# AlphaPolis.Co.,Ltd.: 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26期(2025/04/01－2026/03/31) (S100YET5)
> Page: https://vizora.meequs.com/en/company/alphapolis
> Retrieved: 2026-09-30T20:30:40.342Z

## Company

AlphaPolis., founded in 2000, is a company in Film & Anime listed on TSE Growth. It has 215 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AlphaPolis Co.,Ltd. |
| Ticker | 9467 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9467.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 恵比寿ガーデンプレイスタワー19F |
| Representative (per filing) | 代表取締役社長 梶本 雄介 |
| Founded | Aug 2000 |
| Share capital | ¥863.8M |
| Employees (consolidated) | 215 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.alphapolis.co.jp (https://www.alphapolis.co.jp/) |
| Corporate number | 3011001035097 |
| EDINET | E30908 |
| Industries (Vizora) | Film & Anime, Publishing & Bookstores |

> Profile source: annual securities report (S100YET5, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.8 | 19 |
| Cash conversion | 40.6 | 16 |
| Efficiency | 39.5 | 19 |

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 97% of AlphaPolis.'s sales come from Publishing segments, with animation production business making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +22.0% from the prior year, operating profit +7.3%.

## Company structure

- Segment revenue mix: Publishing segments 97.1%、animation production business 2.9%
- Revenue → net income: ¥16610070000 → ¥2316397000
- Net income → operating cash flow: ¥2316397000 → ¥1952246000（difference ¥-364151000）
- Main uses of operating cash flow: CapEx ¥74424000 / dividends ¥406857000 / buybacks ¥101000
- Change in cash: ¥194572000
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 | ¥16.6B |  |
| Operating income | ¥3.46B | Margin 20.8% |
| Net income | ¥2.32B | Margin 13.9% |
| Free cash flow | ¥1.88B |  |
| Largest business | Publishing segments | of segment revenue 97.1% |
| Employees (consolidated) | 215 |  |
| EPS | ¥87.34 |  |
| Book value per share | ¥545.05 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 29,062,200 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 4,193 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 58.9% | Cash ÷ revenue 70.8% |
| Vs. industry median margin | +15.4 pp | Publishing & Bookstores |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 11.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 59% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7735291000 | ¥16610070000 | — |
| Operating income | ¥2163279000 | ¥3456403000 | — |
| Operating margin | 28.0% | 20.8% | -7.2 pp |
| Employees | 90 people | 215 people | — |
| Cash and equivalents | ¥6088469000 | ¥11761843000 | — |

### 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 → 出版事業 | 97.1% |
| 新設・再編 → アニメ制作事業 | 2.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,610 | 100.0% | S100YET5 |
| Cost of revenue | 4,246 | 25.6% | S100YET5 |
| Gross profit | 12,364 | 74.4% | S100YET5 |
| SG&A | 8,907 | 53.6% | S100YET5 |
| Operating income | 3,456 | 20.8% | S100YET5 |
| Ordinary income | 3,513 | 21.1% | S100YET5 |
| Pretax income | 3,513 | 21.1% | S100YET5 |
| Income tax | 1,196 | 7.2% | S100YET5 |
| Net income | 2,316 | 13.9% | S100YET5 |
| Net income attributable to owners | 2,316 | 13.9% | S100YET5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 54 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 74.4% → Operating margin 20.8% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,620 | 16,610 | 2,990 | +22.0% |
| Gross profit | 10,206 | 12,364 | 2,158 | +21.1% |
| Operating income | 3,222 | 3,456 | 234 | +7.3% |
| Operating cash flow | 1,994 | 1,952 | -42 | -2.1% |
| Free cash flow | 1,989 | 1,878 | -111 | -5.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,631 | 1,462 | 26.0% | 880 | 438 | 399 | S100LMF2 |
| FY ending Mar 2021 | 7,735 | 2,163 | 28.0% | 1,335 | 1,639 | 1,620 | S100OBTL |
| FY ending Mar 2022 | 9,090 | 2,194 | 24.1% | 1,390 | 1,074 | 1,036 | S100R257 |
| FY ending Mar 2023 | 9,289 | 2,417 | 26.0% | 1,506 | 1,619 | 1,614 | S100TSMY |
| FY ending Mar 2024 | 10,334 | 2,272 | 22.0% | 1,403 | 1,248 | 1,184 | S100VXM8 |
| FY ending Mar 2025 | 13,620 | 3,222 | 23.7% | 2,020 | 1,994 | 1,989 | S100VXM8 |
| FY ending Mar 2026 | 16,610 | 3,456 | 20.8% | 2,316 | 1,952 | 1,878 | S100YET5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.3M |
| Operating income per employee (consolidated) | ¥16.1M |
| Net income per employee (consolidated) | ¥10.8M |

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) | 102 | 114 | 123 | 138 | 215 |
| Average salary (parent company) | ¥5.9M | ¥5.7M | ¥5.9M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 34.2 years | 34.2 years | 34.1 years | 34.5 years | 34.8 years |
| Average tenure (parent company) | 4.3 years | 4.5 years | 5.0 years | 5.3 years | 5.6 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Publishing segments | 16,122 | 97.1% | 3,583 | 22.2% |
| animation production business | 488 | 2.9% | -126 | -25.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Publishing segments | 97.1% | 100.0% | 2.9 | 22.2% |
| animation production business | 2.9% | — | — | -25.9% |

Loss-making segment (excluded from profit shares): animation production business -126 JPY mn

Segment → industry: animation production business → Film & Anime / Publishing segments → Publishing & Bookstores

## 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 | 1,952 | 11.8% | S100YET5 |
| Capital expenditure | 74 | 0.4% | S100YET5 |
| Free cash flow | 1,878 | 11.3% | 算出 |
| Investing cash flow | -1,311 | -7.9% | S100YET5 |
| Financing cash flow | -447 | -2.7% | S100YET5 |
| Dividends paid | 407 | 2.4% | S100YET5 |
| Share buyback | 0 | 0.0% | S100YET5 |
| Change in cash | 195 | 1.2% | S100YET5 |
| Cash and equivalents | 11,762 | 70.8% | S100YET5 |

## 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 | 7,103 | 8,772 | 9,707 | 11,567 | 11,762 | S100TSMY, S100VXM8, S100YET5 |
| Total assets | 10,502 | 12,436 | 13,946 | 16,892 | 19,953 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Net assets | 8,779 | 10,286 | 11,689 | 13,708 | 15,618 | S100TSMY, S100VXM8, S100YET5 |
| Share capital | 864 | 864 | 864 | 864 | 864 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Property, plant and equipment | 34 | 30 | 74 | 65 | 386 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Intangible assets excluding goodwill | 47 | 34 | 22 | 12 | 1,433 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Goodwill | — | — | — | — | 1,382 | S100YET5 |
| Current assets | 10,140 | 12,098 | 13,286 | 16,053 | 17,102 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Current liabilities | 1,701 | 2,110 | 2,224 | 3,134 | 4,239 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Long-term borrowings | 17 | 38 | 26 | 44 | 72 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Total liabilities | 1,722 | 2,150 | 2,257 | 3,183 | 4,335 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Equity attributable to owners of parent | 8,779 | 10,286 | 11,689 | 13,708 | 15,618 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Retained earnings | 7,062 | 8,569 | 9,972 | 11,992 | 13,901 | S100R257, S100TSMY, S100VXM8, S100YET5 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R257, S100TSMY, S100VXM8, S100YET5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YET5 |
| Property, plant and equipment | 2% | S100YET5 |
| Intangibles and goodwill | 14% | S100YET5 |
| Other assets | 25% | S100YET5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YET5 |
| Equity | 78% | S100YET5 |
| Other liabilities | 0% | S100YET5 |

### 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 | 10,502 | 12,436 | 13,946 | 16,892 | 19,953 |
| Equity | 8,779 | 10,286 | 11,689 | 13,708 | 15,618 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,103 | 8,772 | 9,707 | 11,567 | 11,762 |

## 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) | 2.3% | S100YET5 |
| Fixed assets ÷ total assets | 1.9% | S100YET5 |
| Goodwill ÷ parent equity | 8.9% | S100YET5 |

### 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) | 58.9% |
| Cash ÷ revenue | 70.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 56.5% |
| Cash vs. profit gap | -364 JPY mn (of net income -15.7%) |
| Shareholder returns / net income | 17.6% |
| Shareholder returns / FCF | 21.7% |
| Shareholder payments — dividends / net income | 17.6% |
| Shareholder payments — dividends / FCF | 21.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 67.1% |

## 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 | 15.3% | 0.87× | 13.2% | 1.20× | 15.8% | S100R257 |
| 2023 | 16.2% | 0.81× | 13.1% | 1.20× | 15.8% | S100TSMY |
| 2024 | 13.6% | 0.78× | 10.6% | 1.20× | 12.8% | S100VXM8 |
| 2025 | 14.8% | 0.88× | 13.1% | 1.21× | 15.9% | S100VXM8 |
| 2026 | 13.9% | 0.83× | 11.6% | 1.28× | 14.8% | S100YET5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オフィス梶本 | Major shareholder | 33.4% | 2026-03-31 |
| 梶本 雄介 | Major shareholder | 28.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 4.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 梶本 幸世 | Major shareholder | 3.1% | 2026-03-31 |
| 梶本 遼次朗 | Major shareholder | 2.5% | 2026-03-31 |
| 清板 大亮 | Major shareholder | 1.8% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |
| レック株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 加藤 綾子 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YET5 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YET5,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100VXM8 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXM8,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TSMY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSMY,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R257 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R257,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OBTL | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBTL,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LMF2 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMF2,, |

## 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).