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Astena HoldingsAstena Holdings Co., Ltd.8095東証プライム卸売業FY ending Nov 2025, consolidated, J-GAAP

Astena Holdings revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +8.2% from the prior year, operating profit +7.2%.

Five-year trend

Revenue¥62.7B
FY ending Nov 2021: ¥72.3B¥72.3BFY ending Nov 2022: ¥49.6B¥49.6BFY ending Nov 2023: ¥52B¥52BFY ending Nov 2024: ¥58B¥58BFY ending Nov 2025: ¥62.7B¥62.7BFY21FY22FY23FY24FY25
Operating income¥3.02B
FY ending Nov 2021: ¥2.23B¥2.23BFY ending Nov 2022: ¥819.9M¥819.9MFY ending Nov 2023: ¥1.13B¥1.13BFY ending Nov 2024: ¥2.81B¥2.81BFY ending Nov 2025: ¥3.02B¥3.02BFY21FY22FY23FY24FY25
Operating margin4.8%
FY ending Nov 2021: 3.1%3.1%FY ending Nov 2022: 1.7%1.7%FY ending Nov 2023: 2.2%2.2%FY ending Nov 2024: 4.9%4.9%FY ending Nov 2025: 4.8%4.8%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin3.5%
Asset turnover0.90×
ROA3.1%
ROA3.1%
Financial leverage2.96×
ROE9.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin3.5%
2021: 2.4%2.4%2022: 1.2%1.2%2023: 2.2%2.2%2025: 3.5%3.5%2122232425
Asset turnover0.90×
2021: 1.14×1.14×2022: 0.78×0.78×2023: 0.79×0.79×2025: 0.90×0.90×2122232425
ROA3.1%
2021: 2.7%2.7%2022: 0.9%0.9%2023: 1.8%1.8%2024: -3.8%-3.8%2025: 3.1%3.1%2122232425
Financial leverage2.96×
2021: 2.46×2.46×2022: 2.47×2.47×2023: 2.53×2.53×2025: 2.96×2.96×2122232425
ROE9.3%
2021: 6.7%6.7%2022: 2.3%2.3%2023: 4.5%4.5%2025: 9.3%9.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20212.4%1.14×2.7%2.46×6.7%
20221.2%0.78×0.9%2.47×2.3%
20232.2%0.79×1.8%2.53×4.5%
2024——×-3.8%—×—
20253.5%0.90×3.1%2.96×9.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue21.2%
2020: 15.5%15.5%2021: 16.5%16.5%2022: 26.4%26.4%2023: 28.5%28.5%2024: 20.6%20.6%2025: 21.2%21.2%202122232425
PPE ÷ total assets17.6%
2020: 18.7%18.7%2021: 18.8%18.8%2022: 20.6%20.6%2023: 22.0%22.0%2024: 18.5%18.5%2025: 17.6%17.6%202122232425
Goodwill ÷ parent equity19.5%
2020: 19.4%19.4%2021: 17.0%17.0%2022: 17.6%17.6%2023: 15.5%15.5%2024: 16.4%16.4%2025: 19.5%19.5%202122232425
Goodwill balance¥4.75B
2020: ¥3.97B¥3.97B2021: ¥4.39B¥4.39B2022: ¥4.51B¥4.51B2023: ¥4.03B¥4.03B2024: ¥3.75B¥3.75B2025: ¥4.75B¥4.75B202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥971M
2020: ¥768M¥768M2021: ¥964M¥964M2022: ¥825M¥825M2023: ¥895M¥895M2024: ¥1.05B¥1.05B2025: ¥971M¥971M202122232425
R&D / revenue1.5%
2020: 1.2%1.2%2021: 1.3%1.3%2022: 1.7%1.7%2023: 1.7%1.7%2024: 1.8%1.8%2025: 1.5%1.5%202122232425
Receivable days—
2020: 70d70d2021: 68d68d202122232425
Payable days85d
2020: 59d59d2021: 58d58d2022: 90d90d2023: 87d87d2024: 88d88d2025: 85d85d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Revenue72,32249,63651,98457,99362,744
Cost of revenue55,72034,19635,66738,62340,877
Gross profit16,60315,44016,31819,36921,866
SG&A14,37014,62115,19016,55318,848
Operating income2,2338201,1282,8153,017
Pretax income3,0791,4181,560-1,5332,864
Income tax1,3438444071,004685
Net income attributable to owners1,7375801,163-2,5252,187
Operating margin3.1%1.7%2.2%4.9%4.8%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 13%
Property, plant and equipment 18%
Intangibles and goodwill 16%
6%
Other assets 47%

Funding

Trade payables 13%
Other liabilities 51%
Equity 36%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Cash and equivalents¥10.8B¥6.8B¥6.76B¥5.98B¥10.1B
Total assets¥63.6B¥63.6B¥67.3B¥64.6B¥75.4B
Net assets¥27B¥27.1B¥28.6B¥25.3B¥27.4B
Share capital¥4.53B¥4.56B¥4.58B¥4.61B¥4.63B
Trade receivables¥13.5B————
Property, plant and equipment¥12B¥13.1B¥14.8B¥11.9B¥13.3B
Intangible assets excluding goodwill¥8.41B¥8.29B¥7.46B¥6.89B¥7.64B
Goodwill¥4.39B¥4.51B¥4.03B¥3.75B¥4.75B
Investment securities¥3.61B¥3.81B¥4.84B¥4.14B¥4.29B
Current assets¥38.1B¥36.7B¥37.9B¥39.1B¥47.3B
Current liabilities¥26.6B¥27.8B¥30B¥31.9B¥38.1B
Trade payables¥8.85B¥8.48B¥8.5B¥9.27B¥9.55B
Short-term borrowings¥9.05B¥10B¥12.3B¥11.4B¥16.2B
Long-term borrowings¥5.81B¥4.78B¥4.49B¥3.44B¥6.25B
Total liabilities¥36.5B¥36.5B¥38.7B¥39.3B¥48B
Non-controlling interests¥6.6M¥82.1M¥181.2M¥136M¥321M
Equity attributable to owners of parent¥25.8B¥25.6B¥26.1B¥22.9B¥24.4B
Retained earnings¥15B¥15B¥15.5B¥12.2B¥13.7B
Treasury stock-¥254.1M-¥531.7M-¥525.9M-¥255M-¥255M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第86期(2024/12/01－2025/11/30)

    ID S100XN2T2026-02-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(2023/12/01－2024/11/30)

    ID S100VBBH2025-02-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(2022/12/01－2023/11/30)

    ID S100SZ1N2024-02-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(2021/12/01－2022/11/30)

    ID S100QADE2023-02-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第82期(令和2年12月1日－令和3年11月30日)

    ID S100NKMG2022-02-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第81期(令和1年12月1日－令和2年11月30日)

    ID S100KV6J2021-02-24Open

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