AUCNET INC.

株式会社オークネット

Consumer Cyclical · Internet Retail

Aucnet Inc., a circular market design company, engages in online auctions and various distribution businesses for goods, flowers, used motorcycles, used medical equipment, and other products in Japan. The company operates through Lifestyle Products and Mobility & Energy segments. It is involved in used motorcycle and flower auctions and circular commerce business; fashion resale business; agricultural business, such as cut and potted flowers; and digital devices, such as used PCs and mobile phones. The company was formerly known as FTS Inc. and changed its name to Aucnet Inc. in September 1984. Aucnet Inc. was founded in 1984 and is headquartered in Minato, Japan.

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Price

¥1,367

Market Cap

¥62.9B

Ent. Value

—

Net Cash est

—

Shares Out.

46.0M

P / E

10.5×

EV / EBIT

—

P / Book

2.35×

P / NCAV

3.82×

Div. Yield

4.24%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥64.1B	¥55.9B	¥43.3B	¥40.5B	¥36.7B
Cost of Sales	¥37.1B	¥33.6B	¥25.2B	¥23.1B	¥19.8B
Gross Profit	¥27.0B	¥22.3B	¥18.1B	¥17.3B	¥16.9B
SG&A	¥17.5B	¥15.3B	¥11.4B	¥10.7B	¥11.1B
Operating Income	¥9.5B	¥7.0B	¥6.7B	¥6.6B	¥5.8B
Non-Operating Income	¥233M	¥223M	¥129M	¥155M	¥301M
Dividend Income	¥79M	¥60M	¥61M	¥55M	¥43M
Interest Income	¥32M	¥6M	¥6M	¥4M	¥4M
Non-Operating Expenses	¥229M	¥21M	¥36M	¥57M	¥34M
Interest Expense	¥0M	¥2M	¥0M	¥0M	¥1M
Ordinary Income	¥9.5B	¥7.2B	¥6.8B	¥6.7B	¥6.1B
Pre-tax Income	¥9.0B	¥7.0B	¥6.9B	¥6.5B	¥6.0B
Income Taxes	¥2.9B	¥2.4B	¥2.4B	¥2.1B	¥2.3B
Current Tax	¥3.4B	¥2.5B	¥2.5B	¥2.5B	¥2.5B
Deferred Tax	¥-442M	¥-148M	¥-34M	¥-346M	¥-178M
Net Income (owners)	¥5.9B	¥4.5B	¥4.4B	¥4.3B	¥3.6B
Minority Interest	¥139M	¥118M	¥93M	¥68M	¥63M
Comprehensive Income	¥5.9B	¥4.8B	¥4.4B	¥4.5B	¥3.8B
EBITDA	¥10.4B	¥7.9B	¥7.4B	¥7.5B	¥6.7B
Goodwill Amort. (J-GAAP)	¥198M	¥243M	¥120M	¥120M	¥134M
EPS	¥129.85	¥188.44	¥175.79	¥159.48	¥130.56
Shares Outstanding	46.0M	24.3M	23.9M	26.3M	28.0M
Shares Issued (total)	48.0M	24.8M	24.8M	26.5M	28.0M
Treasury Shares	2.0M	0.5M	0.9M	0.2M	0.0M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥50.8B	¥44.0B	¥37.7B	¥37.3B	¥36.8B
Current Assets	¥40.6B	¥33.5B	¥31.0B	¥30.4B	¥30.0B
Cash & Deposits	¥23.1B	¥17.0B	¥19.6B	¥20.0B	¥20.6B
Trade Receivables	¥2.0B	¥1.8B	¥1.2B	¥1.2B	—
Non-Current Assets	¥10.1B	¥10.5B	¥6.7B	¥7.0B	¥6.8B
PP&E	¥1.9B	¥1.8B	¥1.6B	¥1.6B	¥1.6B
Goodwill	¥195M	¥1.3B	¥430M	¥550M	¥670M
Intangible Assets	¥2.8B	¥3.2B	¥1.4B	¥1.4B	¥1.6B
Investment Securities	¥2.0B	¥2.5B	¥1.2B	¥1.4B	¥1.4B
Deferred Tax Assets	¥1.8B	¥1.3B	¥1.1B	¥1.1B	¥758M
Total Liabilities	¥24.2B	¥17.9B	¥15.4B	¥14.4B	¥14.1B
Current Liabilities	¥21.8B	¥14.5B	¥12.1B	¥11.3B	¥11.0B
Taxes Payable	¥2.3B	¥1.4B	¥1.6B	¥876M	¥1.6B
Non-Current Liabilities	¥2.4B	¥3.4B	¥3.2B	¥3.1B	¥3.1B
Pension Obligations	¥850M	¥1.9B	¥1.9B	¥1.8B	¥1.8B
Total Equity	¥26.6B	¥26.2B	¥22.3B	¥22.9B	¥22.7B
Capital Stock	¥1.8B	¥1.8B	¥1.8B	¥1.8B	¥1.8B
Capital Surplus	¥2.8B	¥4.5B	¥4.2B	¥4.2B	¥6.9B
Retained Earnings	¥24.3B	¥20.5B	¥17.3B	¥16.6B	¥13.5B
Treasury Stock	¥-3.0B	¥-1.6B	¥-1.6B	¥-600M	¥-230M
AOCI	¥484M	¥672M	¥437M	¥477M	¥357M
Equity (owners)	¥25.9B	¥25.2B	¥21.7B	¥22.0B	¥22.0B
Minority Interests	¥277M	¥267M	¥150M	¥397M	¥383M

Net Cash ⓘ	¥23.1B	¥17.0B	¥19.6B	¥20.0B	¥20.6B
NCAV ⓘ	¥16.5B	¥15.7B	¥15.6B	¥15.9B	¥15.9B
NCAV/Share	¥358	¥646	¥652	¥606	¥569
BV/Share	¥562	¥1,040	¥909	¥839	¥786

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥12.7B	¥4.9B	¥5.1B	¥4.5B	¥4.2B
Interest Paid	¥-0M	¥-8M	¥-0M	¥-0M	¥-6M
Interest Received	¥111M	¥66M	¥68M	¥60M	¥52M
D&A	¥710M	¥632M	¥666M	¥759M	¥765M
Goodwill Amort.	¥198M	¥243M	¥120M	¥120M	¥134M
Investing CF	¥-1.1B	¥-3.5B	¥-428M	¥185M	¥389M
CapEx	¥437M	¥336M	¥314M	¥376M	¥333M
Purchase Investments	—	¥-988M	—	—	—
Proceeds from Invest.	¥604M	¥21M	¥329M	—	¥588M
Financing CF	¥-5.6B	¥-4.1B	¥-5.1B	¥-4.4B	¥-825M
Dividends Paid	¥-2.2B	¥-1.4B	¥-1.2B	¥-1.2B	¥-836M
Share Buybacks	¥-3.5B	¥-743M	¥-3.8B	¥-3.1B	—
Free Cash Flow	¥12.3B	¥4.5B	¥4.8B	¥4.1B	¥3.9B
Net Change in Cash	¥6.1B	¥-2.6B	¥-369M	¥376M	¥3.8B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	22.7%	18.7%	19.6%	19.4%	17.4%
ROA	12.5%	11.0%	11.6%	11.7%	9.8%
EPS	¥129.85	¥188.44	¥175.79	¥159.48	¥130.56
DPS	¥58.00	¥76.00	¥53.00	¥48.00	¥40.00
BPS	¥580.82	¥1,084.08	¥936.82	¥862.24	¥802.38
FCF/Share	¥268	¥186	¥201	¥158	¥140
NCAV/Share	¥358	¥646	¥652	¥606	¥569
Payout Ratio	44.7%	40.3%	30.1%	30.1%	30.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 16

Date	Activist	Stake	Event	Flag	Demands
2026-03-31	Corporation Blue Peak	11.15% +0.33%	change	Passive	—
2026-03-24	VARECS Partners Limited	9.18% -1.0%	change	Passive	—
2025-08-06	VARECS Partners Limited	10.18% -1.0%	change	Passive	—
2025-02-26	VARECS Partners Limited	11.18% -2.94%	change	Passive	—
2024-11-27	FLEX Corporation	37.78% -7.6%	change	Passive	—
2024-11-27	Corporation Blue Peak	10.82%	initial_5pct	Passive	—
2024-08-28	FLEX Corporation	45.38%	change	Passive	—
2024-05-22	FMR LLC	6.74% +1.04%	change	Passive	—
2024-02-07	FMR LLC	5.7%	initial_5pct	Passive	—
2024-01-11	VARECS Partners Limited	14.12%	change	Passive	—
2024-01-11	United Managers Japan Inc.	—	exit	Passive	—
2023-12-25	FLEX Corporation	45.38%	change	Passive	—
2023-07-05	Orient Corporation	4.9% -4.89%	change	Passive	—
2023-07-05	NAMAI ASSET MANAGEMENT	4.2% -1.3%	change	Passive	—
2023-06-13	Orient Corporation	9.79%	change	Passive	—
2023-06-13	NAMAI ASSET MANAGEMENT	5.5%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	フレックスコーポレーション㈱	18,709,860	40.67%
2	Blue Peak ㈱Blue Peak	4,842,940	10.53%
3	GOLDMAN, SACHS ＆ CO.REG GOLDMAN, SACHS ＆ CO.REG(常任代理人ゴールドマン・サックス証券㈱)	2,623,100	5.70%
4	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）	1,747,800	3.80%
5	NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS (常任代理人香港上海銀行東京支店)	1,699,574	3.69%
6	GOLDMAN SACHS INTERNATIONAL GOLDMAN SACHS INTERNATIONAL(常任代理人ゴールドマン・サックス証券㈱)	1,559,200	3.39%
7	㈱ナマイ・アセットマネジメント	1,400,000	3.04%
8	NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT (常任代理人香港上海銀行東京支店)	972,186	2.11%
9	㈱オリエントコーポレーション	832,800	1.81%
10	オークネットグループ従業員持株会	697,810	1.52%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

3.8%

-6.8% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

5.8%

-1.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

66.7%

+3.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
フレックスコーポレーション		47.00%	38.56%	40.67% +2.11%
Blue Peak ㈱Blue Peak		2.25%	9.98%	10.53% +0.55%
Northern Trust		6.90%	6.75%	5.80% -0.95%
GOLDMAN, SACHS ＆ CO.REG GOLDMAN, SACHS ＆ CO.REG		6.02%	6.56%	5.70% -0.86%
日本マスタートラスト信託銀行 ↑		3.19%	3.69%	3.80% +0.11%
Goldman Sachs		7.46%	5.58%	3.39% -2.19%
㈱ナマイ・アセットマネジメント		3.76%	2.89%	3.04% +0.15%
㈱オリエントコーポレーション NEW ENTRY	—	—	—	1.81% NEW
オークネットグループ従業員持株会 NEW ENTRY		1.14%	—	1.52% NEW
Japan Custody Bank 日本カストディ銀行 last seen 2024	Exited Top 10	5.42%	6.86%	—
Concentration (HHI) ⓘ		2409	1775	1872

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥244M -54% since 2023

Holdings 2 2 exited

Trend Stable vs 2023

Held Company	FY2025 ¥244M total		FY2023 ¥532M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
KU HOLDINGS CO.,LTD. ㈱ケーユーホールディングス	244	200,000	222	200,000
Blancco Technology Group PLC	—		—
ZERO CO.,LTD. ㈱ゼロ	—	−100% Exit —	241	180,000
Orient Corporation ㈱オリエントコーポレーション	—	−100% Exit —	70	65,000	M
Portfolio total	244		532

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding