# ASTERIA Corporation: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YGH9), 有価証券報告書－第27期(2024/04/01－2025/03/31) (S100W0T0)
> Page: https://vizora.meequs.com/en/company/asteria
> Retrieved: 2026-09-30T21:03:33.757Z

## Company

Asteria, founded in 1998, is a company in Software & SaaS listed on TSE Prime. It has 139 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASTERIA Corporation |
| Ticker | 3853 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3853.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区広尾一丁目1番39号 |
| Representative (per filing) | 代表取締役 執行役員 社長 平野 洋一郎 |
| Founded | Sep 1998 |
| Share capital | ¥2.28B |
| Employees (consolidated) | 139 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.asteria.com (https://www.asteria.com/) |
| Corporate number | 2010701012175 |
| EDINET | E05699 |
| Industries (Vizora) | Software & SaaS, Venture Capital |

> Profile source: annual securities report (S100YGH9, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79.7 | 145 |
| Cash conversion | 52.7 | 128 |
| Efficiency | 6.6 | 145 |

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)

- Asteria brought in ¥3.17B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +9.0% from the prior year.

## Company structure

- Segment revenue mix: Software business 100.0%
- Revenue → net income: ¥3171258000 → ¥584838000
- Net income → operating cash flow: ¥584838000 → ¥829334000（difference ¥244496000）
- Main uses of operating cash flow: CapEx ¥12416000 / dividends ¥75441000 / buybacks —
- Change in cash: ¥1082715000
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 | ¥3.17B |  |
| Operating income | ¥781.2M | Margin 24.6% |
| Net income | ¥588.6M | Margin 18.6% |
| Free cash flow | ¥816.9M |  |
| Largest business | Software business | of segment revenue 100.0% |
| Employees (consolidated) | 139 |  |
| EPS | ¥35.02 |  |
| Diluted EPS | ¥35.02 |  |
| Book value per share | ¥353.59 |  |
| Equity ratio | 77.7% | Derived from disclosed figures |
| Shares outstanding | 17,491,265 |  |
| Treasury shares | 683,900 |  |
| Shareholders | 10,075 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 35.8% | Cash ÷ revenue 88.7% |
| Vs. industry median margin | +12.2 pp | Software & SaaS |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, operating income keeps 25 per ¥100 of revenue
- FY2025, cash is 36% of total assets

## What changed in 7 years

| Metric | FY ending Mar 2018 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3109710000 | ¥3171258000 | +2.0% |
| Employees | 120 people | 139 people | +15.8% |
| Cash and equivalents | ¥4219277000 | ¥2814062000 | -33.3% |

### Change in segment revenue mix

Span: FY ending Mar 2018 → FY ending Mar 2025. 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 → ソフトウェア事業 | 100.0% |

Segment revenue source references: 1 (derived)

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,171 | 100.0% | S100YGH9 |
| Cost of revenue | 339 | 10.7% | S100YGH9 |
| Gross profit | 2,833 | 89.3% | S100YGH9 |
| SG&A | 2,106 | 66.4% | S100YGH9 |
| Operating income | 781 | 24.6% | S100YGH9 |
| Pretax income | 766 | 24.1% | S100YGH9 |
| Income tax | 181 | 5.7% | S100YGH9 |
| Net income | 585 | 18.4% | S100YGH9 |
| Net income attributable to owners | 589 | 18.6% | S100YGH9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 11 |
| SG&A | 66 |
| Other operating | -2 |
| Operating income | 25 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 89.3% → Operating margin 24.6% → Net margin 18.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,909 | 3,171 | 262 | +9.0% |
| Net income attributable to owners | -1,811 | 589 | 2,400 | — |
| Operating cash flow | 630 | 829 | 200 | +31.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,621 | — | — | 230 | 267 | — | S100LSVG |
| FY ending Mar 2018 | 3,110 | — | — | 197 | 853 | — | S100OGZ0 |
| FY ending Mar 2019 | 3,478 | — | — | 271 | 34 | — | S100R4FE |
| FY ending Mar 2022 | 2,968 | — | — | 2,510 | 58 | — | S100YGH9 |
| FY ending Mar 2023 | 2,785 | — | — | -1,673 | 235 | — | S100YGH9 |
| FY ending Mar 2024 | 2,909 | — | — | -1,811 | 630 | — | S100YGH9 |
| FY ending Mar 2025 | 3,171 | 781 | 24.6% | 589 | 829 | 817 | S100YGH9 |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.8M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4.2M |

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

| History | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 140 | 132 | 145 | 128 | 139 |
| Average salary (parent company) | — | — | — | — | ¥8.3M |
| Average age (parent company) | — | — | — | — | 41.8 years |
| Average tenure (parent company) | — | — | — | — | 8.8 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +9.0%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software business | 3,171 | 100.0% | 794 | 25.0% |
| Investment business | — | 0.0% | -21 | — |

### 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 |
| --- | ---: | ---: |
| Software business | 100.0% | 25.0% |
| Investment business | — | — |

Loss-making segment (excluded from profit shares): Investment business -21 JPY mn

Segment → industry: Software business → Software & SaaS / Investment business → Venture Capital

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 829 | 26.2% | S100YGH9 |
| Capital expenditure | 12 | 0.4% | S100YGH9 |
| Free cash flow | 817 | 25.8% | 算出 |
| Investing cash flow | 772 | 24.3% | S100YGH9 |
| Financing cash flow | -517 | -16.3% | S100YGH9 |
| Dividends paid | 75 | 2.4% | S100YGH9 |
| Change in cash | 1,083 | 34.1% | S100YGH9 |
| Cash and equivalents | 2,814 | 88.7% | S100YGH9 |

## 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 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,277 | 1,816 | 1,744 | 1,731 | 2,814 | S100LSVG, S100YGH9 |
| Total assets | 7,117 | 12,595 | 10,618 | 7,587 | 7,858 | S100R4FE, S100YGH9 |
| Net assets | 5,389 | — | — | 5,757 | 6,239 | S100LSVG, S100YGH9 |
| Share capital | — | — | — | — | 2,275 | S100YGH9 |
| Property, plant and equipment | — | — | — | — | 841 | S100YGH9 |
| Current assets | — | — | — | — | 3,124 | S100YGH9 |
| Total liabilities | — | — | — | — | 1,618 | S100YGH9 |
| Equity attributable to owners of parent | — | — | — | — | 6,105 | S100YGH9 |
| Retained earnings | — | — | — | — | 1,120 | S100YGH9 |
| Treasury stock | — | — | — | — | -505 | S100YGH9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YGH9 |
| Property, plant and equipment | 11% | S100YGH9 |
| Other assets | 53% | S100YGH9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YGH9 |
| Equity | 79% | S100YGH9 |

### Balance sheet history

| Metric | FY ending Mar 2019 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,117 | 12,595 | 10,618 | 7,587 | 7,858 |
| Equity | 5,389 | — | — | 5,757 | 6,239 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,277 | 1,816 | 1,744 | 1,731 | 2,814 |

## 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) | 26.5% | S100YGH9 |
| Fixed assets ÷ total assets | 10.7% | S100YGH9 |
| Goodwill ÷ parent equity | — | —, S100YGH9 |

### 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) | 35.8% |
| Cash ÷ revenue | 88.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.2% |
| Cash vs. profit gap | 241 JPY mn (of net income 40.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.8% |
| Shareholder payments — dividends / FCF | 9.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 93.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2019 | 7.8% | 0.49× | 3.8% | 1.32× | 5.0% | S100R4FE, S100LSVG |
| 2022 | — | —× | 19.9% | —× | — | S100YGH9 |
| 2023 | — | —× | -14.4% | —× | — | S100YGH9 |
| 2024 | — | —× | -19.9% | —× | — | S100YGH9 |
| 2025 | 18.6% | 0.41× | 7.6% | 1.26× | 9.6% | S100YGH9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 平野 洋一郎 | Major shareholder | 10.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 北原 淑行 | Major shareholder | 5.2% | 2026-03-31 |
| パナソニックインフォメーションシステムズ株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| ＪＰＹＣ株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| ＨＳＢＣ ＯＶＥＲＳＥＡＳ ＮＯＭＩＮＥＥ （ＵＫ） ＬＩＭＩＴＥＤ Ａ／Ｃ ＨＳＴ５ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| 東京短資株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社ミロク情報サービス | Major shareholder | 1.5% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YGH9 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGH9,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W0T0 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0T0,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R4FE | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4FE,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OGZ0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZ0,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LSVG | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVG,, |

## 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).