# AViC Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/10/01－2025/09/30) (S100XC3I)
> Page: https://vizora.meequs.com/en/company/avic
> Retrieved: 2026-09-30T21:31:17.573Z

## Company

AViC, founded in 2013, is a company in Advertising listed on TSE Growth. It has 91 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AViC Co., Ltd. |
| Ticker | 9554 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9554.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂一丁目12番32号 アーク森ビル19階 |
| Representative (per filing) | 代表取締役社長 市原 創吾 |
| Founded | Jul 2013 |
| Share capital | ¥232M |
| Employees (consolidated) | 91 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | avic.jp (https://avic.jp/) |
| Corporate number | 5012401024308 |
| EDINET | E37744 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XC3I, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 95.9 | 86 |
| Cash conversion | 51.3 | 75 |
| Efficiency | 28.5 | 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)

- AViC brought in ¥2.68B in revenue.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +38.6% from the prior year, operating profit +62.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2680875000 → ¥538235000
- Net income → operating cash flow: ¥538235000 → ¥666361000（difference ¥128126000）
- Main uses of operating cash flow: CapEx ¥26945000 / dividends — / buybacks ¥30000
- Change in cash: ¥860110000
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 | ¥2.68B |  |
| Operating income | ¥724.5M | Margin 27.0% |
| Net income | ¥539.6M | Margin 20.1% |
| Free cash flow | ¥639.4M |  |
| Employees (consolidated) | 91 |  |
| EPS | ¥81.19 |  |
| Diluted EPS | ¥79.43 |  |
| Book value per share | ¥366.44 |  |
| Equity ratio | 58.5% |  |
| Shares outstanding | 6,327,800 |  |
| Shareholders | 1,199 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 52.6% | Cash ÷ revenue 78.4% |
| Vs. industry median margin | +21.4 pp | Advertising |
| ROE | 27.7% | Derived from disclosed figures |
| ROA | 16.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 53% of total assets
- FY2025, operating income keeps 27 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1329789000 | ¥2680875000 | — |
| Operating income | ¥120372000 | ¥724544000 | — |
| Operating margin | 9.1% | 27.0% | +18 pp |
| Employees | 31 people | 91 people | — |
| Cash and equivalents | ¥328514000 | ¥2101099000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,681 | 100.0% | S100XC3I |
| Cost of revenue | 1,051 | 39.2% | S100XC3I |
| Gross profit | 1,629 | 60.8% | S100XC3I |
| SG&A | 905 | 33.8% | S100XC3I |
| Operating income | 725 | 27.0% | S100XC3I |
| Ordinary income | 731 | 27.3% | S100XC3I |
| Pretax income | 736 | 27.4% | S100XC3I |
| Income tax | 198 | 7.4% | S100XC3I |
| Net income | 538 | 20.1% | S100XC3I |
| Net income attributable to owners | 540 | 20.1% | S100XC3I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 34 |
| Operating income | 27 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 60.8% → Operating margin 27.0% → Net margin 20.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.6%; Core profit growth: +62.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.61×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,935 | 2,681 | 746 | +38.6% |
| Gross profit | 1,136 | 1,629 | 494 | +43.5% |
| Operating income | 447 | 725 | 278 | +62.3% |
| Net income attributable to owners | 310 | 540 | 230 | +74.0% |
| Operating cash flow | 320 | 666 | 346 | +108.3% |
| Free cash flow | 255 | 639 | 385 | +150.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 1,330 | 120 | 9.1% | 79 | 15 | 10 | S100PVN5 |
| FY ending Sep 2022 | 1,246 | 316 | 25.4% | 226 | 324 | 312 | S100SJT6 |
| FY ending Sep 2023 | 1,489 | 318 | 21.4% | 219 | -6 | -12 | S100SJT6 |
| FY ending Sep 2024 | 1,935 | 447 | 23.1% | 310 | 320 | 255 | S100XC3I |
| FY ending Sep 2025 | 2,681 | 725 | 27.0% | 540 | 666 | 639 | S100XC3I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥8M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 31 | 51 | 60 | 76 | 91 |
| Average salary (parent company) | — | ¥6.3M | ¥6.7M | ¥6.6M | ¥6.8M |
| Average age (parent company) | — | 30.8 years | 31.4 years | 31.0 years | 29.7 years |
| Average tenure (parent company) | — | 1.7 years | 1.9 years | 2.3 years | 2.8 years |

Year over year: Employees (consolidated) +19.7% · Revenue (consolidated) +38.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 666 | 24.9% | S100XC3I |
| Capital expenditure | 27 | 1.0% | S100XC3I |
| Free cash flow | 639 | 23.9% | 算出 |
| Investing cash flow | -173 | -6.5% | S100XC3I |
| Financing cash flow | 368 | 13.7% | S100XC3I |
| Share buyback | 0 | 0.0% | S100XC3I |
| Change in cash | 860 | 32.1% | S100XC3I |
| Cash and equivalents | 2,101 | 78.4% | S100XC3I |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 329 | 724 | 750 | 1,241 | 2,101 | S100SJT6, S100XC3I |
| Total assets | 645 | 1,456 | 1,666 | 2,493 | 3,991 | S100PVN5, S100SJT6, S100XC3I |
| Net assets | 344 | 713 | 979 | 1,570 | 2,364 | S100SJT6, S100XC3I |
| Share capital | 99 | 169 | 193 | 196 | 232 | S100PVN5, S100SJT6, S100XC3I |
| Property, plant and equipment | 1 | 4 | 5 | 56 | 55 | S100PVN5, S100SJT6, S100XC3I |
| Intangible assets excluding goodwill | 4 | 9 | 45 | 279 | 616 | S100PVN5, S100SJT6, S100XC3I |
| Goodwill | — | — | 2 | 204 | 538 | S100SJT6, S100XC3I |
| Investment securities | — | — | — | 3 | 3 | S100XC3I |
| Current assets | 590 | 1,366 | 1,409 | 2,018 | 3,154 | S100PVN5, S100SJT6, S100XC3I |
| Current liabilities | 264 | 726 | 582 | 741 | 1,143 | S100PVN5, S100SJT6, S100XC3I |
| Short-term borrowings | — | — | 50 | 92 | 50 | S100SJT6, S100XC3I |
| Long-term borrowings | 36 | 16 | 105 | 168 | 474 | S100PVN5, S100SJT6, S100XC3I |
| Total liabilities | 301 | 743 | 687 | 924 | 1,627 | S100PVN5, S100SJT6, S100XC3I |
| Non-controlling interests | — | — | — | 5 | 28 | S100XC3I |
| Equity attributable to owners of parent | 340 | 708 | 975 | 1,560 | 2,334 | S100PVN5, S100SJT6, S100XC3I |
| Retained earnings | 159 | 386 | 605 | 915 | 1,454 | S100PVN5, S100SJT6, S100XC3I |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100SJT6, S100XC3I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100XC3I |
| Property, plant and equipment | 1% | S100XC3I |
| Intangibles and goodwill | 29% | S100XC3I |
| Investment securities | 0% | S100XC3I |
| Other assets | 17% | S100XC3I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XC3I |
| Equity | 59% | S100XC3I |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 645 | 1,456 | 1,666 | 2,493 | 3,991 |
| Equity | 344 | 713 | 979 | 1,570 | 2,364 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 329 | 724 | 750 | 1,241 | 2,101 |

## 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) | 2.0% | S100XC3I |
| Fixed assets ÷ total assets | 1.4% | S100XC3I |
| Goodwill ÷ parent equity | 23.0% | S100XC3I |

### 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) | 52.6% |
| Cash ÷ revenue | 78.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.0% |
| Cash vs. profit gap | 127 JPY mn (of net income 23.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 26.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.9% | 2.06× | 12.2% | 1.89× | 23.1% | S100PVN5 |
| 2022 | 18.2% | 1.19× | 21.5% | 2.00× | 43.1% | S100SJT6 |
| 2023 | 14.7% | 0.95× | 14.0% | 1.85× | 26.0% | S100SJT6 |
| 2024 | 16.0% | 0.78× | 12.4% | 1.60× | 19.9% | S100XC3I |
| 2025 | 20.1% | 0.83× | 16.6% | 1.67× | 27.7% | S100XC3I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 市原創吾・ミダス投資事業有限責任組合 | Major shareholder | 34.4% | 2025-09-30 |
| 岩田匡平・ミダス投資事業有限責任組合 | Major shareholder | 22.3% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.0% | 2025-09-30 |
| 吉村英毅・ミダスＡ投資事業有限責任組合 | Major shareholder | 4.4% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.1% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2025-09-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.5% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.5% | 2025-09-30 |
| 山城 裕司 | Major shareholder | 1.4% | 2025-09-30 |
| 笹野 誠 | Major shareholder | 1.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/10/01－2025/09/30) | S100XC3I | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC3I,, |
| 有価証券報告書－第12期(2023/10/01－2024/09/30) | S100UZTW | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZTW,, |
| 有価証券報告書－第11期(2022/10/01－2023/09/30) | S100SJT6 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJT6,, |
| 有価証券報告書－第10期(令和3年10月1日－令和4年9月30日) | S100PVN5 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVN5,, |

## 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).