# CL Holdings Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/01/01－2025/12/31) (S100XUVG)
> Page: https://vizora.meequs.com/en/company/cl-holdings
> Retrieved: 2026-09-30T21:44:04.595Z

## Company

CL Holdings, founded in 1988, is a company in Advertising listed on TSE Standard. It has 605 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CL Holdings Inc. |
| Ticker | 4286 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4286.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂五丁目2番20号 赤坂パークビル16階 (2025年10月3日から本店所在地 港区南青山二丁目26番1号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 内川 淳一郎 |
| Founded | Mar 1988 |
| Share capital | ¥350M |
| Employees (consolidated) | 605 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | December |
| Website | www.clholdings.co.jp (https://www.clholdings.co.jp/) |
| Corporate number | 1011001025439 |
| EDINET | E05199 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XUVG, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.6 | 57 |
| Profitability | 32 | 86 |
| Cash conversion | 34 | 75 |
| Efficiency | 77.3 | 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)

- CL Holdings brought in ¥39B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +359.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥39002067000 → ¥583067000
- Net income → operating cash flow: ¥583067000 → ¥905503000（difference ¥322436000）
- Main uses of operating cash flow: CapEx ¥607691000 / dividends ¥55066000 / buybacks ¥171493000
- Change in cash: ¥-380017000
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 | ¥39B |  |
| Operating income | ¥1.4B | Margin 3.6% |
| Net income | ¥629M | Margin 1.6% |
| Free cash flow | ¥297.8M |  |
| Employees (consolidated) | 605 |  |
| EPS | ¥58.13 |  |
| Diluted EPS | ¥58.13 |  |
| Book value per share | ¥680.55 |  |
| Equity ratio | 31.8% | Derived from disclosed figures |
| Shares outstanding | 11,552,731 |  |
| Treasury shares | 819,000 |  |
| Shareholders | 6,520 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 17.7% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | -2 pp | Advertising |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -3% while operating income rose 360%
- FY2025, buybacks were 3.1× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17129125000 | ¥39002067000 | +127.7% |
| Operating income | ¥1243849000 | ¥1404364000 | +12.9% |
| Operating margin | 7.3% | 3.6% | -3.7 pp |
| Employees | 561 people | 605 people | +7.8% |
| Cash and equivalents | ¥6311164000 | ¥4376712000 | -30.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,002 | 100.0% | S100XUVG |
| Cost of revenue | 26,019 | 66.7% | S100XUVG |
| Gross profit | 12,983 | 33.3% | S100XUVG |
| SG&A | 11,537 | 29.6% | S100XUVG |
| Operating income | 1,404 | 3.6% | S100XUVG |
| Pretax income | 1,314 | 3.4% | S100XUVG |
| Income tax | 731 | 1.9% | S100XUVG |
| Net income | 583 | 1.5% | S100XUVG |
| Net income attributable to owners | 629 | 1.6% | S100XUVG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 29 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 33.3% → Operating margin 3.6% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +359.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 191.60×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 38,283 | 39,002 | 719 | +1.9% |
| Gross profit | 11,268 | 12,983 | 1,714 | +15.2% |
| Operating income | 305 | 1,404 | 1,099 | +359.9% |
| Net income attributable to owners | 164 | 629 | 465 | +282.5% |
| Operating cash flow | 1,065 | 906 | -159 | -14.9% |
| Free cash flow | 512 | 298 | -214 | -41.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 16,523 | 1,132 | 6.9% | 1,163 | 521 | 423 | S100L1PR |
| FY ending Dec 2020 | 17,129 | 1,244 | 7.3% | 1,235 | 684 | 604 | S100NRH8 |
| FY ending Dec 2021 | 31,991 | 1,967 | 6.2% | 1,268 | 1,563 | 1,311 | S100QITL |
| FY ending Dec 2022 | 32,056 | 777 | 2.4% | 364 | 1,091 | 969 | S100T6CV |
| FY ending Dec 2023 | 36,344 | 1,080 | 3.0% | 511 | 387 | 32 | S100VIYW |
| FY ending Dec 2024 | 38,283 | 305 | 0.8% | 164 | 1,065 | 512 | S100XUVG |
| FY ending Dec 2025 | 39,002 | 1,404 | 3.6% | 629 | 906 | 298 | S100XUVG |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 582 | 611 | 628 | 623 | 605 |
| Average salary (parent company) | ¥6.3M | ¥6.9M | ¥6.7M | ¥7.3M | ¥7.2M |
| Average age (parent company) | 35.7 years | 41.2 years | 42.4 years | 41.8 years | 43.0 years |
| Average tenure (parent company) | 7.5 years | 9.6 years | 8.5 years | 8.2 years | 5.9 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +1.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 906 | 2.3% | S100XUVG |
| Capital expenditure | 608 | 1.6% | S100XUVG |
| Free cash flow | 298 | 0.8% | 算出 |
| Investing cash flow | -531 | -1.4% | S100XUVG |
| Financing cash flow | -757 | -1.9% | S100XUVG |
| Dividends paid | 55 | 0.1% | S100XUVG |
| Share buyback | 171 | 0.4% | S100XUVG |
| Change in cash | -380 | -1.0% | S100XUVG |
| Cash and equivalents | 4,377 | 11.2% | S100XUVG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,494 | 5,689 | 5,175 | 4,757 | 4,377 | S100T6CV, S100VIYW, S100XUVG |
| Total assets | 21,345 | 21,322 | 21,545 | 22,153 | 24,685 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Net assets | 11,988 | 11,705 | 12,152 | 7,413 | 7,918 | S100T6CV, S100VIYW, S100XUVG |
| Share capital | 350 | 350 | 350 | 350 | 350 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Trade receivables | 3,966 | — | — | — | — | S100NRH8 |
| Property, plant and equipment | 421 | 375 | 538 | 858 | 850 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Intangible assets excluding goodwill | 150 | — | — | — | — | S100NRH8 |
| Goodwill | 794 | 794 | 794 | 720 | 615 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Investment securities | 201 | — | — | — | — | S100NRH8 |
| Current assets | 15,586 | 15,352 | 16,062 | 16,082 | 17,784 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Current liabilities | 4,014 | — | — | — | — | S100NRH8 |
| Short-term borrowings | 496 | — | — | — | — | S100NRH8 |
| Long-term borrowings | 1,471 | — | — | — | — | S100NRH8 |
| Total liabilities | 9,357 | 9,617 | 9,393 | 14,740 | 16,767 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Equity attributable to owners of parent | 8,276 | 7,920 | 8,403 | 7,291 | 7,842 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Retained earnings | 7,848 | 7,887 | 8,314 | 7,423 | 8,101 | S100QITL, S100T6CV, S100VIYW, S100XUVG |
| Treasury stock | -232 | -630 | -611 | -582 | -724 | S100QITL, S100T6CV, S100VIYW, S100XUVG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XUVG |
| Property, plant and equipment | 3% | S100XUVG |
| Intangibles and goodwill | 3% | — |
| Other assets | 76% | S100XUVG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100XUVG |
| Equity | 32% | S100XUVG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,345 | 21,322 | 21,545 | 22,153 | 24,685 |
| Equity | 11,988 | 11,705 | 12,152 | 7,413 | 7,918 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,494 | 5,689 | 5,175 | 4,757 | 4,377 |

## 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) | 2.2% | S100XUVG |
| Fixed assets ÷ total assets | 3.4% | S100XUVG |
| Goodwill ÷ parent equity | 7.8% | S100XUVG |

Goodwill over 4 years: 794 → 615 JPY; total investing cash flow: -196 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) | 17.7% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.5% |
| Cash vs. profit gap | 276 JPY mn (of net income 44.0%) |
| Shareholder returns / net income | 36.0% |
| Shareholder returns / FCF | 76.1% |
| Shareholder payments — dividends / net income | 8.8% |
| Shareholder payments — dividends / FCF | 18.5% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 58.6% |

## 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 | 4.0% | 1.50× | 5.9% | 2.58× | 15.3% | S100QITL |
| 2022 | 1.1% | 1.50× | 1.7% | 2.63× | 4.5% | S100T6CV |
| 2023 | 1.4% | 1.70× | 2.4% | 2.63× | 6.3% | S100VIYW |
| 2024 | 0.4% | 1.75× | 0.8% | 2.78× | 2.1% | S100XUVG |
| 2025 | 1.6% | 1.67× | 2.7% | 3.10× | 8.3% | S100XUVG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジェイユー | Major shareholder | 40.3% | 2025-12-31 |
| ＣＬホールディングス従業員持株会 | Major shareholder | 6.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.0% | 2025-12-31 |
| 内川 淳一郎 | Major shareholder | 2.8% | 2025-12-31 |
| 清板 大亮 | Major shareholder | 2.1% | 2025-12-31 |
| 甲府倉庫株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 椛澤 紀夫 | Major shareholder | 2.0% | 2025-12-31 |
| 小林 寿一 | Major shareholder | 1.5% | 2025-12-31 |
| 長谷川 雅志 | Major shareholder | 1.1% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/01/01－2025/12/31) | S100XUVG | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUVG,, |
| 有価証券報告書－第37期(2024/01/01－2024/12/31) | S100VIYW | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIYW,, |
| 有価証券報告書－第36期(2023/01/01－2023/12/31) | S100T6CV | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6CV,, |
| 有価証券報告書－第35期(2022/01/01－2022/12/31) | S100QITL | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QITL,, |
| 訂正有価証券報告書－第34期(令和3年1月1日－令和3年12月31日) | S100NRH8 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRH8,, |
| 有価証券報告書－第33期(令和2年1月1日－令和2年12月31日) | S100L1PR | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1PR,, |

## 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).