# ASKA CORPORATION: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2024/12/01－2025/11/30) (S100XNA6)
> Page: https://vizora.meequs.com/en/company/aska
> Retrieved: 2026-09-30T18:18:08.921Z

## Company

Aska, founded in 1953, is a company in Robots & Factory Automation listed on Nagoya. It has 746 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASKA CORPORATION |
| Ticker | 7227 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7227.T) |
| Listing | Nagoya |
| Head office | 愛知県刈谷市新富町2丁目41番地2 |
| Representative (per filing) | 取締役社長 片山 義規 |
| Founded | Dec 1953 |
| Share capital | ¥903.8M |
| Employees (consolidated) | 746 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | November |
| Website | www.aska.co.jp (https://www.aska.co.jp/) |
| Corporate number | 1180301013673 |
| EDINET | E02233 |
| Industries (Vizora) | Robots & Factory Automation, Auto Parts, Electric Power & Gas, Theme Parks & Leisure Facilities, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XNA6, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.9 | 110 |
| Profitability | 47.3 | 111 |
| Cash conversion | 57.9 | 108 |
| Efficiency | 77.9 | 111 |

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 78% of Aska's sales come from Automobile parts business, with Factory automation business and Control system business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +17.9%.

## Company structure

- Segment revenue mix: Automobile parts business 78.2%、Factory automation business 11.0%、Control system business 7.4%、Motor sports business 3.0%、Lease and solar light business 0.3%
- Revenue → net income: ¥46356735000 → ¥1521917000
- Net income → operating cash flow: ¥1521917000 → ¥4034032000（difference ¥2512115000）
- Main uses of operating cash flow: CapEx ¥2247546000 / dividends ¥245456000 / buybacks ¥37000
- Change in cash: ¥836984000
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 | ¥46.4B |  |
| Operating income | ¥2.13B | Margin 4.6% |
| Net income | ¥1.52B | Margin 3.3% |
| Free cash flow | ¥1.79B |  |
| Largest business | Automobile parts business | of segment revenue 78.2% |
| Employees (consolidated) | 746 |  |
| EPS | ¥223.96 |  |
| Book value per share | ¥2278.87 |  |
| Equity ratio | 36.0% |  |
| Shares outstanding | 5,715,420 |  |
| Treasury shares | 6,000 |  |
| Shareholders | 636 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 7.0% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -0.2 pp | Auto Parts |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24902897000 | ¥46356735000 | +86.1% |
| Operating income | ¥645325000 | ¥2129107000 | +229.9% |
| Operating margin | 2.6% | 4.6% | +2 pp |
| Employees | 707 people | 746 people | +5.5% |
| Cash and equivalents | ¥1698629000 | ¥2809241000 | +65.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 自動車部品事業 → 自動車部品事業 | 68.4% |
| 制御システム事業 → 制御システム事業 | 7.4% |
| 制御システム事業 → 事業再編・廃止 | 4.1% |
| ロボットシステム事業 → ロボットシステム事業 | 11.0% |
| ロボットシステム事業 → 事業再編・廃止 | 5.5% |
| モータースポーツ事業 → モータースポーツ事業 | 3.0% |
| モータースポーツ事業 → 事業再編・廃止 | 0.0% |
| 賃貸及び太陽光事業 → 賃貸及び太陽光事業 | 0.3% |
| 賃貸及び太陽光事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 自動車部品事業 | 9.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile parts business | 5 years | +16.3% | ¥36254885000 | 3.5% | 2 |
| Factory automation business | 5 years | +4.5% | ¥5120357000 | 11.1% | 2 |
| Control system business | 5 years | +3.7% | ¥3419047000 | 3.8% | 2 |
| Motor sports business | 5 years | +13.2% | ¥1410096000 | 5.5% | 2 |
| Lease and solar light business | 5 years | +1.4% | ¥152347000 | 60.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,357 | 100.0% | S100XNA6 |
| Cost of revenue | 41,708 | 90.0% | S100XNA6 |
| Gross profit | 4,649 | 10.0% | S100XNA6 |
| SG&A | 2,520 | 5.4% | S100XNA6 |
| Operating income | 2,129 | 4.6% | S100XNA6 |
| Ordinary income | 2,168 | 4.7% | S100XNA6 |
| Pretax income | 2,168 | 4.7% | S100XNA6 |
| Income tax | 646 | 1.4% | S100XNA6 |
| Net income | 1,522 | 3.3% | S100XNA6 |
| Net income attributable to owners | 1,521 | 3.3% | S100XNA6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.0% → Operating margin 4.6% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +17.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.34×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 45,483 | 46,357 | 874 | +1.9% |
| Gross profit | 4,187 | 4,649 | 462 | +11.0% |
| Operating income | 1,805 | 2,129 | 324 | +17.9% |
| Net income attributable to owners | 1,275 | 1,521 | 246 | +19.3% |
| Operating cash flow | 3,824 | 4,034 | 210 | +5.5% |
| Free cash flow | 1,708 | 1,786 | 79 | +4.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 32,355 | 1,510 | 4.7% | 1,047 | 2,105 | 1,012 | S100KUX6 |
| FY ending Nov 2020 | 24,903 | 645 | 2.6% | 458 | 2,309 | -244 | S100NK8H |
| FY ending Nov 2021 | 27,403 | 918 | 3.4% | 1,048 | 3,264 | 2,353 | S100QAFC |
| FY ending Nov 2022 | 33,473 | 881 | 2.6% | 1,068 | 1,581 | -388 | S100SY79 |
| FY ending Nov 2023 | 45,434 | 1,722 | 3.8% | 1,404 | 2,936 | 341 | S100VKS3 |
| FY ending Nov 2024 | 45,483 | 1,805 | 4.0% | 1,275 | 3,824 | 1,708 | S100XNA6 |
| FY ending Nov 2025 | 46,357 | 2,129 | 4.6% | 1,521 | 4,034 | 1,786 | S100XNA6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.1M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 724 | 749 | 756 | 719 | 746 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.4M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 42.0 years | 41.1 years | 40.1 years | 39.9 years | 39.7 years |
| Average tenure (parent company) | 18.0 years | 17.1 years | 17.0 years | 15.0 years | 15.2 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +1.9%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile parts business | 36,255 | 78.2% | 1,262 | 3.5% |
| Control system business | 3,419 | 7.4% | 129 | 3.8% |
| Factory automation business | 5,120 | 11.0% | 567 | 11.1% |
| Motor sports business | 1,410 | 3.0% | 78 | 5.5% |
| Lease and solar light business | 152 | 0.3% | 92 | 60.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile parts business | 78.2% | 59.3% | -18.9 | 3.5% |
| Control system business | 7.4% | 6.1% | -1.3 | 3.8% |
| Factory automation business | 11.0% | 26.6% | 15.6 | 11.1% |
| Motor sports business | 3.0% | 3.6% | 0.6 | 5.5% |
| Lease and solar light business | 0.3% | 4.3% | 4.0 | 60.5% |

Segment → industry: Factory automation business → Robots & Factory Automation / Control system business → Robots & Factory Automation / Automobile parts business → Auto Parts / Lease and solar light business → Electric Power & Gas / Motor sports business → Theme Parks & Leisure Facilities / Lease and solar light business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,034 | 8.7% | S100XNA6 |
| Capital expenditure | 2,248 | 4.8% | S100XNA6 |
| Free cash flow | 1,786 | 3.9% | 算出 |
| Investing cash flow | -2,798 | -6.0% | S100XNA6 |
| Financing cash flow | -379 | -0.8% | S100XNA6 |
| Dividends paid | 245 | 0.5% | S100XNA6 |
| Share buyback | 0 | 0.0% | S100XNA6 |
| Change in cash | 837 | 1.8% | S100XNA6 |
| Cash and equivalents | 2,809 | 6.1% | S100XNA6 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,422 | 1,620 | 1,105 | 1,731 | 2,809 | S100SY79, S100VKS3, S100XNA6 |
| Total assets | 31,668 | 36,296 | 38,944 | 40,738 | 40,386 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Net assets | 8,682 | 10,448 | 11,822 | 12,984 | 14,534 | S100SY79, S100VKS3, S100XNA6 |
| Share capital | 904 | 904 | 904 | 904 | 904 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Trade receivables | 4,846 | — | — | — | — | S100QAFC |
| Property, plant and equipment | 19,509 | 19,874 | 20,689 | 20,841 | 20,808 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Intangible assets excluding goodwill | 46 | 29 | 27 | 21 | 28 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Goodwill | 12 | — | — | — | — | S100QAFC |
| Investment securities | 1,843 | 2,414 | 2,922 | 3,391 | 4,286 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Current assets | 9,577 | 13,365 | 14,894 | 16,010 | 14,831 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Current liabilities | 12,868 | 16,661 | 18,122 | 18,421 | 16,148 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Trade payables | 3,239 | 4,773 | 5,677 | 6,762 | 5,082 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Short-term borrowings | 2,030 | 3,540 | 2,374 | 1,600 | 965 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Long-term borrowings | 8,528 | 7,816 | 7,868 | 8,007 | 8,235 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Total liabilities | 22,986 | 25,848 | 27,123 | 27,753 | 25,852 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Non-controlling interests | 4 | 6 | 7 | 8 | 8 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Equity attributable to owners of parent | 7,966 | 8,823 | 10,010 | 10,931 | 12,179 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Retained earnings | 6,165 | 7,022 | 8,209 | 9,130 | 10,379 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100QAFC, S100SY79, S100VKS3, S100XNA6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XNA6 |
| Property, plant and equipment | 51% | S100XNA6 |
| Intangibles and goodwill | 0% | S100XNA6 |
| Investment securities | 11% | S100XNA6 |
| Other assets | 31% | S100XNA6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XNA6 |
| Other liabilities | 51% | S100XNA6 |
| Equity | 36% | S100XNA6 |
| Other liabilities | 0% | S100XNA6 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,668 | 36,296 | 38,944 | 40,738 | 40,386 |
| Equity | 8,682 | 10,448 | 11,822 | 12,984 | 14,534 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,422 | 1,620 | 1,105 | 1,731 | 2,809 |

## 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) | 44.9% | S100XNA6 |
| Fixed assets ÷ total assets | 51.5% | S100XNA6 |
| Goodwill ÷ parent equity | — | —, S100XNA6 |

### 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) | 7.0% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 189.5% |
| Cash vs. profit gap | 2,513 JPY mn (of net income 165.2%) |
| Shareholder returns / net income | 16.1% |
| Shareholder returns / FCF | 13.7% |
| Shareholder payments — dividends / net income | 16.1% |
| Shareholder payments — dividends / FCF | 13.7% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 69.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.8% | 0.87× | 3.3% | 3.98× | 13.2% | S100QAFC |
| 2022 | 3.2% | 0.99× | 3.1% | 4.05× | 12.7% | S100SY79 |
| 2023 | 3.1% | 1.21× | 3.7% | 4.00× | 14.9% | S100VKS3 |
| 2024 | 2.8% | 1.14× | 3.2% | 3.81× | 12.2% | S100XNA6 |
| 2025 | 3.3% | 1.14× | 3.8% | 3.51× | 13.2% | S100XNA6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ＣＩＳ | Major shareholder | 33.2% | 2025-11-30 |
| ニチアス㈱ | Major shareholder | 13.6% | 2025-11-30 |
| ㈱三井住友銀行 | Major shareholder | 3.7% | 2025-11-30 |
| アスカ社員持株会 | Major shareholder | 3.1% | 2025-11-30 |
| 片山 義浩 | Major shareholder | 3.0% | 2025-11-30 |
| ＴＯＮＥ㈱ | Major shareholder | 2.6% | 2025-11-30 |
| 片山 敬勝 | Major shareholder | 2.1% | 2025-11-30 |
| ㈱商工組合中央金庫 | Major shareholder | 2.0% | 2025-11-30 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.0% | 2025-11-30 |
| ㈱あいち銀行 | Major shareholder | 1.9% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2024/12/01－2025/11/30) | S100XNA6 | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNA6,, |
| 訂正有価証券報告書－第71期(2023/12/01－2024/11/30) | S100VKS3 | 2025-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VKS3,, |
| 有価証券報告書－第70期(2022/12/01－2023/11/30) | S100SY79 | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY79,, |
| 有価証券報告書－第69期(2021/12/01－2022/11/30) | S100QAFC | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAFC,, |
| 有価証券報告書－第68期(令和2年12月1日－令和3年11月30日) | S100NK8H | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NK8H,, |
| 有価証券報告書－第67期(令和1年12月1日－令和2年11月30日) | S100KUX6 | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUX6,, |

## 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).