# ASNOVA: 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13期(2025/04/01－2026/03/31) (S100YJ2P)
> Page: https://vizora.meequs.com/en/company/asnova
> Retrieved: 2026-09-30T21:30:59.671Z

## Company

Asnova, founded in 2013, is a company in Leasing listed on TSE Growth. It has 231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASNOVA Co.,Ltd. |
| Ticker | 9223 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9223.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中村区平池町四丁目60番地の12 グローバルゲート26階 |
| Representative (per filing) | 代表取締役社長 上田 桂司 |
| Founded | Dec 2013 |
| Share capital | ¥247.5M |
| Employees (consolidated) | 231 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.asnova.co.jp (https://www.asnova.co.jp/) |
| Corporate number | 6210001015400 |
| EDINET | E35797 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YJ2P, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 83% of Asnova's sales come from Scaffold rentals, with Overseas rentals except scafford and Overseas scaffold rentals making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +15.2% from the prior year, operating profit -88.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.92B |  |
| Operating income | ¥5.4M | Margin 0.1% |
| Net income | -¥146M | Margin -3.0% |
| Free cash flow | ¥1.27B |  |
| Largest business | Scaffold rentals | of segment revenue 83.3% |
| Employees (consolidated) | 231 |  |
| EPS | ¥-7.29 |  |
| Book value per share | ¥249.72 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 12,438,400 |  |
| Treasury shares | 500 |  |
| Shareholders | 2,363 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 17.9% |
| Vs. industry median margin | -7 pp | Leasing |
| ROA | -1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2241557000 | ¥4915181000 | — |
| Operating income | ¥-145332000 | ¥5426000 | — |
| Operating margin | -6.5% | 0.1% | +6.6 pp |
| Employees | 89 people | 231 people | — |
| Cash and equivalents | ¥488092000 | ¥881997000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → 国内足場レンタル事業 | 83.3% |
| 新設・再編 → 海外足場レンタル事業 | 0.6% |
| 新設・再編 → 海外その他レンタル事業 | 16.1% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Scaffold rentals | — | — | ¥4093597000 | 18.5% | 2 |
| Overseas rentals except scafford | — | — | ¥790725000 | 8.3% | 2 |
| Overseas scaffold rentals | — | — | ¥30858000 | -589.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,915 | 100.0% | S100YJ2P |
| Cost of revenue | 3,574 | 72.7% | S100YJ2P |
| Gross profit | 1,341 | 27.3% | S100YJ2P |
| SG&A | 1,336 | 27.2% | S100YJ2P |
| Operating income | 5 | 0.1% | S100YJ2P |
| Ordinary income | -85 | -1.7% | S100YJ2P |
| Pretax income | -85 | -1.7% | S100YJ2P |
| Income tax | 61 | 1.2% | S100YJ2P |
| Net income | -146 | -3.0% | S100YJ2P |
| Net income attributable to owners | -146 | -3.0% | S100YJ2P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 27 |
| Operating income | 0 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 27.3% → Operating margin 0.1% → Net margin -3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +15.2%; Core profit growth: -88.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.84×
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 | 4,266 | 4,915 | 649 | +15.2% |
| Gross profit | 1,008 | 1,341 | 333 | +33.1% |
| Operating income | 49 | 5 | -43 | -88.9% |
| Net income attributable to owners | -25 | -146 | -121 | — |
| Operating cash flow | 1,482 | 1,784 | 302 | +20.4% |
| Free cash flow | -1,511 | 1,273 | 2,784 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 2,242 | -145 | -6.5% | 16 | 821 | 654 | S100OJVB |
| FY ending Mar 2022 | 2,680 | 167 | 6.2% | 205 | 881 | -337 | S100OJVB |
| FY ending Mar 2023 | 3,141 | 188 | 6.0% | 144 | 918 | -1,691 | S100TS5Y |
| FY ending Mar 2024 | 3,786 | 350 | 9.2% | 210 | 1,730 | -1,385 | S100W52G |
| FY ending Mar 2025 | 4,266 | 49 | 1.1% | -25 | 1,482 | -1,511 | S100YJ2P |
| FY ending Mar 2026 | 4,915 | 5 | 0.1% | -146 | 1,784 | 1,273 | S100YJ2P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.3M |
| Operating income per employee (consolidated) | ¥23.5K |
| Net income per employee (consolidated) | -¥632.2K |

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) | 117 | 138 | 146 | 166 | 231 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.7M | ¥4.8M | ¥4.8M |
| Average age (parent company) | 38.2 years | 38.5 years | 39.6 years | 37.6 years | 39.0 years |
| Average tenure (parent company) | 3.1 years | 3.3 years | 3.5 years | 3.7 years | 4.6 years |

Year over year: Employees (consolidated) +39.2% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Scaffold rentals | 4,094 | 83.3% | 758 | 18.5% |
| Overseas scaffold rentals | 31 | 0.6% | -182 | -589.7% |
| Overseas rentals except scafford | 791 | 16.1% | 66 | 8.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Scaffold rentals | 83.3% | 92.0% | 8.7 | 18.5% |
| Overseas scaffold rentals | 0.6% | — | — | -589.7% |
| Overseas rentals except scafford | 16.1% | 8.0% | -8.1 | 8.3% |

Loss-making segment (excluded from profit shares): Overseas scaffold rentals -182 JPY mn

Segment → industry: Overseas rentals except scafford → Leasing / Overseas scaffold rentals → Leasing / Scaffold rentals → Leasing

## 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 | 1,784 | 36.3% | S100YJ2P |
| Capital expenditure | 511 | 10.4% | S100YJ2P |
| Free cash flow | 1,273 | 25.9% | 算出 |
| Investing cash flow | -2,022 | -41.1% | S100YJ2P |
| Financing cash flow | -2,089 | -42.5% | S100YJ2P |
| Dividends paid | 32 | 0.7% | S100YJ2P |
| Change in cash | -2,301 | -46.8% | S100YJ2P |
| Cash and equivalents | 882 | 17.9% | S100YJ2P |

## 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 | 750 | 680 | 938 | 3,183 | 882 | S100OJVB, S100W52G, S100YJ2P |
| Total assets | 5,658 | 7,289 | 9,386 | 12,959 | 11,430 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Net assets | 2,401 | 2,790 | 3,027 | 2,979 | 2,975 | S100OJVB, S100W52G, S100YJ2P |
| Share capital | 88 | 222 | 247 | 247 | 247 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Property, plant and equipment | 4,233 | 5,679 | 7,405 | 8,520 | 7,643 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Intangible assets excluding goodwill | 35 | 71 | 60 | 44 | 1,365 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Goodwill | — | — | — | — | 965 | S100YJ2P |
| Current assets | 1,273 | 1,449 | 1,793 | 4,187 | 2,227 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Current liabilities | 1,757 | 2,143 | 2,736 | 4,631 | 3,796 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Short-term borrowings | 600 | 800 | 800 | 2,200 | 800 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Long-term borrowings | 1,464 | 2,304 | 3,580 | 5,309 | 4,577 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Total liabilities | 3,258 | 4,499 | 6,359 | 9,980 | 8,455 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Equity attributable to owners of parent | 2,401 | 2,802 | 3,038 | 2,989 | 2,810 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Retained earnings | 2,006 | 2,139 | 2,325 | 2,275 | 2,097 | S100OJVB, S100TS5Y, S100W52G, S100YJ2P |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TS5Y, S100W52G, S100YJ2P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJ2P |
| Property, plant and equipment | 67% | S100YJ2P |
| Intangibles and goodwill | 20% | S100YJ2P |
| Other assets | 5% | S100YJ2P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YJ2P |
| Equity | 26% | S100YJ2P |

### 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 | 5,658 | 7,289 | 9,386 | 12,959 | 11,430 |
| Equity | 2,401 | 2,790 | 3,027 | 2,979 | 2,975 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 750 | 680 | 938 | 3,183 | 882 |

## 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) | 155.5% | S100YJ2P |
| Fixed assets ÷ total assets | 66.9% | S100YJ2P |
| Goodwill ÷ parent equity | 34.3% | S100YJ2P |

### 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) | 7.7% |
| Cash ÷ revenue | 17.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 32878.3% |
| Cash vs. profit gap | 1,930 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 2.5% |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| Investing CF relative to operating CF | 113.3% |

## 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 | 7.6% | 0.47× | 3.6% | 2.36× | 8.5% | S100OJVB |
| 2023 | 4.6% | 0.43× | 2.0% | 2.60× | 5.2% | S100TS5Y |
| 2024 | 5.6% | 0.45× | 2.5% | 2.86× | 7.2% | S100W52G |
| 2025 | — | —× | -0.2% | —× | — | S100YJ2P |
| 2026 | — | —× | -1.2% | —× | — | S100YJ2P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人ニチレン | Major shareholder | 41.3% | 2026-03-31 |
| 上田 桂司 | Major shareholder | 32.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.7% | 2026-03-31 |
| 中村 真一郎 | Major shareholder | 1.0% | 2026-03-31 |
| ＡＳＮＯＶＡ従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 張 賀楠 | Major shareholder | 0.6% | 2026-03-31 |
| グローバル・タイガー・ファンド４号投資事業有限責任組合 | Major shareholder | 0.5% | 2026-03-31 |
| 伊東 達也 | Major shareholder | 0.5% | 2026-03-31 |
| 井藤 智哉 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YJ2P | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ2P,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W52G | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W52G,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TS5Y | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS5Y,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R3A2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3A2,, |
| 有価証券報告書－第9期(令和3年4月1日－令和4年3月31日) | S100OJVB | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVB,, |

## 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).