# AppBank: 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14期(2025/01/01－2025/12/31) (S100XVHM)
> Page: https://vizora.meequs.com/en/company/appbank
> Retrieved: 2026-09-30T20:26:05.966Z

## Company

AppBank, founded in 2024, is a company in Internet Services & Apps listed on TSE Growth. It has 22 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AppBank Inc. |
| Ticker | 6177 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6177.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿一丁目19番10号 |
| Representative (per filing) | 代表取締役社長 白石 充三 |
| Founded | Mar 2024 |
| Share capital | ¥772.3M |
| Employees (consolidated) | 22 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.appbank.co.jp (https://www.appbank.co.jp/) |
| Corporate number | 4021001047248 |
| EDINET | E31817 |
| Industries (Vizora) | Internet Services & Apps, Toys & Hobbies |

> Profile source: annual securities report (S100XVHM, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 4.9 | 51 |
| Efficiency | 51 | 52 |

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 79% of AppBank's sales come from Media business, with IP and Commerce Business and Other making up much of the rest.
- It lost about ¥14 for every ¥100 of sales at the operating level.
- Revenue changed +24.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.24B |  |
| Operating income | -¥170.9M | Margin -13.8% |
| Net income | -¥519.2M | Margin -41.8% |
| Free cash flow | -¥180.5M |  |
| Largest business | Media business | of segment revenue 79.2% |
| Employees (consolidated) | 22 |  |
| EPS | ¥-28.65 |  |
| Book value per share | ¥36.35 |  |
| Equity ratio | 73.1% |  |
| Shares outstanding | 24,993,500 |  |
| Treasury shares | 14,600 |  |
| Shareholders | 10,378 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 60.0% | Cash ÷ revenue 59.2% |
| Vs. industry median margin | -21.4 pp | Internet Services & Apps |
| ROA | -42.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 92% of positive segment profit
- FY2025, cash is 60% of total assets
- FY2025, operating loss is 14 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥342110000 | ¥1242240000 | — |
| Operating income | ¥-194571000 | ¥-170888000 | — |
| Operating margin | -56.9% | -13.8% | +43.1 pp |
| Employees | 30 people | 22 people | — |
| Cash and equivalents | ¥242618000 | ¥735756000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| メディア事業 → メディア事業 | 79.2% |
| メディア事業 → 事業再編・廃止 | 0.1% |
| ストア事業 → 事業再編・廃止 | 8.4% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 5.4% |
| DXソリューション事業 → 事業再編・廃止 | 6.1% |
| 新設・再編 → IP＆コマース事業 | 20.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media business | 4 years | +35.8% | ¥983723000 | 3.7% | 2 |
| IP and Commerce Business | — | — | ¥249517000 | -9.9% | 2 |
| Other | 4 years | -20.4% | ¥9000000 | 34.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,242 | 100.0% | S100XVHM |
| Cost of revenue | 1,122 | 90.3% | S100XVHM |
| Gross profit | 120 | 9.7% | S100XVHM |
| SG&A | 291 | 23.5% | S100XVHM |
| Operating income | -171 | -13.8% | S100XVHM |
| Ordinary income | -186 | -14.9% | S100XVHM |
| Pretax income | -516 | -41.5% | S100XVHM |
| Income tax | 4 | 0.3% | S100XVHM |
| Net income | -519 | -41.8% | S100XVHM |
| Net income attributable to owners | -519 | -41.8% | S100XVHM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 24 |
| Operating income | -14 |
| (Ref.) Net income | -42 |

### Margin funnel

Gross margin 9.7% → Operating margin -13.8% → Net margin -41.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 994 | 1,242 | 248 | +24.9% |
| Gross profit | 44 | 120 | 76 | +173.1% |
| Operating income | -235 | -171 | 64 | — |
| Operating cash flow | -228 | -179 | 48 | — |
| Free cash flow | -240 | -181 | 59 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,323 | -56 | -4.2% | -71 | 1 | -20 | S100L16X |
| FY ending Dec 2020 | 547 | -136 | -24.9% | -178 | -172 | -173 | S100NRYM |
| FY ending Dec 2021 | 342 | -195 | -56.9% | -186 | -194 | -228 | S100QHHG |
| FY ending Dec 2022 | 389 | -277 | -71.3% | -289 | -216 | -218 | S100T6CG |
| FY ending Dec 2023 | 490 | -372 | -75.9% | -421 | -300 | -307 | S100T6CG |
| FY ending Dec 2023 | 472 | -284 | -60.2% | -421 | -300 | — | S100VI2R |
| FY ending Dec 2024 | 994 | -235 | -23.6% | -239 | -228 | -240 | S100VI2R |
| FY ending Dec 2025 | 1,242 | -171 | -13.8% | -519 | -179 | -181 | S100XVHM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.5M |
| Operating income per employee (consolidated) | -¥7.8M |
| Net income per employee (consolidated) | -¥23.6M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 33 | 36 | 36 | 16 | 22 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | — | ¥5.2M | ¥5.6M |
| Average age (parent company) | 27.9 years | 32.0 years | — | 36.1 years | 39.2 years |
| Average tenure (parent company) | 1.7 years | 3.7 years | — | 4.6 years | 6.8 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media business | 984 | 79.2% | 36 | 3.7% |
| IP and Commerce Business | 250 | 20.1% | -25 | -9.9% |
| Other | 9 | 0.7% | 3 | 34.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media business | 79.2% | 92.2% | 13.0 | 3.7% |
| IP and Commerce Business | 20.1% | — | — | -9.9% |
| Other | 0.7% | 7.8% | 7.1 | 34.2% |

Loss-making segment (excluded from profit shares): IP and Commerce Business -25 JPY mn

Segment → industry: Media business → Internet Services & Apps / IP and Commerce Business → Toys & Hobbies

## 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 | -179 | -14.4% | S100XVHM |
| Capital expenditure | 1 | 0.1% | S100XVHM |
| Free cash flow | -181 | -14.5% | 算出 |
| Investing cash flow | 34 | 2.8% | S100XVHM |
| Financing cash flow | 724 | 58.3% | S100XVHM |
| Change in cash | 579 | 46.6% | S100XVHM |
| Cash and equivalents | 736 | 59.2% | S100XVHM |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 123 | 163 | 76 | 71 | 736 | S100T6CG, S100VI2R, S100XVHM |
| Total assets | 277 | 281 | 162 | 282 | 1,227 | S100T6CG, S100VI2R, S100XVHM |
| Net assets | 150 | 29 | 78 | 71 | 919 | S100T6CG, S100VI2R, S100XVHM |
| Share capital | 152 | 303 | 303 | 419 | 772 | S100T6CG, S100VI2R, S100XVHM |
| Property, plant and equipment | 0 | 6 | 6 | 16 | 1 | S100T6CG, S100VI2R, S100XVHM |
| Intangible assets excluding goodwill | 19 | 0 | 0 | 0 | 268 | S100T6CG, S100VI2R, S100XVHM |
| Goodwill | 19 | 0 | 0 | 0 | 268 | S100T6CG, S100VI2R, S100XVHM |
| Current assets | 211 | 255 | 135 | 246 | 934 | S100T6CG, S100VI2R, S100XVHM |
| Current liabilities | 117 | 197 | 84 | 211 | 264 | S100T6CG, S100VI2R, S100XVHM |
| Short-term borrowings | — | — | — | — | 37 | S100XVHM |
| Long-term borrowings | 10 | 55 | — | — | 44 | S100T6CG, S100XVHM |
| Total liabilities | 127 | 252 | 84 | 211 | 308 | S100T6CG, S100VI2R, S100XVHM |
| Equity attributable to owners of parent | 141 | 21 | 70 | 62 | 897 | S100T6CG, S100VI2R, S100XVHM |
| Retained earnings | -766 | -1,188 | -1,139 | -1,378 | -1,897 | S100T6CG, S100VI2R, S100XVHM |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100T6CG, S100VI2R, S100XVHM |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 277 | 281 | 162 | 282 | 1,227 |
| Equity | 150 | 29 | 78 | 71 | 919 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 123 | 163 | 76 | 71 | 736 |

## 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) | 0.1% | S100XVHM |
| Fixed assets ÷ total assets | 0.1% | S100XVHM |
| Goodwill ÷ parent equity | 29.9% | S100XVHM |

### 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) | 60.0% |
| Cash ÷ revenue | 59.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 340 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -104.4% | —× | — | S100T6CG |
| 2023 | — | —× | -151.1% | —× | — | S100T6CG |
| 2023 | — | —× | -260.9% | —× | — | S100VI2R |
| 2024 | — | —× | -107.9% | —× | — | S100VI2R |
| 2025 | — | —× | -42.3% | —× | — | S100XVHM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＰＬＡＮＡ | Major shareholder | 10.4% | 2025-12-31 |
| ｍｕｓｉｃａ株式会社 | Major shareholder | 7.8% | 2025-12-31 |
| マイルストーン・キャピタル・マネジメント株式会社 | Major shareholder | 5.6% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 3.4% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.5% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 渡辺 明男 | Major shareholder | 1.5% | 2025-12-31 |
| 村井 智建 | Major shareholder | 1.4% | 2025-12-31 |
| クオンタムリープ株式会社 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XVHM | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVHM,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VI2R | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI2R,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T6CG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6CG,, |
| 有価証券報告書－第11期(2022/01/01－2022/12/31) | S100QHHG | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHHG,, |
| 有価証券報告書－第10期(令和3年1月1日－令和3年12月31日) | S100NRYM | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRYM,, |
| 有価証券報告書－第9期(令和2年1月1日－令和2年12月31日) | S100L16X | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L16X,, |

## 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).