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ASIRO Inc.

ASIRO Inc. operates primarily in the legal media space, running the 'Bennavi' family of specialized legal information websites (covering divorce, traffic accidents, inheritance, labor disputes, criminal cases, debt collection, and debt restructuring) that connect users with attorneys through a subscription-based advertising model. The company also operates derivative media sites (including detective/investigation and job-change advisory media), an HR business providing recruitment services for attorneys, CPAs, and back-office professionals, and an insurance business offering attorney fee insurance through its consolidated subsidiary ASIRO Shogaku Tanki Hoken Co., Ltd. Its legal media segment features a stable, stock-type recurring revenue model driven by monthly flat-rate advertising placements sold to law firms.

Market Cap
¥10.7B
US$68.4M
EV
¥9.29B
US$59.3M
Stock¥1,526▼-0.13%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
7.0
x
LTM EV/EBIT
7.7
x
LTM PER
12.7
x
LTM PBR
3.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-11.6%pt
10012345
Oct 23, 25 – Oct 23, 26StockTOPIX
1Dec 19, 25Asset Value Investors Limited filed large shareholding report
2Dec 22, 25Asset Value Investors Limited changed stake (6.78%→8.45%)
3Dec 23, 25Asset Value Investors Limited changed stake (8.45%→9.89%)
4Dec 25, 25Asset Value Investors Limited changed stake (9.89%→11.45%)
5Jan 5, 26Asset Value Investors Limited changed stake (11.45%→14.22%)
MC → EV Bridge
10.7BUS$68.4MMarket Cap0.30BUS$1.89M+ Debt1.76BUS$11.2M− Cash0.00BUS$0.00M− Inv. Sec.0.03BUS$0.16M+ NCI9.29BUS$59.3MEV
AI Briefing
ASIRO runs Japan's leading 'Bennavi' legal media network (3,300+ paid ad slots, ~¥3.8B run-rate) plus legal HR and attorney-fee insurance lines, FY25/10 revenue ¥6.6B with OP margin snapping back to 21.3%. Top holder AVI Japan Opportunity Trust at 32.75% alongside founder-CEO Nakayama's 26.54% creates an activist-heavy register worth watching for governance or strategic pressure. At ¥10.7B market cap vs ¥1.3B LTM EBITDA (¥1.6B forward), the stock trades on a recovery/growth narrative in recurring-revenue legal advertising rather than any announced M&A process.
Performance & Balance
Revenue 5Y (¥B)
1.55US$9.90M'21/102.20US$14.0M'22/103.20US$20.4M'23/104.69US$29.9M'24/106.65US$42.4M'25/10
EBITDA 5Y (¥B)
0.41US$2.65M'21/100.56US$3.58M'22/100.19US$1.21M'23/100.55US$3.51M'24/101.56US$9.94M'25/10
Net Income 5Y (¥B)
0.23US$1.46M'21/100.34US$2.19M'22/10-0.01-US$0.08M'23/100.14US$0.91M'24/101.02US$6.53M'25/10
Capital Structure
90%
EquityD/E 0.11xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
1.30US$8.32M0.30US$1.91M'21/101.88US$12.0M0.76US$4.82M'22/101.23US$7.82M0.95US$6.08M'23/101.60US$10.2M0.68US$4.32M'24/102.47US$15.7M0.43US$2.72M'25/10
Shareholders
Top 10 hold 75.4%
as of 2026-04-30 · Source: Annual Securities Report
1
AVI JAPAN OPPORTUNITY TRUST PLC (Standing Proxy: Mizuho Bank, Ltd.)
32.75%
2
Hiroto NAKAYAMA
26.54%
3
Daito Tokushu Densen Co., Ltd.
4.95%
4
SG/UCITS V/INV (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
4.33%
5
Custody Bank of Japan, Ltd. (Trust Account)
1.44%
6
Joji IKUMA
1.41%
7
Yuta YAMAMOTO
1.35%
8
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
0.99%
9
Junpei MIYAZAKI
0.85%
10
JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO (Standing Proxy: MUFG Bank, Ltd.)
0.81%
Management
4 officers
Hiroto NAKAYAMA
Representative Director, President and Executive Officer
Apr 2006 Joined Work Port Co., Ltd. Apr 2007 Joined Bakumatsu Co., Ltd. (now ISHIN Co., Ltd.) Nov 2009 Appointed Representative Director and President, Ashiro Co., Ltd. (former) May 2015 Appointed Representative Director and President, Hoken Connect Co., Ltd. Oct 2015 Appointed Representative Director and President, KANAMA Co., Ltd. May 2016 Appointed Representative Director and President of the Company Oct 2017 Appointed Representative Partner, Nakayama Office LLC Jan 2022 Appointed Representative Director, President and Executive Officer of the Company (current) Jun 2024 Appointed Director, Ashiro Short-Term Insurance Co., Ltd. (current)
1983-03-16
Shigeo TAKAHASHI
Director (Full-time Audit and Supervisory Committee Member)
Apr 1984 Joined Honda Motor Co., Ltd. Jun 2004 Section Manager, Business Planning Section, Business Management Department, Kumamoto Plant, Honda Motor Co., Ltd. Jun 2008 Section Manager, Business Management Section, Business Planning Office, Japan Sales Headquarters, Honda Motor Co., Ltd. Aug 2011 Deputy General Manager, Finance, Guangqi Honda Automobile Co., Ltd. Jan 2014 Director, PT Astra Honda Motor Jun 2016 Full-time Audit and Supervisory Board Member (Outside), Yutaka Giken Co., Ltd. Aug 2021 Full-time Audit and Supervisory Board Member, APB Co., Ltd. Jan 2026 Appointed Director (Full-time Audit and Supervisory Committee Member) of the Company (current)
1961-08-24
Yoichi ASO
Director (Audit and Supervisory Committee Member)
Apr 2006 Joined Recruit Co., Ltd. (now Recruit Holdings Co., Ltd.) Feb 2018 Appointed Representative Director, Alpha Drive Co., Ltd. (current) Apr 2018 Appointed Representative Director, Genome Clinic Co., Ltd. (current) Mar 2019 Appointed Director of the Company Jun 2020 Appointed Director, Amuse Inc. (current) Jan 2023 Appointed Representative Director, Unigy Co., Ltd. (current) Feb 2023 Representative Director, NewsPicks for Business Co., Ltd. (now Ambitions Co., Ltd.) (current) Jan 2024 Appointed Director (Audit and Supervisory Committee Member) of the Company (current)
1983-04-06
Takuya TOME
Director (Audit and Supervisory Committee Member)
Jan 2012 Joined Kitahama Partners (Tokyo Office) Apr 2015 Seconded to Japan Exchange Regulation, Listing Department Oct 2016 Returned to Kitahama Partners (Tokyo Office) Jan 2021 Appointed Partner, Kitahama Partners (current) Jun 2022 Outside Director, Aida Design Co., Ltd. (current) Mar 2023 Outside Audit and Supervisory Board Member, Showcase Co., Ltd. Jan 2026 Appointed Director (Audit and Supervisory Committee Member) of the Company (current)
1986-01-07
Large Shareholding Reports
Asset Value Investors Limited
2026-03-26
34.15%→35.23%
Asset Value Investors Limited
2026-03-19
33.05%→34.15%
Asset Value Investors Limited
2026-03-03
32.01%→33.05%
Asset Value Investors Limited
2026-02-25
31.01%→32.01%
Asset Value Investors Limited
2026-02-24
29.78%→31.01%
Asset Value Investors Limited
2026-02-13
28.42%→29.78%
Asset Value Investors Limited
2026-02-02
27.38%→28.42%
Asset Value Investors Limited
2026-01-29
26.37%→27.38%
Asset Value Investors Limited
2026-01-26
25.27%→26.37%
Asset Value Investors Limited
2026-01-22
24.20%→25.27%
Asset Value Investors Limited
2026-01-20
22.84%→24.20%
Asset Value Investors Limited
2026-01-16
21.11%→22.84%
Asset Value Investors Limited
2026-01-14
20.03%→21.11%
Asset Value Investors Limited
2026-01-09
18.97%→20.03%
Asset Value Investors Limited
2026-01-07
17.08%→18.97%
Asset Value Investors Limited
2026-01-06
14.22%→17.08%
Asset Value Investors Limited
2026-01-05
11.45%→14.22%
Asset Value Investors Limited
2025-12-25
9.89%→11.45%
Asset Value Investors Limited
2025-12-23
8.45%→9.89%
Asset Value Investors Limited
2025-12-22
6.78%→8.45%
Asset Value Investors Limited
2025-12-19
6.78%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-09-11
Q3 Earnings Flash
FY ending Oct 2026
View PDF →
EDINET
2026-06-15
Semi-Annual Securities Report
Period: Nov 2025 – Oct 2026
View PDF →
EDINET
2026-03-26
Large Shareholding Report
View PDF →
EDINET
2026-03-19
Large Shareholding Report
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TDnet
2026-03-12
Q1 Earnings Flash
FY ending Oct 2026
View PDF →
EDINET
2026-03-03
Large Shareholding Report
View PDF →
EDINET
2026-02-25
Large Shareholding Report
View PDF →
EDINET
2026-02-24
Large Shareholding Report
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EDINET
2026-02-13
Large Shareholding Report
View PDF →
EDINET
2026-02-02
Large Shareholding Report
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EDINET
2026-01-29
Large Shareholding Report
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EDINET
2026-01-27
Annual Securities Report
Period: Nov 2024 – Oct 2025
View PDF →
EDINET
2026-01-26
Large Shareholding Report
View PDF →
EDINET
2026-01-22
Large Shareholding Report
View PDF →
EDINET
2026-01-20
Large Shareholding Report
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EDINET
2026-01-16
Large Shareholding Report
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EDINET
2026-01-14
Large Shareholding Report
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EDINET
2026-01-09
Large Shareholding Report
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EDINET
2026-01-07
Large Shareholding Report
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EDINET
2026-01-06
Large Shareholding Report
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EDINET
2026-01-05
Large Shareholding Report
View PDF →
EDINET
2025-12-25
Large Shareholding Report
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EDINET
2025-12-23
Large Shareholding Report
View PDF →
EDINET
2025-12-22
Large Shareholding Report
View PDF →
EDINET
2025-12-19
Large Shareholding Report
View PDF →
TDnet
2025-09-12
Q3 Earnings Flash
FY ending Oct 2025
View PDF →
EDINET
2025-06-13
Semi-Annual Securities Report
Period: Nov 2024 – Oct 2025
View PDF →
TDnet
2025-03-14
Q1 Earnings Flash
FY ending Oct 2025
View PDF →
EDINET
2025-01-28
Annual Securities Report
Period: Nov 2023 – Oct 2024
View PDF →
EDINET
2024-06-14
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
View PDF →
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