# Asgent, 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29期(2025/04/01－2026/03/31) (S100YGM0)
> Page: https://vizora.meequs.com/en/company/asgent
> Retrieved: 2026-09-30T20:24:37.234Z

## Company

Asgent, founded in 1997, is a company in Cybersecurity listed on TSE Standard. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asgent, Inc. |
| Ticker | 4288 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4288.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区明石町6番4号 |
| Representative (per filing) | 代表取締役社長 杉本 隆洋 |
| Founded | Nov 1997 |
| Share capital | ¥771.1M |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.asgent.co.jp (https://www.asgent.co.jp/) |
| Corporate number | 7010001035673 |
| EDINET | E05201 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100YGM0, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.5 | 20 |
| Profitability | 12.1 | 29 |
| Cash conversion | 75.9 | 27 |
| Efficiency | 98.3 | 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)

- Asgent brought in ¥3.43B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +15.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3434064000 → ¥168031000
- Net income → operating cash flow: ¥168031000 → ¥226979000（difference ¥58948000）
- Main uses of operating cash flow: CapEx ¥140539000 / dividends — / buybacks —
- Change in cash: ¥22288000
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 | ¥3.43B |  |
| Operating income | ¥146.9M | Margin 4.3% |
| Net income | ¥168M | Margin 4.9% |
| Free cash flow | ¥86.4M |  |
| Employees (consolidated) | 100 |  |
| EPS | ¥44.03 |  |
| Book value per share | ¥132.57 |  |
| Equity ratio | 28.5% |  |
| Shares outstanding | 3,815,734 |  |
| Treasury shares | 200 |  |
| Shareholders | 1,986 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 20.0% |
| Vs. industry median margin | -10.1 pp | Cybersecurity |
| ROE | 40.5% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2795125000 | ¥3434064000 | +22.9% |
| Operating income | ¥-52898000 | ¥146916000 | — |
| Operating margin | -1.9% | 4.3% | +6.2 pp |
| Employees | 96 people | 100 people | +4.2% |
| Cash and equivalents | ¥897748000 | ¥686281000 | -23.6% |

### 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 | 3,434 | 100.0% | S100YGM0 |
| Cost of revenue | 2,020 | 58.8% | S100YGM0 |
| Gross profit | 1,414 | 41.2% | S100YGM0 |
| SG&A | 1,267 | 36.9% | S100YGM0 |
| Operating income | 147 | 4.3% | S100YGM0 |
| Ordinary income | 136 | 3.9% | S100YGM0 |
| Pretax income | 136 | 3.9% | S100YGM0 |
| Income tax | -32 | -0.9% | S100YGM0 |
| Net income | 168 | 4.9% | S100YGM0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 37 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 41.2% → Operating margin 4.3% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 2,971 | 3,434 | 463 | +15.6% |
| Gross profit | 1,086 | 1,414 | 328 | +30.2% |
| Operating income | -205 | 147 | 352 | — |
| Operating cash flow | -162 | 227 | 389 | — |
| Free cash flow | -300 | 86 | 386 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,126 | 45 | 1.4% | 46 | 191 | 77 | S100LNBE |
| FY ending Mar 2021 | 2,795 | -53 | -1.9% | -52 | 24 | -90 | S100OCGO |
| FY ending Mar 2022 | 3,168 | 23 | 0.7% | 77 | 119 | 47 | S100R74K |
| FY ending Mar 2023 | 2,834 | -116 | -4.1% | -126 | -59 | -156 | S100TUK1 |
| FY ending Mar 2024 | 2,370 | -290 | -12.3% | -448 | -5 | -86 | S100W39D |
| FY ending Mar 2025 | 2,971 | -205 | -6.9% | -440 | -162 | -300 | S100YGM0 |
| FY ending Mar 2026 | 3,434 | 147 | 4.3% | 168 | 227 | 86 | S100YGM0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 95 | 91 | 103 | 103 | 100 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 40.7 years | 42.0 years | 42.5 years | 42.1 years | 43.7 years |
| Average tenure (parent company) | 8.8 years | 9.3 years | 8.8 years | 9.3 years | 9.6 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +15.6%

## 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 | 227 | 6.6% | S100YGM0 |
| Capital expenditure | 141 | 4.1% | S100YGM0 |
| Free cash flow | 86 | 2.5% | 算出 |
| Investing cash flow | -135 | -3.9% | S100YGM0 |
| Financing cash flow | -70 | -2.0% | S100YGM0 |
| Change in cash | 22 | 0.6% | S100YGM0 |
| Cash and equivalents | 686 | 20.0% | S100YGM0 |

## 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 | 994 | 863 | 778 | 664 | 686 | S100TUK1, S100W39D, S100YGM0 |
| Total assets | 2,526 | 2,184 | 1,660 | 1,571 | 1,769 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Net assets | 1,354 | 1,239 | 777 | 336 | 506 | S100TUK1, S100W39D, S100YGM0 |
| Share capital | 771 | 771 | 771 | 771 | 771 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Property, plant and equipment | 192 | 185 | 162 | 19 | 89 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Intangible assets excluding goodwill | 19 | 22 | 23 | — | 38 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Investment securities | 167 | 174 | 31 | 30 | 30 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Current assets | 2,032 | 1,694 | 1,357 | 1,441 | 1,491 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Current liabilities | 1,050 | 824 | 752 | 1,096 | 1,119 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Short-term borrowings | 200 | 200 | 200 | 400 | 330 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Total liabilities | 1,171 | 945 | 882 | 1,234 | 1,263 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Equity attributable to owners of parent | 1,345 | 1,220 | 772 | 331 | 499 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Retained earnings | -131 | -256 | -704 | -440 | -272 | S100R74K, S100TUK1, S100W39D, S100YGM0 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R74K, S100TUK1, S100W39D, S100YGM0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YGM0 |
| Property, plant and equipment | 5% | S100YGM0 |
| Intangibles and goodwill | 2% | S100YGM0 |
| Investment securities | 2% | S100YGM0 |
| Other assets | 52% | S100YGM0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100YGM0 |
| Equity | 29% | S100YGM0 |
| Other liabilities | 0% | S100YGM0 |

### 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 | 2,526 | 2,184 | 1,660 | 1,571 | 1,769 |
| Equity | 1,354 | 1,239 | 777 | 336 | 506 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 994 | 863 | 778 | 664 | 686 |

## 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) | 2.6% | S100YGM0 |
| Fixed assets ÷ total assets | 5.0% | S100YGM0 |
| Goodwill ÷ parent equity | — | —, S100YGM0 |

### 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) | 38.8% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.5% |
| Cash vs. profit gap | 59 JPY mn (of net income 35.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 59.4% |

## 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 | 2.4% | 1.25× | 3.0% | 1.88× | 5.7% | S100R74K |
| 2023 | — | —× | -5.3% | —× | — | S100TUK1 |
| 2024 | — | —× | -23.3% | —× | — | S100W39D |
| 2025 | — | —× | -27.3% | —× | — | S100YGM0 |
| 2026 | 4.9% | 2.06× | 10.1% | 4.02× | 40.5% | S100YGM0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アズウェルマネジメント | Major shareholder | 46.3% | 2026-03-31 |
| 杉本 隆洋 | Major shareholder | 2.9% | 2026-03-31 |
| 原田 茂行 | Major shareholder | 2.6% | 2026-03-31 |
| 鍛治 邦充 | Major shareholder | 2.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社オービックビジネスコンサルタント | Major shareholder | 1.7% | 2026-03-31 |
| 水野 親則 | Major shareholder | 1.6% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 会田 研二 | Major shareholder | 1.0% | 2026-03-31 |
| UBA AG LONDON ASIA EQUITIES （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YGM0 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGM0,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W39D | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W39D,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TUK1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUK1,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R74K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R74K,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OCGO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCGO,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LNBE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNBE,, |

## 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).