# ASO INTERNATIONAL, INC.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/07/01－2026/06/30) (S100Z3PS)
> Page: https://vizora.meequs.com/en/company/aso-inter
> Retrieved: 2026-09-30T20:48:07.960Z

## Company

ASO International, founded in 1988, is a company in Medical Devices listed on TSE Standard. It has 332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASO INTERNATIONAL, INC. |
| Ticker | 9340 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9340.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座二丁目11番8号第22中央ビル3F |
| Representative (per filing) | 代表取締役社長 阿曽 敏正 |
| Founded | May 1988 |
| Share capital | ¥362.1M |
| Employees (consolidated) | 332 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | June |
| Website | www.aso-inter.co.jp (https://www.aso-inter.co.jp/) |
| Corporate number | 5010001035717 |
| EDINET | E38139 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100Z3PS, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 38 |
| Profitability | 73.1 | 39 |
| Cash conversion | 25 | 38 |
| Efficiency | 91 | 39 |

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)

- ASO International brought in ¥4.17B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +9.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4166118000 → ¥518610000
- Net income → operating cash flow: ¥518610000 → ¥454642000（difference ¥-63968000）
- Main uses of operating cash flow: CapEx ¥36279000 / dividends ¥235098000 / buybacks —
- Change in cash: ¥-517252000
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 | ¥4.17B |  |
| Operating income | ¥723.5M | Margin 17.4% |
| Net income | ¥518.6M | Margin 12.4% |
| Free cash flow | ¥418.4M |  |
| Employees (consolidated) | 332 |  |
| EPS | ¥73.28 |  |
| Diluted EPS | ¥71.95 |  |
| Book value per share | ¥302.67 |  |
| Equity ratio | 86.8% |  |
| Shares outstanding | 9,862,800 |  |
| Shareholders | 2,168 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 38.2% | Cash ÷ revenue 34.3% |
| Vs. industry median margin | +6.3 pp | Medical Devices |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 14.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 38% of total assets

## What changed in 4 years

| Metric | FY ending Jun 2022 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3115106000 | ¥4166118000 | +33.7% |
| Operating income | ¥512174000 | ¥723465000 | +41.3% |
| Operating margin | 16.4% | 17.4% | +0.9 pp |
| Employees | 257 people | 332 people | +29.2% |
| Cash and equivalents | ¥1292077000 | ¥1428091000 | +10.5% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,166 | 100.0% | S100Z3PS |
| Cost of revenue | 2,325 | 55.8% | S100Z3PS |
| Gross profit | 1,841 | 44.2% | S100Z3PS |
| SG&A | 1,117 | 26.8% | S100Z3PS |
| Operating income | 723 | 17.4% | S100Z3PS |
| Ordinary income | 735 | 17.6% | S100Z3PS |
| Pretax income | 724 | 17.4% | S100Z3PS |
| Income tax | 205 | 4.9% | S100Z3PS |
| Net income | 519 | 12.4% | S100Z3PS |
| Net income attributable to owners | 519 | 12.4% | S100Z3PS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 27 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 44.2% → Operating margin 17.4% → Net margin 12.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +9.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.01×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,796 | 4,166 | 370 | +9.7% |
| Gross profit | 1,705 | 1,841 | 136 | +8.0% |
| Operating income | 659 | 723 | 65 | +9.9% |
| Net income attributable to owners | 439 | 519 | 80 | +18.2% |
| Operating cash flow | 473 | 455 | -19 | -4.0% |
| Free cash flow | 444 | 418 | -26 | -5.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 3,115 | 512 | 16.4% | 352 | 247 | 197 | S100RXYB |
| FY ending Jun 2023 | 3,190 | 460 | 14.4% | 338 | 246 | 172 | S100UGG9 |
| FY ending Jun 2024 | 3,545 | 545 | 15.4% | 386 | 437 | 386 | S100WR24 |
| FY ending Jun 2025 | 3,796 | 659 | 17.3% | 439 | 473 | 444 | S100Z3PS |
| FY ending Jun 2026 | 4,166 | 723 | 17.4% | 519 | 455 | 418 | S100Z3PS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.5M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 257 | 267 | 276 | 310 | 332 |
| Average salary (parent company) | — | ¥3.6M | ¥3.9M | ¥4.2M | ¥4.5M |
| Average age (parent company) | — | 35.0 years | 36.3 years | 38.7 years | 40.0 years |
| Average tenure (parent company) | — | 4.5 years | 5.2 years | 5.8 years | 6.2 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +9.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 455 | 10.9% | S100Z3PS |
| Capital expenditure | 36 | 0.9% | S100Z3PS |
| Free cash flow | 418 | 10.0% | 算出 |
| Investing cash flow | -762 | -18.3% | S100Z3PS |
| Financing cash flow | -224 | -5.4% | S100Z3PS |
| Dividends paid | 235 | 5.6% | S100Z3PS |
| Change in cash | -517 | -12.4% | S100Z3PS |
| Cash and equivalents | 1,428 | 34.3% | S100Z3PS |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,292 | 1,728 | 1,900 | 1,945 | 1,428 | S100UGG9, S100WR24, S100Z3PS |
| Total assets | 2,193 | 2,826 | 3,185 | 3,331 | 3,740 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Net assets | 1,553 | 2,466 | 2,763 | 2,930 | 3,245 | S100UGG9, S100WR24, S100Z3PS |
| Share capital | 10 | 351 | 355 | 357 | 362 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Property, plant and equipment | 112 | 101 | 105 | 94 | 97 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Intangible assets excluding goodwill | 21 | 56 | 43 | 34 | 27 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Investment securities | 41 | 42 | 144 | 228 | 428 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Current assets | 1,810 | 2,353 | 2,581 | 2,627 | 2,803 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Current liabilities | 506 | 344 | 405 | 388 | 483 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Short-term borrowings | 200 | — | — | — | — | S100RXYB |
| Long-term borrowings | 100 | — | — | — | — | S100RXYB |
| Total liabilities | 640 | 361 | 422 | 401 | 495 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Equity attributable to owners of parent | 1,566 | 2,481 | 2,773 | 2,946 | 3,241 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Retained earnings | 1,556 | 1,789 | 2,073 | 2,243 | 2,527 | S100RXYB, S100UGG9, S100WR24, S100Z3PS |
| Treasury stock | — | — | — | -0 | -0 | S100Z3PS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100Z3PS |
| Property, plant and equipment | 3% | S100Z3PS |
| Intangibles and goodwill | 1% | S100Z3PS |
| Investment securities | 11% | S100Z3PS |
| Other assets | 47% | S100Z3PS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100Z3PS |
| Equity | 87% | S100Z3PS |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,193 | 2,826 | 3,185 | 3,331 | 3,740 |
| Equity | 1,553 | 2,466 | 2,763 | 2,930 | 3,245 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,292 | 1,728 | 1,900 | 1,945 | 1,428 |

## 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) | 2.3% | S100Z3PS |
| Fixed assets ÷ total assets | 2.6% | S100Z3PS |
| Goodwill ÷ parent equity | — | —, S100Z3PS |

### 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) | 38.2% |
| Cash ÷ revenue | 34.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 62.8% |
| Cash vs. profit gap | -64 JPY mn (of net income -12.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 56.2% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 167.5% |

## 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 | 11.3% | 1.42× | 16.0% | 1.40× | 22.5% | S100RXYB |
| 2023 | 10.6% | 1.27× | 13.5% | 1.24× | 16.7% | S100UGG9 |
| 2024 | 10.9% | 1.18× | 12.9% | 1.14× | 14.7% | S100WR24 |
| 2025 | 11.6% | 1.17× | 13.5% | 1.14× | 15.3% | S100Z3PS |
| 2026 | 12.4% | 1.18× | 14.7% | 1.14× | 16.8% | S100Z3PS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＡＳＯ | Major shareholder | 56.8% | 2026-06-30 |
| 阿曽 敏正 | Major shareholder | 8.1% | 2026-06-30 |
| ＡＳＧＪａｐａｎ株式会社 | Major shareholder | 3.4% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.3% | 2026-06-30 |
| ＨＩＫＡＲＩ ＴＳＵＳＨＩＮ ＩＮＶＥＳＴＭＥＮＴＳ ＯＫＩＮＡＷＡ株式会社 | Major shareholder | 1.8% | 2026-06-30 |
| 加藤 英次 | Major shareholder | 1.2% | 2026-06-30 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 1.0% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 1.0% | 2026-06-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 0.9% | 2026-06-30 |
| 大杉 哲也 | Major shareholder | 0.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/07/01－2026/06/30) | S100Z3PS | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3PS,, |
| 有価証券報告書－第38期(2024/07/01－2025/06/30) | S100WR24 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WR24,, |
| 有価証券報告書－第37期(2023/07/01－2024/06/30) | S100UGG9 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGG9,, |
| 有価証券報告書－第36期(2022/07/01－2023/06/30) | S100RXYB | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXYB,, |

## 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).