# Axis Consulting Corporation: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/07/01－2025/06/30) (S100WQ81)
> Page: https://vizora.meequs.com/en/company/axis-consulting
> Retrieved: 2026-09-30T21:03:28.108Z

## Company

Axis Consulting, founded in 2002, is a company in HR & Staffing listed on TSE Growth. It has 138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Axis Consulting Corporation |
| Ticker | 9344 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9344.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町4-8麹町クリスタルシティ |
| Representative (per filing) | 代表取締役社長COO 伊藤 文隆 |
| Founded | Apr 2002 |
| Share capital | ¥761M |
| Employees (consolidated) | 138 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | June |
| Website | axc-g.co.jp (https://axc-g.co.jp/) |
| Corporate number | 5010001078311 |
| EDINET | E38452 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100WQ81, filed 2025-09-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.8 | 88 |
| Cash conversion | 1.9 | 80 |
| Efficiency | 35.8 | 88 |

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)

- Axis Consulting brought in ¥5.27B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +13.0% from the prior year, operating profit -74.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.27B |  |
| Operating income | ¥210M | Margin 4.0% |
| Net income | ¥321M | Margin 6.1% |
| Free cash flow | -¥296M |  |
| Employees (consolidated) | 138 |  |
| EPS | ¥64.12 |  |
| Diluted EPS | ¥63.4 |  |
| Book value per share | ¥657.57 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 5,049,150 |  |
| Shareholders | 1,301 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 66.4% | Cash ÷ revenue 56.9% |
| Vs. industry median margin | -4.6 pp | HR & Staffing |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 66% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2022 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3513146000 | ¥5271000000 | — |
| Operating income | ¥501150000 | ¥210000000 | — |
| Operating margin | 14.3% | 4.0% | -10.3 pp |
| Employees | 85 people | 138 people | — |
| Cash and equivalents | ¥1485322000 | ¥2999000000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2022 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,271 | 100.0% | S100WQ81 |
| Cost of revenue | 2,414 | 45.8% | S100WQ81 |
| Gross profit | 2,857 | 54.2% | S100WQ81 |
| SG&A | 2,646 | 50.2% | S100WQ81 |
| Operating income | 210 | 4.0% | S100WQ81 |
| Ordinary income | 219 | 4.2% | S100WQ81 |
| Pretax income | 392 | 7.4% | S100WQ81 |
| Income tax | 70 | 1.3% | S100WQ81 |
| Net income | 321 | 6.1% | S100WQ81 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 50 |
| Operating income | 4 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 54.2% → Operating margin 4.0% → Net margin 6.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,666 | 5,271 | 605 | +13.0% |
| Gross profit | 3,099 | 2,857 | -242 | -7.8% |
| Operating income | 834 | 210 | -624 | -74.8% |
| Operating cash flow | 447 | -183 | -630 | -141.0% |
| Free cash flow | 236 | -296 | -532 | -225.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 3,513 | 501 | 14.3% | 325 | 657 | 624 | S100SVGM |
| FY ending Jun 2023 | 4,342 | 674 | 15.5% | 419 | 222 | 211 | S100UGF4 |
| FY ending Jun 2024 | 4,082 | 495 | 12.1% | 502 | 446 | — | S100WQ81 |
| FY ending Jun 2024 | 4,666 | 834 | 17.9% | 503 | 447 | 236 | S100UGF4 |
| FY ending Jun 2025 | 5,271 | 210 | 4.0% | 321 | -183 | -296 | S100WQ81 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥2.3M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 85 | 102 | 117 | 117 | 138 |
| Average salary (parent company) | — | ¥8.6M | — | ¥7.9M | ¥8.2M |
| Average age (parent company) | — | 34.3 years | — | 33.7 years | 35.4 years |
| Average tenure (parent company) | — | 3.1 years | — | 2.9 years | 2.5 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -183 | -3.5% | S100WQ81 |
| Capital expenditure | 113 | 2.1% | S100WQ81 |
| Free cash flow | -296 | -5.6% | 算出 |
| Investing cash flow | -139 | -2.6% | S100WQ81 |
| Financing cash flow | 298 | 5.7% | S100WQ81 |
| Change in cash | -24 | -0.5% | S100WQ81 |
| Cash and equivalents | 2,999 | 56.9% | S100WQ81 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,485 | 2,899 | 2,678 | 3,023 | 2,999 | S100UGF4, S100WQ81 |
| Total assets | 2,105 | 3,498 | 3,824 | 4,113 | 4,515 | S100SVGM, S100UGF4, S100WQ81 |
| Net assets | 863 | 2,655 | 2,995 | 3,168 | 3,325 | S100UGF4, S100WQ81 |
| Share capital | 68 | 755 | 758 | 759 | 761 | S100SVGM, S100UGF4, S100WQ81 |
| Property, plant and equipment | 37 | 32 | 246 | 246 | 219 | S100SVGM, S100UGF4, S100WQ81 |
| Intangible assets excluding goodwill | 15 | 12 | 45 | 45 | 144 | S100SVGM, S100UGF4, S100WQ81 |
| Investment securities | — | — | — | — | 26 | S100WQ81 |
| Current assets | 1,926 | 3,350 | 3,261 | 3,675 | 3,982 | S100SVGM, S100UGF4, S100WQ81 |
| Current liabilities | 1,076 | 768 | 751 | 866 | 878 | S100SVGM, S100UGF4, S100WQ81 |
| Long-term borrowings | 161 | 74 | 0 | 1 | 233 | S100SVGM, S100UGF4, S100WQ81 |
| Total liabilities | 1,242 | 843 | 829 | 944 | 1,189 | S100SVGM, S100UGF4, S100WQ81 |
| Equity attributable to owners of parent | 863 | 2,655 | 2,992 | 3,166 | 3,320 | S100SVGM, S100UGF4, S100WQ81 |
| Retained earnings | 731 | 1,149 | 1,479 | 1,652 | 1,800 | S100SVGM, S100UGF4, S100WQ81 |
| Treasury stock | — | -0 | 0 | -0 | 0 | S100UGF4, S100WQ81 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100WQ81 |
| Property, plant and equipment | 5% | S100WQ81 |
| Intangibles and goodwill | 3% | S100WQ81 |
| Investment securities | 1% | S100WQ81 |
| Other assets | 25% | S100WQ81 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100WQ81 |
| Equity | 74% | S100WQ81 |
| Other liabilities | 0% | S100WQ81 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,105 | 3,498 | 3,824 | 4,113 | 4,515 |
| Equity | 863 | 2,655 | 2,995 | 3,168 | 3,325 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,485 | 2,899 | 2,678 | 3,023 | 2,999 |

## 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) | 4.2% | S100WQ81 |
| Fixed assets ÷ total assets | 4.9% | S100WQ81 |
| Goodwill ÷ parent equity | — | —, S100WQ81 |

### 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) | 66.4% |
| Cash ÷ revenue | 56.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -87.1% |
| Cash vs. profit gap | -504 JPY mn (of net income -157.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.2% | 1.67× | 15.4% | 2.44× | 37.7% | S100SVGM |
| 2023 | 9.6% | 1.55× | 15.0% | 1.59× | 23.8% | S100UGF4 |
| 2024 | 12.3% | 1.07× | 13.1% | 1.28× | 16.8% | S100WQ81 |
| 2024 | 10.8% | 1.13× | 12.2% | 1.30× | 15.9% | S100UGF4 |
| 2025 | 6.1% | 1.17× | 7.1% | 1.36× | 9.7% | S100WQ81 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社創 | Major shareholder | 38.0% | 2025-06-30 |
| 山尾幸弘 | Major shareholder | 26.2% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2025-06-30 |
| 吉越利成 | Major shareholder | 2.4% | 2025-06-30 |
| 伊藤文隆 | Major shareholder | 1.7% | 2025-06-30 |
| 松本典文 | Major shareholder | 1.6% | 2025-06-30 |
| ベル投資事業有限責任組合１ | Major shareholder | 1.5% | 2025-06-30 |
| 荒木田誠 | Major shareholder | 1.4% | 2025-06-30 |
| 所芳正 | Major shareholder | 1.4% | 2025-06-30 |
| アクシスコンサルティング従業員持株会 | Major shareholder | 1.3% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/07/01－2025/06/30) | S100WQ81 | 2025-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ81,, |
| 有価証券報告書－第23期(2023/07/01－2024/06/30) | S100UGF4 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGF4,, |
| 訂正有価証券報告書－第22期(2022/07/01－2023/06/30) | S100SVGM | 2024-02-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SVGM,, |

## 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).