2% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +188.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.30×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,350 | 10,046 | 1,696 | +20.3% |
| Gross profit | 4,622 | 5,635 | 1,013 | +21.9% |
| Operating income | 180 | 519 | 339 | +188.9% |
| Operating cash flow | 315 | 878 | 563 | +178.7% |
| Free cash flow | 35 | 532 | 498 | +1438.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 6,202 | 72 | 1.2% | -12 | 307 | 158 | S100TC85 |
| FY ending Jan 2024 | 5,807 | 165 | 2.8% | 130 | 485 | — | S100VOH8 |
| FY ending Jan 2024 | 6,101 | 175 | 2.9% | 130 | 485 | 341 | S100TC85 |
| FY ending Jan 2025 | 8,350 | 180 | 2.2% | 568 | 315 | 35 | S100Y0LF |
| FY ending Jan 2026 | 10,046 | 519 | 5.2% | 325 | 878 | 532 | S100Y0LF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.4M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Mar 2023 | FY ending Jan 2024 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 99 | 95 | 107 | 121 | 156 |
| Average salary (parent company) | — | — | ¥4.2M | ¥4.3M | ¥4M |
| Average age (parent company) | — | — | 43.0 years | 40.1 years | 38.1 years |
| Average tenure (parent company) | — | — | 6.3 years | 3.9 years | 3.7 years |

Year over year: Employees (consolidated) +28.9% · Revenue (consolidated) +20.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 878 | 8.7% | S100Y0LF |
| Capital expenditure | 346 | 3.4% | S100Y0LF |
| Free cash flow | 532 | 5.3% | 算出 |
| Investing cash flow | -418 | -4.2% | S100Y0LF |
| Financing cash flow | -81 | -0.8% | S100Y0LF |
| Share buyback | 0 | 0.0% | S100Y0LF |
| Change in cash | 379 | 3.8% | S100Y0LF |
| Cash and equivalents | 2,441 | 24.3% | S100Y0LF |

## 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 Jan 2024 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,733 | 2,025 | 2,050 | 2,062 | 2,441 | S100TC85, S100Y0LF |
| Total assets | 3,307 | 3,643 | 3,746 | 4,356 | 4,952 | S100TC85, S100VOH8, S100Y0LF |
| Net assets | 2,372 | 2,503 | 2,503 | 3,071 | 3,396 | S100TC85, S100Y0LF |
| Share capital | 92 | 92 | 92 | 92 | 92 | S100TC85, S100VOH8, S100Y0LF |
| Property, plant and equipment | 544 | 639 | 648 | 655 | 847 | S100TC85, S100VOH8, S100Y0LF |
| Intangible assets excluding goodwill | 31 | 22 | 22 | 20 | 17 | S100TC85, S100VOH8, S100Y0LF |
| Current assets | 2,190 | 2,431 | 2,482 | 2,601 | 3,128 | S100TC85, S100VOH8, S100Y0LF |
| Current liabilities | 742 | 988 | 1,043 | 1,108 | 1,443 | S100TC85, S100VOH8, S100Y0LF |
| Long-term borrowings | 93 | — | 80 | 66 | — | S100TC85, S100Y0LF |
| Total liabilities | 935 | 1,141 | 1,244 | 1,285 | 1,556 | S100TC85, S100VOH8, S100Y0LF |
| Equity attributable to owners of parent | 2,372 | 2,503 | 2,503 | 3,071 | 3,396 | S100TC85, S100VOH8, S100Y0LF |
| Retained earnings | 675 | 805 | 806 | 1,373 | 1,698 | S100TC85, S100VOH8, S100Y0LF |
| Treasury stock | -106 | -106 | -106 | -107 | -107 | S100TC85, S100VOH8, S100Y0LF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100Y0LF |
| Property, plant and equipment | 17% | S100Y0LF |
| Intangibles and goodwill | 1% | S100Y0LF |
| Other assets | 33% | S100Y0LF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100Y0LF |
| Equity | 69% | S100Y0LF |
| Other liabilities | 0% | S100Y0LF |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Jan 2024 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,307 | 3,643 | 3,746 | 4,356 | 4,952 |
| Equity | 2,372 | 2,503 | 2,503 | 3,071 | 3,396 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,733 | 2,025 | 2,050 | 2,062 | 2,441 |

## 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) | 8.4% | S100Y0LF |
| Fixed assets ÷ total assets | 17.1% | S100Y0LF |
| Goodwill ÷ parent equity | — | —, S100Y0LF |

### 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) | 49.3% |
| Cash ÷ revenue | 24.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.1% |
| Cash vs. profit gap | 553 JPY mn (of net income 170.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 47.6% |

## 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 | — | —× | -0.4% | —× | — | S100TC85 |
| 2024 | 2.2% | 1.59× | 3.6% | 1.46× | 5.2% | S100Y0LF, S100VOH8 |
| 2024 | 2.1% | 1.63× | 3.5% | 1.50× | 5.2% | S100TC85 |
| 2025 | 6.8% | 1.92× | 13.0% | 1.42× | 18.5% | S100Y0LF |
| 2026 | 3.2% | 2.16× | 7.0% | 1.44× | 10.1% | S100Y0LF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テンポスホールディングス | Major shareholder | 62.2% | 2026-01-31 |
| 有限会社あさしお | Major shareholder | 6.5% | 2026-01-31 |
| 近藤 裕貴 | Major shareholder | 2.8% | 2026-01-31 |
| 近藤 典子 | Major shareholder | 2.5% | 2026-01-31 |
| 西尾 すみ子 | Major shareholder | 2.2% | 2026-01-31 |
| 麒麟麦酒株式会社 | Major shareholder | 0.8% | 2026-01-31 |
| 近藤 千鶴子 | Major shareholder | 0.7% | 2026-01-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.3% | 2026-01-31 |
| 本坊酒造株式会社 | Major shareholder | 0.2% | 2026-01-31 |
| あさくま従業員持株会 | Major shareholder | 0.2% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/02/01－2026/01/31) | S100Y0LF | 2026-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0LF,, |
| 有価証券報告書－第52期(2024/02/01－2025/01/31) | S100VOH8 | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOH8,, |
| 有価証券報告書－第51期(2023/04/01－2024/01/31) | S100TC85 | 2024-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC85,, |

## 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).