# Alue Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/01/01－2025/12/31) (S100XT2J)
> Page: https://vizora.meequs.com/en/company/alue
> Retrieved: 2026-09-30T20:20:49.625Z

## Company

Alue, founded in 2003, is a company in Education listed on TSE Growth. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Alue Co.,Ltd. |
| Ticker | 7043 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7043.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段北一丁目13番5号 |
| Representative (per filing) | 代表取締役社長 落合 文四郎 |
| Founded | Oct 2003 |
| Share capital | ¥365.3M |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.alue.co.jp (https://www.alue.co.jp/) |
| Corporate number | 6010001145804 |
| EDINET | E34498 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100XT2J, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Education (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.2 | 26 |
| Profitability | 65 | 30 |
| Cash conversion | 73.2 | 28 |
| Efficiency | 95 | 30 |

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)

- Alue brought in ¥3.64B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +17.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3637843000 → ¥242210000
- Net income → operating cash flow: ¥242210000 → ¥539647000（difference ¥297437000）
- Main uses of operating cash flow: CapEx ¥5391000 / dividends ¥17798000 / buybacks ¥99000
- Change in cash: ¥471361000
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 | ¥3.64B |  |
| Operating income | ¥354M | Margin 9.7% |
| Net income | ¥242.2M | Margin 6.7% |
| Free cash flow | ¥534.3M |  |
| Employees (consolidated) | 198 |  |
| EPS | ¥111.18 |  |
| Diluted EPS | ¥110.42 |  |
| Book value per share | ¥533.72 |  |
| Equity ratio | 58.8% |  |
| Shares outstanding | 2,554,400 |  |
| Treasury shares | 4,600 |  |
| Shareholders | 724 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 51.8% | Cash ÷ revenue 34.2% |
| Vs. industry median margin | +2.4 pp | Education |
| ROE | 19.6% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1819626000 | ¥3637843000 | +99.9% |
| Operating income | ¥-218750000 | ¥354035000 | — |
| Operating margin | -12.0% | 9.7% | +21.8 pp |
| Employees | 163 people | 198 people | +21.5% |
| Cash and equivalents | ¥1255024000 | ¥1243230000 | -0.9% |

### 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 | 3,638 | 100.0% | S100XT2J |
| Cost of revenue | 1,359 | 37.4% | S100XT2J |
| Gross profit | 2,278 | 62.6% | S100XT2J |
| SG&A | 1,924 | 52.9% | S100XT2J |
| Operating income | 354 | 9.7% | S100XT2J |
| Ordinary income | 358 | 9.8% | S100XT2J |
| Pretax income | 357 | 9.8% | S100XT2J |
| Income tax | 115 | 3.1% | S100XT2J |
| Net income | 242 | 6.7% | S100XT2J |
| Net income attributable to owners | 242 | 6.7% | S100XT2J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 37 |
| SG&A | 53 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 62.6% → Operating margin 9.7% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,089 | 3,638 | 549 | +17.8% |
| Gross profit | 1,834 | 2,278 | 445 | +24.3% |
| Operating income | -65 | 354 | 419 | — |
| Net income attributable to owners | -74 | 242 | 316 | — |
| Operating cash flow | -37 | 540 | 577 | — |
| Free cash flow | -87 | 534 | 621 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,510 | 166 | 6.6% | 116 | 35 | -3 | S100L29I |
| FY ending Dec 2020 | 1,820 | -219 | -12.0% | -191 | -266 | -290 | S100ONBJ |
| FY ending Dec 2021 | 2,396 | 278 | 11.6% | 183 | 366 | 309 | S100QHVM |
| FY ending Dec 2022 | 2,772 | 231 | 8.3% | 167 | 90 | 44 | S100T5C5 |
| FY ending Dec 2023 | 3,029 | 85 | 2.8% | 57 | 133 | 84 | S100VHX5 |
| FY ending Dec 2024 | 3,089 | -65 | -2.1% | -74 | -37 | -87 | S100XT2J |
| FY ending Dec 2025 | 3,638 | 354 | 9.7% | 242 | 540 | 534 | S100XT2J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 160 | 190 | 194 | 195 | 198 |
| Average salary (parent company) | ¥6.6M | ¥6.7M | ¥6.7M | ¥6.7M | ¥7M |
| Average age (parent company) | 36.3 years | 36.9 years | 37.6 years | 38.8 years | 39.2 years |
| Average tenure (parent company) | 5.3 years | 5.0 years | 5.1 years | 5.3 years | 5.8 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +17.8%

## 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 | 540 | 14.8% | S100XT2J |
| Capital expenditure | 5 | 0.1% | S100XT2J |
| Free cash flow | 534 | 14.7% | 算出 |
| Investing cash flow | -70 | -1.9% | S100XT2J |
| Financing cash flow | 2 | 0.0% | S100XT2J |
| Dividends paid | 18 | 0.5% | S100XT2J |
| Share buyback | 0 | 0.0% | S100XT2J |
| Change in cash | 471 | 13.0% | S100XT2J |
| Cash and equivalents | 1,243 | 34.2% | S100XT2J |

## 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 | 1,286 | 1,051 | 939 | 772 | 1,243 | S100T5C5, S100VHX5, S100XT2J |
| Total assets | 2,018 | 1,856 | 1,722 | 1,902 | 2,402 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Net assets | 1,038 | 1,203 | 1,258 | 1,185 | 1,415 | S100T5C5, S100VHX5, S100XT2J |
| Share capital | 365 | 365 | 365 | 365 | 365 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Property, plant and equipment | 31 | 26 | 22 | 27 | 22 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Intangible assets excluding goodwill | 80 | 86 | 99 | 330 | 312 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Goodwill | 17 | 10 | 4 | 227 | 236 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Investment securities | — | — | — | 12 | 12 | S100XT2J |
| Current assets | 1,784 | 1,651 | 1,527 | 1,367 | 1,931 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Current liabilities | 580 | 436 | 409 | 548 | 852 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Short-term borrowings | — | — | — | 200 | 300 | S100XT2J |
| Long-term borrowings | 398 | 214 | 53 | 167 | 133 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Total liabilities | 980 | 653 | 464 | 717 | 987 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Equity attributable to owners of parent | 1,014 | 1,168 | 1,211 | 1,123 | 1,352 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Retained earnings | 329 | 476 | 515 | 424 | 646 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |
| Treasury stock | -26 | -19 | -16 | -12 | -5 | S100QHVM, S100T5C5, S100VHX5, S100XT2J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XT2J |
| Property, plant and equipment | 1% | S100XT2J |
| Intangibles and goodwill | 23% | S100XT2J |
| Investment securities | 0% | S100XT2J |
| Other assets | 24% | S100XT2J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XT2J |
| Equity | 59% | S100XT2J |
| Other liabilities | 0% | S100XT2J |

### 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 | 2,018 | 1,856 | 1,722 | 1,902 | 2,402 |
| Equity | 1,038 | 1,203 | 1,258 | 1,185 | 1,415 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,286 | 1,051 | 939 | 772 | 1,243 |

## 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) | 0.6% | S100XT2J |
| Fixed assets ÷ total assets | 0.9% | S100XT2J |
| Goodwill ÷ parent equity | 17.4% | S100XT2J |

Goodwill over 4 years: 17 → 236 JPY; total investing cash flow: -450 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) | 51.8% |
| Cash ÷ revenue | 34.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.4% |
| Cash vs. profit gap | 297 JPY mn (of net income 122.8%) |
| Shareholder returns / net income | 7.4% |
| Shareholder returns / FCF | 3.3% |
| Shareholder payments — dividends / net income | 7.3% |
| Shareholder payments — dividends / FCF | 3.3% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 13.0% |

## 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 | 7.6% | 1.19× | 9.1% | 1.99× | 18.1% | S100QHVM |
| 2022 | 6.0% | 1.43× | 8.6% | 1.78× | 15.3% | S100T5C5 |
| 2023 | 1.9% | 1.69× | 3.2% | 1.50× | 4.8% | S100VHX5 |
| 2024 | — | —× | -4.1% | —× | — | S100XT2J |
| 2025 | 6.7% | 1.69× | 11.3% | 1.74× | 19.6% | S100XT2J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 落合 文四郎 | Major shareholder | 31.4% | 2025-12-31 |
| 株式会社フォーティーシクサーズ | Major shareholder | 17.3% | 2025-12-31 |
| 新井 友行 | Major shareholder | 3.9% | 2025-12-31 |
| 池田 祐輔 | Major shareholder | 3.8% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 3.7% | 2025-12-31 |
| 湯川 泰行 | Major shareholder | 3.3% | 2025-12-31 |
| アルー社員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2025-12-31 |
| 稲村大悟 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社こやの | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/01/01－2025/12/31) | S100XT2J | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT2J,, |
| 有価証券報告書－第22期(2024/01/01－2024/12/31) | S100VHX5 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHX5,, |
| 有価証券報告書－第21期(2023/01/01－2023/12/31) | S100T5C5 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5C5,, |
| 有価証券報告書－第20期(2022/01/01－2022/12/31) | S100QHVM | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHVM,, |
| 訂正有価証券報告書－第19期(令和3年1月1日－令和3年12月31日) | S100ONBJ | 2022-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ONBJ,, |
| 有価証券報告書－第18期(令和2年1月1日－令和2年12月31日) | S100L29I | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L29I,, |

## 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).