# AXEL MARK INC.: 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33期(2024/10/01－2025/09/30) (S100XBJN)
> Page: https://vizora.meequs.com/en/company/axel-mark
> Retrieved: 2026-09-30T20:18:08.034Z

## Company

Axel Mark, founded in 1994, is a company in Toys & Hobbies listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AXEL MARK INC. |
| Ticker | 3624 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3624.T) |
| Listing | TSE Growth |
| Head office | 東京都中野区本町一丁目32番2号 |
| Representative (per filing) | 代表取締役社長 松川 裕史 |
| Founded | Mar 1994 |
| Share capital | ¥627.3M |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.axelmark.co.jp (https://www.axelmark.co.jp/) |
| Corporate number | 8011201015613 |
| EDINET | E05707 |
| Industries (Vizora) | Toys & Hobbies, Advertising |

> Profile source: annual securities report (S100XBJN, filed 2025-12-23). As of filing

## Key points (generated from figures)

- About 68% of Axel Mark's sales come from Advertising business, with TradingCard Business making up much of the rest.
- It lost about ¥53 for every ¥100 of sales at the operating level.
- Revenue changed -38.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥973.6M |  |
| Operating income | -¥520.3M | Margin -53.4% |
| Net income | -¥763.1M | Margin -78.4% |
| Free cash flow | -¥491M |  |
| Largest business | Advertising business | of segment revenue 67.9% |
| Employees (consolidated) | 50 |  |
| EPS | ¥-49.07 |  |
| Book value per share | ¥42.91 |  |
| Equity ratio | 60.1% |  |
| Shares outstanding | 19,494,600 |  |
| Shareholders | 9,711 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 69.3% | Cash ÷ revenue 94.4% |
| Vs. industry median margin | -59.1 pp | Advertising |
| ROA | -57.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 69% of total assets
- FY2025, operating loss is 53 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2784797000 | ¥973566000 | — |
| Operating income | ¥-653433000 | ¥-520283000 | — |
| Operating margin | -23.5% | -53.4% | -30 pp |
| Employees | 48 people | 50 people | — |
| Cash and equivalents | ¥250950000 | ¥919150000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 広告事業 | 67.9% |
| 新設・再編 → トレカ事業 | 32.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 974 | 100.0% | S100XBJN |
| Cost of revenue | 869 | 89.2% | S100XBJN |
| Gross profit | 105 | 10.8% | S100XBJN |
| SG&A | 625 | 64.2% | S100XBJN |
| Operating income | -520 | -53.4% | S100XBJN |
| Ordinary income | -672 | -69.1% | S100XBJN |
| Pretax income | -767 | -78.7% | S100XBJN |
| Income tax | -3 | -0.4% | S100XBJN |
| Net income | -763 | -78.4% | S100XBJN |
| Net income attributable to owners | -763 | -78.4% | S100XBJN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 64 |
| Operating income | -53 |
| (Ref.) Net income | -78 |

### Margin funnel

Gross margin 10.8% → Operating margin -53.4% → Net margin -78.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,584 | 974 | -611 | -38.6% |
| Gross profit | 89 | 105 | 16 | +17.4% |
| Operating income | -305 | -520 | -215 | — |
| Operating cash flow | -288 | -467 | -179 | — |
| Free cash flow | -339 | -491 | -152 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,895 | -698 | -24.1% | -1,200 | -499 | -645 | S100KF7U |
| FY ending Sep 2020 | 2,785 | -653 | -23.4% | -825 | -660 | — | S100KF7U |
| FY ending Sep 2020 | 2,785 | -653 | -23.5% | -825 | -660 | — | S100N48S |
| FY ending Sep 2021 | 2,656 | 3 | 0.1% | 75 | -14 | — | S100PVB7 |
| FY ending Sep 2022 | 2,672 | 13 | 0.5% | -101 | 94 | — | S100SIWP |
| FY ending Sep 2023 | 2,145 | -99 | -4.6% | -102 | -173 | — | S100UZAD |
| FY ending Sep 2024 | 1,584 | -305 | -19.3% | -389 | -288 | -339 | S100UZAD |
| FY ending Sep 2025 | 974 | -520 | -53.4% | -763 | -467 | -491 | S100XBJN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | -¥10.4M |
| Net income per employee (consolidated) | -¥15.3M |

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) | 36 | 32 | 36 | 39 | 50 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥6.2M | ¥6M | ¥6M |
| Average age (parent company) | 31.0 years | 32.6 years | 33.2 years | 33.5 years | 34.2 years |
| Average tenure (parent company) | 5.8 years | 6.7 years | 5.3 years | 6.0 years | 7.8 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advertising business | 637 | 67.9% | -126 | -19.7% |
| TradingCard Business | 301 | 32.1% | -160 | -53.0% |

### 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 | Margin |
| --- | ---: | ---: |
| Advertising business | 67.9% | -19.7% |
| TradingCard Business | 32.1% | -53.0% |

Loss-making segment (excluded from profit shares): Advertising business -126 JPY mn

Loss-making segment (excluded from profit shares): TradingCard Business -160 JPY mn

Segment → industry: TradingCard Business → Toys & Hobbies / Advertising business → Advertising

## 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 | -467 | -47.9% | S100XBJN |
| Capital expenditure | 24 | 2.5% | S100XBJN |
| Free cash flow | -491 | -50.4% | 算出 |
| Investing cash flow | -234 | -24.0% | S100XBJN |
| Financing cash flow | 1,109 | 113.9% | S100XBJN |
| Change in cash | 408 | 41.9% | S100XBJN |
| Cash and equivalents | 919 | 94.4% | S100XBJN |

## 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 | 1,139 | 1,240 | 906 | 511 | 919 | S100SIWP, S100UZAD, S100XBJN |
| Total assets | 1,711 | 1,561 | 1,422 | 925 | 1,326 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Net assets | 692 | 935 | 854 | 467 | 805 | S100SIWP, S100UZAD, S100XBJN |
| Share capital | 493 | 217 | 61 | 61 | 627 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Property, plant and equipment | 17 | 14 | 11 | — | 19 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Intangible assets excluding goodwill | 2 | 1 | 100 | — | 72 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Goodwill | — | — | — | — | 63 | S100XBJN |
| Investment securities | 201 | 158 | 153 | 38 | 85 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Current assets | 1,521 | 1,476 | 1,182 | 675 | 1,094 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Current liabilities | 306 | 246 | 212 | 100 | 500 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Long-term borrowings | — | — | — | — | 20 | S100XBJN |
| Total liabilities | 1,020 | 625 | 568 | 458 | 521 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Equity attributable to owners of parent | 691 | 925 | 845 | 456 | 793 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Retained earnings | -195 | -101 | -102 | -491 | -1,286 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVB7, S100SIWP, S100UZAD, S100XBJN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100XBJN |
| Property, plant and equipment | 2% | S100XBJN |
| Intangibles and goodwill | 10% | S100XBJN |
| Investment securities | 6% | S100XBJN |
| Other assets | 13% | S100XBJN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100XBJN |
| Equity | 61% | S100XBJN |
| Other liabilities | 0% | S100XBJN |

### 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 | 1,711 | 1,561 | 1,422 | 925 | 1,326 |
| Equity | 692 | 935 | 854 | 467 | 805 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,139 | 1,240 | 906 | 511 | 919 |

## 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% | S100XBJN |
| Fixed assets ÷ total assets | 1.4% | S100XBJN |
| Goodwill ÷ parent equity | 7.9% | S100XBJN |

### 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) | 69.3% |
| Cash ÷ revenue | 94.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 297 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.8% | 1.55× | 4.4% | 2.48× | 10.8% | S100PVB7 |
| 2022 | — | —× | -6.2% | —× | — | S100SIWP |
| 2023 | — | —× | -6.9% | —× | — | S100UZAD |
| 2024 | — | —× | -33.1% | —× | — | S100UZAD |
| 2025 | — | —× | -57.6% | —× | — | S100XBJN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新沼 吾史 | Major shareholder | 7.7% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.3% | 2025-09-30 |
| 瀬賀 雅弥 | Major shareholder | 2.1% | 2025-09-30 |
| ウィズ AIoT エボリューションファンド投資事業有限責任組合 | Major shareholder | 1.6% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC)(常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-09-30 |
| 後藤 みどり | Major shareholder | 1.3% | 2025-09-30 |
| 黒木 紀光 | Major shareholder | 1.2% | 2025-09-30 |
| 水上 広志 | Major shareholder | 1.2% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2024/10/01－2025/09/30) | S100XBJN | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBJN,, |
| 有価証券報告書－第32期(2023/10/01－2024/09/30) | S100UZAD | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZAD,, |
| 有価証券報告書－第31期(2022/10/01－2023/09/30) | S100SIWP | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIWP,, |
| 有価証券報告書－第30期(令和3年10月1日－令和4年9月30日) | S100PVB7 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVB7,, |
| 有価証券報告書－第29期(令和2年10月1日－令和3年9月30日) | S100N48S | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N48S,, |
| 有価証券報告書－第28期(令和1年10月1日－令和2年9月30日) | S100KF7U | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF7U,, |

## 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).