# ASEED HOLDINGS 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54期(2025/04/01－2026/03/31) (S100YGUH)
> Page: https://vizora.meequs.com/en/company/aseed-holdings
> Retrieved: 2026-09-30T17:56:56.912Z

## Company

Aseed Holdings, founded in 1972, is a company in Alcoholic Beverages listed on TSE Standard. It has 741 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASEED HOLDINGS CO.,LTD. |
| Ticker | 9959 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9959.T) |
| Listing | TSE Standard |
| Head office | 広島県福山市船町7番23号 |
| Representative (per filing) | 代表取締役社長 河本 大輔 |
| Founded | Nov 1972 |
| Share capital | ¥798M |
| Employees (consolidated) | 741 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.aseed-hd.co.jp (https://www.aseed-hd.co.jp/) |
| Corporate number | 1240001029749 |
| EDINET | E03208 |
| Industries (Vizora) | Alcoholic Beverages, Beverages & Dairy, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YGUH, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 17 |
| Profitability | 42.5 | 20 |
| Cash conversion | 77.5 | 20 |
| Efficiency | 62.5 | 20 |

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)

- About 55% of Aseed Holdings's sales come from Vending machine management and beverage retail business, with Beverage manufacturing business and other business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +40.0%.

## Company structure

- Segment revenue mix: Vending machine management and beverage retail business 54.7%、Beverage manufacturing business 43.6%、other business 1.1%、Real estate management business 0.6%
- Revenue → net income: ¥25409000000 → ¥909000000
- Net income → operating cash flow: ¥909000000 → ¥1971000000（difference ¥1062000000）
- Main uses of operating cash flow: CapEx ¥1973000000 / dividends ¥234000000 / buybacks —
- Change in cash: ¥2063000000
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 | ¥25.4B |  |
| Operating income | ¥1.07B | Margin 4.2% |
| Net income | ¥909M | Margin 3.6% |
| Free cash flow | -¥2M |  |
| Largest business | Vending machine management and beverage retail business | of segment revenue 54.7% |
| Employees (consolidated) | 741 |  |
| EPS | ¥27.23 |  |
| Book value per share | ¥340.04 |  |
| Equity ratio | 32.9% |  |
| Shares outstanding | 13,495,000 |  |
| Treasury shares | 1,159,200 |  |
| Shareholders | 8,753 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | -0.2 pp | Beverages & Dairy |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, employees -1% while operating income rose 40%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23931000000 | ¥25409000000 | +6.2% |
| Operating income | ¥429000000 | ¥1071000000 | +149.7% |
| Operating margin | 1.8% | 4.2% | +2.4 pp |
| Employees | 545 people | 741 people | +36.0% |
| Cash and equivalents | ¥917000000 | ¥3835000000 | +318.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 自販機運営リテイル事業 → 自販機運営リテイル事業 | 49.9% |
| 飲料製造事業 → 飲料製造事業 | 43.6% |
| 飲料製造事業 → 事業再編・廃止 | 5.5% |
| 飲料サービスシステム事業 → 事業再編・廃止 | 0.3% |
| 不動産運用事業 → 不動産運用事業 | 0.6% |
| 不動産運用事業 → 事業再編・廃止 | 0.1% |
| その他事業 → その他事業 | 0.0% |
| 新設・再編 → 自販機運営リテイル事業 | 4.7% |
| 新設・再編 → その他事業 | 1.1% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vending machine management and beverage retail business | 5 years | +3.0% | ¥13892000000 | 2.0% | 2 |
| Beverage manufacturing business | 5 years | -1.2% | ¥11086000000 | 9.4% | 2 |
| other business | 5 years | +135.2% | ¥288000000 | 18.1% | 2 |
| Real estate management business | 5 years | -1.1% | ¥142000000 | 154.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,409 | 100.0% | S100YGUH |
| Cost of revenue | 15,685 | 61.7% | S100YGUH |
| Gross profit | 9,723 | 38.3% | S100YGUH |
| SG&A | 8,652 | 34.1% | S100YGUH |
| Operating income | 1,071 | 4.2% | S100YGUH |
| Ordinary income | 1,418 | 5.6% | S100YGUH |
| Pretax income | 1,219 | 4.8% | S100YGUH |
| Income tax | 310 | 1.2% | S100YGUH |
| Net income | 909 | 3.6% | S100YGUH |
| Net income attributable to owners | 909 | 3.6% | S100YGUH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 34 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 38.3% → Operating margin 4.2% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +40.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.66×
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 | 23,969 | 25,409 | 1,440 | +6.0% |
| Gross profit | 9,109 | 9,723 | 614 | +6.7% |
| Operating income | 765 | 1,071 | 306 | +40.0% |
| Net income attributable to owners | 748 | 909 | 161 | +21.5% |
| Operating cash flow | 838 | 1,971 | 1,133 | +135.2% |
| Free cash flow | -80 | -2 | 78 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,497 | 559 | 2.2% | 353 | 844 | -643 | S100LMFL |
| FY ending Mar 2021 | 23,931 | 429 | 1.8% | 304 | 1,342 | 1,130 | S100OC1U |
| FY ending Mar 2022 | 19,282 | 647 | 3.4% | 178 | 922 | 276 | S100R024 |
| FY ending Mar 2023 | 21,228 | 675 | 3.2% | 602 | 1,136 | -401 | S100TUWG |
| FY ending Mar 2024 | 23,260 | 767 | 3.3% | 768 | 1,690 | 1,126 | S100WPYR |
| FY ending Mar 2025 | 23,969 | 765 | 3.2% | 748 | 838 | -80 | S100YGUH |
| FY ending Mar 2026 | 25,409 | 1,071 | 4.2% | 909 | 1,971 | -2 | S100YGUH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 579 | 639 | 744 | 751 | 741 |
| Average salary (parent company) | ¥4.3M | ¥4.9M | ¥4.8M | ¥4.8M | ¥5M |
| Average age (parent company) | 42.5 years | 46.7 years | 45.1 years | 46.4 years | 42.5 years |
| Average tenure (parent company) | 16.5 years | 16.7 years | 13.2 years | 14.2 years | 13.3 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +6.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vending machine management and beverage retail business | 13,892 | 54.7% | 274 | 2.0% |
| Beverage manufacturing business | 11,086 | 43.6% | 1,043 | 9.4% |
| Real estate management business | 142 | 0.6% | 220 | 154.9% |
| other business | 288 | 1.1% | 52 | 18.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Vending machine management and beverage retail business | 54.7% | 17.2% | -37.4 | 2.0% |
| Beverage manufacturing business | 43.6% | 65.6% | 22.0 | 9.4% |
| Real estate management business | 0.6% | 13.8% | 13.3 | 154.9% |
| other business | 1.1% | 3.3% | 2.1 | 18.1% |

Segment → industry: Beverage manufacturing business → Alcoholic Beverages / Beverage manufacturing business → Beverages & Dairy / Vending machine management and beverage retail business → Beverages & Dairy / Real estate management business → Real Estate Development & Leasing

## 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 | 1,971 | 7.8% | S100YGUH |
| Capital expenditure | 1,973 | 7.8% | S100YGUH |
| Free cash flow | -2 | -0.0% | 算出 |
| Investing cash flow | -2,517 | -9.9% | S100YGUH |
| Financing cash flow | 2,603 | 10.2% | S100YGUH |
| Dividends paid | 234 | 0.9% | S100YGUH |
| Change in cash | 2,063 | 8.1% | S100YGUH |
| Cash and equivalents | 3,835 | 15.1% | S100YGUH |

## 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 | 852 | 1,067 | 1,570 | 1,772 | 3,835 | S100TUWG, S100WPYR, S100YGUH |
| Total assets | 15,112 | 16,576 | 18,928 | 19,655 | 24,145 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Net assets | 5,104 | 5,620 | 6,630 | 7,223 | 7,936 | S100TUWG, S100WPYR, S100YGUH |
| Share capital | 798 | 798 | 798 | 798 | 798 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Property, plant and equipment | 7,685 | 8,771 | 9,520 | 9,626 | 10,704 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Intangible assets excluding goodwill | 156 | 267 | 270 | 223 | 148 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Goodwill | 73 | 155 | 171 | 131 | 75 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Investment securities | 939 | 1,179 | 1,430 | 1,650 | 2,477 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Current assets | 5,531 | 5,696 | 7,062 | 7,505 | 10,139 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Current liabilities | 7,678 | 8,035 | 8,880 | 8,575 | 10,483 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Short-term borrowings | 2,480 | 2,910 | 2,330 | 2,580 | 3,040 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Long-term borrowings | 1,608 | 2,275 | 2,757 | 3,185 | 5,177 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Total liabilities | 10,008 | 10,955 | 12,298 | 12,431 | 16,208 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Equity attributable to owners of parent | 5,512 | 5,957 | 6,726 | 7,267 | 7,960 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Retained earnings | 4,611 | 5,046 | 5,523 | 6,051 | 6,726 | S100R024, S100TUWG, S100WPYR, S100YGUH |
| Treasury stock | -910 | -900 | -630 | -618 | -604 | S100R024, S100TUWG, S100WPYR, S100YGUH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YGUH |
| Property, plant and equipment | 44% | S100YGUH |
| Intangibles and goodwill | 1% | S100YGUH |
| Investment securities | 10% | S100YGUH |
| Other assets | 29% | S100YGUH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YGUH |
| Equity | 33% | S100YGUH |
| Other liabilities | 0% | S100YGUH |

### 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 | 15,112 | 16,576 | 18,928 | 19,655 | 24,145 |
| Equity | 5,104 | 5,620 | 6,630 | 7,223 | 7,936 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 852 | 1,067 | 1,570 | 1,772 | 3,835 |

## 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) | 42.1% | S100YGUH |
| Fixed assets ÷ total assets | 44.3% | S100YGUH |
| Goodwill ÷ parent equity | 0.9% | S100YGUH |

Goodwill over 4 years: 73 → 75 JPY; total investing cash flow: -6,492 JPY. This does not imply causation.

### 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) | 15.9% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 184.0% |
| Cash vs. profit gap | 1,062 JPY mn (of net income 116.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.8% |
| Investing CF relative to operating CF | 127.7% |

## 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 | 0.9% | 1.28× | 1.2% | 2.74× | 3.2% | S100R024 |
| 2023 | 2.8% | 1.34× | 3.8% | 2.76× | 10.5% | S100TUWG |
| 2024 | 3.3% | 1.31× | 4.3% | 2.80× | 12.1% | S100WPYR |
| 2025 | 3.1% | 1.24× | 3.9% | 2.76× | 10.7% | S100YGUH |
| 2026 | 3.6% | 1.16× | 4.2% | 2.88× | 11.9% | S100YGUH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サンコモト㈲ | Major shareholder | 38.1% | 2026-03-31 |
| 河本 大輔 | Major shareholder | 8.2% | 2026-03-31 |
| 大戸 綾加 | Major shareholder | 6.0% | 2026-03-31 |
| 浅井 哲也 | Major shareholder | 4.1% | 2026-03-31 |
| アシードグループ社員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 河本 ハルエ | Major shareholder | 3.1% | 2026-03-31 |
| ㈱広島銀行 （常任代理人 ㈱日本カストディ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| アシード・インベストメント・クラブ | Major shareholder | 2.3% | 2026-03-31 |
| 松本 典文 | Major shareholder | 2.2% | 2026-03-31 |
| 寺地 實 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YGUH | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGUH,, |
| 訂正有価証券報告書－第53期(2024/04/01－2025/03/31) | S100WPYR | 2025-10-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPYR,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TUWG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUWG,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R024 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R024,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OC1U | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC1U,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LMFL | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMFL,, |

## 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).