# Ateam Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/08/01－2025/07/31) (S100WXAF)
> Page: https://vizora.meequs.com/en/company/ateam-holdings
> Retrieved: 2026-09-30T21:08:39.935Z

## Company

Ateam Holdings, founded in 2000, is a company in Internet Services & Apps listed on TSE Prime. It has 783 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ateam Holdings Co., Ltd. (旧英訳名 Ateam Inc.) (注)2024年10月29日開催の第25回定時株主総会の決議により、2025年4月4日から会社名を上記のとおり変更いたしました。 |
| Ticker | 3662 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3662.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市中村区名駅三丁目28番12号 |
| Representative (per filing) | 代表取締役社長 林 高生 |
| Founded | Feb 2000 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 783 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | July |
| Website | www.a-tm.co.jp (https://www.a-tm.co.jp/) |
| Corporate number | 6180001055771 |
| EDINET | E26369 |
| Industries (Vizora) | Internet Services & Apps, Games, Cosmetics |

> Profile source: annual securities report (S100WXAF, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.3 | 40 |
| Profitability | 28.4 | 51 |
| Cash conversion | 80.2 | 43 |
| Efficiency | 85.6 | 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 73% of Ateam Holdings's sales come from Media Solutions, with Entertainment and D2C making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed 0.0% from the prior year, operating profit +50.4%.

## Company structure

- Segment revenue mix: Media Solutions 73.0%、Entertainment 17.6%、D2C 9.4%
- Revenue → net income: ¥23917000000 → ¥1054000000
- Net income → operating cash flow: ¥1054000000 → ¥1624000000（difference ¥570000000）
- Main uses of operating cash flow: CapEx ¥17000000 / dividends ¥408000000 / buybacks ¥3222000000
- Change in cash: ¥-1749000000
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 | ¥23.9B |  |
| Operating income | ¥845M | Margin 3.5% |
| Net income | ¥1.04B | Margin 4.3% |
| Free cash flow | ¥1.61B |  |
| Largest business | Media Solutions | of segment revenue 73.0% |
| Employees (consolidated) | 783 |  |
| EPS | ¥32.84 |  |
| Diluted EPS | ¥29.48 |  |
| Book value per share | ¥238.76 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 18,811,135 |  |
| Treasury shares | 150,000 |  |
| Shareholders | 11,667 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 26.3% |
| Vs. industry median margin | -4.1 pp | Internet Services & Apps |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 7.9× dividends
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, employees -4% while operating income rose 50%

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31739000000 | ¥23917000000 | -24.6% |
| Operating income | ¥1273000000 | ¥845000000 | -33.6% |
| Operating margin | 4.0% | 3.5% | -0.5 pp |
| Employees | 1,106 people | 783 people | -29.2% |
| Cash and equivalents | ¥6480000000 | ¥6301000000 | -2.8% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ライフスタイルサポート事業 → 事業再編・廃止 | 63.3% |
| エンターテインメント → エンターテインメント | 17.6% |
| エンターテインメント → 事業再編・廃止 | 9.1% |
| EC事業 → 事業再編・廃止 | 10.1% |
| 新設・再編 → メディア・ソリューション | 73.0% |
| 新設・再編 → D2C | 9.4% |

Segment revenue source references: 6 (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 Solutions | — | — | ¥17469000000 | 7.6% | 2 |
| Entertainment | 5 years | -13.1% | ¥4199000000 | 12.3% | 2 |
| D2C | — | — | ¥2248000000 | 0.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,917 | 100.0% | S100WXAF |
| Cost of revenue | 3,395 | 14.2% | S100WXAF |
| Gross profit | 20,522 | 85.8% | S100WXAF |
| SG&A | 19,676 | 82.3% | S100WXAF |
| Operating income | 845 | 3.5% | S100WXAF |
| Ordinary income | 1,585 | 6.6% | S100WXAF |
| Pretax income | 1,875 | 7.8% | S100WXAF |
| Income tax | 820 | 3.4% | S100WXAF |
| Net income | 1,054 | 4.4% | S100WXAF |
| Net income attributable to owners | 1,036 | 4.3% | S100WXAF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 82 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 85.8% → Operating margin 3.5% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: 0.0%; Core profit growth: +50.4%
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 23,917 | 23,917 | 0 | 0.0% |
| Gross profit | 20,370 | 20,522 | 152 | +0.7% |
| Operating income | 562 | 845 | 283 | +50.4% |
| Net income attributable to owners | 953 | 1,036 | 83 | +8.7% |
| Operating cash flow | 808 | 1,624 | 816 | +101.0% |
| Free cash flow | 748 | 1,607 | 859 | +114.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 37,151 | 2,811 | 7.6% | 1,473 | 3,318 | 2,740 | S100JZ41 |
| FY ending Jul 2020 | 31,739 | 1,273 | 4.0% | -519 | 1,108 | 653 | S100MR8D |
| FY ending Jul 2021 | 31,252 | 701 | 2.2% | 877 | 451 | 130 | S100PF0J |
| FY ending Jul 2022 | 31,790 | -298 | -0.9% | -1,337 | -302 | -509 | S100S2IN |
| FY ending Jul 2023 | 27,552 | 543 | 2.0% | 143 | 656 | 602 | S100UL7N |
| FY ending Jul 2024 | 23,917 | 562 | 2.3% | 953 | 808 | 748 | S100WXAF |
| FY ending Jul 2025 | 23,917 | 845 | 3.5% | 1,036 | 1,624 | 1,607 | S100WXAF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,100 | 1,005 | 872 | 813 | 783 |
| Average salary (parent company) | ¥5.1M | ¥6.3M | ¥5.1M | ¥6.4M | ¥7.2M |
| Average age (parent company) | 33.2 years | 36.2 years | 36.3 years | 37.8 years | 38.9 years |
| Average tenure (parent company) | 5.8 years | 6.8 years | 7.2 years | 8.4 years | 8.3 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) 0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media Solutions | 17,469 | 73.0% | 1,327 | 7.6% |
| D2C | 2,248 | 9.4% | 7 | 0.3% |
| Entertainment | 4,199 | 17.6% | 518 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media Solutions | 73.0% | 71.7% | -1.4 | 7.6% |
| D2C | 9.4% | 0.4% | -9.0 | 0.3% |
| Entertainment | 17.6% | 28.0% | 10.4 | 12.3% |

Segment → industry: Media Solutions → Internet Services & Apps / Entertainment → Games / D2C → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,624 | 6.8% | S100WXAF |
| Capital expenditure | 17 | 0.1% | S100WXAF |
| Free cash flow | 1,607 | 6.7% | 算出 |
| Investing cash flow | 382 | 1.6% | S100WXAF |
| Financing cash flow | -3,710 | -15.5% | S100WXAF |
| Dividends paid | 408 | 1.7% | S100WXAF |
| Share buyback | 3,222 | 13.5% | S100WXAF |
| Change in cash | -1,749 | -7.3% | S100WXAF |
| Cash and equivalents | 6,301 | 26.3% | S100WXAF |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,035 | 5,223 | 5,992 | 8,050 | 6,301 | S100S2IN, S100UL7N, S100WXAF |
| Total assets | 15,751 | 14,762 | 13,855 | 16,389 | 15,209 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Net assets | 11,582 | 9,882 | 9,704 | 10,274 | 9,169 | S100S2IN, S100UL7N, S100WXAF |
| Share capital | 838 | 838 | 838 | 838 | 1,713 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Trade receivables | 3,109 | — | — | — | — | S100PF0J |
| Property, plant and equipment | 1,195 | 844 | 389 | 365 | 346 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Intangible assets excluding goodwill | 792 | 391 | 216 | 1,735 | 1,591 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Goodwill | 239 | 195 | 152 | 1,411 | 1,300 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Investment securities | 2,148 | 2,461 | 2,449 | 2,356 | 1,726 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Current assets | 10,383 | 10,471 | 10,264 | 11,562 | 11,160 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Current liabilities | 3,640 | 4,205 | 3,621 | 3,045 | 4,797 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Long-term borrowings | — | — | — | 25 | 23 | S100WXAF |
| Total liabilities | 4,168 | 4,880 | 4,151 | 6,115 | 6,039 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Non-controlling interests | — | — | — | — | 113 | S100WXAF |
| Equity attributable to owners of parent | 11,232 | 9,088 | 8,969 | 9,642 | 8,807 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Retained earnings | 10,955 | 9,315 | 9,161 | 9,818 | 5,775 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |
| Treasury stock | -1,394 | -1,896 | -1,862 | -1,846 | -368 | S100PF0J, S100S2IN, S100UL7N, S100WXAF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100WXAF |
| Property, plant and equipment | 2% | S100WXAF |
| Intangibles and goodwill | 19% | S100WXAF |
| Investment securities | 11% | S100WXAF |
| Other assets | 26% | S100WXAF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100WXAF |
| Equity | 60% | S100WXAF |
| Other liabilities | 0% | S100WXAF |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,751 | 14,762 | 13,855 | 16,389 | 15,209 |
| Equity | 11,582 | 9,882 | 9,704 | 10,274 | 9,169 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,035 | 5,223 | 5,992 | 8,050 | 6,301 |

## 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) | 1.4% | S100WXAF |
| Fixed assets ÷ total assets | 2.3% | S100WXAF |
| Goodwill ÷ parent equity | 14.8% | S100WXAF |

Goodwill over 4 years: 239 → 1,300 JPY; total investing cash flow: 582 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) | 41.4% |
| Cash ÷ revenue | 26.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.2% |
| Cash vs. profit gap | 588 JPY mn (of net income 56.8%) |
| Shareholder returns / net income | 350.4% |
| Shareholder returns / FCF | 225.9% |
| Shareholder payments — dividends / net income | 39.4% |
| Shareholder payments — dividends / FCF | 25.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 23.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.8% | 1.98× | 5.6% | 1.40× | 7.8% | S100PF0J |
| 2022 | — | —× | -8.8% | —× | — | S100S2IN |
| 2023 | 0.5% | 1.93× | 1.0% | 1.58× | 1.6% | S100UL7N |
| 2024 | 4.0% | 1.58× | 6.3% | 1.63× | 10.2% | S100WXAF |
| 2025 | 4.3% | 1.51× | 6.6% | 1.71× | 11.2% | S100WXAF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社林家族 | Major shareholder | 29.7% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2025-07-31 |
| エイチームホールディングス従業員持株会 | Major shareholder | 4.5% | 2025-07-31 |
| 林 高生 | Major shareholder | 3.8% | 2025-07-31 |
| 牧野 隆広 | Major shareholder | 1.9% | 2025-07-31 |
| 中内 之公 | Major shareholder | 1.3% | 2025-07-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2025-07-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2025-07-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2025-07-31 |
| CGMI PB CUSTOMER ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/08/01－2025/07/31) | S100WXAF | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXAF,, |
| 有価証券報告書－第25期(2023/08/01－2024/07/31) | S100UL7N | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL7N,, |
| 有価証券報告書－第24期(2022/08/01－2023/07/31) | S100S2IN | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2IN,, |
| 有価証券報告書－第23期(令和3年8月1日－令和4年7月31日) | S100PF0J | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF0J,, |
| 訂正有価証券報告書－第22期(令和2年8月1日－令和3年7月31日) | S100MR8D | 2021-11-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MR8D,, |
| 有価証券報告書－第21期(令和1年8月1日－令和2年7月31日) | S100JZ41 | 2020-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ41,, |

## 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).