# ASTMAX Co., Ltd.: 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14期(2025/04/01－2026/03/31) (S100YHVT)
> Page: https://vizora.meequs.com/en/company/astmax
> Retrieved: 2026-09-30T19:48:37.573Z

## Company

Astmax, founded in 2012, is a company in Electric Power & Gas listed on TSE Standard. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASTMAX Co., Ltd. |
| Ticker | 7162 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7162.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東五反田二丁目10番2号 |
| Representative (per filing) | 代表取締役会長兼社長 牛嶋 英揚 |
| Founded | Oct 2012 |
| Share capital | ¥2.01B |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.astmax.co.jp (https://www.astmax.co.jp/) |
| Corporate number | 6010701027087 |
| EDINET | E26813 |
| Industries (Vizora) | Electric Power & Gas, Securities & Asset Management |

> Profile source: annual securities report (S100YHVT, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94 | 42 |
| Profitability | 83 | 44 |
| Cash conversion | 6 | 42 |
| Efficiency | 85.2 | 44 |
| Financial strength | 86.8 | 19 |

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 74% of Astmax's sales come from Retail of electricity-related business, with Retail Business and Renewable energy making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +22.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Retail of electricity-related business 73.9%、Retail Business 22.2%、Renewable energy 3.4%、proprietary commodity dealing activities 0.5%
- Revenue → net income: ¥25258346000 → ¥1947809000
- Net income → operating cash flow: ¥1947809000 → ¥1012132000（difference ¥-935677000）
- Main uses of operating cash flow: CapEx ¥390109000 / dividends ¥86414000 / buybacks —
- Change in cash: ¥684927000
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 | ¥25.3B |  |
| Operating income | ¥2.64B | Margin 10.4% |
| Net income | ¥1.96B | Margin 7.7% |
| Free cash flow | ¥622M |  |
| Largest business | Retail of electricity-related business | of segment revenue 73.9% |
| Employees (consolidated) | 61 |  |
| EPS | ¥155.65 |  |
| Book value per share | ¥570.25 |  |
| Equity ratio | 35.4% |  |
| Shares outstanding | 13,160,300 |  |
| Treasury shares | 14,300 |  |
| Shareholders | 3,490 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 16.1% | Net cash ¥1.34B · Cash ÷ revenue 13.6% |
| Vs. industry median margin | +3.5 pp | Electric Power & Gas |
| ROE | 31.0% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12280315000 | ¥25258346000 | +105.7% |
| Operating income | ¥262611000 | ¥2635992000 | +903.8% |
| Operating margin | 2.1% | 10.4% | +8.3 pp |
| Employees | 50 people | 61 people | +22.0% |
| Cash and equivalents | ¥3226094000 | ¥3432324000 | +6.4% |

### 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 |
| --- | ---: |
| 再生可能エネルギー関連事業 → 再生可能エネルギー関連事業 | 3.4% |
| 再生可能エネルギー関連事業 → 事業再編・廃止 | 7.4% |
| 電力取引関連事業 → 電力取引関連事業 | 73.9% |
| 電力取引関連事業 → 事業再編・廃止 | 7.5% |
| 小売事業 → 小売事業 | 1.2% |
| アセット・マネジメント事業 → 事業再編・廃止 | 1.1% |
| ディーリング事業 → ディーリング事業 | 0.5% |
| ディーリング事業 → 事業再編・廃止 | 4.7% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 小売事業 | 21.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail of electricity-related business | 5 years | +13.3% | ¥18670688000 | 15.2% | 2 |
| Retail Business | 5 years | +108.2% | ¥5595546000 | 1.3% | 2 |
| Renewable energy | 5 years | -8.5% | ¥850867000 | -5.5% | 2 |
| proprietary commodity dealing activities | 5 years | -26.9% | ¥133880000 | -128.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,258 | 100.0% | S100YHVT |
| Operating income | 2,636 | 10.4% | S100YHVT |
| Ordinary income | 2,534 | 10.0% | S100YHVT |
| Pretax income | 2,631 | 10.4% | S100YHVT |
| Income tax | 683 | 2.7% | S100YHVT |
| Net income | 1,948 | 7.7% | S100YHVT |
| Net income attributable to owners | 1,956 | 7.7% | S100YHVT |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 10.4% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 20,667 | 25,258 | 4,592 | +22.2% |
| Operating income | -177 | 2,636 | 2,813 | — |
| Net income attributable to owners | -147 | 1,956 | 2,103 | — |
| Operating cash flow | -58 | 1,012 | 1,070 | — |
| Free cash flow | -476 | 622 | 1,098 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,932 | -166 | -1.4% | 244 | 670 | -353 | S100LV0Y |
| FY ending Mar 2021 | 12,280 | 263 | 2.1% | 121 | 921 | 447 | S100OJ80 |
| FY ending Mar 2022 | 12,769 | 528 | 4.1% | 127 | -443 | -658 | S100R7FO |
| FY ending Mar 2023 | 11,774 | -751 | -6.4% | -358 | 239 | 66 | S100TYBY |
| FY ending Mar 2024 | 14,856 | 680 | 4.6% | 445 | 610 | 314 | S100W62Z |
| FY ending Mar 2025 | 20,667 | -177 | -0.9% | -147 | -58 | -476 | S100YHVT |
| FY ending Mar 2026 | 25,258 | 2,636 | 10.4% | 1,956 | 1,012 | 622 | S100YHVT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥414.1M |
| Operating income per employee (consolidated) | ¥43.2M |
| Net income per employee (consolidated) | ¥32.1M |

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) | 58 | 55 | 56 | 61 | 61 |
| Average salary (parent company) | ¥8.5M | ¥8.9M | ¥8.7M | ¥8.3M | ¥8.2M |
| Average age (parent company) | 42.1 years | 41.5 years | 42.2 years | 43.1 years | 43.2 years |
| Average tenure (parent company) | 9.1 years | 8.0 years | 8.3 years | 8.3 years | 9.2 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +22.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy | 851 | 3.4% | -47 | -5.5% |
| Retail of electricity-related business | 18,671 | 73.9% | 2,847 | 15.2% |
| Retail Business | 5,596 | 22.2% | 73 | 1.3% |
| proprietary commodity dealing activities | 134 | 0.5% | -172 | -128.5% |

### 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 |
| --- | ---: |
| Renewable energy | 3.4% |
| Retail of electricity-related business | 73.9% |
| Retail Business | 22.2% |
| proprietary commodity dealing activities | 0.5% |

Segment → industry: Retail Business → Electric Power & Gas / Retail of electricity-related business → Electric Power & Gas / Renewable energy → Electric Power & Gas / proprietary commodity dealing activities → Securities & Asset Management

## 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 | 1,012 | 4.0% | S100YHVT |
| Capital expenditure | 390 | 1.5% | S100YHVT |
| Free cash flow | 622 | 2.5% | 算出 |
| Investing cash flow | -169 | -0.7% | S100YHVT |
| Financing cash flow | -158 | -0.6% | S100YHVT |
| Dividends paid | 86 | 0.3% | S100YHVT |
| Change in cash | 685 | 2.7% | S100YHVT |
| Cash and equivalents | 3,432 | 13.6% | S100YHVT |

## 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 | 2,648 | 2,935 | 3,667 | 2,747 | 3,432 | S100TYBY, S100W62Z, S100YHVT |
| Total assets | 13,122 | 12,942 | 14,294 | 14,962 | 21,370 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Net assets | 6,171 | 5,763 | 5,969 | 5,042 | 7,931 | S100TYBY, S100W62Z, S100YHVT |
| Share capital | 2,014 | 2,014 | 2,014 | 2,014 | 2,014 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Property, plant and equipment | 5,596 | 5,581 | 5,582 | 5,760 | 5,722 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Intangible assets excluding goodwill | 29 | 41 | 40 | 38 | 25 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Investment securities | 583 | 634 | 790 | 447 | 363 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Current assets | 6,822 | 6,577 | 7,784 | 8,625 | 15,156 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Current liabilities | 2,080 | 2,112 | 4,396 | 5,687 | 9,371 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Short-term borrowings | 177 | 64 | 1,044 | 909 | 25 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Long-term borrowings | 2,086 | 1,937 | 1,844 | 2,179 | 2,044 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Bonds | 1,050 | 1,110 | 70 | 40 | 20 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Interest-bearing debt | 3,313 | 3,111 | 2,958 | 3,127 | 2,089 | 算出 |
| Total liabilities | 6,951 | 7,179 | 8,325 | 9,919 | 13,439 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Non-controlling interests | 569 | 561 | 542 | — | 362 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Equity attributable to owners of parent | 5,595 | 5,209 | 5,426 | 5,042 | 7,569 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Retained earnings | 763 | 366 | 721 | 488 | 2,357 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |
| Treasury stock | -93 | -80 | -214 | -202 | -4 | S100R7FO, S100TYBY, S100W62Z, S100YHVT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHVT |
| Property, plant and equipment | 27% | S100YHVT |
| Intangibles and goodwill | 0% | S100YHVT |
| Investment securities | 2% | S100YHVT |
| Other assets | 55% | S100YHVT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 53% | S100YHVT |
| Equity | 37% | S100YHVT |

### 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 | 13,122 | 12,942 | 14,294 | 14,962 | 21,370 |
| Equity | 6,171 | 5,763 | 5,969 | 5,042 | 7,931 |
| Interest-bearing debt | 3,313 | 3,111 | 2,958 | 3,127 | 2,089 |
| Cash | 2,648 | 2,935 | 3,667 | 2,747 | 3,432 |

## 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) | 22.7% | S100YHVT |
| Fixed assets ÷ total assets | 26.8% | S100YHVT |
| Goodwill ÷ parent equity | — | —, S100YHVT |

### 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) | 16.1% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | ¥1.34B |
| Net debt ÷ operating cash flow | -1.33× |
| Cash conversion (operating CF ÷ operating income) | 38.4% |
| Cash vs. profit gap | -944 JPY mn (of net income -48.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.4% |
| Shareholder payments — dividends / FCF | 13.9% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 16.7% |

## 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 | 1.0% | 0.97× | 1.0% | 2.35× | 2.3% | S100R7FO |
| 2023 | — | —× | -2.7% | —× | — | S100TYBY |
| 2024 | 3.0% | 1.09× | 3.3% | 2.56× | 8.4% | S100W62Z |
| 2025 | — | —× | -1.0% | —× | — | S100YHVT |
| 2026 | 7.7% | 1.39× | 10.8% | 2.88× | 31.0% | S100YHVT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ヒューリックプロパティソリューション株式会社 | Major shareholder | 18.0% | 2026-03-31 |
| 有限会社啓尚企画 | Major shareholder | 8.9% | 2026-03-31 |
| 牛嶋英揚 | Major shareholder | 5.4% | 2026-03-31 |
| 山本純也 | Major shareholder | 3.0% | 2026-03-31 |
| 白木信一郎 | Major shareholder | 2.8% | 2026-03-31 |
| 小幡健太郎 | Major shareholder | 2.5% | 2026-03-31 |
| 山本真紀 | Major shareholder | 2.3% | 2026-03-31 |
| 本多弘明 | Major shareholder | 1.7% | 2026-03-31 |
| 小倉啓満 | Major shareholder | 1.6% | 2026-03-31 |
| 吉田満 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YHVT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHVT,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W62Z | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W62Z,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TYBY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYBY,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R7FO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7FO,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OJ80 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ80,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LV0Y | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV0Y,, |

## 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).