Overview
Wholesale Trade

AS ONE CORPORATION

AS ONE Corporation is a specialized trading company that wholesales scientific instruments, laboratory equipment, consumables, and industrial/factory MRO supplies primarily to research institutions, universities, production facilities, and medical/nursing care facilities. The company operates AXEL, a comprehensive e-commerce platform offering over 60 million SKUs, and distributes products through a catalog-based sales model via dealer networks. Its competitive strengths lie in its broad product lineup, integrated procurement systems, logistics infrastructure, and expanding digital capabilities including the AI-powered AXEL 2.0 search engine.

Market Cap
¥186B
US$1.19B
EV
¥159B
US$1.01B
Stock¥2,614▲+0.35%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
10.3
x
LTM EV/EBIT
11.6
x
LTM PER
19.1
x
LTM PBR
2.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-19.8%pt
1001
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 17, 25Post interim earnings selling
MC → EV Bridge
186BUS$1.19BMarket Cap9.21BUS$58.6M+ Debt23.0BUS$146M− Cash13.4BUS$85.5M− Inv. Sec.159BUS$1.01BEV
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Performance & Balance
Revenue 5Y (¥B)
87.0US$554M'22/391.4US$582M'23/395.5US$608M'24/3104US$661M'25/3111US$705M'26/3
EBITDA 5Y (¥B)
11.1US$70.5M'22/313.0US$83.0M'23/312.3US$78.1M'24/313.4US$85.3M'25/314.7US$93.4M'26/3
Net Income 5Y (¥B)
7.20US$45.9M'22/38.11US$51.7M'23/37.50US$47.8M'24/38.23US$52.4M'25/39.18US$58.4M'26/3
Capital Structure
89%
EquityD/E 0.13xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
40.5US$258M3.10US$19.7M'22/338.1US$243M6.19US$39.4M'23/332.9US$209M3.60US$22.9M'24/337.1US$237M7.21US$45.9M'25/331.7US$202M4.82US$30.7M'26/3
Shareholders
Top 10 hold 53.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
12.82%
2
Iuchi Seieido Co., Ltd.
10.58%
3
JP MORGAN CHASE BANK 380055 (Standing Proxy: Mizuho Bank, Ltd.)
5.40%
4
THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (Standing Proxy: Mizuho Bank, Ltd.)
4.94%
5
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
4.64%
6
Custody Bank of Japan, Ltd. (Trust Account)
3.66%
7
BNYM AS AGT/CLTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.)
3.38%
8
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)
3.11%
9
Ikue IUCHI
2.68%
10
Hideo IUCHI
2.20%
Management
9 officers
Takuji IUCHI
Representative Director, President and CEO
Apr 1991 Joined Nittetsu Shoji Co., Ltd. (now Nippon Steel Trading Co., Ltd.) Mar 1994 Joined the Company Apr 2002 General Manager, International Division Jun 2005 Director; General Manager, International Division and General Manager, Merchandise Procurement Department Apr 2006 General Manager, Merchandise Division and General Manager, International Division Apr 2007 General Manager, Merchandise Division and General Manager, Merchandise Procurement Department Apr 2007 Chairman, Azuo (Shanghai) Trading Co., Ltd. Apr 2008 Senior Managing Director; General Manager, Merchandise Division, Information Strategy Division and Merchandise Procurement Department Jun 2008 General Manager, Merchandise Division, Information Strategy Division, Business Development Division and Merchandise Procurement Department Jun 2009 Representative Director, President Apr 2010 Also General Manager, Sales Division Apr 2011 Also General Manager, Marketing Division Jan 2015 Also General Manager, Sales Division Jun 2017 Representative Director, President, Iuchi Logistics Co., Ltd. Jun 2020 Director, Iuchi Logistics Co., Ltd. (current) Apr 2025 Representative Director, President and CEO of the Company (current)
1968-08-27
Toshiki HARA
Senior Managing Director, CIO
Apr 1982 Joined The Kyowa Bank, Ltd. (now Resona Bank, Limited) Apr 2008 Executive Officer, Resona Bank, Limited; in charge of Osaka Region (block) Apr 2013 Director and Representative Executive Officer, Resona Holdings, Inc. Apr 2014 Deputy President and Executive Officer (Representative Director), Resona Bank, Limited Apr 2015 Director, Kinki Osaka Bank, Ltd. (now Kansai Mirai Bank, Limited) Apr 2017 Representative Executive Officer, Resona Holdings, Inc. Nov 2017 Director and Executive Officer, Kansai Mirai Financial Group, Inc. Apr 2018 Director, Resona Holdings, Inc. Jun 2018 Director and Deputy President Executive Officer, AGS Corporation Jun 2019 Representative Director, President and Executive Officer, AGS Corporation Jun 2020 Outside Audit & Supervisory Board Member, the Company Jun 2021 Outside Director (Audit and Supervisory Committee Member), the Company Jun 2023 Managing Director; in charge of Accounting and Finance; Executive in charge of DX Promotion Division, the Company Nov 2023 Representative Director, Chairman, Custom Co., Ltd. (current) Apr 2025 Managing Director, CIO, the Company Apr 2026 Senior Managing Director, CIO, the Company (current)
1960-04-01
Kazuto YAMADA
Managing Director, COO
Apr 1989 Joined Toray Silicone Co., Ltd. (now DuPont-Toray Specialty Materials K.K.) Mar 1990 Joined the Company Apr 2007 General Manager, West Japan Sales Division and Manager, Sales Planning Group Apr 2008 General Manager, East Japan Sales Division and General Manager, Tokyo Branch Apr 2010 Deputy General Manager, Sales Division and General Manager, Tokyo Branch Apr 2011 General Manager, Sales Division and General Manager, Tokyo Branch Jun 2012 Director Jun 2013 General Manager, Sales Division, General Manager, Marketing Division and General Manager, Tokyo Branch Apr 2014 Managing Director; General Manager, Marketing Division, General Manager, IT Promotion Division, General Manager, Marketing Department and General Manager, Tokyo Branch Apr 2015 General Manager, Marketing Division, General Manager, Sales Division and General Manager, Tokyo Branch Apr 2017 General Manager, Marketing Division, General Manager, Sales Division and Head of Tokyo Office May 2017 Also Deputy Head, Project NANA Promotion Office Aug 2017 General Manager, Sales Division; Executive in charge of Marketing Division; Deputy Head, Project NANA Promotion Office; Head of Tokyo Office Apr 2020 General Manager, Merchandise Division; Executive in charge of Marketing Division; Head, Medium-Term Management Plan Promotion Office Apr 2022 General Manager, Sales Division Apr 2022 Director, Nikko Hansen Co., Ltd. (current) Apr 2025 Managing Director, COO, the Company (current) Oct 2025 Chairman, Azuo (Shanghai) Trading Co., Ltd. (current)
1964-04-04
Keisuke NISHIKAWA
Director, CFO; General Manager, Corporate Division; Executive in charge of Sustainability Promotion Office and Health Management
Apr 2000 Joined the Company Apr 2015 Manager, Marketing Department Aug 2017 General Manager, Marketing Division and Manager, Marketing Department Aug 2019 General Manager, Marketing Division; Manager, Marketing Department; General Manager, Corporate Planning Department Apr 2020 General Manager, Corporate Division (current); Deputy Head, Medium-Term Management Plan Promotion Office Jun 2020 Director; Executive in charge of IT Promotion Division, the Company Apr 2022 Head, Sustainability Promotion Office Sep 2022 Executive in charge of Health Management (current) Apr 2024 Executive in charge of Sustainability Promotion Office (current) Apr 2025 Director, CFO, the Company (current)
1975-03-25
Kazuhiko KOTAKI
Director
Apr 1988 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Sep 1990 Secretariat, General Affairs Division, Science and Technology Agency (now Ministry of Education, Culture, Sports, Science and Technology) Sep 1992 Long-term overseas study under National Personnel Authority (PhD program, Department of Economics, Stanford University) Jul 1995 Senior Research Fellow, Research Institute of Economy, Trade and Industry (now RIETI) Jun 1997 Assistant Director, Industrial Labor Research Division, Policy Research Department, Ministry of Labour (now Ministry of Health, Labour and Welfare) Oct 1998 Lecturer, Institute of Social and Economic Research, Osaka University Jan 2000 Associate Professor, Osaka University Apr 2002 Assistant Director, Intellectual Property Policy Office, Industrial Policy Bureau, METI Aug 2002 Chief Planner, Policy Planning Office, Minister's Secretariat, METI Jun 2003 Chairman, Non-Profit Organization Policy Evaluation Network (current) Jul 2004 Planning Officer, Market Division, Planning and Coordination Bureau, Financial Services Agency Oct 2006 Director, Alcohol Office, Chemical Industry Division, Manufacturing Industries Bureau, METI Jul 2008 Research Officer, Corporate Law, Economic Policy Bureau, METI Jul 2011 Professor, Faculty of Economics, Shinshu University Mar 2012 Retired from METI Apr 2012 Professor, College of Economics, Nihon University (current) Feb 2013 Outside Director, Star Mica Co., Ltd. Jun 2018 Outside Director, the Company (current) Nov 2018 Outside Director, Star Mica Holdings Co., Ltd. Jun 2019 Outside Director (Audit and Supervisory Committee Member), Star Mica Holdings Co., Ltd. (current) Feb 2023 Director (non-executive), Star Mica Co., Ltd.
1965-10-01
Kumiyo NAKAKOJI
Director
Apr 1994 Visiting Associate Professor, Nara Institute of Science and Technology Jul 1995 Visiting Associate Professor, Department of Computer Science, University of Colorado (USA) Apr 2002 Project Professor, Research Center for Advanced Science and Technology, University of Tokyo Jun 2011 Director, Advanced Technology Research Institute, SRA Inc. Jul 2013 Specially Appointed Professor, Center for Promotion of Interdisciplinary Education and Research, Kyoto University Apr 2019 Professor, School of Systems Information Science, Future University Hakodate (current) Apr 2023 Outside Director, Nishio Holdings Co., Ltd. (current) Jun 2025 Outside Director, the Company (current) Apr 2026 Director and Vice President, Future University Hakodate (current)
1963-06-15
Michiko KANAI
Director, Audit and Supervisory Committee Member
Apr 1990 Registered as attorney; joined Oe-Bashi Law Office Apr 1998 Partner, Oe-Bashi Law Office Aug 2002 Member, Oe-Bashi Law Office Jun 2007 Outside Audit & Supervisory Board Member, U.S.J Co., Ltd. Jun 2015 Outside Director, Kondotec Inc. (current) Jun 2015 Outside Audit & Supervisory Board Member, Sankyo Seiko Co., Ltd. (current) Jun 2016 Outside Director, IDEC Corporation Jun 2018 Outside Director (Audit and Supervisory Committee Member), IDEC Corporation (current) Jun 2020 Outside Director, the Company Jun 2023 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jan 2026 Attorney, Oe-Bashi Law Office (current)
1955-06-16
Yufuko MIURA
Director, Audit and Supervisory Committee Member
Dec 2005 Joined Chuo Aoyama Audit Corporation (now PwC Japan LLC) May 2008 Registered as Certified Public Accountant Feb 2012 Joined Novartis Pharma K.K. Jun 2019 Outside Audit & Supervisory Board Member, Studist Inc. Jun 2020 Full-time Outside Audit & Supervisory Board Member, Takara Leben Co., Ltd. (now MIRARTH Holdings, Inc.) (current) Mar 2022 Outside Audit & Supervisory Board Member, Monster Lab Holdings Inc. Dec 2023 Outside Audit & Supervisory Board Member, Pacific Consultants Co., Ltd. (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1984-03-10
Tsukasa TOYODA
Director, Audit and Supervisory Committee Member
Apr 1991 Joined The Kyowa Saitama Bank (now Resona Bank, Limited) Oct 2020 Manager, Private Banking Office, Solution Business Department, Resona Bank, Limited Apr 2023 General Manager, Risk Management Division, Aoki Asunaro Construction Co., Ltd. Jan 2024 General Manager, General Affairs Division, Aoki Asunaro Construction Co., Ltd. (concurrently) Apr 2024 Deputy General Manager, Administration Division; Executive Officer, Aoki Asunaro Construction Co., Ltd. Apr 2025 Manager, Business Matching Promotion Department, Business Strategy Division, Takamatsu Construction Group Co., Ltd. Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)
1967-04-21
Large Shareholding Reports
Iuchi Seieido Co., Ltd.
2026-10-08
10.09%→6.75%
Annual report (as of 2026-03-31): 10.58%
Iuchi Seieido Co., Ltd.
2026-10-07
10.09%→10.09%
Annual report (as of 2026-03-31): 10.58%
Iuchi Seieido Co., Ltd.
2026-09-09
10.09%→10.09%
Annual report (as of 2026-03-31): 10.58%
Ikue Inouchi
2026-08-26
0.31%→0.01%
Annual report (as of 2026-03-31): 2.68%
Iuchi Seieido Co., Ltd.
2026-07-17
10.09%→10.09%
Annual report (as of 2026-03-31): 10.58%
Iuchi Seieido Co., Ltd.
2026-07-16
10.09%→10.09%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 10.58%
Fidelity Management & Research Company LLC
2026-07-07
4.12%→4.88%
Iuchi Seieido Co., Ltd.
2026-07-06
10.09%→10.09%
Annual report (as of 2026-03-31): 10.58%
Fidelity Management & Research Company LLC
2026-06-05
3.15%→4.12%
FMR LLC
2026-06-05
5.50%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Fidelity Management & Research Company LLC
2026-06-05
3.15%
Iuchi Seieido Co., Ltd.
2026-04-06
10.04%→10.09%
Annual report (as of 2026-03-31): 10.58%
First Eagle Investment Management, LLC
2026-03-18
5.15%→6.18%
Iuchi Seieido Co., Ltd.
2026-01-09
10.04%→10.04%
Annual report (as of 2026-03-31): 10.58%
Iuchi Seieido Co., Ltd.
2025-12-26
10.04%→10.04%
Annual report (as of 2026-03-31): 10.58%
First Eagle Investment Management, LLC
2025-12-04
5.15%
Iuchi Seieido Co., Ltd.
2025-10-03
10.04%→10.04%
Annual report (as of 2026-03-31): 10.58%
FMR LLC
2025-09-22
5.50%
Iuchi Seieido Co., Ltd.
2025-09-12
10.04%→10.04%
Annual report (as of 2026-03-31): 10.58%
Iuchi Seieido Co., Ltd.
2025-08-07
—
Annual report (as of 2026-03-31): 10.58%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-08
Large Shareholding Report
EDINET
2026-10-07
Large Shareholding Report
EDINET
2026-09-09
Large Shareholding Report
EDINET
2026-09-08
公開買付報告書
EDINETAmended
2026-08-26
Change Report
EDINET
2026-08-10
公開買付届出書
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-17
Large Shareholding Report
EDINETAmended
2026-07-16
Change Report
EDINET
2026-07-07
Large Shareholding Report
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-05
Change Report
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-06-05
Large Shareholding Report
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-03-18
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-09
Large Shareholding Report
EDINET
2025-12-26
Large Shareholding Report
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-03
Large Shareholding Report
EDINET
2025-09-22
Large Shareholding Report
EDINET
2025-09-12
Large Shareholding Report
EDINETAmended
2025-08-07
Change Report
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
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