# AXAS HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/09/01－2025/08/31) (S100X6JA)
> Page: https://vizora.meequs.com/en/company/axas-holdings
> Retrieved: 2026-09-30T21:08:33.812Z

## Company

Axas Holdings is a company in Real Estate Development & Leasing listed on TSE Standard. It has 135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AXAS HOLDINGS CO.,LTD. |
| Ticker | 3536 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3536.T) |
| Listing | TSE Standard |
| Head office | 徳島県徳島市山城西四丁目2番地 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 久岡 卓司 |
| Share capital | ¥50M |
| Employees (consolidated) | 135 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | August |
| Website | www.axas-hd.jp (https://www.axas-hd.jp/) |
| Corporate number | 3480001009568 |
| EDINET | E31968 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Drugstores & Pharmacies, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100X6JA, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 14 |
| Profitability | 13.9 | 18 |
| Cash conversion | 2.9 | 17 |
| Efficiency | 13.9 | 18 |
| Financial strength | 12.5 | 4 |

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 61% of Axas Holdings's sales come from Retail sale business, with Wholesale business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +1030.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.1B |  |
| Operating income | ¥164.9M | Margin 1.4% |
| Net income | ¥221.3M | Margin 1.8% |
| Free cash flow | -¥2.08B |  |
| Largest business | Retail sale business | of segment revenue 60.7% |
| Employees (consolidated) | 135 |  |
| EPS | ¥2.39 |  |
| Book value per share | ¥58.74 |  |
| Equity ratio | 14.0% |  |
| Shares outstanding | 30,325,000 |  |
| Shareholders | 9,750 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 5.1% | Net cash -¥10.9B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -3 pp | Drugstores & Pharmacies |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -4% while operating income rose 1031%
- FY2025, segment profit share differs by 48 points
- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12488896000 | ¥12134207000 | -2.8% |
| Operating income | ¥421042000 | ¥164901000 | -60.8% |
| Operating margin | 3.4% | 1.4% | -2 pp |
| Employees | 206 people | 135 people | -34.5% |
| Cash and equivalents | ¥3268358000 | ¥800867000 | -75.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 小売事業 → 小売事業 | 60.7% |
| 小売事業 → 事業再編・廃止 | 8.6% |
| 卸売事業 → 卸売事業 | 27.2% |
| 不動産賃貸事業 → 事業再編・廃止 | 3.5% |
| その他 → その他 | 0.0% |
| 新設・再編 → 卸売事業 | 6.5% |
| 新設・再編 → 不動産事業 | 5.7% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail sale business | 5 years | -3.2% | ¥7362678000 | 2.1% | 2 |
| Wholesale business | 5 years | +3.8% | ¥4083329000 | 1.8% | 2 |
| Real estate business | — | — | ¥686686000 | 38.0% | 2 |
| Other | 5 years | +1.7% | ¥1512000 | 25.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,134 | 100.0% | S100X6JA |
| Cost of revenue | 9,077 | 74.8% | S100X6JA |
| Gross profit | 3,057 | 25.2% | S100X6JA |
| SG&A | 2,892 | 23.8% | S100X6JA |
| Operating income | 165 | 1.4% | S100X6JA |
| Ordinary income | 4 | 0.0% | S100X6JA |
| Pretax income | 336 | 2.8% | S100X6JA |
| Income tax | 115 | 0.9% | S100X6JA |
| Net income | 221 | 1.8% | S100X6JA |
| Net income attributable to owners | 221 | 1.8% | S100X6JA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 24 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.2% → Operating margin 1.4% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +1030.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 290.75×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,719 | 12,134 | 415 | +3.5% |
| Gross profit | 3,015 | 3,057 | 42 | +1.4% |
| Operating income | 15 | 165 | 150 | +1030.9% |
| Net income attributable to owners | 31 | 221 | 190 | +605.4% |
| Operating cash flow | 750 | -1,194 | -1,943 | -259.3% |
| Free cash flow | 384 | -2,084 | -2,467 | -643.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 13,334 | 182 | 1.4% | -42 | -19 | -1,325 | S100K97E |
| FY ending Aug 2020 | 12,489 | 421 | 3.4% | 497 | 859 | -1,906 | S100MWG3 |
| FY ending Aug 2021 | 11,807 | 372 | 3.2% | 205 | 158 | -644 | S100PP79 |
| FY ending Aug 2022 | 11,327 | 444 | 3.9% | 258 | -401 | -1,886 | S100SCK9 |
| FY ending Aug 2023 | 11,064 | 183 | 1.7% | 1 | 1,266 | 995 | S100UUR4 |
| FY ending Aug 2024 | 11,719 | 15 | 0.1% | 31 | 750 | 384 | S100X6JA |
| FY ending Aug 2025 | 12,134 | 165 | 1.4% | 221 | -1,194 | -2,084 | S100X6JA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 199 | 175 | 175 | 141 | 135 |
| Average salary (parent company) | ¥4.1M | ¥4.5M | ¥4.5M | ¥4.5M | ¥5.2M |
| Average age (parent company) | 46.4 years | 48.2 years | 47.0 years | 45.3 years | 48.0 years |
| Average tenure (parent company) | 9.9 years | 9.2 years | 10.4 years | 9.9 years | 11.3 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail sale business | 7,363 | 60.7% | 154 | 2.1% |
| Wholesale business | 4,083 | 33.7% | 74 | 1.8% |
| Real estate business | 687 | 5.7% | 261 | 38.0% |
| Other | 2 | 0.0% | 0 | 25.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail sale business | 60.7% | 31.5% | -29.1 | 2.1% |
| Wholesale business | 33.7% | 15.1% | -18.6 | 1.8% |
| Real estate business | 5.7% | 53.3% | 47.7 | 38.0% |
| Other | 0.0% | 0.1% | 0.1 | 25.8% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Wholesale business → Specialty Trading & Wholesale / Retail sale business → Drugstores & Pharmacies / Retail sale business → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,194 | -9.8% | S100X6JA |
| Capital expenditure | 890 | 7.3% | S100X6JA |
| Free cash flow | -2,084 | -17.2% | 算出 |
| Investing cash flow | 1,766 | 14.6% | S100X6JA |
| Financing cash flow | -1,113 | -9.2% | S100X6JA |
| Dividends paid | 61 | 0.5% | S100X6JA |
| Change in cash | -541 | -4.5% | S100X6JA |
| Cash and equivalents | 801 | 6.6% | S100X6JA |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,058 | 2,382 | 798 | 1,342 | 801 | S100SCK9, S100UUR4, S100X6JA |
| Total assets | 18,521 | 18,914 | 17,594 | 16,607 | 15,683 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Net assets | 2,021 | 2,178 | 2,079 | 2,027 | 2,198 | S100SCK9, S100UUR4, S100X6JA |
| Share capital | 50 | 50 | 50 | 50 | 50 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Inventories | 4,546 | 5,360 | 4,940 | 4,240 | 4,836 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Property, plant and equipment | 7,994 | 9,181 | 9,179 | 8,310 | 5,846 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Intangible assets excluding goodwill | 114 | 119 | 688 | 675 | 661 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Goodwill | — | 14 | 542 | 505 | 518 | S100SCK9, S100UUR4, S100X6JA |
| Investment securities | 108 | 103 | 135 | 181 | 197 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Current assets | 9,246 | 8,427 | 6,433 | 6,239 | 7,833 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Current liabilities | 12,015 | 12,182 | 10,688 | 9,777 | 9,633 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Short-term borrowings | 10,790 | 10,870 | 8,340 | 8,260 | 8,480 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Long-term borrowings | 3,366 | 3,582 | 3,540 | 3,641 | 2,420 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Bonds | 500 | 300 | 600 | 500 | 800 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Interest-bearing debt | 14,656 | 14,752 | 12,481 | 12,401 | 11,700 | 算出 |
| Total liabilities | 16,500 | 16,736 | 15,515 | 14,581 | 13,485 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Equity attributable to owners of parent | 2,023 | 2,184 | 2,064 | 1,974 | 2,135 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Retained earnings | 287 | 448 | 327 | 237 | 398 | S100PP79, S100SCK9, S100UUR4, S100X6JA |
| Treasury stock | — | — | — | 0 | 0 | S100X6JA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100X6JA |
| Inventories | 31% | S100X6JA |
| Property, plant and equipment | 37% | S100X6JA |
| Intangibles and goodwill | 8% | S100X6JA |
| Investment securities | 1% | S100X6JA |
| Other assets | 18% | S100X6JA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 75% | 算出 |
| Other liabilities | 11% | S100X6JA |
| Equity | 14% | S100X6JA |
| Other liabilities | 0% | S100X6JA |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,521 | 18,914 | 17,594 | 16,607 | 15,683 |
| Equity | 2,021 | 2,178 | 2,079 | 2,027 | 2,198 |
| Interest-bearing debt | 14,656 | 14,752 | 12,481 | 12,401 | 11,700 |
| Cash | 4,058 | 2,382 | 798 | 1,342 | 801 |

## 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) | 48.2% | S100X6JA |
| Fixed assets ÷ total assets | 37.3% | S100X6JA |
| Goodwill ÷ parent equity | 24.3% | S100X6JA |

### 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) | 5.1% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | -¥10.9B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -723.9% |
| Cash vs. profit gap | -1,415 JPY mn (of net income -639.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| 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 | 1.7% | 0.64× | 1.1% | 9.15× | 10.2% | S100PP79 |
| 2022 | 2.3% | 0.61× | 1.4% | 8.90× | 12.3% | S100SCK9 |
| 2023 | 0.0% | 0.61× | 0.0% | 8.59× | 0.0% | S100UUR4 |
| 2024 | 0.3% | 0.69× | 0.2% | 8.47× | 1.6% | S100X6JA |
| 2025 | 1.8% | 0.75× | 1.4% | 7.86× | 10.8% | S100X6JA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＴＫマネジメント株式会社 | Major shareholder | 66.0% | 2025-08-31 |
| 株式会社四国銀行 | Major shareholder | 1.4% | 2025-08-31 |
| 株式会社阿波銀行 | Major shareholder | 1.1% | 2025-08-31 |
| セーラー広告株式会社 | Major shareholder | 1.0% | 2025-08-31 |
| 杉山 卓 | Major shareholder | 0.9% | 2025-08-31 |
| 株式会社タカハタ | Major shareholder | 0.8% | 2025-08-31 |
| 美津濃株式会社 | Major shareholder | 0.8% | 2025-08-31 |
| 窪田 知貴 | Major shareholder | 0.7% | 2025-08-31 |
| アクサスホールディングス社員持株会 | Major shareholder | 0.3% | 2025-08-31 |
| 宮本 侑弥 | Major shareholder | 0.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/09/01－2025/08/31) | S100X6JA | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6JA,, |
| 有価証券報告書－第9期(2023/09/01－2024/08/31) | S100UUR4 | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUR4,, |
| 有価証券報告書－第8期(2022/09/01－2023/08/31) | S100SCK9 | 2023-11-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCK9,, |
| 有価証券報告書－第7期(令和3年9月1日－令和4年8月31日) | S100PP79 | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP79,, |
| 有価証券報告書－第6期(令和2年9月1日－令和3年8月31日) | S100MWG3 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MWG3,, |
| 有価証券報告書－第5期(令和1年9月1日－令和2年8月31日) | S100K97E | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K97E,, |

## 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).