Aoyama Zaisan Networks Company,Limited

株式会社青山財産ネットワークス

Real Estate · Real Estate Services

Aoyama Zaisan Networks Company,Limited provides property consulting solutions to individual and institutional asset owners in Japan. It provides asset succession, business succession, and asset management services. The company offers property succession services, including consultation for pre- and post-inheritance, effective utilization of owned real estate, land utilization, and real estate purchase and sale. It also provides support services for determining successors, organizational restructuring, financial improvement, and growth strategy. The company was formerly known as Funai Zaisan Consultants Co., Ltd. and changed its name to Aoyama Zaisan Networks Company,Limited in July 2012. Aoyama Zaisan Networks Company,Limited was incorporated in 1991 and is headquartered in Minato, Japan.

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Price

¥1,354

Market Cap

¥32.5B

Ent. Value

¥24.6B

Net Cash

¥7.9B

Shares Out.

24.0M

P / E

11.8×

EV / EBIT

6.4×

P / Book

2.78×

P / NCAV

6.49×

Div. Yield

3.91%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥41.8B	¥45.6B	¥36.1B	¥36.0B	¥24.2B
Cost of Sales	¥33.3B	¥38.6B	¥29.7B	¥30.3B	¥19.9B
Gross Profit	¥8.5B	¥7.0B	¥6.4B	¥5.7B	¥4.3B
SG&A	¥4.6B	¥3.5B	¥3.1B	¥3.1B	¥2.5B
Operating Income	¥3.9B	¥3.5B	¥3.3B	¥2.6B	¥1.9B
Non-Operating Income	¥88M	¥84M	¥211M	¥60M	¥57M
Dividend Income	¥18M	¥15M	¥13M	¥12M	¥6M
Interest Income	¥25M	¥10M	¥10M	¥0M	¥0M
Non-Operating Expenses	¥189M	¥111M	¥117M	¥190M	¥117M
Interest Expense	¥138M	¥77M	¥77M	¥80M	¥74M
Ordinary Income	¥3.8B	¥3.5B	¥3.4B	¥2.5B	¥1.8B
Pre-tax Income	¥3.8B	¥3.4B	¥3.1B	¥2.5B	¥2.0B
Income Taxes	¥990M	¥978M	¥1.1B	¥782M	¥534M
Current Tax	¥1.2B	¥1.1B	¥1.1B	¥831M	¥367M
Deferred Tax	¥-194M	¥-82M	¥-73M	¥-49M	¥167M
Net Income (owners)	¥2.8B	¥2.4B	¥2.1B	¥1.7B	¥1.5B
Minority Interest	¥16M	¥-2M	¥12M	¥0M	¥-5M
Comprehensive Income	¥3.0B	¥2.4B	¥2.1B	¥1.8B	¥1.5B
EBITDA	¥4.4B	¥3.7B	¥3.6B	¥2.9B	¥2.2B
Goodwill Amort. (J-GAAP)	¥130M	¥8M	¥8M	¥8M	¥9M
EPS	¥114.78	¥100.03	¥84.81	¥69.82	¥61.22
Shares Outstanding	24.0M	23.9M	24.3M	24.3M	24.1M
Shares Issued (total)	25.1M	25.1M	24.5M	24.5M	24.4M
Treasury Shares	1.1M	1.2M	0.2M	0.2M	0.2M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥26.3B	¥22.4B	¥23.5B	¥21.8B	¥17.4B
Current Assets	¥19.6B	¥15.4B	¥17.6B	¥15.4B	¥12.1B
Cash & Deposits	¥14.1B	¥13.1B	¥14.7B	¥12.8B	¥10.9B
Trade Receivables	¥798M	¥484M	¥910M	¥684M	¥567M
Non-Current Assets	¥6.7B	¥7.0B	¥5.9B	¥6.3B	¥5.4B
PP&E	¥327M	¥328M	¥2.5B	¥2.6B	¥2.7B
Goodwill	¥1.2B	¥2.9B	¥10M	¥19M	¥28M
Intangible Assets	¥3.6B	¥3.1B	¥289M	¥410M	¥551M
Investment Securities	¥2.1B	¥2.8B	¥2.5B	¥2.7B	¥1.6B
Deferred Tax Assets	¥243M	¥253M	¥178M	¥160M	¥123M
Total Liabilities	¥14.6B	¥12.6B	¥13.9B	¥13.4B	¥10.3B
Current Liabilities	¥6.1B	¥5.7B	¥5.5B	¥5.1B	¥3.8B
ST Debt	¥2.3B	¥2.2B	¥2.4B	¥1.9B	¥1.5B
Taxes Payable	¥505M	¥486M	¥755M	¥687M	¥204M
Non-Current Liabilities	¥8.5B	¥6.9B	¥8.4B	¥8.3B	¥6.5B
Total LT Borrowings	¥3.9B	¥3.8B	¥5.8B	¥6.0B	¥4.9B
Deferred Tax Liab.	¥818M	¥16M	—	—	—
Total Equity	¥11.7B	¥9.8B	¥9.6B	¥8.3B	¥7.1B
Capital Stock	¥1.3B	¥1.3B	¥1.2B	¥1.2B	¥1.2B
Capital Surplus	¥2.1B	¥2.1B	¥1.4B	¥1.4B	¥1.3B
Retained Earnings	¥9.7B	¥8.1B	¥6.8B	¥5.6B	¥4.6B
Treasury Stock	¥-2.0B	¥-2.0B	¥-144M	¥-168M	¥-168M
AOCI	¥532M	¥297M	¥294M	¥254M	¥157M
Equity (owners)	¥11.1B	¥9.5B	¥9.2B	¥8.0B	¥7.0B
Minority Interests	¥31M	¥15M	¥37M	¥24M	¥4M

Total Interest-Bearing Debt ⓘ	¥6.2B	¥6.0B	¥8.1B	¥8.0B	¥6.4B
Net Cash ⓘ	¥7.9B	¥7.1B	¥6.6B	¥4.8B	¥4.5B
NCAV ⓘ	¥5.0B	¥2.8B	¥3.7B	¥2.0B	¥1.8B
NCAV/Share	¥209	¥119	¥151	¥81	¥73
BV/Share	¥464	¥396	¥378	¥330	¥288

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥903M	¥6.7B	¥2.5B	¥2.2B	¥2.4B
Taxes Paid	¥-1.1B	¥-1.4B	¥-1.1B	¥-339M	¥-200M
Interest Paid	¥-127M	¥-68M	¥-67M	¥-69M	¥-94M
Interest Received	¥44M	¥25M	¥23M	¥13M	¥6M
D&A	¥363M	¥215M	¥285M	¥298M	¥302M
Goodwill Amort.	¥130M	¥8M	¥8M	¥8M	¥9M
Investing CF	¥901M	¥-2.7B	¥212M	¥-1.3B	¥-631M
CapEx	¥49M	¥48M	¥30M	¥115M	¥163M
Purchase Investments	¥-1.6B	¥-847M	—	¥-1.2B	¥-790M
Financing CF	¥-888M	¥-5.8B	¥-858M	¥882M	¥-375M
Dividends Paid	¥-1.1B	¥-1.1B	¥-896M	¥-726M	¥-664M
Share Buybacks	—	¥-2.1B	—	¥0M	¥-168M
LT Debt Repaid	¥-2.6B	¥-4.1B	¥-2.0B	¥-1.8B	¥-1.2B
Free Cash Flow	¥854M	¥6.6B	¥2.5B	¥2.1B	¥2.2B
Net Change in Cash	¥915M	¥-1.8B	¥1.9B	¥1.9B	¥1.4B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	25.7%	25.2%	23.2%	22.0%	22.0%
ROA	11.3%	10.6%	9.1%	8.6%	8.5%
EPS	¥114.78	¥100.03	¥84.81	¥69.82	¥61.22
DPS	¥53.00	¥46.00	¥41.00	¥35.00	¥39.00
BPS	¥486.24	¥408.17	¥390.42	¥340.13	¥294.61
FCF/Share	¥36	¥276	¥101	¥87	¥92
NCAV/Share	¥209	¥119	¥151	¥81	¥73
Payout Ratio	46.2%	46.0%	48.3%	50.1%	63.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 9

Date	Activist	Stake	Event	Flag	Demands
2026-05-22	Asset Management One Co., Ltd.	5.26%	initial_5pct	Passive	—
2026-02-03	MIRI Capital Management LLC	4.16% -1.01%	change	Passive	—
2025-12-17	MIRI Capital Management LLC	5.17% -1.0%	change	Passive	—
2025-11-12	Asset Value Investors Limited	8.21% +1.02%	change	Passive	—
2025-03-14	Asset Value Investors Limited	7.19% +1.04%	change	Passive	—
2024-12-16	MIRI Capital Management LLC	6.17% +1.16%	change	Passive	—
2024-12-06	MIRI Capital Management LLC	5.01%	initial_5pct	Passive	—
2024-07-12	Asset Value Investors Limited	6.15% +1.01%	change	Passive	—
2024-06-18	Asset Value Investors Limited	5.14%	initial_5pct	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	蓮見正純	2,541,505	10.61%
2	AVI JAPAN OPPORTUNITY TRUST PLC AVI JAPAN OPPORTUNITY TRUST PLC（常任代理人株式会社みずほ銀行決済営業部）	1,779,100	7.42%
3	USBK NA JP I&W TS（常任代理人株式会社三菱UFJ銀行）	1,183,400	4.94%
4	株式会社日本Ｍ＆Ａセンター	1,000,000	4.17%
5	MSIP CLIENT SECURITIES MSIP CLIENT SECURITIES（常任代理人モルガン・スタンレーMUFG証券株式会社）	638,000	2.66%
6	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（年金信託口）	571,000	2.38%
7	Capital Asset Planning Co., Ltd. 株式会社キャピタル・アセット・プランニング	400,000	1.67%
8	Employee Stock Ownership Plan 青山財産ネットワークス社員持株会	362,700	1.51%
9	株式会社チェスター財産コンサルタンツ	300,000	1.25%
10	株式会社チェスターマネジメント	300,000	1.25%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

2.4%

+0.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

-6.8% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

35.5%

+7.9% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
蓮見正純		10.32%	10.60%	10.61% +0.01%
AVI JAPAN OPPORTUNITY TRUST PLC		—	5.66%	7.42% +1.76%
USBK NA JP I&W TS NEW ENTRY	—	—	—	4.94% NEW
式会社日本Ｍ＆Ａセンター		4.11%	4.18%	4.17% -0.01%
MSIP CLIENT SECURITIES		—	1.62%	2.66% +1.04%
日本カストディ銀行		5.98%	2.35%	2.38% +0.03%
Capital Asset Planning Co., Ltd. 式会社キャピタル・アセット・プランニング		1.64%	1.67%	1.67%
Employee Stock Ownership Plan 青山財産ネットワークス社員持株会		1.32%	1.31%	1.51% +0.20%
式会社チェスターマネジメント		—	1.25%	1.25%
式会社チェスター財産コンサルタンツ		—	1.25%	1.25%
BNY Mellon last seen 2024	Exited Top 10	1.24%	6.75%	—
Northern Trust last seen 2023	Exited Top 10	1.39%	—	—
Goldman Sachs last seen 2023	Exited Top 10	1.36%	—	—
NOMURA PB NOMINEES LIMITED OMNIBUS－MARGIN （CASHPB） last seen 2023	Exited Top 10	1.14%	—	—
Concentration (HHI) ⓘ		170	223	230

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

Portfolio Book Value ¥1,418M +31% since 2023

Holdings 3 +1 new 1 exited

Trend Stable vs 2023

Held Company	FY2025 ¥1,418M total		FY2023 ¥1,084M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
UKAI CO.,LTD. 株式会社うかい	676	200,000	729	200,000
The Keiyo Bank, Ltd. 株式会社京葉銀行	671	403,500	274	403,500	M
YAMADA SERVICER SYNTHETIC OFFICE 株式会社山田再生系債権回収総合事務所	71	NEW New 84,900	—		M
株式会社山田債権回収管理総合事務所	—	−100% Exit —	81	84,900	M
Portfolio total	1,418		1,084

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