# AVIX,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37期(2025/04/01－2026/03/31) (S100YM6H)
> Page: https://vizora.meequs.com/en/company/avix
> Retrieved: 2026-09-30T20:23:57.935Z

## Company

Avix, founded in 1989, is a company in Advertising listed on TSE Standard. It has 65 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AVIX,Inc. |
| Ticker | 7836 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7836.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市中区弁天通6-85 |
| Representative (per filing) | 代表取締役社長 岩切敏晃 |
| Founded | Apr 1989 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 65 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.avix.co.jp (https://www.avix.co.jp/) |
| Corporate number | 5020001005867 |
| EDINET | E02096 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YM6H, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.1 | 57 |
| Profitability | 39 | 86 |
| Cash conversion | 86 | 75 |
| Efficiency | 75 | 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)

- About 95% of Avix's sales come from Degital signage relation, with Value Creating making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +24.4% from the prior year, operating profit -14.9%.

## Company structure

- Segment revenue mix: Degital signage relation 95.2%、Value Creating 4.8%
- Revenue → net income: ¥5406080000 → ¥236086000
- Net income → operating cash flow: ¥236086000 → ¥398295000（difference ¥162209000）
- Main uses of operating cash flow: CapEx ¥78167000 / dividends — / buybacks —
- Change in cash: ¥472897000
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 | ¥5.41B |  |
| Operating income | ¥228.6M | Margin 4.2% |
| Net income | ¥233.2M | Margin 4.3% |
| Free cash flow | ¥320.1M |  |
| Largest business | Degital signage relation | of segment revenue 95.2% |
| Employees (consolidated) | 65 |  |
| EPS | ¥6.08 |  |
| Book value per share | ¥56.84 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 35,129,566 |  |
| Shareholders | 7,013 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 30.7% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -1.4 pp | Advertising |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.0× its level five years ago
- FY2026, one segment accounts for 92% 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 | ¥1210689000 | ¥5406080000 | +346.5% |
| Operating income | ¥22491000 | ¥228629000 | +916.5% |
| Operating margin | 1.9% | 4.2% | +2.4 pp |
| Employees | 26 people | 65 people | +150.0% |
| Cash and equivalents | ¥907349000 | ¥1134314000 | +25.0% |

### 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 |
| --- | ---: |
| デジタルサイネージ関連 → デジタルサイネージ関連 | 92.9% |
| Value creating → Value creating | 4.8% |
| Value creating → 事業再編・廃止 | 2.3% |
| 新設・再編 → デジタルサイネージ関連 | 2.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,406 | 100.0% | S100YM6H |
| Cost of revenue | 4,068 | 75.2% | S100YM6H |
| Gross profit | 1,338 | 24.8% | S100YM6H |
| SG&A | 1,110 | 20.5% | S100YM6H |
| Operating income | 229 | 4.2% | S100YM6H |
| Ordinary income | 227 | 4.2% | S100YM6H |
| Pretax income | 216 | 4.0% | S100YM6H |
| Income tax | -20 | -0.4% | S100YM6H |
| Net income | 236 | 4.4% | S100YM6H |
| Net income attributable to owners | 233 | 4.3% | S100YM6H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.8% → Operating margin 4.2% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +24.4%; Core profit growth: -14.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.61×
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 | 4,347 | 5,406 | 1,059 | +24.4% |
| Gross profit | 1,268 | 1,338 | 70 | +5.5% |
| Operating income | 269 | 229 | -40 | -14.9% |
| Net income attributable to owners | 182 | 233 | 52 | +28.4% |
| Operating cash flow | 220 | 398 | 179 | +81.2% |
| Free cash flow | 147 | 320 | 173 | +117.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 815 | -122 | -15.0% | -203 | -88 | -116 | S100LS8D |
| FY ending Mar 2021 | 1,211 | 22 | 1.9% | 15 | -48 | -65 | S100OLMV |
| FY ending Mar 2022 | 1,797 | -56 | -3.1% | -73 | 12 | -34 | S100R9P7 |
| FY ending Mar 2023 | 3,326 | 16 | 0.5% | -8 | -514 | -612 | S100TX0P |
| FY ending Mar 2024 | 3,727 | 106 | 2.9% | 80 | 603 | 561 | S100W9J4 |
| FY ending Mar 2025 | 4,347 | 269 | 6.2% | 182 | 220 | 147 | S100YM6H |
| FY ending Mar 2026 | 5,406 | 229 | 4.2% | 233 | 398 | 320 | S100YM6H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.2M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 45 | 43 | 49 | 58 | 65 |
| Average salary (parent company) | ¥6.8M | ¥7M | ¥6.9M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 40.8 years | 41.0 years | 40.1 years | 40.4 years | 40.6 years |
| Average tenure (parent company) | 6.7 years | 7.4 years | 6.2 years | 6.2 years | 6.2 years |

Year over year: Employees (consolidated) +12.1% · Revenue (consolidated) +24.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Degital signage relation | 5,148 | 95.2% | 210 | 4.1% |
| Value Creating | 258 | 4.8% | 18 | 7.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Degital signage relation | 95.2% | 92.0% | -3.2 | 4.1% |
| Value Creating | 4.8% | 8.0% | 3.2 | 7.1% |

Segment → industry: Value Creating → Advertising / Degital signage relation → Advertising

## 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 | 398 | 7.4% | S100YM6H |
| Capital expenditure | 78 | 1.4% | S100YM6H |
| Free cash flow | 320 | 5.9% | 算出 |
| Investing cash flow | -78 | -1.4% | S100YM6H |
| Financing cash flow | 153 | 2.8% | S100YM6H |
| Change in cash | 473 | 8.7% | S100YM6H |
| Cash and equivalents | 1,134 | 21.0% | S100YM6H |

## 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 | 875 | 421 | 702 | 661 | 1,134 | S100TX0P, S100W9J4, S100YM6H |
| Total assets | 2,474 | 3,057 | 2,797 | 3,183 | 3,698 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Net assets | 1,481 | 1,465 | 1,554 | 1,737 | 1,983 | S100TX0P, S100W9J4, S100YM6H |
| Share capital | 1,208 | 1,208 | 1,208 | 1,208 | 1,208 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Property, plant and equipment | 108 | 137 | 140 | 162 | 191 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Intangible assets excluding goodwill | 732 | 643 | 513 | 403 | 289 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Goodwill | 706 | 598 | 491 | 384 | 277 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Investment securities | 11 | 45 | 60 | 56 | 53 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Current assets | 1,572 | 2,177 | 2,049 | 2,566 | 3,163 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Current liabilities | 609 | 1,027 | 687 | 1,003 | 1,437 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Short-term borrowings | — | 200 | — | — | 300 | S100TX0P, S100YM6H |
| Long-term borrowings | 356 | 390 | 375 | 231 | 108 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Total liabilities | 993 | 1,592 | 1,243 | 1,446 | 1,715 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Non-controlling interests | 4 | 2 | 4 | 3 | 12 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Equity attributable to owners of parent | 1,477 | 1,469 | 1,548 | 1,729 | 1,962 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |
| Retained earnings | -348 | -356 | -275 | -94 | 139 | S100R9P7, S100TX0P, S100W9J4, S100YM6H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YM6H |
| Property, plant and equipment | 5% | S100YM6H |
| Intangibles and goodwill | 15% | S100YM6H |
| Investment securities | 1% | S100YM6H |
| Other assets | 48% | S100YM6H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YM6H |
| Equity | 54% | S100YM6H |

### 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 | 2,474 | 3,057 | 2,797 | 3,183 | 3,698 |
| Equity | 1,481 | 1,465 | 1,554 | 1,737 | 1,983 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 875 | 421 | 702 | 661 | 1,134 |

## 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) | 3.5% | S100YM6H |
| Fixed assets ÷ total assets | 5.2% | S100YM6H |
| Goodwill ÷ parent equity | 14.1% | S100YM6H |

Goodwill over 4 years: 706 → 277 JPY; total investing cash flow: -363 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) | 30.7% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 174.2% |
| Cash vs. profit gap | 165 JPY mn (of net income 70.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 19.7% |

## 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 | — | —× | -3.0% | —× | — | S100R9P7 |
| 2023 | — | —× | -0.3% | —× | — | S100TX0P |
| 2024 | 2.2% | 1.27× | 2.7% | 1.94× | 5.3% | S100W9J4 |
| 2025 | 4.2% | 1.45× | 6.1% | 1.83× | 11.1% | S100YM6H |
| 2026 | 4.3% | 1.57× | 6.8% | 1.86× | 12.6% | S100YM6H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社テラスホールディングス | Major shareholder | 35.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 山 田 恭 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2026-03-31 |
| インターウォーズ株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 渡 邊 悦 子 | Major shareholder | 1.1% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 時 本 豊 太 郎 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社山眞コンサルティングオフィス | Major shareholder | 1.0% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2025/04/01－2026/03/31) | S100YM6H | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM6H,, |
| 訂正有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W9J4 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9J4,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TX0P | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX0P,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100R9P7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9P7,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OLMV | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLMV,, |
| 有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LS8D | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS8D,, |

## 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).