# Amazia, inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/10/01－2025/09/30) (S100XCQC)
> Page: https://vizora.meequs.com/en/company/amazia
> Retrieved: 2026-09-30T21:34:07.342Z

## Company

Amazia, founded in 2009, is a company in IT Services & System Integration listed on TSE Growth. It has 53 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Amazia,inc. |
| Ticker | 4424 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4424.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町1番2号 |
| Representative (per filing) | 代表取締役社長 佐久間 亮輔 |
| Founded | Oct 2009 |
| Share capital | ¥366.7M |
| Employees (consolidated) | 53 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | amazia.co.jp (https://amazia.co.jp/) |
| Corporate number | 4011001062405 |
| EDINET | E34497 |
| Industries (Vizora) | IT Services & System Integration, Publishing & Bookstores |

> Profile source: annual securities report (S100XCQC, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.6 | 19 |
| Efficiency | 92.1 | 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 98% of Amazia's sales come from Entertainment, with IT solution making up much of the rest.
- It lost about ¥13 for every ¥100 of sales at the operating level.
- Revenue changed -20.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.84B |  |
| Operating income | -¥361.2M | Margin -12.7% |
| Net income | -¥372.3M | Margin -13.1% |
| Free cash flow | -¥452.7M |  |
| Largest business | Entertainment | of segment revenue 98.2% |
| Employees (consolidated) | 53 |  |
| EPS | ¥-56.74 |  |
| Book value per share | ¥128.25 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 6,757,800 |  |
| Treasury shares | 180,500 |  |
| Shareholders | 2,489 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -18.2 pp | Publishing & Bookstores |
| ROA | -21.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 32% of total assets
- FY2025, operating loss is 13 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7524525000 | ¥2843175000 | — |
| Operating income | ¥1097993000 | ¥-361169000 | — |
| Operating margin | 14.6% | -12.7% | -27.3 pp |
| Employees | 25 people | 53 people | — |
| Cash and equivalents | ¥1693930000 | ¥460589000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. 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 → エンターテイメント事業 | 98.2% |
| 新設・再編 → ITソリューション事業 | 1.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,843 | 100.0% | S100XCQC |
| Cost of revenue | 2,267 | 79.7% | S100XCQC |
| Gross profit | 576 | 20.3% | S100XCQC |
| SG&A | 937 | 33.0% | S100XCQC |
| Operating income | -361 | -12.7% | S100XCQC |
| Ordinary income | -358 | -12.6% | S100XCQC |
| Pretax income | -372 | -13.1% | S100XCQC |
| Income tax | 1 | 0.0% | S100XCQC |
| Net income | -373 | -13.1% | S100XCQC |
| Net income attributable to owners | -372 | -13.1% | S100XCQC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 33 |
| Operating income | -13 |
| (Ref.) Net income | -13 |

### Margin funnel

Gross margin 20.3% → Operating margin -12.7% → Net margin -13.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,587 | 2,843 | -744 | -20.7% |
| Gross profit | 964 | 576 | -388 | -40.2% |
| Operating income | -401 | -361 | 39 | — |
| Net income attributable to owners | -589 | -372 | 217 | — |
| Operating cash flow | -336 | -452 | -115 | — |
| Free cash flow | -377 | -453 | -76 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,387 | 416 | 12.3% | 303 | 325 | 309 | S100KFUW |
| FY ending Sep 2020 | 7,525 | 1,098 | 14.6% | 750 | 850 | 845 | S100N4KM |
| FY ending Sep 2021 | 7,508 | 287 | 3.8% | 185 | 224 | 224 | S100PVJR |
| FY ending Sep 2022 | 6,548 | 117 | 1.8% | 41 | 57 | 49 | S100SJP7 |
| FY ending Sep 2023 | 4,650 | 10 | 0.2% | -61 | -160 | -233 | S100SJP7 |
| FY ending Sep 2024 | 3,587 | -401 | -11.2% | -589 | -336 | -377 | S100XCQC |
| FY ending Sep 2025 | 2,843 | -361 | -12.7% | -372 | -452 | -453 | S100XCQC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.6M |
| Operating income per employee (consolidated) | -¥6.8M |
| Net income per employee (consolidated) | -¥7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 27 | 31 | 34 | 45 | 53 |
| Average salary (parent company) | ¥6.5M | ¥6.2M | ¥6.1M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 34.7 years | 35.6 years | 35.4 years | 36.5 years | 37.6 years |
| Average tenure (parent company) | 2.7 years | 3.0 years | 3.5 years | 3.4 years | 4.1 years |

Year over year: Employees (consolidated) +17.8% · Revenue (consolidated) -20.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment | 2,792 | 98.2% | 6 | 0.2% |
| IT solution | 51 | 1.8% | -46 | -89.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Entertainment | 98.2% | 100.0% | 1.8 | 0.2% |
| IT solution | 1.8% | — | — | -89.7% |

Loss-making segment (excluded from profit shares): IT solution -46 JPY mn

Segment → industry: IT solution → IT Services & System Integration / Entertainment → Publishing & Bookstores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -452 | -15.9% | S100XCQC |
| Capital expenditure | 1 | 0.0% | S100XCQC |
| Free cash flow | -453 | -15.9% | 算出 |
| Investing cash flow | -16 | -0.6% | S100XCQC |
| Change in cash | -468 | -16.5% | S100XCQC |
| Cash and equivalents | 461 | 16.2% | S100XCQC |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,900 | 1,732 | 1,346 | 929 | 461 | S100SJP7, S100XCQC |
| Total assets | 3,020 | 2,864 | 2,576 | 1,950 | 1,462 | S100PVJR, S100SJP7, S100XCQC |
| Net assets | 2,050 | 2,041 | 1,879 | 1,280 | 907 | S100SJP7, S100XCQC |
| Share capital | 362 | 366 | 366 | 367 | 367 | S100PVJR, S100SJP7, S100XCQC |
| Property, plant and equipment | 7 | 11 | 80 | — | — | S100PVJR, S100SJP7 |
| Investment securities | — | 0 | 103 | 103 | 103 | S100SJP7, S100XCQC |
| Current assets | 2,817 | 2,564 | 2,154 | 1,631 | 1,136 | S100PVJR, S100SJP7, S100XCQC |
| Current liabilities | 970 | 823 | 697 | 663 | 543 | S100PVJR, S100SJP7, S100XCQC |
| Total liabilities | 970 | 823 | 697 | 671 | 554 | S100PVJR, S100SJP7, S100XCQC |
| Non-controlling interests | — | — | — | 1 | — | S100XCQC |
| Equity attributable to owners of parent | 1,946 | 1,893 | 1,804 | 1,216 | 844 | S100PVJR, S100SJP7, S100XCQC |
| Retained earnings | 1,228 | 1,269 | 1,208 | 618 | 246 | S100PVJR, S100SJP7, S100XCQC |
| Treasury stock | -0 | -104 | -132 | -132 | -132 | S100PVJR, S100SJP7, S100XCQC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XCQC |
| Investment securities | 7% | S100XCQC |
| Other assets | 61% | S100XCQC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XCQC |
| Equity | 62% | S100XCQC |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,020 | 2,864 | 2,576 | 1,950 | 1,462 |
| Equity | 2,050 | 2,041 | 1,879 | 1,280 | 907 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,900 | 1,732 | 1,346 | 929 | 461 |

### 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) | 31.5% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -79 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| 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 | 2.5% | 2.49× | 6.1% | 1.55× | 9.5% | S100PVJR |
| 2022 | 0.6% | 2.23× | 1.4% | 1.53× | 2.1% | S100SJP7 |
| 2023 | — | —× | -2.2% | —× | — | S100SJP7 |
| 2024 | — | —× | -30.2% | —× | — | S100XCQC |
| 2025 | — | —× | -21.8% | —× | — | S100XCQC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐久間 亮輔 | Major shareholder | 36.5% | 2025-09-30 |
| 江口 元昭 | Major shareholder | 24.3% | 2025-09-30 |
| 株式会社メディアドゥ | Major shareholder | 2.1% | 2025-09-30 |
| 江口 弘尚 | Major shareholder | 1.7% | 2025-09-30 |
| 株式会社マイナビ | Major shareholder | 1.2% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| GMOクリック証券株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 斉井 政憲 | Major shareholder | 0.8% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/10/01－2025/09/30) | S100XCQC | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCQC,, |
| 有価証券報告書－第15期(2023/10/01－2024/09/30) | S100V0CC | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0CC,, |
| 有価証券報告書－第14期(2022/10/01－2023/09/30) | S100SJP7 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJP7,, |
| 有価証券報告書－第13期(令和3年10月1日－令和4年9月30日) | S100PVJR | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVJR,, |
| 有価証券報告書－第12期(令和2年10月1日－令和3年9月30日) | S100N4KM | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4KM,, |
| 有価証券報告書－第11期(令和1年10月1日－令和2年9月30日) | S100KFUW | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFUW,, |

## 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).