# Japan Asia Investment Company, Limited: 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45期(2025/04/01－2026/03/31) (S100YMG4)
> Page: https://vizora.meequs.com/en/company/japan-asia-investment
> Retrieved: 2026-09-30T21:22:54.359Z

## Company

Japan Asia Investment, founded in 1981, is a company in Venture Capital listed on TSE Standard. It has 47 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Asia Investment Company, Limited |
| Ticker | 8518 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8518.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区九段北三丁目2番4号 |
| Representative (per filing) | 代表取締役 社長執行役員CEO 丸山 俊 |
| Founded | Jul 1981 |
| Share capital | ¥489M |
| Employees (consolidated) | 47 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.jaic-vc.co.jp (https://www.jaic-vc.co.jp/) |
| Corporate number | 6010001032820 |
| EDINET | E03695 |
| Industries (Vizora) | Venture Capital |

> Profile source: annual securities report (S100YMG4, filed 2026-06-29). As of filing

## Key points (generated from figures)

- Japan Asia Investment brought in ¥2.12B in revenue.
- It lost about ¥19 for every ¥100 of sales at the operating level.
- Revenue changed -31.5% from the prior year, operating profit -492.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.12B |  |
| Operating income | -¥412M | Margin -19.5% |
| Net income | -¥46M | Margin -2.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 47 |  |
| EPS | ¥-13.94 |  |
| Book value per share | ¥278.39 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 26,004,392 |  |
| Treasury shares | 78,000 |  |
| Shareholders | 6,446 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 11.6% | Net cash -¥7.77B · Cash ÷ revenue 115.0% |
| ROA | -0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 19 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3709000000 | ¥2117000000 | -42.9% |
| Operating income | ¥-163000000 | ¥-412000000 | — |
| Operating margin | -4.4% | -19.5% | -15.1 pp |
| Employees | 38 people | 47 people | +23.7% |
| Cash and equivalents | ¥3301000000 | ¥2435000000 | -26.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,117 | 100.0% | S100YMG4 |
| SG&A | 1,103 | 52.1% | S100YMG4 |
| Operating income | -412 | -19.5% | S100YMG4 |
| Ordinary income | -579 | -27.4% | S100YMG4 |
| Pretax income | -103 | -4.9% | S100YMG4 |
| Income tax | 1 | 0.0% | S100YMG4 |
| Net income | -105 | -5.0% | S100YMG4 |
| Net income attributable to owners | -46 | -2.2% | S100YMG4 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 119 |
| Operating income | -19 |
| (Ref.) Net income | -2 |

### Margin funnel

Operating margin -19.5% → Net margin -2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,092 | 2,117 | -975 | -31.5% |
| Operating income | 105 | -412 | -517 | -492.4% |
| Net income attributable to owners | 400 | -46 | -446 | -111.5% |
| Operating cash flow | 1,427 | -129 | -1,556 | -109.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,950 | 716 | 18.1% | 343 | 124 | 1 | S100LRTP |
| FY ending Mar 2021 | 3,709 | -163 | -4.4% | 33 | 1,728 | 1,651 | S100OKYP |
| FY ending Mar 2022 | 3,204 | -237 | -7.4% | 19 | -145 | — | S100R930 |
| FY ending Mar 2023 | 3,872 | 11 | 0.3% | -295 | 157 | — | S100U8DW |
| FY ending Mar 2024 | 2,444 | -1,150 | -47.1% | -1,700 | 456 | — | S100W411 |
| FY ending Mar 2025 | 3,092 | 105 | 3.4% | 400 | 1,427 | — | S100YMG4 |
| FY ending Mar 2026 | 2,117 | -412 | -19.5% | -46 | -129 | — | S100YMG4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | -¥8.8M |
| Net income per employee (consolidated) | -¥978.7K |

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) | 40 | 43 | 38 | 36 | 47 |
| Average salary (parent company) | ¥9.6M | ¥9.5M | ¥8.8M | ¥8M | ¥8.1M |
| Average age (parent company) | 49.0 years | 50.0 years | 48.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 15.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) +30.6% · Revenue (consolidated) -31.5%

## 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 | -129 | -6.1% | S100YMG4 |
| Investing cash flow | -413 | -19.5% | S100YMG4 |
| Financing cash flow | -71 | -3.4% | S100YMG4 |
| Change in cash | -612 | -28.9% | S100YMG4 |
| Cash and equivalents | 2,435 | 115.0% | S100YMG4 |

## 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 | 2,397 | 1,762 | 1,396 | 3,047 | 2,435 | S100U8DW, S100W411, S100YMG4 |
| Total assets | 20,231 | 18,775 | 16,796 | 15,419 | 21,024 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Net assets | 9,443 | 9,101 | 6,132 | 7,158 | 9,630 | S100U8DW, S100W411, S100YMG4 |
| Share capital | 5,426 | 5,426 | 5,426 | 100 | 489 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Property, plant and equipment | 4,148 | 5,432 | 5,977 | 4,512 | 11,059 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Intangible assets excluding goodwill | 1,327 | 1,248 | 1,328 | 717 | 1,219 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Goodwill | — | — | — | 0 | 583 | S100YMG4 |
| Investment securities | 59 | 61 | 75 | 117 | 150 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Current assets | 14,277 | 11,587 | 8,948 | 9,882 | 8,410 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Current liabilities | 1,500 | 812 | 1,330 | 1,353 | 1,043 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Short-term borrowings | 654 | 555 | 901 | 888 | 688 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Long-term borrowings | 8,681 | 8,260 | 8,761 | 6,367 | 9,275 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Bonds | 177 | 170 | 162 | 153 | 244 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Interest-bearing debt | 9,512 | 8,985 | 9,824 | 7,408 | 10,207 | 算出 |
| Total liabilities | 10,787 | 9,673 | 10,663 | 8,260 | 11,394 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Non-controlling interests | 1,646 | 1,487 | 560 | 341 | 2,087 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Equity attributable to owners of parent | 7,017 | 6,836 | 5,126 | 6,628 | 7,360 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Retained earnings | -1,571 | -1,867 | -3,576 | 265 | 219 | S100R930, S100U8DW, S100W411, S100YMG4 |
| Treasury stock | -353 | -353 | -353 | -152 | -152 | S100R930, S100U8DW, S100W411, S100YMG4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YMG4 |
| Property, plant and equipment | 53% | S100YMG4 |
| Intangibles and goodwill | 8% | S100YMG4 |
| Investment securities | 1% | S100YMG4 |
| Other assets | 26% | S100YMG4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 6% | S100YMG4 |
| Equity | 46% | S100YMG4 |

### 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 | 20,231 | 18,775 | 16,796 | 15,419 | 21,024 |
| Equity | 9,443 | 9,101 | 6,132 | 7,158 | 9,630 |
| Interest-bearing debt | 9,512 | 8,985 | 9,824 | 7,408 | 10,207 |
| Cash | 2,397 | 1,762 | 1,396 | 3,047 | 2,435 |

## 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) | 522.4% | S100YMG4 |
| Fixed assets ÷ total assets | 52.6% | S100YMG4 |
| Goodwill ÷ parent equity | 7.9% | S100YMG4 |

### 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) | 11.6% |
| Cash ÷ revenue | 115.0% |
| Net cash (cash − interest-bearing debt) | -¥7.77B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -83 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 0.6% | 0.16× | 0.1% | 2.88× | 0.3% | S100R930 |
| 2023 | — | —× | -1.5% | —× | — | S100U8DW |
| 2024 | — | —× | -9.6% | —× | — | S100W411 |
| 2025 | 12.9% | 0.19× | 2.5% | 2.74× | 6.8% | S100YMG4 |
| 2026 | — | —× | -0.3% | —× | — | S100YMG4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジーエヌアイグループ | Major shareholder | 16.1% | 2026-03-31 |
| 投資事業有限責任組合ガバナンス・パートナーズ経営者ファンド | Major shareholder | 14.4% | 2026-03-31 |
| First Eastern Asia Holdings Limited | Major shareholder | 9.0% | 2026-03-31 |
| 投資事業有限責任組合ガバナンス・パートナーズ経営者ファンドNK | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.3% | 2026-03-31 |
| ガバナンス・パートナーズ投資事業有限責任組合 | Major shareholder | 2.1% | 2026-03-31 |
| Ｂｏｏｍ Ｓｅｃｕｒｉｔｉｅｓ （Ｈ．Ｋ．） Ｌｉｍｉｔｅｄ － Ｃｌｉｅｎｔｓ’ Ａｃｃｏｕｎｔ (常任代理人マネックス証券株式会社) | Major shareholder | 1.9% | 2026-03-31 |
| ダイナミックソリューショングループ株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 鈴木 智博 | Major shareholder | 1.5% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YMG4 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMG4,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W411 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W411,, |
| 訂正有価証券報告書－第43期(2023/04/01－2024/03/31) | S100U8DW | 2024-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U8DW,, |
| 有価証券報告書－第42期(2022/04/01－2023/03/31) | S100R930 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R930,, |
| 有価証券報告書－第41期(令和3年4月1日－令和4年3月31日) | S100OKYP | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKYP,, |
| 有価証券報告書－第40期(令和2年4月1日－令和3年3月31日) | S100LRTP | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRTP,, |

## 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).