# ASMARQ Co.,Ltd.: 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24期(2024/12/01－2025/11/30) (S100XNPA)
> Page: https://vizora.meequs.com/en/company/asmarq
> Retrieved: 2026-09-30T21:33:43.865Z

## Company

Asmarq, founded in 2001, is a company in Consulting listed on TSE Standard. It has 328 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASMARQ Co., Ltd. |
| Ticker | 4197 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4197.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区東一丁目32番12号 |
| Representative (per filing) | 代表取締役 町田 正一 |
| Founded | Dec 2001 |
| Share capital | ¥166.9M |
| Employees (consolidated) | 328 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | November |
| Website | www.asmarq.co.jp (https://www.asmarq.co.jp/) |
| Corporate number | 2010901015886 |
| EDINET | E37502 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XNPA, filed 2026-02-27). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 21.6 | 44 |
| Cash conversion | 62.5 | 44 |
| Efficiency | 87.5 | 44 |

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)

- Asmarq brought in ¥4.42B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit -22.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4416257000 → ¥199926000
- Net income → operating cash flow: ¥199926000 → ¥285624000（difference ¥85698000）
- Main uses of operating cash flow: CapEx ¥26626000 / dividends ¥88937000 / buybacks —
- Change in cash: ¥45838000
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 | ¥4.42B |  |
| Operating income | ¥280.3M | Margin 6.3% |
| Net income | ¥199.9M | Margin 4.5% |
| Free cash flow | ¥259M |  |
| Employees (consolidated) | 328 |  |
| EPS | ¥158.25 |  |
| Diluted EPS | ¥155.04 |  |
| Book value per share | ¥1347.79 |  |
| Equity ratio | 62.6% |  |
| Shares outstanding | 1,156,700 |  |
| Shareholders | 3,055 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 55.0% | Cash ÷ revenue 31.5% |
| Vs. industry median margin | -3.2 pp | Consulting |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 55% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2022 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3892498000 | ¥4416257000 | — |
| Operating income | ¥323708000 | ¥280298000 | — |
| Operating margin | 8.3% | 6.3% | -2 pp |
| Employees | 264 people | 328 people | — |
| Cash and equivalents | ¥737077000 | ¥1390119000 | — |

### Change in segment revenue mix

Span: FY ending Nov 2022 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,416 | 100.0% | S100XNPA |
| Cost of revenue | 2,664 | 60.3% | S100XNPA |
| Gross profit | 1,752 | 39.7% | S100XNPA |
| SG&A | 1,472 | 33.3% | S100XNPA |
| Operating income | 280 | 6.3% | S100XNPA |
| Ordinary income | 290 | 6.6% | S100XNPA |
| Pretax income | 291 | 6.6% | S100XNPA |
| Income tax | 91 | 2.1% | S100XNPA |
| Net income | 200 | 4.5% | S100XNPA |
| Net income attributable to owners | 200 | 4.5% | S100XNPA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 39.7% → Operating margin 6.3% → Net margin 4.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,363 | 4,416 | 53 | +1.2% |
| Gross profit | 1,717 | 1,752 | 35 | +2.1% |
| Operating income | 361 | 280 | -80 | -22.3% |
| Operating cash flow | 367 | 286 | -82 | -22.3% |
| Free cash flow | 315 | 259 | -56 | -17.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2022 | 3,892 | 324 | 8.3% | 179 | 267 | 221 | S100USPH |
| FY ending Nov 2023 | 4,282 | 318 | 7.4% | 237 | 272 | 204 | S100VB7H |
| FY ending Nov 2024 | 4,363 | 361 | 8.3% | 257 | 367 | 315 | S100VB7H |
| FY ending Nov 2025 | 4,416 | 280 | 6.3% | 200 | 286 | 259 | S100XNPA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥854.6K |
| Net income per employee (consolidated) | ¥609.5K |

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

| History | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 264 | 295 | 306 | 328 |
| Average salary (parent company) | — | ¥4.7M | ¥4.7M | ¥4.7M |
| Average age (parent company) | — | 32.8 years | 32.9 years | 33.5 years |
| Average tenure (parent company) | — | 4.5 years | 4.8 years | 5.1 years |

## 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 | 286 | 6.5% | S100XNPA |
| Capital expenditure | 27 | 0.6% | S100XNPA |
| Free cash flow | 259 | 5.9% | 算出 |
| Investing cash flow | -143 | -3.2% | S100XNPA |
| Financing cash flow | -97 | -2.2% | S100XNPA |
| Dividends paid | 89 | 2.0% | S100XNPA |
| Change in cash | 46 | 1.0% | S100XNPA |
| Cash and equivalents | 1,390 | 31.5% | S100XNPA |

## 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 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 737 | 895 | 1,344 | 1,390 | S100VB7H, S100XNPA |
| Total assets | 1,631 | 1,898 | 2,340 | 2,527 | S100USPH, S100VB7H, S100XNPA |
| Net assets | 777 | 1,023 | 1,450 | 1,592 | S100VB7H, S100XNPA |
| Share capital | 50 | 50 | 152 | 167 | S100USPH, S100VB7H, S100XNPA |
| Property, plant and equipment | 55 | 52 | 51 | 48 | S100USPH, S100VB7H, S100XNPA |
| Intangible assets excluding goodwill | 69 | 98 | 117 | 198 | S100USPH, S100VB7H, S100XNPA |
| Goodwill | — | — | — | 89 | S100XNPA |
| Investment securities | — | — | 29 | 41 | S100VB7H, S100XNPA |
| Current assets | 1,303 | 1,519 | 1,918 | 1,990 | S100USPH, S100VB7H, S100XNPA |
| Current liabilities | 803 | 781 | 800 | 839 | S100USPH, S100VB7H, S100XNPA |
| Total liabilities | 854 | 875 | 891 | 934 | S100USPH, S100VB7H, S100XNPA |
| Equity attributable to owners of parent | 774 | 1,010 | 1,432 | 1,578 | S100USPH, S100VB7H, S100XNPA |
| Retained earnings | 724 | 960 | 1,178 | 1,294 | S100USPH, S100VB7H, S100XNPA |
| Treasury stock | — | — | -0 | -0 | S100VB7H, S100XNPA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100XNPA |
| Property, plant and equipment | 2% | S100XNPA |
| Intangibles and goodwill | 11% | S100XNPA |
| Investment securities | 2% | S100XNPA |
| Other assets | 30% | S100XNPA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XNPA |
| Equity | 63% | S100XNPA |
| Other liabilities | 0% | S100XNPA |

### Balance sheet history

| Metric | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,631 | 1,898 | 2,340 | 2,527 |
| Equity | 777 | 1,023 | 1,450 | 1,592 |
| Interest-bearing debt | — | — | — | — |
| Cash | 737 | 895 | 1,344 | 1,390 |

## 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) | 1.1% | S100XNPA |
| Fixed assets ÷ total assets | 1.9% | S100XNPA |
| Goodwill ÷ parent equity | 5.6% | S100XNPA |

### 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) | 55.0% |
| Cash ÷ revenue | 31.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.9% |
| Cash vs. profit gap | 86 JPY mn (of net income 42.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.5% |
| Shareholder payments — dividends / FCF | 34.3% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| 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 | 4.6% | 2.39× | 11.0% | 2.11× | 23.1% | S100USPH |
| 2023 | 5.5% | 2.43× | 13.4% | 1.98× | 26.5% | S100VB7H |
| 2024 | 5.9% | 2.06× | 12.1% | 1.74× | 21.0% | S100VB7H |
| 2025 | 4.5% | 1.75× | 7.9% | 1.60× | 12.7% | S100XNPA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 町田 正一 | Major shareholder | 39.8% | 2025-11-30 |
| 株式会社ビデオリサーチ | Major shareholder | 4.3% | 2025-11-30 |
| 町田 香織 | Major shareholder | 2.6% | 2025-11-30 |
| 株式会社エクスクリエ | Major shareholder | 2.2% | 2025-11-30 |
| 水城 良祐 | Major shareholder | 1.7% | 2025-11-30 |
| 木原 康博 | Major shareholder | 1.2% | 2025-11-30 |
| 増田 明彦 | Major shareholder | 0.7% | 2025-11-30 |
| 渡邉 隼 | Major shareholder | 0.4% | 2025-11-30 |
| 上田八木短資株式会社 | Major shareholder | 0.4% | 2025-11-30 |
| 藤崎 浩美 | Major shareholder | 0.3% | 2025-11-30 |
| 金井 和彦 | Major shareholder | 0.3% | 2025-11-30 |
| 観野 広 | Major shareholder | 0.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/12/01－2025/11/30) | S100XNPA | 2026-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNPA,, |
| 有価証券報告書－第23期(2023/12/01－2024/11/30) | S100VB7H | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB7H,, |
| 訂正有価証券報告書－第22期(2022/12/01－2023/11/30) | S100USPH | 2024-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USPH,, |

## 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).