# Advanced Media, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/04/01－2026/03/31) (S100YGKZ)
> Page: https://vizora.meequs.com/en/company/advanced-media
> Retrieved: 2026-09-30T22:40:33.623Z

## Company

Advanced Media, founded in 1997, is a company in Software & SaaS listed on TSE Growth. It has 286 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Advanced Media, Inc. |
| Ticker | 3773 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3773.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区東池袋三丁目1番1号 |
| Representative (per filing) | 代表取締役会長兼社長 鈴木 清幸 |
| Founded | Dec 1997 |
| Share capital | ¥6.93B |
| Employees (consolidated) | 286 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.advanced-media.co.jp (https://www.advanced-media.co.jp/) |
| Corporate number | 5013301017946 |
| EDINET | E05496 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YGKZ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.7 | 105 |
| Profitability | 74.1 | 145 |
| Cash conversion | 70.7 | 128 |
| Efficiency | 9.3 | 145 |

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)

- Advanced Media brought in ¥7.06B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit -0.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7063091000 → ¥1739100000
- Net income → operating cash flow: ¥1739100000 → ¥1853549000（difference ¥114449000）
- Main uses of operating cash flow: CapEx ¥1261832000 / dividends ¥427089000 / buybacks —
- Change in cash: ¥1383316000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.06B |  |
| Operating income | ¥1.44B | Margin 20.4% |
| Net income | ¥1.74B | Margin 24.6% |
| Free cash flow | ¥591.7M |  |
| Employees (consolidated) | 286 |  |
| EPS | ¥119.45 |  |
| Book value per share | ¥904.75 |  |
| Equity ratio | 84.2% |  |
| Shares outstanding | 18,392,724 |  |
| Treasury shares | 2,732,300 |  |
| Shareholders | 8,593 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 33.0% | Cash ÷ revenue 77.7% |
| Vs. industry median margin | +7.9 pp | Software & SaaS |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 10.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4431512000 | ¥7063091000 | +59.4% |
| Operating income | ¥679732000 | ¥1440296000 | +111.9% |
| Operating margin | 15.3% | 20.4% | +5.1 pp |
| Employees | 230 people | 286 people | +24.3% |
| Cash and equivalents | ¥5855916000 | ¥5489216000 | -6.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,063 | 100.0% | S100YGKZ |
| Cost of revenue | 1,863 | 26.4% | S100YGKZ |
| Gross profit | 5,200 | 73.6% | S100YGKZ |
| SG&A | 3,760 | 53.2% | S100YGKZ |
| Operating income | 1,440 | 20.4% | S100YGKZ |
| Ordinary income | 1,559 | 22.1% | S100YGKZ |
| Pretax income | 2,484 | 35.2% | S100YGKZ |
| Income tax | 745 | 10.5% | S100YGKZ |
| Net income | 1,739 | 24.6% | S100YGKZ |
| Net income attributable to owners | 1,739 | 24.6% | S100YGKZ |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 53 |
| Operating income | 21 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 73.6% → Operating margin 20.4% → Net margin 24.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.0%; Core profit growth: -0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,665 | 7,063 | 398 | +6.0% |
| Gross profit | 4,934 | 5,200 | 266 | +5.4% |
| Operating income | 1,443 | 1,440 | -2 | -0.2% |
| Net income attributable to owners | 1,409 | 1,739 | 330 | +23.5% |
| Operating cash flow | 1,432 | 1,854 | 421 | +29.4% |
| Free cash flow | 656 | 592 | -65 | -9.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,747 | 695 | 14.6% | 692 | 877 | 385 | S100LQXL |
| FY ending Mar 2021 | 4,432 | 680 | 15.3% | 624 | 1,233 | 898 | S100OFCB |
| FY ending Mar 2022 | 4,461 | 823 | 18.5% | 448 | 1,150 | 783 | S100R471 |
| FY ending Mar 2023 | 5,180 | 1,081 | 20.9% | 868 | 1,267 | 894 | S100TS9A |
| FY ending Mar 2024 | 6,002 | 1,368 | 22.8% | 1,006 | 1,494 | 916 | S100W2DC |
| FY ending Mar 2025 | 6,665 | 1,443 | 21.6% | 1,409 | 1,432 | 656 | S100YGKZ |
| FY ending Mar 2026 | 7,063 | 1,440 | 20.4% | 1,739 | 1,854 | 592 | S100YGKZ |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥6.1M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 237 | 241 | 253 | 265 | 286 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 38.0 years | 38.2 years | 37.5 years | 37.4 years | 37.5 years |
| Average tenure (parent company) | 7.1 years | 7.2 years | 7.4 years | 7.2 years | 7.5 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +6.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,854 | 26.2% | S100YGKZ |
| Capital expenditure | 1,262 | 17.9% | S100YGKZ |
| Free cash flow | 592 | 8.4% | 算出 |
| Investing cash flow | 1,146 | 16.2% | S100YGKZ |
| Financing cash flow | -1,623 | -23.0% | S100YGKZ |
| Dividends paid | 427 | 6.0% | S100YGKZ |
| Change in cash | 1,383 | 19.6% | S100YGKZ |
| Cash and equivalents | 5,489 | 77.7% | S100YGKZ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,690 | 5,705 | 4,954 | 4,106 | 5,489 | S100TS9A, S100W2DC, S100YGKZ |
| Total assets | 13,173 | 14,828 | 15,826 | 15,971 | 16,652 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Net assets | 11,721 | 9,708 | 11,258 | 12,308 | 14,016 | S100TS9A, S100W2DC, S100YGKZ |
| Share capital | 6,930 | 6,930 | 6,930 | 6,930 | 6,930 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Trade receivables | 983 | 945 | 1,024 | 1,132 | 1,119 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Property, plant and equipment | 273 | 278 | 385 | 567 | 850 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Intangible assets excluding goodwill | 559 | 631 | 684 | 871 | 1,051 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Investment securities | 1,510 | 2,105 | 3,631 | 3,774 | 3,824 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Current assets | 9,802 | 9,634 | 9,086 | 9,342 | 9,755 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Current liabilities | 1,355 | 2,363 | 2,525 | 2,509 | 2,280 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Long-term borrowings | — | 2,680 | 1,912 | 1,061 | 195 | S100TS9A, S100W2DC, S100YGKZ |
| Total liabilities | 1,452 | 5,121 | 4,568 | 3,663 | 2,636 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Equity attributable to owners of parent | 11,955 | 10,029 | 10,950 | 12,122 | 13,508 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Retained earnings | -1,053 | 162 | 920 | 2,026 | 3,336 | S100R471, S100TS9A, S100W2DC, S100YGKZ |
| Treasury stock | -0 | -2,791 | -2,709 | -2,651 | -2,594 | S100R471, S100TS9A, S100W2DC, S100YGKZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YGKZ |
| Receivables | 7% | S100YGKZ |
| Property, plant and equipment | 5% | S100YGKZ |
| Intangibles and goodwill | 6% | S100YGKZ |
| Investment securities | 23% | S100YGKZ |
| Other assets | 26% | S100YGKZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YGKZ |
| Equity | 84% | S100YGKZ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,173 | 14,828 | 15,826 | 15,971 | 16,652 |
| Equity | 11,721 | 9,708 | 11,258 | 12,308 | 14,016 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,690 | 5,705 | 4,954 | 4,106 | 5,489 |

## 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) | 12.0% | S100YGKZ |
| Fixed assets ÷ total assets | 5.1% | S100YGKZ |
| Goodwill ÷ parent equity | — | —, S100YGKZ |

### 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) | 33.0% |
| Cash ÷ revenue | 77.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 128.7% |
| Cash vs. profit gap | 114 JPY mn (of net income 6.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.6% |
| Shareholder payments — dividends / FCF | 72.2% |
| CapEx intensity (capex ÷ revenue) | 17.9% |
| Investing CF relative to operating CF | 61.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 10.0% | 0.34× | 3.4% | 1.10× | 3.8% | S100R471 |
| 2023 | 16.8% | 0.37× | 6.2% | 1.27× | 7.9% | S100TS9A |
| 2024 | 16.8% | 0.39× | 6.6% | 1.46× | 9.6% | S100W2DC |
| 2025 | 21.1% | 0.42× | 8.9% | 1.38× | 12.2% | S100YGKZ |
| 2026 | 24.6% | 0.43× | 10.7% | 1.27× | 13.6% | S100YGKZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＬＩＭ ＪＡＰＡＮ ＥＶＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ （常任代理人 立花証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 光１号配当特化投資事業有限責任組合 | Major shareholder | 3.4% | 2026-03-31 |
| アイビー投資事業有限責任組合 | Major shareholder | 3.4% | 2026-03-31 |
| 鈴木清幸 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社ＢＳＲ | Major shareholder | 3.3% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ Ｕ．Ｓ． ＴＡＸ ＥＸＥＭＰＴＥＤ ＰＥＮＳＩＯＮ ＦＵＮＤＳ ＳＥＣ ＬＥＮＤＩＮＧ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.2% | 2026-03-31 |
| レック株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 中村得郎 | Major shareholder | 2.0% | 2026-03-31 |
| ＴＳＵＣＨＩＹＡ株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YGKZ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGKZ,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W2DC | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2DC,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TS9A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9A,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R471 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R471,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OFCB | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFCB,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LQXL | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQXL,, |

## 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).