# Bleach, Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第16期(2024/07/01－2025/06/30) (S100X4OL)
> Page: https://vizora.meequs.com/en/company/bleach
> Retrieved: 2026-09-30T21:01:29.581Z

## Company

Bleach, founded in 2010, is a company in Advertising listed on TSE Growth. It has 126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bleach,Inc. |
| Ticker | 9162 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9162.T) |
| Listing | TSE Growth |
| Head office | 東京都目黒区上目黒二丁目1番1号 中目黒GTタワー21階 |
| Representative (per filing) | 代表取締役社長 大平 啓介 |
| Founded | Apr 2010 |
| Share capital | ¥3.38B |
| Employees (consolidated) | 126 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | June |
| Website | bleach.co.jp (https://bleach.co.jp/) |
| Corporate number | 6040001070438 |
| EDINET | E38698 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100X4OL, filed 2025-11-14). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.2 | 86 |
| Cash conversion | 46 | 75 |
| Efficiency | 51.7 | 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 100% of Bleach's sales come from Sharing-type integrated marketing business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +24.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Sharing-type integrated marketing business 99.6%、Other 0.4%
- Revenue → net income: ¥17160468000 → ¥303542000
- Net income → operating cash flow: ¥303542000 → ¥365134000（difference ¥61592000）
- Main uses of operating cash flow: CapEx ¥144952000 / dividends — / buybacks —
- Change in cash: ¥-744889000
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 | ¥17.2B |  |
| Operating income | ¥436.3M | Margin 2.5% |
| Net income | ¥303.5M | Margin 1.8% |
| Free cash flow | ¥220.2M |  |
| Largest business | Sharing-type integrated marketing business | of segment revenue 99.6% |
| Employees (consolidated) | 126 |  |
| EPS | ¥12.6 |  |
| Diluted EPS | ¥11.99 |  |
| Book value per share | ¥372.2 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 25,664,200 |  |
| Shareholders | 4,320 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 67.1% | Cash ÷ revenue 51.8% |
| Vs. industry median margin | -3.1 pp | Advertising |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 67% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2022 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14606744000 | ¥17160468000 | — |
| Operating income | ¥1027366000 | ¥436309000 | — |
| Operating margin | 7.0% | 2.5% | -4.5 pp |
| Employees | 71 people | 126 people | — |
| Cash and equivalents | ¥2639391000 | ¥8883619000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2022 → 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 → シェアリング型統合マーケティング事業 | 99.6% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,160 | 100.0% | S100X4OL |
| Cost of revenue | 14,860 | 86.6% | S100X4OL |
| Gross profit | 2,301 | 13.4% | S100X4OL |
| SG&A | 1,864 | 10.9% | S100X4OL |
| Operating income | 436 | 2.5% | S100X4OL |
| Ordinary income | 433 | 2.5% | S100X4OL |
| Pretax income | 438 | 2.6% | S100X4OL |
| Income tax | 134 | 0.8% | S100X4OL |
| Net income | 304 | 1.8% | S100X4OL |
| Net income attributable to owners | 304 | 1.8% | S100X4OL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 11 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.4% → Operating margin 2.5% → Net margin 1.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,807 | 17,160 | 3,354 | +24.3% |
| Gross profit | 1,397 | 2,301 | 904 | +64.7% |
| Operating income | -368 | 436 | 804 | — |
| Operating cash flow | -1,858 | 365 | 2,224 | — |
| Free cash flow | -1,964 | 220 | 2,185 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 14,607 | 1,027 | 7.0% | 622 | 61 | -60 | S100SF67 |
| FY ending Jun 2023 | 16,377 | 2,173 | 13.3% | 1,465 | 2,259 | 2,224 | S100UGJ2 |
| FY ending Jun 2024 | 13,807 | -368 | -2.7% | -555 | -1,858 | -1,964 | S100UGJ2 |
| FY ending Jun 2025 | 17,160 | 436 | 2.5% | 304 | 365 | 220 | S100X4OL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥136.2M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 71 | 92 | 93 | 126 |
| Average salary (parent company) | — | ¥6.9M | ¥7M | ¥6.6M |
| Average age (parent company) | — | 27.5 years | 27.1 years | 27.0 years |
| Average tenure (parent company) | — | 1.9 years | 1.9 years | 2.1 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sharing-type integrated marketing business | 17,090 | 99.6% | 442 | 2.6% |
| Other | 70 | 0.4% | -14 | -19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sharing-type integrated marketing business | 99.6% | 100.0% | 0.4 | 2.6% |
| Other | 0.4% | — | — | -19.5% |

Loss-making segment (excluded from profit shares): Other -14 JPY mn

Segment → industry: Sharing-type integrated marketing 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 | 365 | 2.1% | S100X4OL |
| Capital expenditure | 145 | 0.8% | S100X4OL |
| Free cash flow | 220 | 1.3% | 算出 |
| Investing cash flow | -399 | -2.3% | S100X4OL |
| Financing cash flow | -711 | -4.1% | S100X4OL |
| Change in cash | -745 | -4.3% | S100X4OL |
| Cash and equivalents | 8,884 | 51.8% | S100X4OL |

## 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 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,639 | 5,889 | 9,629 | 8,884 | S100UGJ2, S100X4OL |
| Total assets | 5,993 | 8,573 | 12,901 | 13,234 | S100SF67, S100UGJ2, S100X4OL |
| Net assets | 1,760 | 3,251 | 9,233 | 9,535 | S100UGJ2, S100X4OL |
| Share capital | 113 | 100 | 3,376 | 3,380 | S100SF67, S100UGJ2, S100X4OL |
| Property, plant and equipment | 118 | 119 | 103 | 191 | S100SF67, S100UGJ2, S100X4OL |
| Intangible assets excluding goodwill | 0 | — | 92 | 103 | S100SF67, S100UGJ2, S100X4OL |
| Investment securities | 54 | 72 | 66 | 214 | S100SF67, S100UGJ2, S100X4OL |
| Current assets | 5,587 | 8,209 | 12,501 | 12,516 | S100SF67, S100UGJ2, S100X4OL |
| Current liabilities | 2,612 | 2,802 | 1,856 | 2,613 | S100SF67, S100UGJ2, S100X4OL |
| Short-term borrowings | 17 | — | — | — | S100SF67 |
| Long-term borrowings | 499 | 2,520 | 1,800 | 1,080 | S100SF67, S100UGJ2, S100X4OL |
| Bonds | 1,122 | — | — | — | S100SF67 |
| Interest-bearing debt | 1,637 | — | — | — | 算出 |
| Total liabilities | 4,233 | 5,322 | 3,668 | 3,700 | S100SF67, S100UGJ2, S100X4OL |
| Equity attributable to owners of parent | 1,747 | 3,212 | 9,208 | 9,521 | S100SF67, S100UGJ2, S100X4OL |
| Retained earnings | 1,622 | 3,087 | 2,532 | 2,836 | S100SF67, S100UGJ2, S100X4OL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100X4OL |
| Property, plant and equipment | 1% | S100X4OL |
| Intangibles and goodwill | 1% | S100X4OL |
| Investment securities | 2% | S100X4OL |
| Other assets | 29% | S100X4OL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100X4OL |
| Equity | 72% | S100X4OL |
| Other liabilities | 0% | S100X4OL |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,993 | 8,573 | 12,901 | 13,234 |
| Equity | 1,760 | 3,251 | 9,233 | 9,535 |
| Interest-bearing debt | 1,637 | — | — | — |
| Cash | 2,639 | 5,889 | 9,629 | 8,884 |

## 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) | 1.1% | S100X4OL |
| Fixed assets ÷ total assets | 1.4% | S100X4OL |
| Goodwill ÷ parent equity | — | —, S100X4OL |

### 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) | 67.1% |
| Cash ÷ revenue | 51.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.7% |
| Cash vs. profit gap | 62 JPY mn (of net income 20.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 109.3% |

## 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 | 4.3% | 2.44× | 10.4% | 3.43× | 35.6% | S100SF67 |
| 2023 | 8.9% | 2.25× | 20.1% | 2.94× | 59.1% | S100UGJ2 |
| 2024 | — | —× | -5.2% | —× | — | S100UGJ2 |
| 2025 | 1.8% | 1.30× | 2.3% | 1.39× | 3.2% | S100X4OL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大平事務所 | Major shareholder | 53.2% | 2025-06-30 |
| 大平 啓介 | Major shareholder | 18.4% | 2025-06-30 |
| 宮田 一成 | Major shareholder | 2.1% | 2025-06-30 |
| 山下 良久 | Major shareholder | 1.5% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 1.1% | 2025-06-30 |
| 株式会社SBI証券 | Major shareholder | 1.1% | 2025-06-30 |
| 日本マスタートラスト信託銀行(信託口) | Major shareholder | 0.7% | 2025-06-30 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 0.7% | 2025-06-30 |
| 宮田 知子 | Major shareholder | 0.6% | 2025-06-30 |
| 北原 茂 | Major shareholder | 0.6% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第16期(2024/07/01－2025/06/30) | S100X4OL | 2025-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X4OL,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UGJ2 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGJ2,, |
| 訂正有価証券報告書－第14期(2022/07/01－2023/06/30) | S100SF67 | 2023-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SF67,, |

## 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).