# Ascentech K.K.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/02/01－2026/01/31) (S100Y14Y)
> Page: https://vizora.meequs.com/en/company/ascentech
> Retrieved: 2026-09-30T20:30:40.398Z

## Company

Ascentech, founded in 2012, is a company in Cybersecurity listed on TSE Standard. It has 177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ascentech K.K. |
| Ticker | 3565 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3565.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田練塀町3番地 |
| Representative (per filing) | 代表取締役社長 松浦 崇 |
| Founded | Mar 2012 |
| Share capital | ¥554.6M |
| Employees (consolidated) | 177 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | January |
| Website | www.ascentech.co.jp (https://www.ascentech.co.jp/) |
| Corporate number | 2011101051771 |
| EDINET | E33109 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100Y14Y, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 56.9 | 29 |
| Cash conversion | 94.4 | 27 |
| Efficiency | 19 | 29 |

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)

- Ascentech brought in ¥17.3B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +18.3% from the prior year, operating profit +227.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17254054000 → ¥2059334000
- Net income → operating cash flow: ¥2059334000 → ¥6613002000（difference ¥4553668000）
- Main uses of operating cash flow: CapEx ¥93736000 / dividends ¥209837000 / buybacks ¥101000
- Change in cash: ¥-1431263000
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 | ¥17.3B |  |
| Operating income | ¥2.84B | Margin 16.5% |
| Net income | ¥2.06B | Margin 11.9% |
| Free cash flow | ¥6.52B |  |
| Employees (consolidated) | 177 |  |
| EPS | ¥55.84 |  |
| Book value per share | ¥342.25 |  |
| Equity ratio | 17.6% |  |
| Shares outstanding | 14,580,000 |  |
| Treasury shares | 261,000 |  |
| Shareholders | 3,218 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 26.5% |
| Vs. industry median margin | +2.1 pp | Cybersecurity |
| ROE | 39.8% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5982634000 | ¥17254054000 | — |
| Operating income | ¥607209000 | ¥2840600000 | — |
| Operating margin | 10.1% | 16.5% | +6.3 pp |
| Employees | 80 people | 177 people | — |
| Cash and equivalents | ¥1712044000 | ¥4576706000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2021 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,254 | 100.0% | S100Y14Y |
| Cost of revenue | 13,193 | 76.5% | S100Y14Y |
| Gross profit | 4,061 | 23.5% | S100Y14Y |
| SG&A | 1,220 | 7.1% | S100Y14Y |
| Operating income | 2,841 | 16.5% | S100Y14Y |
| Ordinary income | 2,894 | 16.8% | S100Y14Y |
| Pretax income | 2,958 | 17.1% | S100Y14Y |
| Income tax | 898 | 5.2% | S100Y14Y |
| Net income | 2,059 | 11.9% | S100Y14Y |
| Net income attributable to owners | 2,059 | 11.9% | S100Y14Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 7 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 23.5% → Operating margin 16.5% → Net margin 11.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.3%; Core profit growth: +227.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.43×
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 | 14,587 | 17,254 | 2,667 | +18.3% |
| Gross profit | 1,701 | 4,061 | 2,360 | +138.8% |
| Operating income | 868 | 2,841 | 1,973 | +227.3% |
| Net income attributable to owners | 860 | 2,059 | 1,200 | +139.6% |
| Operating cash flow | 3,635 | 6,613 | 2,978 | +81.9% |
| Free cash flow | 3,592 | 6,519 | 2,927 | +81.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 5,933 | 456 | 7.7% | 326 | 551 | 521 | S100L8JF |
| FY ending Jan 2021 | 5,983 | 607 | 10.1% | 422 | 607 | 587 | S100NYQ0 |
| FY ending Jan 2022 | 6,484 | 708 | 10.9% | 497 | 38 | 22 | S100QO0F |
| FY ending Jan 2023 | 6,315 | 603 | 9.6% | 440 | 427 | 394 | S100QO0F |
| FY ending Jan 2024 | 6,226 | 607 | 9.8% | 481 | 855 | 826 | S100VR73 |
| FY ending Jan 2025 | 14,587 | 868 | 6.0% | 860 | 3,635 | 3,592 | S100Y14Y |
| FY ending Jan 2026 | 17,254 | 2,841 | 16.5% | 2,059 | 6,613 | 6,519 | S100Y14Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.5M |
| Operating income per employee (consolidated) | ¥16M |
| Net income per employee (consolidated) | ¥11.6M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 84 | 90 | 92 | 165 | 177 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.7M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 40.0 years | 39.9 years | 40.3 years | 40.1 years | 39.6 years |
| Average tenure (parent company) | 7.1 years | 6.6 years | 7.7 years | 8.7 years | 8.9 years |

Year over year: Employees (consolidated) +7.3% · Revenue (consolidated) +18.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,613 | 38.3% | S100Y14Y |
| Capital expenditure | 94 | 0.5% | S100Y14Y |
| Free cash flow | 6,519 | 37.8% | 算出 |
| Investing cash flow | -8,093 | -46.9% | S100Y14Y |
| Financing cash flow | 23 | 0.1% | S100Y14Y |
| Dividends paid | 210 | 1.2% | S100Y14Y |
| Share buyback | 0 | 0.0% | S100Y14Y |
| Change in cash | -1,431 | -8.3% | S100Y14Y |
| Cash and equivalents | 4,577 | 26.5% | S100Y14Y |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,418 | 1,549 | 2,237 | 6,008 | 4,577 | S100QO0F, S100Y14Y |
| Total assets | 3,577 | 3,897 | 4,622 | 9,310 | 35,266 | S100QO0F, S100VR73, S100Y14Y |
| Net assets | 2,351 | 2,639 | 3,121 | 4,203 | 6,207 | S100QO0F, S100Y14Y |
| Share capital | 236 | 236 | 236 | 435 | 555 | S100QO0F, S100VR73, S100Y14Y |
| Property, plant and equipment | 50 | 59 | 61 | 75 | 127 | S100QO0F, S100VR73, S100Y14Y |
| Intangible assets excluding goodwill | 78 | 111 | 124 | 217 | 156 | S100QO0F, S100VR73, S100Y14Y |
| Goodwill | — | — | — | 80 | 60 | S100Y14Y |
| Investment securities | 207 | 327 | 422 | 411 | 372 | S100QO0F, S100VR73, S100Y14Y |
| Current assets | 3,101 | 3,276 | 3,915 | 8,350 | 29,942 | S100QO0F, S100VR73, S100Y14Y |
| Current liabilities | 1,195 | 1,227 | 1,460 | 5,046 | 19,642 | S100QO0F, S100VR73, S100Y14Y |
| Total liabilities | 1,225 | 1,258 | 1,501 | 5,107 | 29,060 | S100QO0F, S100VR73, S100Y14Y |
| Equity attributable to owners of parent | 2,334 | 2,612 | 3,006 | 4,132 | 6,220 | S100QO0F, S100VR73, S100Y14Y |
| Retained earnings | 2,028 | 2,374 | 2,761 | 3,488 | 5,338 | S100QO0F, S100VR73, S100Y14Y |
| Treasury stock | -193 | -247 | -238 | -238 | -238 | S100QO0F, S100VR73, S100Y14Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100Y14Y |
| Property, plant and equipment | 0% | S100Y14Y |
| Intangibles and goodwill | 1% | S100Y14Y |
| Investment securities | 1% | S100Y14Y |
| Other assets | 85% | S100Y14Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 82% | S100Y14Y |
| Equity | 18% | S100Y14Y |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,577 | 3,897 | 4,622 | 9,310 | 35,266 |
| Equity | 2,351 | 2,639 | 3,121 | 4,203 | 6,207 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,418 | 1,549 | 2,237 | 6,008 | 4,577 |

## 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% | S100Y14Y |
| Fixed assets ÷ total assets | 0.4% | S100Y14Y |
| Goodwill ÷ parent equity | 1.0% | S100Y14Y |

### 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) | 13.0% |
| Cash ÷ revenue | 26.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 232.8% |
| Cash vs. profit gap | 4,554 JPY mn (of net income 221.1%) |
| Shareholder returns / net income | 10.2% |
| Shareholder returns / FCF | 3.2% |
| Shareholder payments — dividends / net income | 10.2% |
| Shareholder payments — dividends / FCF | 3.2% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 122.4% |

## 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 | 7.7% | 1.81× | 13.9% | 1.53× | 21.3% | S100QO0F |
| 2023 | 7.0% | 1.69× | 11.8% | 1.51× | 17.8% | S100QO0F |
| 2024 | 7.7% | 1.35× | 10.4% | 1.54× | 16.0% | S100VR73 |
| 2025 | 5.9% | 2.09× | 12.3% | 1.95× | 24.1% | S100Y14Y |
| 2026 | 11.9% | 0.77× | 9.2% | 4.31× | 39.8% | S100Y14Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ルビィ | Major shareholder | 23.3% | 2026-01-31 |
| 佐藤 直浩 | Major shareholder | 7.0% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.5% | 2026-01-31 |
| 松浦 崇 | Major shareholder | 5.2% | 2026-01-31 |
| RAYMOND JAMES ＆ ASSOCIATES,INC.CLIENTS （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.9% | 2026-01-31 |
| 野村證券株式会社 | Major shareholder | 3.8% | 2026-01-31 |
| ヨシダ トモヒロ | Major shareholder | 3.0% | 2026-01-31 |
| 大田 宜明 | Major shareholder | 3.0% | 2026-01-31 |
| 永森 信一 | Major shareholder | 3.0% | 2026-01-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.0% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/02/01－2026/01/31) | S100Y14Y | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y14Y,, |
| 訂正有価証券報告書－第17期(2024/02/01－2025/01/31) | S100VR73 | 2025-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VR73,, |
| 有価証券報告書－第16期(2023/02/01－2024/01/31) | S100TC57 | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC57,, |
| 有価証券報告書－第15期(2022/02/01－2023/01/31) | S100QO0F | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO0F,, |
| 有価証券報告書－第14期(令和3年2月1日－令和4年1月31日) | S100NYQ0 | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYQ0,, |
| 有価証券報告書－第13期(令和2年2月1日－令和3年1月31日) | S100L8JF | 2021-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8JF,, |

## 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).