# ASKUL Corporation: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/05/21－2026/05/20) (S100YSYE)
> Page: https://vizora.meequs.com/en/company/askul
> Retrieved: 2026-09-30T18:04:21.383Z

## Company

Askul, founded in 1963, is a company in E-commerce listed on TSE Prime. It has 3,646 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASKUL Corporation |
| Ticker | 2678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2678.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区豊洲三丁目2番3号 |
| Representative (per filing) | 代表取締役社長 CEO 吉岡 晃 |
| Founded | Nov 1963 |
| Share capital | ¥21.2B |
| Employees (consolidated) | 3,646 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | May |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 5010601030357 |
| EDINET | E03363 |
| Industries (Vizora) | E-commerce, Stationery & Office Supplies, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YSYE, filed 2026-07-30). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-05-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14 | 25 |
| Profitability | 1.5 | 34 |
| Efficiency | 63.2 | 34 |

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 98% of Askul's sales come from E-commerce, with Logistics and Other making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -16.8% from the prior year, operating profit -224.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥400.2B |  |
| Operating income | -¥17.4B | Margin -4.4% |
| Net income | -¥22.1B | Margin -5.5% |
| Free cash flow | -¥23.6B |  |
| Largest business | E-commerce | of segment revenue 98.2% |
| Employees (consolidated) | 3,646 |  |
| EPS | ¥-248.12 |  |
| Book value per share | ¥509.23 |  |
| Equity ratio | 20.8% |  |
| Shares outstanding | 89,771,000 |  |
| Treasury shares | 237,700 |  |
| Shareholders | 73,096 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | -9.3 pp | E-commerce |
| ROA | -9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.6× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 100 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥422151000000 | ¥400199000000 | -5.2% |
| Operating income | ¥13923000000 | ¥-17445000000 | -225.3% |
| Operating margin | 3.3% | -4.4% | -7.7 pp |
| Employees | 3,297 people | 3,646 people | +10.6% |
| Cash and equivalents | ¥66259000000 | ¥48624000000 | -26.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| eコマース事業 → eコマース事業 | 98.0% |
| ロジスティクス事業 → ロジスティクス事業 | 1.6% |
| ロジスティクス事業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.2% |
| 新設・再編 → eコマース事業 | 0.2% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| E-commerce | 5 years | -1.0% | ¥393081000000 | -4.1% | 2 |
| Logistics | 5 years | -3.9% | ¥6276000000 | -19.1% | 2 |
| Other | 5 years | +4.0% | ¥840000000 | 1.2% | 2 |

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 400,199 | 100.0% | S100YSYE |
| Cost of revenue | 310,886 | 77.7% | S100YSYE |
| Gross profit | 89,313 | 22.3% | S100YSYE |
| SG&A | 106,758 | 26.7% | S100YSYE |
| Operating income | -17,445 | -4.4% | S100YSYE |
| Ordinary income | -19,062 | -4.8% | S100YSYE |
| Pretax income | -29,790 | -7.4% | S100YSYE |
| Income tax | -7,946 | -2.0% | S100YSYE |
| Net income | -21,844 | -5.5% | S100YSYE |
| Net income attributable to owners | -22,150 | -5.5% | S100YSYE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 27 |
| Operating income | -5 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 22.3% → Operating margin -4.4% → Net margin -5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 481,101 | 400,199 | -80,902 | -16.8% |
| Gross profit | 117,538 | 89,313 | -28,225 | -24.0% |
| Operating income | 14,004 | -17,445 | -31,449 | -224.6% |
| Net income attributable to owners | 9,068 | -22,150 | -31,218 | -344.3% |
| Operating cash flow | 12,908 | -10,802 | -23,710 | -183.7% |
| Free cash flow | -2,540 | -23,632 | -21,092 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2019 | 387,470 | 4,520 | 1.2% | 434 | 6,215 | 772 | S100JELE |
| FY ending May 2020 | 400,376 | 8,821 | 2.2% | 5,652 | 16,609 | 11,522 | S100M2R6 |
| FY ending May 2021 | 422,151 | 13,923 | 3.3% | 7,758 | 15,998 | 7,107 | S100M2R6 |
| FY ending May 2022 | 428,517 | 14,309 | 3.3% | 9,206 | 17,952 | 7,868 | S100SK06 |
| FY ending May 2023 | 446,713 | 14,620 | 3.3% | 9,787 | 20,131 | 5,651 | S100U4I2 |
| FY ending May 2024 | 471,682 | 16,953 | 3.6% | 19,139 | 16,887 | 5,449 | S100WFG6 |
| FY ending May 2025 | 481,101 | 14,004 | 2.9% | 9,068 | 12,908 | -2,540 | S100YSYE |
| FY ending May 2026 | 400,199 | -17,445 | -4.4% | -22,150 | -10,802 | -23,632 | S100YSYE |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.8M |
| Operating income per employee (consolidated) | -¥4.8M |
| Net income per employee (consolidated) | -¥6.1M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,380 | 3,574 | 3,687 | 3,697 | 3,646 |
| Average salary (parent company) | — | ¥7.7M | ¥7.9M | ¥7.1M | ¥7.2M |
| Average age (parent company) | — | 41.0 years | 41.3 years | 41.3 years | 41.6 years |
| Average tenure (parent company) | — | 9.1 years | 9.6 years | 9.6 years | 10.1 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -16.8%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| E-commerce | 393,081 | 98.2% | -16,270 | -4.1% |
| Logistics | 6,276 | 1.6% | -1,199 | -19.1% |
| Other | 840 | 0.2% | 10 | 1.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| E-commerce | 98.2% | — | — | -4.1% |
| Logistics | 1.6% | — | — | -19.1% |
| Other | 0.2% | 100.0% | 99.8 | 1.2% |

Loss-making segment (excluded from profit shares): E-commerce -16,270 JPY mn

Loss-making segment (excluded from profit shares): Logistics -1,199 JPY mn

Segment → industry: E-commerce → E-commerce / E-commerce → Stationery & Office Supplies / Logistics → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -10,802 | -2.7% | S100YSYE |
| Capital expenditure | 12,830 | 3.2% | S100YSYE |
| Free cash flow | -23,632 | -5.9% | 算出 |
| Investing cash flow | -14,216 | -3.6% | S100YSYE |
| Financing cash flow | 25,221 | 6.3% | S100YSYE |
| Dividends paid | 1,776 | 0.4% | S100YSYE |
| Share buyback | 6,445 | 1.6% | S100YSYE |
| Change in cash | 201 | 0.1% | S100YSYE |
| Cash and equivalents | 48,624 | 12.1% | S100YSYE |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 58,789 | 66,223 | 61,744 | 48,423 | 48,624 | S100U4I2, S100WFG6, S100YSYE |
| Total assets | 188,024 | 227,506 | 243,062 | 227,782 | 229,907 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Net assets | 57,271 | 66,876 | 81,336 | 81,254 | 51,455 | S100U4I2, S100WFG6, S100YSYE |
| Share capital | 21,189 | 21,189 | 21,233 | 21,233 | 21,233 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Property, plant and equipment | 24,285 | 27,862 | 32,493 | 34,047 | 35,011 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Intangible assets excluding goodwill | 15,455 | 32,594 | 31,365 | 31,895 | 24,152 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Goodwill | 1,370 | 5,533 | 4,996 | 4,783 | 722 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Investment securities | 143 | 159 | 159 | 100 | 487 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Current assets | 136,964 | 155,958 | 167,994 | 149,752 | 150,005 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Current liabilities | 100,686 | 120,499 | 120,893 | 106,972 | 131,796 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Trade payables | 52,700 | 54,614 | 59,078 | 58,482 | 57,204 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Short-term borrowings | 380 | 380 | 380 | 380 | 27,280 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Long-term borrowings | 10,131 | 10,337 | 13,237 | 13,735 | 13,360 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Total liabilities | 130,753 | 160,630 | 161,725 | 146,527 | 178,452 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Non-controlling interests | 514 | 2,729 | 3,073 | 3,466 | 3,650 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Equity attributable to owners of parent | 56,838 | 64,124 | 78,116 | 77,572 | 47,372 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Retained earnings | 21,452 | 28,120 | 43,750 | 43,393 | 11,670 | S100SK06, S100U4I2, S100WFG6, S100YSYE |
| Treasury stock | -118 | -92 | -1,807 | -1,989 | -362 | S100SK06, S100U4I2, S100WFG6, S100YSYE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YSYE |
| Property, plant and equipment | 15% | S100YSYE |
| Intangibles and goodwill | 11% | S100YSYE |
| Investment securities | 0% | S100YSYE |
| Other assets | 53% | S100YSYE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YSYE |
| Other liabilities | 53% | S100YSYE |
| Equity | 22% | S100YSYE |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 188,024 | 227,506 | 243,062 | 227,782 | 229,907 |
| Equity | 57,271 | 66,876 | 81,336 | 81,254 | 51,455 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 58,789 | 66,223 | 61,744 | 48,423 | 48,624 |

## 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) | 8.7% | S100YSYE |
| Fixed assets ÷ total assets | 15.2% | S100YSYE |
| Goodwill ÷ parent equity | 1.5% | S100YSYE |

Goodwill over 4 years: 1,370 → 722 JPY; total investing cash flow: -76,009 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) | 21.1% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 11,348 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | — |

## 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 | 2.1% | 2.28× | 4.9% | 3.31× | 16.2% | S100SK06 |
| 2023 | 2.2% | 2.15× | 4.7% | 3.44× | 16.2% | S100U4I2 |
| 2024 | 4.1% | 2.00× | 8.1% | 3.31× | 26.9% | S100WFG6 |
| 2025 | 1.9% | 2.04× | 3.9% | 3.02× | 11.6% | S100YSYE |
| 2026 | — | —× | -9.7% | —× | — | S100YSYE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LINEヤフー株式会社 | Major shareholder | 46.9% | 2026-05-20 |
| プラス株式会社 | Major shareholder | 11.5% | 2026-05-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-05-20 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-05-20 |
| 岩田 彰一郎 | Major shareholder | 1.4% | 2026-05-20 |
| 今泉 英久 | Major shareholder | 1.4% | 2026-05-20 |
| 今泉 忠久 | Major shareholder | 1.4% | 2026-05-20 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５０４４（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-05-20 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ）（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-05-20 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ Ａ／Ｃ ＩＰＢ ＳＥＧＲＥＧＡＴＥＤ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.6% | 2026-05-20 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending May 2026 was ¥400.2B, down -16.8% from ¥481.1B.
- Gross profit dropped -24.0% to ¥89.3B, and operating income went from a ¥14B profit to a -¥17.4B loss.
- Net income attributable to owners was -¥22.1B, compared with a ¥9.07B profit the year before.
- Operating cash flow turned negative at -¥10.8B, and free cash flow slid further, from -¥2.54B to -¥23.6B.

### Drivers

- A ransomware attack damaged the logistics systems, and the company had to stop taking orders on its websites for a while.
- While recovering, it shipped low-margin items such as copy paper first, then ran its largest-ever promotions, including price cuts, which lowered the gross margin.
- Lower sales made fixed costs weigh more, manual warehouse work cut efficiency, and a new distribution center added start-up costs.
- Recovery costs for the system outage and an impairment of goodwill at a subsidiary were booked as extraordinary losses, deepening the net loss.

### Risks

- Despite new security measures, a larger cyberattack or system failure could halt operations again and bring costs and a loss of trust.
- If it leans too long on its next-day delivery model, it could lose customers to competitors.
- If big system or logistics investments underdeliver, the company may have to book impairments.

Cited: Annual securities report, 63rd fiscal period (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 63rd fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/05/21－2026/05/20) | S100YSYE | 2026-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSYE,, |
| 有価証券報告書－第62期(2024/05/21－2025/05/20) | S100WFG6 | 2025-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFG6,, |
| 有価証券報告書－第61期(2023/05/21－2024/05/20) | S100U4I2 | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4I2,, |
| 訂正有価証券報告書－第60期(2022/05/21－2023/05/20) | S100SK06 | 2023-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SK06,, |
| 有価証券報告書－第58期(令和2年5月21日－令和3年5月20日) | S100M2R6 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2R6,, |
| 有価証券報告書－第57期(令和1年5月21日－令和2年5月20日) | S100JELE | 2020-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JELE,, |

## 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).