# Avex Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YKQ4)
> Page: https://vizora.meequs.com/en/company/avex
> Retrieved: 2026-09-30T20:17:40.023Z

## Company

Avex, founded in 1988, is a company in Film & Anime listed on TSE Prime. It has 1,372 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Avex Inc. |
| Ticker | 7860 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7860.T) |
| Listing | TSE Prime |
| Head office | 東京都港区三田一丁目4番1号 |
| Representative (per filing) | 代表取締役社長CEO 黒岩克巳 |
| Founded | Apr 1988 |
| Share capital | ¥4.84B |
| Employees (consolidated) | 1,372 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | avex.com (https://avex.com/) |
| Corporate number | 7010401004245 |
| EDINET | E02453 |
| Industries (Vizora) | Film & Anime, Music & Live Entertainment |

> Profile source: annual securities report (S100YKQ4, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Music & Live Entertainment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 16.7 | 3 |
| Cash conversion | 16.7 | 3 |
| Efficiency | 50 | 3 |

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 83% of Avex's sales come from Music, with AnimeandVisualContent and Overseas Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +11.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Music 82.9%、AnimeandVisualContent 14.4%、Overseas Business 2.7%、Other 0.0%
- Revenue → net income: ¥146571000000 → ¥3975000000
- Net income → operating cash flow: ¥3975000000 → ¥2076000000（difference ¥-1899000000）
- Main uses of operating cash flow: CapEx ¥2412000000 / dividends ¥2126000000 / buybacks ¥0
- Change in cash: ¥-1422000000
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 | ¥146.6B |  |
| Operating income | ¥4.08B | Margin 2.8% |
| Net income | ¥3.55B | Margin 2.4% |
| Free cash flow | -¥336M |  |
| Largest business | Music | of segment revenue 82.9% |
| Employees (consolidated) | 1,372 |  |
| EPS | ¥62.25 |  |
| Book value per share | ¥547.06 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 45,919,300 |  |
| Treasury shares | 3,410,800 |  |
| Shareholders | 29,444 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 23.4% |
| Vs. industry median margin | -3.5 pp | Music & Live Entertainment |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥81527000000 | ¥146571000000 | +79.8% |
| Operating income | ¥-6278000000 | ¥4085000000 | — |
| Operating margin | -7.7% | 2.8% | +10.5 pp |
| Employees | 1,549 people | 1,372 people | -11.4% |
| Cash and equivalents | ¥52654000000 | ¥34305000000 | -34.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 音楽事業 → 音楽事業 | 52.5% |
| アニメ・映像事業 → アニメ・映像事業 | 9.6% |
| デジタル・プラットフォーム事業 → 事業再編・廃止 | 31.8% |
| 海外事業 → 海外事業 | 2.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 1.1% |
| テクノロジー事業 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 音楽事業 | 30.3% |
| 新設・再編 → アニメ・映像事業 | 4.9% |
| 新設・再編 → 海外事業 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Music | 5 years | +23.2% | ¥121438000000 | 2.9% | 2 |
| AnimeandVisualContent | 5 years | +22.1% | ¥21123000000 | 5.0% | 2 |
| Overseas Business | 5 years | +12.5% | ¥3952000000 | -11.8% | 2 |
| Other | 5 years | -42.6% | ¥57000000 | 45.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 146,571 | 100.0% | S100YKQ4 |
| Cost of revenue | 104,791 | 71.5% | S100YKQ4 |
| Gross profit | 41,779 | 28.5% | S100YKQ4 |
| SG&A | 37,694 | 25.7% | S100YKQ4 |
| Operating income | 4,085 | 2.8% | S100YKQ4 |
| Ordinary income | 4,333 | 3.0% | S100YKQ4 |
| Pretax income | 4,927 | 3.4% | S100YKQ4 |
| Income tax | 951 | 0.6% | S100YKQ4 |
| Net income | 3,975 | 2.7% | S100YKQ4 |
| Net income attributable to owners | 3,553 | 2.4% | S100YKQ4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 26 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 28.5% → Operating margin 2.8% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 131,691 | 146,571 | 14,880 | +11.3% |
| Gross profit | 35,839 | 41,779 | 5,940 | +16.6% |
| Operating income | -1,819 | 4,085 | 5,904 | — |
| Net income attributable to owners | 1,138 | 3,553 | 2,415 | +212.2% |
| Operating cash flow | -4,675 | 2,076 | 6,751 | — |
| Free cash flow | -9,501 | -336 | 9,165 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 135,469 | 4,033 | 3.0% | -1,102 | -4,032 | -7,244 | S100LT78 |
| FY ending Mar 2021 | 81,527 | -6,278 | -7.7% | 12,831 | -6,480 | -10,846 | S100OHUG |
| FY ending Mar 2022 | 98,437 | 2,582 | 2.6% | 919 | -4,464 | -7,420 | S100R4YM |
| FY ending Mar 2023 | 121,561 | 3,385 | 2.8% | 2,742 | 9,192 | 5,609 | S100TR4X |
| FY ending Mar 2024 | 133,387 | 1,265 | 0.9% | 987 | 3,691 | 133 | S100W7IB |
| FY ending Mar 2025 | 131,691 | -1,819 | -1.4% | 1,138 | -4,675 | -9,501 | S100YKQ4 |
| FY ending Mar 2026 | 146,571 | 4,085 | 2.8% | 3,553 | 2,076 | -336 | S100YKQ4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,407 | 1,514 | 1,538 | 1,457 | 1,372 |
| Average salary (parent company) | ¥8.3M | ¥8.2M | ¥8.5M | ¥7.6M | ¥7.1M |
| Average age (parent company) | 42.1 years | 41.4 years | 43.2 years | 41.5 years | 42.5 years |
| Average tenure (parent company) | 12.4 years | 11.5 years | 13.2 years | 11.7 years | 12.8 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +11.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Music | 121,438 | 82.9% | 3,468 | 2.9% |
| AnimeandVisualContent | 21,123 | 14.4% | 1,062 | 5.0% |
| Overseas Business | 3,952 | 2.7% | -466 | -11.8% |
| Other | 57 | 0.0% | 26 | 45.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Music | 82.9% | 76.1% | -6.7 | 2.9% |
| AnimeandVisualContent | 14.4% | 23.3% | 8.9 | 5.0% |
| Overseas Business | 2.7% | — | — | -11.8% |
| Other | 0.0% | 0.6% | 0.5 | 45.6% |

Loss-making segment (excluded from profit shares): Overseas Business -466 JPY mn

Segment → industry: AnimeandVisualContent → Film & Anime / Overseas Business → Music & Live Entertainment / Music → Music & Live Entertainment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,076 | 1.4% | S100YKQ4 |
| Capital expenditure | 2,412 | 1.6% | S100YKQ4 |
| Free cash flow | -336 | -0.2% | 算出 |
| Investing cash flow | -665 | -0.5% | S100YKQ4 |
| Financing cash flow | -2,906 | -2.0% | S100YKQ4 |
| Dividends paid | 2,126 | 1.5% | S100YKQ4 |
| Share buyback | 0 | 0.0% | S100YKQ4 |
| Change in cash | -1,422 | -1.0% | S100YKQ4 |
| Cash and equivalents | 34,305 | 23.4% | S100YKQ4 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 44,671 | 48,143 | 46,933 | 35,690 | 34,305 | S100TR4X, S100W7IB, S100YKQ4 |
| Total assets | 97,801 | 108,915 | 109,887 | 105,960 | 110,793 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Net assets | 60,694 | 58,838 | 56,099 | 51,112 | 52,889 | S100TR4X, S100W7IB, S100YKQ4 |
| Share capital | 4,521 | 4,599 | 4,678 | 4,755 | 4,836 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Trade receivables | 13,855 | 22,206 | 22,700 | 22,952 | 25,678 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Property, plant and equipment | 4,354 | 4,551 | 6,642 | 8,500 | 9,574 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Intangible assets excluding goodwill | 4,156 | 3,505 | 2,167 | 2,660 | 4,968 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Goodwill | 166 | 84 | 53 | 22 | 2,535 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Investment securities | 8,564 | 9,228 | 8,214 | 9,839 | 6,977 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Current assets | 75,326 | 86,217 | 86,463 | 77,774 | 81,755 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Current liabilities | 35,451 | 48,104 | 51,587 | 52,834 | 56,198 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Trade payables | 2,556 | 3,434 | 1,762 | 2,972 | 2,778 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Long-term borrowings | 9 | 6 | 3 | — | — | S100R4YM, S100TR4X, S100W7IB |
| Total liabilities | 37,106 | 50,076 | 53,787 | 54,848 | 57,904 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Non-controlling interests | 2,822 | 764 | 910 | 1,003 | 1,317 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Equity attributable to owners of parent | 55,278 | 55,878 | 54,432 | 49,149 | 50,098 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Retained earnings | 45,924 | 46,343 | 44,746 | 43,677 | 45,069 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |
| Treasury stock | -590 | -590 | -590 | -4,933 | -4,933 | S100R4YM, S100TR4X, S100W7IB, S100YKQ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YKQ4 |
| Receivables | 23% | S100YKQ4 |
| Property, plant and equipment | 9% | S100YKQ4 |
| Intangibles and goodwill | 7% | S100YKQ4 |
| Investment securities | 6% | S100YKQ4 |
| Other assets | 24% | S100YKQ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKQ4 |
| Other liabilities | 50% | S100YKQ4 |
| Equity | 48% | S100YKQ4 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 97,801 | 108,915 | 109,887 | 105,960 | 110,793 |
| Equity | 60,694 | 58,838 | 56,099 | 51,112 | 52,889 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,671 | 48,143 | 46,933 | 35,690 | 34,305 |

## 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) | 6.5% | S100YKQ4 |
| Fixed assets ÷ total assets | 8.6% | S100YKQ4 |
| Goodwill ÷ parent equity | 5.1% | S100YKQ4 |

Goodwill over 4 years: 166 → 2,535 JPY; total investing cash flow: -8,654 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) | 31.0% |
| Cash ÷ revenue | 23.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.8% |
| Cash vs. profit gap | -1,477 JPY mn (of net income -41.6%) |
| Shareholder returns / net income | 59.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 32.0% |

## 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 | 0.9% | 1.01× | 0.9% | 1.77× | 1.7% | S100R4YM |
| 2023 | 2.3% | 1.18× | 2.7% | 1.86× | 4.9% | S100TR4X |
| 2024 | 0.7% | 1.22× | 0.9% | 1.98× | 1.8% | S100W7IB |
| 2025 | 0.9% | 1.22× | 1.1% | 2.08× | 2.2% | S100YKQ4 |
| 2026 | 2.4% | 1.35× | 3.3% | 2.18× | 7.2% | S100YKQ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱サイバーエージェント | Major shareholder | 12.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 10.4% | 2026-03-31 |
| ㈲ティーズ・キャピタル | Major shareholder | 8.0% | 2026-03-31 |
| ㈱マックス2000 | Major shareholder | 5.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人:㈱みずほ銀行) | Major shareholder | 3.1% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 2.6% | 2026-03-31 |
| ㈱第一興商 | Major shareholder | 2.4% | 2026-03-31 |
| 松 浦 勝 人 | Major shareholder | 2.1% | 2026-03-31 |
| 柳 澤 安 慶 | Major shareholder | 1.8% | 2026-03-31 |
| 林 真 司 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YKQ4 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQ4,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W7IB | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7IB,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TR4X | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR4X,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R4YM | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YM,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OHUG | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHUG,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LT78 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT78,, |

## 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).