# AUN CONSULTING,Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/06/01－2026/05/31) (S100YY3G)
> Page: https://vizora.meequs.com/en/company/aun-consulting
> Retrieved: 2026-09-30T21:32:53.444Z

## Company

AUN Consulting, founded in 1998, is a company in Advertising listed on TSE Standard. It has 21 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AUN CONSULTING,Inc. |
| Ticker | 2459 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2459.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目2番1号 |
| Representative (per filing) | 代表取締役CEO 信太明 |
| Founded | Jun 1998 |
| Share capital | ¥100M |
| Employees (consolidated) | 21 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | May |
| Website | www.auncon.co.jp (https://www.auncon.co.jp/) |
| Corporate number | 4010001078254 |
| EDINET | E05527 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YY3G, filed 2026-08-24). As of filing

## Key points (generated from figures)

- AUN Consulting brought in ¥254.5M in revenue.
- It lost about ¥22 for every ¥100 of sales at the operating level.
- Revenue changed -6.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥254.5M |  |
| Operating income | -¥57.1M | Margin -22.4% |
| Net income | -¥42.3M | Margin -16.6% |
| Free cash flow | — |  |
| Employees (consolidated) | 21 |  |
| EPS | ¥-6.08 |  |
| Book value per share | ¥39.09 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 7,502,800 |  |
| Shareholders | 3,706 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 63.0% | Cash ÷ revenue 165.6% |
| Vs. industry median margin | -28.1 pp | Advertising |
| ROA | -5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 63% of total assets
- FY2026, operating loss is 22 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1032850000 | ¥254531000 | -75.4% |
| Operating income | ¥-162531000 | ¥-57055000 | — |
| Operating margin | -15.7% | -22.4% | -6.7 pp |
| Employees | 72 people | 21 people | -70.8% |
| Cash and equivalents | ¥459546000 | ¥421610000 | -8.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| マーケティング事業 → 事業再編・廃止 | 97.3% |
| アセット事業 → 事業再編・廃止 | 2.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 255 | 100.0% | S100YY3G |
| Cost of revenue | 82 | 32.2% | S100YY3G |
| Gross profit | 172 | 67.8% | S100YY3G |
| SG&A | 230 | 90.2% | S100YY3G |
| Operating income | -57 | -22.4% | S100YY3G |
| Ordinary income | -51 | -20.0% | S100YY3G |
| Pretax income | -42 | -16.5% | S100YY3G |
| Income tax | 0 | 0.1% | S100YY3G |
| Net income | -42 | -16.6% | S100YY3G |
| Net income attributable to owners | -42 | -16.6% | S100YY3G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 90 |
| Operating income | -22 |
| (Ref.) Net income | -17 |

### Margin funnel

Gross margin 67.8% → Operating margin -22.4% → Net margin -16.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 271 | 255 | -16 | -6.0% |
| Gross profit | 164 | 172 | 8 | +5.0% |
| Operating income | -105 | -57 | 48 | — |
| Net income attributable to owners | -115 | -42 | 73 | — |
| Operating cash flow | -47 | -38 | 9 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,928 | -11 | -0.6% | -48 | 7 | -16 | S100MC0R |
| FY ending May 2021 | 1,033 | -163 | -15.7% | -111 | -188 | — | S100P5G7 |
| FY ending May 2022 | 500 | -40 | -8.1% | 4 | -21 | -21 | S100RS0L |
| FY ending May 2023 | 455 | -72 | -15.8% | -89 | -92 | — | S100UA9K |
| FY ending May 2024 | 441 | -93 | -21.0% | -139 | -122 | — | S100WKVQ |
| FY ending May 2025 | 271 | -105 | -38.8% | -115 | -47 | — | S100YY3G |
| FY ending May 2026 | 255 | -57 | -22.4% | -42 | -38 | — | S100YY3G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.1M |
| Operating income per employee (consolidated) | -¥2.7M |
| Net income per employee (consolidated) | -¥2M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 60 | 49 | 23 | 21 |
| Average salary (parent company) | ¥4M | ¥4.4M | ¥5.1M | ¥4.6M | ¥4.4M |
| Average age (parent company) | 33.5 years | 35.6 years | 37.3 years | 37.3 years | 36.6 years |
| Average tenure (parent company) | 6.1 years | 7.5 years | 7.9 years | 7.4 years | 6.1 years |

Year over year: Employees (consolidated) -8.7% · Revenue (consolidated) -6.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -38 | -15.0% | S100YY3G |
| Investing cash flow | 28 | 10.8% | S100YY3G |
| Financing cash flow | -16 | -6.5% | S100YY3G |
| Change in cash | -21 | -8.4% | S100YY3G |
| Cash and equivalents | 422 | 165.6% | S100YY3G |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 567 | 546 | 506 | 443 | 422 | S100UA9K, S100WKVQ, S100YY3G |
| Total assets | 1,034 | 994 | 953 | 760 | 669 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Net assets | 642 | 572 | 454 | 335 | 307 | S100UA9K, S100WKVQ, S100YY3G |
| Share capital | 341 | 100 | 100 | 100 | 100 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Trade receivables | 123 | 141 | 159 | 102 | 97 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Property, plant and equipment | 1 | 0 | — | — | — | S100RS0L, S100UA9K |
| Intangible assets excluding goodwill | 5 | 0 | 0 | 0 | 15 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Goodwill | — | — | — | — | 15 | S100YY3G |
| Investment securities | 160 | 140 | 125 | 92 | 61 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Current assets | 823 | 807 | 784 | 629 | 591 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Current liabilities | 194 | 175 | 254 | 207 | 163 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Long-term borrowings | 158 | 206 | 228 | 209 | 187 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Total liabilities | 392 | 422 | 499 | 425 | 362 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Equity attributable to owners of parent | 604 | 515 | 376 | 261 | 219 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |
| Retained earnings | -209 | -124 | -263 | -378 | -420 | S100RS0L, S100UA9K, S100WKVQ, S100YY3G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100YY3G |
| Receivables | 14% | S100YY3G |
| Intangibles and goodwill | 5% | S100YY3G |
| Investment securities | 9% | S100YY3G |
| Other assets | 9% | S100YY3G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YY3G |
| Equity | 46% | S100YY3G |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,034 | 994 | 953 | 760 | 669 |
| Equity | 642 | 572 | 454 | 335 | 307 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 567 | 546 | 506 | 443 | 422 |

## 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) | — | —, S100YY3G |
| Fixed assets ÷ total assets | — | —, S100YY3G |
| Goodwill ÷ parent equity | 7.0% | S100YY3G |

### 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) | 63.0% |
| Cash ÷ revenue | 165.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 4 JPY mn |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.8% | 0.48× | 0.4% | 1.71× | 0.7% | S100RS0L |
| 2023 | — | —× | -8.8% | —× | — | S100UA9K |
| 2024 | — | —× | -14.2% | —× | — | S100WKVQ |
| 2025 | — | —× | -13.4% | —× | — | S100YY3G |
| 2026 | — | —× | -5.9% | —× | — | S100YY3G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 信 太 明 | Major shareholder | 31.4% | 2026-05-31 |
| BANK JULIUS BAER AND CO.LTD. SINGAPORE CLIENTS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 16.8% | 2026-05-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.5% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-05-31 |
| 高 橋 重 行 | Major shareholder | 1.5% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2026-05-31 |
| 小 金 丸 竜 一 | Major shareholder | 1.3% | 2026-05-31 |
| 今 秀 信 | Major shareholder | 1.1% | 2026-05-31 |
| 藤 原 徹 一 （常任代理人 三菱ＵＦＪモルガン・スタンレー証券株式会社） | Major shareholder | 1.0% | 2026-05-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/06/01－2026/05/31) | S100YY3G | 2026-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY3G,, |
| 有価証券報告書－第27期(2024/06/01－2025/05/31) | S100WKVQ | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKVQ,, |
| 有価証券報告書－第26期(2023/06/01－2024/05/31) | S100UA9K | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA9K,, |
| 有価証券報告書－第25期(2022/06/01－2023/05/31) | S100RS0L | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS0L,, |
| 訂正有価証券報告書－第24期(令和3年6月1日－令和4年5月31日) | S100P5G7 | 2022-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P5G7,, |
| 有価証券報告書－第23期(令和2年6月1日－令和3年5月31日) | S100MC0R | 2021-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC0R,, |

## 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).