# adish Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/01/01－2025/12/31) (S100XV2Z)
> Page: https://vizora.meequs.com/en/company/adish
> Retrieved: 2026-09-30T20:30:39.531Z

## Company

adish, founded in 2014, is a company in Business Process Outsourcing listed on TSE Growth. It has 439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | adish Co., Ltd. |
| Ticker | 7093 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7093.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西五反田一丁目21番8号 |
| Representative (per filing) | 代表取締役 江戸 浩樹 |
| Founded | Oct 2014 |
| Share capital | ¥99.3M |
| Employees (consolidated) | 439 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | December |
| Website | adish.co.jp (https://adish.co.jp/) |
| Corporate number | 1010701029988 |
| EDINET | E35514 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100XV2Z, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 21.4 | 21 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 88.1 | 21 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- adish brought in ¥3.7B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +2.9% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.7B |  |
| Operating income | ¥2.5M | Margin 0.1% |
| Net income | -¥1.9M | Margin -0.1% |
| Free cash flow | -¥13.1M |  |
| Employees (consolidated) | 439 |  |
| EPS | ¥-11.47 |  |
| Book value per share | ¥188.25 |  |
| Equity ratio | 40.8% |  |
| Shares outstanding | 2,142,470 |  |
| Treasury shares | 38,300 |  |
| Shareholders | 1,358 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 41.5% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -3.9 pp | Business Process Outsourcing |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2723203000 | ¥3696018000 | +35.7% |
| Operating income | ¥7483000 | ¥2453000 | -67.2% |
| Operating margin | 0.3% | 0.1% | -0.2 pp |
| Employees | 315 people | 439 people | +39.4% |
| Cash and equivalents | ¥649572000 | ¥545918000 | -16.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,696 | 100.0% | S100XV2Z |
| Cost of revenue | 2,704 | 73.2% | S100XV2Z |
| Gross profit | 992 | 26.8% | S100XV2Z |
| SG&A | 990 | 26.8% | S100XV2Z |
| Operating income | 2 | 0.1% | S100XV2Z |
| Ordinary income | 18 | 0.5% | S100XV2Z |
| Pretax income | 18 | 0.5% | S100XV2Z |
| Income tax | 20 | 0.6% | S100XV2Z |
| Net income | -2 | -0.1% | S100XV2Z |
| Net income attributable to owners | -2 | -0.1% | S100XV2Z |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 27 |
| Operating income | 0 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 26.8% → Operating margin 0.1% → Net margin -0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,592 | 3,696 | 104 | +2.9% |
| Gross profit | 962 | 992 | 30 | +3.1% |
| Operating income | -132 | 2 | 135 | — |
| Net income attributable to owners | -115 | -2 | 113 | — |
| Operating cash flow | -186 | 13 | 199 | — |
| Free cash flow | -201 | -13 | 188 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,502 | 131 | 5.2% | 92 | 94 | 77 | S100L1NZ |
| FY ending Dec 2020 | 2,723 | 7 | 0.3% | -4 | 29 | 13 | S100NPQ7 |
| FY ending Dec 2021 | 2,993 | 52 | 1.7% | 49 | 113 | 70 | S100QG6F |
| FY ending Dec 2022 | 3,420 | 98 | 2.9% | 77 | 94 | 78 | S100T60A |
| FY ending Dec 2023 | 3,521 | -172 | -4.9% | -193 | -250 | -271 | S100VHRP |
| FY ending Dec 2024 | 3,592 | -132 | -3.7% | -115 | -186 | -201 | S100XV2Z |
| FY ending Dec 2025 | 3,696 | 2 | 0.1% | -2 | 13 | -13 | S100XV2Z |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.4M |
| Operating income per employee (consolidated) | ¥5.6K |
| Net income per employee (consolidated) | -¥4.3K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 359 | 426 | 417 | 411 | 439 |
| Average salary (parent company) | ¥4.1M | ¥4.2M | ¥3.9M | ¥4M | ¥4.3M |
| Average age (parent company) | 33.8 years | 33.4 years | 33.2 years | 33.7 years | 33.9 years |
| Average tenure (parent company) | 4.3 years | 4.2 years | 3.9 years | 4.4 years | 4.4 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13 | 0.4% | S100XV2Z |
| Capital expenditure | 26 | 0.7% | S100XV2Z |
| Free cash flow | -13 | -0.4% | 算出 |
| Investing cash flow | -26 | -0.7% | S100XV2Z |
| Financing cash flow | -20 | -0.5% | S100XV2Z |
| Change in cash | -33 | -0.9% | S100XV2Z |
| Cash and equivalents | 546 | 14.8% | S100XV2Z |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 634 | 849 | 557 | 579 | 546 | S100T60A, S100VHRP, S100XV2Z |
| Total assets | 1,164 | 1,459 | 1,177 | 1,340 | 1,315 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Net assets | 645 | 727 | 440 | 352 | 543 | S100T60A, S100VHRP, S100XV2Z |
| Share capital | 54 | 54 | 54 | 59 | 99 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Property, plant and equipment | 74 | 73 | 70 | 82 | 74 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 3 | 3 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Current assets | 1,000 | 1,291 | 1,019 | 1,145 | 1,142 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Current liabilities | 483 | 585 | 555 | 732 | 698 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Short-term borrowings | — | — | — | 138 | 138 | S100XV2Z |
| Long-term borrowings | 33 | 144 | 179 | 154 | 74 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Total liabilities | 519 | 731 | 737 | 988 | 772 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Non-controlling interests | — | 1 | — | — | — | S100T60A |
| Equity attributable to owners of parent | 646 | 725 | 432 | 341 | 532 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Retained earnings | 143 | 222 | 28 | -87 | 114 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |
| Treasury stock | -0 | -0 | -100 | -86 | -72 | S100QG6F, S100T60A, S100VHRP, S100XV2Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XV2Z |
| Property, plant and equipment | 6% | S100XV2Z |
| Intangibles and goodwill | 0% | S100XV2Z |
| Other assets | 53% | S100XV2Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100XV2Z |
| Equity | 41% | S100XV2Z |
| Other liabilities | 0% | S100XV2Z |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,164 | 1,459 | 1,177 | 1,340 | 1,315 |
| Equity | 645 | 727 | 440 | 352 | 543 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 634 | 849 | 557 | 579 | 546 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 2.0% | S100XV2Z |
| Fixed assets ÷ total assets | 5.6% | S100XV2Z |
| Goodwill ÷ parent equity | — | —, S100XV2Z |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 41.5% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 538.0% |
| Cash vs. profit gap | 15 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 197.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.6% | 2.57× | 4.2% | 1.80× | 7.5% | S100QG6F |
| 2022 | 2.3% | 2.61× | 5.9% | 1.91× | 11.2% | S100T60A |
| 2023 | — | —× | -14.7% | —× | — | S100VHRP |
| 2024 | — | —× | -9.2% | —× | — | S100XV2Z |
| 2025 | — | —× | -0.1% | —× | — | S100XV2Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 江戸 浩樹 | Major shareholder | 10.8% | 2025-12-31 |
| 株式会社ガイアックス | Major shareholder | 6.9% | 2025-12-31 |
| 株式会社コロプラ | Major shareholder | 6.0% | 2025-12-31 |
| マイルストーンキャピタルマネジメント株式会社 | Major shareholder | 5.4% | 2025-12-31 |
| 合同会社光造パートナーズ | Major shareholder | 4.7% | 2025-12-31 |
| マネックス証券株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.4% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.3% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社モバイルファクトリー | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XV2Z | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV2Z,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VHRP | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHRP,, |
| 訂正有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T60A | 2024-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T60A,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QG6F | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG6F,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NPQ7 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPQ7,, |
| 有価証券報告書－第7期(令和2年1月1日－令和2年12月31日) | S100L1NZ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1NZ,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).