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

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/04/01－2026/03/31) (S100YHNL)
> Page: https://vizora.meequs.com/en/company/chuco
> Retrieved: 2026-09-30T19:41:58.845Z

## Company

Chuco, founded in 1978, is a company in Advertising listed on TSE Standard. It has 588 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUCO CO.,LTD. |
| Ticker | 2139 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2139.T) |
| Listing | TSE Standard |
| Head office | 岐阜県岐阜市東興町27番地 |
| Representative (per filing) | 代表取締役社長 大島 斉 |
| Founded | May 1978 |
| Share capital | ¥404.3M |
| Employees (consolidated) | 588 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.chuco.co.jp (https://www.chuco.co.jp/) |
| Corporate number | 2200001003384 |
| EDINET | E05668 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YHNL, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.1 | 57 |
| Profitability | 30.8 | 86 |
| Cash conversion | 72.7 | 75 |
| Efficiency | 92.4 | 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)

- Chuco brought in ¥12.2B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +24.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12153429000 → ¥205149000
- Net income → operating cash flow: ¥205149000 → ¥471662000（difference ¥266513000）
- Main uses of operating cash flow: CapEx ¥78436000 / dividends ¥81526000 / buybacks —
- Change in cash: ¥218990000
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 | ¥12.2B |  |
| Operating income | ¥386.9M | Margin 3.2% |
| Net income | ¥188.3M | Margin 1.5% |
| Free cash flow | ¥393.2M |  |
| Employees (consolidated) | 588 |  |
| EPS | ¥25.44 |  |
| Book value per share | ¥305.04 |  |
| Equity ratio | 39.3% |  |
| Shares outstanding | 7,044,000 |  |
| Treasury shares | 243,900 |  |
| Shareholders | 13,919 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 6.2% |
| Vs. industry median margin | -2.5 pp | Advertising |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6551231000 | ¥12153429000 | +85.5% |
| Operating income | ¥-292349000 | ¥386856000 | — |
| Operating margin | -4.5% | 3.2% | +7.6 pp |
| Employees | 374 people | 588 people | +57.2% |
| Cash and equivalents | ¥235268000 | ¥759360000 | +222.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| メディア広告事業 → 事業再編・廃止 | 91.9% |
| その他 → 事業再編・廃止 | 8.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,153 | 100.0% | S100YHNL |
| Cost of revenue | 6,385 | 52.5% | S100YHNL |
| Gross profit | 5,768 | 47.5% | S100YHNL |
| SG&A | 5,381 | 44.3% | S100YHNL |
| Operating income | 387 | 3.2% | S100YHNL |
| Ordinary income | 401 | 3.3% | S100YHNL |
| Pretax income | 383 | 3.2% | S100YHNL |
| Income tax | 178 | 1.5% | S100YHNL |
| Net income | 205 | 1.7% | S100YHNL |
| Net income attributable to owners | 188 | 1.5% | S100YHNL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 44 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 47.5% → Operating margin 3.2% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +24.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.44×
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 | 11,333 | 12,153 | 820 | +7.2% |
| Gross profit | 5,036 | 5,768 | 733 | +14.5% |
| Operating income | 310 | 387 | 77 | +24.9% |
| Net income attributable to owners | 164 | 188 | 25 | +15.0% |
| Operating cash flow | 7 | 472 | 464 | +6380.7% |
| Free cash flow | -49 | 393 | 442 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 6,551 | -292 | -4.5% | -368 | -8 | -19 | S100OBX4 |
| FY ending Mar 2022 | 7,061 | 82 | 1.2% | 101 | -6 | -57 | S100R0WY |
| FY ending Mar 2023 | 8,517 | 189 | 2.2% | 85 | 253 | 169 | S100TN8U |
| FY ending Mar 2024 | 10,238 | 304 | 3.0% | 193 | 506 | 465 | S100W0FE |
| FY ending Mar 2025 | 11,333 | 310 | 2.7% | 164 | 7 | -49 | S100YHNL |
| FY ending Mar 2026 | 12,153 | 387 | 3.2% | 188 | 472 | 393 | S100YHNL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥657.9K |
| Net income per employee (consolidated) | ¥320.3K |

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) | 369 | 439 | 527 | 527 | 588 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥5M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 38.0 years | 38.7 years | 39.8 years | 41.4 years | 42.4 years |
| Average tenure (parent company) | 9.8 years | 9.8 years | 10.5 years | 10.0 years | 10.8 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +7.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 472 | 3.9% | S100YHNL |
| Capital expenditure | 78 | 0.6% | S100YHNL |
| Free cash flow | 393 | 3.2% | 算出 |
| Investing cash flow | -207 | -1.7% | S100YHNL |
| Financing cash flow | -46 | -0.4% | S100YHNL |
| Dividends paid | 82 | 0.7% | S100YHNL |
| Change in cash | 219 | 1.8% | S100YHNL |
| Cash and equivalents | 759 | 6.2% | S100YHNL |

## 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 | 468 | 650 | 800 | 540 | 759 | S100TN8U, S100W0FE, S100YHNL |
| Total assets | 3,979 | 4,579 | 5,186 | 5,069 | 5,527 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Net assets | 1,773 | 1,880 | 2,011 | 2,114 | 2,282 | S100TN8U, S100W0FE, S100YHNL |
| Share capital | 404 | 404 | 404 | 404 | 404 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Trade receivables | 842 | 1,085 | 1,497 | 1,515 | 1,628 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Inventories | 15 | 15 | 28 | 27 | 21 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Property, plant and equipment | 623 | 731 | 735 | 754 | 814 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Intangible assets excluding goodwill | 98 | 184 | 191 | 122 | 169 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Goodwill | 33 | 108 | 94 | 46 | 50 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Investment securities | 104 | 104 | 139 | 171 | 224 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Current assets | 2,702 | 3,144 | 3,760 | 3,614 | 3,879 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Current liabilities | 1,724 | 2,140 | 2,500 | 2,352 | 2,572 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Trade payables | 658 | 895 | 1,167 | — | — | S100R0WY, S100TN8U |
| Short-term borrowings | 560 | 555 | 460 | 620 | 640 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Long-term borrowings | 459 | 479 | 520 | 438 | 462 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Total liabilities | 2,207 | 2,699 | 3,175 | 2,955 | 3,245 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Non-controlling interests | — | 55 | 70 | 91 | 108 | S100TN8U, S100W0FE, S100YHNL |
| Equity attributable to owners of parent | 1,779 | 1,830 | 1,923 | 2,005 | 2,112 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Retained earnings | 1,295 | 1,346 | 1,471 | 1,553 | 1,660 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |
| Treasury stock | -16 | -16 | -16 | -16 | -16 | S100R0WY, S100TN8U, S100W0FE, S100YHNL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YHNL |
| Receivables | 29% | S100YHNL |
| Inventories | 0% | S100YHNL |
| Property, plant and equipment | 15% | S100YHNL |
| Intangibles and goodwill | 4% | S100YHNL |
| Investment securities | 4% | S100YHNL |
| Other assets | 34% | S100YHNL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YHNL |
| Equity | 41% | S100YHNL |

### 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 | 3,979 | 4,579 | 5,186 | 5,069 | 5,527 |
| Equity | 1,773 | 1,880 | 2,011 | 2,114 | 2,282 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 468 | 650 | 800 | 540 | 759 |

## 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) | 6.7% | S100YHNL |
| Fixed assets ÷ total assets | 14.7% | S100YHNL |
| Goodwill ÷ parent equity | 2.3% | S100YHNL |

Goodwill over 4 years: 33 → 50 JPY; total investing cash flow: -336 JPY. This does not imply causation.

### 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) | 13.7% |
| Cash ÷ revenue | 6.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.9% |
| Cash vs. profit gap | 283 JPY mn (of net income 150.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.3% |
| Shareholder payments — dividends / FCF | 20.7% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 43.8% |

## 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 | 1.4% | 1.77× | 2.5% | 2.24× | 5.7% | S100R0WY |
| 2023 | 1.0% | 1.99× | 2.0% | 2.37× | 4.7% | S100TN8U |
| 2024 | 1.9% | 2.10× | 3.9% | 2.60× | 10.3% | S100W0FE |
| 2025 | 1.4% | 2.21× | 3.2% | 2.61× | 8.3% | S100YHNL |
| 2026 | 1.5% | 2.29× | 3.6% | 2.57× | 9.1% | S100YHNL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社オリベ興産 | Major shareholder | 33.3% | 2026-03-31 |
| 後藤 一俊 | Major shareholder | 11.3% | 2026-03-31 |
| 岐阜信用金庫 | Major shareholder | 4.9% | 2026-03-31 |
| 中広従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 中島 永次 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社トーヨーキッチンスタイル | Major shareholder | 2.6% | 2026-03-31 |
| 服部 正孝 | Major shareholder | 2.4% | 2026-03-31 |
| 大島 斉 | Major shareholder | 1.6% | 2026-03-31 |
| ハット・ユナイテッド株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| アテナ工業株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 東建コーポレーション株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YHNL | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHNL,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W0FE | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0FE,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TN8U | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN8U,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R0WY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0WY,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OBX4 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBX4,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LL0Y | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL0Y,, |

## 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).