# AXIS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/01/01－2025/12/31) (S100XS04)
> Page: https://vizora.meequs.com/en/company/axis-net
> Retrieved: 2026-09-30T18:34:40.598Z

## Company

Axis, founded in 1991, is a company in IT Services & System Integration listed on TSE Standard. It has 545 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AXIS CO.,LTD. |
| Ticker | 4012 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4012.T) |
| Listing | TSE Standard |
| Head office | 東京都港区西新橋二丁目3番1号 |
| Representative (per filing) | 代表取締役 会長執行役員 CEO 小倉 博文 |
| Founded | Jun 1991 |
| Share capital | ¥74.4M |
| Employees (consolidated) | 545 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.axis-net.co.jp (https://www.axis-net.co.jp/) |
| Corporate number | 6010401035266 |
| EDINET | E35959 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XS04, filed 2026-03-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 66.1 | 196 |
| Cash conversion | 31.6 | 185 |
| Efficiency | 72.7 | 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)

- Axis brought in ¥8.13B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +12.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8134225000 → ¥642849000
- Net income → operating cash flow: ¥642849000 → ¥622420000（difference ¥-20429000）
- Main uses of operating cash flow: CapEx ¥28669000 / dividends ¥152337000 / buybacks ¥84000
- Change in cash: ¥407577000
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 | ¥8.13B |  |
| Operating income | ¥888.3M | Margin 10.9% |
| Net income | ¥642.8M | Margin 7.9% |
| Free cash flow | ¥593.8M |  |
| Employees (consolidated) | 545 |  |
| EPS | ¥151.03 |  |
| Diluted EPS | ¥147.24 |  |
| Book value per share | ¥951.5 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 4,383,000 |  |
| Treasury shares | 98,900 |  |
| Shareholders | 2,224 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 63.5% | Cash ÷ revenue 42.2% |
| Vs. industry median margin | +2 pp | IT Services & System Integration |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 63% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4774221000 | ¥8134225000 | — |
| Operating income | ¥505004000 | ¥888319000 | — |
| Operating margin | 10.6% | 10.9% | +0.3 pp |
| Employees | 399 people | 545 people | — |
| Cash and equivalents | ¥1768742000 | ¥3430614000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,134 | 100.0% | S100XS04 |
| Cost of revenue | 6,096 | 74.9% | S100XS04 |
| Gross profit | 2,038 | 25.1% | S100XS04 |
| SG&A | 1,149 | 14.1% | S100XS04 |
| Operating income | 888 | 10.9% | S100XS04 |
| Ordinary income | 918 | 11.3% | S100XS04 |
| Pretax income | 917 | 11.3% | S100XS04 |
| Income tax | 274 | 3.4% | S100XS04 |
| Net income | 643 | 7.9% | S100XS04 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 14 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 25.1% → Operating margin 10.9% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +12.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.32×
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 | 7,435 | 8,134 | 699 | +9.4% |
| Gross profit | 1,848 | 2,038 | 189 | +10.2% |
| Operating income | 790 | 888 | 98 | +12.4% |
| Operating cash flow | 557 | 622 | 66 | +11.8% |
| Free cash flow | 552 | 594 | 42 | +7.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,411 | 167 | 4.9% | 131 | 209 | 206 | S100L0V9 |
| FY ending Dec 2020 | 3,723 | 351 | 9.4% | 259 | 447 | 441 | S100L0V9 |
| FY ending Dec 2021 | 4,774 | 505 | 10.6% | 349 | 319 | 312 | S100QFWL |
| FY ending Dec 2022 | 4,918 | 526 | 10.7% | 390 | 473 | — | S100T3YH |
| FY ending Dec 2022 | 5,855 | 577 | 9.8% | 390 | 473 | 447 | S100QFWL |
| FY ending Dec 2023 | 6,581 | 653 | 9.9% | 462 | 478 | 437 | S100VGL7 |
| FY ending Dec 2024 | 7,435 | 790 | 10.6% | 598 | 557 | 552 | S100XS04 |
| FY ending Dec 2025 | 8,134 | 888 | 10.9% | 643 | 622 | 594 | S100XS04 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.2M |

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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 374 | 430 | 455 | 496 | 545 |
| Average salary (parent company) | — | ¥4.9M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | — | 33.8 years | 34.0 years | 33.7 years | 33.7 years |
| Average tenure (parent company) | — | 6.4 years | 6.7 years | 6.6 years | 6.8 years |

Year over year: Employees (consolidated) +9.9% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 622 | 7.7% | S100XS04 |
| Capital expenditure | 29 | 0.4% | S100XS04 |
| Free cash flow | 594 | 7.3% | 算出 |
| Investing cash flow | -82 | -1.0% | S100XS04 |
| Financing cash flow | -132 | -1.6% | S100XS04 |
| Dividends paid | 152 | 1.9% | S100XS04 |
| Share buyback | 0 | 0.0% | S100XS04 |
| Change in cash | 408 | 5.0% | S100XS04 |
| Cash and equivalents | 3,431 | 42.2% | S100XS04 |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,936 | 2,063 | 2,467 | 3,023 | 3,431 | S100VGL7, S100QFWL, S100XS04 |
| Total assets | 3,375 | 3,487 | 4,065 | 4,773 | 5,404 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Net assets | 2,550 | 2,543 | 3,003 | 3,564 | 4,076 | S100VGL7, S100QFWL, S100XS04 |
| Share capital | 87 | 87 | 46 | 64 | 74 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Property, plant and equipment | 38 | 54 | 78 | 64 | 52 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Intangible assets excluding goodwill | 4 | 249 | 216 | 197 | 191 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Goodwill | 1 | 246 | 215 | 186 | 156 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Investment securities | — | — | — | — | 50 | S100XS04 |
| Current assets | 2,649 | 2,932 | 3,483 | 4,226 | 4,804 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Current liabilities | 588 | 697 | 801 | 912 | 985 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Total liabilities | 825 | 944 | 1,061 | 1,209 | 1,328 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Equity attributable to owners of parent | 2,550 | 2,550 | 3,003 | 3,564 | 4,076 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Retained earnings | 2,401 | 2,400 | 2,823 | 3,346 | 3,837 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100T3YH, S100QFWL, S100VGL7, S100XS04 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XS04 |
| Property, plant and equipment | 1% | S100XS04 |
| Intangibles and goodwill | 6% | S100XS04 |
| Investment securities | 1% | S100XS04 |
| Other assets | 28% | S100XS04 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XS04 |
| Equity | 75% | S100XS04 |
| Other liabilities | 0% | S100XS04 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,375 | 3,487 | 4,065 | 4,773 | 5,404 |
| Equity | 2,550 | 2,543 | 3,003 | 3,564 | 4,076 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,936 | 2,063 | 2,467 | 3,023 | 3,431 |

## 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) | 0.6% | S100XS04 |
| Fixed assets ÷ total assets | 1.0% | S100XS04 |
| Goodwill ÷ parent equity | 3.8% | S100XS04 |

### 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) | 63.5% |
| Cash ÷ revenue | 42.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.1% |
| Cash vs. profit gap | -20 JPY mn (of net income -3.2%) |
| Shareholder returns / net income | 23.7% |
| Shareholder returns / FCF | 25.7% |
| Shareholder payments — dividends / net income | 23.7% |
| Shareholder payments — dividends / FCF | 25.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 13.2% |

## 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 | 7.9% | 1.46× | 11.6% | 1.32× | 15.3% | S100XS04, S100T3YH |
| 2022 | 6.7% | 1.68× | 11.2% | 1.37× | 15.3% | S100QFWL |
| 2023 | 7.0% | 1.62× | 11.4% | 1.35× | 15.4% | S100VGL7 |
| 2024 | 8.0% | 1.68× | 13.5% | 1.35× | 18.2% | S100XS04 |
| 2025 | 7.9% | 1.60× | 12.6% | 1.33× | 16.8% | S100XS04 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小倉 博文 | Major shareholder | 44.6% | 2025-12-31 |
| 日向 宏 | Major shareholder | 5.1% | 2025-12-31 |
| 横田 佳和 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-12-31 |
| 石川 浩一 | Major shareholder | 1.7% | 2025-12-31 |
| 齋藤 将平 | Major shareholder | 1.4% | 2025-12-31 |
| 江本 晋 | Major shareholder | 1.2% | 2025-12-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE（常任代理人 株式会社三井住友銀行） | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2025-12-31 |
| アクシス従業員持株会 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/01/01－2025/12/31) | S100XS04 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS04,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VGL7 | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGL7,, |
| 有価証券報告書－第33期(2023/01/01－2023/12/31) | S100T3YH | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3YH,, |
| 有価証券報告書－第32期(2022/01/01－2022/12/31) | S100QFWL | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFWL,, |
| 訂正有価証券報告書－第31期(令和3年1月1日－令和3年12月31日) | S100O7LL | 2022-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7LL,, |
| 有価証券報告書－第30期(令和2年1月1日－令和2年12月31日) | S100L0V9 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0V9,, |

## 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).