# Asia Air Survey Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/10/01－2025/09/30) (S100XAIS)
> Page: https://vizora.meequs.com/en/company/asia-air-survey
> Retrieved: 2026-09-30T20:38:18.866Z

## Company

Asia Air Survey, founded in 1954, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 1,872 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asia Air Survey Co., Ltd. |
| Ticker | 9233 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9233.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿六丁目14番1号 新宿グリーンタワービル |
| Representative (per filing) | 代表取締役社長 畠山 仁 |
| Founded | Feb 1954 |
| Share capital | ¥1.67B |
| Employees (consolidated) | 1,872 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | September |
| Website | www.ajiko.co.jp (https://www.ajiko.co.jp/) |
| Corporate number | 6011101000700 |
| EDINET | E04275 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XAIS, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.4 | 35 |
| Profitability | 36.3 | 40 |
| Cash conversion | 14.5 | 38 |
| Efficiency | 68.8 | 40 |

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)

- Asia Air Survey brought in ¥41.6B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +0.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41591491000 → ¥1832214000
- Net income → operating cash flow: ¥1832214000 → ¥705458000（difference ¥-1126756000）
- Main uses of operating cash flow: CapEx ¥2002351000 / dividends ¥949027000 / buybacks —
- Change in cash: ¥-2051328000
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 | ¥41.6B |  |
| Operating income | ¥2.86B | Margin 6.9% |
| Net income | ¥1.8B | Margin 4.3% |
| Free cash flow | -¥1.3B |  |
| Employees (consolidated) | 1,872 |  |
| EPS | ¥82.96 |  |
| Book value per share | ¥1019.19 |  |
| Equity ratio | 55.4% |  |
| Shares outstanding | 18,614,000 |  |
| Treasury shares | 364,400 |  |
| Shareholders | 8,615 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -1.9 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30120012000 | ¥41591491000 | +38.1% |
| Operating income | ¥2073872000 | ¥2856466000 | +37.7% |
| Operating margin | 6.9% | 6.9% | 0 pp |
| Employees | 1,483 people | 1,872 people | +26.2% |
| Cash and equivalents | ¥5564456000 | ¥4646256000 | -16.5% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,591 | 100.0% | S100XAIS |
| Cost of revenue | 30,188 | 72.6% | S100XAIS |
| Gross profit | 11,404 | 27.4% | S100XAIS |
| SG&A | 8,547 | 20.6% | S100XAIS |
| Operating income | 2,856 | 6.9% | S100XAIS |
| Ordinary income | 3,024 | 7.3% | S100XAIS |
| Pretax income | 2,911 | 7.0% | S100XAIS |
| Income tax | 1,079 | 2.6% | S100XAIS |
| Net income | 1,832 | 4.4% | S100XAIS |
| Net income attributable to owners | 1,803 | 4.3% | S100XAIS |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 20 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 27.4% → Operating margin 6.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,271 | 41,591 | 1,321 | +3.3% |
| Gross profit | 10,980 | 11,404 | 423 | +3.9% |
| Operating income | 2,850 | 2,856 | 6 | +0.2% |
| Net income attributable to owners | 1,902 | 1,803 | -99 | -5.2% |
| Operating cash flow | 594 | 705 | 111 | +18.7% |
| Free cash flow | -952 | -1,297 | -345 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 28,481 | 1,346 | 4.7% | 1,080 | 504 | -613 | S100KE2M |
| FY ending Sep 2020 | 30,120 | 2,074 | 6.9% | 1,755 | 2,496 | 1,074 | S100N2ET |
| FY ending Sep 2021 | 32,507 | 2,339 | 7.2% | 1,730 | 3,181 | 2,100 | S100PSZ7 |
| FY ending Sep 2022 | 33,674 | 2,466 | 7.3% | 1,728 | 878 | -813 | S100SGHA |
| FY ending Sep 2023 | 37,304 | 2,746 | 7.4% | 1,848 | 4,913 | 3,024 | S100UZ06 |
| FY ending Sep 2024 | 40,271 | 2,850 | 7.1% | 1,902 | 594 | -952 | S100XAIS |
| FY ending Sep 2025 | 41,591 | 2,856 | 6.9% | 1,803 | 705 | -1,297 | S100XAIS |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥963.2K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,547 | 1,587 | 1,636 | 1,762 | 1,872 |
| Average salary (parent company) | ¥7.5M | ¥7.3M | ¥7.9M | ¥7.8M | ¥7.3M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 13.0 years | 14.0 years | 13.0 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +3.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 705 | 1.7% | S100XAIS |
| Capital expenditure | 2,002 | 4.8% | S100XAIS |
| Free cash flow | -1,297 | -3.1% | 算出 |
| Investing cash flow | -3,217 | -7.7% | S100XAIS |
| Financing cash flow | 457 | 1.1% | S100XAIS |
| Dividends paid | 949 | 2.3% | S100XAIS |
| Change in cash | -2,051 | -4.9% | S100XAIS |
| Cash and equivalents | 4,646 | 11.2% | S100XAIS |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,072 | 5,525 | 8,094 | 6,698 | 4,646 | S100SGHA, S100UZ06, S100XAIS |
| Total assets | 28,912 | 31,534 | 33,687 | 36,414 | 39,627 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Net assets | 17,281 | 18,398 | 20,021 | 21,207 | 22,248 | S100SGHA, S100UZ06, S100XAIS |
| Share capital | 1,674 | 1,674 | 1,674 | 1,674 | 1,674 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Trade receivables | 8,505 | — | — | — | — | S100PSZ7 |
| Property, plant and equipment | 3,711 | 3,802 | 3,902 | 4,266 | 5,479 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Intangible assets excluding goodwill | 1,733 | 2,153 | 2,170 | 2,212 | 3,087 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Goodwill | 296 | 255 | 215 | 343 | 1,272 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Investment securities | 4,450 | 4,379 | 5,021 | 4,852 | 5,465 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Current assets | 17,299 | 19,169 | 20,651 | 22,788 | 23,403 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Current liabilities | 5,971 | 7,755 | 8,090 | 9,989 | 11,966 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Trade payables | 1,219 | 1,622 | 1,363 | 1,836 | 2,195 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Short-term borrowings | — | — | — | 1,500 | 3,500 | S100XAIS |
| Long-term borrowings | 391 | 418 | 218 | 167 | 206 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Bonds | — | — | — | 50 | — | S100XAIS |
| Interest-bearing debt | — | — | — | 1,717 | — | 算出 |
| Total liabilities | 11,630 | 13,136 | 13,666 | 15,206 | 17,378 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Non-controlling interests | 187 | 207 | 234 | 254 | 285 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Equity attributable to owners of parent | 15,033 | 16,316 | 17,656 | 18,976 | 19,848 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Retained earnings | 10,932 | 12,207 | 13,547 | 14,756 | 15,610 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |
| Treasury stock | -172 | -169 | -169 | -136 | -131 | S100PSZ7, S100SGHA, S100UZ06, S100XAIS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XAIS |
| Property, plant and equipment | 14% | S100XAIS |
| Intangibles and goodwill | 11% | S100XAIS |
| Investment securities | 14% | S100XAIS |
| Other assets | 49% | S100XAIS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XAIS |
| Other liabilities | 38% | S100XAIS |
| Equity | 56% | S100XAIS |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,912 | 31,534 | 33,687 | 36,414 | 39,627 |
| Equity | 17,281 | 18,398 | 20,021 | 21,207 | 22,248 |
| Interest-bearing debt | — | — | — | 1,717 | — |
| Cash | 7,072 | 5,525 | 8,094 | 6,698 | 4,646 |

## 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) | 13.2% | S100XAIS |
| Fixed assets ÷ total assets | 13.8% | S100XAIS |
| Goodwill ÷ parent equity | 6.4% | S100XAIS |

Goodwill over 4 years: 296 → 1,272 JPY; total investing cash flow: -10,203 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) | 11.7% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.7% |
| Cash vs. profit gap | -1,098 JPY mn (of net income -60.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 456.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.3% | 1.12× | 6.0% | 1.92× | 11.5% | S100PSZ7 |
| 2022 | 5.1% | 1.11× | 5.7% | 1.93× | 11.0% | S100SGHA |
| 2023 | 5.0% | 1.14× | 5.7% | 1.92× | 10.9% | S100UZ06 |
| 2024 | 4.7% | 1.15× | 5.4% | 1.91× | 10.4% | S100XAIS |
| 2025 | 4.3% | 1.09× | 4.7% | 1.96× | 9.3% | S100XAIS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西日本旅客鉄道株式会社 | Major shareholder | 28.0% | 2025-09-30 |
| 復建調査設計株式会社 | Major shareholder | 23.9% | 2025-09-30 |
| 日本国土開発株式会社 | Major shareholder | 5.9% | 2025-09-30 |
| アジア航測社員持株会 | Major shareholder | 3.6% | 2025-09-30 |
| ＴＤＣソフト株式会社 | Major shareholder | 3.0% | 2025-09-30 |
| 株式會社オオバ | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2025-09-30 |
| 三井共同建設コンサルタント 株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 関電不動産開発株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| アジア航測共栄会 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/10/01－2025/09/30) | S100XAIS | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAIS,, |
| 有価証券報告書－第77期(2023/10/01－2024/09/30) | S100UZ06 | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ06,, |
| 有価証券報告書－第76期(2022/10/01－2023/09/30) | S100SGHA | 2023-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SGHA,, |
| 有価証券報告書－第75期(令和3年10月1日－令和4年9月30日) | S100PSZ7 | 2022-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSZ7,, |
| 有価証券報告書－第74期(令和2年10月1日－令和3年9月30日) | S100N2ET | 2021-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2ET,, |
| 有価証券報告書－第73期(令和1年10月1日－令和2年9月30日) | S100KE2M | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE2M,, |

## 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).