# Appirits Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/02/01－2026/01/31) (S100Y16K)
> Page: https://vizora.meequs.com/en/company/appirits
> Retrieved: 2026-09-30T18:59:00.112Z

## Company

Appirits, founded in 2000, is a company in IT Services & System Integration listed on TSE Standard. It has 820 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Appirits Inc. |
| Ticker | 4174 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4174.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町1番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 和田 順児 |
| Founded | Jul 2000 |
| Share capital | ¥653.2M |
| Employees (consolidated) | 820 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | January |
| Website | appirits.com (https://appirits.com/) |
| Corporate number | 4011001065192 |
| EDINET | E36213 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Games |

> Profile source: annual securities report (S100Y16K, filed 2026-04-28). As of filing

## Five-axis industry profile

Primary industry: Games (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 20.7 | 41 |
| Efficiency | 86.6 | 41 |

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 47% of Appirits's sales come from OSHI Culture and Gaming, with Web Solutions business and Digital Talent and Staffing making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +10.5% from the prior year, operating profit -266.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.96B |  |
| Operating income | -¥309.4M | Margin -3.1% |
| Net income | -¥465.3M | Margin -4.7% |
| Free cash flow | -¥52.3M |  |
| Largest business | OSHI Culture and Gaming | of segment revenue 46.9% |
| Employees (consolidated) | 820 |  |
| EPS | ¥-182.48 |  |
| Book value per share | ¥404.03 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 4,196,562 |  |
| Treasury shares | 150,000 |  |
| Shareholders | 1,696 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 37.1% | Cash ÷ revenue 21.3% |
| Vs. industry median margin | -8.5 pp | Games |
| ROA | -8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, segment profit share differs by 31 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3889332000 | ¥9955206000 | — |
| Operating income | ¥229472000 | ¥-309393000 | — |
| Operating margin | 5.9% | -3.1% | -9 pp |
| Employees | 411 people | 820 people | — |
| Cash and equivalents | ¥1032883000 | ¥2117967000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| Webソリューション事業 → 事業再編・廃止 | 46.9% |
| オンラインゲーム事業 → 事業再編・廃止 | 53.1% |
| 新設・再編 → Webソリューション事業 | 35.3% |
| 新設・再編 → デジタル人材育成派遣事業 | 17.9% |
| 新設・再編 → 推しカルチャー＆ゲーム事業 | 46.9% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| OSHI Culture and Gaming | — | — | ¥4667061000 | 7.3% | 2 |
| Web Solutions business | — | — | ¥3510447000 | 2.8% | 2 |
| Digital Talent and Staffing | — | — | ¥1777697000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,955 | 100.0% | S100Y16K |
| Cost of revenue | 8,409 | 84.5% | S100Y16K |
| Gross profit | 1,546 | 15.5% | S100Y16K |
| SG&A | 1,855 | 18.6% | S100Y16K |
| Operating income | -309 | -3.1% | S100Y16K |
| Ordinary income | -317 | -3.2% | S100Y16K |
| Pretax income | -304 | -3.1% | S100Y16K |
| Income tax | 161 | 1.6% | S100Y16K |
| Net income | -465 | -4.7% | S100Y16K |
| Net income attributable to owners | -465 | -4.7% | S100Y16K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 19 |
| Operating income | -3 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 15.5% → Operating margin -3.1% → Net margin -4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,009 | 9,955 | 946 | +10.5% |
| Gross profit | 1,893 | 1,546 | -348 | -18.4% |
| Operating income | 186 | -309 | -495 | -266.7% |
| Net income attributable to owners | 46 | -465 | -511 | -1112.3% |
| Operating cash flow | 10 | -5 | -15 | -145.5% |
| Free cash flow | -175 | -52 | 123 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,580 | 144 | 4.0% | 67 | 289 | 198 | S100L90X |
| FY ending Jan 2021 | 3,889 | 229 | 5.9% | 126 | 174 | 149 | S100L90X |
| FY ending Jan 2022 | 4,796 | 233 | 4.9% | 109 | 308 | 209 | S100QNR2 |
| FY ending Jan 2023 | 7,323 | 463 | 6.3% | 210 | 536 | 478 | S100TBGK |
| FY ending Jan 2024 | 8,428 | 600 | 7.1% | 386 | 252 | 208 | S100VO3K |
| FY ending Jan 2025 | 9,009 | 186 | 2.1% | 46 | 10 | -175 | S100Y16K |
| FY ending Jan 2026 | 9,955 | -309 | -3.1% | -465 | -5 | -52 | S100Y16K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.1M |
| Operating income per employee (consolidated) | -¥377.3K |
| Net income per employee (consolidated) | -¥567.5K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 462 | 598 | 644 | 720 | 820 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.8M | ¥4.9M | ¥5.6M |
| Average age (parent company) | 31.8 years | 31.7 years | 31.1 years | 31.6 years | 33.1 years |
| Average tenure (parent company) | 4.2 years | 4.4 years | 4.4 years | 4.4 years | 4.8 years |

Year over year: Employees (consolidated) +13.9% · Revenue (consolidated) +10.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Web Solutions business | 3,510 | 35.3% | 98 | 2.8% |
| Digital Talent and Staffing | 1,778 | 17.9% | -12 | -0.7% |
| OSHI Culture and Gaming | 4,667 | 46.9% | 342 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Web Solutions business | 35.3% | 22.3% | -12.9 | 2.8% |
| Digital Talent and Staffing | 17.9% | — | — | -0.7% |
| OSHI Culture and Gaming | 46.9% | 77.7% | 30.8 | 7.3% |

Loss-making segment (excluded from profit shares): Digital Talent and Staffing -12 JPY mn

Segment → industry: Web Solutions business → IT Services & System Integration / Digital Talent and Staffing → HR & Staffing / OSHI Culture and Gaming → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -5 | -0.0% | S100Y16K |
| Capital expenditure | 48 | 0.5% | S100Y16K |
| Free cash flow | -52 | -0.5% | 算出 |
| Investing cash flow | -170 | -1.7% | S100Y16K |
| Financing cash flow | -6 | -0.1% | S100Y16K |
| Dividends paid | 90 | 0.9% | S100Y16K |
| Change in cash | -176 | -1.8% | S100Y16K |
| Cash and equivalents | 2,118 | 21.3% | S100Y16K |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,439 | 1,822 | 1,742 | 2,294 | 2,118 | S100TBGK, S100VO3K, S100Y16K |
| Total assets | 2,816 | 4,199 | 4,586 | 5,760 | 5,704 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Net assets | 1,925 | 2,121 | 2,468 | 2,395 | 1,861 | S100TBGK, S100VO3K, S100Y16K |
| Share capital | 589 | 620 | 639 | 645 | 653 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Property, plant and equipment | 75 | 99 | 93 | 218 | 217 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Intangible assets excluding goodwill | 195 | 360 | 222 | 293 | 239 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Goodwill | 194 | 290 | 221 | 292 | 239 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Investment securities | — | — | — | — | 21 | S100Y16K |
| Current assets | 2,149 | 3,286 | 3,382 | 4,445 | 4,480 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Current liabilities | 885 | 1,578 | 1,730 | 2,184 | 2,868 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Short-term borrowings | 300 | — | 300 | 300 | 675 | S100QNR2, S100VO3K, S100Y16K |
| Long-term borrowings | 7 | 498 | 388 | 1,098 | 811 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Total liabilities | 891 | 2,077 | 2,117 | 3,366 | 3,844 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Equity attributable to owners of parent | 1,925 | 2,116 | 2,442 | 2,327 | 1,789 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Retained earnings | 849 | 1,035 | 1,377 | 1,254 | 700 | S100QNR2, S100TBGK, S100VO3K, S100Y16K |
| Treasury stock | — | -57 | -110 | -116 | -116 | S100TBGK, S100VO3K, S100Y16K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Y16K |
| Property, plant and equipment | 4% | S100Y16K |
| Intangibles and goodwill | 9% | S100Y16K |
| Investment securities | 0% | S100Y16K |
| Other assets | 50% | S100Y16K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100Y16K |
| Equity | 33% | S100Y16K |
| Other liabilities | 0% | S100Y16K |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,816 | 4,199 | 4,586 | 5,760 | 5,704 |
| Equity | 1,925 | 2,121 | 2,468 | 2,395 | 1,861 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,439 | 1,822 | 1,742 | 2,294 | 2,118 |

## 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) | 2.2% | S100Y16K |
| Fixed assets ÷ total assets | 3.8% | S100Y16K |
| Goodwill ÷ parent equity | 13.3% | S100Y16K |

Goodwill over 4 years: 194 → 239 JPY; total investing cash flow: -1,475 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) | 37.1% |
| Cash ÷ revenue | 21.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 461 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| 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 | 2.3% | 1.70× | 3.9% | 1.46× | 5.7% | S100QNR2 |
| 2023 | 2.9% | 2.09× | 6.0% | 1.74× | 10.4% | S100TBGK |
| 2024 | 4.6% | 1.92× | 8.8% | 1.93× | 17.0% | S100VO3K |
| 2025 | 0.5% | 1.74× | 0.9% | 2.17× | 1.9% | S100Y16K |
| 2026 | — | —× | -8.1% | —× | — | S100Y16K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エイ・ティー・ジー・シー | Major shareholder | 38.4% | 2026-01-31 |
| クリプトメリア株式会社 | Major shareholder | 5.9% | 2026-01-31 |
| 魚谷 幸一 | Major shareholder | 5.9% | 2026-01-31 |
| 和田 順児 | Major shareholder | 5.1% | 2026-01-31 |
| アピリッツ従業員持株会 | Major shareholder | 2.1% | 2026-01-31 |
| 笠谷 真也 | Major shareholder | 2.1% | 2026-01-31 |
| 八木 広道 | Major shareholder | 1.2% | 2026-01-31 |
| 田中 茂 | Major shareholder | 1.2% | 2026-01-31 |
| 冨田 英揮 | Major shareholder | 1.1% | 2026-01-31 |
| 喜藤 憲一 | Major shareholder | 1.1% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/02/01－2026/01/31) | S100Y16K | 2026-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y16K,, |
| 有価証券報告書－第25期(2024/02/01－2025/01/31) | S100VO3K | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO3K,, |
| 有価証券報告書－第24期(2023/02/01－2024/01/31) | S100TBGK | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBGK,, |
| 有価証券報告書－第23期(2022/02/01－2023/01/31) | S100QNR2 | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNR2,, |
| 有価証券報告書－第22期(令和3年2月1日－令和4年1月31日) | S100NY5H | 2022-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NY5H,, |
| 有価証券報告書－第21期(令和2年2月1日－令和3年1月31日) | S100L90X | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L90X,, |

## 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).