# Appier Group: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/01/01－2025/12/31) (S100XTNG)
> Page: https://vizora.meequs.com/en/company/appier-group
> Retrieved: 2026-09-30T20:24:33.752Z

## Company

Appier Group, founded in 2018, is a company in Advertising listed on TSE Prime. It has 791 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Appier Group, Inc. |
| Ticker | 4180 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4180.T) |
| Listing | TSE Prime |
| Head office | 東京都港区愛宕二丁目5番1号 |
| Representative (per filing) | 代表取締役CEO 游 直翰 |
| Founded | Apr 2018 |
| Share capital | ¥7.69B |
| Employees (consolidated) | 791 |
| Fiscal year end | December |
| Website | www.appier.com (https://www.appier.com/) |
| Corporate number | 4010403018510 |
| EDINET | E36372 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XTNG, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.9 | 57 |
| Profitability | 57.6 | 86 |
| Cash conversion | 67.3 | 75 |
| Efficiency | 29.7 | 86 |

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)

- Appier Group brought in ¥43.7B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +28.4% from the prior year, operating profit +50.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43737000000 → ¥2558000000
- Net income → operating cash flow: ¥2558000000 → ¥3273000000（difference ¥715000000）
- Main uses of operating cash flow: CapEx ¥5054000000 / dividends ¥203000000 / buybacks ¥0
- Change in cash: ¥6238000000
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 | ¥43.7B |  |
| Operating income | ¥2.98B | Margin 6.8% |
| Net income | ¥2.56B | Margin 5.8% |
| Free cash flow | -¥1.78B |  |
| Employees (consolidated) | 791 |  |
| EPS | ¥25.14 |  |
| Diluted EPS | ¥24.99 |  |
| Book value per share | ¥284.35 |  |
| Equity ratio | 61.4% | Derived from disclosed figures |
| Shares outstanding | 102,589,177 |  |
| Treasury shares | 653,600 |  |
| Shareholders | 23,684 |  |
| Cash ratio | 19.4% | Cash ÷ revenue 26.8% |
| Vs. industry median margin | +1.2 pp | Advertising |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.5× its level five years ago

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8970097000 | ¥43737000000 | +387.6% |
| Operating income | ¥-1578468000 | ¥2976000000 | — |
| Operating margin | -17.6% | 6.8% | +24.4 pp |
| Employees | 479 people | 791 people | +65.1% |
| Cash and equivalents | ¥1634707000 | ¥11734000000 | +617.8% |

### 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,737 | 100.0% | S100XTNG |
| Cost of revenue | 20,219 | 46.2% | S100XTNG |
| Gross profit | 23,518 | 53.8% | S100XTNG |
| Operating income | 2,976 | 6.8% | S100XTNG |
| Pretax income | 2,674 | 6.1% | S100XTNG |
| Income tax | 116 | 0.3% | S100XTNG |
| Net income | 2,558 | 5.8% | S100XTNG |
| Net income attributable to owners | 2,558 | 5.8% | S100XTNG |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 53.8% → Operating margin 6.8% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.4%; Core profit growth: +50.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.77×
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 | 34,057 | 43,737 | 9,680 | +28.4% |
| Gross profit | 17,802 | 23,518 | 5,716 | +32.1% |
| Operating income | 1,981 | 2,976 | 995 | +50.2% |
| Net income attributable to owners | 2,927 | 2,558 | -369 | -12.6% |
| Operating cash flow | 1,929 | 3,273 | 1,344 | +69.7% |
| Free cash flow | -2,336 | -1,781 | 555 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2018 | 6,291 | — | — | -1,950 | -1,545 | — | S100QIDB |
| FY ending Dec 2019 | 7,220 | -2,361 | -32.7% | -2,350 | -1,808 | -1,860 | S100L3DY |
| FY ending Dec 2020 | 8,970 | -1,578 | -17.6% | -1,454 | -840 | -1,690 | S100NR3D |
| FY ending Dec 2021 | 12,661 | -1,117 | -8.8% | -1,179 | -747 | -2,267 | S100QIDB |
| FY ending Dec 2022 | 19,427 | 50 | 0.3% | 21 | 996 | -1,432 | S100T693 |
| FY ending Dec 2023 | 26,418 | 801 | 3.0% | 1,002 | 2,224 | -1,123 | S100VIW3 |
| FY ending Dec 2024 | 34,057 | 1,981 | 5.8% | 2,927 | 1,929 | -2,336 | S100XTNG |
| FY ending Dec 2025 | 43,737 | 2,976 | 6.8% | 2,558 | 3,273 | -1,781 | S100XTNG |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.3M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 574 | 661 | 706 | 708 | 791 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +11.7% · Revenue (consolidated) +28.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,273 | 7.5% | S100XTNG |
| Capital expenditure | 5,054 | 11.6% | S100XTNG |
| Free cash flow | -1,781 | -4.1% | 算出 |
| Investing cash flow | -4,332 | -9.9% | S100XTNG |
| Financing cash flow | 7,041 | 16.1% | S100XTNG |
| Dividends paid | 203 | 0.5% | S100XTNG |
| Share buyback | 0 | 0.0% | S100XTNG |
| Change in cash | 6,238 | 14.3% | S100XTNG |
| Cash and equivalents | 11,734 | 26.8% | S100XTNG |

## 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 | 6,561 | 3,804 | 6,134 | 5,496 | 11,734 | S100T693, S100VIW3, S100XTNG |
| Total assets | 31,206 | 35,939 | 37,852 | 44,637 | 60,497 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Net assets | 22,836 | 26,201 | 29,091 | 34,315 | 37,149 | S100T693, S100VIW3, S100XTNG |
| Share capital | 7,526 | 7,535 | 7,555 | 7,628 | 7,688 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Property, plant and equipment | 139 | 192 | 228 | 201 | 138 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Goodwill | 865 | 2,641 | 2,819 | 3,144 | 8,426 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Current assets | 24,484 | 25,363 | 24,929 | 27,999 | 36,562 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Total liabilities | 8,370 | 9,737 | 8,761 | 10,322 | 23,348 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Equity attributable to owners of parent | 22,836 | 26,201 | 29,091 | 34,315 | 37,149 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Retained earnings | -9,494 | -9,473 | -8,471 | -5,544 | -2,986 | S100QIDB, S100T693, S100VIW3, S100XTNG |
| Treasury stock | — | -0 | 0 | -1,000 | -1,000 | S100T693, S100VIW3, S100XTNG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XTNG |
| Property, plant and equipment | 0% | S100XTNG |
| Intangibles and goodwill | 14% | — |
| Other assets | 67% | S100XTNG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XTNG |
| Equity | 61% | S100XTNG |

### 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 | 31,206 | 35,939 | 37,852 | 44,637 | 60,497 |
| Equity | 22,836 | 26,201 | 29,091 | 34,315 | 37,149 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,561 | 3,804 | 6,134 | 5,496 | 11,734 |

## 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) | 0.3% | S100XTNG |
| Fixed assets ÷ total assets | 0.2% | S100XTNG |
| Goodwill ÷ parent equity | 22.7% | S100XTNG |

Goodwill over 4 years: 865 → 8,426 JPY; total investing cash flow: -17,450 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) | 19.4% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.0% |
| Cash vs. profit gap | 715 JPY mn (of net income 28.0%) |
| Shareholder returns / net income | 7.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 7.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 132.4% |

## 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 | — | —× | -3.8% | —× | — | S100QIDB |
| 2022 | 0.1% | 0.58× | 0.1% | 1.37× | 0.1% | S100T693 |
| 2023 | 3.8% | 0.72× | 2.7% | 1.33× | 3.6% | S100VIW3 |
| 2024 | 8.6% | 0.83× | 7.1% | 1.30× | 9.2% | S100XTNG |
| 2025 | 5.8% | 0.83× | 4.9% | 1.47× | 7.2% | S100XTNG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| PLAXIE INC（常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 16.8% | 2025-12-31 |
| PEAK XV PARTNERS INVESTMENTS IV （常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 9.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.0% | 2025-12-31 |
| CHIA-YUNG SU（常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 3.9% | 2025-12-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| GLOBAL PREMIER GROUP LIMITED （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2025-12-31 |
| GSESL APPIER CLIENT ASSET ACCOUNT（常任代理人 ＳＭＢＣ日興証券株式会社） | Major shareholder | 2.1% | 2025-12-31 |
| iShares Future AI & Tech ETF （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XTNG | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTNG,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VIW3 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIW3,, |
| 有価証券報告書－第6期(2023/01/01－2023/12/31) | S100T693 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T693,, |
| 有価証券報告書－第5期(2022/01/01－2022/12/31) | S100QIDB | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIDB,, |
| 有価証券報告書－第4期(令和3年1月1日－令和3年12月31日) | S100NR3D | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR3D,, |
| 有価証券報告書－第3期(令和2年1月1日－令和2年12月31日) | S100L3DY | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3DY,, |

## 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).