# AVILEN 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8期(2025/01/01－2025/12/31) (S100XULB)
> Page: https://vizora.meequs.com/en/company/avilen
> Retrieved: 2026-09-30T17:54:20.457Z

## Company

Avilen, founded in 2024, is a company in IT Services & System Integration listed on TSE Growth. It has 70 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AVILEN Inc. |
| Ticker | 5591 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5591.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋馬喰町二丁目3-3 秋葉原ファーストスクエア9階 |
| Representative (per filing) | 代表取締役 高橋 光太郎 |
| Founded | Oct 2024 |
| Share capital | ¥62.6M |
| Employees (consolidated) | 70 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | corp.avilen.co.jp (https://corp.avilen.co.jp/) |
| Corporate number | 1010501042976 |
| EDINET | E38949 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XULB, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 157 |
| Profitability | 88 | 196 |
| Cash conversion | 23.5 | 185 |
| Efficiency | 52.3 | 196 |

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)

- Avilen brought in ¥1.67B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +34.7% from the prior year, operating profit +44.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1672557000 → ¥174313000
- Net income → operating cash flow: ¥174313000 → ¥163641000（difference ¥-10672000）
- Main uses of operating cash flow: CapEx ¥3015000 / dividends — / buybacks —
- Change in cash: ¥74823000
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 | ¥1.67B |  |
| Operating income | ¥274.2M | Margin 16.4% |
| Net income | ¥174.3M | Margin 10.4% |
| Free cash flow | ¥160.6M |  |
| Employees (consolidated) | 70 |  |
| EPS | ¥27.64 |  |
| Diluted EPS | ¥26.71 |  |
| Book value per share | ¥117.71 |  |
| Equity ratio | 52.6% |  |
| Shares outstanding | 6,107,654 |  |
| Shareholders | 3,715 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 38.4% |
| Vs. industry median margin | +7.5 pp | IT Services & System Integration |
| ROE | 27.3% | Derived from disclosed figures |
| ROA | 13.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥732090000 | ¥1672557000 | — |
| Operating income | ¥110377000 | ¥274217000 | — |
| Operating margin | 15.1% | 16.4% | +1.3 pp |
| Employees | 45 people | 70 people | — |
| Cash and equivalents | ¥227998000 | ¥642658000 | — |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,673 | 100.0% | S100XULB |
| Cost of revenue | 509 | 30.4% | S100XULB |
| Gross profit | 1,164 | 69.6% | S100XULB |
| SG&A | 890 | 53.2% | S100XULB |
| Operating income | 274 | 16.4% | S100XULB |
| Ordinary income | 262 | 15.7% | S100XULB |
| Pretax income | 262 | 15.7% | S100XULB |
| Income tax | 88 | 5.2% | S100XULB |
| Net income | 174 | 10.4% | S100XULB |
| Net income attributable to owners | 174 | 10.4% | S100XULB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 53 |
| Operating income | 16 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 69.6% → Operating margin 16.4% → Net margin 10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +34.7%; Core profit growth: +44.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
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 | 1,241 | 1,673 | 431 | +34.7% |
| Gross profit | 868 | 1,164 | 296 | +34.1% |
| Operating income | 189 | 274 | 85 | +44.8% |
| Net income attributable to owners | 116 | 174 | 58 | +50.3% |
| Operating cash flow | 223 | 164 | -60 | -26.7% |
| Free cash flow | 204 | 161 | -44 | -21.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 732 | 110 | 15.1% | 79 | 24 | 18 | S100T6RZ |
| FY ending Dec 2023 | 930 | 172 | 18.5% | 115 | 13 | -33 | S100T6RZ |
| FY ending Dec 2024 | 1,241 | 189 | 15.3% | 116 | 223 | 204 | S100XULB |
| FY ending Dec 2025 | 1,673 | 274 | 16.4% | 174 | 164 | 161 | S100XULB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 45 | 54 | 63 | 70 |
| Average salary (parent company) | — | ¥6.1M | ¥7.4M | ¥7.5M |
| Average age (parent company) | — | 30.0 years | 31.3 years | 31.8 years |
| Average tenure (parent company) | — | 1.9 years | 2.3 years | 2.7 years |

Year over year: Employees (consolidated) +11.1% · Revenue (consolidated) +34.7%

## 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 | 164 | 9.8% | S100XULB |
| Capital expenditure | 3 | 0.2% | S100XULB |
| Free cash flow | 161 | 9.6% | 算出 |
| Investing cash flow | -7 | -0.4% | S100XULB |
| Financing cash flow | -82 | -4.9% | S100XULB |
| Change in cash | 75 | 4.5% | S100XULB |
| Cash and equivalents | 643 | 38.4% | S100XULB |

## 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 | 228 | 283 | 568 | 643 | S100T6RZ, S100XULB |
| Total assets | 416 | 625 | 1,233 | 1,381 | S100T6RZ, S100XULB |
| Net assets | 204 | 416 | 553 | 727 | S100T6RZ, S100XULB |
| Share capital | 3 | 52 | 63 | 63 | S100T6RZ, S100XULB |
| Property, plant and equipment | 1 | 0 | 5 | 7 | S100T6RZ, S100XULB |
| Intangible assets excluding goodwill | 27 | 64 | 390 | 330 | S100T6RZ, S100XULB |
| Goodwill | — | — | 343 | 292 | S100XULB |
| Current assets | 357 | 533 | 805 | 975 | S100T6RZ, S100XULB |
| Current liabilities | 211 | 209 | 674 | 402 | S100T6RZ, S100XULB |
| Short-term borrowings | — | — | 400 | — | S100XULB |
| Long-term borrowings | — | — | 7 | 252 | S100XULB |
| Total liabilities | 211 | 209 | 681 | 654 | S100T6RZ, S100XULB |
| Equity attributable to owners of parent | 202 | 414 | 552 | 726 | S100T6RZ, S100XULB |
| Retained earnings | 199 | 314 | 430 | 604 | S100T6RZ, S100XULB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XULB |
| Property, plant and equipment | 0% | S100XULB |
| Intangibles and goodwill | 45% | S100XULB |
| Other assets | 8% | S100XULB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XULB |
| Equity | 53% | S100XULB |
| Other liabilities | 0% | S100XULB |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 416 | 625 | 1,233 | 1,381 |
| Equity | 204 | 416 | 553 | 727 |
| Interest-bearing debt | — | — | — | — |
| Cash | 228 | 283 | 568 | 643 |

## 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) | 0.4% | S100XULB |
| Fixed assets ÷ total assets | 0.5% | S100XULB |
| Goodwill ÷ parent equity | 40.2% | S100XULB |

### 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) | 46.5% |
| Cash ÷ revenue | 38.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 59.7% |
| Cash vs. profit gap | -11 JPY mn (of net income -6.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 4.0% |

## 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 | 10.8% | 1.76× | 19.0% | 2.06× | 39.2% | S100T6RZ |
| 2023 | 12.3% | 1.79× | 22.0% | 1.69× | 37.2% | S100T6RZ |
| 2024 | 9.3% | 1.01× | 9.4% | 2.23× | 21.0% | S100XULB |
| 2025 | 10.4% | 1.28× | 13.3% | 2.05× | 27.3% | S100XULB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本郵政キャピタル株式会社 | Major shareholder | 21.6% | 2025-12-31 |
| 株式会社大塚商会 | Major shareholder | 18.7% | 2025-12-31 |
| 崔 一鳴 | Major shareholder | 5.6% | 2025-12-31 |
| 大川 遥平 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2025-12-31 |
| UNITED NATIONS FOR THE UNITED NATIONS JOINT STAFF PENSION FUND A UN ORGAN （常任代理人：香港上海銀行東京支店） | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| 吉田 拓真 | Major shareholder | 1.8% | 2025-12-31 |
| 高橋 光太郎 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XULB | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XULB,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VIT7 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIT7,, |
| 有価証券報告書－第6期(2023/01/01－2023/12/31) | S100T6RZ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6RZ,, |

## 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).