# AXELL CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YC4Y)
> Page: https://vizora.meequs.com/en/company/axell
> Retrieved: 2026-09-30T20:18:01.447Z

## Company

Axell, founded in 1996, is a company in Software & SaaS listed on TSE Standard. It has 132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AXELL CORPORATION |
| Ticker | 6730 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6730.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区外神田四丁目14番1号 |
| Representative (per filing) | 代表取締役会長兼社長 松浦 一教 |
| Founded | Feb 1996 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 132 |
| Average salary (parent only) | ¥10.5M |
| Fiscal year end | March |
| Website | www.axell.co.jp (https://www.axell.co.jp/) |
| Corporate number | 9010001072343 |
| EDINET | E02077 |
| Industries (Vizora) | Software & SaaS, Semiconductors, Pachinko |

> Profile source: annual securities report (S100YC4Y, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 10 |
| Profitability | 55 | 10 |
| Cash conversion | 18.8 | 8 |
| Efficiency | 85 | 10 |

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 94% of Axell's sales come from LSI Business for Japanese Entertainment Machines, with Middleware(AI, Block Chain and other)and LSI Business for New Business segment making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: LSI Business for Japanese Entertainment Machines 94.1%、Middleware(AI, Block Chain and other)and LSI Business for New Business segment 5.9%
- Revenue → net income: ¥14656000000 → ¥1251000000
- Net income → operating cash flow: ¥1251000000 → ¥223000000（difference ¥-1028000000）
- Main uses of operating cash flow: CapEx ¥86000000 / dividends ¥493000000 / buybacks ¥227000000
- Change in cash: ¥-930000000
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 | ¥14.7B |  |
| Operating income | ¥1.66B | Margin 11.4% |
| Net income | ¥1.23B | Margin 8.4% |
| Free cash flow | ¥137M |  |
| Largest business | LSI Business for Japanese Entertainment Machines | of segment revenue 94.1% |
| Employees (consolidated) | 132 |  |
| EPS | ¥102.89 |  |
| Diluted EPS | ¥102.8 |  |
| Book value per share | ¥1208.76 |  |
| Equity ratio | 84.3% |  |
| Shares outstanding | 11,211,989 |  |
| Treasury shares | 442,300 |  |
| Shareholders | 8,001 |  |
| Average salary (parent only) | ¥10.5M | Filing company only |
| Cash ratio | 35.2% | Cash ÷ revenue 38.7% |
| Vs. industry median margin | +8.1 pp | Semiconductors |
| ROE | 9.6% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8999000000 | ¥14656000000 | +62.9% |
| Operating income | ¥536000000 | ¥1664000000 | +210.4% |
| Operating margin | 6.0% | 11.4% | +5.4 pp |
| Employees | 111 people | 132 people | +18.9% |
| Cash and equivalents | ¥7913000000 | ¥5670000000 | -28.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＬＳＩ開発販売関連 → 事業再編・廃止 | 95.4% |
| AI事業 → AI事業 | 4.6% |
| 新設・再編 → ＬＳＩ事業 | 94.1% |
| 新設・再編 → AI事業 | 1.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,656 | 100.0% | S100YC4Y |
| Cost of revenue | 9,947 | 67.9% | S100YC4Y |
| Gross profit | 4,709 | 32.1% | S100YC4Y |
| SG&A | 3,044 | 20.8% | S100YC4Y |
| Operating income | 1,664 | 11.4% | S100YC4Y |
| Ordinary income | 1,792 | 12.2% | S100YC4Y |
| Pretax income | 1,783 | 12.2% | S100YC4Y |
| Income tax | 531 | 3.6% | S100YC4Y |
| Net income | 1,251 | 8.5% | S100YC4Y |
| Net income attributable to owners | 1,230 | 8.4% | S100YC4Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 21 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 32.1% → Operating margin 11.4% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.9%; Core profit growth: +13.9%
Operating leverage (core profit growth ÷ revenue growth): -3.60×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,244 | 14,656 | -588 | -3.9% |
| Gross profit | 4,388 | 4,709 | 321 | +7.3% |
| Operating income | 1,461 | 1,664 | 203 | +13.9% |
| Net income attributable to owners | 978 | 1,230 | 252 | +25.8% |
| Operating cash flow | -1,575 | 223 | 1,798 | — |
| Free cash flow | -1,687 | 137 | 1,824 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,265 | 393 | 4.2% | 468 | 1,530 | 1,456 | S100LVNR |
| FY ending Mar 2021 | 8,999 | 536 | 6.0% | 670 | 379 | 368 | S100OEPZ |
| FY ending Mar 2022 | 10,666 | 839 | 7.9% | 865 | 1,622 | 1,591 | S100R27T |
| FY ending Mar 2023 | 14,474 | 1,614 | 11.2% | 1,353 | 1,885 | 1,796 | S100TPG6 |
| FY ending Mar 2024 | 17,570 | 2,426 | 13.8% | 1,771 | 653 | 523 | S100VYP9 |
| FY ending Mar 2025 | 15,244 | 1,461 | 9.6% | 978 | -1,575 | -1,687 | S100YC4Y |
| FY ending Mar 2026 | 14,656 | 1,664 | 11.4% | 1,230 | 223 | 137 | S100YC4Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111M |
| Operating income per employee (consolidated) | ¥12.6M |
| Net income per employee (consolidated) | ¥9.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 116 | 126 | 128 | 132 | 132 |
| Average salary (parent company) | ¥10.6M | ¥10.9M | ¥11.4M | ¥10.3M | ¥10.5M |
| Average age (parent company) | 46.7 years | 47.5 years | 48.1 years | 47.7 years | 48.7 years |
| Average tenure (parent company) | 11.5 years | 11.6 years | 12.3 years | 12.4 years | 13.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -3.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| LSI Business for Japanese Entertainment Machines | 13,793 | 94.1% | 2,566 | 18.6% |
| Middleware(AI, Block Chain and other)and LSI Business for New Business segment | 862 | 5.9% | -168 | -19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| LSI Business for Japanese Entertainment Machines | 94.1% | 100.0% | 5.9 | 18.6% |
| Middleware(AI, Block Chain and other)and LSI Business for New Business segment | 5.9% | — | — | -19.5% |

Loss-making segment (excluded from profit shares): Middleware(AI, Block Chain and other)and LSI Business for New Business segment -168 JPY mn

Segment → industry: Middleware(AI, Block Chain and other)and LSI Business for New Business segment → Software & SaaS / LSI Business for Japanese Entertainment Machines → Semiconductors / LSI Business for Japanese Entertainment Machines → Pachinko

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 223 | 1.5% | S100YC4Y |
| Capital expenditure | 86 | 0.6% | S100YC4Y |
| Free cash flow | 137 | 0.9% | 算出 |
| Investing cash flow | -498 | -3.4% | S100YC4Y |
| Financing cash flow | -714 | -4.9% | S100YC4Y |
| Dividends paid | 493 | 3.4% | S100YC4Y |
| Share buyback | 227 | 1.5% | S100YC4Y |
| Change in cash | -930 | -6.3% | S100YC4Y |
| Cash and equivalents | 5,670 | 38.7% | S100YC4Y |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,097 | 10,709 | 9,816 | 6,600 | 5,670 | S100TPG6, S100VYP9, S100YC4Y |
| Total assets | 12,274 | 13,883 | 15,574 | 15,042 | 16,109 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Net assets | 10,629 | 11,695 | 12,891 | 13,015 | 13,732 | S100TPG6, S100VYP9, S100YC4Y |
| Share capital | 1,028 | 1,028 | 1,028 | 1,028 | 1,028 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Property, plant and equipment | 105 | 133 | 174 | 191 | 186 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Intangible assets excluding goodwill | 53 | 43 | 38 | 29 | 17 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Goodwill | 29 | 17 | 5 | — | — | S100R27T, S100TPG6, S100VYP9 |
| Investment securities | 834 | 763 | 1,596 | 2,179 | 2,817 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Current assets | 11,010 | 12,798 | 13,588 | 12,411 | 12,804 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Current liabilities | 1,605 | 2,145 | 2,641 | 1,984 | 2,334 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Total liabilities | 1,645 | 2,187 | 2,682 | 2,026 | 2,377 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Non-controlling interests | 49 | 77 | 101 | 108 | 130 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Equity attributable to owners of parent | 10,386 | 11,364 | 12,401 | 12,535 | 13,079 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Retained earnings | 8,777 | 9,698 | 10,621 | 10,714 | 11,451 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |
| Treasury stock | -301 | -258 | -217 | -195 | -391 | S100R27T, S100TPG6, S100VYP9, S100YC4Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YC4Y |
| Property, plant and equipment | 1% | S100YC4Y |
| Intangibles and goodwill | 0% | S100YC4Y |
| Investment securities | 18% | S100YC4Y |
| Other assets | 46% | S100YC4Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YC4Y |
| Equity | 85% | S100YC4Y |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,274 | 13,883 | 15,574 | 15,042 | 16,109 |
| Equity | 10,629 | 11,695 | 12,891 | 13,015 | 13,732 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,097 | 10,709 | 9,816 | 6,600 | 5,670 |

## 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) | 1.3% | S100YC4Y |
| Fixed assets ÷ total assets | 1.2% | S100YC4Y |
| Goodwill ÷ parent equity | — | —, S100YC4Y |

### 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) | 35.2% |
| Cash ÷ revenue | 38.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 13.4% |
| Cash vs. profit gap | -1,007 JPY mn (of net income -81.9%) |
| Shareholder returns / net income | 58.5% |
| Shareholder returns / FCF | 525.5% |
| Shareholder payments — dividends / net income | 40.1% |
| Shareholder payments — dividends / FCF | 359.9% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 223.3% |

## 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 | 8.1% | 0.87× | 7.0% | 1.18× | 8.3% | S100R27T |
| 2023 | 9.3% | 1.11× | 10.3% | 1.20× | 12.4% | S100TPG6 |
| 2024 | 10.1% | 1.19× | 12.0% | 1.24× | 14.9% | S100VYP9 |
| 2025 | 6.4% | 1.00× | 6.4% | 1.23× | 7.8% | S100YC4Y |
| 2026 | 8.4% | 0.94× | 7.9% | 1.22× | 9.6% | S100YC4Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 緑屋電気株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 8.7% | 2026-03-31 |
| 市原 澄彦 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社セルシス | Major shareholder | 4.3% | 2026-03-31 |
| 松浦 一教 | Major shareholder | 4.0% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社アバールデータ | Major shareholder | 2.4% | 2026-03-31 |
| 日本エンタープライズ株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 佐々木 好美 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YC4Y | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC4Y,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100VYP9 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYP9,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TPG6 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPG6,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R27T | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R27T,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OEPZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEPZ,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LVNR | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVNR,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | アクセルの NVPROM を加賀FEIが仕入れ（取引基本契約） | S100YNQJ |

## 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).