# AUCNET INC.: 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18期(2025/01/01－2025/12/31) (S100XSDA)
> Page: https://vizora.meequs.com/en/company/aucnet
> Retrieved: 2026-09-30T21:06:47.588Z

## Company

Aucnet, founded in 1984, is a company in Secondhand Retail listed on TSE Prime. It has 1,119 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AUCNET INC. |
| Ticker | 3964 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3964.T) |
| Listing | TSE Prime |
| Head office | 東京都港区北青山二丁目5番8号 |
| Representative (per filing) | 代表取締役社長CEO 藤崎 慎一郎 |
| Founded | Mar 1984 |
| Share capital | ¥1.81B |
| Employees (consolidated) | 1,119 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | ir.aucnet.co.jp (https://ir.aucnet.co.jp/) |
| Corporate number | 4010001116006 |
| EDINET | E21122 |
| Industries (Vizora) | Secondhand Retail, Car Dealers & Used Cars |

> Profile source: annual securities report (S100XSDA, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.4 | 17 |
| Profitability | 97.5 | 20 |
| Cash conversion | 83.3 | 15 |
| Efficiency | 17.5 | 20 |

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 70% of Aucnet's sales come from Lifestyle Product, with Mobility and Energy and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +14.7% from the prior year, operating profit +35.9%.

## Company structure

- Segment revenue mix: Lifestyle Product 70.5%、Mobility and Energy 25.1%、Other 4.4%
- Revenue → net income: ¥64139920000 → ¥6060788000
- Net income → operating cash flow: ¥6060788000 → ¥12745018000（difference ¥6684230000）
- Main uses of operating cash flow: CapEx ¥1698553000 / dividends ¥2175506000 / buybacks ¥3533530000
- Change in cash: ¥6123694000
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 | ¥64.1B |  |
| Operating income | ¥9.52B | Margin 14.8% |
| Net income | ¥5.92B | Margin 9.2% |
| Free cash flow | ¥11B |  |
| Largest business | Lifestyle Product | of segment revenue 70.5% |
| Employees (consolidated) | 1,119 |  |
| EPS | ¥153.47 |  |
| Book value per share | ¥446.07 |  |
| Equity ratio | 51.9% |  |
| Shares outstanding | 48,026,400 |  |
| Treasury shares | 2,020,100 |  |
| Shareholders | 5,997 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 45.5% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | +11.5 pp | Secondhand Retail |
| ROE | 23.2% | Derived from disclosed figures |
| ROA | 12.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, buybacks were 1.6× dividends
- FY2025, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24078099000 | ¥64139920000 | +166.4% |
| Operating income | ¥3705549000 | ¥9517806000 | +156.9% |
| Operating margin | 15.4% | 14.8% | -0.6 pp |
| Employees | 821 people | 1,119 people | +36.3% |
| Cash and equivalents | ¥15766386000 | ¥23104387000 | +46.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 四輪事業 → 事業再編・廃止 | 47.9% |
| デジタルプロダクツ事業 → 事業再編・廃止 | 24.4% |
| その他 → その他 | 4.4% |
| その他 → 事業再編・廃止 | 6.9% |
| コンシューマープロダクツ事業 → 事業再編・廃止 | 16.4% |
| 新設・再編 → ライフスタイルプロダクツ | 70.5% |
| 新設・再編 → モビリティ＆エネルギー | 25.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lifestyle Product | 2 years | +29.2% | ¥45208634000 | 18.6% | 2 |
| Mobility and Energy | 2 years | +9.7% | ¥16122770000 | 21.5% | 2 |
| Other | 5 years | +0.6% | ¥2808515000 | -13.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,140 | 100.0% | S100XSDA |
| Cost of revenue | 37,145 | 57.9% | S100XSDA |
| Gross profit | 26,995 | 42.1% | S100XSDA |
| SG&A | 17,477 | 27.2% | S100XSDA |
| Operating income | 9,518 | 14.8% | S100XSDA |
| Ordinary income | 9,522 | 14.8% | S100XSDA |
| Pretax income | 8,979 | 14.0% | S100XSDA |
| Income tax | 2,918 | 4.5% | S100XSDA |
| Net income | 6,061 | 9.4% | S100XSDA |
| Net income attributable to owners | 5,922 | 9.2% | S100XSDA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 27 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 42.1% → Operating margin 14.8% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.7%; Core profit growth: +35.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.44×
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 | 55,910 | 64,140 | 8,230 | +14.7% |
| Gross profit | 22,285 | 26,995 | 4,709 | +21.1% |
| Operating income | 7,005 | 9,518 | 2,513 | +35.9% |
| Net income attributable to owners | 4,485 | 5,922 | 1,436 | +32.0% |
| Operating cash flow | 4,853 | 12,745 | 7,892 | +162.6% |
| Free cash flow | 3,498 | 11,046 | 7,549 | +215.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 19,672 | 2,525 | 12.8% | 1,404 | 1,426 | 759 | S100L2Z4 |
| FY ending Dec 2020 | 24,078 | 3,706 | 15.4% | 1,897 | 4,119 | 3,532 | S100NSBG |
| FY ending Dec 2021 | 36,710 | 5,846 | 15.9% | 3,626 | 4,249 | 3,633 | S100QGNM |
| FY ending Dec 2022 | 40,456 | 6,601 | 16.3% | 4,346 | 4,523 | 3,793 | S100T4LC |
| FY ending Dec 2023 | 43,304 | 6,663 | 15.4% | 4,369 | 5,117 | 4,330 | S100VGK5 |
| FY ending Dec 2024 | 55,910 | 7,005 | 12.5% | 4,485 | 4,853 | 3,498 | S100XSDA |
| FY ending Dec 2025 | 64,140 | 9,518 | 14.8% | 5,922 | 12,745 | 11,046 | S100XSDA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.3M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 858 | 860 | 878 | 1,060 | 1,119 |
| Average salary (parent company) | ¥7.8M | ¥8.2M | ¥8.3M | ¥8.1M | ¥8.7M |
| Average age (parent company) | 41.8 years | 41.8 years | 40.5 years | 41.6 years | 41.6 years |
| Average tenure (parent company) | 11.6 years | 12.1 years | 12.2 years | 10.0 years | 9.6 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +14.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle Product | 45,209 | 70.5% | 8,394 | 18.6% |
| Mobility and Energy | 16,123 | 25.1% | 3,464 | 21.5% |
| Other | 2,809 | 4.4% | -372 | -13.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Lifestyle Product | 70.5% | 70.8% | 0.3 | 18.6% |
| Mobility and Energy | 25.1% | 29.2% | 4.1 | 21.5% |
| Other | 4.4% | — | — | -13.2% |

Loss-making segment (excluded from profit shares): Other -372 JPY mn

Segment → industry: Lifestyle Product → Secondhand Retail / Mobility and Energy → Car Dealers & Used Cars

## 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 | 12,745 | 19.9% | S100XSDA |
| Capital expenditure | 1,699 | 2.6% | S100XSDA |
| Free cash flow | 11,046 | 17.2% | 算出 |
| Investing cash flow | -1,068 | -1.7% | S100XSDA |
| Financing cash flow | -5,558 | -8.7% | S100XSDA |
| Dividends paid | 2,176 | 3.4% | S100XSDA |
| Share buyback | 3,534 | 5.5% | S100XSDA |
| Change in cash | 6,124 | 9.5% | S100XSDA |
| Cash and equivalents | 23,104 | 36.0% | S100XSDA |

## 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 | 19,566 | 19,941 | 19,573 | 16,981 | 23,104 | S100T4LC, S100VGK5, S100XSDA |
| Total assets | 36,823 | 37,349 | 37,664 | 44,041 | 50,782 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Net assets | 22,702 | 22,911 | 22,311 | 26,166 | 26,623 | S100T4LC, S100VGK5, S100XSDA |
| Share capital | 1,806 | 1,807 | 1,807 | 1,807 | 1,807 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Trade receivables | 1,122 | — | — | — | — | S100QGNM |
| Inventories | 2,225 | 2,663 | 3,024 | 4,378 | 4,410 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Property, plant and equipment | 1,639 | 1,638 | 1,601 | 1,806 | 1,940 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Intangible assets excluding goodwill | 1,616 | 1,406 | 1,359 | 3,182 | 2,765 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Goodwill | 670 | 550 | 430 | 1,345 | 195 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Investment securities | 1,420 | 1,444 | 1,217 | 2,491 | 1,958 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Current assets | 30,018 | 30,358 | 30,953 | 33,537 | 40,643 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Current liabilities | 11,039 | 11,300 | 12,119 | 14,511 | 21,798 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Total liabilities | 14,121 | 14,437 | 15,353 | 17,874 | 24,159 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Non-controlling interests | 383 | 397 | 150 | 267 | 277 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Equity attributable to owners of parent | 21,962 | 22,037 | 21,725 | 25,227 | 25,862 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Retained earnings | 13,531 | 16,622 | 17,340 | 20,519 | 24,264 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |
| Treasury stock | -230 | -600 | -1,628 | -1,590 | -2,989 | S100QGNM, S100T4LC, S100VGK5, S100XSDA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XSDA |
| Inventories | 9% | S100XSDA |
| Property, plant and equipment | 4% | S100XSDA |
| Intangibles and goodwill | 6% | S100XSDA |
| Investment securities | 4% | S100XSDA |
| Other assets | 32% | S100XSDA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XSDA |
| Equity | 52% | S100XSDA |

### 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 | 36,823 | 37,349 | 37,664 | 44,041 | 50,782 |
| Equity | 22,702 | 22,911 | 22,311 | 26,166 | 26,623 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,566 | 19,941 | 19,573 | 16,981 | 23,104 |

## 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) | 3.0% | S100XSDA |
| Fixed assets ÷ total assets | 3.8% | S100XSDA |
| Goodwill ÷ parent equity | 0.8% | S100XSDA |

Goodwill over 4 years: 670 → 195 JPY; total investing cash flow: -4,397 JPY. This does not imply causation.

### 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) | 45.5% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.9% |
| Cash vs. profit gap | 6,823 JPY mn (of net income 115.2%) |
| Shareholder returns / net income | 96.4% |
| Shareholder returns / FCF | 51.7% |
| Shareholder payments — dividends / net income | 36.7% |
| Shareholder payments — dividends / FCF | 19.7% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 8.4% |

## 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 | 9.9% | 1.00× | 9.8% | 1.68× | 16.5% | S100QGNM |
| 2022 | 10.7% | 1.09× | 11.7% | 1.69× | 19.8% | S100T4LC |
| 2023 | 10.1% | 1.15× | 11.6% | 1.71× | 20.0% | S100VGK5 |
| 2024 | 8.0% | 1.37× | 11.0% | 1.74× | 19.1% | S100XSDA |
| 2025 | 9.2% | 1.35× | 12.5% | 1.86× | 23.2% | S100XSDA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フレックスコーポレーション㈱ | Major shareholder | 40.7% | 2025-12-31 |
| ㈱Blue Peak | Major shareholder | 10.5% | 2025-12-31 |
| GOLDMAN, SACHS ＆ CO.REG(常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 5.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 3.8% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS (常任代理人 香港上海銀行東京支店) | Major shareholder | 3.7% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 3.4% | 2025-12-31 |
| ㈱ナマイ・アセットマネジメント | Major shareholder | 3.0% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.1% | 2025-12-31 |
| ㈱オリエントコーポレーション | Major shareholder | 1.8% | 2025-12-31 |
| オークネットグループ従業員持株会 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XSDA | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSDA,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VGK5 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGK5,, |
| 有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T4LC | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4LC,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QGNM | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGNM,, |
| 有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NSBG | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSBG,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L2Z4 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2Z4,, |

## 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).