# Birdman Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/07/01－2025/06/30) (S100WS69)
> Page: https://vizora.meequs.com/en/company/birdman
> Retrieved: 2026-09-30T19:42:01.440Z

## Company

Birdman, founded in 2012, is a company in Events & Ticketing listed on TSE Growth. It has 11 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Birdman Inc. |
| Ticker | 7063 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7063.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区松濤1丁目5番3号 |
| Representative (per filing) | 代表取締役社長 吉川 元宏 |
| Founded | Jul 2012 |
| Share capital | ¥2.13B |
| Employees (consolidated) | 11 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | June |
| Website | www.birdman.ne.jp (https://www.birdman.ne.jp/) |
| Corporate number | 8010001148284 |
| EDINET | E34748 |
| Industries (Vizora) | Events & Ticketing, Advertising |

> Profile source: annual securities report (S100WS69, filed 2025-09-29). As of filing

## Key points (generated from figures)

- About 99% of Birdman's sales come from MX business, with EX business making up much of the rest.
- It lost about ¥176 for every ¥100 of sales at the operating level.
- Revenue changed -84.7% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥319.1M |  |
| Operating income | -¥561.2M | Margin -175.9% |
| Net income | -¥715.8M | Margin -224.4% |
| Free cash flow | — |  |
| Largest business | MX business | of segment revenue 98.8% |
| Employees (consolidated) | 11 |  |
| EPS | ¥-69.81 |  |
| Book value per share | ¥10.98 |  |
| Equity ratio | 11.7% |  |
| Shares outstanding | 20,427,500 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,452 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 91.6% | Cash ÷ revenue 541.6% |
| Vs. industry median margin | -181.5 pp | Advertising |
| ROA | -63.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 176 per ¥100 of revenue
- FY2025, cash is 92% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2121035000 | ¥319062000 | — |
| Operating income | ¥-74568000 | ¥-561214000 | — |
| Operating margin | -3.5% | -175.9% | -172.4 pp |
| Employees | 120 people | 11 people | — |
| Cash and equivalents | ¥615125000 | ¥1728198000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 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 → MX事業 | 98.8% |
| 新設・再編 → EX事業 | 1.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 319 | 100.0% | S100WS69 |
| Cost of revenue | 300 | 94.2% | S100WS69 |
| Gross profit | 19 | 5.8% | S100WS69 |
| SG&A | 580 | 181.7% | S100WS69 |
| Operating income | -561 | -175.9% | S100WS69 |
| Ordinary income | -685 | -214.5% | S100WS69 |
| Pretax income | -714 | -223.7% | S100WS69 |
| Income tax | 2 | 0.6% | S100WS69 |
| Net income | -716 | -224.4% | S100WS69 |
| Net income attributable to owners | -716 | -224.4% | S100WS69 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 182 |
| Operating income | -176 |
| (Ref.) Net income | -224 |

### Margin funnel

Gross margin 5.8% → Operating margin -175.9% → Net margin -224.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,085 | 319 | -1,766 | -84.7% |
| Gross profit | -448 | 19 | 466 | — |
| Operating income | -1,840 | -561 | 1,279 | — |
| Net income attributable to owners | -3,029 | -716 | 2,313 | — |
| Operating cash flow | -2,123 | -296 | 1,827 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 2,133 | 190 | 8.9% | 109 | 88 | 50 | S100JQCB |
| FY ending Jun 2020 | 1,496 | -161 | -10.7% | -591 | -418 | — | S100MHTD |
| FY ending Jun 2020 | 2,121 | -75 | -3.5% | -591 | -418 | -491 | S100JQCB |
| FY ending Jun 2021 | 1,758 | -239 | -13.6% | -50 | -123 | -158 | S100P97P |
| FY ending Jun 2022 | 3,368 | 231 | 6.9% | 187 | 70 | 62 | S100P97P |
| FY ending Jun 2023 | 4,484 | 56 | 1.2% | -8 | -157 | -168 | S100UWER |
| FY ending Jun 2024 | 2,085 | -1,840 | -88.2% | -3,029 | -2,123 | -2,125 | S100WS69 |
| FY ending Jun 2025 | 319 | -561 | -175.9% | -716 | -296 | — | S100WS69 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29M |
| Operating income per employee (consolidated) | -¥51M |
| Net income per employee (consolidated) | -¥65.1M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 79 | 52 | 34 | 11 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.1M | ¥5.8M | ¥6.8M |
| Average age (parent company) | 32.6 years | 33.3 years | 34.2 years | 34.2 years | 36.5 years |
| Average tenure (parent company) | 2.7 years | 3.0 years | 3.2 years | 3.3 years | 2.5 years |

Year over year: Employees (consolidated) -67.6% · Revenue (consolidated) -84.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MX business | 315 | 98.8% | -41 | -12.9% |
| EX business | 4 | 1.2% | -226 | -5737.8% |

### 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 |
| --- | ---: | ---: |
| MX business | 98.8% | -12.9% |
| EX business | 1.2% | -5737.8% |

Loss-making segment (excluded from profit shares): MX business -41 JPY mn

Loss-making segment (excluded from profit shares): EX business -226 JPY mn

Segment → industry: EX business → Events & Ticketing / MX business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -296 | -92.8% | S100WS69 |
| Investing cash flow | 19 | 5.8% | S100WS69 |
| Financing cash flow | 1,890 | 592.3% | S100WS69 |
| Change in cash | 1,612 | 505.3% | S100WS69 |
| Cash and equivalents | 1,728 | 541.6% | S100WS69 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 496 | 705 | 1,197 | 116 | 1,728 | S100P97P, S100WS69 |
| Total assets | 1,162 | 1,843 | 2,912 | 376 | 1,887 | S100P97P, S100UWER, S100WS69 |
| Net assets | 332 | 527 | 513 | -1,447 | 255 | S100P97P, S100WS69 |
| Share capital | 391 | 393 | 398 | 919 | 2,125 | S100P97P, S100UWER, S100WS69 |
| Property, plant and equipment | 93 | 83 | 57 | — | — | S100P97P, S100UWER |
| Intangible assets excluding goodwill | 4 | 7 | 18 | — | — | S100P97P, S100UWER |
| Goodwill | — | — | 12 | — | — | S100UWER |
| Investment securities | 125 | 115 | 96 | 16 | 15 | S100P97P, S100UWER, S100WS69 |
| Current assets | 824 | 1,468 | 2,643 | 303 | 1,810 | S100P97P, S100UWER, S100WS69 |
| Current liabilities | 323 | 797 | 1,651 | 1,405 | 1,436 | S100P97P, S100UWER, S100WS69 |
| Short-term borrowings | — | 174 | 413 | 722 | 570 | S100P97P, S100UWER, S100WS69 |
| Long-term borrowings | 507 | 519 | 749 | 418 | 196 | S100P97P, S100UWER, S100WS69 |
| Total liabilities | 829 | 1,316 | 2,400 | 1,823 | 1,632 | S100P97P, S100UWER, S100WS69 |
| Equity attributable to owners of parent | 324 | 517 | 507 | -1,481 | 217 | S100P97P, S100UWER, S100WS69 |
| Retained earnings | -448 | -259 | -279 | -3,308 | -4,024 | S100P97P, S100UWER, S100WS69 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100P97P, S100UWER, S100WS69 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 91% | S100WS69 |
| Investment securities | 1% | S100WS69 |
| Other assets | 8% | S100WS69 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100WS69 |
| Equity | 14% | S100WS69 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,162 | 1,843 | 2,912 | 376 | 1,887 |
| Equity | 332 | 527 | 513 | -1,447 | 255 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 496 | 705 | 1,197 | 116 | 1,728 |

### 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) | 91.6% |
| Cash ÷ revenue | 541.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 420 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | — | —× | -4.3% | —× | — | S100P97P |
| 2022 | 5.6% | 2.24× | 12.5% | 3.57× | 44.5% | S100P97P |
| 2023 | — | —× | -0.3% | —× | — | S100UWER |
| 2024 | — | —× | -184.2% | —× | — | S100WS69 |
| 2025 | — | —× | -63.3% | —× | — | S100WS69 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ネクスタ（匿名組合口） | Major shareholder | 24.4% | 2025-06-30 |
| 伊藤 繁三 | Major shareholder | 12.2% | 2025-06-30 |
| 株式会社アベＣ | Major shareholder | 8.6% | 2025-06-30 |
| 株式会社YourTurn | Major shareholder | 6.0% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 4.2% | 2025-06-30 |
| 藤原 彬晃 | Major shareholder | 3.5% | 2025-06-30 |
| 矢口 達也 | Major shareholder | 2.4% | 2025-06-30 |
| 渡邊 賢二 | Major shareholder | 2.4% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2025-06-30 |
| 松島 隆太郎 | Major shareholder | 0.8% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/07/01－2025/06/30) | S100WS69 | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS69,, |
| 訂正有価証券報告書－第12期(2023/07/01－2024/06/30) | S100UWER | 2024-12-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UWER,, |
| 有価証券報告書－第11期(2022/07/01－2023/06/30) | S100RXKL | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXKL,, |
| 有価証券報告書－第10期(令和3年7月1日－令和4年6月30日) | S100P97P | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P97P,, |
| 有価証券報告書－第9期(令和2年7月1日－令和3年6月30日) | S100MHTD | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHTD,, |
| 有価証券報告書－第8期(令和1年7月1日－令和2年6月30日) | S100JQCB | 2020-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JQCB,, |

## 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).