# ASIRO Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/11/01－2025/10/31) (S100XHO2)
> Page: https://vizora.meequs.com/en/company/asiro
> Retrieved: 2026-09-30T22:08:10.029Z

## Company

Asiro, founded in 2016, is a company in Internet Services & Apps listed on TSE Growth. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASIRO Inc. |
| Ticker | 7378 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7378.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目3番1号 |
| Representative (per filing) | 代表取締役社長 中山 博登 |
| Founded | Apr 2016 |
| Share capital | ¥610.6M |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | October |
| Website | asiro.co.jp (https://asiro.co.jp/) |
| Corporate number | 9011101076787 |
| EDINET | E34994 |
| Industries (Vizora) | Internet Services & Apps, Non-life Insurance, HR & Staffing |

> Profile source: annual securities report (S100XHO2, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 40 |
| Profitability | 81.4 | 51 |
| Cash conversion | 36 | 43 |
| Efficiency | 83.7 | 52 |

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 94% of Asiro's sales come from Legal media-related business, with HR business and Insurance business making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +41.6% from the prior year, operating profit +262.0%.

## Company structure

- Segment revenue mix: Legal media-related business 93.9%、HR business 5.0%、Insurance business 1.0%
- Revenue → net income: ¥6647361000 → ¥990779000
- Net income → operating cash flow: ¥990779000 → ¥1339147000（difference ¥348368000）
- Main uses of operating cash flow: CapEx ¥24114000 / dividends ¥175614000 / buybacks —
- Change in cash: ¥869687000
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 | ¥6.65B |  |
| Operating income | ¥1.42B | Margin 21.4% |
| Net income | ¥1.02B | Margin 15.4% |
| Free cash flow | ¥1.32B |  |
| Largest business | Legal media-related business | of segment revenue 93.9% |
| Employees (consolidated) | 127 |  |
| EPS | ¥140.51 |  |
| Diluted EPS | ¥139.14 |  |
| Book value per share | ¥292.68 |  |
| Equity ratio | 64.8% | Derived from disclosed figures |
| Shares outstanding | 7,380,568 |  |
| Treasury shares | 90,600 |  |
| Shareholders | 4,886 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 51.0% | Cash ÷ revenue 37.1% |
| Vs. industry median margin | +13.7 pp | Internet Services & Apps |
| ROE | 37.8% | Derived from disclosed figures |
| ROA | 23.0% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -17% while operating income rose 262%
- FY2025, revenue is 4.3× its level five years ago
- FY2025, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1478705000 | ¥6647361000 | +349.5% |
| Operating income | ¥332673000 | ¥1419373000 | +326.7% |
| Operating margin | 22.5% | 21.4% | -1.1 pp |
| Employees | 43 people | 127 people | +195.3% |
| Cash and equivalents | ¥557471000 | ¥2466157000 | +342.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| メディア事業 → メディア事業 | 93.9% |
| メディア事業 → 事業再編・廃止 | 5.1% |
| リーガルHR事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → HR事業 | 5.0% |
| 新設・再編 → 保険事業 | 1.0% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Legal media-related business | 5 years | +33.7% | ¥6242624000 | 32.6% | 2 |
| HR business | 4 years | +56.3% | ¥335297000 | 21.3% | 2 |
| Insurance business | 3 years | +36.4% | ¥69440000 | -229.8% | 2 |

## Income statement（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,647 | 100.0% | S100XHO2 |
| Cost of revenue | 4,023 | 60.5% | S100XHO2 |
| Gross profit | 2,625 | 39.5% | S100XHO2 |
| SG&A | 1,214 | 18.3% | S100XHO2 |
| Operating income | 1,419 | 21.4% | S100XHO2 |
| Pretax income | 1,415 | 21.3% | S100XHO2 |
| Income tax | 464 | 7.0% | S100XHO2 |
| Net income | 991 | 14.9% | S100XHO2 |
| Net income attributable to owners | 1,024 | 15.4% | S100XHO2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 18 |
| Operating income | 21 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 39.5% → Operating margin 21.4% → Net margin 15.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +41.6%; Core profit growth: +262.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,694 | 6,647 | 1,953 | +41.6% |
| Gross profit | 1,740 | 2,625 | 885 | +50.8% |
| Operating income | 392 | 1,419 | 1,027 | +262.0% |
| Net income attributable to owners | 142 | 1,024 | 881 | +620.1% |
| Operating cash flow | 730 | 1,339 | 609 | +83.5% |
| Free cash flow | 721 | 1,315 | 594 | +82.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 1,157 | — | — | 156 | 251 | — | S100SOLV |
| FY ending Oct 2020 | 1,479 | 333 | 22.5% | 208 | 237 | 191 | S100NA8D |
| FY ending Oct 2021 | 1,553 | 361 | 23.2% | 229 | 299 | 295 | S100Q1KW |
| FY ending Oct 2022 | 2,202 | 484 | 22.0% | 344 | 511 | 427 | S100SOLV |
| FY ending Oct 2023 | 3,198 | 53 | 1.7% | -12 | -103 | -190 | S100V584 |
| FY ending Oct 2024 | 4,694 | 392 | 8.4% | 142 | 730 | 721 | S100XHO2 |
| FY ending Oct 2025 | 6,647 | 1,419 | 21.4% | 1,024 | 1,339 | 1,315 | S100XHO2 |

## People and productivity（FY ending Oct 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.3M |
| Operating income per employee (consolidated) | ¥11.2M |
| Net income per employee (consolidated) | ¥8.1M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 51 | 57 | 80 | 153 | 127 |
| Average salary (parent company) | ¥5.3M | ¥5.6M | ¥5.7M | ¥5.8M | ¥5.5M |
| Average age (parent company) | 29.1 years | 29.5 years | 29.8 years | 29.1 years | 30.1 years |
| Average tenure (parent company) | 2.2 years | 2.2 years | 2.3 years | 2.3 years | 2.5 years |

Year over year: Employees (consolidated) -17.0% · Revenue (consolidated) +41.6%

## Segments（FY ending Oct 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Legal media-related business | 6,243 | 93.9% | 2,035 | 32.6% |
| HR business | 335 | 5.0% | 71 | 21.3% |
| Insurance business | 69 | 1.0% | -160 | -229.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Legal media-related business | 93.9% | 96.6% | 2.7 | 32.6% |
| HR business | 5.0% | 3.4% | -1.7 | 21.3% |
| Insurance business | 1.0% | — | — | -229.8% |

Loss-making segment (excluded from profit shares): Insurance business -160 JPY mn

Segment → industry: Legal media-related business → Internet Services & Apps / Insurance business → Non-life Insurance / HR business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,339 | 20.1% | S100XHO2 |
| Capital expenditure | 24 | 0.4% | S100XHO2 |
| Free cash flow | 1,315 | 19.8% | 算出 |
| Investing cash flow | -50 | -0.7% | S100XHO2 |
| Financing cash flow | -420 | -6.3% | S100XHO2 |
| Dividends paid | 176 | 2.6% | S100XHO2 |
| Change in cash | 870 | 13.1% | S100XHO2 |
| Cash and equivalents | 2,466 | 37.1% | S100XHO2 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,304 | 1,876 | 1,226 | 1,596 | 2,466 | S100SOLV, S100V584, S100XHO2 |
| Total assets | 2,802 | 4,001 | 3,721 | 4,062 | 4,833 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Net assets | 2,222 | 2,647 | 2,227 | 2,296 | 3,140 | S100SOLV, S100V584, S100XHO2 |
| Share capital | 542 | 606 | 608 | 611 | 611 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Property, plant and equipment | 25 | 93 | 113 | 80 | 46 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Goodwill | 1,139 | 1,302 | 1,340 | 1,139 | 1,139 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Current assets | 1,520 | 2,203 | 1,782 | 2,426 | 3,335 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Total liabilities | 580 | 1,354 | 1,494 | 1,765 | 1,693 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Equity attributable to owners of parent | 2,222 | 2,611 | 2,217 | 2,277 | 3,134 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Retained earnings | 483 | 831 | 723 | 865 | 1,889 | S100Q1KW, S100SOLV, S100V584, S100XHO2 |
| Treasury stock | — | -100 | -81 | -70 | -62 | S100SOLV, S100V584, S100XHO2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XHO2 |
| Property, plant and equipment | 1% | S100XHO2 |
| Intangibles and goodwill | 24% | — |
| Other assets | 24% | S100XHO2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100XHO2 |
| Equity | 65% | S100XHO2 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,802 | 4,001 | 3,721 | 4,062 | 4,833 |
| Equity | 2,222 | 2,647 | 2,227 | 2,296 | 3,140 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,304 | 1,876 | 1,226 | 1,596 | 2,466 |

## 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% | S100XHO2 |
| Fixed assets ÷ total assets | 1.0% | S100XHO2 |
| Goodwill ÷ parent equity | 36.3% | S100XHO2 |

Goodwill over 4 years: 1,139 → 1,139 JPY; total investing cash flow: -510 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) | 51.0% |
| Cash ÷ revenue | 37.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.3% |
| Cash vs. profit gap | 316 JPY mn (of net income 30.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.2% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.7% |

## 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 | 14.7% | 0.55× | 8.2% | 1.26× | 10.3% | S100Q1KW |
| 2022 | 15.6% | 0.65× | 10.1% | 1.41× | 14.2% | S100SOLV |
| 2023 | — | —× | -0.3% | —× | — | S100V584 |
| 2024 | 3.0% | 1.21× | 3.7% | 1.73× | 6.3% | S100XHO2 |
| 2025 | 15.4% | 1.49× | 23.0% | 1.64× | 37.8% | S100XHO2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山 博登 | Major shareholder | 25.7% | 2025-10-31 |
| 松田 健太郎 | Major shareholder | 3.1% | 2025-10-31 |
| 大東特殊電線株式会社 | Major shareholder | 2.6% | 2025-10-31 |
| 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 | 2.4% | 2025-10-31 |
| 西川 晶 | Major shareholder | 2.2% | 2025-10-31 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2025-10-31 |
| 山本 雄太 | Major shareholder | 1.3% | 2025-10-31 |
| 阿部 重成 | Major shareholder | 1.3% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.2% | 2025-10-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/11/01－2025/10/31) | S100XHO2 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHO2,, |
| 有価証券報告書－第9期(2023/11/01－2024/10/31) | S100V584 | 2025-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V584,, |
| 有価証券報告書－第8期(2022/11/01－2023/10/31) | S100SOLV | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOLV,, |
| 有価証券報告書－第7期(2021/11/01－2022/10/31) | S100Q1KW | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1KW,, |
| 有価証券報告書－第6期(令和2年11月1日－令和3年10月31日) | S100NA8D | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA8D,, |

## 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).