Overview
Electric Power and Gas

ASTMAX Co.,Ltd.

Astmax Group operates in two core domains: comprehensive energy business and financial business. In energy, the Group develops and manages renewable energy assets (primarily solar and geothermal power generation), provides electricity wholesale trading and grid management agency services, and retails electricity and gas to both individual and corporate customers under the 'Ast Denki x Ast Gas' brand. On the financial side, the Group conducts proprietary trading in commodity and financial futures on domestic and international exchanges, though this dealin segment is being phased out over approximately two years.

Market Cap
¥3.93B
US$25.1M
EV
¥3.23B
US$20.6M
Stock¥299▲+0.00%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
1.5
x
LTM EV/EBIT
1.6
x
LTM PER
3.6
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-1.7%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
3.93BUS$25.1MMarket Cap4.14BUS$26.4M+ Debt4.84BUS$30.9M− Cash0.36BUS$2.28M− Inv. Sec.0.36BUS$2.28M+ NCI3.23BUS$20.6MEV
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Performance & Balance
Revenue 5Y (¥B)
12.8US$81.4M'22/311.8US$75.1M'23/314.9US$94.7M'24/320.7US$132M'25/325.3US$161M'26/3
EBITDA 5Y (¥B)
0.79US$5.03M'22/3-0.48-US$3.05M'23/30.96US$6.09M'24/30.14US$0.88M'25/32.96US$18.8M'26/3
Net Income 5Y (¥B)
0.13US$0.81M'22/3-0.36-US$2.28M'23/30.45US$2.84M'24/3-0.15-US$0.93M'25/31.96US$12.5M'26/3
Capital Structure
61%
39%
EquityD/E 0.63xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
3.23US$20.6M3.55US$22.6M'22/33.57US$22.8M3.36US$21.4M'23/34.46US$28.4M3.27US$20.9M'24/33.19US$20.4M3.54US$22.6M'25/33.80US$24.2M3.18US$20.3M'26/3
Shareholders
Top 10 hold 47.6%
1
Hulic Property Solutions Co., Ltd.
17.97%
2
Keishou Kikaku Ltd.
8.92%
3
Hideaki USHIJIMA
5.40%
4
Junya YAMAMOTO
2.99%
5
Shinichiro SHIRAKI
2.81%
6
Kentaro OBATA
2.51%
7
Maki YAMAMOTO
2.29%
8
Hiroaki HONDA
1.65%
9
Hiromitsu OGURA
1.57%
10
Mitsuru YOSHIDA
1.54%
Management
8 officers
Hideaki USHIJIMA
Representative Director, Chairman and President, Executive Officer
Apr 1978 Joined Sumitomo Corporation May 1992 Assistant Manager, Non-ferrous Metals Department; Manager, Copper Marketing Section Apr 1993 Joined former Astmax Co., Ltd. as Managing Director Nov 1994 Representative Director, Managing Director, Astmax Co., Ltd. May 1998 Representative Director, Senior Managing Director, Astmax Co., Ltd. May 2001 Representative Director, President, Astmax Co., Ltd. Jul 2010 Representative Director, Chairman, Astmax Co., Ltd. Oct 2012 Representative Director, Chairman, the Company; Representative Director, President, Astmax Trading Co., Ltd. (formerly Astmax Co., Ltd.) Sep 2013 Representative Director, President, Astmax Energy Co., Ltd. Jun 2015 Representative Director, President, Kumamoton Solar Project Co., Ltd. (current) Nov 2015 Representative Director, President, Astmax Energy Service Co., Ltd. May 2019 Representative Director, President, Astmax Ebino Geothermal Co., Ltd. (current) Jun 2020 Representative Director, Chairman and Executive Officer, the Company Jun 2022 Representative Director, Chairman and Executive Officer, the Company Jun 2024 Representative Director, President, Astmax Energy Co., Ltd. Apr 2026 Representative Director, Chairman, President and Executive Officer, the Company (current)
1955-07-03
Norihiko NAKANISHI
Director, Executive Officer
Apr 1989 Joined Sanwa Bank, Ltd. Jun 1996 Joined Mazda Speed Co., Ltd. Mar 1999 Joined Nihon Information Engineering Co., Ltd. (now SCSK Corporation) Apr 2000 Joined Nestweb Co., Ltd. Nov 2000 Joined Neuralnet Co., Ltd. May 2002 Joined Plat Communication Components Co., Ltd. Dec 2003 Transferred to Platt Home Co., Ltd. May 2005 Executive Officer, General Manager of Administration Department, Money Partners Group Co., Ltd. Sep 2006 Audit & Supervisory Board Member, Money Partners Solutions Co., Ltd. Nov 2006 Executive Officer, CFO, Money Partners Group Co., Ltd. Mar 2008 Director, CFO, Money Partners Group Co., Ltd. Oct 2008 Director, CFO, Money Partners Co., Ltd. Jun 2018 Director, Vice President and CFO, Money Partners Co., Ltd. Aug 2020 Assigned to the President's Office, the Company Jun 2023 Executive Officer, General Manager of General Affairs Division and Assistant General Manager of Management Planning Division, General Manager of Financial Planning Department and CCO, the Company Jun 2025 Director, the Company Apr 2026 Director, Executive Officer, General Manager of General Affairs Division, General Manager of Financial Planning Department and CCO, the Company (current)
1966-11-19
Shoji HASHIMOTO
Director (Note 1)
Apr 2000 Registered as attorney with Daiichi Tokyo Bar Association; joined Hasegawa Toshiaki Law Office Apr 2004 Joined Mitsui Yasuda Law Office Dec 2004 Joined Linklaters Law Office (now Linklaters Gaikokuho Kyodo Jigyo Horitsu Jimusho) Apr 2006 Part-time Lecturer, Graduate School of Asia Pacific Studies, Waseda University Jan 2007 Joined Allen & Gledhill LLP (Singapore) Dec 2007 Joined Linklaters LLP (London) Jun 2008 Joined Linklaters Law Office (Gaikokuho Kyodo Jigyo Horitsu Jimusho) Jun 2009 Joined Atsumi & Sako Law Office (now Atsumi & Sako Law Office, Gaikokuho Kyodo Jigyo Horitsu Jimusho) Dec 2010 Partner, Atsumi & Sako Law Office Aug 2011 External Member, Compliance Committee, TLC Township Co., Ltd. (now Tokyu REIT Management Inc.) (current) Mar 2014 Outside Director (Audit and Supervisory Committee Member), GMO Research Inc. (now GMO Product Platform Inc.) (current) Jun 2017 Outside Director, the Company (current) Jun 2020 Outside Director (Audit and Supervisory Committee Member), Daiko Pharmaceutical Co., Ltd. Feb 2024 Representative, Hashimoto Sogo Law Office (current) Mar 2024 Senior Managing Director, Daiko Pharmaceutical Co., Ltd. (current)
1967-07-14
Hiroaki MIZOBUCHI
Director (Note 1)
Apr 1977 Joined Sumitomo Corporation Nov 1996 Head of Al Khobar Office, Saudi Arabia, Sumitomo Corporation Sep 2002 General Manager, Energy Business Department, Second Energy Division, Sumitomo Corporation Jul 2004 Representative Director, President, Summit Energy Holdings Co., Ltd. Apr 2007 Executive Officer, Deputy General Manager, Communications, Environment and Industrial Infrastructure Business Division, Sumitomo Corporation Apr 2010 Executive Officer, General Manager, New Business Development Division, Sumitomo Corporation Apr 2013 Executive Officer, Kyushu-Okinawa Block General Manager, Sumitomo Corporation; Representative Director, President, Sumitomo Corporation Kyushu Co., Ltd. Jan 2017 Executive Officer, General Manager, Business Development Division, Enesis Co., Ltd. Jun 2020 Outside Director, the Company (current)
1954-09-15
Koki YOSHIDA
Director (Note 1)
Apr 2014 Joined Hulic Co., Ltd. Jul 2017 Chief, Technology and Environment Planning Department, Hulic Co., Ltd. Jul 2019 Deputy Manager, Technology and Environment Planning Department, Hulic Co., Ltd. Jan 2021 Deputy Manager, New Business Promotion Department, Hulic Property Solutions Co., Ltd. (seconded) Jul 2022 Senior Advisor, New Business Promotion Department, Hulic Property Solutions Co., Ltd. (seconded) Feb 2025 Senior Advisor, Sustainability Department, Hulic Co., Ltd. (current); Representative Director, Hulic Energy Solutions Co., Ltd. (current) May 2025 Representative Director, Akita Wind Power Research Institute Co., Ltd. (current) Jun 2025 Outside Director, the Company (current)
1989-05-02
Sadahito ABE
Full-time Corporate Auditor (Note 2)
Apr 1985 Joined Ricoh Co., Ltd. Jul 1995 Senior Tax Consultant, Aoyama Audit Corporation and Price Waterhouse Tax Office (now PwC Tax Japan) Apr 1999 Manager, General Accounting Department, Motorola Japan Ltd. Nov 2002 Assistant Manager, Asia China Business Division, Suntory Ltd. Apr 2004 Assistant Manager, Accounting Center, Suntory Ltd. Apr 2005 Senior Finance Manager, Finance and Accounting Division, Levi Strauss Japan K.K. Nov 2005 Finance Controller, Finance and Accounting Division, Levi Strauss Japan K.K. Mar 2024 Opened Sadahito Abe Tax Accountant Office (current) Jun 2025 Corporate Auditor, the Company (current)
1961-12-10
Ichiro WAKI
Corporate Auditor (Note 2)
Apr 1993 Joined Chuo Audit Corporation, International Division Sep 1996 Financial Controller, Heraeus Electro-Nite Japan Ltd. Sep 2001 Business Analyst, Lam Research K.K. Sep 2002 Representative Director, President, Exact Software Japan K.K. Sep 2006 Director, Managing Director, Japan Business Assurance Co., Ltd. Sep 2016 Representative Director, Group CEO, JBA Holdings Co., Ltd. (current) Jul 2019 Managing Director, Japanese Institute of Certified Public Accountants (current) Dec 2019 Outside Corporate Auditor, Good Cycle System Co., Ltd. Jan 2020 Member, Advisory Group for Professional Accountants in Business, International Federation of Accountants Jun 2024 Outside Corporate Auditor, IPS Pro Co., Ltd. Nov 2024 Corporate Auditor, the Company (current) May 2026 Representative Director, President, Disclosure Pro Co., Ltd. (current)
1968-08-05
Chie TABATA
Corporate Auditor (Note 2)
Apr 1998 Joined Merrill Lynch Japan Securities Co., Ltd. Dec 2009 Registered as attorney with Dai-Ni Tokyo Bar Association Jan 2010 Joined Hayabusa Asuka Law Office Jun 2015 Joined Atsumi & Sako Law Office, Gaikokuho Kyodo Jigyo Horitsu Jimusho Jun 2016 Outside Corporate Auditor, Sebon Co., Ltd. Nov 2021 Joined Suda Yohei Law Office Feb 2022 Partner Attorney, Tsubame Sogo Law Office (current) Nov 2022 Outside Director (Audit and Supervisory Committee Member), Francfranc Corporation Jun 2023 Outside Director (Audit and Supervisory Committee Member), Punch Kogyo Co., Ltd. (current) Jun 2026 Corporate Auditor, the Company (current)
1975-07-19
Large Shareholding Reports
Keisho Kikaku Ltd.
2026-07-03
8.91%→8.91%
Annual report (as of 2026-03-31): 8.92%
Keisho Kikaku Ltd.
2026-05-07
9.26%→14.18%
Annual report (as of 2026-03-31): 8.92%
Keisho Kikaku Ltd.
2026-05-01
9.26%→8.91%
Annual report (as of 2026-03-31): 8.92%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-03
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-05-07
Change Report
EDINET
2026-05-01
Large Shareholding Report
TDnet
2026-02-02
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
TDnet
2025-08-01
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-05-26
Securities Registration Statement
TDnet
2025-02-03
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-01
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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