# Aeria 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24期(2025/01/01－2025/12/31) (S100XUMZ)
> Page: https://vizora.meequs.com/en/company/aeria
> Retrieved: 2026-09-30T20:58:35.865Z

## Company

Aeria, founded in 2002, is a company in IT Services & System Integration listed on TSE Standard. It has 460 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aeria Inc. |
| Ticker | 3758 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3758.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂三丁目7番13号 |
| Representative (per filing) | 代表取締役社長 小林祐介 |
| Founded | Sep 2002 |
| Share capital | ¥100M |
| Employees (consolidated) | 460 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.aeria.jp (https://www.aeria.jp/) |
| Corporate number | 6010401048805 |
| EDINET | E05453 |
| Industries (Vizora) | IT Services & System Integration, Games, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XUMZ, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 36 |
| Profitability | 42.7 | 41 |
| Cash conversion | 8.1 | 31 |
| Efficiency | 50 | 41 |

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 57% of Aeria's sales come from Contents business, with Asset Management and Information technology service business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -14.0% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥16.5B |  |
| Operating income | ¥667M | Margin 4.0% |
| Net income | ¥352M | Margin 2.1% |
| Free cash flow | -¥788M |  |
| Largest business | Contents business | of segment revenue 56.5% |
| Employees (consolidated) | 460 |  |
| EPS | ¥-3.92 |  |
| Book value per share | ¥312.21 |  |
| Equity ratio | 40.2% |  |
| Shares outstanding | 21,249,428 |  |
| Treasury shares | 693,500 |  |
| Shareholders | 13,496 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 35.0% | Net cash ¥3.25B · Cash ÷ revenue 45.1% |
| Vs. industry median margin | -1.4 pp | Games |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.9× dividends
- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, segment profit share differs by 53 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25700000000 | ¥16472000000 | -35.9% |
| Operating income | ¥364000000 | ¥667000000 | +83.2% |
| Operating margin | 1.4% | 4.0% | +2.6 pp |
| Employees | 578 people | 460 people | -20.4% |
| Cash and equivalents | ¥8062000000 | ¥7426000000 | -7.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ITサービス事業 → ITサービス事業 | 10.3% |
| ITサービス事業 → 事業再編・廃止 | 3.9% |
| コンテンツ事業 → コンテンツ事業 | 56.5% |
| コンテンツ事業 → 事業再編・廃止 | 0.4% |
| アセットマネージメント事業 → アセットマネージメント事業 | 28.9% |
| 新設・再編 → アセットマネージメント事業 | 4.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Contents business | 5 years | -8.6% | ¥9313000000 | -0.2% | 2 |
| Asset Management | 5 years | -5.9% | ¥5469000000 | 10.8% | 2 |
| Information technology service business | 5 years | -14.2% | ¥1689000000 | 5.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,472 | 100.0% | S100XUMZ |
| Cost of revenue | 10,388 | 63.1% | S100XUMZ |
| Gross profit | 6,083 | 36.9% | S100XUMZ |
| SG&A | 5,416 | 32.9% | S100XUMZ |
| Operating income | 667 | 4.0% | S100XUMZ |
| Ordinary income | 541 | 3.3% | S100XUMZ |
| Pretax income | 545 | 3.3% | S100XUMZ |
| Income tax | 179 | 1.1% | S100XUMZ |
| Net income | 366 | 2.2% | S100XUMZ |
| Net income attributable to owners | 352 | 2.1% | S100XUMZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 33 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 36.9% → Operating margin 4.0% → Net margin 2.1%
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 | 19,155 | 16,472 | -2,683 | -14.0% |
| Gross profit | 6,193 | 6,083 | -110 | -1.8% |
| Operating income | -42 | 667 | 709 | — |
| Net income attributable to owners | -739 | 352 | 1,091 | — |
| Operating cash flow | -327 | -727 | -400 | — |
| Free cash flow | -433 | -788 | -355 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 28,347 | 2,265 | 8.0% | 1,514 | 4,427 | 2,480 | S100L3H7 |
| FY ending Dec 2020 | 25,700 | 364 | 1.4% | -4,521 | -192 | -338 | S100NT0D |
| FY ending Dec 2021 | 21,542 | 839 | 3.9% | 586 | 2,048 | 1,884 | S100QILA |
| FY ending Dec 2022 | 20,587 | 835 | 4.1% | 172 | -1,085 | -1,328 | S100T5ZH |
| FY ending Dec 2023 | 22,671 | 476 | 2.1% | 480 | -1,975 | -2,080 | S100VJ2F |
| FY ending Dec 2024 | 19,155 | -42 | -0.2% | -739 | -327 | -433 | S100XUMZ |
| FY ending Dec 2025 | 16,472 | 667 | 4.0% | 352 | -727 | -788 | S100XUMZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥765.2K |

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) | 559 | 536 | 537 | 484 | 460 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7M | ¥7M | ¥7M |
| Average age (parent company) | 46.0 years | 47.0 years | 48.0 years | 50.0 years | 50.0 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | 7.0 years | 7.0 years | 8.0 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) -14.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information technology service business | 1,689 | 10.3% | 97 | 5.7% |
| Contents business | 9,313 | 56.5% | -21 | -0.2% |
| Asset Management | 5,469 | 33.2% | 591 | 10.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information technology service business | 10.3% | 14.1% | 3.8 | 5.7% |
| Contents business | 56.5% | — | — | -0.2% |
| Asset Management | 33.2% | 85.9% | 52.7 | 10.8% |

Loss-making segment (excluded from profit shares): Contents business -21 JPY mn

Segment → industry: Information technology service business → IT Services & System Integration / Contents business → Games / Asset Management → Real Estate Development & Leasing

## 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 | -727 | -4.4% | S100XUMZ |
| Capital expenditure | 61 | 0.4% | S100XUMZ |
| Free cash flow | -788 | -4.8% | 算出 |
| Investing cash flow | 167 | 1.0% | S100XUMZ |
| Financing cash flow | 303 | 1.8% | S100XUMZ |
| Dividends paid | 105 | 0.6% | S100XUMZ |
| Share buyback | 202 | 1.2% | S100XUMZ |
| Change in cash | -258 | -1.6% | S100XUMZ |
| Cash and equivalents | 7,426 | 45.1% | S100XUMZ |

## 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 | 9,411 | 9,151 | 8,449 | 7,684 | 7,426 | S100T5ZH, S100VJ2F, S100XUMZ |
| Total assets | 19,243 | 20,369 | 21,145 | 20,263 | 21,238 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Net assets | 9,153 | 9,292 | 9,682 | 8,581 | 9,231 | S100T5ZH, S100VJ2F, S100XUMZ |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Property, plant and equipment | 301 | 309 | 287 | 2,690 | 2,529 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Intangible assets excluding goodwill | 813 | 643 | 358 | 88 | 3 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Goodwill | 514 | 292 | 162 | — | — | S100QILA, S100T5ZH, S100VJ2F |
| Investment securities | 994 | 761 | 866 | 923 | 1,105 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Current assets | 16,255 | 18,073 | 18,997 | 16,020 | 17,147 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Current liabilities | 6,895 | 7,713 | 7,545 | 6,802 | 8,788 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Short-term borrowings | 840 | 994 | 1,795 | 928 | 1,496 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Long-term borrowings | 2,736 | 2,930 | 3,255 | 4,258 | 2,590 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Bonds | 10 | 10 | 150 | 135 | 85 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Interest-bearing debt | 3,586 | 3,934 | 5,200 | 5,321 | 4,171 | 算出 |
| Total liabilities | 10,090 | 11,076 | 11,463 | 11,682 | 12,007 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Non-controlling interests | 134 | 150 | 155 | 187 | 674 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Equity attributable to owners of parent | 8,876 | 8,929 | 9,340 | 8,219 | 8,289 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Retained earnings | 260 | 281 | 762 | 22 | 375 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |
| Treasury stock | -1,279 | -1,190 | -1,102 | -1,322 | -254 | S100QILA, S100T5ZH, S100VJ2F, S100XUMZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XUMZ |
| Property, plant and equipment | 12% | S100XUMZ |
| Intangibles and goodwill | 0% | S100XUMZ |
| Investment securities | 5% | S100XUMZ |
| Other assets | 48% | S100XUMZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 37% | S100XUMZ |
| Equity | 43% | S100XUMZ |

### 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 | 19,243 | 20,369 | 21,145 | 20,263 | 21,238 |
| Equity | 9,153 | 9,292 | 9,682 | 8,581 | 9,231 |
| Interest-bearing debt | 3,586 | 3,934 | 5,200 | 5,321 | 4,171 |
| Cash | 9,411 | 9,151 | 8,449 | 7,684 | 7,426 |

## 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) | 15.4% | S100XUMZ |
| Fixed assets ÷ total assets | 11.9% | S100XUMZ |
| Goodwill ÷ parent equity | — | —, S100XUMZ |

### 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) | 35.0% |
| Cash ÷ revenue | 45.1% |
| Net cash (cash − interest-bearing debt) | ¥3.25B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -109.0% |
| Cash vs. profit gap | -1,079 JPY mn (of net income -306.5%) |
| Shareholder returns / net income | 87.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| 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 | 2.7% | 1.12× | 3.0% | 2.17× | 6.6% | S100QILA |
| 2022 | 0.8% | 1.04× | 0.9% | 2.22× | 1.9% | S100T5ZH |
| 2023 | 2.1% | 1.09× | 2.3% | 2.27× | 5.3% | S100VJ2F |
| 2024 | — | —× | -3.6% | —× | — | S100XUMZ |
| 2025 | 2.1% | 0.79× | 1.7% | 2.51× | 4.3% | S100XUMZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長嶋 貴之 | Major shareholder | 15.6% | 2025-12-31 |
| 小林 祐介 | Major shareholder | 11.5% | 2025-12-31 |
| 林田 浩太郎 | Major shareholder | 4.7% | 2025-12-31 |
| TUSCAN CAPITAL LLC | Major shareholder | 2.5% | 2025-12-31 |
| 山下 博 | Major shareholder | 1.6% | 2025-12-31 |
| 石田 博男 | Major shareholder | 1.6% | 2025-12-31 |
| アエリアグループ役員持株会 | Major shareholder | 1.3% | 2025-12-31 |
| 今 秀信 | Major shareholder | 0.7% | 2025-12-31 |
| 西村 智 | Major shareholder | 0.6% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XUMZ | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUMZ,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VJ2F | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ2F,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T5ZH | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5ZH,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QILA | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QILA,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NT0D | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT0D,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L3H7 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3H7,, |

## 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).