# AUTO SERVER Co.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/01/01－2025/12/31) (S100XTAQ)
> Page: https://vizora.meequs.com/en/company/auto-server
> Retrieved: 2026-09-30T20:56:34.464Z

## Company

Auto Server, founded in 2015, is a company in Car Dealers & Used Cars listed on TSE Standard. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AUTOSERVER CO.,LTD. |
| Ticker | 5589 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5589.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋室町四丁目6番2号 |
| Representative (per filing) | 代表取締役社長 髙田 典明 |
| Founded | Nov 2015 |
| Share capital | ¥690.4M |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.autoserver.co.jp (https://www.autoserver.co.jp/) |
| Corporate number | 2010001171804 |
| EDINET | E38919 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100XTAQ, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 93.2 | 22 |
| Cash conversion | 62.5 | 20 |
| Efficiency | 2.3 | 22 |

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)

- Auto Server brought in ¥6.46B in revenue.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit -4.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6462582000 → ¥1498112000
- Net income → operating cash flow: ¥1498112000 → ¥2732731000（difference ¥1234619000）
- Main uses of operating cash flow: CapEx ¥607462000 / dividends ¥472526000 / buybacks —
- Change in cash: ¥1706198000
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 | ¥6.46B |  |
| Operating income | ¥2.38B | Margin 36.9% |
| Net income | ¥1.5B | Margin 23.2% |
| Free cash flow | ¥2.13B |  |
| Employees (consolidated) | 114 |  |
| EPS | ¥208.75 |  |
| Diluted EPS | ¥197.09 |  |
| Book value per share | ¥1810.87 |  |
| Equity ratio | 64.1% |  |
| Shares outstanding | 7,196,600 |  |
| Shareholders | 7,126 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 67.1% | Cash ÷ revenue 210.9% |
| Vs. industry median margin | +33.7 pp | Car Dealers & Used Cars |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 67% of total assets
- FY2025, operating income keeps 37 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5364476000 | ¥6462582000 | +20.5% |
| Operating income | ¥1979395000 | ¥2384767000 | +20.5% |
| Operating margin | 36.9% | 36.9% | 0 pp |
| Employees | 119 people | 114 people | -4.2% |
| Cash and equivalents | ¥9584800000 | ¥13626990000 | +42.2% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,463 | 100.0% | S100XTAQ |
| Cost of revenue | 1,812 | 28.0% | S100XTAQ |
| Gross profit | 4,651 | 72.0% | S100XTAQ |
| SG&A | 2,266 | 35.1% | S100XTAQ |
| Operating income | 2,385 | 36.9% | S100XTAQ |
| Ordinary income | 2,391 | 37.0% | S100XTAQ |
| Pretax income | 2,391 | 37.0% | S100XTAQ |
| Income tax | 893 | 13.8% | S100XTAQ |
| Net income | 1,498 | 23.2% | S100XTAQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 35 |
| Operating income | 37 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 72.0% → Operating margin 36.9% → Net margin 23.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.8%; Core profit growth: -4.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.57×
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 | 6,287 | 6,463 | 175 | +2.8% |
| Gross profit | 4,593 | 4,651 | 58 | +1.3% |
| Operating income | 2,494 | 2,385 | -109 | -4.4% |
| Operating cash flow | 2,334 | 2,733 | 399 | +17.1% |
| Free cash flow | 996 | 2,125 | 1,129 | +113.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 5,364 | 1,979 | 36.9% | 1,207 | 1,693 | 1,484 | S100T5U8 |
| FY ending Dec 2023 | 5,847 | 2,110 | 36.1% | 1,302 | 2,145 | 1,945 | S100VHUK |
| FY ending Dec 2024 | 6,287 | 2,494 | 39.7% | 1,563 | 2,334 | 996 | S100XTAQ |
| FY ending Dec 2025 | 6,463 | 2,385 | 36.9% | 1,498 | 2,733 | 2,125 | S100XTAQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.7M |
| Operating income per employee (consolidated) | ¥20.9M |
| Net income per employee (consolidated) | ¥13.1M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 119 | 117 | 112 | 114 |
| Average salary (parent company) | — | ¥5.1M | ¥5.2M | ¥5.3M |
| Average age (parent company) | — | 41.8 years | 43.1 years | 43.2 years |
| Average tenure (parent company) | — | 9.4 years | 10.2 years | 10.3 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +2.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,733 | 42.3% | S100XTAQ |
| Capital expenditure | 607 | 9.4% | S100XTAQ |
| Free cash flow | 2,125 | 32.9% | 算出 |
| Investing cash flow | -579 | -9.0% | S100XTAQ |
| Financing cash flow | -447 | -6.9% | S100XTAQ |
| Dividends paid | 473 | 7.3% | S100XTAQ |
| Change in cash | 1,706 | 26.4% | S100XTAQ |
| Cash and equivalents | 13,627 | 210.9% | S100XTAQ |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,585 | 11,965 | 11,921 | 13,627 | S100VHUK, S100XTAQ |
| Total assets | 14,312 | 16,738 | 18,155 | 20,316 | S100T5U8, S100VHUK, S100XTAQ |
| Net assets | 8,741 | 10,791 | 11,980 | 13,032 | S100VHUK, S100XTAQ |
| Share capital | 100 | 650 | 678 | 690 | S100T5U8, S100VHUK, S100XTAQ |
| Property, plant and equipment | 342 | 371 | 1,568 | 2,111 | S100T5U8, S100VHUK, S100XTAQ |
| Intangible assets excluding goodwill | 3,445 | 3,221 | 3,007 | 2,792 | S100T5U8, S100VHUK, S100XTAQ |
| Goodwill | 3,190 | 2,954 | 2,711 | 2,475 | S100T5U8, S100VHUK, S100XTAQ |
| Current assets | 10,404 | 13,024 | 13,423 | 15,232 | S100T5U8, S100VHUK, S100XTAQ |
| Current liabilities | 5,387 | 5,730 | 5,918 | 6,946 | S100T5U8, S100VHUK, S100XTAQ |
| Short-term borrowings | 3,200 | 2,900 | 2,270 | 2,270 | S100T5U8, S100VHUK, S100XTAQ |
| Total liabilities | 5,571 | 5,947 | 6,175 | 7,284 | S100T5U8, S100VHUK, S100XTAQ |
| Equity attributable to owners of parent | 8,741 | 10,791 | 11,980 | 13,032 | S100T5U8, S100VHUK, S100XTAQ |
| Retained earnings | 5,541 | 6,491 | 7,625 | 8,651 | S100T5U8, S100VHUK, S100XTAQ |
| Treasury stock | — | — | -0 | -0 | S100XTAQ |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 14,312 | 16,738 | 18,155 | 20,316 |
| Equity | 8,741 | 10,791 | 11,980 | 13,032 |
| Interest-bearing debt | — | — | — | — |
| Cash | 9,585 | 11,965 | 11,921 | 13,627 |

## 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) | 32.7% | S100XTAQ |
| Fixed assets ÷ total assets | 10.4% | S100XTAQ |
| Goodwill ÷ parent equity | 19.0% | S100XTAQ |

### 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) | 67.1% |
| Cash ÷ revenue | 210.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.6% |
| Cash vs. profit gap | 1,235 JPY mn (of net income 82.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.5% |
| Shareholder payments — dividends / FCF | 22.2% |
| CapEx intensity (capex ÷ revenue) | 9.4% |
| Investing CF relative to operating CF | 21.2% |

## 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 | 22.5% | 0.37× | 8.4% | 1.64× | 13.8% | S100T5U8 |
| 2023 | 22.3% | 0.38× | 8.4% | 1.59× | 13.3% | S100VHUK |
| 2024 | 24.9% | 0.36× | 9.0% | 1.53× | 13.7% | S100XTAQ |
| 2025 | 23.2% | 0.34× | 7.8% | 1.54× | 12.0% | S100XTAQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 朝日ホールディングス株式会社 | Major shareholder | 62.9% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2025-12-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 3.4% | 2025-12-31 |
| 萩原 外志仁 | Major shareholder | 2.9% | 2025-12-31 |
| 髙田 典明 | Major shareholder | 1.3% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 浜本 憲至 | Major shareholder | 0.7% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ）（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ 380055 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XTAQ | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTAQ,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VHUK | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHUK,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T5U8 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5U8,, |

## 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).