# ASUA Inc.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2024/07/01－2025/06/30) (S100WRLD)
> Page: https://vizora.meequs.com/en/company/asua
> Retrieved: 2026-09-30T17:54:17.949Z

## Company

Asua, founded in 1994, is a company in IT Services & System Integration listed on TSE Growth. It has 91 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASUA Inc. |
| Ticker | 246A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/246A.T) |
| Listing | TSE Growth |
| Head office | 愛知県名古屋市中村区黄金通一丁目11番地 |
| Representative (per filing) | 代表取締役社長 間地 寛 |
| Founded | Jul 1994 |
| Share capital | ¥228.7M |
| Employees (consolidated) | 91 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | June |
| Website | www.asua.ne.jp (https://www.asua.ne.jp/) |
| Corporate number | 7180001043783 |
| EDINET | E39936 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Consulting |

> Profile source: annual securities report (S100WRLD, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21 | 31 |
| Profitability | 73.9 | 44 |
| Cash conversion | 19.3 | 44 |
| Efficiency | 37.5 | 44 |

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 56% of Asua's sales come from Consulting Business, with Network Solutions Business and CRM Innovation Business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit +20.8%.

## Company structure

- Segment revenue mix: Consulting Business 55.6%、Network Solutions Business 29.1%、CRM Innovation Business 15.3%
- Revenue → net income: ¥1392627000 → ¥105891000
- Net income → operating cash flow: ¥105891000 → ¥96460000（difference ¥-9431000）
- Main uses of operating cash flow: CapEx ¥49569000 / dividends ¥11827000 / buybacks —
- Change in cash: ¥256333000
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 | ¥1.39B |  |
| Operating income | ¥198.4M | Margin 14.2% |
| Net income | ¥105.9M | Margin 7.6% |
| Free cash flow | ¥46.9M |  |
| Largest business | Consulting Business | of segment revenue 55.6% |
| Employees (consolidated) | 91 |  |
| EPS | ¥42 |  |
| Diluted EPS | ¥41 |  |
| Book value per share | ¥393.17 |  |
| Equity ratio | 72.8% |  |
| Shares outstanding | 2,686,400 |  |
| Shareholders | 1,442 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 56.0% | Cash ÷ revenue 58.3% |
| Vs. industry median margin | +4.7 pp | Consulting |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, cash is 56% of total assets

## What changed in 2 years

| Metric | FY ending Jun 2023 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1238686000 | ¥1392627000 | +12.4% |
| Operating income | ¥114658000 | ¥198396000 | +73.0% |
| Operating margin | 9.3% | 14.2% | +5 pp |
| Employees | 94 people | 91 people | -3.2% |
| Cash and equivalents | ¥516055000 | ¥812542000 | +57.5% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンサルティング事業 → コンサルティング事業 | 53.5% |
| CRMイノベーション事業 → CRMイノベーション事業 | 15.3% |
| CRMイノベーション事業 → 事業再編・廃止 | 4.3% |
| 通信ネットワークソリューション事業 → 通信ネットワークソリューション事業 | 26.8% |
| 新設・再編 → コンサルティング事業 | 2.0% |
| 新設・再編 → 通信ネットワークソリューション事業 | 2.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Consulting Business | 2 years | +8.0% | ¥773691000 | 39.5% | 2 |
| Network Solutions Business | 2 years | +10.5% | ¥405231000 | 19.5% | 2 |
| CRM Innovation Business | 2 years | -6.4% | ¥213703000 | 30.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,393 | 100.0% | S100WRLD |
| Cost of revenue | 789 | 56.6% | S100WRLD |
| Gross profit | 604 | 43.4% | S100WRLD |
| SG&A | 406 | 29.1% | S100WRLD |
| Operating income | 198 | 14.2% | S100WRLD |
| Ordinary income | 176 | 12.6% | S100WRLD |
| Pretax income | 165 | 11.9% | S100WRLD |
| Income tax | 59 | 4.3% | S100WRLD |
| Net income | 106 | 7.6% | S100WRLD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 29 |
| Operating income | 14 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 43.4% → Operating margin 14.2% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +20.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.79×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,364 | 1,393 | 29 | +2.1% |
| Gross profit | 623 | 604 | -19 | -3.0% |
| Operating income | 164 | 198 | 34 | +20.8% |
| Operating cash flow | 126 | 96 | -30 | -23.6% |
| Free cash flow | 107 | 47 | -60 | -56.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 1,239 | 115 | 9.3% | 69 | 102 | 59 | S100UGL5 |
| FY ending Jun 2024 | 1,364 | 164 | 12.0% | 118 | 126 | 107 | S100WRLD |
| FY ending Jun 2025 | 1,393 | 198 | 14.2% | 106 | 96 | 47 | S100WRLD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 94 | 86 | 91 |
| Average salary (parent company) | — | ¥4.6M | ¥4.9M |
| Average age (parent company) | — | 35.5 years | 36.7 years |
| Average tenure (parent company) | — | 6.8 years | 7.1 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting Business | 774 | 55.6% | 306 | 39.5% |
| CRM Innovation Business | 214 | 15.3% | 65 | 30.2% |
| Network Solutions Business | 405 | 29.1% | 79 | 19.5% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting Business | 55.6% | 68.1% | 12.5 | 39.5% |
| CRM Innovation Business | 15.3% | 14.4% | -1.0 | 30.2% |
| Network Solutions Business | 29.1% | 17.6% | -11.5 | 19.5% |

Segment → industry: Network Solutions Business → IT Services & System Integration / CRM Innovation Business → Software & SaaS / Consulting Business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 96 | 6.9% | S100WRLD |
| Capital expenditure | 50 | 3.6% | S100WRLD |
| Free cash flow | 47 | 3.4% | 算出 |
| Investing cash flow | -52 | -3.8% | S100WRLD |
| Financing cash flow | 212 | 15.2% | S100WRLD |
| Dividends paid | 12 | 0.8% | S100WRLD |
| Change in cash | 256 | 18.4% | S100WRLD |
| Cash and equivalents | 813 | 58.3% | S100WRLD |

## 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 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 516 | 556 | 813 | S100WRLD |
| Total assets | 1,135 | 1,167 | 1,451 | S100UGL5, S100WRLD |
| Net assets | 465 | 571 | 1,056 | S100WRLD |
| Share capital | 40 | 40 | 229 | S100UGL5, S100WRLD |
| Property, plant and equipment | 166 | 162 | 166 | S100UGL5, S100WRLD |
| Intangible assets excluding goodwill | 46 | 53 | 52 | S100UGL5, S100WRLD |
| Investment securities | 14 | 13 | 32 | S100UGL5, S100WRLD |
| Current assets | 736 | 776 | 1,065 | S100UGL5, S100WRLD |
| Current liabilities | 569 | 539 | 352 | S100UGL5, S100WRLD |
| Short-term borrowings | 140 | 140 | 55 | S100UGL5, S100WRLD |
| Long-term borrowings | 85 | 40 | 25 | S100UGL5, S100WRLD |
| Total liabilities | 671 | 595 | 394 | S100UGL5, S100WRLD |
| Equity attributable to owners of parent | 458 | 566 | 1,038 | S100UGL5, S100WRLD |
| Retained earnings | 408 | 516 | 610 | S100UGL5, S100WRLD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100WRLD |
| Property, plant and equipment | 11% | S100WRLD |
| Intangibles and goodwill | 4% | S100WRLD |
| Investment securities | 2% | S100WRLD |
| Other assets | 27% | S100WRLD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100WRLD |
| Equity | 73% | S100WRLD |
| Other liabilities | 0% | S100WRLD |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,135 | 1,167 | 1,451 |
| Equity | 465 | 571 | 1,056 |
| Interest-bearing debt | — | — | — |
| Cash | 516 | 556 | 813 |

## 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) | 11.9% | S100WRLD |
| Fixed assets ÷ total assets | 11.4% | S100WRLD |
| Goodwill ÷ parent equity | — | —, S100WRLD |

### 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) | 56.0% |
| Cash ÷ revenue | 58.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.6% |
| Cash vs. profit gap | -9 JPY mn (of net income -8.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.2% |
| Shareholder payments — dividends / FCF | 25.2% |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 54.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.6% | 1.09× | 6.1% | 2.48× | 15.1% | S100UGL5 |
| 2024 | 8.7% | 1.18× | 10.3% | 2.25× | 23.1% | S100WRLD |
| 2025 | 7.6% | 1.06× | 8.1% | 1.63× | 13.2% | S100WRLD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社間地 | Major shareholder | 33.5% | 2025-06-30 |
| 間地寛 | Major shareholder | 21.6% | 2025-06-30 |
| アスア社員持株会 | Major shareholder | 3.6% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2025-06-30 |
| 小野 隆 | Major shareholder | 1.5% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-06-30 |
| 江本 晋 | Major shareholder | 1.1% | 2025-06-30 |
| 株式会社 ＭＴＧ | Major shareholder | 0.7% | 2025-06-30 |
| 上田八木短資株式会社 | Major shareholder | 0.7% | 2025-06-30 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 0.6% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2024/07/01－2025/06/30) | S100WRLD | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRLD,, |
| 有価証券報告書－第30期(2023/07/01－2024/06/30) | S100UGL5 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGL5,, |

## 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).