# COVER Corporation: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第10期(2025/04/01－2026/03/31) (S100YOKU)
> Page: https://vizora.meequs.com/en/company/cover-corp
> Retrieved: 2026-09-30T21:36:07.788Z

## Company

Cover, founded in 2016, is a company in Streaming listed on TSE Growth. It has 735 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COVER Corporation |
| Ticker | 5253 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5253.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田三丁目5番19号住友不動産東京三田ガーデンタワー15階 |
| Representative (per filing) | 代表取締役社長 谷郷 元昭 |
| Founded | Jun 2016 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 735 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | cover-corp.com (https://cover-corp.com/) |
| Corporate number | 4011001111450 |
| EDINET | E38478 |
| Industries (Vizora) | Streaming |

> Profile source: annual securities report (S100YOKU, filed 2026-07-03). As of filing

## Five-axis industry profile

Primary industry: Streaming (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 6 |
| Profitability | 78.6 | 7 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 50 | 7 |

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)

- Cover brought in ¥49.3B in revenue.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +13.7% from the prior year, operating profit -11.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥49330000000 → ¥3016000000
- Net income → operating cash flow: ¥3016000000 → ¥7204000000（difference ¥4188000000）
- Main uses of operating cash flow: CapEx ¥2535000000 / dividends — / buybacks —
- Change in cash: ¥4510000000
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 | ¥49.3B |  |
| Operating income | ¥7.06B | Margin 14.3% |
| Net income | ¥3.02B | Margin 6.1% |
| Free cash flow | ¥4.67B |  |
| Employees (consolidated) | 735 |  |
| EPS | ¥45.95 |  |
| Diluted EPS | ¥44.99 |  |
| Book value per share | ¥304.08 |  |
| Equity ratio | 57.2% |  |
| Shares outstanding | 65,650,100 |  |
| Shareholders | 39,049 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 45.9% | Cash ÷ revenue 32.5% |
| Vs. industry median margin | +4.5 pp | Streaming |
| ROE | 16.3% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, revenue is 3.6× its level five years ago
- FY2026, cash is 46% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13663728000 | ¥49330000000 | +261.0% |
| Operating income | ¥1855171000 | ¥7056000000 | +280.3% |
| Operating margin | 13.6% | 14.3% | +0.7 pp |
| Employees | 303 people | 735 people | +142.6% |
| Cash and equivalents | ¥4644000000 | ¥16008000000 | +244.7% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 | 49,330 | 100.0% | S100YOKU |
| Cost of revenue | 25,823 | 52.3% | S100YOKU |
| Gross profit | 23,507 | 47.7% | S100YOKU |
| SG&A | 16,450 | 33.3% | S100YOKU |
| Operating income | 7,056 | 14.3% | S100YOKU |
| Ordinary income | 7,068 | 14.3% | S100YOKU |
| Pretax income | 3,817 | 7.7% | S100YOKU |
| Income tax | 800 | 1.6% | S100YOKU |
| Net income | 3,016 | 6.1% | S100YOKU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 33 |
| Operating income | 14 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 47.7% → Operating margin 14.3% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.7%; Core profit growth: -11.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.86×
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 | 43,401 | 49,330 | 5,929 | +13.7% |
| Gross profit | 21,805 | 23,507 | 1,702 | +7.8% |
| Operating income | 8,001 | 7,056 | -945 | -11.8% |
| Operating cash flow | 5,285 | 7,204 | 1,919 | +36.3% |
| Free cash flow | 2,810 | 4,669 | 1,859 | +66.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 13,664 | 1,855 | 13.6% | 1,244 | 3,537 | 3,053 | S100RA9G |
| FY ending Mar 2023 | 20,451 | 3,417 | 16.7% | 2,508 | 4,866 | 2,504 | S100TYFD |
| FY ending Mar 2024 | 30,166 | 5,536 | 18.4% | 4,137 | 4,765 | 1,069 | S100W4H7 |
| FY ending Mar 2025 | 43,401 | 8,001 | 18.4% | 5,559 | 5,285 | 2,810 | S100YOKU |
| FY ending Mar 2026 | 49,330 | 7,056 | 14.3% | 3,016 | 7,204 | 4,669 | S100YOKU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.1M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 303 | 418 | 537 | 679 | 735 |
| Average salary (parent company) | — | ¥5.1M | ¥5.3M | ¥6.1M | ¥6.7M |
| Average age (parent company) | — | 33.4 years | 33.0 years | 33.8 years | 34.8 years |
| Average tenure (parent company) | — | 1.7 years | 2.1 years | 2.9 years | 2.8 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) +13.7%

## 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 | 7,204 | 14.6% | S100YOKU |
| Capital expenditure | 2,535 | 5.1% | S100YOKU |
| Free cash flow | 4,669 | 9.5% | 算出 |
| Investing cash flow | -2,701 | -5.5% | S100YOKU |
| Change in cash | 4,510 | 9.1% | S100YOKU |
| Cash and equivalents | 16,008 | 32.5% | S100YOKU |

## 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 | 4,644 | 7,793 | 8,666 | 11,498 | 16,008 | S100TYFD, S100W4H7, S100YOKU |
| Total assets | 8,238 | 15,887 | 22,713 | 33,060 | 34,908 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Net assets | 3,457 | 7,006 | 11,143 | 16,947 | 19,964 | S100TYFD, S100W4H7, S100YOKU |
| Share capital | 453 | 973 | 973 | 1,096 | 1,096 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Property, plant and equipment | 212 | 1,899 | 4,062 | 4,119 | 3,977 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Intangible assets excluding goodwill | 198 | 1,065 | 2,449 | 4,075 | 1,998 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Investment securities | — | — | — | — | 77 | S100YOKU |
| Current assets | 7,168 | 11,740 | 14,798 | 22,872 | 25,108 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Current liabilities | 4,738 | 8,838 | 10,608 | 15,128 | 13,913 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Total liabilities | 4,781 | 8,880 | 11,569 | 16,112 | 14,944 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Equity attributable to owners of parent | 3,454 | 7,002 | 11,139 | 16,946 | 19,963 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Retained earnings | 2,551 | 5,059 | 9,196 | 14,756 | 17,772 | S100RA9G, S100TYFD, S100W4H7, S100YOKU |
| Treasury stock | — | — | 0 | 0 | 0 | S100W4H7, S100YOKU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YOKU |
| Property, plant and equipment | 11% | S100YOKU |
| Intangibles and goodwill | 6% | S100YOKU |
| Investment securities | 0% | S100YOKU |
| Other assets | 37% | S100YOKU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YOKU |
| Equity | 57% | S100YOKU |

### 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 | 8,238 | 15,887 | 22,713 | 33,060 | 34,908 |
| Equity | 3,457 | 7,006 | 11,143 | 16,947 | 19,964 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,644 | 7,793 | 8,666 | 11,498 | 16,008 |

## 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) | 8.1% | S100YOKU |
| Fixed assets ÷ total assets | 11.4% | S100YOKU |
| Goodwill ÷ parent equity | — | —, S100YOKU |

### 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) | 45.9% |
| Cash ÷ revenue | 32.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.1% |
| Cash vs. profit gap | 4,188 JPY mn (of net income 138.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 37.5% |

## 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 | 9.1% | 1.66× | 15.1% | 2.39× | 36.0% | S100RA9G |
| 2023 | 12.3% | 1.70× | 20.8% | 2.31× | 48.0% | S100TYFD |
| 2024 | 13.7% | 1.56× | 21.4% | 2.13× | 45.6% | S100W4H7 |
| 2025 | 12.8% | 1.56× | 19.9% | 1.99× | 39.6% | S100YOKU |
| 2026 | 6.1% | 1.45× | 8.9% | 1.84× | 16.3% | S100YOKU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 谷郷 元昭 | Major shareholder | 31.7% | 2026-03-31 |
| バレー株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 福田 一行 | Major shareholder | 4.4% | 2026-03-31 |
| BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR ARCUS FUND SICAV − ARCUS JAPAN FUND(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.6% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 須田 仁之 | Major shareholder | 1.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YOKU | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOKU,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W4H7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4H7,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TYFD | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYFD,, |
| 有価証券報告書－第7期(2022/04/01－2023/03/31) | S100RA9G | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA9G,, |

## 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).