# AZOOM CO.,LTD: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/10/01－2025/09/30) (S100XADZ)
> Page: https://vizora.meequs.com/en/company/azoom
> Retrieved: 2026-09-30T19:05:53.330Z

## Company

Azoom, founded in 2009, is a company in Internet Services & Apps listed on TSE Prime. It has 455 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AZOOM CO.,LTD |
| Ticker | 3496 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3496.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 菅田 洋司 |
| Founded | Oct 2009 |
| Share capital | ¥300.2M |
| Employees (consolidated) | 455 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | September |
| Website | azoom.jp (https://azoom.jp/) |
| Corporate number | 9011001062508 |
| EDINET | E34285 |
| Industries (Vizora) | Internet Services & Apps, Advertising, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XADZ, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 25 |
| Profitability | 86.5 | 26 |
| Cash conversion | 36.5 | 26 |
| Efficiency | 78.8 | 26 |

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 98% of Azoom's sales come from Idle asset utilization business, with Visualization business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +27.9% from the prior year, operating profit +43.0%.

## Company structure

- Segment revenue mix: Idle asset utilization business 98.2%、Visualization business 1.8%
- Revenue → net income: ¥13479945000 → ¥1833739000
- Net income → operating cash flow: ¥1833739000 → ¥1948529000（difference ¥114790000）
- Main uses of operating cash flow: CapEx ¥339391000 / dividends ¥147697000 / buybacks —
- Change in cash: ¥2665574000
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 | ¥13.5B |  |
| Operating income | ¥2.61B | Margin 19.4% |
| Net income | ¥1.83B | Margin 13.6% |
| Free cash flow | ¥1.61B |  |
| Largest business | Idle asset utilization business | of segment revenue 98.2% |
| Employees (consolidated) | 455 |  |
| EPS | ¥135.32 |  |
| Diluted EPS | ¥133.58 |  |
| Book value per share | ¥519.76 |  |
| Equity ratio | 76.7% |  |
| Shares outstanding | 6,136,200 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,484 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 64.5% | Cash ÷ revenue 42.6% |
| Vs. industry median margin | +11.7 pp | Internet Services & Apps |
| ROE | 34.8% | Derived from disclosed figures |
| ROA | 25.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.7× its level five years ago
- FY2025, one segment accounts for 99% of positive segment profit
- FY2025, cash is 65% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3814072000 | ¥13479945000 | +253.4% |
| Operating income | ¥224488000 | ¥2613460000 | +1064.2% |
| Operating margin | 5.9% | 19.4% | +13.5 pp |
| Employees | 176 people | 455 people | +158.5% |
| Cash and equivalents | ¥1078160000 | ¥5737103000 | +432.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 遊休不動産活用事業 → 事業再編・廃止 | 98.1% |
| ビジュアライゼーション事業 → ビジュアライゼーション事業 | 1.8% |
| ビジュアライゼーション事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 遊休資産活用事業 | 98.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,480 | 100.0% | S100XADZ |
| Cost of revenue | 7,783 | 57.7% | S100XADZ |
| Gross profit | 5,697 | 42.3% | S100XADZ |
| SG&A | 3,084 | 22.9% | S100XADZ |
| Operating income | 2,613 | 19.4% | S100XADZ |
| Ordinary income | 2,608 | 19.3% | S100XADZ |
| Pretax income | 2,559 | 19.0% | S100XADZ |
| Income tax | 725 | 5.4% | S100XADZ |
| Net income | 1,834 | 13.6% | S100XADZ |
| Net income attributable to owners | 1,832 | 13.6% | S100XADZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 23 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 42.3% → Operating margin 19.4% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.9%; Core profit growth: +43.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,542 | 13,480 | 2,938 | +27.9% |
| Gross profit | 4,416 | 5,697 | 1,281 | +29.0% |
| Operating income | 1,828 | 2,613 | 785 | +43.0% |
| Net income attributable to owners | 1,288 | 1,832 | 544 | +42.2% |
| Operating cash flow | 1,338 | 1,949 | 611 | +45.6% |
| Free cash flow | 1,092 | 1,609 | 517 | +47.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 3,814 | 224 | 5.9% | 139 | 367 | 311 | S100N1Z2 |
| FY ending Sep 2021 | 4,974 | 508 | 10.2% | 326 | 519 | 430 | S100PUJU |
| FY ending Sep 2022 | 6,417 | 878 | 13.7% | 598 | 620 | 490 | S100SIY4 |
| FY ending Sep 2023 | 8,274 | 1,282 | 15.5% | 879 | 621 | 432 | S100UZAO |
| FY ending Sep 2024 | 10,542 | 1,828 | 17.3% | 1,288 | 1,338 | 1,092 | S100XADZ |
| FY ending Sep 2025 | 13,480 | 2,613 | 19.4% | 1,832 | 1,949 | 1,609 | S100XADZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.6M |
| Operating income per employee (consolidated) | ¥5.7M |
| Net income per employee (consolidated) | ¥4M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 229 | 268 | 349 | 384 | 455 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥4.4M | ¥4.4M | ¥4.4M |
| Average age (parent company) | 27.5 years | 27.4 years | 27.5 years | 27.5 years | 27.9 years |
| Average tenure (parent company) | 2.3 years | 2.5 years | 2.8 years | 2.8 years | 2.7 years |

Year over year: Employees (consolidated) +18.5% · Revenue (consolidated) +27.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Idle asset utilization business | 13,232 | 98.2% | 2,594 | 19.6% |
| Visualization business | 248 | 1.8% | 20 | 8.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Idle asset utilization business | 98.2% | 99.2% | 1.1 | 19.6% |
| Visualization business | 1.8% | 0.8% | -1.1 | 8.3% |

Segment → industry: Idle asset utilization business → Internet Services & Apps / Visualization business → Advertising / Idle asset utilization business → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,949 | 14.5% | S100XADZ |
| Capital expenditure | 339 | 2.5% | S100XADZ |
| Free cash flow | 1,609 | 11.9% | 算出 |
| Investing cash flow | -460 | -3.4% | S100XADZ |
| Financing cash flow | 1,179 | 8.7% | S100XADZ |
| Dividends paid | 148 | 1.1% | S100XADZ |
| Change in cash | 2,666 | 19.8% | S100XADZ |
| Cash and equivalents | 5,737 | 42.6% | S100XADZ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,481 | 1,774 | 2,096 | 3,072 | 5,737 | S100SIY4, S100UZAO, S100XADZ |
| Total assets | 2,475 | 3,036 | 3,983 | 5,554 | 8,894 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Net assets | 1,295 | 1,768 | 2,576 | 3,749 | 6,831 | S100SIY4, S100UZAO, S100XADZ |
| Share capital | 420 | 57 | 64 | 67 | 300 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Inventories | 2 | 1 | 2 | — | — | S100PUJU, S100SIY4 |
| Property, plant and equipment | 106 | 121 | 135 | 116 | 119 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Intangible assets excluding goodwill | 168 | 224 | 297 | 423 | 540 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Goodwill | 63 | 55 | 47 | 39 | 31 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Current assets | 1,885 | 2,291 | 3,057 | 4,368 | 7,366 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Current liabilities | 564 | 842 | 1,053 | 1,402 | 1,640 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Long-term borrowings | 125 | 80 | 58 | 72 | 42 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Total liabilities | 1,180 | 1,268 | 1,408 | 1,805 | 2,063 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Non-controlling interests | 0 | 2 | 3 | 2 | 4 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Equity attributable to owners of parent | 1,283 | 1,742 | 2,547 | 3,722 | 6,817 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Retained earnings | 544 | 1,083 | 1,874 | 3,044 | 4,728 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |
| Treasury stock | -80 | -181 | -181 | -181 | -0 | S100PUJU, S100SIY4, S100UZAO, S100XADZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XADZ |
| Property, plant and equipment | 1% | S100XADZ |
| Intangibles and goodwill | 6% | S100XADZ |
| Other assets | 28% | S100XADZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XADZ |
| Equity | 77% | S100XADZ |
| Other liabilities | 0% | S100XADZ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,475 | 3,036 | 3,983 | 5,554 | 8,894 |
| Equity | 1,295 | 1,768 | 2,576 | 3,749 | 6,831 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,481 | 1,774 | 2,096 | 3,072 | 5,737 |

## 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) | 0.9% | S100XADZ |
| Fixed assets ÷ total assets | 1.3% | S100XADZ |
| Goodwill ÷ parent equity | 0.5% | S100XADZ |

Goodwill over 4 years: 63 → 31 JPY; total investing cash flow: -1,172 JPY. This does not imply causation.

### 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) | 64.5% |
| Cash ÷ revenue | 42.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.6% |
| Cash vs. profit gap | 117 JPY mn (of net income 6.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.1% |
| Shareholder payments — dividends / FCF | 9.2% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 23.6% |

## 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 | 6.6% | 2.01× | 13.2% | 1.93× | 25.4% | S100PUJU |
| 2022 | 9.3% | 2.33× | 21.7% | 1.82× | 39.5% | S100SIY4 |
| 2023 | 10.6% | 2.36× | 25.0% | 1.64× | 41.0% | S100UZAO |
| 2024 | 12.2% | 2.21× | 27.0% | 1.52× | 41.1% | S100XADZ |
| 2025 | 13.6% | 1.87× | 25.4% | 1.37× | 34.8% | S100XADZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社パノラマ | Major shareholder | 33.9% | 2025-09-30 |
| 菅田洋司 | Major shareholder | 14.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.9% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.7% | 2025-09-30 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.1% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| 鈴木雄也 | Major shareholder | 2.4% | 2025-09-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.4% | 2025-09-30 |
| 櫛田邦男 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/10/01－2025/09/30) | S100XADZ | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XADZ,, |
| 有価証券報告書－第15期(2023/10/01－2024/09/30) | S100UZAO | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZAO,, |
| 有価証券報告書－第14期(2022/10/01－2023/09/30) | S100SIY4 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIY4,, |
| 有価証券報告書－第13期(令和3年10月1日－令和4年9月30日) | S100PUJU | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUJU,, |
| 有価証券報告書－第12期(令和2年10月1日－令和3年9月30日) | S100N1Z2 | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1Z2,, |
| 有価証券報告書－第11期(令和1年10月1日－令和2年9月30日) | S100KEJZ | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEJZ,, |

## 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).