# Adventure, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/07/01－2026/06/30) (S100Z3FV)
> Page: https://vizora.meequs.com/en/company/adventure
> Retrieved: 2026-09-30T20:18:16.140Z

## Company

Adventure, founded in 2004, is a company in Venture Capital listed on TSE Growth. It has 518 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Adventure, Inc. |
| Ticker | 6030 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6030.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿4-20-3 恵比寿ガーデンプレイスタワー4F |
| Representative (per filing) | 代表取締役社長 中村 俊一 |
| Founded | Oct 2004 |
| Share capital | ¥4.07B |
| Employees (consolidated) | 518 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | June |
| Website | jp.adventurekk.com (https://jp.adventurekk.com/) |
| Corporate number | 5011001050532 |
| EDINET | E31036 |
| Industries (Vizora) | Venture Capital, Travel Agencies |

> Profile source: annual securities report (S100Z3FV, filed 2026-09-24). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 68.2 | 11 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 50 | 11 |

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)

- About 100% of Adventure's sales come from Travel business, with Investment business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +14.5% from the prior year, operating profit -26.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.6B |  |
| Operating income | ¥1.1B | Margin 4.3% |
| Net income | ¥465.7M | Margin 1.8% |
| Free cash flow | -¥4.19B |  |
| Largest business | Travel business | of segment revenue 99.7% |
| Employees (consolidated) | 518 |  |
| EPS | ¥63.36 |  |
| Diluted EPS | ¥63.36 |  |
| Book value per share | ¥1096.36 |  |
| Equity ratio | 32.1% | Derived from disclosed figures |
| Shares outstanding | 7,178,900 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 3,442 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 47.1% | Cash ÷ revenue 51.7% |
| Vs. industry median margin | +1.9 pp | Travel Agencies |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 47% of total assets

## What changed in 7 years

| Metric | FY ending Jun 2019 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13552251000 | ¥25634193000 | +89.2% |
| Employees | 363 people | 518 people | +42.7% |
| Cash and equivalents | ¥3455790000 | ¥13263692000 | +283.8% |

### Change in segment revenue mix

Span: FY ending Jun 2019 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 旅行事業 | 99.7% |
| 新設・再編 → 投資事業 | 0.3% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,634 | 100.0% | S100Z3FV |
| Cost of revenue | 10,788 | 42.1% | S100Z3FV |
| Gross profit | 14,846 | 57.9% | 算出 |
| SG&A | 13,838 | 54.0% | S100Z3FV |
| Operating income | 1,100 | 4.3% | S100Z3FV |
| Pretax income | 925 | 3.6% | S100Z3FV |
| Income tax | 386 | 1.5% | S100Z3FV |
| Net income | 539 | 2.1% | S100Z3FV |
| Net income attributable to owners | 466 | 1.8% | S100Z3FV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 54 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 57.9% → Operating margin 4.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Jun 2024 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,392 | 25,634 | 3,242 | +14.5% |
| Gross profit | 15,071 | 14,846 | -225 | -1.5% |
| Operating income | 1,490 | 1,100 | -390 | -26.1% |
| Net income attributable to owners | 713 | 466 | -247 | -34.6% |
| Operating cash flow | 857 | -2,914 | -3,770 | -440.1% |
| Free cash flow | 769 | -4,193 | -4,962 | -645.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2018 | 7,492 | — | — | 343 | 387 | — | S100P86B |
| FY ending Jun 2019 | 13,552 | — | — | 185 | 510 | — | S100RWMH |
| FY ending Jun 2021 | 8,036 | 863 | 10.7% | 850 | -252 | -303 | S100XAYG |
| FY ending Jun 2022 | 11,787 | 2,043 | 17.3% | 1,610 | 2,999 | 2,962 | S100Z3FV |
| FY ending Jun 2023 | 20,028 | 2,900 | 14.5% | 1,827 | 3,041 | 2,956 | S100Z3FV |
| FY ending Jun 2024 | 22,392 | 1,490 | 6.7% | 713 | 857 | 769 | S100Z3FV |
| FY ending Jun 2026 | 25,634 | 1,100 | 4.3% | 466 | -2,914 | -4,193 | S100Z3FV |

## People and productivity（FY ending Jun 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.5M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥899.1K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 255 | 170 | 239 | 439 | 518 |
| Average salary (parent company) | ¥4.5M | ¥4.4M | ¥4.5M | ¥4.8M | ¥5.8M |
| Average age (parent company) | 34.1 years | 31.3 years | 31.6 years | 32.9 years | 34.7 years |
| Average tenure (parent company) | 3.0 years | 2.0 years | 2.0 years | 3.0 years | 3.0 years |

## Segments（FY ending Jun 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Travel business | 25,551 | 99.7% | 1,172 | 4.6% |
| Investment business | 84 | 0.3% | -72 | -86.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Travel business | 99.7% | 100.0% | 0.3 | 4.6% |
| Investment business | 0.3% | — | — | -86.1% |

Loss-making segment (excluded from profit shares): Investment business -72 JPY mn

Segment → industry: Investment business → Venture Capital / Travel business → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,914 | -11.4% | S100Z3FV |
| Capital expenditure | 1,280 | 5.0% | S100Z3FV |
| Free cash flow | -4,193 | -16.4% | 算出 |
| Investing cash flow | -2,306 | -9.0% | S100Z3FV |
| Financing cash flow | 2,199 | 8.6% | S100Z3FV |
| Share buyback | 502 | 2.0% | S100Z3FV |
| Change in cash | -3,040 | -11.9% | S100Z3FV |
| Cash and equivalents | 13,264 | 51.7% | S100Z3FV |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,105 | 12,755 | 14,005 | 17,008 | 13,264 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Total assets | 12,199 | 20,836 | 23,542 | 29,705 | 28,183 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Net assets | 2,311 | 9,619 | 11,363 | 12,042 | 9,418 | S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Share capital | 557 | 3,282 | 3,308 | 4,073 | 4,073 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Property, plant and equipment | 144 | 59 | 124 | 410 | 1,421 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Goodwill | 1,101 | 529 | 612 | 2,920 | 2,650 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Current assets | 9,034 | 18,252 | 20,465 | 24,009 | 21,756 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Total liabilities | 9,888 | 11,217 | 12,179 | 17,663 | 18,765 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Equity attributable to owners of parent | 2,311 | 9,619 | 11,363 | 11,013 | 9,038 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Retained earnings | 1,524 | 3,067 | 4,744 | 5,291 | 1,391 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |
| Treasury stock | -245 | -1 | -2 | -2,470 | -6 | S100P86B, S100RWMH, S100UFUC, S100XAYG, S100Z3FV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Z3FV |
| Property, plant and equipment | 5% | S100Z3FV |
| Intangibles and goodwill | 9% | — |
| Other assets | 39% | S100Z3FV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100Z3FV |
| Equity | 33% | S100Z3FV |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,199 | 20,836 | 23,542 | 29,705 | 28,183 |
| Equity | 2,311 | 9,619 | 11,363 | 12,042 | 9,418 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,105 | 12,755 | 14,005 | 17,008 | 13,264 |

## 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) | 5.5% | S100Z3FV |
| Fixed assets ÷ total assets | 5.0% | S100Z3FV |
| Goodwill ÷ parent equity | 29.3% | S100Z3FV |

### 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) | 47.1% |
| Cash ÷ revenue | 51.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -264.8% |
| Cash vs. profit gap | -3,379 JPY mn (of net income -725.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| 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 | 10.6% | 0.66× | 7.0% | 5.28× | 36.8% | S100P86B, S100XAYG |
| 2022 | 13.7% | 0.71× | 9.7% | 2.77× | 27.0% | S100RWMH, S100Z3FV |
| 2023 | 9.1% | 0.90× | 8.2% | 2.11× | 17.4% | S100UFUC, S100Z3FV |
| 2024 | 3.2% | 0.84× | 2.7% | 2.38× | 6.4% | S100XAYG, S100Z3FV |
| 2026 | 1.8% | 0.91× | 1.7% | 3.12× | 5.2% | S100Z3FV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 俊一 | Major shareholder | 69.0% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-06-30 |
| DAIWA CM SINGAPORE LTD- NOMINEE YAGI RIEKO(常任代理人 大和証券株式会社) | Major shareholder | 2.2% | 2026-06-30 |
| 下中 佳生 | Major shareholder | 1.3% | 2026-06-30 |
| 株式会社中村 | Major shareholder | 1.2% | 2026-06-30 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2026-06-30 |
| 宮石 久夫 | Major shareholder | 0.5% | 2026-06-30 |
| 松井証券株式会社 | Major shareholder | 0.4% | 2026-06-30 |
| 岩田 靖宏 | Major shareholder | 0.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/07/01－2026/06/30) | S100Z3FV | 2026-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3FV,, |
| 訂正有価証券報告書－第19期(2024/07/01－2025/06/30) | S100XAYG | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAYG,, |
| 有価証券報告書－第18期(2023/07/01－2024/06/30) | S100UFUC | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFUC,, |
| 有価証券報告書－第17期(2022/07/01－2023/06/30) | S100RWMH | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWMH,, |
| 有価証券報告書－第16期(令和3年7月1日－令和4年6月30日) | S100P86B | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P86B,, |
| 有価証券報告書－第15期(令和2年7月1日－令和3年6月30日) | S100MH6V | 2021-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH6V,, |

## 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).