# Akatsuki Inc.: 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16期(2025/04/01－2026/03/31) (S100YLRB)
> Page: https://vizora.meequs.com/en/company/akatsuki-3932
> Retrieved: 2026-09-30T19:01:54.798Z

## Company

Akatsuki, founded in 2010, is a company in IT Services & System Integration listed on TSE Prime. It has 537 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Akatsuki Inc. |
| Ticker | 3932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3932.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区上大崎二丁目13番30号 oak meguro8階 |
| Representative (per filing) | 代表取締役社長 香田 哲朗 |
| Founded | Jun 2010 |
| Share capital | ¥2.78B |
| Employees (consolidated) | 537 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | aktsk.jp (https://aktsk.jp/) |
| Corporate number | 2011001065541 |
| EDINET | E32200 |
| Industries (Vizora) | IT Services & System Integration, Toys & Hobbies, Games, Processed Foods, Publishing & Bookstores, Advertising |

> Profile source: annual securities report (S100YLRB, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.3 | 36 |
| Profitability | 89 | 41 |
| Cash conversion | 17.7 | 31 |
| Efficiency | 23.2 | 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 86% of Akatsuki's sales come from Game,Comic, with Entertainment,Lifestyle and AI and DX Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +9.3% from the prior year, operating profit +90.1%.

## Company structure

- Segment revenue mix: Game,Comic 85.6%、Entertainment,Lifestyle 9.9%、AI and DX Solutions 4.4%、Other 0.1%
- Revenue → net income: ¥25856000000 → ¥5650000000
- Net income → operating cash flow: ¥5650000000 → ¥2693000000（difference ¥-2957000000）
- Main uses of operating cash flow: CapEx ¥592000000 / dividends ¥1591000000 / buybacks —
- Change in cash: ¥2871000000
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 | ¥25.9B |  |
| Operating income | ¥7.44B | Margin 28.8% |
| Net income | ¥5.65B | Margin 21.9% |
| Free cash flow | ¥2.1B |  |
| Largest business | Game,Comic | of segment revenue 85.6% |
| Employees (consolidated) | 537 |  |
| EPS | ¥399.46 |  |
| Diluted EPS | ¥399.44 |  |
| Book value per share | ¥3085.61 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 14,519,800 |  |
| Treasury shares | 65,300 |  |
| Shareholders | 4,389 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 54.9% | Cash ÷ revenue 132.4% |
| Vs. industry median margin | +23.4 pp | Games |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, cash is 55% of total assets
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31096000000 | ¥25856000000 | -16.9% |
| Operating income | ¥11294000000 | ¥7444000000 | -34.1% |
| Operating margin | 36.3% | 28.8% | -7.5 pp |
| Employees | 444 people | 537 people | +20.9% |
| Cash and equivalents | ¥24881000000 | ¥34242000000 | +37.6% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 |
| --- | ---: |
| 新設・再編 → ゲーム・コミック | 85.6% |
| 新設・再編 → エンタメ・ライフスタイル | 9.9% |
| 新設・再編 → AI・DXソリューション | 4.4% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Game,Comic | — | — | ¥22134000000 | 36.0% | 2 |
| Entertainment,Lifestyle | — | — | ¥2560000000 | 18.5% | 2 |
| AI and DX Solutions | — | — | ¥1143000000 | -21.1% | 2 |
| Other | 3 years | -57.3% | ¥18000000 | -355.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,856 | 100.0% | S100YLRB |
| Cost of revenue | 11,827 | 45.7% | S100YLRB |
| Gross profit | 14,028 | 54.3% | S100YLRB |
| SG&A | 6,584 | 25.5% | S100YLRB |
| Operating income | 7,444 | 28.8% | S100YLRB |
| Ordinary income | 7,618 | 29.5% | S100YLRB |
| Pretax income | 8,306 | 32.1% | S100YLRB |
| Income tax | 2,656 | 10.3% | S100YLRB |
| Net income | 5,650 | 21.9% | S100YLRB |
| Net income attributable to owners | 5,652 | 21.9% | S100YLRB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 25 |
| Operating income | 29 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 54.3% → Operating margin 28.8% → Net margin 21.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.3%; Core profit growth: +90.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.67×
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 | 23,652 | 25,856 | 2,204 | +9.3% |
| Gross profit | 13,698 | 14,028 | 330 | +2.4% |
| Operating income | 3,915 | 7,444 | 3,529 | +90.1% |
| Net income attributable to owners | 1,646 | 5,652 | 4,006 | +243.4% |
| Operating cash flow | 3,639 | 2,693 | -946 | -26.0% |
| Free cash flow | 3,294 | 2,101 | -1,193 | -36.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,048 | 11,053 | 34.5% | 6,620 | 7,271 | 6,302 | S100LL6R |
| FY ending Mar 2021 | 31,096 | 11,294 | 36.3% | 6,345 | 10,013 | 9,929 | S100OF9X |
| FY ending Mar 2022 | 26,273 | 7,448 | 28.3% | 5,193 | 4,793 | 4,346 | S100R2GJ |
| FY ending Mar 2023 | 24,336 | 5,700 | 23.4% | 1,342 | 5,047 | 4,991 | S100TTQY |
| FY ending Mar 2024 | 23,972 | 2,676 | 11.2% | 1,288 | -84 | -325 | S100W6VM |
| FY ending Mar 2025 | 23,652 | 3,915 | 16.6% | 1,646 | 3,639 | 3,294 | S100YLRB |
| FY ending Mar 2026 | 25,856 | 7,444 | 28.8% | 5,652 | 2,693 | 2,101 | S100YLRB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.1M |
| Operating income per employee (consolidated) | ¥13.9M |
| Net income per employee (consolidated) | ¥10.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 473 | 520 | 539 | 503 | 537 |
| Average salary (parent company) | ¥7.8M | ¥8.3M | ¥8.6M | ¥8.9M | ¥9.3M |
| Average age (parent company) | 31.7 years | 36.7 years | 37.2 years | 37.3 years | 37.8 years |
| Average tenure (parent company) | 3.5 years | 4.4 years | 5.5 years | 6.0 years | 6.7 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +9.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game,Comic | 22,134 | 85.6% | 7,972 | 36.0% |
| Entertainment,Lifestyle | 2,560 | 9.9% | 474 | 18.5% |
| AI and DX Solutions | 1,143 | 4.4% | -241 | -21.1% |
| Other | 18 | 0.1% | -64 | -355.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game,Comic | 85.6% | 94.4% | 8.8 | 36.0% |
| Entertainment,Lifestyle | 9.9% | 5.6% | -4.3 | 18.5% |
| AI and DX Solutions | 4.4% | — | — | -21.1% |
| Other | 0.1% | — | — | -355.6% |

Loss-making segment (excluded from profit shares): AI and DX Solutions -241 JPY mn

Loss-making segment (excluded from profit shares): Other -64 JPY mn

Segment → industry: AI and DX Solutions → IT Services & System Integration / Entertainment,Lifestyle → Toys & Hobbies / Game,Comic → Games / Entertainment,Lifestyle → Processed Foods / Game,Comic → Publishing & Bookstores / AI and DX Solutions → Advertising

## 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 | 2,693 | 10.4% | S100YLRB |
| Capital expenditure | 592 | 2.3% | S100YLRB |
| Free cash flow | 2,101 | 8.1% | 算出 |
| Investing cash flow | -3,283 | -12.7% | S100YLRB |
| Financing cash flow | 3,178 | 12.3% | S100YLRB |
| Dividends paid | 1,591 | 6.2% | S100YLRB |
| Change in cash | 2,871 | 11.1% | S100YLRB |
| Cash and equivalents | 34,242 | 132.4% | S100YLRB |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,624 | 33,971 | 30,864 | 31,062 | 34,242 | S100TTQY, S100W6VM, S100YLRB |
| Total assets | 46,079 | 53,156 | 52,043 | 54,632 | 62,325 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Net assets | 38,236 | 38,752 | 40,211 | 41,455 | 45,376 | S100TTQY, S100W6VM, S100YLRB |
| Share capital | 2,773 | 2,777 | 2,779 | 2,780 | 2,782 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Property, plant and equipment | 753 | 653 | 534 | 403 | 694 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Intangible assets excluding goodwill | 78 | 10 | 6 | 0 | 3,802 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Goodwill | — | — | — | — | 3,781 | S100YLRB |
| Investment securities | 11,098 | 10,889 | 10,474 | 11,375 | 12,669 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Current assets | 32,856 | 40,864 | 39,383 | 41,252 | 44,451 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Current liabilities | 3,567 | 7,348 | 5,121 | 7,378 | 5,422 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Long-term borrowings | 2,200 | 4,000 | 4,100 | 3,100 | 8,955 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Bonds | 2,000 | 3,000 | 2,000 | 2,000 | 2,000 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Total liabilities | 7,842 | 14,403 | 11,832 | 13,177 | 16,949 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Non-controlling interests | — | 14 | 18 | 17 | 15 | S100TTQY, S100W6VM, S100YLRB |
| Equity attributable to owners of parent | 37,984 | 38,338 | 39,540 | 40,032 | 44,120 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Retained earnings | 34,499 | 34,746 | 34,243 | 34,734 | 38,818 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |
| Treasury stock | -2,061 | -1,963 | -261 | -261 | -261 | S100R2GJ, S100TTQY, S100W6VM, S100YLRB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YLRB |
| Property, plant and equipment | 1% | S100YLRB |
| Intangibles and goodwill | 12% | S100YLRB |
| Investment securities | 20% | S100YLRB |
| Other assets | 12% | S100YLRB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YLRB |
| Equity | 73% | S100YLRB |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,079 | 53,156 | 52,043 | 54,632 | 62,325 |
| Equity | 38,236 | 38,752 | 40,211 | 41,455 | 45,376 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,624 | 33,971 | 30,864 | 31,062 | 34,242 |

## 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) | 2.7% | S100YLRB |
| Fixed assets ÷ total assets | 1.1% | S100YLRB |
| Goodwill ÷ parent equity | 8.6% | S100YLRB |

### 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) | 54.9% |
| Cash ÷ revenue | 132.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 36.2% |
| Cash vs. profit gap | -2,959 JPY mn (of net income -52.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 75.7% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 121.9% |

## 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 | 19.8% | 0.57× | 11.3% | 1.21× | 13.7% | S100R2GJ |
| 2023 | 5.5% | 0.49× | 2.7% | 1.30× | 3.5% | S100TTQY |
| 2024 | 5.4% | 0.46× | 2.4% | 1.35× | 3.3% | S100W6VM |
| 2025 | 7.0% | 0.44× | 3.1% | 1.34× | 4.1% | S100YLRB |
| 2026 | 21.9% | 0.44× | 9.7% | 1.39× | 13.4% | S100YLRB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 香田 哲朗 | Major shareholder | 10.2% | 2026-03-31 |
| ソニーグループ株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社コーエーテクモホールディングス | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社Owl Age | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社サンクピア | Major shareholder | 6.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.4% | 2026-03-31 |
| 塩田 元規 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/04/01－2026/03/31) | S100YLRB | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLRB,, |
| 有価証券報告書－第15期(2024/04/01－2025/03/31) | S100W6VM | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6VM,, |
| 有価証券報告書－第14期(2023/04/01－2024/03/31) | S100TTQY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTQY,, |
| 有価証券報告書－第13期(2022/04/01－2023/03/31) | S100R2GJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2GJ,, |
| 有価証券報告書－第12期(令和3年4月1日－令和4年3月31日) | S100OF9X | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF9X,, |
| 有価証券報告書－第11期(令和2年4月1日－令和3年3月31日) | S100LL6R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL6R,, |

## 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).