Aucnet Inc
3964・Prime Market・Information & Communication
Business
Aucnet Inc., founded in 1984, is a circular market design company that operates online auctions and related services across a wide range of categories, including used cars, used digital devices, branded goods, flowers, used motorcycles, and used medical equipment. The group comprises 15 consolidated subsidiaries and 2 equity-method affiliates, with its main customers being B2B operators such as used car dealers, used digital device distributors, branded goods buy-back shops, and pawnshops. Under its sustainability policy, "Circulating valuable things on a global scale. – Circulation Engine.", the company is driving business expansion both domestically and internationally against the backdrop of a growing reuse market. It is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
Main revenue comes from monthly membership fees and commission income at the time of auction closing, a structure in which expansion of transaction volume directly translates into revenue growth. The Lifestyle Products segment (net sales of ¥45,209 million) and the Mobility & Energy segment (net sales of ¥16,123 million) serve as the pillars of revenue. With auction operation know-how, information reliability, proprietary systems, and a membership-based network as core competencies, the fully online mechanism that enables buying and selling based solely on information without physically inspecting goods serves as a key differentiating factor.
Company Strengths
In FY2025 (ending December 2025), the handling volume of the Digital Products Business reached ¥83,927 million (up 71.3% YoY), with distribution volume reaching 2,549,758 units (up 53.7% YoY). Strengthened collaboration with domestic suppliers and enhanced buying power were effective, with the incorporation of GIGA School terminals and similar items also contributing. The number of members steadily expanded to 2,103 (up 3.2% YoY).
The handling volume of the Automobile Business expanded to ¥560,097 million (up 12.1% YoY), with total contracted/successful bid volume reaching 553,090 units (up 5.5% YoY) and vehicle inspection volume reaching 1,580,222 units (up 13.2% YoY). While the overall used car auction market's contracted volume increased 4.1% YoY, the company has grown its handling volume at a pace exceeding overall market growth.
In FY2025 (ending December 2025), operating cash flow increased significantly to ¥12,745 million (up 162.6% YoY). Cash and cash equivalents reached ¥23,104 million, representing a net increase of ¥6,124 million even after covering ¥1,068 million in investing activity expenditure and ¥5,558 million in financing activity expenditure. The company's basic policy is debt-free management, securing sufficient liquidity through its on-hand funds.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years grew from ¥36,710 million (FY2021) to ¥64,140 million (FY2025), maintaining an average annual growth rate of approximately 15%. In Q1 of FY2026 (ending December 2026), the company secured increased revenue and profit, with net sales of ¥18,189 million (up 13.8% year-on-year), operating profit of ¥3,226 million (up 4.6% year-on-year), and net income attributable to owners of the parent of ¥2,156 million (up 7.2% year-on-year). External factors such as increased inbound demand driven by the weak yen and rising stock prices, an increase in the circulation of GIGA School devices, and continued strong demand for used cars supported business performance. On the other hand, the operating profit growth rate fell below the revenue growth rate due to depreciation expenses recorded for the new core system and other items, meaning that a substantial improvement in profit margin will be left to the second half. The full-year forecast has already been revised upward, and Q1 progress has been steady.
Growth Strategy
Under the medium-term management plan "Blue Print 2027," the company aims to achieve GCV of ¥1 trillion, EBITDA of ¥13.5 billion, and ROE of 15-20%
With the long-term goal of creating the future of the circular economy together with partners around the world, the company is promoting the expansion of transaction volume across categories. In Q1 FY2026 (ending December 2026), Automobile Business transaction volume reached ¥161,265 million (+20.6% year-on-year), and Digital Products Business transaction volume reached ¥22,958 million (+22.3% year-on-year), continuing high growth in key categories.
The company has set medium-term quantitative targets of EBITDA of ¥13.5 billion, ROE of 15-20%, and a dividend payout ratio of 50% or more. The upward revision of the full-year operating profit forecast for FY2026 (ending December 2026) to ¥11,500 million (+20.8% year-on-year) indicates progress toward achieving these targets. Depreciation expense increased to ¥195 million in Q1 FY2026 (ending December 2026) (+51.2% year-on-year), and EBITDA levels exceed operating profit.
Through the full-scale operation of the new core system "BASE" (in operation since Q2 of the previous fiscal year) and the member-facing site "AUCNET CARS" (in operation since Q3 of the previous fiscal year), the company aims to improve convenience and expand market share among used car auction members. Currently in the depreciation expense recognition phase, the contribution to profit is expected to materialize over the medium to long term through increases in membership and transaction volume.
From January 2026, yep Inc. / yet Company Limited (newly consolidated) were newly consolidated to strengthen the Circular Commerce Business. The Others segment currently reports an operating loss (-¥49 million) and is in a business development phase toward profitability. Establishing new revenue sources by capturing demand for secondary distribution support is a key challenge.
In the Digital Products Business, the company is strengthening sales activities primarily in the European region, focusing on activating existing members and enhancing buying power. As an external factor, the weak yen has contributed to an increase in the average transaction price, and the expansion of the international member network is a major driver of increased transaction volume.
Last updated: July 17, 2026