ASIRO Inc.
7378・Growth Market・Services
Business
Ashiro Inc. is centered on its Media Business, which operates lawyer-specialized media sites under the "Bengo4 Navi" brand across 8 fields including divorce, traffic accidents, and inheritance. It targets lawyers as its primary customers and has established a stock-type business model earning fixed monthly listing fee revenue. The company also operates derivative media such as "Carisumu," with the Media Business accounting for approximately 94% of consolidated revenue. In addition, it operates an HR Business providing recruitment placement services for lawyers and other licensed professionals, and an Insurance Business selling "bonobo," a corporate legal expense insurance product, leveraging the network and web marketing know-how cultivated in the legal industry across these businesses. The company listed on the Tokyo Stock Exchange Mothers market in July 2021. It consists of two companies (the Company and Ashiro Small Amount and Short Term Insurance Inc.).
Business Model
Legal Media operates on a recurring revenue structure based on the number of listing slots multiplied by a fixed monthly unit price; the recurring revenue ratio for FY2025 (ending October 2025) was 96.7%. Net increases in listing slots drive cumulative revenue growth. Derivative media operate on a performance-based (flow revenue) model tied to the number of inquiries. The HR Business operates on a referral fee model triggered by successful hiring. The Insurance Business operates on an insurance premium income model. Users can use all services free of charge, and the company adopts a two-sided market model that generates revenue from advertisers such as lawyers and companies, as well as from hiring companies.
Company Strengths
The recurring revenue ratio of Legal Media stands at 96.7% (FY2025, ending October 2025). The number of listing slots has continued to increase steadily, from 1,478 slots at the end of FY2021 (ending October 2021) to 3,332 slots at the end of FY2025 (ending October 2025), achieving cumulative revenue growth through both reduced churn and new customer acquisition.
The lawyer population, the company's key customer base, continued to grow, reaching 45,808 as of March 2024. Following the increase in the number of lawyers since the judicial system reform, competition for case acquisition has intensified, structurally expanding the need for internet-based client acquisition. The number of legal consultations handled by bar associations and similar bodies also remained high, at approximately 583,000 in fiscal 2023.
In FY2025 (ending October 2025), revenue was ¥6,647 million (up 41.6% year on year) and operating profit was ¥1,419 million (up 262.0% year on year). While keeping the increase in selling, general and administrative expenses to 2.7%, gross profit grew 50.8%, demonstrating pronounced operating leverage. Adjusted EBITDA reached ¥1,485 million.
ENVALITH's Perspective
Performance Trend
Revenue expanded for four consecutive periods, from ¥1,553 million in FY2021 to ¥6,647 million in FY2025, and the company maintained its growth trend in H1 FY2026 (ending October 2026) with revenue of ¥3,561 million (up 6.5% YoY). However, the growth rate slowed sharply from the 59.0% increase recorded in the same period of the previous year. On the profit side, a combination of increased advertising media costs in the Legal Alliance Business, sales structure-building expenses in the Legal Protect Business, and investment for the transition to an AI-driven growth model led to a significant decline in profitability: H1 operating profit fell to ¥651 million (down 23.4% YoY) and EBITDA fell to ¥704 million (down 23.8% YoY). Regarding the external environment, the internet advertising market continued to grow, up 10.8% YoY in 2025, but persistently high advertising costs are weighing on profitability. The full-year forecast (operating profit of ¥1,500 million) has been left unchanged, which presupposes a recovery in the second half.
Growth Strategy
Building a business cycle model leveraging AI, insurance, and legal tech, anchored on the revenue base of the Legal Media Business
Moving away from dependence on high-priced products, the company is focusing on strengthening the profitability of its standard attorney advertising placement services. In addition to acquiring new clients, it is working to revise contract terms and reduce churn rates in order to increase revenue per client. The segment profit margin for the interim period of FY2026 (ending October 2026) was maintained at 41.8%.
Centered on the career-change media platform "Carisumu," revenue is expanding, up 26.8% year-on-year for the same period. The company aims to recover profit margins by improving advertising investment efficiency and maximizing LTV through AI-driven extraction of user needs and enhanced referral accuracy.
The company is expanding sales channels and raising awareness for its attorney fee insurance product "bonobo." It is also accelerating customer acquisition for its legal tech service "LegalBase," which launched sales in February 2026. In the interim period, the segment posted a loss of ¥85 million, reflecting an ongoing upfront investment phase.
The company is promoting a shift toward a high-efficiency growth model leveraging AI through selective focus and concentration of its businesses. The policy is to pursue both improved profitability in existing businesses and expanded future growth opportunities while continuing to invest in new areas.
In March 2026, the company revised its dividend policy, raising the payout ratio from 30% to 40% or more. Starting from FY2026 (ending October 2026), it introduced an interim dividend, moving to a twice-yearly dividend structure. The forecast annual dividend for FY2026 (ending October 2026) is ¥65 (interim ¥24, year-end ¥41).
Last updated: July 17, 2026