# AGEHA Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XCV7)
> Page: https://vizora.meequs.com/en/company/ageha
> Retrieved: 2026-09-30T19:42:02.873Z

## Company

Ageha is a company in Advertising listed on TSE Growth. It has 141 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AGEHA Inc. |
| Ticker | 9330 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9330.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区八丁堀二丁目12番7号 |
| Representative (per filing) | 代表取締役社長 湊 剛宏 |
| Share capital | ¥284.1M |
| Employees (consolidated) | 141 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.ageha.tv (https://www.ageha.tv/) |
| Corporate number | 3010001133118 |
| EDINET | E38849 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XCV7, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.2 | 57 |
| Profitability | 6.4 | 86 |
| Efficiency | 44.8 | 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)

- Ageha brought in ¥1.55B in revenue.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -0.9% from the prior year, operating profit -3857.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.55B |  |
| Operating income | -¥73.6M | Margin -4.8% |
| Net income | -¥63.6M | Margin -4.1% |
| Free cash flow | ¥201.5M |  |
| Employees (consolidated) | 141 |  |
| EPS | ¥-44.63 |  |
| Book value per share | ¥629.11 |  |
| Equity ratio | 68.8% |  |
| Shares outstanding | 1,433,500 |  |
| Shareholders | 2,417 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 66.3% | Cash ÷ revenue 56.1% |
| Vs. industry median margin | -10.4 pp | Advertising |
| ROA | -4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 66% of total assets

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1398556000 | ¥1547053000 | +10.6% |
| Operating income | ¥113168000 | ¥-73617000 | -165.1% |
| Operating margin | 8.1% | -4.8% | -12.9 pp |
| Employees | 127 people | 141 people | +11.0% |
| Cash and equivalents | ¥600639000 | ¥868031000 | +44.5% |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,547 | 100.0% | S100XCV7 |
| Cost of revenue | 739 | 47.8% | S100XCV7 |
| Gross profit | 808 | 52.2% | S100XCV7 |
| SG&A | 882 | 57.0% | S100XCV7 |
| Operating income | -74 | -4.8% | S100XCV7 |
| Ordinary income | -76 | -4.9% | S100XCV7 |
| Pretax income | -76 | -4.9% | S100XCV7 |
| Income tax | -12 | -0.8% | S100XCV7 |
| Net income | -64 | -4.1% | S100XCV7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 57 |
| Operating income | -5 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 52.2% → Operating margin -4.8% → Net margin -4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,561 | 1,547 | -14 | -0.9% |
| Gross profit | 817 | 808 | -9 | -1.1% |
| Operating income | 2 | -74 | -76 | -3857.9% |
| Operating cash flow | -347 | 226 | 574 | — |
| Free cash flow | -354 | 201 | 556 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 1,399 | 113 | 8.1% | 80 | 146 | 143 | S100SJAL |
| FY ending Sep 2023 | 1,737 | 114 | 6.6% | 75 | 49 | 48 | S100V0GJ |
| FY ending Sep 2024 | 1,561 | 2 | 0.1% | 28 | -347 | -354 | S100XCV7 |
| FY ending Sep 2025 | 1,547 | -74 | -4.8% | -64 | 226 | 201 | S100XCV7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | -¥522.1K |
| Net income per employee (consolidated) | -¥451.4K |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 127 | 134 | 133 | 141 |
| Average salary (parent company) | — | ¥5M | ¥5.2M | ¥5.6M |
| Average age (parent company) | — | 33.5 years | 35.6 years | 36.7 years |
| Average tenure (parent company) | — | 3.8 years | 3.8 years | 3.8 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) -0.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 226 | 14.6% | S100XCV7 |
| Capital expenditure | 25 | 1.6% | S100XCV7 |
| Free cash flow | 201 | 13.0% | 算出 |
| Investing cash flow | -25 | -1.6% | S100XCV7 |
| Financing cash flow | 85 | 5.5% | S100XCV7 |
| Change in cash | 286 | 18.5% | S100XCV7 |
| Cash and equivalents | 868 | 56.1% | S100XCV7 |

## 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 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 601 | 1,077 | 582 | 868 | S100V0GJ, S100XCV7 |
| Total assets | 972 | 1,462 | 1,293 | 1,310 | S100SJAL, S100V0GJ, S100XCV7 |
| Net assets | 315 | 927 | 956 | 902 | S100V0GJ, S100XCV7 |
| Share capital | 10 | 279 | 279 | 284 | S100SJAL, S100V0GJ, S100XCV7 |
| Property, plant and equipment | 17 | 14 | 19 | 20 | S100SJAL, S100V0GJ, S100XCV7 |
| Intangible assets excluding goodwill | 4 | 3 | 9 | 21 | S100SJAL, S100V0GJ, S100XCV7 |
| Investment securities | 0 | 0 | 0 | 0 | S100SJAL, S100V0GJ, S100XCV7 |
| Current assets | 858 | 1,356 | 1,228 | 1,218 | S100SJAL, S100V0GJ, S100XCV7 |
| Current liabilities | 319 | 297 | 268 | 276 | S100SJAL, S100V0GJ, S100XCV7 |
| Long-term borrowings | 329 | 229 | 53 | 117 | S100SJAL, S100V0GJ, S100XCV7 |
| Total liabilities | 658 | 535 | 337 | 408 | S100SJAL, S100V0GJ, S100XCV7 |
| Equity attributable to owners of parent | 315 | 927 | 956 | 902 | S100SJAL, S100V0GJ, S100XCV7 |
| Retained earnings | 305 | 379 | 407 | 344 | S100SJAL, S100V0GJ, S100XCV7 |
| Treasury stock | — | — | -0 | -0 | S100XCV7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100XCV7 |
| Property, plant and equipment | 1% | S100XCV7 |
| Intangibles and goodwill | 2% | S100XCV7 |
| Investment securities | 0% | S100XCV7 |
| Other assets | 31% | S100XCV7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XCV7 |
| Equity | 69% | S100XCV7 |
| Other liabilities | 0% | S100XCV7 |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 972 | 1,462 | 1,293 | 1,310 |
| Equity | 315 | 927 | 956 | 902 |
| Interest-bearing debt | — | — | — | — |
| Cash | 601 | 1,077 | 582 | 868 |

## 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) | 1.3% | S100XCV7 |
| Fixed assets ÷ total assets | 1.5% | S100XCV7 |
| Goodwill ÷ parent equity | — | —, S100XCV7 |

### 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) | 66.3% |
| Cash ÷ revenue | 56.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 290 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 11.0% |

## 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 | 5.7% | 1.44× | 8.2% | 3.09× | 25.3% | S100SJAL |
| 2023 | 4.3% | 1.43× | 6.2% | 1.96× | 12.1% | S100V0GJ |
| 2024 | 1.8% | 1.13× | 2.0% | 1.46× | 3.0% | S100XCV7 |
| 2025 | — | —× | -4.9% | —× | — | S100XCV7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 湊 剛宏 | Major shareholder | 35.6% | 2025-09-30 |
| 株式会社ポルト | Major shareholder | 20.9% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.2% | 2025-09-30 |
| ＡＩフュージョンキャピタルグループ株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| 山本 裕治 | Major shareholder | 1.1% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2025-09-30 |
| 廣田 順子 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社サイブリッジ | Major shareholder | 0.9% | 2025-09-30 |
| 伍 定強 | Major shareholder | 0.9% | 2025-09-30 |
| 藤堂 修 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XCV7 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCV7,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100V0GJ | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0GJ,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SJAL | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJAL,, |

## 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).