# Brangista 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25期(2024/10/01－2025/09/30) (S100XAF9)
> Page: https://vizora.meequs.com/en/company/brangista
> Retrieved: 2026-09-30T20:48:51.375Z

## Company

Brangista, founded in 2000, is a company in Internet Services & Apps listed on TSE Standard. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Brangista Inc. |
| Ticker | 6176 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6176.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町20番4号 |
| Representative (per filing) | 代表取締役社長 岩本 恵了 |
| Founded | Nov 2000 |
| Share capital | ¥621.1M |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | September |
| Website | www.brangista.com (https://www.brangista.com/) |
| Corporate number | 4011001035708 |
| EDINET | E31776 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100XAF9, filed 2025-12-15). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.8 | 57 |
| Profitability | 93.6 | 86 |
| Cash conversion | 31.3 | 75 |
| Efficiency | 21.5 | 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)

- About 40% of Brangista's sales come from Media, with Promotional support and Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +21.1%.

## Company structure

- Segment revenue mix: Media 39.6%、Promotional support 39.6%、Solution 19.2%、Other 1.6%
- Revenue → net income: ¥5196705000 → ¥711788000
- Net income → operating cash flow: ¥711788000 → ¥602761000（difference ¥-109027000）
- Main uses of operating cash flow: CapEx ¥58390000 / dividends — / buybacks ¥479308000
- Change in cash: ¥382674000
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 | ¥5.2B |  |
| Operating income | ¥1.15B | Margin 22.2% |
| Net income | ¥656.9M | Margin 12.6% |
| Free cash flow | ¥544.4M |  |
| Largest business | Media | of segment revenue 39.6% |
| Employees (consolidated) | 307 |  |
| EPS | ¥12.76 |  |
| Book value per share | ¥448.45 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 14,575,300 |  |
| Treasury shares | 1,754,900 |  |
| Shareholders | 4,587 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 34.0% |
| Vs. industry median margin | +14.5 pp | Internet Services & Apps |
| ROE | 25.2% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, segment profit share differs by 25 points
- FY2025, employees -3% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2780094000 | ¥5196705000 | +86.9% |
| Operating income | ¥3265000 | ¥1151710000 | +35174.4% |
| Operating margin | 0.1% | 22.2% | +22 pp |
| Employees | 269 people | 307 people | +14.1% |
| Cash and equivalents | ¥1615207000 | ¥1767883000 | +9.5% |

### 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 → プロモーション支援事業 | 39.6% |
| 新設・再編 → メディア事業 | 39.6% |
| 新設・再編 → ソリューション事業 | 19.2% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media | — | — | ¥2060194000 | 14.4% | 2 |
| Promotional support | — | — | ¥2055535000 | 44.2% | 2 |
| Solution | — | — | ¥998407000 | 14.3% | 2 |
| Other | 3 years | -25.7% | ¥82567000 | 60.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,197 | 100.0% | S100XAF9 |
| Cost of revenue | 1,434 | 27.6% | S100XAF9 |
| Gross profit | 3,763 | 72.4% | S100XAF9 |
| SG&A | 2,611 | 50.2% | S100XAF9 |
| Operating income | 1,152 | 22.2% | S100XAF9 |
| Ordinary income | 1,120 | 21.6% | S100XAF9 |
| Pretax income | 1,063 | 20.4% | S100XAF9 |
| Income tax | 351 | 6.8% | S100XAF9 |
| Net income | 712 | 13.7% | S100XAF9 |
| Net income attributable to owners | 657 | 12.6% | S100XAF9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 50 |
| Operating income | 22 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 72.4% → Operating margin 22.2% → Net margin 12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +21.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.71×
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 | 4,822 | 5,197 | 374 | +7.8% |
| Gross profit | 3,608 | 3,763 | 155 | +4.3% |
| Operating income | 951 | 1,152 | 200 | +21.1% |
| Net income attributable to owners | 607 | 657 | 50 | +8.3% |
| Operating cash flow | 277 | 603 | 326 | +117.8% |
| Free cash flow | 225 | 544 | 319 | +141.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 3,395 | 519 | 15.3% | 634 | 103 | 82 | S100KD32 |
| FY ending Sep 2020 | 2,780 | 3 | 0.1% | -381 | 265 | 236 | S100N20J |
| FY ending Sep 2021 | 3,291 | 350 | 10.6% | 214 | 137 | 109 | S100PSIL |
| FY ending Sep 2022 | 3,360 | 256 | 7.6% | 179 | -150 | -190 | S100SHKW |
| FY ending Sep 2023 | 4,559 | 604 | 13.3% | 580 | 617 | 574 | S100UYE9 |
| FY ending Sep 2024 | 4,822 | 951 | 19.7% | 607 | 277 | 225 | S100XAF9 |
| FY ending Sep 2025 | 5,197 | 1,152 | 22.2% | 657 | 603 | 544 | S100XAF9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 304 | 300 | 314 | 317 | 307 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥4.9M | ¥5M | ¥5.2M |
| Average age (parent company) | 32.7 years | 34.5 years | 34.6 years | 37.5 years | 37.1 years |
| Average tenure (parent company) | 9.3 years | 10.8 years | 7.7 years | 10.1 years | 8.1 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Promotional support | 2,056 | 39.6% | 909 | 44.2% |
| Media | 2,060 | 39.6% | 297 | 14.4% |
| Solution | 998 | 19.2% | 142 | 14.3% |
| Other | 83 | 1.6% | 50 | 60.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Promotional support | 39.6% | 65.0% | 25.5 | 44.2% |
| Media | 39.6% | 21.2% | -18.4 | 14.4% |
| Solution | 19.2% | 10.2% | -9.0 | 14.3% |
| Other | 1.6% | 3.6% | 2.0 | 60.4% |

Segment → industry: Media → Internet Services & Apps / Solution → Advertising / Media → Advertising / Promotional support → 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 | 603 | 11.6% | S100XAF9 |
| Capital expenditure | 58 | 1.1% | S100XAF9 |
| Free cash flow | 544 | 10.5% | 算出 |
| Investing cash flow | -61 | -1.2% | S100XAF9 |
| Financing cash flow | -161 | -3.1% | S100XAF9 |
| Share buyback | 479 | 9.2% | S100XAF9 |
| Change in cash | 383 | 7.4% | S100XAF9 |
| Cash and equivalents | 1,768 | 34.0% | S100XAF9 |

## 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 | 1,434 | 957 | 1,857 | 1,385 | 1,768 | S100SHKW, S100UYE9, S100XAF9 |
| Total assets | 3,851 | 2,572 | 3,885 | 4,960 | 8,791 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Net assets | 2,586 | 1,616 | 2,250 | 3,637 | 6,099 | S100SHKW, S100UYE9, S100XAF9 |
| Share capital | 621 | 621 | 621 | 621 | 621 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Property, plant and equipment | 27 | 23 | 24 | 33 | 33 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Intangible assets excluding goodwill | 32 | 47 | 61 | 71 | 89 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Investment securities | — | — | 3 | 1,598 | 4,759 | S100UYE9, S100XAF9 |
| Current assets | 3,397 | 1,811 | 3,054 | 3,064 | 3,756 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Current liabilities | 898 | 821 | 1,295 | 1,172 | 1,167 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Short-term borrowings | 387 | 331 | 409 | 100 | 100 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Long-term borrowings | 366 | 135 | 340 | 100 | 426 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Total liabilities | 1,264 | 956 | 1,635 | 1,323 | 2,692 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Non-controlling interests | — | — | 54 | 74 | 129 | S100UYE9, S100XAF9 |
| Equity attributable to owners of parent | 2,584 | 1,612 | 2,192 | 2,521 | 2,700 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Retained earnings | 1,435 | 463 | 1,042 | 1,649 | 2,306 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |
| Treasury stock | -494 | -493 | -493 | -771 | -1,249 | S100PSIL, S100SHKW, S100UYE9, S100XAF9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XAF9 |
| Property, plant and equipment | 1% | S100XAF9 |
| Intangibles and goodwill | 1% | S100XAF9 |
| Investment securities | 54% | S100XAF9 |
| Other assets | 24% | S100XAF9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XAF9 |
| Equity | 69% | S100XAF9 |
| Other liabilities | 0% | S100XAF9 |

### 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 | 3,851 | 2,572 | 3,885 | 4,960 | 8,791 |
| Equity | 2,586 | 1,616 | 2,250 | 3,637 | 6,099 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,434 | 957 | 1,857 | 1,385 | 1,768 |

## 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) | 0.6% | S100XAF9 |
| Fixed assets ÷ total assets | 0.4% | S100XAF9 |
| Goodwill ÷ parent equity | — | —, S100XAF9 |

### 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) | 20.1% |
| Cash ÷ revenue | 34.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.3% |
| Cash vs. profit gap | -54 JPY mn (of net income -8.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 10.1% |

## 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 | 6.5% | 0.85× | 5.5% | 1.49× | 8.3% | S100PSIL |
| 2022 | 5.3% | 1.05× | 5.6% | 1.53× | 8.5% | S100SHKW |
| 2023 | 12.7% | 1.41× | 18.0% | 1.70× | 30.5% | S100UYE9 |
| 2024 | 12.6% | 1.09× | 13.7% | 1.88× | 25.8% | S100XAF9 |
| 2025 | 12.6% | 0.76× | 9.6% | 2.63× | 25.2% | S100XAF9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ＮＥＸＹＺ．Ｇｒｏｕｐ | Major shareholder | 53.0% | 2025-09-30 |
| ㈱ＳＢＩ証券 | Major shareholder | 2.2% | 2025-09-30 |
| 近藤 太香巳 | Major shareholder | 2.1% | 2025-09-30 |
| 相川 佳之 | Major shareholder | 1.2% | 2025-09-30 |
| 林 竜也 | Major shareholder | 0.8% | 2025-09-30 |
| 田邊 昭知 | Major shareholder | 0.8% | 2025-09-30 |
| ブランジスタ従業員持株会 | Major shareholder | 0.7% | 2025-09-30 |
| MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券㈱) | Major shareholder | 0.7% | 2025-09-30 |
| 秋元 康 | Major shareholder | 0.7% | 2025-09-30 |
| 楽天証券㈱ | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XAF9 | 2025-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAF9,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100UYE9 | 2024-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYE9,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SHKW | 2023-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHKW,, |
| 有価証券報告書－第22期(令和3年10月1日－令和4年9月30日) | S100PSIL | 2022-12-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSIL,, |
| 有価証券報告書－第21期(令和2年10月1日－令和3年9月30日) | S100N20J | 2021-12-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N20J,, |
| 有価証券報告書－第20期(令和1年10月1日－令和2年9月30日) | S100KD32 | 2020-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KD32,, |

## 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).