# ANYCOLOR: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/05/01－2026/04/30) (S100YSEA)
> Page: https://vizora.meequs.com/en/company/anycolor
> Retrieved: 2026-09-30T21:02:07.766Z

## Company

Anycolor, founded in 2017, is a company in Streaming listed on TSE Prime. It has 677 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ANYCOLOR Inc. |
| Ticker | 5032 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5032.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂九丁目7番2号 ミッドタウン・イースト11F |
| Representative (per filing) | 代表取締役CEO 田角 陸 |
| Founded | May 2017 |
| Share capital | ¥463M |
| Employees (consolidated) | 677 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | April |
| Website | www.anycolor.co.jp (https://www.anycolor.co.jp/) |
| Corporate number | 7011101080460 |
| EDINET | E37573 |
| Industries (Vizora) | Streaming |

> Profile source: annual securities report (S100YSEA, filed 2026-07-27). As of filing

## Five-axis industry profile

Primary industry: Streaming (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 6 |
| Profitability | 92.9 | 7 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 78.6 | 7 |

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)

- Anycolor brought in ¥55.7B in revenue.
- Out of every ¥100 of sales, about ¥36 is left as operating profit.
- Revenue changed +29.9% from the prior year, operating profit +23.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥55681000000 → ¥14091000000
- Net income → operating cash flow: ¥14091000000 → ¥15678000000（difference ¥1587000000）
- Main uses of operating cash flow: CapEx ¥222000000 / dividends ¥4123000000 / buybacks ¥5009000000
- Change in cash: ¥6231000000
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 | ¥55.7B |  |
| Operating income | ¥20.2B | Margin 36.2% |
| Net income | ¥14.1B | Margin 25.3% |
| Free cash flow | ¥15.5B |  |
| Employees (consolidated) | 677 |  |
| EPS | ¥231.61 |  |
| Diluted EPS | ¥230.76 |  |
| Book value per share | ¥449.75 |  |
| Equity ratio | 73.9% |  |
| Shares outstanding | 61,128,029 |  |
| Treasury shares | 1,177,100 |  |
| Shareholders | 21,465 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 60.4% | Cash ÷ revenue 39.6% |
| Vs. industry median margin | +26.4 pp | Streaming |
| ROE | 57.6% | Derived from disclosed figures |
| ROA | 42.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.9× its level five years ago
- FY2026, buybacks were 1.2× dividends
- FY2026, cash is 60% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7636041000 | ¥55681000000 | +629.2% |
| Operating income | ¥1452015000 | ¥20172000000 | +1289.2% |
| Operating margin | 19.0% | 36.2% | +17.2 pp |
| Employees | 156 people | 677 people | +334.0% |
| Cash and equivalents | ¥3628274000 | ¥22050000000 | +507.7% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,681 | 100.0% | S100YSEA |
| Cost of revenue | 30,815 | 55.3% | S100YSEA |
| Gross profit | 24,866 | 44.7% | S100YSEA |
| SG&A | 4,693 | 8.4% | S100YSEA |
| Operating income | 20,172 | 36.2% | S100YSEA |
| Ordinary income | 20,197 | 36.3% | S100YSEA |
| Pretax income | 20,197 | 36.3% | S100YSEA |
| Income tax | 6,106 | 11.0% | S100YSEA |
| Net income | 14,091 | 25.3% | S100YSEA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 9 |
| Operating income | 36 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 44.7% → Operating margin 36.2% → Net margin 25.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.9%; Core profit growth: +23.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.80×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 42,876 | 55,681 | 12,805 | +29.9% |
| Gross profit | 20,109 | 24,866 | 4,757 | +23.7% |
| Operating income | 16,279 | 20,172 | 3,893 | +23.9% |
| Operating cash flow | 11,184 | 15,678 | 4,494 | +40.2% |
| Free cash flow | 8,926 | 15,456 | 6,530 | +73.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2021 | 7,636 | 1,452 | 19.0% | 937 | 1,350 | 1,194 | S100OTD2 |
| FY ending Apr 2022 | 14,164 | 4,191 | 29.6% | 2,793 | 2,718 | 2,600 | S100RHOV |
| FY ending Apr 2023 | 25,342 | 9,410 | 37.1% | 6,699 | 6,723 | 6,620 | S100U4U4 |
| FY ending Apr 2024 | 31,995 | 12,361 | 38.6% | 8,725 | 6,903 | 6,495 | S100WFMJ |
| FY ending Apr 2025 | 42,876 | 16,279 | 38.0% | 11,510 | 11,184 | 8,926 | S100YSEA |
| FY ending Apr 2026 | 55,681 | 20,172 | 36.2% | 14,091 | 15,678 | 15,456 | S100YSEA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.2M |
| Operating income per employee (consolidated) | ¥29.8M |
| Net income per employee (consolidated) | ¥20.8M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 230 | 323 | 430 | 532 | 677 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.1M | ¥5M | ¥5.4M |
| Average age (parent company) | 30.1 years | 30.4 years | 31.2 years | 31.8 years | 31.9 years |
| Average tenure (parent company) | 1.6 years | 1.9 years | 2.1 years | 2.3 years | 2.5 years |

Year over year: Employees (consolidated) +27.3% · Revenue (consolidated) +29.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,678 | 28.2% | S100YSEA |
| Capital expenditure | 222 | 0.4% | S100YSEA |
| Free cash flow | 15,456 | 27.8% | 算出 |
| Investing cash flow | -280 | -0.5% | S100YSEA |
| Financing cash flow | -9,166 | -16.5% | S100YSEA |
| Dividends paid | 4,123 | 7.4% | S100YSEA |
| Share buyback | 5,009 | 9.0% | S100YSEA |
| Change in cash | 6,231 | 11.2% | S100YSEA |
| Cash and equivalents | 22,050 | 39.6% | S100YSEA |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,861 | 12,483 | 16,291 | 15,818 | 22,050 | S100U4U4, S100WFMJ, S100YSEA |
| Total assets | 9,353 | 18,474 | 25,076 | 29,143 | 36,502 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Net assets | 6,319 | 13,258 | 19,716 | 21,968 | 26,963 | S100U4U4, S100WFMJ, S100YSEA |
| Share capital | 104 | 226 | 342 | 449 | 463 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Property, plant and equipment | 228 | 210 | 475 | 2,341 | 2,148 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Intangible assets excluding goodwill | 8 | 39 | 83 | 172 | 135 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Current assets | 8,498 | 17,572 | 23,629 | 25,622 | 32,098 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Current liabilities | 2,724 | 5,059 | 5,314 | 7,175 | 9,539 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Long-term borrowings | 310 | 156 | 45 | — | — | S100RHOV, S100U4U4, S100WFMJ |
| Total liabilities | 3,035 | 5,215 | 5,359 | 7,175 | 9,539 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Equity attributable to owners of parent | 6,315 | 13,258 | 19,716 | 21,968 | 26,963 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Retained earnings | 3,735 | 10,434 | 19,159 | 18,696 | 28,664 | S100RHOV, S100U4U4, S100WFMJ, S100YSEA |
| Treasury stock | — | — | -2,500 | 0 | -4,999 | S100WFMJ, S100YSEA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100YSEA |
| Property, plant and equipment | 6% | S100YSEA |
| Intangibles and goodwill | 0% | S100YSEA |
| Other assets | 33% | S100YSEA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YSEA |
| Equity | 74% | S100YSEA |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,353 | 18,474 | 25,076 | 29,143 | 36,502 |
| Equity | 6,319 | 13,258 | 19,716 | 21,968 | 26,963 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,861 | 12,483 | 16,291 | 15,818 | 22,050 |

## 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) | 3.9% | S100YSEA |
| Fixed assets ÷ total assets | 5.9% | S100YSEA |
| Goodwill ÷ parent equity | — | —, S100YSEA |

### 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) | 60.4% |
| Cash ÷ revenue | 39.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 1,587 JPY mn (of net income 11.3%) |
| Shareholder returns / net income | 64.8% |
| Shareholder returns / FCF | 59.1% |
| Shareholder payments — dividends / net income | 29.3% |
| Shareholder payments — dividends / FCF | 26.7% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 1.8% |

## 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 | 19.7% | 1.51× | 29.9% | 1.48× | 44.2% | S100RHOV |
| 2023 | 26.4% | 1.82× | 48.1% | 1.42× | 68.4% | S100U4U4 |
| 2024 | 27.3% | 1.47× | 40.1% | 1.32× | 52.9% | S100WFMJ |
| 2025 | 26.8% | 1.58× | 42.5% | 1.30× | 55.2% | S100YSEA |
| 2026 | 25.3% | 1.70× | 42.9% | 1.34× | 57.6% | S100YSEA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田角 陸 | Major shareholder | 43.5% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.8% | 2026-04-30 |
| 株式会社ソニー・ミュージックエンタテインメント | Major shareholder | 5.6% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-04-30 |
| BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV - ARCUS JAPAN FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.9% | 2026-04-30 |
| 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 | 1.9% | 2026-04-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE - AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.6% | 2026-04-30 |
| JP MORGAN CHASE BANK 380055 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-04-30 |
| 株式会社アイライツポート | Major shareholder | 1.1% | 2026-04-30 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/05/01－2026/04/30) | S100YSEA | 2026-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSEA,, |
| 有価証券報告書－第8期(2024/05/01－2025/04/30) | S100WFMJ | 2025-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFMJ,, |
| 有価証券報告書－第7期(2023/05/01－2024/04/30) | S100U4U4 | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4U4,, |
| 有価証券報告書－第6期(2022/05/01－2023/04/30) | S100RHOV | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHOV,, |
| 有価証券報告書－第5期(令和3年5月1日－令和4年4月30日) | S100OTD2 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OTD2,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社ソニー・ミュージックソリューションズ | Alliance | 事業提携（VTuberグループ「にじさんじ」名義のライブイベントの共催） | S100YSEA |

## 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).