# Asterisk Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第19期(2024/09/01－2025/08/31) (S100YJXS)
> Page: https://vizora.meequs.com/en/company/asx
> Retrieved: 2026-09-30T19:03:06.736Z

## Company

Asterisk, founded in 2006, is a company in PCs & Peripherals listed on TSE Growth. It has 75 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Asterisk Inc. |
| Ticker | 6522 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6522.T) |
| Listing | TSE Growth |
| Head office | 大阪市淀川区木川西二丁目2-1 |
| Representative (per filing) | 代表取締役執行役員社長 鈴木 規之 |
| Founded | Sep 2006 |
| Share capital | ¥983.5M |
| Employees (consolidated) | 75 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | August |
| Website | www.asx.co.jp (https://www.asx.co.jp/) |
| Corporate number | 3120001164267 |
| EDINET | E36860 |
| Industries (Vizora) | PCs & Peripherals, IT Services & System Integration, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJXS, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.7 | 11 |
| Profitability | 10.7 | 14 |
| Efficiency | 10.7 | 14 |

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 83% of Asterisk's sales come from AsReader business, with System integration business and Leasing making up much of the rest.
- It lost about ¥8 for every ¥100 of sales at the operating level.
- Revenue changed +5.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.67B |  |
| Operating income | -¥125.6M | Margin -7.5% |
| Net income | -¥182.3M | Margin -10.9% |
| Free cash flow | ¥159.5M |  |
| Largest business | AsReader business | of segment revenue 83.1% |
| Employees (consolidated) | 75 |  |
| EPS | ¥-28.24 |  |
| Book value per share | ¥208.51 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 7,796,800 |  |
| Treasury shares | 80 |  |
| Shareholders | 5,277 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 33.5% | Cash ÷ revenue 55.9% |
| Vs. industry median margin | -11.2 pp | PCs & Peripherals |
| ROA | -6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 97% of positive segment profit
- FY2025, parent-company salary changed +27% over five years
- FY2025, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1398155000 | ¥1666306000 | +19.2% |
| Operating income | ¥112230000 | ¥-125649000 | -212.0% |
| Operating margin | 8.0% | -7.5% | -15.6 pp |
| Employees | 77 people | 75 people | -2.6% |
| Cash and equivalents | ¥247289000 | ¥932258000 | +277.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| AsReader事業 → AsReader事業 | 76.8% |
| システムインテグレーション事業 → システムインテグレーション事業 | 16.2% |
| システムインテグレーション事業 → 事業再編・廃止 | 7.1% |
| 新設・再編 → AsReader事業 | 6.3% |
| 新設・再編 → 賃貸事業 | 0.8% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| AsReader business | 5 years | +5.2% | ¥1384349000 | 4.6% | 2 |
| System integration business | 5 years | -3.7% | ¥269427000 | -5.3% | 2 |
| Leasing | 2 years | +50.6% | ¥12530000 | 14.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,666 | 100.0% | S100YJXS |
| Cost of revenue | 1,045 | 62.7% | S100YJXS |
| Gross profit | 622 | 37.3% | S100YJXS |
| SG&A | 747 | 44.8% | S100YJXS |
| Operating income | -126 | -7.5% | S100YJXS |
| Ordinary income | -129 | -7.7% | S100YJXS |
| Pretax income | -165 | -9.9% | S100YJXS |
| Income tax | 18 | 1.1% | S100YJXS |
| Net income | -182 | -10.9% | S100YJXS |
| Net income attributable to owners | -182 | -10.9% | S100YJXS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 45 |
| Operating income | -8 |
| (Ref.) Net income | -11 |

### Margin funnel

Gross margin 37.3% → Operating margin -7.5% → Net margin -10.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,578 | 1,666 | 88 | +5.6% |
| Gross profit | 534 | 622 | 88 | +16.5% |
| Operating income | -225 | -126 | 99 | — |
| Net income attributable to owners | -390 | -182 | 207 | — |
| Operating cash flow | -74 | 184 | 259 | — |
| Free cash flow | -102 | 160 | 262 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 1,398 | 112 | 8.0% | 69 | 11 | -52 | S100MYHQ |
| FY ending Aug 2021 | 1,793 | 227 | 12.6% | 174 | 380 | 77 | S100PN5A |
| FY ending Aug 2022 | 2,407 | 400 | 16.6% | 323 | 300 | -104 | S100SBUL |
| FY ending Aug 2023 | 1,760 | -192 | -10.9% | -170 | -687 | -1,063 | S100USAY |
| FY ending Aug 2024 | 1,578 | -225 | -14.2% | -390 | -74 | -102 | S100YJXS |
| FY ending Aug 2025 | 1,666 | -126 | -7.5% | -182 | 184 | 160 | S100YJXS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.2M |
| Operating income per employee (consolidated) | -¥1.7M |
| Net income per employee (consolidated) | -¥2.4M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 89 | 88 | 79 | 75 |
| Average salary (parent company) | ¥4.5M | ¥5.2M | ¥5.4M | ¥5.3M | ¥5.7M |
| Average age (parent company) | 41.4 years | 40.6 years | 41.9 years | 41.1 years | 43.4 years |
| Average tenure (parent company) | 5.0 years | 4.6 years | 5.1 years | 5.3 years | 6.0 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AsReader business | 1,384 | 83.1% | 63 | 4.6% |
| System integration business | 269 | 16.2% | -14 | -5.3% |
| Leasing | 13 | 0.8% | 2 | 14.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AsReader business | 83.1% | 97.3% | 14.2 | 4.6% |
| System integration business | 16.2% | — | — | -5.3% |
| Leasing | 0.8% | 2.7% | 2.0 | 14.2% |

Loss-making segment (excluded from profit shares): System integration business -14 JPY mn

Segment → industry: AsReader business → PCs & Peripherals / System integration business → IT Services & System Integration / Leasing → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 184 | 11.1% | S100YJXS |
| Capital expenditure | 25 | 1.5% | S100YJXS |
| Free cash flow | 160 | 9.6% | 算出 |
| Investing cash flow | -25 | -1.5% | S100YJXS |
| Financing cash flow | 321 | 19.2% | S100YJXS |
| Share buyback | 0 | 0.0% | S100YJXS |
| Change in cash | 465 | 27.9% | S100YJXS |
| Cash and equivalents | 932 | 55.9% | S100YJXS |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 349 | 936 | 252 | 467 | 932 | S100SBUL, S100USAY, S100YJXS |
| Total assets | 1,480 | 2,520 | 2,719 | 2,657 | 2,781 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Net assets | 473 | 2,072 | 1,935 | 1,539 | 1,729 | S100SBUL, S100USAY, S100YJXS |
| Share capital | 150 | 789 | 805 | 806 | 984 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Property, plant and equipment | 303 | 685 | 991 | 955 | 899 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Intangible assets excluding goodwill | 13 | 18 | 37 | 32 | 21 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Investment securities | — | 104 | 205 | 101 | 101 | S100SBUL, S100USAY, S100YJXS |
| Current assets | 1,096 | 1,653 | 1,385 | 1,532 | 1,730 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Current liabilities | 925 | 446 | 783 | 1,032 | 984 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Short-term borrowings | 361 | — | 460 | 665 | 650 | S100PN5A, S100USAY, S100YJXS |
| Long-term borrowings | 80 | — | — | 70 | 50 | S100PN5A, S100YJXS |
| Total liabilities | 1,007 | 447 | 784 | 1,118 | 1,052 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Equity attributable to owners of parent | 469 | 2,070 | 1,931 | 1,544 | 1,716 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Retained earnings | 179 | 502 | 332 | -58 | -240 | S100PN5A, S100SBUL, S100USAY, S100YJXS |
| Treasury stock | — | — | — | -0 | -0 | S100YJXS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YJXS |
| Property, plant and equipment | 32% | S100YJXS |
| Intangibles and goodwill | 1% | S100YJXS |
| Investment securities | 4% | S100YJXS |
| Other assets | 30% | S100YJXS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YJXS |
| Equity | 62% | S100YJXS |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,480 | 2,520 | 2,719 | 2,657 | 2,781 |
| Equity | 473 | 2,072 | 1,935 | 1,539 | 1,729 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 349 | 936 | 252 | 467 | 932 |

## 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) | 53.9% | S100YJXS |
| Fixed assets ÷ total assets | 32.3% | S100YJXS |
| Goodwill ÷ parent equity | — | —, S100YJXS |

### 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) | 33.5% |
| Cash ÷ revenue | 55.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 367 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 13.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.7% | 1.21× | 11.7% | 3.15× | 37.1% | S100PN5A |
| 2022 | 13.4% | 1.20× | 16.1% | 1.57× | 25.4% | S100SBUL |
| 2023 | — | —× | -6.5% | —× | — | S100USAY |
| 2024 | — | —× | -14.5% | —× | — | S100YJXS |
| 2025 | — | —× | -6.7% | —× | — | S100YJXS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トリプルウィン株式会社 | Major shareholder | 41.0% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-08-31 |
| 鈴木 規之 | Major shareholder | 2.1% | 2025-08-31 |
| 熊本 尚樹 | Major shareholder | 1.3% | 2025-08-31 |
| 薛 文宝 | Major shareholder | 1.1% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 0.8% | 2025-08-31 |
| 松島 裕一郎 | Major shareholder | 0.7% | 2025-08-31 |
| アスタリスク従業員持株会 | Major shareholder | 0.6% | 2025-08-31 |
| 村松 翔 | Major shareholder | 0.6% | 2025-08-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (常任代理人 香港上海銀行東京支店) | Major shareholder | 0.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2024/09/01－2025/08/31) | S100YJXS | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJXS,, |
| 有価証券報告書－第18期(2023/09/01－2024/08/31) | S100USAY | 2024-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USAY,, |
| 有価証券報告書－第17期(2022/09/01－2023/08/31) | S100SBUL | 2023-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SBUL,, |
| 有価証券報告書－第16期(令和3年9月1日－令和4年8月31日) | S100PN5A | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PN5A,, |
| 有価証券報告書－第15期(令和2年9月1日－令和3年8月31日) | S100MYHQ | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYHQ,, |

## 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).