# Advance Create Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第30期(2024/10/01－2025/09/30) (S100YWI3)
> Page: https://vizora.meequs.com/en/company/advance-create
> Retrieved: 2026-09-30T20:24:16.881Z

## Company

Advance Create, founded in 1995, is a company in Software & SaaS listed on TSE Prime. It has 229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Advance Create Co.,Ltd. |
| Ticker | 8798 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8798.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区瓦町三丁目5番7号 |
| Representative (per filing) | 代表取締役社長 濱田 佳治 |
| Founded | Oct 1995 |
| Share capital | ¥100M |
| Employees (consolidated) | 229 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Website | www.advancecreate.co.jp (https://www.advancecreate.co.jp/) |
| Corporate number | 9120001073842 |
| EDINET | E05280 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps, Non-life Insurance, Advertising |

> Profile source: annual securities report (S100YWI3, filed 2026-08-14). As of filing

## Key points (generated from figures)

- About 63% of Advance Create's sales come from Insurance agent, with reinsurance and Media agency making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed -15.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.92B |  |
| Operating income | -¥286.7M | Margin -4.1% |
| Net income | -¥1.18B | Margin -17.1% |
| Free cash flow | -¥4.17B |  |
| Largest business | Insurance agent | of segment revenue 63.2% |
| Employees (consolidated) | 229 |  |
| EPS | ¥-49.6 |  |
| Book value per share | ¥-170.38 |  |
| Equity ratio | 4.4% |  |
| Shares outstanding | 32,468,200 |  |
| Treasury shares | 2,500 |  |
| Shareholders | 30,695 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 51.8% | Net cash ¥249.9M · Cash ÷ revenue 76.4% |
| Vs. industry median margin | -13.4 pp | Non-life Insurance |
| ROA | -13.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 52% of total assets
- FY2025, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10510699000 | ¥6921329000 | -34.1% |
| Operating income | ¥1184063000 | ¥-286727000 | -124.2% |
| Operating margin | 11.3% | -4.1% | -15.4 pp |
| Employees | 326 people | 229 people | -29.8% |
| Cash and equivalents | ¥2537216000 | ¥5288924000 | +108.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 保険代理店事業 → 保険代理店事業 | 63.2% |
| 保険代理店事業 → 事業再編・廃止 | 12.8% |
| ASP事業 → ASP事業 | 1.7% |
| メディア事業 → メディア事業 | 11.9% |
| メディアレップ事業 → メディアレップ事業 | 2.2% |
| 再保険事業 → 再保険事業 | 8.1% |
| 新設・再編 → ASP事業 | 2.7% |
| 新設・再編 → メディア事業 | 2.1% |
| 新設・再編 → メディアレップ事業 | 1.4% |
| 新設・再編 → 再保険事業 | 6.7% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Insurance agent | 5 years | -11.3% | ¥4377398000 | -15.7% | 2 |
| reinsurance | 5 years | +3.8% | ¥1025099000 | 8.2% | 2 |
| Media agency | 5 years | -5.0% | ¥966008000 | 19.7% | 2 |
| ASP | 5 years | +10.8% | ¥306756000 | 40.3% | 2 |
| Mediarepp | 5 years | +1.3% | ¥246067000 | -15.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,921 | 100.0% | S100YWI3 |
| Cost of revenue | 1,389 | 20.1% | S100YWI3 |
| Gross profit | 5,533 | 79.9% | S100YWI3 |
| SG&A | 5,819 | 84.1% | S100YWI3 |
| Operating income | -287 | -4.1% | S100YWI3 |
| Ordinary income | -569 | -8.2% | S100YWI3 |
| Pretax income | -1,159 | -16.7% | S100YWI3 |
| Income tax | 25 | 0.4% | S100YWI3 |
| Net income | -1,184 | -17.1% | S100YWI3 |
| Net income attributable to owners | -1,184 | -17.1% | S100YWI3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 84 |
| Operating income | -4 |
| (Ref.) Net income | -17 |

### Margin funnel

Gross margin 79.9% → Operating margin -4.1% → Net margin -17.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,143 | 6,921 | -1,221 | -15.0% |
| Gross profit | 6,111 | 5,533 | -579 | -9.5% |
| Operating income | -391 | -287 | 104 | — |
| Net income attributable to owners | -1,813 | -1,184 | 630 | — |
| Operating cash flow | -1,745 | -3,904 | -2,159 | — |
| Free cash flow | -2,324 | -4,169 | -1,846 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 10,365 | 1,345 | 13.0% | 844 | -279 | -506 | S100KFMU |
| FY ending Sep 2020 | 10,511 | 1,184 | 11.3% | 700 | 1,352 | 960 | S100N540 |
| FY ending Sep 2021 | 11,020 | 2,042 | 18.5% | 1,295 | 1,643 | 1,217 | S100PTSP |
| FY ending Sep 2022 | 11,861 | 2,061 | 17.4% | 1,312 | 365 | -255 | S100SHE5 |
| FY ending Sep 2023 | 10,374 | -1,303 | -12.6% | -2,433 | -207 | -908 | S100WCYV |
| FY ending Sep 2024 | 8,143 | -391 | -4.8% | -1,813 | -1,745 | -2,324 | S100YWI3 |
| FY ending Sep 2025 | 6,921 | -287 | -4.1% | -1,184 | -3,904 | -4,169 | S100YWI3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥5.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 319 | 302 | 341 | 281 | 229 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥6.3M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 36.0 years | 36.0 years | 35.0 years | 35.0 years | 37.0 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 6.0 years | 7.0 years | 7.0 years |

Year over year: Employees (consolidated) -18.5% · Revenue (consolidated) -15.0%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Insurance agent | 4,377 | 63.2% | -687 | -15.7% |
| ASP | 307 | 4.4% | 124 | 40.3% |
| Media agency | 966 | 14.0% | 190 | 19.7% |
| Mediarepp | 246 | 3.6% | -39 | -15.7% |
| reinsurance | 1,025 | 14.8% | 84 | 8.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Insurance agent | 63.2% | — | — | -15.7% |
| ASP | 4.4% | 31.1% | 26.7 | 40.3% |
| Media agency | 14.0% | 47.9% | 33.9 | 19.7% |
| Mediarepp | 3.6% | — | — | -15.7% |
| reinsurance | 14.8% | 21.0% | 6.2 | 8.2% |

Loss-making segment (excluded from profit shares): Insurance agent -687 JPY mn

Loss-making segment (excluded from profit shares): Mediarepp -39 JPY mn

Segment → industry: ASP → Software & SaaS / Media agency → Internet Services & Apps / reinsurance → Non-life Insurance / Insurance agent → Non-life Insurance / Mediarepp → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,904 | -56.4% | S100YWI3 |
| Capital expenditure | 265 | 3.8% | S100YWI3 |
| Free cash flow | -4,169 | -60.2% | 算出 |
| Investing cash flow | -136 | -2.0% | S100YWI3 |
| Financing cash flow | 8,423 | 121.7% | S100YWI3 |
| Dividends paid | 0 | 0.0% | S100YWI3 |
| Change in cash | 4,348 | 62.8% | S100YWI3 |
| Cash and equivalents | 5,289 | 76.4% | S100YWI3 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,206 | 2,271 | 1,192 | 941 | 5,289 | S100SHE5, S100WCYV, S100YWI3 |
| Total assets | 11,808 | 12,491 | 8,480 | 6,775 | 10,213 | S100PTSP, S100SHE5, S100WCYV, S100YWI3 |
| Net assets | 6,723 | 836 | -3,232 | -5,439 | 450 | S100SHE5, S100WCYV, S100YWI3 |
| Share capital | 3,159 | 3,159 | 3,159 | 3,337 | 100 | S100PTSP, S100SHE5, S100WCYV, S100YWI3 |
| Trade receivables | 1,407 | — | — | — | — | S100N540 |
| Property, plant and equipment | 581 | — | — | 2 | 1 | S100PTSP, S100YWI3 |
| Intangible assets excluding goodwill | 793 | — | — | 116 | 79 | S100PTSP, S100YWI3 |
| Investment securities | 329 | — | — | 30 | 17 | S100PTSP, S100YWI3 |
| Current assets | 7,969 | — | — | 5,511 | 9,105 | S100PTSP, S100YWI3 |
| Current liabilities | 3,267 | — | — | 5,836 | 7,890 | S100PTSP, S100YWI3 |
| Short-term borrowings | — | — | — | 2,718 | 4,639 | S100YWI3 |
| Long-term borrowings | 86 | — | — | 165 | 150 | S100PTSP, S100YWI3 |
| Bonds | 600 | — | — | 350 | 250 | S100PTSP, S100YWI3 |
| Interest-bearing debt | — | — | — | 3,232 | 5,039 | 算出 |
| Total liabilities | 5,085 | — | — | 12,214 | 9,764 | S100PTSP, S100YWI3 |
| Equity attributable to owners of parent | 6,613 | — | — | -5,452 | 449 | S100PTSP, S100YWI3 |
| Retained earnings | 3,273 | — | — | -8,826 | -1,268 | S100PTSP, S100YWI3 |
| Treasury stock | -404 | — | — | -424 | -378 | S100PTSP, S100YWI3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YWI3 |
| Property, plant and equipment | 0% | S100YWI3 |
| Intangibles and goodwill | 1% | S100YWI3 |
| Investment securities | 0% | S100YWI3 |
| Other assets | 47% | S100YWI3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 49% | 算出 |
| Other liabilities | 46% | S100YWI3 |
| Equity | 5% | S100YWI3 |
| Other liabilities | 0% | S100YWI3 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,808 | 12,491 | 8,480 | 6,775 | 10,213 |
| Equity | 6,723 | 836 | -3,232 | -5,439 | 450 |
| Interest-bearing debt | — | — | — | 3,232 | 5,039 |
| Cash | 3,206 | 2,271 | 1,192 | 941 | 5,289 |

## 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) | 0.0% | S100YWI3 |
| Fixed assets ÷ total assets | 0.0% | S100YWI3 |
| Goodwill ÷ parent equity | — | —, S100YWI3 |

### 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) | 51.8% |
| Cash ÷ revenue | 76.4% |
| Net cash (cash − interest-bearing debt) | ¥249.9M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2,721 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | — |

## 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 | 11.8% | 0.93× | 11.0% | 1.79× | 19.6% | S100PTSP |
| 2022 | 11.1% | 0.98× | 10.8% | 3.21× | 34.7% | S100SHE5, S100WCYV |
| 2023 | — | —× | -23.2% | —× | — | S100WCYV, S100YWI3 |
| 2024 | — | —× | -23.8% | —× | — | S100YWI3 |
| 2025 | — | —× | -13.9% | —× | — | S100YWI3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ライフネット生命保険株式会社 | Major shareholder | 29.1% | 2025-09-30 |
| SBIホールディングス株式会社 | Major shareholder | 28.7% | 2025-09-30 |
| 有限会社濱田ホールディングス | Major shareholder | 6.3% | 2025-09-30 |
| ＦＷＤ生命保険株式会社 | Major shareholder | 6.0% | 2025-09-30 |
| メットライフ生命保険株式会社 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.3% | 2025-09-30 |
| 濱田 佳治 | Major shareholder | 2.3% | 2025-09-30 |
| ブロードマインド株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.6% | 2025-09-30 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.4% | 2025-09-30 |
| 第一生命ホールディングス株式会社 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第30期(2024/10/01－2025/09/30) | S100YWI3 | 2026-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YWI3,, |
| 訂正有価証券報告書－第29期(2023/10/01－2024/09/30) | S100WCYV | 2025-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCYV,, |
| 有価証券報告書－第28期(2022/10/01－2023/09/30) | S100SHE5 | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHE5,, |
| 有価証券報告書－第27期(令和3年10月1日－令和4年9月30日) | S100PTSP | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTSP,, |
| 有価証券報告書－第26期(令和2年10月1日－令和3年9月30日) | S100N540 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N540,, |
| 訂正有価証券報告書－第25期(令和1年10月1日－令和2年9月30日) | S100KFMU | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFMU,, |

## 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).