# Adways Inc.: 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26期(2025/01/01－2025/12/31) (S100XSXU)
> Page: https://vizora.meequs.com/en/company/adways
> Retrieved: 2026-09-30T20:30:40.031Z

## Company

Adways, founded in 2001, is a company in Advertising listed on TSE Standard. It has 941 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Adways Inc. |
| Ticker | 2489 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2489.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿五丁目1番1号 |
| Representative (per filing) | 代表取締役 山田 翔 |
| Founded | Feb 2001 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 941 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.adways.net (https://www.adways.net/) |
| Corporate number | 7011101041652 |
| EDINET | E05599 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XSXU, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25 | 86 |
| Cash conversion | 10 | 75 |
| Efficiency | 9.9 | 86 |

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 50% of Adways's sales come from Agency segment, with Ad platform segment and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.7% from the prior year, operating profit +78.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12.2B |  |
| Operating income | ¥297.2M | Margin 2.4% |
| Net income | ¥252.9M | Margin 2.1% |
| Free cash flow | -¥554.5M |  |
| Largest business | Agency segment | of segment revenue 49.8% |
| Employees (consolidated) | 941 |  |
| EPS | ¥0.59 |  |
| Book value per share | ¥291.79 |  |
| Equity ratio | 60.5% |  |
| Shares outstanding | 42,006,000 |  |
| Treasury shares | 2,923,800 |  |
| Shareholders | 12,664 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 44.5% | Cash ÷ revenue 81.2% |
| Vs. industry median margin | -3.2 pp | Advertising |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -10% while operating income rose 79%
- FY2025, cash is 45% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49020592000 | ¥12219492000 | -75.1% |
| Operating income | ¥1626092000 | ¥297231000 | -81.7% |
| Operating margin | 3.3% | 2.4% | -0.9 pp |
| Employees | 807 people | 941 people | +16.6% |
| Cash and equivalents | ¥9944909000 | ¥9924286000 | -0.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 広告事業 → 事業再編・廃止 | 85.2% |
| メディアコンテンツ事業 → 事業再編・廃止 | 1.5% |
| 海外事業 → 事業再編・廃止 | 12.1% |
| その他 → その他 | 1.2% |
| 新設・再編 → アドプラットフォーム事業 | 38.3% |
| 新設・再編 → エージェンシー事業 | 49.8% |
| 新設・再編 → その他 | 10.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agency segment | 4 years | -2.0% | ¥6083446000 | 11.9% | 2 |
| Ad platform segment | 4 years | +22.6% | ¥4674219000 | 24.0% | 2 |
| Other | 4 years | +25.0% | ¥1461827000 | 20.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,219 | 100.0% | S100XSXU |
| Cost of revenue | 2,122 | 17.4% | S100XSXU |
| Gross profit | 10,098 | 82.6% | S100XSXU |
| SG&A | 9,801 | 80.2% | S100XSXU |
| Operating income | 297 | 2.4% | S100XSXU |
| Ordinary income | 607 | 5.0% | S100XSXU |
| Pretax income | 628 | 5.1% | S100XSXU |
| Income tax | 337 | 2.8% | S100XSXU |
| Net income | 290 | 2.4% | S100XSXU |
| Net income attributable to owners | 253 | 2.1% | S100XSXU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 80 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 82.6% → Operating margin 2.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.7%; Core profit growth: +78.6%
Operating leverage (core profit growth ÷ revenue growth): -21.45×
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 | 12,685 | 12,219 | -465 | -3.7% |
| Gross profit | 10,351 | 10,098 | -253 | -2.4% |
| Operating income | 166 | 297 | 131 | +78.6% |
| Net income attributable to owners | -473 | 253 | 726 | — |
| Operating cash flow | 186 | -80 | -266 | -142.9% |
| Free cash flow | -371 | -555 | -184 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 49,021 | 1,626 | 3.3% | 1,422 | 3,418 | 3,248 | S100NQKJ |
| FY ending Dec 2021 | 9,698 | 1,299 | 13.4% | 1,029 | 924 | 762 | S100QFSG |
| FY ending Dec 2022 | 13,416 | 1,671 | 12.5% | 2,537 | 385 | -45 | S100T4Q1 |
| FY ending Dec 2023 | 13,524 | 922 | 6.8% | 966 | 592 | -67 | S100VGYI |
| FY ending Dec 2024 | 12,685 | 166 | 1.3% | -473 | 186 | -371 | S100XSXU |
| FY ending Dec 2025 | 12,219 | 297 | 2.4% | 253 | -80 | -555 | S100XSXU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13M |
| Operating income per employee (consolidated) | ¥315.9K |
| Net income per employee (consolidated) | ¥268.8K |

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) | 919 | 1,005 | 1,024 | 1,041 | 941 |
| Average salary (parent company) | ¥6.1M | ¥6.5M | ¥6.2M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 32.0 years | 33.0 years | 34.0 years | 34.0 years | 34.0 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 5.0 years | 5.0 years | 6.0 years |

Year over year: Employees (consolidated) -9.6% · Revenue (consolidated) -3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ad platform segment | 4,674 | 38.3% | 1,121 | 24.0% |
| Agency segment | 6,083 | 49.8% | 723 | 11.9% |
| Other | 1,462 | 12.0% | 293 | 20.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ad platform segment | 38.3% | 52.5% | 14.2 | 24.0% |
| Agency segment | 49.8% | 33.8% | -15.9 | 11.9% |
| Other | 12.0% | 13.7% | 1.7 | 20.0% |

Segment → industry: Agency segment → Advertising / Ad platform segment → Advertising

## 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 | -80 | -0.7% | S100XSXU |
| Capital expenditure | 475 | 3.9% | S100XSXU |
| Free cash flow | -555 | -4.5% | 算出 |
| Investing cash flow | 163 | 1.3% | S100XSXU |
| Financing cash flow | -135 | -1.1% | S100XSXU |
| Dividends paid | 118 | 1.0% | S100XSXU |
| Change in cash | -116 | -1.0% | S100XSXU |
| Cash and equivalents | 9,924 | 81.2% | S100XSXU |

## 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 | 12,759 | 12,870 | 10,194 | 10,041 | 9,924 | S100T4Q1, S100VGYI, S100XSXU |
| Total assets | 25,274 | 27,782 | 25,227 | 22,885 | 22,295 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Net assets | 14,938 | 16,322 | 14,601 | 13,885 | 13,958 | S100T4Q1, S100VGYI, S100XSXU |
| Share capital | 1,716 | 1,716 | 1,717 | 1,717 | 1,717 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Inventories | 59 | 29 | 58 | 2 | 3 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Property, plant and equipment | 317 | 618 | 1,200 | 1,155 | 1,139 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Intangible assets excluding goodwill | 383 | 256 | 132 | 66 | 221 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Goodwill | 78 | 52 | 1 | 55 | 55 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Investment securities | 2,327 | 3,342 | 3,100 | 2,779 | 2,397 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Current assets | 21,762 | 22,893 | 19,940 | 18,379 | 18,113 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Current liabilities | 10,171 | 11,152 | 10,342 | 8,633 | 8,072 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Total liabilities | 10,336 | 11,460 | 10,626 | 8,999 | 8,338 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Non-controlling interests | 278 | 296 | 246 | 272 | 303 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Equity attributable to owners of parent | 13,862 | 14,534 | 13,072 | 12,382 | 12,532 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Retained earnings | 5,366 | 7,680 | 8,087 | 7,388 | 7,538 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |
| Treasury stock | -167 | -1,809 | -2,092 | -2,092 | -2,092 | S100QFSG, S100T4Q1, S100VGYI, S100XSXU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XSXU |
| Inventories | 0% | S100XSXU |
| Property, plant and equipment | 5% | S100XSXU |
| Intangibles and goodwill | 1% | S100XSXU |
| Investment securities | 11% | S100XSXU |
| Other assets | 38% | S100XSXU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XSXU |
| Equity | 63% | S100XSXU |

### 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 | 25,274 | 27,782 | 25,227 | 22,885 | 22,295 |
| Equity | 14,938 | 16,322 | 14,601 | 13,885 | 13,958 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,759 | 12,870 | 10,194 | 10,041 | 9,924 |

## 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) | 9.3% | S100XSXU |
| Fixed assets ÷ total assets | 5.1% | S100XSXU |
| Goodwill ÷ parent equity | 0.4% | S100XSXU |

Goodwill over 4 years: 78 → 55 JPY; total investing cash flow: 1,965 JPY. This does not imply causation.

### 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) | 44.5% |
| Cash ÷ revenue | 81.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -26.8% |
| Cash vs. profit gap | -333 JPY mn (of net income -131.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| 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% | 0.38× | 4.1% | 1.82× | 7.4% | S100QFSG |
| 2022 | 18.9% | 0.51× | 9.6% | 1.87× | 17.9% | S100T4Q1 |
| 2023 | 7.1% | 0.51× | 3.6% | 1.92× | 7.0% | S100VGYI |
| 2024 | — | —× | -2.0% | —× | — | S100XSXU |
| 2025 | 2.1% | 0.54× | 1.1% | 1.81× | 2.0% | S100XSXU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡村 陽久 | Major shareholder | 20.8% | 2025-12-31 |
| 伊藤忠商事株式会社 | Major shareholder | 10.2% | 2025-12-31 |
| 株式会社博報堂ＤＹホールディングス | Major shareholder | 9.3% | 2025-12-31 |
| 株式会社博報堂 | Major shareholder | 7.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.3% | 2025-12-31 |
| 山田 翔 | Major shareholder | 5.2% | 2025-12-31 |
| 西岡 明彦 | Major shareholder | 1.0% | 2025-12-31 |
| 松尾 志郎 | Major shareholder | 1.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.6% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XSXU | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSXU,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VGYI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGYI,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T4Q1 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4Q1,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QFSG | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFSG,, |
| 有価証券報告書－第22期(令和3年4月1日－令和3年12月31日) | S100NQKJ | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQKJ,, |

## 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).