# ASMO CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第51期(2025/04/01－2026/03/31) (S100YIEY)
> Page: https://vizora.meequs.com/en/company/asmo
> Retrieved: 2026-09-30T18:04:24.868Z

## Company

Asmo, founded in 1975, is a company in Meat Processing listed on TSE Standard. It has 1,436 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASMO CORPORATION |
| Ticker | 2654 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2654.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目4番1号 新宿NSビル |
| Representative (per filing) | 代表取締役社長 長井 尊 |
| Founded | Apr 1975 |
| Share capital | ¥2.32B |
| Employees (consolidated) | 1,436 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Corporate number | 9120001030926 |
| EDINET | E02917 |
| Industries (Vizora) | Meat Processing, Nursing Care, Specialty Trading & Wholesale, Restaurants & Pubs, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YIEY, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 15 |
| Profitability | 40.6 | 16 |
| Cash conversion | 25 | 14 |
| Efficiency | 78.1 | 16 |

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 43% of Asmo's sales come from ASMOFoodService, with ASMOCareService and ASMOTrading making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +119.5%.

## Company structure

- Segment revenue mix: ASMOFoodService 43.2%、ASMOCareService 25.2%、ASMOTrading 19.3%、ASMOCATERING(HK) 12.3%、ASMO 0.0%
- Revenue → net income: ¥21236709000 → ¥480963000
- Net income → operating cash flow: ¥480963000 → ¥473475000（difference ¥-7488000）
- Main uses of operating cash flow: CapEx ¥7985000 / dividends ¥130531000 / buybacks ¥0
- Change in cash: ¥-211543000
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 | ¥21.2B |  |
| Operating income | ¥651.6M | Margin 3.1% |
| Net income | ¥465.7M | Margin 2.2% |
| Free cash flow | ¥465.5M |  |
| Largest business | ASMOFoodService | of segment revenue 43.2% |
| Employees (consolidated) | 1,436 |  |
| EPS | ¥5.37 |  |
| Book value per share | ¥242.94 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 15,145,000 |  |
| Treasury shares | 1,680,600 |  |
| Shareholders | 5,098 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 51.3% | Cash ÷ revenue 24.0% |
| Vs. industry median margin | -0.1 pp | Takeout & Delivery Meals |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 120%
- FY2026, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18849203000 | ¥21236709000 | +12.7% |
| Operating income | ¥661085000 | ¥651613000 | -1.4% |
| Operating margin | 3.5% | 3.1% | -0.4 pp |
| Employees | 1,583 people | 1,436 people | -9.3% |
| Cash and equivalents | ¥4708552000 | ¥5104077000 | +8.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| アスモ事業 → アスモ事業 | 0.0% |
| アスモ事業 → 事業再編・廃止 | 0.0% |
| アスモトレーディング事業 → アスモトレーディング事業 | 14.0% |
| アスモフードサービス事業 → アスモフードサービス事業 | 40.3% |
| アスモ介護サービス事業 → アスモ介護サービス事業 | 25.2% |
| アスモ介護サービス事業 → 事業再編・廃止 | 10.7% |
| ASMOCATERING(HK)事業 → ASMOCATERING(HK)事業 | 7.3% |
| その他 → 事業再編・廃止 | 2.6% |
| 新設・再編 → アスモトレーディング事業 | 5.3% |
| 新設・再編 → アスモフードサービス事業 | 2.9% |
| 新設・再編 → ASMOCATERING(HK)事業 | 5.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| ASMOFoodService | 5 years | +3.9% | ¥9181716000 | 3.9% | 2 |
| ASMOCareService | 5 years | -4.6% | ¥5341412000 | 8.0% | 2 |
| ASMOTrading | 5 years | +9.3% | ¥4097409000 | 2.1% | 2 |
| ASMOCATERING(HK) | 5 years | +13.7% | ¥2611393000 | 1.4% | 2 |
| ASMO | 5 years | +0.1% | ¥4778000 | -1252.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,237 | 100.0% | S100YIEY |
| Cost of revenue | 17,157 | 80.8% | S100YIEY |
| Gross profit | 4,079 | 19.2% | S100YIEY |
| SG&A | 3,428 | 16.1% | S100YIEY |
| Operating income | 652 | 3.1% | S100YIEY |
| Ordinary income | 689 | 3.2% | S100YIEY |
| Pretax income | 700 | 3.3% | S100YIEY |
| Income tax | 219 | 1.0% | S100YIEY |
| Net income | 481 | 2.3% | S100YIEY |
| Net income attributable to owners | 466 | 2.2% | S100YIEY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 16 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.2% → Operating margin 3.1% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +119.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 34.70×
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 | 20,530 | 21,237 | 707 | +3.4% |
| Gross profit | 3,743 | 4,079 | 336 | +9.0% |
| Operating income | 297 | 652 | 355 | +119.5% |
| Net income attributable to owners | 144 | 466 | 322 | +224.1% |
| Operating cash flow | -17 | 473 | 491 | — |
| Free cash flow | -96 | 465 | 562 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,842 | 1,183 | 6.0% | 674 | 579 | 532 | S100LVO7 |
| FY ending Mar 2021 | 18,849 | 661 | 3.5% | 412 | 228 | 218 | S100OMMY |
| FY ending Mar 2022 | 18,841 | 536 | 2.8% | 348 | 196 | 152 | S100RA9Q |
| FY ending Mar 2023 | 19,723 | 333 | 1.7% | 204 | 663 | 577 | S100TV9J |
| FY ending Mar 2024 | 20,533 | 607 | 3.0% | 470 | 714 | 641 | S100W926 |
| FY ending Mar 2025 | 20,530 | 297 | 1.4% | 144 | -17 | -96 | S100YIEY |
| FY ending Mar 2026 | 21,237 | 652 | 3.1% | 466 | 473 | 465 | S100YIEY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥453.8K |
| Net income per employee (consolidated) | ¥324.3K |

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) | 1,629 | 1,564 | 1,513 | 1,492 | 1,436 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥4.7M | ¥4.8M | ¥5.3M |
| Average age (parent company) | 45.9 years | 43.4 years | 43.2 years | 39.1 years | 40.4 years |
| Average tenure (parent company) | 5.4 years | 5.2 years | 3.9 years | 3.8 years | 4.3 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ASMO | 5 | 0.0% | -60 | -1252.4% |
| ASMOTrading | 4,097 | 19.3% | 86 | 2.1% |
| ASMOFoodService | 9,182 | 43.2% | 362 | 3.9% |
| ASMOCareService | 5,341 | 25.2% | 427 | 8.0% |
| ASMOCATERING(HK) | 2,611 | 12.3% | 36 | 1.4% |
| Other | — | 0.0% | -0 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| ASMO | — | -1252.4% |
| ASMOTrading | 9.5% | 2.1% |
| ASMOFoodService | 39.7% | 3.9% |
| ASMOCareService | 46.9% | 8.0% |
| ASMOCATERING(HK) | 4.0% | 1.4% |
| Other | — | — |

Loss-making segment (excluded from profit shares): ASMO -60 JPY mn

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: ASMOTrading → Meat Processing / ASMOCareService → Nursing Care / ASMOTrading → Specialty Trading & Wholesale / ASMOCATERING(HK) → Restaurants & Pubs / ASMOFoodService → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 473 | 2.2% | S100YIEY |
| Capital expenditure | 8 | 0.0% | S100YIEY |
| Free cash flow | 465 | 2.2% | 算出 |
| Investing cash flow | -600 | -2.8% | S100YIEY |
| Financing cash flow | -96 | -0.4% | S100YIEY |
| Dividends paid | 131 | 0.6% | S100YIEY |
| Share buyback | 0 | 0.0% | S100YIEY |
| Change in cash | -212 | -1.0% | S100YIEY |
| Cash and equivalents | 5,104 | 24.0% | S100YIEY |

## 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 | 4,548 | 5,019 | 5,570 | 5,316 | 5,104 | S100TV9J, S100W926, S100YIEY |
| Total assets | 8,646 | 8,903 | 9,727 | 9,326 | 9,946 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Net assets | 6,226 | 6,316 | 6,653 | 6,641 | 6,990 | S100TV9J, S100W926, S100YIEY |
| Share capital | 2,323 | 2,323 | 2,323 | 2,323 | 2,323 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Trade receivables | 1,930 | 2,026 | 2,248 | 2,116 | 2,267 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Property, plant and equipment | 198 | 193 | 162 | 137 | 81 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Intangible assets excluding goodwill | 20 | 11 | 4 | 13 | 11 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Investment securities | 1 | 1 | 1 | 0 | 0 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Current assets | 7,481 | 7,789 | 8,540 | 8,158 | 8,823 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Current liabilities | 2,064 | 2,272 | 2,785 | 2,373 | 2,648 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Trade payables | 532 | 654 | 870 | 732 | 788 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Short-term borrowings | 17 | 15 | 45 | 22 | 75 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Total liabilities | 2,419 | 2,588 | 3,074 | 2,685 | 2,955 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Non-controlling interests | 38 | 42 | 35 | 20 | 27 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Equity attributable to owners of parent | 6,063 | 6,133 | 6,468 | 6,477 | 6,808 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Retained earnings | 4,081 | 4,150 | 4,486 | 4,495 | 4,826 | S100RA9Q, S100TV9J, S100W926, S100YIEY |
| Treasury stock | -341 | -341 | -341 | -341 | -341 | S100RA9Q, S100TV9J, S100W926, S100YIEY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100YIEY |
| Receivables | 23% | S100YIEY |
| Property, plant and equipment | 1% | S100YIEY |
| Intangibles and goodwill | 0% | S100YIEY |
| Investment securities | 0% | S100YIEY |
| Other assets | 25% | S100YIEY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YIEY |
| Other liabilities | 22% | S100YIEY |
| Equity | 70% | S100YIEY |

### 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 | 8,646 | 8,903 | 9,727 | 9,326 | 9,946 |
| Equity | 6,226 | 6,316 | 6,653 | 6,641 | 6,990 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,548 | 5,019 | 5,570 | 5,316 | 5,104 |

## 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) | 0.4% | S100YIEY |
| Fixed assets ÷ total assets | 0.8% | S100YIEY |
| Goodwill ÷ parent equity | — | —, S100YIEY |

### 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) | 51.3% |
| Cash ÷ revenue | 24.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.7% |
| Cash vs. profit gap | 8 JPY mn (of net income 1.7%) |
| Shareholder returns / net income | 28.0% |
| Shareholder returns / FCF | 28.0% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 28.0% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 126.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.8% | 2.18× | 4.0% | 1.43× | 5.7% | S100RA9Q |
| 2023 | 1.0% | 2.25× | 2.3% | 1.44× | 3.4% | S100TV9J |
| 2024 | 2.3% | 2.20× | 5.0% | 1.48× | 7.5% | S100W926 |
| 2025 | 0.7% | 2.15× | 1.5% | 1.47× | 2.2% | S100YIEY |
| 2026 | 2.2% | 2.20× | 4.8% | 1.45× | 7.0% | S100YIEY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Persons Bridge | Major shareholder | 60.9% | 2026-03-31 |
| 長井 カズヱ | Major shareholder | 8.1% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.2% | 2026-03-31 |
| 福山 良二 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 0.5% | 2026-03-31 |
| 長井 尊 | Major shareholder | 0.4% | 2026-03-31 |
| 村上 一芳 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.3% | 2026-03-31 |
| 小出 正文 | Major shareholder | 0.3% | 2026-03-31 |
| 武田 昌姫 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YIEY | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEY,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W926 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W926,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TV9J | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV9J,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100RA9Q | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA9Q,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OMMY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMMY,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LVO7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVO7,, |

## 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).