# ASJ INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2025/04/01－2026/03/31) (S100YHBT)
> Page: https://vizora.meequs.com/en/company/asj
> Retrieved: 2026-09-30T21:31:16.434Z

## Company

ASJ, founded in 1984, is a company in Software & SaaS listed on TSE Standard. It has 144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASJ INC. |
| Ticker | 2351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2351.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川口市栄町三丁目2番16号 |
| Representative (per filing) | 代表取締役社長 青木 邦哲 |
| Founded | Feb 1984 |
| Share capital | ¥1.38B |
| Employees (consolidated) | 144 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.asj.ad.jp (https://www.asj.ad.jp/) |
| Corporate number | 2030001073593 |
| EDINET | E05324 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YHBT, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 105 |
| Profitability | 19.7 | 145 |
| Cash conversion | 95.7 | 128 |
| Efficiency | 19.7 | 145 |

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)

- ASJ brought in ¥2.66B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit -21.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2661959000 → ¥88799000
- Net income → operating cash flow: ¥88799000 → ¥484104000（difference ¥395305000）
- Main uses of operating cash flow: CapEx ¥243575000 / dividends ¥23864000 / buybacks ¥53943000
- Change in cash: ¥101003000
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 | ¥2.66B |  |
| Operating income | ¥126.7M | Margin 4.8% |
| Net income | ¥88.8M | Margin 3.3% |
| Free cash flow | ¥240.5M |  |
| Employees (consolidated) | 144 |  |
| EPS | ¥11.27 |  |
| Book value per share | ¥367.96 |  |
| Equity ratio | 60.5% | Derived from disclosed figures |
| Shares outstanding | 7,951,100 |  |
| Treasury shares | 149,200 |  |
| Shareholders | 2,903 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 41.0% |
| Vs. industry median margin | -7.7 pp | Software & SaaS |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.5× net income
- FY2026, buybacks were 2.3× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2506557000 | ¥2661959000 | +6.2% |
| Operating income | ¥50440000 | ¥126669000 | +151.1% |
| Operating margin | 2.0% | 4.8% | +2.7 pp |
| Employees | 162 people | 144 people | -11.1% |
| Cash and equivalents | ¥845307000 | ¥1090517000 | +29.0% |

### 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,662 | 100.0% | S100YHBT |
| Cost of revenue | 1,648 | 61.9% | S100YHBT |
| Gross profit | 1,014 | 38.1% | S100YHBT |
| SG&A | 882 | 33.1% | S100YHBT |
| Operating income | 127 | 4.8% | S100YHBT |
| Pretax income | 126 | 4.7% | S100YHBT |
| Income tax | 37 | 1.4% | S100YHBT |
| Net income | 89 | 3.3% | S100YHBT |
| Net income attributable to owners | 89 | 3.3% | S100YHBT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 33 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 38.1% → Operating margin 4.8% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.9%; Core profit growth: -21.4%
Operating leverage (core profit growth ÷ revenue growth): 7.37×
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 | 2,742 | 2,662 | -80 | -2.9% |
| Gross profit | 1,119 | 1,014 | -105 | -9.4% |
| Operating income | 161 | 127 | -34 | -21.4% |
| Net income attributable to owners | 247 | 89 | -158 | -64.0% |
| Operating cash flow | 416 | 484 | 68 | +16.4% |
| Free cash flow | -319 | 241 | 559 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 2,296 | — | — | -30 | 235 | — | S100LQVU |
| FY ending Mar 2018 | 2,267 | — | — | 19 | 219 | — | S100OHBE |
| FY ending Mar 2019 | 2,316 | — | — | -439 | 62 | — | S100ROOZ |
| FY ending Mar 2020 | 2,483 | 25 | 1.0% | 24 | 240 | -98 | S100LQVU |
| FY ending Mar 2021 | 2,507 | 50 | 2.0% | 43 | 438 | 89 | S100OHBE |
| FY ending Mar 2022 | 2,491 | — | — | -485 | 250 | — | S100YHBT |
| FY ending Mar 2023 | 2,754 | 79 | 2.9% | 63 | 453 | 162 | S100TRUF |
| FY ending Mar 2024 | 2,847 | 103 | 3.6% | 112 | 282 | 8 | S100W892 |
| FY ending Mar 2025 | 2,742 | 161 | 5.9% | 247 | 416 | -319 | S100YHBT |
| FY ending Mar 2026 | 2,662 | 127 | 4.8% | 89 | 484 | 241 | S100YHBT |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥879.6K |
| Net income per employee (consolidated) | ¥616.7K |

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) | 156 | 156 | 154 | 147 | 144 |
| Average salary (parent company) | — | ¥5.3M | ¥5.3M | ¥5.3M | ¥5.2M |
| Average age (parent company) | — | 39.0 years | 39.7 years | 40.7 years | 40.7 years |
| Average tenure (parent company) | — | 13.3 years | 13.9 years | 14.9 years | 15.1 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) -2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 484 | 18.2% | S100YHBT |
| Capital expenditure | 244 | 9.2% | S100YHBT |
| Free cash flow | 241 | 9.0% | 算出 |
| Investing cash flow | -242 | -9.1% | S100YHBT |
| Financing cash flow | -141 | -5.3% | S100YHBT |
| Dividends paid | 24 | 0.9% | S100YHBT |
| Share buyback | 54 | 2.0% | S100YHBT |
| Change in cash | 101 | 3.8% | S100YHBT |
| Cash and equivalents | 1,091 | 41.0% | S100YHBT |

## 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 | 839 | 929 | 863 | 990 | 1,091 | S100YHBT, S100W892 |
| Total assets | 3,964 | 4,064 | 4,237 | 4,874 | 4,829 | S100YHBT, S100TRUF, S100W892 |
| Net assets | — | 2,544 | 2,655 | 2,893 | 2,920 | S100W892, S100YHBT |
| Share capital | — | 1,376 | 1,376 | 1,376 | 1,376 | S100TRUF, S100W892, S100YHBT |
| Property, plant and equipment | — | 1,521 | 1,491 | 1,933 | 1,904 | S100TRUF, S100W892, S100YHBT |
| Goodwill | — | 13 | 13 | 13 | 13 | S100TRUF, S100W892, S100YHBT |
| Current assets | — | 1,722 | 1,848 | 1,883 | 1,878 | S100TRUF, S100W892, S100YHBT |
| Total liabilities | — | 1,520 | 1,582 | 1,981 | 1,908 | S100TRUF, S100W892, S100YHBT |
| Equity attributable to owners of parent | — | — | 2,655 | 2,893 | 2,920 | S100W892, S100YHBT |
| Retained earnings | — | -231 | -134 | 97 | 161 | S100TRUF, S100W892, S100YHBT |
| Treasury stock | — | -0 | -0 | -0 | -54 | S100TRUF, S100W892, S100YHBT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YHBT |
| Property, plant and equipment | 39% | S100YHBT |
| Intangibles and goodwill | 0% | — |
| Other assets | 38% | S100YHBT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YHBT |
| Equity | 60% | S100YHBT |

### 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 | 3,964 | 4,064 | 4,237 | 4,874 | 4,829 |
| Equity | — | 2,544 | 2,655 | 2,893 | 2,920 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 839 | 929 | 863 | 990 | 1,091 |

## 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) | 71.5% | S100YHBT |
| Fixed assets ÷ total assets | 39.4% | S100YHBT |
| Goodwill ÷ parent equity | 0.4% | S100YHBT |

### 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) | 22.6% |
| Cash ÷ revenue | 41.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 382.2% |
| Cash vs. profit gap | 395 JPY mn (of net income 445.2%) |
| Shareholder returns / net income | 87.6% |
| Shareholder returns / FCF | 32.3% |
| Shareholder payments — dividends / net income | 26.9% |
| Shareholder payments — dividends / FCF | 9.9% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 49.9% |

## 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 | — | —× | -12.2% | —× | — | S100YHBT |
| 2023 | 2.3% | 0.69× | 1.6% | 1.58× | 2.5% | S100TRUF, S100W892 |
| 2024 | 3.9% | 0.69× | 2.7% | 1.56× | 4.2% | S100W892 |
| 2025 | 9.0% | 0.60× | 5.4% | 1.64× | 8.9% | S100YHBT |
| 2026 | 3.3% | 0.55× | 1.8% | 1.67× | 3.1% | S100YHBT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸山 治昭 | Major shareholder | 25.3% | 2026-03-31 |
| 公益財団法人ＡＳＪ財団 | Major shareholder | 15.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 田村 公一 | Major shareholder | 1.5% | 2026-03-31 |
| 青木 邦哲 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 堀 正明 | Major shareholder | 1.2% | 2026-03-31 |
| 黒岩 潤司 | Major shareholder | 1.2% | 2026-03-31 |
| 丸山 德廣 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2025/04/01－2026/03/31) | S100YHBT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHBT,, |
| 有価証券報告書－第42期(2024/04/01－2025/03/31) | S100W892 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W892,, |
| 有価証券報告書－第41期(2023/04/01－2024/03/31) | S100TRUF | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRUF,, |
| 訂正有価証券報告書－第40期(2022/04/01－2023/03/31) | S100ROOZ | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ROOZ,, |
| 有価証券報告書－第39期(令和3年4月1日－令和4年3月31日) | S100OHBE | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHBE,, |
| 有価証券報告書－第38期(令和2年4月1日－令和3年3月31日) | S100LQVU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQVU,, |

## 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).