ASMARQ Co., Ltd.
4197・Standard Market・Information & Communication
Business
Asmarq Company, Limited was established in 2001 as a company specializing in marketing research. Centered on three services—Online Research (web surveys), Offline Research (group interviews, depth interviews, etc.), and Panel Recruiting—the company provides a consistent, end-to-end offering from issue organization through report delivery. Its main clients include research companies, advertising agencies, general consumer goods manufacturers, and mass media-related companies, with the number of client companies reaching 1,119 as of the end of November 2025. The company has its own panel of over 1 million people domestically and has obtained ISO 20252 (the international standard for marketing research), and also operates the HR tech service "Humap".
Business Model
A project-based revenue model in which survey design, fieldwork, tabulation, and report preparation are undertaken on a consolidated basis to address clients' marketing challenges. The company maintains and operates its proprietary domestic panel of over 1 million members, "D style web," at low cost, and achieves high added value by offering both online and offline research methodologies. In FY2025 (ending November 2025), net sales were ¥4,416 million and gross profit was ¥1,752 million (gross margin of approximately 39.7%). The 5-year average repeat rate among major clients (with annual sales of ¥500 million or more) stood at a high 92.7%, forming a stable revenue base.
Company Strengths
The company operates its own survey site "D style web," through which it maintains an effective panel of over 1 million members domestically and a panel network of 18 million members. It acquires panel members cost-effectively via affiliate channels from more than 300 websites nationwide, enabling cost-efficient panel maintenance. Data quality is also assured through the exclusion of gray panels and a points-based incentive system.
As of the end of FY November 2025, the number of client companies stood at 1,119 (continuing to expand from 837 in the 19th fiscal period). The 5-year average repeat rate among major clients with annual sales of ¥500 million or more remains at a high level of 92.7%. Dependence on revenue from any single customer is also low (no customer accounts for more than 10% of sales), forming a well-diversified revenue base.
In 2019, the company obtained "ISO 20252," an international ISO standard specialized for marketing research services. It is certified in both quantitative data collection (Online Research Service) and qualitative data collection (Panel Recruiting Service), providing objective, third-party-evaluated assurance of quality that contributes to enhanced customer trust.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue growth has continued at a moderate pace: ¥4,282 million in FY2023 → ¥4,363 million in FY2024 → ¥4,416 million in FY2025. In the H1 (cumulative) of FY2026 (ending November 2026), revenue was ¥2,414 million (up 1.2% year-on-year), only a marginal increase, indicating a decelerating growth trend. On the profit side, an increase in cost of sales (from ¥1,385 million to ¥1,450 million) combined with expanding SG&A expenses (from ¥755 million to ¥837 million) led to a sharp deterioration, with operating profit falling to ¥128 million (down 47.8% year-on-year) and net income attributable to owners of the parent for the interim period falling to ¥82 million (down 51.3% year-on-year). As an external factor, a slowdown in clients' demand for marketing research has constrained order growth. The full-year forecast (revenue of ¥4,700 million and operating profit of ¥200 million) remains unchanged, but this implies a 28.6% year-on-year decline in operating profit, indicating that the downward trend in profitability is continuing.
Growth Strategy
Three pillars of growth: strengthening the research infrastructure, developing AI-driven digital services, and non-continuous growth through M&A
Rean Nishikata Co., Ltd. was newly consolidated in the interim period of FY2026 (ending November 2026). Expenditure of ¥127 million was incurred for the acquisition of subsidiary shares, increasing the goodwill balance to ¥253 million. The company continues to pursue a non-continuous growth strategy through M&A.
Through a capital alliance with Skill Bridge Inc., the company is strengthening the development of AI-driven digital research services. The acquisition of investment securities (¥25 million) was executed in the current interim period, and investment in the digital domain is progressing.
Orders from the beverage industry and advertising agency industry are growing, and the company continues to deepen relationships with existing clients while developing new clients. The Panel Recruiting Service for research companies also continues to grow, but a decline in orders for internet research remains a challenge.
Last updated: July 17, 2026