# Allied Architects, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第21期(2025/01/01－2025/12/31) (S100Y03D)
> Page: https://vizora.meequs.com/en/company/allied-architects
> Retrieved: 2026-09-30T19:50:20.163Z

## Company

Allied Architects, founded in 2005, is a company in Advertising listed on TSE Growth. It has 159 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Allied Architects, Inc. |
| Ticker | 6081 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6081.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿一丁目19番15号ウノサワ東急ビル4階 |
| Representative (per filing) | 代表取締役会長 田中 裕志 |
| Founded | Aug 2005 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 159 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.aainc.co.jp (https://www.aainc.co.jp/) |
| Corporate number | 5011001045516 |
| EDINET | E30053 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100Y03D, filed 2026-04-21). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.4 | 57 |
| Profitability | 4.1 | 86 |
| Efficiency | 27.3 | 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)

- Allied Architects brought in ¥2.99B in revenue.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed -13.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.99B |  |
| Operating income | -¥188.4M | Margin -6.3% |
| Net income | -¥743.3M | Margin -24.9% |
| Free cash flow | -¥937.5M |  |
| Employees (consolidated) | 159 |  |
| EPS | ¥-40.76 |  |
| Book value per share | ¥117.66 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 15,899,482 |  |
| Treasury shares | 45,200 |  |
| Shareholders | 5,187 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 47.0% | Cash ÷ revenue 51.1% |
| Vs. industry median margin | -11.9 pp | Advertising |
| ROA | -20.3% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.5× its level five years ago
- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4192590000 | ¥2990959000 | -28.7% |
| Operating income | ¥298640000 | ¥-188437000 | -163.1% |
| Operating margin | 7.1% | -6.3% | -13.4 pp |
| Employees | 194 people | 159 people | -18.0% |
| Cash and equivalents | ¥1170897000 | ¥1528242000 | +30.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,991 | 100.0% | S100Y03D |
| Cost of revenue | 965 | 32.3% | S100Y03D |
| Gross profit | 2,026 | 67.7% | S100Y03D |
| SG&A | 2,214 | 74.0% | S100Y03D |
| Operating income | -188 | -6.3% | S100Y03D |
| Ordinary income | -160 | -5.4% | S100Y03D |
| Pretax income | -534 | -17.9% | S100Y03D |
| Income tax | 191 | 6.4% | S100Y03D |
| Net income | -725 | -24.2% | S100Y03D |
| Net income attributable to owners | -743 | -24.9% | S100Y03D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 74 |
| Operating income | -6 |
| (Ref.) Net income | -25 |

### Margin funnel

Gross margin 67.7% → Operating margin -6.3% → Net margin -24.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,464 | 2,991 | -473 | -13.6% |
| Gross profit | 2,388 | 2,026 | -362 | -15.2% |
| Operating income | -460 | -188 | 271 | — |
| Net income attributable to owners | -516 | -743 | -227 | — |
| Operating cash flow | -107 | -861 | -754 | — |
| Free cash flow | -200 | -937 | -738 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,087 | -157 | -3.8% | -281 | -52 | -156 | S100LWMR |
| FY ending Dec 2020 | 4,193 | 299 | 7.1% | 173 | 196 | 99 | S100NQA7 |
| FY ending Dec 2021 | 6,210 | 775 | 12.5% | 727 | 849 | 768 | S100QGE5 |
| FY ending Dec 2022 | 4,551 | 1,017 | 22.3% | 807 | 339 | 243 | S100T667 |
| FY ending Dec 2023 | 4,058 | 147 | 3.6% | -249 | -119 | -259 | S100VXX0 |
| FY ending Dec 2024 | 3,464 | -460 | -13.3% | -516 | -107 | -200 | S100Y03D |
| FY ending Dec 2025 | 2,991 | -188 | -6.3% | -743 | -861 | -937 | S100Y03D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | -¥1.2M |
| Net income per employee (consolidated) | -¥4.7M |

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) | 191 | 217 | 194 | 173 | 159 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥6.1M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 32.2 years | 34.6 years | 35.0 years | 33.6 years | 36.7 years |
| Average tenure (parent company) | 4.5 years | 4.9 years | 4.7 years | 5.7 years | 5.3 years |

Year over year: Employees (consolidated) -8.1% · Revenue (consolidated) -13.6%

## 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 | -861 | -28.8% | S100Y03D |
| Capital expenditure | 77 | 2.6% | S100Y03D |
| Free cash flow | -937 | -31.3% | 算出 |
| Investing cash flow | 315 | 10.5% | S100Y03D |
| Financing cash flow | 139 | 4.6% | S100Y03D |
| Change in cash | -412 | -13.8% | S100Y03D |
| Cash and equivalents | 1,528 | 51.1% | S100Y03D |

## 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 | 1,702 | 2,116 | 1,845 | 1,940 | 1,528 | S100T667, S100VXX0, S100Y03D |
| Total assets | 3,828 | 4,583 | 3,964 | 4,086 | 3,251 | S100QGE5, S100T667, S100VXX0, S100Y03D |
| Net assets | 2,479 | 3,146 | 2,913 | 2,533 | 1,941 | S100T667, S100VXX0, S100Y03D |
| Share capital | 857 | 874 | 887 | 887 | 1,045 | S100QGE5, S100T667, S100VXX0, S100Y03D |
| Trade receivables | 1,009 | — | 1,231 | 922 | 813 | S100QGE5, S100VXX0, S100Y03D |
| Property, plant and equipment | 64 | — | 53 | 41 | 30 | S100QGE5, S100VXX0, S100Y03D |
| Intangible assets excluding goodwill | 139 | — | 289 | 402 | 361 | S100QGE5, S100VXX0, S100Y03D |
| Goodwill | 6 | — | 14 | 69 | 54 | S100QGE5, S100VXX0, S100Y03D |
| Investment securities | 703 | — | 349 | 546 | 268 | S100QGE5, S100VXX0, S100Y03D |
| Current assets | 2,817 | — | 3,166 | 3,002 | 2,498 | S100QGE5, S100VXX0, S100Y03D |
| Current liabilities | 1,166 | — | 826 | 954 | 965 | S100QGE5, S100VXX0, S100Y03D |
| Long-term borrowings | 183 | — | 186 | 439 | 276 | S100QGE5, S100VXX0, S100Y03D |
| Total liabilities | 1,349 | — | 1,050 | 1,553 | 1,310 | S100QGE5, S100VXX0, S100Y03D |
| Non-controlling interests | 41 | — | 108 | 144 | 156 | S100QGE5, S100VXX0, S100Y03D |
| Equity attributable to owners of parent | 2,399 | — | 2,894 | 2,377 | 1,950 | S100QGE5, S100VXX0, S100Y03D |
| Retained earnings | 386 | — | 821 | 305 | -437 | S100QGE5, S100VXX0, S100Y03D |
| Treasury stock | -12 | — | -12 | -12 | -12 | S100QGE5, S100VXX0, S100Y03D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100Y03D |
| Receivables | 25% | S100Y03D |
| Property, plant and equipment | 1% | S100Y03D |
| Intangibles and goodwill | 13% | S100Y03D |
| Investment securities | 8% | S100Y03D |
| Other assets | 6% | S100Y03D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100Y03D |
| Equity | 60% | S100Y03D |
| Other liabilities | 0% | S100Y03D |

### 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 | 3,828 | 4,583 | 3,964 | 4,086 | 3,251 |
| Equity | 2,479 | 3,146 | 2,913 | 2,533 | 1,941 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,702 | 2,116 | 1,845 | 1,940 | 1,528 |

## 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) | 1.0% | S100Y03D |
| Fixed assets ÷ total assets | 0.9% | S100Y03D |
| Goodwill ÷ parent equity | 2.7% | S100Y03D |

Goodwill over 4 years: 6 → 54 JPY; total investing cash flow: 245 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) | 47.0% |
| Cash ÷ revenue | 51.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -117 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| 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 | 11.7% | 1.62× | 19.0% | 1.60× | 30.3% | S100QGE5 |
| 2022 | 17.7% | 1.08× | 19.2% | 1.50× | 28.7% | S100T667, S100VXX0 |
| 2023 | — | —× | -5.8% | —× | — | S100VXX0 |
| 2024 | — | —× | -12.8% | —× | — | S100Y03D |
| 2025 | — | —× | -20.3% | —× | — | S100Y03D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村壮秀 | Major shareholder | 30.3% | 2025-12-31 |
| 木下政弘 | Major shareholder | 4.0% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・グローカーズ証券株式会社） | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社ZUU | Major shareholder | 1.7% | 2025-12-31 |
| 渡邉涼一 | Major shareholder | 1.7% | 2025-12-31 |
| 合同会社MNカンパニー | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社MFTRUSTLead | Major shareholder | 1.5% | 2025-12-31 |
| アライドアーキテクツ従業員持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 和田孝行 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第21期(2025/01/01－2025/12/31) | S100Y03D | 2026-04-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y03D,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VXX0 | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXX0,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T667 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T667,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QGE5 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGE5,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NQA7 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQA7,, |
| 訂正有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100LWMR | 2021-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LWMR,, |

## 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).