# Asukanet Company,Limited: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/05/01－2026/04/30) (S100YRYL)
> Page: https://vizora.meequs.com/en/company/asukanet
> Retrieved: 2026-09-30T19:49:52.206Z

## Company

Asukanet, founded in 1995, is a company in Electronic Components listed on TSE Growth. It has 450 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asukanet Company,Limited |
| Ticker | 2438 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2438.T) |
| Listing | TSE Growth |
| Head office | 広島県広島市安佐南区祇園3丁目28番14号 |
| Representative (per filing) | 代表取締役社長 村上 大吉朗 |
| Founded | Jul 1995 |
| Share capital | ¥490.3M |
| Employees (consolidated) | 450 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | April |
| Website | www.asukanet.co.jp (https://www.asukanet.co.jp/) |
| Corporate number | 7240001000407 |
| EDINET | E05483 |
| Industries (Vizora) | Electronic Components, Printing, Funerals |

> Profile source: annual securities report (S100YRYL, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: Printing (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 73.2 | 28 |
| Cash conversion | 60.4 | 24 |
| Efficiency | 73.2 | 28 |

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 52% of Asukanet's sales come from Photobook business, with Funeral business and Aerial display business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +125.6%.

## Company structure

- Segment revenue mix: Photobook business 52.0%、Funeral business 46.5%、Aerial display business 1.5%
- Revenue → net income: ¥7102763000 → ¥292817000
- Net income → operating cash flow: ¥292817000 → ¥647698000（difference ¥354881000）
- Main uses of operating cash flow: CapEx ¥462253000 / dividends ¥110404000 / buybacks ¥299837000
- Change in cash: ¥-298669000
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 | ¥7.1B |  |
| Operating income | ¥391.8M | Margin 5.5% |
| Net income | ¥292.8M | Margin 4.1% |
| Free cash flow | ¥185.4M |  |
| Largest business | Photobook business | of segment revenue 52.0% |
| Employees (consolidated) | 450 |  |
| EPS | ¥22.53 |  |
| Book value per share | ¥363.99 |  |
| Equity ratio | 85.8% |  |
| Shares outstanding | 17,464,000 |  |
| Treasury shares | 2,462,700 |  |
| Shareholders | 8,623 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 22.2% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | +2.1 pp | Printing |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends
- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5773644000 | ¥7102763000 | — |
| Operating income | ¥277458000 | ¥391822000 | — |
| Operating margin | 4.8% | 5.5% | +0.7 pp |
| Employees | 377 people | 450 people | — |
| Cash and equivalents | ¥1410088000 | ¥1383204000 | — |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| フューネラル事業 → 事業再編・廃止 | 21.6% |
| メモリアルデザインサービス事業 → 事業再編・廃止 | 21.6% |
| フォトブック事業 → 事業再編・廃止 | 27.3% |
| パーソナルパブリッシングサービス事業 → 事業再編・廃止 | 27.3% |
| 空中ディスプレイ事業 → 事業再編・廃止 | 1.1% |
| エアリアルイメージング事業 → 事業再編・廃止 | 1.1% |
| 新設・再編 → フューネラル事業 | 46.5% |
| 新設・再編 → フォトブック事業 | 52.0% |
| 新設・再編 → 空中ディスプレイ事業 | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Photobook business | — | — | ¥3695858000 | 18.3% | 2 |
| Funeral business | — | — | ¥3301875000 | 19.2% | 2 |
| Aerial display business | — | — | ¥105029000 | -270.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,103 | 100.0% | S100YRYL |
| Cost of revenue | 3,867 | 54.4% | S100YRYL |
| Gross profit | 3,236 | 45.6% | S100YRYL |
| SG&A | 2,844 | 40.0% | S100YRYL |
| Operating income | 392 | 5.5% | S100YRYL |
| Ordinary income | 429 | 6.0% | S100YRYL |
| Pretax income | 410 | 5.8% | S100YRYL |
| Income tax | 117 | 1.6% | S100YRYL |
| Net income | 293 | 4.1% | S100YRYL |
| Net income attributable to owners | 293 | 4.1% | S100YRYL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 40 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 45.6% → Operating margin 5.5% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +125.6%
Operating leverage (core profit growth ÷ revenue growth): -56.94×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,263 | 7,103 | -160 | -2.2% |
| Gross profit | 3,043 | 3,236 | 193 | +6.3% |
| Operating income | 174 | 392 | 218 | +125.6% |
| Net income attributable to owners | -263 | 293 | 556 | — |
| Operating cash flow | 863 | 648 | -215 | -25.0% |
| Free cash flow | 556 | 185 | -370 | -66.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 6,576 | 709 | 10.8% | 502 | 849 | 203 | S100M1N4 |
| FY ending Apr 2021 | 5,774 | 277 | 4.8% | 226 | 359 | -87 | S100P0H6 |
| FY ending Apr 2022 | 6,331 | 440 | 6.9% | 333 | 827 | 392 | S100RG8H |
| FY ending Apr 2023 | 6,976 | 585 | 8.4% | 482 | 695 | 416 | S100RG8H |
| FY ending Apr 2024 | 7,038 | 447 | 6.4% | 214 | 616 | 231 | S100WE8J |
| FY ending Apr 2025 | 7,263 | 174 | 2.4% | -263 | 863 | 556 | S100YRYL |
| FY ending Apr 2026 | 7,103 | 392 | 5.5% | 293 | 648 | 185 | S100YRYL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.8M |
| Operating income per employee (consolidated) | ¥870.7K |
| Net income per employee (consolidated) | ¥650.7K |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 389 | 420 | 440 | 430 | 450 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥4.8M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 36.9 years | 36.4 years | 36.9 years | 37.1 years | 36.8 years |
| Average tenure (parent company) | 9.5 years | 9.3 years | 9.5 years | 10.1 years | 9.9 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Funeral business | 3,302 | 46.5% | 633 | 19.2% |
| Photobook business | 3,696 | 52.0% | 678 | 18.3% |
| Aerial display business | 105 | 1.5% | -284 | -270.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Funeral business | 46.5% | 48.3% | 1.8 | 19.2% |
| Photobook business | 52.0% | 51.7% | -0.3 | 18.3% |
| Aerial display business | 1.5% | — | — | -270.3% |

Loss-making segment (excluded from profit shares): Aerial display business -284 JPY mn

Segment → industry: Aerial display business → Electronic Components / Photobook business → Printing / Funeral business → Funerals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 648 | 9.1% | S100YRYL |
| Capital expenditure | 462 | 6.5% | S100YRYL |
| Free cash flow | 185 | 2.6% | 算出 |
| Investing cash flow | -535 | -7.5% | S100YRYL |
| Financing cash flow | -411 | -5.8% | S100YRYL |
| Dividends paid | 110 | 1.6% | S100YRYL |
| Share buyback | 300 | 4.2% | S100YRYL |
| Change in cash | -299 | -4.2% | S100YRYL |
| Cash and equivalents | 1,383 | 19.5% | S100YRYL |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,994 | 2,044 | 1,660 | 1,682 | 1,383 | S100RG8H, S100YRYL |
| Total assets | 6,896 | 7,135 | 7,090 | 6,349 | 6,223 | S100RG8H, S100WE8J, S100YRYL |
| Net assets | 6,021 | 6,203 | 6,157 | 5,386 | 5,338 | S100RG8H, S100YRYL |
| Share capital | 490 | 490 | 490 | 490 | 490 | S100RG8H, S100WE8J, S100YRYL |
| Property, plant and equipment | 2,457 | 2,317 | 2,346 | 2,156 | 2,195 | S100RG8H, S100WE8J, S100YRYL |
| Intangible assets excluding goodwill | 208 | 219 | 504 | 452 | 408 | S100RG8H, S100WE8J, S100YRYL |
| Goodwill | — | — | 299 | 260 | 222 | S100WE8J, S100YRYL |
| Investment securities | 587 | 634 | 572 | 332 | 396 | S100RG8H, S100WE8J, S100YRYL |
| Current assets | 3,434 | 3,746 | 3,458 | 3,074 | 2,827 | S100RG8H, S100WE8J, S100YRYL |
| Current liabilities | 865 | 922 | 926 | 957 | 883 | S100RG8H, S100WE8J, S100YRYL |
| Total liabilities | 875 | 932 | 934 | 963 | 886 | S100RG8H, S100WE8J, S100YRYL |
| Equity attributable to owners of parent | 6,008 | 6,188 | 6,115 | 5,351 | 5,279 | S100RG8H, S100WE8J, S100YRYL |
| Retained earnings | 5,196 | 5,561 | 5,626 | 5,248 | 5,431 | S100RG8H, S100WE8J, S100YRYL |
| Treasury stock | -298 | -488 | -628 | -1,012 | -1,252 | S100RG8H, S100WE8J, S100YRYL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YRYL |
| Property, plant and equipment | 35% | S100YRYL |
| Intangibles and goodwill | 10% | S100YRYL |
| Investment securities | 7% | S100YRYL |
| Other assets | 26% | S100YRYL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YRYL |
| Equity | 86% | S100YRYL |
| Other liabilities | 0% | S100YRYL |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,896 | 7,135 | 7,090 | 6,349 | 6,223 |
| Equity | 6,021 | 6,203 | 6,157 | 5,386 | 5,338 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,994 | 2,044 | 1,660 | 1,682 | 1,383 |

## 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) | 30.9% | S100YRYL |
| Fixed assets ÷ total assets | 35.3% | S100YRYL |
| Goodwill ÷ parent equity | 4.2% | S100YRYL |

### 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) | 22.2% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 165.3% |
| Cash vs. profit gap | 355 JPY mn (of net income 121.2%) |
| Shareholder returns / net income | 140.1% |
| Shareholder returns / FCF | 221.2% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 59.5% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 82.6% |

## 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 | 5.3% | 0.92× | 4.8% | 1.15× | 5.5% | S100RG8H |
| 2023 | 6.9% | 0.99× | 6.9% | 1.15× | 7.9% | S100RG8H |
| 2024 | 3.0% | 0.99× | 3.0% | 1.16× | 3.5% | S100WE8J |
| 2025 | — | —× | -3.9% | —× | — | S100YRYL |
| 2026 | 4.1% | 1.13× | 4.7% | 1.18× | 5.5% | S100YRYL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福田 幸雄 | Major shareholder | 10.5% | 2026-04-30 |
| アスカネット従業員持株会 | Major shareholder | 3.1% | 2026-04-30 |
| 株式会社広島銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-04-30 |
| 功野 顕也 | Major shareholder | 2.2% | 2026-04-30 |
| 木原 伸二 | Major shareholder | 2.2% | 2026-04-30 |
| 有限会社武田建工 | Major shareholder | 1.7% | 2026-04-30 |
| 佐橋 英紀 | Major shareholder | 1.3% | 2026-04-30 |
| 楽天証券株式会社 | Major shareholder | 1.2% | 2026-04-30 |
| 戸田 良一 | Major shareholder | 1.1% | 2026-04-30 |
| 松尾 雄司 | Major shareholder | 1.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/05/01－2026/04/30) | S100YRYL | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRYL,, |
| 有価証券報告書－第30期(2024/05/01－2025/04/30) | S100WE8J | 2025-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE8J,, |
| 有価証券報告書－第29期(2023/05/01－2024/04/30) | S100U3CC | 2024-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3CC,, |
| 有価証券報告書－第28期(2022/05/01－2023/04/30) | S100RG8H | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RG8H,, |
| 訂正有価証券報告書－第27期(令和3年5月1日－令和4年4月30日) | S100P0H6 | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P0H6,, |
| 有価証券報告書－第26期(令和2年5月1日－令和3年4月30日) | S100M1N4 | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1N4,, |

## 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).