# CERESPO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第49期(2025/04/01－2026/03/31) (S100YF00)
> Page: https://vizora.meequs.com/en/company/cerespo
> Retrieved: 2026-09-30T20:48:14.095Z

## Company

Cerespo, founded in 1977, is a company in Events & Ticketing listed on TSE Standard. It has 405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CERESPO CO., LTD. |
| Ticker | 9625 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9625.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区北大塚一丁目21番5号 |
| Representative (per filing) | 代表取締役社長 田代 剛 |
| Founded | Jul 1977 |
| Share capital | ¥1.37B |
| Employees (consolidated) | 405 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.cerespo.co.jp (https://www.cerespo.co.jp/) |
| Corporate number | 9013301006441 |
| EDINET | E04899 |
| Industries (Vizora) | Events & Ticketing |

> Profile source: annual securities report (S100YF00, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Events & Ticketing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 6 |
| Profitability | 38.9 | 9 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 50 | 9 |

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)

- Cerespo brought in ¥15.1B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +35.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15138522000 → ¥766776000
- Net income → operating cash flow: ¥766776000 → ¥13593000（difference ¥-753183000）
- Main uses of operating cash flow: CapEx ¥121266000 / dividends ¥165876000 / buybacks —
- Change in cash: ¥-2294850000
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 | ¥15.1B |  |
| Operating income | ¥1.08B | Margin 7.2% |
| Net income | ¥766.8M | Margin 5.1% |
| Free cash flow | -¥107.7M |  |
| Employees (consolidated) | 405 |  |
| EPS | ¥139.98 |  |
| Book value per share | ¥1783.55 |  |
| Equity ratio | 77.4% |  |
| Shares outstanding | 5,703,500 |  |
| Treasury shares | 221,700 |  |
| Shareholders | 1,981 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 35.6% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | -0.2 pp | Events & Ticketing |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4394504000 | ¥15138522000 | +244.5% |
| Operating income | ¥-1829381000 | ¥1083136000 | — |
| Operating margin | -41.6% | 7.2% | +48.8 pp |
| Employees | 427 people | 405 people | -5.2% |
| Cash and equivalents | ¥1370720000 | ¥4499508000 | +228.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,139 | 100.0% | S100YF00 |
| Cost of revenue | 9,789 | 64.7% | S100YF00 |
| Gross profit | 5,350 | 35.3% | S100YF00 |
| SG&A | 4,266 | 28.2% | S100YF00 |
| Operating income | 1,083 | 7.2% | S100YF00 |
| Ordinary income | 1,087 | 7.2% | S100YF00 |
| Pretax income | 1,087 | 7.2% | S100YF00 |
| Income tax | 320 | 2.1% | S100YF00 |
| Net income | 767 | 5.1% | S100YF00 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 28 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 35.3% → Operating margin 7.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +35.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.30×
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 | 13,667 | 15,139 | 1,471 | +10.8% |
| Gross profit | 4,536 | 5,350 | 814 | +17.9% |
| Operating income | 800 | 1,083 | 284 | +35.5% |
| Operating cash flow | 510 | 14 | -497 | -97.3% |
| Free cash flow | 497 | -108 | -605 | -121.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,590 | 1,209 | 7.3% | 802 | 1,557 | 1,520 | S100LNMI |
| FY ending Mar 2021 | 4,395 | -1,829 | -41.6% | -1,108 | -2,342 | -2,357 | S100OBXC |
| FY ending Mar 2022 | 27,012 | 6,650 | 24.6% | 4,637 | 7,772 | 7,765 | S100QZR0 |
| FY ending Mar 2023 | 19,926 | 3,022 | 15.2% | 2,073 | 1,053 | 962 | S100TMLR |
| FY ending Mar 2024 | 8,959 | -383 | -4.3% | -269 | -1,084 | -1,119 | S100VZ9A |
| FY ending Mar 2025 | 13,667 | 800 | 5.9% | -765 | 510 | 497 | S100YF00 |
| FY ending Mar 2026 | 15,139 | 1,083 | 7.2% | 767 | 14 | -108 | S100YF00 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.4M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 408 | 397 | 388 | 396 | 405 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥5.7M | ¥5.6M | ¥6.4M |
| Average age (parent company) | 44.2 years | 44.1 years | 44.1 years | 44.1 years | 43.9 years |
| Average tenure (parent company) | 17.3 years | 17.4 years | 17.8 years | 17.7 years | 18.1 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +10.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14 | 0.1% | S100YF00 |
| Capital expenditure | 121 | 0.8% | S100YF00 |
| Free cash flow | -108 | -0.7% | 算出 |
| Investing cash flow | -2,125 | -14.0% | S100YF00 |
| Financing cash flow | -183 | -1.2% | S100YF00 |
| Dividends paid | 166 | 1.1% | S100YF00 |
| Change in cash | -2,295 | -15.2% | S100YF00 |
| Cash and equivalents | 4,500 | 29.7% | S100YF00 |

## 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 | 7,719 | 8,094 | 6,438 | 6,794 | 4,500 | S100TMLR, S100VZ9A, S100YF00 |
| Total assets | 15,719 | 14,648 | 12,152 | 13,039 | 12,629 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Net assets | 9,265 | 10,801 | 10,026 | 9,155 | 9,777 | S100TMLR, S100VZ9A, S100YF00 |
| Share capital | 1,371 | 1,371 | 1,371 | 1,371 | 1,371 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Property, plant and equipment | 3,645 | 3,623 | 3,587 | 3,565 | 3,617 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Intangible assets excluding goodwill | 113 | 88 | 83 | 63 | 83 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Investment securities | 12 | 13 | 18 | 24 | 31 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Current assets | 11,277 | 10,346 | 7,745 | 8,907 | 8,507 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Current liabilities | 6,215 | 3,612 | 1,967 | 2,433 | 2,570 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Short-term borrowings | 500 | 550 | 550 | 550 | 550 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Total liabilities | 6,454 | 3,847 | 2,127 | 3,884 | 2,852 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Equity attributable to owners of parent | 9,260 | 10,796 | 10,015 | 9,141 | 9,758 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Retained earnings | 5,736 | 7,252 | 6,592 | 5,701 | 6,304 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |
| Treasury stock | -40 | -34 | -167 | -157 | -148 | S100QZR0, S100TMLR, S100VZ9A, S100YF00 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YF00 |
| Property, plant and equipment | 29% | S100YF00 |
| Intangibles and goodwill | 1% | S100YF00 |
| Investment securities | 0% | S100YF00 |
| Other assets | 35% | S100YF00 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YF00 |
| Equity | 77% | S100YF00 |
| Other liabilities | 0% | S100YF00 |

### 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 | 15,719 | 14,648 | 12,152 | 13,039 | 12,629 |
| Equity | 9,265 | 10,801 | 10,026 | 9,155 | 9,777 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,719 | 8,094 | 6,438 | 6,794 | 4,500 |

## 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) | 23.9% | S100YF00 |
| Fixed assets ÷ total assets | 28.6% | S100YF00 |
| Goodwill ÷ parent equity | — | —, S100YF00 |

### 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) | 35.6% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1.3% |
| Cash vs. profit gap | -753 JPY mn (of net income -98.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 15634.7% |

## 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 | 17.2% | 1.72× | 29.5% | 1.70× | 50.1% | S100QZR0 |
| 2023 | 10.4% | 1.31× | 13.7% | 1.51× | 20.7% | S100TMLR |
| 2024 | — | —× | -2.0% | —× | — | S100VZ9A |
| 2025 | — | —× | -6.1% | —× | — | S100YF00 |
| 2026 | 5.1% | 1.18× | 6.0% | 1.36× | 8.1% | S100YF00 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スマイル | Major shareholder | 20.1% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.9% | 2026-03-31 |
| セレスポ従業員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 關 俊太 | Major shareholder | 3.1% | 2026-03-31 |
| 稲葉 利彦 | Major shareholder | 2.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 磯野 正美 | Major shareholder | 1.9% | 2026-03-31 |
| 北原 美子 | Major shareholder | 1.5% | 2026-03-31 |
| 田代 剛 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YF00 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF00,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100VZ9A | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ9A,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TMLR | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMLR,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100QZR0 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZR0,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OBXC | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBXC,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LNMI | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNMI,, |

## 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).