Overview
Electric Appliances

AXELL CORPORATION

Axell Corporation is a research and development-driven technology company specializing in graphics LSI (Large-Scale Integration) semiconductors, primarily serving the pachinko and pachislot amusement machine industry. The company leverages its core semiconductor and graphics technology to expand into adjacent growth areas including AI solutions (centered on its proprietary deep learning framework 'ailia'), blockchain development support, hardware security products, and middleware for video and content compression. Axell targets both the established amusement equipment market and emerging enterprise technology segments, with competitive strengths rooted in its full-stack capability spanning low-level hardware to high-level software solutions.

Market Cap
¥17.5B
US$111M
EV
¥9.18B
US$58.5M
Stock¥1,622▼-3.97%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.4
x
LTM EV/EBIT
5.6
x
LTM PER
14.7
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+2.0%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 7, 25Interim earnings profit decline
2Aug 7, 26Q1 FY2027/03 earnings announced
3Sep 29, 26FY operating profit forecast raised from ¥1.2bn to ¥2.29bn; dividend increased to ¥79/share
MC → EV Bridge
17.5BUS$111MMarket Cap0.00BUS$0.00M+ Debt3.41BUS$21.7M− Cash5.01BUS$32.0M− Inv. Sec.0.13BUS$0.80M+ NCI9.18BUS$58.5MEV
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Performance & Balance
Revenue 5Y (¥B)
10.7US$68.0M'22/314.5US$92.3M'23/317.6US$112M'24/315.2US$97.2M'25/314.7US$93.5M'26/3
EBITDA 5Y (¥B)
0.87US$5.56M'22/31.66US$10.6M'23/32.50US$15.9M'24/31.56US$9.92M'25/31.76US$11.2M'26/3
Net Income 5Y (¥B)
0.87US$5.52M'22/31.35US$8.63M'23/31.77US$11.3M'24/30.98US$6.24M'25/31.23US$7.84M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
9.93US$63.3M'22/310.3US$65.5M'23/39.91US$63.2M'24/37.18US$45.8M'25/36.99US$44.6M'26/3
Shareholders
Top 10 hold 43.5%
1
Midoriya Denki Co., Ltd.
8.99%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.72%
3
Sumihiko ICHIHARA
4.60%
4
CELSYS,Inc.
4.31%
5
Kazunori MATSUURA
3.98%
6
NORTHERN TRUST CO. (AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
3.41%
7
Custody Bank of Japan, Ltd. (Trust Account)
3.04%
8
AVAL DATA CORPORATION
2.41%
9
Nihon Enterprise Co.,Ltd.
2.10%
10
Yoshimi SASAKI
1.92%
Management
8 officers
Kazunori MATSUURA
Representative Director, Chairman and President
Apr 1994 Joined Shin Nippon Steel Corporation (now Nippon Steel Corporation) Apr 1998 Joined the Company Apr 2004 Appointed Senior Manager, Technology Group Jun 2006 Appointed Director, Assistant General Manager, Technology Group Jun 2010 Appointed Director, General Manager, Technology Group Jun 2012 Appointed Representative Director, President Apr 2014 Visiting Professor, University of Tsukuba Jun 2022 Appointed Representative Director, Chairman Feb 2026 Appointed Representative Director, Chairman and President (current)
1970-01-25
Kazuki KYAKUNO
Managing Director, CTO, in charge of Algorithm Team, Technology Group
Apr 2006 Joined the Company Mar 2011 Completed Doctoral Program, Graduate School of Systems and Information Engineering, University of Tsukuba (Doctor of Engineering) Apr 2013 Appointed Senior Manager, Technology Group Apr 2014 Visiting Associate Professor, University of Tsukuba (current) Jun 2018 Appointed Director, General Manager in charge of New Business Promotion Jul 2018 Appointed Director, VIPPOOL Inc. Apr 2019 Appointed Director, General Manager in charge of New Business Promotion, in charge of Algorithm Team, Technology Group May 2019 Appointed Director, ax Inc. (now IRIA Inc.) Aug 2019 Appointed Director, Motion Portrait Inc. Apr 2022 Appointed Director, General Manager, Business Development Group, in charge of Algorithm Team, Technology Group Jun 2022 Appointed Managing Director, General Manager, Business Development Group, in charge of Algorithm Team, Technology Group Apr 2024 Appointed Managing Director, CTO, in charge of Algorithm Team, Technology Group (current) Apr 2025 Appointed Representative Director, President, IRIA Inc. (current)
1983-12-12
Takaomi KISHIMOTO
Managing Director, General Manager, Sales Group
Apr 1995 Joined Takachiho Koeki Co., Ltd. Nov 1999 Joined MegaChips Corporation Oct 2006 Joined the Company Apr 2015 Appointed Senior Manager, Sales Group Jun 2018 Appointed Executive Officer, General Manager, Sales Group Nov 2020 Appointed Representative Director, President, aimRage Inc. (current) Jun 2022 Appointed Director, General Manager, Sales Group Jun 2025 Appointed Managing Director, General Manager, Sales Group (current) Jun 2025 Appointed Director, IRIA Inc. (current)
1973-02-24
Atsushi KIKUCHI
Director, General Manager, Technology Group
Nov 2002 Joined the Company Jun 2012 Appointed Senior Manager, Technology Group, LSI Team Leader Jun 2018 Appointed Executive Officer, Assistant General Manager, Technology Group, LSI Team Leader Apr 2019 Appointed Executive Officer, General Manager, Technology Group Jun 2022 Appointed Director, General Manager, Technology Group (current) Apr 2024 Appointed Director, aimRage Inc. (current)
1977-05-24
Shigeo IKASHIMA
Director (Full-time Audit and Supervisory Committee Member)
Oct 1990 Joined Chuo Shinko Audit Corporation Aug 1995 Registered as Certified Public Accountant Jan 1997 Joined Yano Seisakusho Co., Ltd. Mar 2003 Seconded to Yano Electronics (Thailand) Co., Ltd., as Representative Director, Vice President Apr 2004 Returned to Yano Seisakusho Co., Ltd. Sep 2004 Opened Ikashima Certified Public Accountant and Tax Accountant Office, Representative (current) Jun 2008 Appointed Outside Audit & Supervisory Board Member, the Company; Auditor, EJ Works Inc.; Auditor, Lunascape Corporation Dec 2011 Full-time Audit & Supervisory Board Member, Taiyo Bussan Co., Ltd. Jun 2012 Outside Audit & Supervisory Board Member, Shin Tokyo Group Co., Ltd. Oct 2015 Representative Director, President, Cluster Accounting Co., Ltd. Jun 2016 Appointed Outside Director (Audit and Supervisory Committee Member), the Company Dec 2017 Outside Director, Taiyo Bussan Co., Ltd. Jan 2019 Representative Partner, TIS Tax Accountant Corporation Jun 2023 Appointed Outside Director (Full-time Audit and Supervisory Committee Member), the Company (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), FANUC Corporation (current)
1963-12-12
Katsuya MIMURA
Director (Audit and Supervisory Committee Member)
Apr 1974 Joined Showa Audit Corporation (now EY ShinNihon LLC) Mar 1977 Registered as Certified Public Accountant Jan 1982 Opened Katsuya Mimura Certified Public Accountant and Tax Accountant Office (current) Jun 2008 Appointed Outside Audit & Supervisory Board Member, the Company Jun 2016 Appointed Outside Director (Audit and Supervisory Committee Member), the Company Oct 2016 Outside Director, Inaba Seisakusho Co., Ltd. (current) Dec 2017 Outside Audit & Supervisory Board Member, Fujisan no Meisui Co., Ltd. Jun 2018 Appointed Outside Director (Full-time Audit and Supervisory Committee Member), the Company Jul 2018 Outside Director (Audit and Supervisory Committee Member), Fujisan no Meisui Co., Ltd. Jun 2019 Appointed Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2019 Audit & Supervisory Board Member, FANUC Corporation Jun 2021 Director (Audit and Supervisory Committee Member), FANUC Corporation
1951-06-18
Makoto SUZUKI
Director (Audit and Supervisory Committee Member)
Apr 1975 Joined The Heiwa Sogo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Nov 1981 Joined Yamaichi Securities Co., Ltd. Nov 1993 Joined Goldman Sachs Securities Co., Ltd., Head of Corporate Department, Investment Banking Division Feb 2000 Established Strategic Capital Partners Co., Ltd., Representative Director Jun 2010 Appointed Outside Director, the Company Jun 2016 Appointed Outside Director (Audit and Supervisory Committee Member), the Company (current) Nov 2016 Auditor, Risei-sha Co., Ltd. Mar 2017 Representative Director, President, Ken Real Estate Investment Advisory Co., Ltd. Jun 2017 Representative Director, President, Shibuya Television Co., Ltd. (current)
1953-02-09
Teiichiro NISHISAKA
Director (Audit and Supervisory Committee Member)
Apr 1982 Joined NEC Corporation Jan 2005 General Manager, System Memory Business Division, NEC Electronics Corporation May 2007 General Manager, Advanced ASIC Business Division, NEC Electronics Corporation Jul 2008 General Manager, System ASIC Business Division, NEC Electronics Corporation Apr 2010 General Manager, Imaging Device Business Division, Renesas Electronics Corporation Oct 2011 General Manager, Industrial Network Business Division II, Renesas Electronics Corporation Oct 2012 Left Renesas Electronics Corporation Apr 2014 Registered as Certified Small and Medium Enterprise Management Consultant Apr 2017 Joined Japan Science and Technology Agency Jun 2018 Appointed Outside Director (Audit and Supervisory Committee Member), the Company Jun 2019 Appointed Outside Director (Full-time Audit and Supervisory Committee Member), the Company Jun 2023 Appointed Outside Director (Audit and Supervisory Committee Member), the Company (current)
1958-01-28
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-16
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-06
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-05
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-18
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-07
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-06
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINETAmended
2022-11-15
Amended Annual Securities Report
EDINETAmended
2022-11-15
Amended Annual Securities Report
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-11
Quarterly Securities Report
EDINET
2021-06-30
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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