# Atlas Technologies Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/01/01－2025/12/31) (S100XU0E)
> Page: https://vizora.meequs.com/en/company/atlas-technologies
> Retrieved: 2026-09-30T21:34:44.354Z

## Company

Atlas Technologies, founded in 2018, is a company in Consulting listed on TSE Growth. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Atlas Technologies Corporation |
| Ticker | 9563 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9563.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区霞が関三丁目2番5号 |
| Representative (per filing) | 代表取締役社長 山本 浩司 |
| Founded | Jan 2018 |
| Share capital | ¥683M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | December |
| Website | atlstech.com (https://atlstech.com/) |
| Corporate number | 8012401033578 |
| EDINET | E37985 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100XU0E, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1.1 | 44 |
| Cash conversion | 1.1 | 44 |
| Efficiency | 55.7 | 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)

- Atlas Technologies brought in ¥2.28B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +7.5% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.28B |  |
| Operating income | ¥9.2M | Margin 0.4% |
| Net income | ¥22.6M | Margin 1.0% |
| Free cash flow | — |  |
| Employees (consolidated) | 69 |  |
| EPS | ¥2.33 |  |
| Diluted EPS | ¥2.32 |  |
| Book value per share | ¥225.07 |  |
| Equity ratio | 86.3% |  |
| Shares outstanding | 7,430,000 |  |
| Shareholders | 1,804 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 77.8% | Cash ÷ revenue 66.3% |
| Vs. industry median margin | -9.1 pp | Consulting |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 78% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2187858000 | ¥2280860000 | — |
| Operating income | ¥472683000 | ¥9169000 | — |
| Operating margin | 21.6% | 0.4% | -21.2 pp |
| Employees | 24 people | 69 people | — |
| Cash and equivalents | ¥604730000 | ¥1512403000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,281 | 100.0% | S100XU0E |
| Cost of revenue | 1,713 | 75.1% | S100XU0E |
| Gross profit | 568 | 24.9% | S100XU0E |
| SG&A | 559 | 24.5% | S100XU0E |
| Operating income | 9 | 0.4% | S100XU0E |
| Ordinary income | 22 | 1.0% | S100XU0E |
| Pretax income | 22 | 1.0% | S100XU0E |
| Income tax | -1 | -0.0% | S100XU0E |
| Net income | 23 | 1.0% | S100XU0E |
| Net income attributable to owners | 23 | 1.0% | S100XU0E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 25 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.9% → Operating margin 0.4% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,121 | 2,281 | 160 | +7.5% |
| Gross profit | 406 | 568 | 162 | +39.8% |
| Operating income | -383 | 9 | 392 | — |
| Net income attributable to owners | -852 | 23 | 875 | — |
| Operating cash flow | -137 | -138 | -1 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 2,188 | 473 | 21.6% | 311 | 317 | 310 | S100QGWH |
| FY ending Dec 2022 | 2,806 | 628 | 22.4% | 406 | 433 | 432 | S100QGWH |
| FY ending Dec 2023 | 2,590 | 130 | 5.0% | 76 | -84 | -84 | S100VGF3 |
| FY ending Dec 2024 | 2,121 | -383 | -18.0% | -852 | -137 | -137 | S100XU0E |
| FY ending Dec 2025 | 2,281 | 9 | 0.4% | 23 | -138 | — | S100XU0E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥132.9K |
| Net income per employee (consolidated) | ¥326.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 24 | 29 | 45 | 66 | 69 |
| Average salary (parent company) | — | ¥11.1M | ¥10.1M | ¥10.2M | ¥10.2M |
| Average age (parent company) | — | 46.6 years | 42.1 years | 41.2 years | 43.3 years |
| Average tenure (parent company) | — | 1.4 years | 1.5 years | 1.6 years | 2.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +7.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -138 | -6.0% | S100XU0E |
| Investing cash flow | -7 | -0.3% | S100XU0E |
| Financing cash flow | 3 | 0.1% | S100XU0E |
| Change in cash | -143 | -6.3% | S100XU0E |
| Cash and equivalents | 1,512 | 66.3% | S100XU0E |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 605 | 2,357 | 1,783 | 1,655 | 1,512 | S100QGWH, S100XU0E |
| Total assets | 1,144 | 2,854 | 2,757 | 1,937 | 1,944 | S100QGWH, S100VGF3, S100XU0E |
| Net assets | 670 | 2,400 | 2,495 | 1,654 | 1,678 | S100QGWH, S100XU0E |
| Share capital | 12 | 675 | 682 | 682 | 683 | S100QGWH, S100VGF3, S100XU0E |
| Property, plant and equipment | 24 | 19 | 3 | 0 | 0 | S100QGWH, S100VGF3, S100XU0E |
| Intangible assets excluding goodwill | — | — | 542 | — | — | S100VGF3 |
| Goodwill | — | — | 542 | — | — | S100VGF3 |
| Current assets | 1,063 | 2,790 | 2,195 | 1,913 | 1,905 | S100QGWH, S100VGF3, S100XU0E |
| Current liabilities | 474 | 454 | 261 | 283 | 266 | S100QGWH, S100VGF3, S100XU0E |
| Total liabilities | 474 | 454 | 261 | 283 | 266 | S100QGWH, S100VGF3, S100XU0E |
| Equity attributable to owners of parent | 670 | 2,400 | 2,489 | 1,637 | 1,663 | S100QGWH, S100VGF3, S100XU0E |
| Retained earnings | 655 | 1,061 | 1,136 | 284 | 307 | S100QGWH, S100VGF3, S100XU0E |
| Treasury stock | — | — | — | -0 | -0 | S100XU0E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100XU0E |
| Property, plant and equipment | 0% | S100XU0E |
| Other assets | 22% | S100XU0E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100XU0E |
| Equity | 86% | S100XU0E |
| Other liabilities | 0% | S100XU0E |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,144 | 2,854 | 2,757 | 1,937 | 1,944 |
| Equity | 670 | 2,400 | 2,495 | 1,654 | 1,678 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 605 | 2,357 | 1,783 | 1,655 | 1,512 |

## 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) | 0.0% | S100XU0E |
| Fixed assets ÷ total assets | 0.0% | S100XU0E |
| Goodwill ÷ parent equity | — | —, S100XU0E |

### 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) | 77.8% |
| Cash ÷ revenue | 66.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -1504.8% |
| Cash vs. profit gap | -161 JPY mn (of net income -711.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## 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 | 14.2% | 1.91× | 27.2% | 1.71× | 46.4% | S100QGWH |
| 2022 | 14.5% | 1.40× | 20.3% | 1.30× | 26.4% | S100QGWH |
| 2023 | 2.9% | 0.94× | 2.7% | 1.11× | 3.0% | S100VGF3 |
| 2024 | — | —× | -36.3% | —× | — | S100XU0E |
| 2025 | 1.0% | 1.18× | 1.2% | 1.18× | 1.4% | S100XU0E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 浩司 | Major shareholder | 66.7% | 2025-12-31 |
| 小椋 祐治 | Major shareholder | 4.3% | 2025-12-31 |
| 吉川 直樹 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.2% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 村山 詠一 | Major shareholder | 0.6% | 2025-12-31 |
| 西村 智明 | Major shareholder | 0.5% | 2025-12-31 |
| 蔵本 公晴 | Major shareholder | 0.4% | 2025-12-31 |
| J.P.Morgan Securities plc （常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.3% | 2025-12-31 |
| トランズインターナショナル株式会社 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XU0E | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU0E,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VGF3 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGF3,, |
| 有価証券報告書－第6期(2023/01/01－2023/12/31) | S100T4NM | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4NM,, |
| 有価証券報告書－第5期(2022/01/01－2022/12/31) | S100QGWH | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGWH,, |

## 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).