# AIAI Group Corporation: 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11期(2025/04/01－2026/03/31) (S100YH7U)
> Page: https://vizora.meequs.com/en/company/aiai-group
> Retrieved: 2026-09-30T19:51:15.016Z

## Company

AIAI Group, founded in 2015, is a company in Childcare listed on TSE Growth. It has 2,354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIAI Group Corporation |
| Ticker | 6557 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6557.T) |
| Listing | TSE Growth |
| Head office | 東京都墨田区錦糸一丁目2番1号 (注)2026年6月から本店は下記に移転する予定であります。 東京都中央区銀座七丁目16番12号 |
| Representative (per filing) | 代表取締役社長兼CEO 貞松 成 |
| Founded | Nov 2015 |
| Share capital | ¥26.1M |
| Employees (consolidated) | 2,354 |
| Fiscal year end | March |
| Website | aiai-group.co.jp (https://aiai-group.co.jp/) |
| Corporate number | 6010601048836 |
| EDINET | E33557 |
| Industries (Vizora) | Childcare |

> Profile source: annual securities report (S100YH7U, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Childcare (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 87.5 | 12 |
| Cash conversion | 12.5 | 12 |
| Efficiency | 4.2 | 12 |

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)

- AIAI Group brought in ¥14.6B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +12.0% from the prior year, operating profit +50.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14633765000 → ¥621621000
- Net income → operating cash flow: ¥621621000 → ¥905369000（difference ¥283748000）
- Main uses of operating cash flow: CapEx ¥320494000 / dividends — / buybacks ¥291400000
- Change in cash: ¥1588788000
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 | ¥14.6B |  |
| Operating income | ¥1.11B | Margin 7.6% |
| Net income | ¥621.6M | Margin 4.2% |
| Free cash flow | ¥584.9M |  |
| Employees (consolidated) | 2,354 |  |
| EPS | ¥-31.6 |  |
| Diluted EPS | ¥94.71 |  |
| Book value per share | ¥234.15 |  |
| Equity ratio | 12.1% |  |
| Shares outstanding | 6,690,762 |  |
| Treasury shares | 208,600 |  |
| Shareholders | 3,986 |  |
| Cash ratio | 15.3% | Cash ÷ revenue 28.1% |
| Vs. industry median margin | +3.6 pp | Childcare |
| ROE | 23.7% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## What changed in 6 years

| Metric | FY ending Dec 2020 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8318190000 | ¥14633765000 | +75.9% |
| Operating income | ¥-1266453000 | ¥1105496000 | — |
| Operating margin | -15.2% | 7.6% | +22.8 pp |
| Employees | 1,154 people | 2,354 people | +104.0% |
| Cash and equivalents | ¥817038000 | ¥4105074000 | +402.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| チャイルドケア事業 → 事業再編・廃止 | 94.0% |
| ライフケア事業 → 事業再編・廃止 | 4.0% |
| テック事業 → 事業再編・廃止 | 1.8% |
| その他 → 事業再編・廃止 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,634 | 100.0% | S100YH7U |
| Cost of revenue | 11,847 | 81.0% | S100YH7U |
| Gross profit | 2,787 | 19.0% | S100YH7U |
| SG&A | 1,682 | 11.5% | S100YH7U |
| Operating income | 1,105 | 7.6% | S100YH7U |
| Ordinary income | 934 | 6.4% | S100YH7U |
| Pretax income | 875 | 6.0% | S100YH7U |
| Income tax | 253 | 1.7% | S100YH7U |
| Net income | 622 | 4.2% | S100YH7U |
| Net income attributable to owners | 622 | 4.2% | S100YH7U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 11 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.0% → Operating margin 7.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.0%; Core profit growth: +50.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.24×
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 | 13,071 | 14,634 | 1,562 | +12.0% |
| Gross profit | 2,138 | 2,787 | 649 | +30.3% |
| Operating income | 733 | 1,105 | 372 | +50.7% |
| Net income attributable to owners | 422 | 622 | 200 | +47.3% |
| Operating cash flow | 1,394 | 905 | -488 | -35.0% |
| Free cash flow | 1,039 | 585 | -454 | -43.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 8,318 | -1,266 | -15.2% | 151 | 386 | -1,805 | S100OE0E |
| FY ending Mar 2023 | 10,822 | 81 | 0.7% | -506 | 874 | -15 | S100TOKZ |
| FY ending Mar 2024 | 11,818 | 532 | 4.5% | 353 | 1,767 | 1,192 | S100W3O4 |
| FY ending Mar 2025 | 13,071 | 733 | 5.6% | 422 | 1,394 | 1,039 | S100YH7U |
| FY ending Mar 2026 | 14,634 | 1,105 | 7.6% | 622 | 905 | 585 | S100YH7U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.2M |
| Operating income per employee (consolidated) | ¥469.6K |
| Net income per employee (consolidated) | ¥264.1K |

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

| History | FY ending Dec 2020 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,154 | 1,176 | 1,080 | 1,119 | 2,354 |
| Average salary (parent company) | — | ¥6.5M | — | — | — |
| Average age (parent company) | — | 47.7 years | — | — | — |
| Average tenure (parent company) | — | 3.6 years | — | — | — |

Year over year: Employees (consolidated) +110.4% · Revenue (consolidated) +12.0%

## 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 | 905 | 6.2% | S100YH7U |
| Capital expenditure | 320 | 2.2% | S100YH7U |
| Free cash flow | 585 | 4.0% | 算出 |
| Investing cash flow | -11,421 | -78.0% | S100YH7U |
| Financing cash flow | 12,104 | 82.7% | S100YH7U |
| Share buyback | 291 | 2.0% | S100YH7U |
| Change in cash | 1,589 | 10.9% | S100YH7U |
| Cash and equivalents | 4,105 | 28.1% | S100YH7U |

## 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 2020 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 817 | 1,306 | 1,668 | 2,347 | 4,105 | S100R1YB, S100W3O4, S100YH7U |
| Total assets | 10,498 | 11,743 | 11,657 | 12,472 | 26,907 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Net assets | 1,432 | 1,341 | 1,745 | 2,818 | 3,247 | S100R1YB, S100W3O4, S100YH7U |
| Share capital | 329 | 176 | 30 | 172 | 26 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Property, plant and equipment | 6,357 | 7,122 | 6,684 | 5,856 | 8,224 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Intangible assets excluding goodwill | 517 | 211 | 157 | 83 | 8,226 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Goodwill | 348 | 205 | 153 | 73 | 8,219 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Investment securities | 614 | 71 | 71 | 750 | 841 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Current assets | 2,183 | 3,362 | 3,733 | 4,651 | 7,648 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Current liabilities | 2,193 | 2,013 | 2,981 | 3,881 | 9,698 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Short-term borrowings | 193 | — | 360 | 912 | 3,100 | S100OE0E, S100W3O4, S100YH7U |
| Long-term borrowings | 6,165 | 7,428 | 6,131 | 4,989 | 12,725 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Total liabilities | 9,066 | 10,402 | 9,912 | 9,655 | 23,660 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Equity attributable to owners of parent | 1,397 | 1,320 | 1,713 | 2,418 | 2,823 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Retained earnings | 202 | -187 | 166 | 588 | 1,252 | S100OE0E, S100TOKZ, S100W3O4, S100YH7U |
| Treasury stock | — | -0 | -0 | -0 | -292 | S100TOKZ, S100W3O4, S100YH7U |

### Balance sheet history

| Metric | FY ending Dec 2020 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,498 | 11,743 | 11,657 | 12,472 | 26,907 |
| Equity | 1,432 | 1,341 | 1,745 | 2,818 | 3,247 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 817 | 1,306 | 1,668 | 2,347 | 4,105 |

## 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) | 56.2% | S100YH7U |
| Fixed assets ÷ total assets | 30.6% | S100YH7U |
| Goodwill ÷ parent equity | 291.1% | S100YH7U |

### 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) | 15.3% |
| Cash ÷ revenue | 28.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.9% |
| Cash vs. profit gap | 284 JPY mn (of net income 45.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 1261.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 1.8% | 0.79× | 1.4% | 7.51× | 10.8% | S100OE0E |
| 2023 | — | —× | -4.3% | —× | — | S100TOKZ |
| 2024 | 3.0% | 1.01× | 3.0% | 7.72× | 23.3% | S100W3O4 |
| 2025 | 3.2% | 1.08× | 3.5% | 5.84× | 20.4% | S100YH7U |
| 2026 | 4.2% | 0.74× | 3.2% | 7.51× | 23.7% | S100YH7U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アニヴェルセルHOLDINGS | Major shareholder | 32.9% | 2026-03-31 |
| 貞松 成 | Major shareholder | 18.3% | 2026-03-31 |
| social investment株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| AIAIグループ従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 加地 義孝 | Major shareholder | 0.7% | 2026-03-31 |
| 嶋田 尚人 | Major shareholder | 0.6% | 2026-03-31 |
| 三村 浩子 | Major shareholder | 0.5% | 2026-03-31 |
| 三村 武史 | Major shareholder | 0.4% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YH7U | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH7U,, |
| 有価証券報告書－第10期(2024/04/01－2025/03/31) | S100W3O4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3O4,, |
| 有価証券報告書－第9期(2023/04/01－2024/03/31) | S100TOKZ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOKZ,, |
| 有価証券報告書－第8期(2022/04/01－2023/03/31) | S100R1YB | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1YB,, |
| 有価証券報告書－第7期(令和3年1月1日－令和4年3月31日) | S100OE0E | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE0E,, |

## 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).