# AMUSE INC.: 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48期(2025/04/01－2026/03/31) (S100YBX4)
> Page: https://vizora.meequs.com/en/company/amuse
> Retrieved: 2026-09-30T21:30:59.720Z

## Company

Amuse, founded in 1978, is a company in Film & Anime listed on TSE Prime. It has 601 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AMUSE INC. |
| Ticker | 4301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4301.T) |
| Listing | TSE Prime |
| Head office | 山梨県南都留郡富士河口湖町西湖997番地 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役会長 兼 社長 大里 洋吉 |
| Founded | Oct 1978 |
| Share capital | ¥1.59B |
| Employees (consolidated) | 601 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | ir.amuse.co.jp (https://ir.amuse.co.jp/) |
| Corporate number | 5011001029386 |
| EDINET | E05219 |
| Industries (Vizora) | Film & Anime, Music & Live Entertainment, Talent Agencies |

> Profile source: annual securities report (S100YBX4, filed 2026-06-19). As of filing

## Key points (generated from figures)

- About 63% of Amuse's sales come from Live Entertainment Business, with Music and Film TV Business and Booking and Commercials Business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +118.8%.

## Company structure

- Segment revenue mix: Live Entertainment Business 62.9%、Music and Film TV Business 26.7%、Booking and Commercials Business 10.3%
- Revenue → net income: ¥69655000000 → ¥3122000000
- Net income → operating cash flow: ¥3122000000 → ¥6835000000（difference ¥3713000000）
- Main uses of operating cash flow: CapEx ¥1115000000 / dividends ¥669000000 / buybacks ¥700000000
- Change in cash: ¥-1152000000
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 | ¥69.7B |  |
| Operating income | ¥6.12B | Margin 8.8% |
| Net income | ¥2.69B | Margin 3.9% |
| Free cash flow | ¥5.72B |  |
| Largest business | Live Entertainment Business | of segment revenue 62.9% |
| Employees (consolidated) | 601 |  |
| EPS | ¥65.51 |  |
| Book value per share | ¥1756.22 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 18,623,520 |  |
| Treasury shares | 1,819,300 |  |
| Shareholders | 15,462 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 37.8% |
| Vs. industry median margin | +2.5 pp | Music & Live Entertainment |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, buybacks were 1.0× dividends
- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39839000000 | ¥69655000000 | +74.8% |
| Operating income | ¥3574000000 | ¥6123000000 | +71.3% |
| Operating margin | 9.0% | 8.8% | -0.2 pp |
| Employees | 469 people | 601 people | +28.1% |
| Cash and equivalents | ¥27148000000 | ¥26313000000 | -3.1% |

### 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 |
| --- | ---: |
| イベント関連事業 → 事業再編・廃止 | 22.3% |
| イベント関連事業 → イベント関連事業 | 22.3% |
| 音楽・映像事業 → 事業再編・廃止 | 20.7% |
| 音楽・映像事業 → 音楽・映像事業 | 20.7% |
| 出演・ＣＭ事業 → 事業再編・廃止 | 7.0% |
| 出演・ＣＭ事業 → 出演・ＣＭ事業 | 7.0% |
| 新設・再編 → イベント関連事業 | 40.6% |
| 新設・再編 → 音楽・映像事業 | 6.0% |
| 新設・再編 → 出演・ＣＭ事業 | 3.4% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Live Entertainment Business | 5 years | +19.8% | ¥43830000000 | 7.3% | 2 |
| Music and Film TV Business | 5 years | +2.4% | ¥18624000000 | 10.2% | 2 |
| Booking and Commercials Business | 5 years | +5.4% | ¥7200000000 | 14.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,655 | 100.0% | S100YBX4 |
| SG&A | 5,414 | 7.8% | S100YBX4 |
| Operating income | 6,123 | 8.8% | S100YBX4 |
| Ordinary income | 6,225 | 8.9% | S100YBX4 |
| Pretax income | 4,830 | 6.9% | S100YBX4 |
| Income tax | 1,707 | 2.5% | S100YBX4 |
| Net income | 3,122 | 4.5% | S100YBX4 |
| Net income attributable to owners | 2,695 | 3.9% | S100YBX4 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 8.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +118.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 55.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 68,186 | 69,655 | 1,469 | +2.2% |
| Operating income | 2,798 | 6,123 | 3,325 | +118.8% |
| Net income attributable to owners | 1,648 | 2,695 | 1,047 | +63.5% |
| Operating cash flow | 433 | 6,835 | 6,402 | +1478.5% |
| Free cash flow | -1,992 | 5,720 | 7,712 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,806 | 5,155 | 8.8% | 3,010 | 3,214 | 2,656 | S100LTIN |
| FY ending Mar 2021 | 39,839 | 3,574 | 9.0% | 1,665 | -272 | -1,105 | S100PPEP |
| FY ending Mar 2022 | 38,744 | 2,879 | 7.4% | 1,564 | 1,654 | 582 | S100RCQL |
| FY ending Mar 2023 | 52,497 | 3,153 | 6.0% | 1,692 | 10,002 | 8,031 | S100TR1R |
| FY ending Mar 2024 | 54,813 | 1,367 | 2.5% | 391 | -313 | -1,117 | S100W907 |
| FY ending Mar 2025 | 68,186 | 2,798 | 4.1% | 1,648 | 433 | -1,992 | S100YBX4 |
| FY ending Mar 2026 | 69,655 | 6,123 | 8.8% | 2,695 | 6,835 | 5,720 | S100YBX4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥115.9M |
| Operating income per employee (consolidated) | ¥10.2M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 458 | 474 | 637 | 586 | 601 |
| Average salary (parent company) | ¥7.3M | ¥7.6M | ¥7.4M | ¥7.1M | ¥7.5M |
| Average age (parent company) | 39.1 years | 39.5 years | 39.6 years | 39.3 years | 39.2 years |
| Average tenure (parent company) | 10.0 years | 10.1 years | 10.3 years | 10.6 years | 11.4 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Live Entertainment Business | 43,830 | 62.9% | 3,199 | 7.3% |
| Music and Film TV Business | 18,624 | 26.7% | 1,902 | 10.2% |
| Booking and Commercials Business | 7,200 | 10.3% | 1,021 | 14.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Live Entertainment Business | 62.9% | 52.3% | -10.7 | 7.3% |
| Music and Film TV Business | 26.7% | 31.1% | 4.3 | 10.2% |
| Booking and Commercials Business | 10.3% | 16.7% | 6.3 | 14.2% |

Segment → industry: Music and Film TV Business → Film & Anime / Music and Film TV Business → Music & Live Entertainment / Live Entertainment Business → Music & Live Entertainment / Booking and Commercials Business → Talent Agencies / Live Entertainment Business → Talent Agencies

## 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 | 6,835 | 9.8% | S100YBX4 |
| Capital expenditure | 1,115 | 1.6% | S100YBX4 |
| Free cash flow | 5,720 | 8.2% | 算出 |
| Investing cash flow | -6,255 | -9.0% | S100YBX4 |
| Financing cash flow | -1,828 | -2.6% | S100YBX4 |
| Dividends paid | 669 | 1.0% | S100YBX4 |
| Share buyback | 700 | 1.0% | S100YBX4 |
| Change in cash | -1,152 | -1.7% | S100YBX4 |
| Cash and equivalents | 26,313 | 37.8% | S100YBX4 |

## 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 | 26,964 | 32,163 | 29,692 | 27,466 | 26,313 | S100TR1R, S100W907, S100YBX4 |
| Total assets | 49,313 | 58,294 | 58,904 | 60,841 | 62,499 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Net assets | 37,761 | 37,581 | 37,500 | 37,120 | 38,785 | S100TR1R, S100W907, S100YBX4 |
| Share capital | 1,587 | 1,587 | 1,587 | 1,587 | 1,587 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Property, plant and equipment | 3,381 | 4,261 | 4,427 | 5,808 | 4,947 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Intangible assets excluding goodwill | 431 | 862 | 1,039 | 950 | 853 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Goodwill | — | 226 | 449 | 389 | 329 | S100TR1R, S100W907, S100YBX4 |
| Investment securities | 4,606 | 5,582 | 4,773 | 4,071 | 4,754 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Current assets | 39,454 | 46,308 | 46,314 | 47,953 | 49,470 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Current liabilities | 9,970 | 18,974 | 19,459 | 22,116 | 22,215 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Long-term borrowings | 122 | 206 | 191 | 146 | 111 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Bonds | — | — | 90 | 60 | 40 | S100W907, S100YBX4 |
| Total liabilities | 11,551 | 20,712 | 21,404 | 23,720 | 23,714 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Non-controlling interests | 2,606 | 3,191 | 3,975 | 2,666 | 2,720 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Equity attributable to owners of parent | 33,772 | 32,796 | 32,593 | 33,579 | 34,973 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Retained earnings | 31,149 | 31,855 | 31,578 | 32,548 | 34,573 | S100RCQL, S100TR1R, S100W907, S100YBX4 |
| Treasury stock | -1,249 | -2,931 | -2,858 | -2,841 | -3,662 | S100RCQL, S100TR1R, S100W907, S100YBX4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YBX4 |
| Property, plant and equipment | 8% | S100YBX4 |
| Intangibles and goodwill | 2% | S100YBX4 |
| Investment securities | 8% | S100YBX4 |
| Other assets | 40% | S100YBX4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YBX4 |
| Equity | 62% | S100YBX4 |

### 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 | 49,313 | 58,294 | 58,904 | 60,841 | 62,499 |
| Equity | 37,761 | 37,581 | 37,500 | 37,120 | 38,785 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,964 | 32,163 | 29,692 | 27,466 | 26,313 |

## 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) | 7.1% | S100YBX4 |
| Fixed assets ÷ total assets | 7.9% | S100YBX4 |
| Goodwill ÷ parent equity | 0.9% | S100YBX4 |

### 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) | 42.1% |
| Cash ÷ revenue | 37.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.6% |
| Cash vs. profit gap | 4,140 JPY mn (of net income 153.6%) |
| Shareholder returns / net income | 50.8% |
| Shareholder returns / FCF | 23.9% |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 11.7% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 91.5% |

## 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 | 4.0% | 0.79× | 3.2% | 1.46× | 4.6% | S100RCQL |
| 2023 | 3.2% | 0.98× | 3.1% | 1.62× | 5.1% | S100TR1R |
| 2024 | 0.7% | 0.94× | 0.7% | 1.79× | 1.2% | S100W907 |
| 2025 | 2.4% | 1.14× | 2.8% | 1.81× | 5.0% | S100YBX4 |
| 2026 | 3.9% | 1.13× | 4.4% | 1.80× | 7.9% | S100YBX4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱オオサト | Major shareholder | 27.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.1% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.3% | 2026-03-31 |
| アミューズアーティスト持株会 | Major shareholder | 2.8% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 大里 洋吉 | Major shareholder | 2.7% | 2026-03-31 |
| 大里 久仁子 | Major shareholder | 2.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（株式付与ESOP信託口・75971口） | Major shareholder | 2.1% | 2026-03-31 |
| ㈱ナチュラリ | Major shareholder | 1.5% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/ JASDEC/TD SECURITIES （USA） LLC/BOOK-ENTRY JGBS+CORPORATE BONDS/TAXABLE （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YBX4 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBX4,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W907 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W907,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TR1R | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1R,, |
| 訂正有価証券報告書－第45期(2022/04/01－2023/03/31) | S100RCQL | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCQL,, |
| 訂正有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100PPEP | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPEP,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LTIN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTIN,, |

## 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).