# ALPHA CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第43期(2024/09/01－2025/08/31) (S100X5LJ)
> Page: https://vizora.meequs.com/en/company/alpha-4760
> Retrieved: 2026-09-30T20:24:28.265Z

## Company

Alpha, founded in 1974, is a company in Advertising listed on TSE Standard. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALPHA CO., LTD. |
| Ticker | 4760 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4760.T) |
| Listing | TSE Standard |
| Head office | 岡山市中区桑野709番地6 |
| Representative (per filing) | 代表取締役社長 岡本 悟征 |
| Founded | Aug 1974 |
| Share capital | ¥100M |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | August |
| Website | www.popalpha.co.jp (https://www.popalpha.co.jp/) |
| Corporate number | 6260001000380 |
| EDINET | E05083 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100X5LJ, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.2 | 57 |
| Profitability | 34.3 | 86 |
| Cash conversion | 6 | 75 |
| Efficiency | 64.5 | 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)

- Alpha brought in ¥6.37B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +105.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.37B |  |
| Operating income | ¥234.7M | Margin 3.7% |
| Net income | ¥127.7M | Margin 2.0% |
| Free cash flow | -¥117M |  |
| Employees (consolidated) | 334 |  |
| EPS | ¥161.63 |  |
| Book value per share | ¥979.74 |  |
| Equity ratio | 33.6% |  |
| Shares outstanding | 915,444 |  |
| Treasury shares | 111,400 |  |
| Shareholders | 563 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 11.2% | Cash ÷ revenue 8.0% |
| Vs. industry median margin | -2 pp | Advertising |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 105%

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6130207000 | ¥6365005000 | +3.8% |
| Operating income | ¥-474356000 | ¥234700000 | — |
| Operating margin | -7.7% | 3.7% | +11.4 pp |
| Employees | 374 people | 334 people | -10.7% |
| Cash and equivalents | ¥597654000 | ¥508331000 | -14.9% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,365 | 100.0% | S100X5LJ |
| Cost of revenue | 3,861 | 60.7% | S100X5LJ |
| Gross profit | 2,504 | 39.3% | S100X5LJ |
| SG&A | 2,269 | 35.7% | S100X5LJ |
| Operating income | 235 | 3.7% | S100X5LJ |
| Ordinary income | 224 | 3.5% | S100X5LJ |
| Pretax income | 225 | 3.5% | S100X5LJ |
| Income tax | 97 | 1.5% | S100X5LJ |
| Net income | 128 | 2.0% | S100X5LJ |
| Net income attributable to owners | 128 | 2.0% | S100X5LJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 35 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 39.3% → Operating margin 3.7% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +105.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 26.80×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,124 | 6,365 | 241 | +3.9% |
| Gross profit | 2,440 | 2,504 | 64 | +2.6% |
| Operating income | 114 | 235 | 120 | +105.3% |
| Net income attributable to owners | 133 | 128 | -6 | -4.2% |
| Operating cash flow | 166 | -100 | -267 | -160.4% |
| Free cash flow | 128 | -117 | -245 | -191.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 7,038 | 18 | 0.3% | 7 | 64 | -71 | S100K90F |
| FY ending Aug 2020 | 6,130 | -474 | -7.7% | -611 | -385 | -460 | S100MX7Z |
| FY ending Aug 2021 | 5,765 | -88 | -1.5% | -690 | 105 | 36 | S100POTB |
| FY ending Aug 2022 | 5,623 | -146 | -2.6% | -134 | -155 | -204 | S100SCT1 |
| FY ending Aug 2023 | 5,380 | -314 | -5.8% | -394 | -340 | -377 | S100URXG |
| FY ending Aug 2024 | 6,124 | 114 | 1.9% | 133 | 166 | 128 | S100X5LJ |
| FY ending Aug 2025 | 6,365 | 235 | 3.7% | 128 | -100 | -117 | S100X5LJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.1M |
| Operating income per employee (consolidated) | ¥702.7K |
| Net income per employee (consolidated) | ¥382.3K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 365 | 354 | 351 | 350 | 334 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥4.8M | ¥4.7M | ¥4.9M |
| Average age (parent company) | 38.4 years | 39.2 years | 39.3 years | 39.9 years | 40.4 years |
| Average tenure (parent company) | 13.0 years | 13.9 years | 14.0 years | 14.1 years | 14.8 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) +3.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -100 | -1.6% | S100X5LJ |
| Capital expenditure | 17 | 0.3% | S100X5LJ |
| Free cash flow | -117 | -1.8% | 算出 |
| Investing cash flow | 35 | 0.5% | S100X5LJ |
| Financing cash flow | -69 | -1.1% | S100X5LJ |
| Dividends paid | 40 | 0.6% | S100X5LJ |
| Change in cash | -135 | -2.1% | S100X5LJ |
| Cash and equivalents | 508 | 8.0% | S100X5LJ |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 734 | 580 | 420 | 643 | 508 | S100SCT1, S100URXG, S100X5LJ |
| Total assets | 3,823 | 3,522 | 3,796 | 4,275 | 4,534 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Net assets | 1,385 | 1,134 | 979 | 1,384 | 1,523 | S100SCT1, S100URXG, S100X5LJ |
| Share capital | 410 | 410 | 410 | 100 | 100 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Trade receivables | 907 | — | — | — | — | S100POTB |
| Property, plant and equipment | 779 | 768 | 760 | 638 | 633 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Intangible assets excluding goodwill | — | — | 10 | 13 | 21 | S100URXG, S100X5LJ |
| Investment securities | 13 | 59 | 67 | 66 | 20 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Current assets | 2,675 | 2,459 | 2,318 | 2,416 | 2,366 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Current liabilities | 1,772 | 1,741 | 2,057 | 1,941 | 1,955 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Trade payables | 350 | 358 | 365 | 359 | 346 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Short-term borrowings | 660 | 690 | 970 | 727 | 677 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Long-term borrowings | 593 | 613 | 608 | 594 | 566 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Total liabilities | 2,438 | 2,387 | 2,817 | 2,891 | 3,011 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Equity attributable to owners of parent | 1,124 | 976 | 558 | 691 | 779 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Retained earnings | 561 | 413 | -5 | 133 | 220 | S100POTB, S100SCT1, S100URXG, S100X5LJ |
| Treasury stock | -264 | -264 | -264 | -264 | -264 | S100POTB, S100SCT1, S100URXG, S100X5LJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100X5LJ |
| Property, plant and equipment | 14% | S100X5LJ |
| Intangibles and goodwill | 1% | S100X5LJ |
| Investment securities | 0% | S100X5LJ |
| Other assets | 74% | S100X5LJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100X5LJ |
| Other liabilities | 59% | S100X5LJ |
| Equity | 33% | S100X5LJ |
| Other liabilities | 0% | S100X5LJ |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,823 | 3,522 | 3,796 | 4,275 | 4,534 |
| Equity | 1,385 | 1,134 | 979 | 1,384 | 1,523 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 734 | 580 | 420 | 643 | 508 |

## 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) | 9.9% | S100X5LJ |
| Fixed assets ÷ total assets | 14.0% | S100X5LJ |
| Goodwill ÷ parent equity | — | —, S100X5LJ |

### 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) | 11.2% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -42.8% |
| Cash vs. profit gap | -228 JPY mn (of net income -178.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -18.1% | —× | — | S100POTB |
| 2022 | — | —× | -3.6% | —× | — | S100SCT1 |
| 2023 | — | —× | -10.8% | —× | — | S100URXG |
| 2024 | 2.2% | 1.52× | 3.3% | 6.46× | 21.3% | S100X5LJ |
| 2025 | 2.0% | 1.45× | 2.9% | 5.99× | 17.4% | S100X5LJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社タカオコーポレイション | Major shareholder | 28.4% | 2025-08-31 |
| 株式会社シタナ | Major shareholder | 6.2% | 2025-08-31 |
| アルファ社員持株会 | Major shareholder | 5.3% | 2025-08-31 |
| 株式会社トマト銀行 | Major shareholder | 4.9% | 2025-08-31 |
| 浅野 薫 | Major shareholder | 3.4% | 2025-08-31 |
| 浜崎 正行 | Major shareholder | 3.2% | 2025-08-31 |
| 藤井 昌博 | Major shareholder | 2.8% | 2025-08-31 |
| 髙尾 宏和 | Major shareholder | 2.5% | 2025-08-31 |
| 白石 康信 | Major shareholder | 2.4% | 2025-08-31 |
| 株式会社ビザビ | Major shareholder | 2.2% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第43期(2024/09/01－2025/08/31) | S100X5LJ | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5LJ,, |
| 有価証券報告書－第42期(2023/09/01－2024/08/31) | S100URXG | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100URXG,, |
| 有価証券報告書－第41期(2022/09/01－2023/08/31) | S100SCT1 | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCT1,, |
| 有価証券報告書－第40期(令和3年9月1日－令和4年8月31日) | S100POTB | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100POTB,, |
| 有価証券報告書－第39期(令和2年9月1日－令和3年8月31日) | S100MX7Z | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MX7Z,, |
| 有価証券報告書－第38期(令和1年9月1日－令和2年8月31日) | S100K90F | 2020-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K90F,, |

## 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).