# AsiaQuest Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XVLI)
> Page: https://vizora.meequs.com/en/company/asia-quest
> Retrieved: 2026-09-30T19:01:56.239Z

## Company

AsiaQuest, founded in 2012, is a company in IT Services & System Integration listed on TSE Growth. It has 565 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AsiaQuest Co., Ltd. |
| Ticker | 4261 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4261.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区後楽二丁目6番1号 |
| Representative (per filing) | 代表取締役会長CEO 桃井 純 |
| Founded | Apr 2012 |
| Share capital | ¥414.4M |
| Employees (consolidated) | 565 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.asia-quest.jp (https://www.asia-quest.jp/) |
| Corporate number | 2010901030183 |
| EDINET | E37131 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XVLI, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.7 | 157 |
| Profitability | 50.3 | 196 |
| Cash conversion | 8.4 | 185 |
| Efficiency | 80.4 | 196 |

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)

- AsiaQuest brought in ¥4.92B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +21.1% from the prior year, operating profit -4.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4920288000 → ¥290954000
- Net income → operating cash flow: ¥290954000 → ¥72409000（difference ¥-218545000）
- Main uses of operating cash flow: CapEx ¥116774000 / dividends — / buybacks —
- Change in cash: ¥-58762000
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 | ¥4.92B |  |
| Operating income | ¥439.4M | Margin 8.9% |
| Net income | ¥291M | Margin 5.9% |
| Free cash flow | -¥44.4M |  |
| Employees (consolidated) | 565 |  |
| EPS | ¥180.79 |  |
| Diluted EPS | ¥179.27 |  |
| Book value per share | ¥1326.9 |  |
| Equity ratio | 67.2% |  |
| Shares outstanding | 1,477,600 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,253 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 49.9% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | 0 pp | IT Services & System Integration |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1800960000 | ¥4920288000 | +173.2% |
| Operating income | ¥97802000 | ¥439411000 | +349.3% |
| Operating margin | 5.4% | 8.9% | +3.5 pp |
| Employees | 275 people | 565 people | +105.5% |
| Cash and equivalents | ¥791453000 | ¥1462028000 | +84.7% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,920 | 100.0% | S100XVLI |
| Cost of revenue | 2,519 | 51.2% | S100XVLI |
| Gross profit | 2,401 | 48.8% | S100XVLI |
| SG&A | 1,961 | 39.9% | S100XVLI |
| Operating income | 439 | 8.9% | S100XVLI |
| Ordinary income | 448 | 9.1% | S100XVLI |
| Pretax income | 448 | 9.1% | S100XVLI |
| Income tax | 157 | 3.2% | S100XVLI |
| Net income | 291 | 5.9% | S100XVLI |
| Net income attributable to owners | 291 | 5.9% | S100XVLI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 40 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 48.8% → Operating margin 8.9% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +21.1%; Core profit growth: -4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.20×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,061 | 4,920 | 859 | +21.1% |
| Gross profit | 1,952 | 2,401 | 449 | +23.0% |
| Operating income | 459 | 439 | -19 | -4.2% |
| Net income attributable to owners | 295 | 291 | -4 | -1.5% |
| Operating cash flow | 521 | 72 | -449 | -86.1% |
| Free cash flow | 308 | -44 | -353 | -114.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 1,801 | 98 | 5.4% | 63 | 190 | 156 | S100NS0A |
| FY ending Dec 2021 | 2,236 | 294 | 13.1% | 196 | 302 | 277 | S100QIEN |
| FY ending Dec 2022 | 2,613 | 367 | 14.0% | 232 | 198 | 170 | S100T6BK |
| FY ending Dec 2023 | 3,140 | 310 | 9.9% | 199 | 127 | 93 | S100VIU6 |
| FY ending Dec 2024 | 4,061 | 459 | 11.3% | 295 | 521 | 308 | S100XVLI |
| FY ending Dec 2025 | 4,920 | 439 | 8.9% | 291 | 72 | -44 | S100XVLI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.7M |
| Operating income per employee (consolidated) | ¥777.7K |
| Net income per employee (consolidated) | ¥515K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 298 | 339 | 410 | 480 | 565 |
| Average salary (parent company) | ¥4.8M | ¥4.7M | ¥4.9M | ¥5M | ¥5.3M |
| Average age (parent company) | 31.6 years | 31.6 years | 31.8 years | 31.8 years | 32.1 years |
| Average tenure (parent company) | 3.1 years | 3.2 years | 3.4 years | 3.3 years | 3.6 years |

Year over year: Employees (consolidated) +17.7% · Revenue (consolidated) +21.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 72 | 1.5% | S100XVLI |
| Capital expenditure | 117 | 2.4% | S100XVLI |
| Free cash flow | -44 | -0.9% | 算出 |
| Investing cash flow | -86 | -1.7% | S100XVLI |
| Financing cash flow | -45 | -0.9% | S100XVLI |
| Change in cash | -59 | -1.2% | S100XVLI |
| Cash and equivalents | 1,462 | 29.7% | S100XVLI |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,489 | 1,562 | 1,518 | 1,521 | 1,462 | S100T6BK, S100VIU6, S100XVLI |
| Total assets | 1,973 | 2,152 | 2,263 | 2,765 | 2,927 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Net assets | 911 | 1,193 | 1,398 | 1,689 | 1,968 | S100T6BK, S100VIU6, S100XVLI |
| Share capital | 392 | 409 | 410 | 412 | 414 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Property, plant and equipment | 86 | 76 | 73 | 288 | 290 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Intangible assets excluding goodwill | 9 | 7 | 5 | 2 | 1 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Current assets | 1,823 | 2,011 | 2,123 | 2,219 | 2,429 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Current liabilities | 562 | 625 | 599 | 931 | 839 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Short-term borrowings | 4 | — | — | — | — | S100QIEN |
| Long-term borrowings | 459 | 323 | 260 | 135 | 103 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Bonds | 30 | — | — | — | — | S100QIEN |
| Interest-bearing debt | 493 | — | — | — | — | 算出 |
| Total liabilities | 1,062 | 958 | 865 | 1,076 | 960 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Equity attributable to owners of parent | 909 | 1,190 | 1,390 | 1,690 | 1,985 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Retained earnings | 173 | 419 | 618 | 914 | 1,205 | S100QIEN, S100T6BK, S100VIU6, S100XVLI |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100T6BK, S100VIU6, S100XVLI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XVLI |
| Property, plant and equipment | 10% | S100XVLI |
| Intangibles and goodwill | 0% | S100XVLI |
| Other assets | 40% | S100XVLI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100XVLI |
| Equity | 67% | S100XVLI |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,973 | 2,152 | 2,263 | 2,765 | 2,927 |
| Equity | 911 | 1,193 | 1,398 | 1,689 | 1,968 |
| Interest-bearing debt | 493 | — | — | — | — |
| Cash | 1,489 | 1,562 | 1,518 | 1,521 | 1,462 |

## 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) | 5.9% | S100XVLI |
| Fixed assets ÷ total assets | 9.9% | S100XVLI |
| Goodwill ÷ parent equity | — | —, S100XVLI |

### 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) | 49.9% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 16.5% |
| Cash vs. profit gap | -219 JPY mn (of net income -75.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 118.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.8% | 1.13× | 9.9% | 2.17× | 21.5% | S100QIEN |
| 2022 | 8.9% | 1.27× | 11.3% | 1.97× | 22.1% | S100T6BK |
| 2023 | 6.3% | 1.42× | 9.0% | 1.71× | 15.4% | S100VIU6 |
| 2024 | 7.3% | 1.62× | 11.8% | 1.63× | 19.2% | S100XVLI |
| 2025 | 5.9% | 1.73× | 10.2% | 1.55× | 15.8% | S100XVLI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 桃井純 | Major shareholder | 31.6% | 2025-12-31 |
| ＪＨＤアセットマネジメント株式会社 | Major shareholder | 27.1% | 2025-12-31 |
| 若杉精三郎 | Major shareholder | 2.3% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.8% | 2025-12-31 |
| 天野豊章 | Major shareholder | 0.8% | 2025-12-31 |
| ＮＴＴ西日本株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-12-31 |
| 岩崎友樹 | Major shareholder | 0.7% | 2025-12-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XVLI | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVLI,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VIU6 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIU6,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T6BK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6BK,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QIEN | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIEN,, |
| 有価証券報告書－第10期(令和3年1月1日－令和3年12月31日) | S100NS0A | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS0A,, |

## 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).