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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YI2V)
> Page: https://vizora.meequs.com/en/company/asax
> Retrieved: 2026-09-30T22:08:15.396Z

## Company

Asax, founded in 1969, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 59 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAX CO., LTD. |
| Ticker | 8772 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8772.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区広尾一丁目3番14号 |
| Representative (per filing) | 代表取締役社長 草間 雄介 |
| Founded | Jul 1969 |
| Share capital | ¥2.31B |
| Employees (consolidated) | 59 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.asax.co.jp (https://www.asax.co.jp/) |
| Corporate number | 6011001044302 |
| EDINET | E03746 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YI2V, filed 2026-06-23). As of filing

## Key points (generated from figures)

- Asax brought in ¥8.78B in revenue.
- Out of every ¥100 of sales, about ¥66 is left as operating profit.
- Revenue changed +16.7% from the prior year, operating profit +11.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.78B |  |
| Operating income | ¥5.82B | Margin 66.3% |
| Net income | ¥3.95B | Margin 45.0% |
| Free cash flow | -¥6.61B |  |
| Employees (consolidated) | 59 |  |
| EPS | ¥118.72 |  |
| Book value per share | ¥1586.29 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 32,980,500 |  |
| Treasury shares | 4,500 |  |
| Shareholders | 8,079 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 6.2% | Cash ÷ revenue 92.3% |
| Vs. industry median margin | +48.2 pp | Credit Cards & Consumer Credit |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 66 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5838801000 | ¥8779361000 | — |
| Operating income | ¥4114521000 | ¥5819760000 | — |
| Operating margin | 70.5% | 66.3% | -4.2 pp |
| Employees | 74 people | 59 people | — |
| Cash and equivalents | ¥5616739000 | ¥8106992000 | — |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,779 | 100.0% | S100YI2V |
| Cost of revenue | 273 | 3.1% | S100YI2V |
| Gross profit | 8,506 | 96.9% | 算出 |
| Operating income | 5,820 | 66.3% | S100YI2V |
| Ordinary income | 6,084 | 69.3% | S100YI2V |
| Pretax income | 6,085 | 69.3% | S100YI2V |
| Income tax | 2,135 | 24.3% | S100YI2V |
| Net income | 3,949 | 45.0% | S100YI2V |
| Net income attributable to owners | 3,949 | 45.0% | S100YI2V |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 34 |
| Operating income | 66 |
| (Ref.) Net income | 45 |

### Margin funnel

Gross margin 96.9% → Operating margin 66.3% → Net margin 45.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,520 | 8,779 | 1,259 | +16.7% |
| Gross profit | 7,430 | 8,506 | 1,076 | +14.5% |
| Operating income | 5,215 | 5,820 | 605 | +11.6% |
| Operating cash flow | -3,743 | -6,584 | -2,841 | — |
| Free cash flow | -3,907 | -6,610 | -2,703 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,822 | 4,049 | 69.5% | 2,622 | -1,871 | -1,892 | S100TU0H |
| FY ending Mar 2021 | 5,839 | 4,115 | 70.5% | 2,682 | 3,009 | 2,988 | S100W3LE |
| FY ending Mar 2022 | 5,652 | 3,866 | 68.4% | 2,539 | -3,716 | -3,741 | S100W3LE |
| FY ending Mar 2023 | 6,181 | 4,303 | 69.6% | 2,800 | -11,420 | -11,442 | S100W3LE |
| FY ending Mar 2024 | 6,755 | 4,747 | 70.3% | 3,289 | -3,642 | -3,683 | S100W3LE |
| FY ending Mar 2025 | 7,520 | 5,215 | 69.3% | 3,386 | -3,743 | -3,907 | S100W3LE |
| FY ending Mar 2026 | 8,779 | 5,820 | 66.3% | 3,949 | -6,584 | -6,610 | S100YI2V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥148.8M |
| Operating income per employee (consolidated) | ¥98.6M |
| Net income per employee (consolidated) | ¥66.9M |

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) | 70 | 63 | 64 | 57 | 59 |
| Average salary (parent company) | ¥6.7M | ¥7.3M | ¥8.2M | ¥8.6M | ¥8.9M |
| Average age (parent company) | 32.8 years | 33.9 years | 34.6 years | 35.3 years | 35.9 years |
| Average tenure (parent company) | 10.2 years | 11.1 years | 11.1 years | 11.8 years | 12.2 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -6,584 | -75.0% | S100YI2V |
| Capital expenditure | 27 | 0.3% | S100YI2V |
| Free cash flow | -6,610 | -75.3% | 算出 |
| Investing cash flow | -316 | -3.6% | S100YI2V |
| Financing cash flow | 7,354 | 83.8% | S100YI2V |
| Dividends paid | 658 | 7.5% | S100YI2V |
| Change in cash | 748 | 8.5% | S100YI2V |
| Cash and equivalents | 8,107 | 92.3% | S100YI2V |

## 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 | 3,633 | 6,345 | 5,470 | 5,173 | 8,107 | S100TU0H, S100W3LE, S100YI2V |
| Total assets | 83,718 | 101,193 | 109,547 | 118,272 | 130,181 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Net assets | 41,425 | 43,632 | 46,327 | 49,054 | 52,789 | S100TU0H, S100W3LE, S100YI2V |
| Share capital | 2,308 | 2,308 | 2,308 | 2,308 | 2,308 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Property, plant and equipment | 95 | 3,944 | 3,964 | 3,936 | 6,698 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Intangible assets excluding goodwill | 24 | 28 | 38 | 133 | 98 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Current assets | 82,967 | 96,478 | 101,577 | 108,500 | 121,567 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Current liabilities | 13,562 | 15,515 | 18,448 | 21,684 | 25,231 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Long-term borrowings | 27,530 | 40,664 | 43,384 | 46,027 | 50,694 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Total liabilities | 42,292 | 57,561 | 63,220 | 69,218 | 77,392 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Equity attributable to owners of parent | 41,425 | 43,632 | 46,327 | 49,054 | 52,357 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Retained earnings | 39,119 | 41,325 | 44,021 | 46,747 | 50,051 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R9BB, S100TU0H, S100W3LE, S100YI2V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YI2V |
| Property, plant and equipment | 5% | S100YI2V |
| Intangibles and goodwill | 0% | S100YI2V |
| Other assets | 89% | S100YI2V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YI2V |
| Equity | 41% | S100YI2V |
| Other liabilities | 0% | S100YI2V |

### 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 | 83,718 | 101,193 | 109,547 | 118,272 | 130,181 |
| Equity | 41,425 | 43,632 | 46,327 | 49,054 | 52,789 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,633 | 6,345 | 5,470 | 5,173 | 8,107 |

## 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) | 76.3% | S100YI2V |
| Fixed assets ÷ total assets | 5.1% | S100YI2V |
| Goodwill ÷ parent equity | — | —, S100YI2V |

### 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) | 6.2% |
| Cash ÷ revenue | 92.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -113.1% |
| Cash vs. profit gap | -10,533 JPY mn (of net income -266.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 44.9% | 0.07× | 3.0% | 2.02× | 6.1% | S100R9BB, S100W3LE |
| 2023 | 45.3% | 0.07× | 3.0% | 2.17× | 6.6% | S100TU0H, S100W3LE |
| 2024 | 48.7% | 0.06× | 3.1% | 2.34× | 7.3% | S100W3LE |
| 2025 | 45.0% | 0.07× | 3.0% | 2.39× | 7.1% | S100W3LE |
| 2026 | 45.0% | 0.07× | 3.0% | 2.49× | 7.5% | S100YI2V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フレキシブル | Major shareholder | 34.5% | 2026-03-31 |
| 草間 庸文 | Major shareholder | 28.5% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ２ | Major shareholder | 6.0% | 2026-03-31 |
| 諸藤 周平 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社山和 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 草間 康子 | Major shareholder | 0.8% | 2026-03-31 |
| 草間 裕子 | Major shareholder | 0.7% | 2026-03-31 |
| 草間 雄介 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YI2V | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2V,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W3LE | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3LE,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TU0H | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU0H,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R9BB | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9BB,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OJ5H | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ5H,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LUNW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUNW,, |

## 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).