# Axelspace Holdings Corporation: 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7期(2025/06/01－2026/05/31) (S100YYV1)
> Page: https://vizora.meequs.com/en/company/axelspacehd
> Retrieved: 2026-09-30T19:42:00.192Z

## Company

Axelspace Holdings, founded in 2008, is a company in Aerospace listed on TSE Growth. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Axelspace Holdings Corporation |
| Ticker | 402A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/402A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町三丁目3番3号 |
| Representative (per filing) | 代表取締役 中村 友哉 |
| Founded | Aug 2008 |
| Share capital | ¥4.1B |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | May |
| Website | www.axelspacehd.com (https://www.axelspacehd.com/) |
| Corporate number | 1010001207963 |
| EDINET | E40500 |
| Industries (Vizora) | Aerospace |

> Profile source: annual securities report (S100YYV1, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Aerospace (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 22.7 | 11 |
| Efficiency | 34.6 | 13 |

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 Axelspace Holdings's sales come from AxelLinerBusinessReportableSegmentsMember, with AxelGloberBusinessReportableSegmentsMember making up much of the rest.
- It lost about ¥152 for every ¥100 of sales at the operating level.
- Revenue changed +58.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.51B |  |
| Operating income | -¥3.82B | Margin -152.4% |
| Net income | -¥4.06B | Margin -161.8% |
| Free cash flow | -¥6.97B |  |
| Largest business | AxelLinerBusinessReportableSegmentsMember | of segment revenue 60.7% |
| Employees (consolidated) | 218 |  |
| EPS | ¥-65.85 |  |
| Book value per share | ¥104.65 |  |
| Equity ratio | 47.7% |  |
| Shares outstanding | 66,640,600 |  |
| Shareholders | 36,246 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 188.0% |
| Vs. industry median margin | -130.5 pp | Aerospace |
| ROA | -33.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 152 per ¥100 of revenue
- FY2026, cash is 32% of total assets

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2110676000 | ¥2508363000 | +18.8% |
| Operating income | ¥-2538094000 | ¥-3822923000 | — |
| Operating margin | -120.3% | -152.4% | -32.2 pp |
| Employees | 161 people | 218 people | +35.4% |
| Cash and equivalents | ¥4242383000 | ¥4715658000 | +11.2% |

### Change in segment revenue mix

Span: FY ending May 2024 → 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 |
| --- | ---: |
| AxelLiner事業 → AxelLiner事業 | 60.7% |
| AxelLiner事業 → 事業再編・廃止 | 20.8% |
| AxelGlobe事業 → AxelGlobe事業 | 18.5% |
| 新設・再編 → AxelGlobe事業 | 20.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,508 | 100.0% | S100YYV1 |
| Cost of revenue | 1,711 | 68.2% | S100YYV1 |
| Gross profit | 797 | 31.8% | S100YYV1 |
| SG&A | 4,620 | 184.2% | S100YYV1 |
| Operating income | -3,823 | -152.4% | S100YYV1 |
| Ordinary income | -3,712 | -148.0% | S100YYV1 |
| Pretax income | -4,051 | -161.5% | S100YYV1 |
| Income tax | 6 | 0.3% | S100YYV1 |
| Net income | -4,057 | -161.8% | S100YYV1 |
| Net income attributable to owners | -4,057 | -161.8% | S100YYV1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 184 |
| Operating income | -152 |
| (Ref.) Net income | -162 |

### Margin funnel

Gross margin 31.8% → Operating margin -152.4% → Net margin -161.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,587 | 2,508 | 922 | +58.1% |
| Gross profit | 108 | 797 | 690 | +639.9% |
| Operating income | -2,495 | -3,823 | -1,328 | — |
| Net income attributable to owners | -1,951 | -4,057 | -2,106 | — |
| Operating cash flow | -4,329 | -5,124 | -795 | — |
| Free cash flow | -4,428 | -6,965 | -2,537 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 2,111 | -2,538 | -120.3% | -3,174 | -2,579 | -2,760 | S100WLO0 |
| FY ending May 2025 | 1,587 | -2,495 | -157.2% | -1,951 | -4,329 | -4,428 | S100YYV1 |
| FY ending May 2026 | 2,508 | -3,823 | -152.4% | -4,057 | -5,124 | -6,965 | S100YYV1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.5M |
| Operating income per employee (consolidated) | -¥17.5M |
| Net income per employee (consolidated) | -¥18.6M |

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

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 161 | 182 | 218 |
| Average salary (parent company) | — | ¥7.1M | ¥8.1M |
| Average age (parent company) | — | 42.4 years | 44.8 years |
| Average tenure (parent company) | — | 2.5 years | 1.7 years |

Year over year: Employees (consolidated) +19.8% · Revenue (consolidated) +58.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AxelLinerBusinessReportableSegmentsMember | 1,522 | 60.7% | -278 | -18.3% |
| AxelGloberBusinessReportableSegmentsMember | 986 | 39.3% | -1,595 | -161.8% |

### 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 |
| --- | ---: |
| AxelLinerBusinessReportableSegmentsMember | 60.7% |
| AxelGloberBusinessReportableSegmentsMember | 39.3% |

Segment → industry: AxelGloberBusinessReportableSegmentsMember → Aerospace / AxelLinerBusinessReportableSegmentsMember → Aerospace

## 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 | -5,124 | -204.3% | S100YYV1 |
| Capital expenditure | 1,842 | 73.4% | S100YYV1 |
| Free cash flow | -6,965 | -277.7% | 算出 |
| Investing cash flow | -2,117 | -84.4% | S100YYV1 |
| Financing cash flow | 7,835 | 312.4% | S100YYV1 |
| Change in cash | 609 | 24.3% | S100YYV1 |
| Cash and equivalents | 4,716 | 188.0% | S100YYV1 |

## 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 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,242 | 4,107 | 4,716 | S100YYV1 |
| Total assets | 7,353 | 9,523 | 14,609 | S100WLO0, S100YYV1 |
| Net assets | 4,977 | 3,028 | 6,993 | S100YYV1 |
| Share capital | 100 | 100 | 4,103 | S100WLO0, S100YYV1 |
| Property, plant and equipment | — | — | 3,364 | S100YYV1 |
| Intangible assets excluding goodwill | — | — | 17 | S100YYV1 |
| Current assets | 7,316 | 9,397 | 11,026 | S100WLO0, S100YYV1 |
| Current liabilities | 1,827 | 1,545 | 4,354 | S100WLO0, S100YYV1 |
| Short-term borrowings | 338 | 166 | — | S100WLO0, S100YYV1 |
| Long-term borrowings | 550 | 4,950 | 3,262 | S100WLO0, S100YYV1 |
| Total liabilities | 2,377 | 6,495 | 7,616 | S100WLO0, S100YYV1 |
| Equity attributable to owners of parent | 4,976 | 3,025 | 6,974 | S100WLO0, S100YYV1 |
| Retained earnings | -9,315 | -11,265 | -15,323 | S100WLO0, S100YYV1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YYV1 |
| Property, plant and equipment | 23% | S100YYV1 |
| Intangibles and goodwill | 0% | S100YYV1 |
| Other assets | 45% | S100YYV1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YYV1 |
| Equity | 48% | S100YYV1 |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 7,353 | 9,523 | 14,609 |
| Equity | 4,977 | 3,028 | 6,993 |
| Interest-bearing debt | — | — | — |
| Cash | 4,242 | 4,107 | 4,716 |

## 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) | 134.1% | S100YYV1 |
| Fixed assets ÷ total assets | 23.0% | S100YYV1 |
| Goodwill ÷ parent equity | — | —, S100YYV1 |

### 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) | 32.3% |
| Cash ÷ revenue | 188.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -1,067 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 73.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -43.2% | —× | — | S100WLO0 |
| 2025 | — | —× | -23.1% | —× | — | S100YYV1 |
| 2026 | — | —× | -33.6% | —× | — | S100YYV1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社共有口 | Major shareholder | 5.0% | 2026-05-31 |
| 中村 友哉 | Major shareholder | 4.4% | 2026-05-31 |
| 永島 隆 | Major shareholder | 3.4% | 2026-05-31 |
| UntroD野村クロスオーバーインパクトファンド投資事業有限責任組合 | Major shareholder | 3.2% | 2026-05-31 |
| JPモルガン証券株式会社 | Major shareholder | 3.2% | 2026-05-31 |
| 株式会社SpaceCompass | Major shareholder | 2.9% | 2026-05-31 |
| Kepple Liquidity1号投資事業有限責任組合 | Major shareholder | 2.5% | 2026-05-31 |
| SBI Ventures Three合同会社 | Major shareholder | 2.2% | 2026-05-31 |
| 特定金外信託受託者株式会社ＳＭBC信託銀行 | Major shareholder | 2.2% | 2026-05-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/06/01－2026/05/31) | S100YYV1 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYV1,, |
| 有価証券報告書－第6期(2024/06/01－2025/05/31) | S100WLO0 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLO0,, |

## 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).