# Astena Holdings 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86期(2024/12/01－2025/11/30) (S100XN2T)
> Page: https://vizora.meequs.com/en/company/astena-holdings
> Retrieved: 2026-09-30T22:41:46.754Z

## Company

Astena Holdings, founded in 1931, is a company in Pharmaceuticals listed on TSE Prime. It has 1,543 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Astena Holdings Co., Ltd. |
| Ticker | 8095 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8095.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋本町四丁目8番2号 |
| Representative (per filing) | 代表取締役社長 瀬戸口 智 |
| Founded | Jan 1931 |
| Share capital | ¥4.63B |
| Employees (consolidated) | 1,543 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | November |
| Website | www.astena-hd.com (https://www.astena-hd.com/) |
| Corporate number | 9010001034748 |
| EDINET | E02585 |
| Industries (Vizora) | Pharmaceuticals, Specialty Trading & Wholesale, CRO & Clinical Testing |

> Profile source: annual securities report (S100XN2T, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 12 |
| Profitability | 34.6 | 13 |
| Cash conversion | 31.8 | 11 |
| Efficiency | 80.8 | 13 |

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 36% of Astena Holdings's sales come from Fine Chemicals, with Health and Beauty Care, Food and Medical making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Fine Chemicals 35.6%、Health and Beauty Care, Food 29.0%、Medical 19.8%、Industrial Chemicals 15.5%、Other 0.1%
- Revenue → net income: ¥62744000000 → ¥2179000000
- Net income → operating cash flow: ¥2179000000 → ¥3393000000（difference ¥1214000000）
- Main uses of operating cash flow: CapEx ¥3175000000 / dividends ¥735000000 / buybacks ¥0
- Change in cash: ¥4089000000
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 | ¥62.7B |  |
| Operating income | ¥3.02B | Margin 4.8% |
| Net income | ¥2.19B | Margin 3.5% |
| Free cash flow | ¥218M |  |
| Largest business | Fine Chemicals | of segment revenue 35.6% |
| Employees (consolidated) | 1,543 |  |
| EPS | ¥7.29 |  |
| Book value per share | ¥331.29 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 41,097,566 |  |
| Treasury shares | 75,900 |  |
| Shareholders | 44,160 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | -2.4 pp | Pharmaceuticals |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥65341459000 | ¥62744000000 | -4.0% |
| Operating income | ¥2035172000 | ¥3017000000 | +48.2% |
| Operating margin | 3.1% | 4.8% | +1.7 pp |
| Employees | 1,295 people | 1,543 people | +19.2% |
| Cash and equivalents | ¥7447703000 | ¥10067000000 | +35.2% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ファインケミカル → ファインケミカル | 32.8% |
| ＨＢＣ・食品 → ＨＢＣ・食品 | 29.0% |
| ＨＢＣ・食品 → 事業再編・廃止 | 10.5% |
| 医薬 → 医薬 | 16.3% |
| 化学品 → 化学品 | 11.4% |
| 新設・再編 → ファインケミカル | 2.8% |
| 新設・再編 → 医薬 | 3.5% |
| 新設・再編 → 化学品 | 4.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine Chemicals | 5 years | +0.8% | ¥22333000000 | 4.1% | 2 |
| Health and Beauty Care, Food | 5 years | -6.8% | ¥18190000000 | 3.8% | 2 |
| Medical | 5 years | +3.1% | ¥12429000000 | 9.0% | 2 |
| Industrial Chemicals | 5 years | +5.6% | ¥9732000000 | 7.5% | 2 |
| Other | 3 years | +198.0% | ¥57000000 | -636.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,744 | 100.0% | S100XN2T |
| Cost of revenue | 40,877 | 65.1% | S100XN2T |
| Gross profit | 21,866 | 34.8% | S100XN2T |
| SG&A | 18,848 | 30.0% | S100XN2T |
| Operating income | 3,017 | 4.8% | S100XN2T |
| Ordinary income | 2,910 | 4.6% | S100XN2T |
| Pretax income | 2,864 | 4.6% | S100XN2T |
| Income tax | 685 | 1.1% | S100XN2T |
| Net income | 2,179 | 3.5% | S100XN2T |
| Net income attributable to owners | 2,187 | 3.5% | S100XN2T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 30 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.8% → Operating margin 4.8% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +7.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.88×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,993 | 62,744 | 4,751 | +8.2% |
| Gross profit | 19,369 | 21,866 | 2,497 | +12.9% |
| Operating income | 2,815 | 3,017 | 202 | +7.2% |
| Net income attributable to owners | -2,525 | 2,187 | 4,712 | — |
| Operating cash flow | 4,848 | 3,393 | -1,455 | -30.0% |
| Free cash flow | 1,651 | 218 | -1,433 | -86.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 61,648 | 2,122 | 3.4% | 1,533 | 1,604 | 109 | S100KV6J |
| FY ending Nov 2020 | 65,341 | 2,035 | 3.1% | 1,984 | 4,144 | 2,390 | S100NKMG |
| FY ending Nov 2021 | 72,322 | 2,233 | 3.1% | 1,737 | 1,349 | -2,145 | S100QADE |
| FY ending Nov 2022 | 49,636 | 820 | 1.7% | 580 | -742 | -3,773 | S100SZ1N |
| FY ending Nov 2023 | 51,984 | 1,128 | 2.2% | 1,163 | 1,644 | -2,521 | S100VBBH |
| FY ending Nov 2024 | 57,993 | 2,815 | 4.9% | -2,525 | 4,848 | 1,651 | S100XN2T |
| FY ending Nov 2025 | 62,744 | 3,017 | 4.8% | 2,187 | 3,393 | 218 | S100XN2T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,368 | 1,383 | 1,404 | 1,420 | 1,543 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.1M | ¥6.3M | ¥6M |
| Average age (parent company) | 46.1 years | 46.5 years | 47.2 years | 47.3 years | 46.2 years |
| Average tenure (parent company) | 15.9 years | 16.9 years | 17.6 years | 17.3 years | 14.9 years |

Year over year: Employees (consolidated) +8.7% · Revenue (consolidated) +8.2%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fine Chemicals | 22,333 | 35.6% | 909 | 4.1% |
| Health and Beauty Care, Food | 18,190 | 29.0% | 700 | 3.8% |
| Medical | 12,429 | 19.8% | 1,118 | 9.0% |
| Industrial Chemicals | 9,732 | 15.5% | 733 | 7.5% |
| Other | 57 | 0.1% | -363 | -636.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fine Chemicals | 35.6% | 26.3% | -9.3 | 4.1% |
| Health and Beauty Care, Food | 29.0% | 20.2% | -8.8 | 3.8% |
| Medical | 19.8% | 32.3% | 12.5 | 9.0% |
| Industrial Chemicals | 15.5% | 21.2% | 5.7 | 7.5% |
| Other | 0.1% | — | — | -636.8% |

Loss-making segment (excluded from profit shares): Other -363 JPY mn

Segment → industry: Medical → Pharmaceuticals / Fine Chemicals → Pharmaceuticals / Industrial Chemicals → Specialty Trading & Wholesale / Health and Beauty Care, Food → Specialty Trading & Wholesale / Fine Chemicals → CRO & Clinical Testing

## 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 | 3,393 | 5.4% | S100XN2T |
| Capital expenditure | 3,175 | 5.1% | S100XN2T |
| Free cash flow | 218 | 0.3% | 算出 |
| Investing cash flow | -5,557 | -8.9% | S100XN2T |
| Financing cash flow | 6,202 | 9.9% | S100XN2T |
| Dividends paid | 735 | 1.2% | S100XN2T |
| Share buyback | 0 | 0.0% | S100XN2T |
| Change in cash | 4,089 | 6.5% | S100XN2T |
| Cash and equivalents | 10,067 | 16.0% | S100XN2T |

## 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 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 10,807 | 6,804 | 6,758 | 5,978 | 10,067 | S100SZ1N, S100VBBH, S100XN2T |
| Total assets | 63,554 | 63,552 | 67,255 | 64,595 | 75,441 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Net assets | 27,006 | 27,069 | 28,601 | 25,302 | 27,397 | S100SZ1N, S100VBBH, S100XN2T |
| Share capital | 4,528 | 4,557 | 4,581 | 4,605 | 4,629 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Trade receivables | 13,542 | — | — | — | — | S100QADE |
| Property, plant and equipment | 11,950 | 13,120 | 14,812 | 11,920 | 13,291 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Intangible assets excluding goodwill | 8,412 | 8,285 | 7,459 | 6,893 | 7,638 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Goodwill | 4,395 | 4,512 | 4,032 | 3,752 | 4,755 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Investment securities | 3,613 | 3,814 | 4,842 | 4,137 | 4,291 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Current assets | 38,057 | 36,750 | 37,894 | 39,141 | 47,339 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Current liabilities | 26,639 | 27,792 | 29,982 | 31,903 | 38,074 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Trade payables | 8,852 | 8,475 | 8,503 | 9,272 | 9,551 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Short-term borrowings | 9,053 | 10,035 | 12,267 | 11,390 | 16,195 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Long-term borrowings | 5,813 | 4,778 | 4,493 | 3,445 | 6,250 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Total liabilities | 36,547 | 36,483 | 38,653 | 39,293 | 48,043 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Non-controlling interests | 7 | 82 | 181 | 136 | 321 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Equity attributable to owners of parent | 25,818 | 25,596 | 26,092 | 22,900 | 24,377 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Retained earnings | 15,027 | 15,032 | 15,462 | 12,229 | 13,658 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |
| Treasury stock | -254 | -532 | -526 | -255 | -255 | S100QADE, S100SZ1N, S100VBBH, S100XN2T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XN2T |
| Property, plant and equipment | 18% | S100XN2T |
| Intangibles and goodwill | 16% | S100XN2T |
| Investment securities | 6% | S100XN2T |
| Other assets | 47% | S100XN2T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XN2T |
| Other liabilities | 51% | S100XN2T |
| Equity | 36% | S100XN2T |
| Other liabilities | 0% | S100XN2T |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 63,554 | 63,552 | 67,255 | 64,595 | 75,441 |
| Equity | 27,006 | 27,069 | 28,601 | 25,302 | 27,397 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,807 | 6,804 | 6,758 | 5,978 | 10,067 |

## 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) | 21.2% | S100XN2T |
| Fixed assets ÷ total assets | 17.6% | S100XN2T |
| Goodwill ÷ parent equity | 19.5% | S100XN2T |

Goodwill over 4 years: 4,395 → 4,755 JPY; total investing cash flow: -17,932 JPY. This does not imply causation.

### 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) | 13.3% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.5% |
| Cash vs. profit gap | 1,206 JPY mn (of net income 55.1%) |
| Shareholder returns / net income | 33.6% |
| Shareholder returns / FCF | 337.2% |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 337.2% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 163.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.4% | 1.14× | 2.7% | 2.46× | 6.7% | S100QADE |
| 2022 | 1.2% | 0.78× | 0.9% | 2.47× | 2.3% | S100SZ1N |
| 2023 | 2.2% | 0.79× | 1.8% | 2.53× | 4.5% | S100VBBH |
| 2024 | — | —× | -3.8% | —× | — | S100XN2T |
| 2025 | 3.5% | 0.90× | 3.1% | 2.96× | 9.3% | S100XN2T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社 （信託口） （注）１ | Major shareholder | 8.1% | 2025-11-30 |
| 株式会社ケーアイ社 | Major shareholder | 5.0% | 2025-11-30 |
| 株式会社ＣＮＶ社 | Major shareholder | 4.2% | 2025-11-30 |
| アステナグループ従業員持株会 | Major shareholder | 3.8% | 2025-11-30 |
| 岩城 修 | Major shareholder | 2.4% | 2025-11-30 |
| 公益財団法人岩城留学生奨学会 | Major shareholder | 1.9% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（役員報酬BIP信託口） （注）１ | Major shareholder | 1.6% | 2025-11-30 |
| 株式会社大阪ソーダ | Major shareholder | 1.6% | 2025-11-30 |
| 岩城 慶太郎 | Major shareholder | 1.6% | 2025-11-30 |
| 中央化学産業株式会社 | Major shareholder | 1.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2024/12/01－2025/11/30) | S100XN2T | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN2T,, |
| 有価証券報告書－第85期(2023/12/01－2024/11/30) | S100VBBH | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBBH,, |
| 有価証券報告書－第84期(2022/12/01－2023/11/30) | S100SZ1N | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ1N,, |
| 有価証券報告書－第83期(2021/12/01－2022/11/30) | S100QADE | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QADE,, |
| 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) | S100NKMG | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKMG,, |
| 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) | S100KV6J | 2021-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV6J,, |

## 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).