# CRAVIA Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/01/01－2025/12/31) (S100XURW)
> Page: https://vizora.meequs.com/en/company/cravia
> Retrieved: 2026-09-30T21:33:20.340Z

## Company

Cravia, founded in 2007, is a company in E-commerce listed on TSE Growth. It has 25 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CRAVIA Inc.(旧英訳名 Agile Media Network Inc.) |
| Ticker | 6573 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6573.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝大門二丁目3番6号 |
| Representative (per filing) | 代表取締役社長 藤原 宏樹 |
| Founded | Feb 2007 |
| Share capital | ¥443.9M |
| Employees (consolidated) | 25 |
| Average salary (parent only) | ¥3.6M |
| Fiscal year end | December |
| Website | cravia.jp (https://cravia.jp/) |
| Corporate number | 6011001056801 |
| EDINET | E33868 |
| Industries (Vizora) | E-commerce, Home Appliances, Advertising |

> Profile source: annual securities report (S100XURW, filed 2026-03-27). As of filing

## Key points (generated from figures)

- About 50% of Cravia's sales come from Retailing, with Ambassador business and Manufacturing and sales industry making up much of the rest.
- It lost about ¥52 for every ¥100 of sales at the operating level.
- Revenue changed +19.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥546.2M |  |
| Operating income | -¥282.2M | Margin -51.7% |
| Net income | -¥258.6M | Margin -47.3% |
| Free cash flow | -¥287.5M |  |
| Largest business | Retailing | of segment revenue 49.6% |
| Employees (consolidated) | 25 |  |
| EPS | ¥-8.24 |  |
| Book value per share | ¥12.01 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 33,685,080 |  |
| Shareholders | 8,000 |  |
| Average salary (parent only) | ¥3.6M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -56.6 pp | E-commerce |
| ROA | -42.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, operating loss is 52 per ¥100 of revenue
- FY2025, segment profit share differs by 50 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥641724000 | ¥546224000 | -14.9% |
| Operating income | ¥-198321000 | ¥-282200000 | — |
| Operating margin | -30.9% | -51.7% | -20.8 pp |
| Employees | 74 people | 25 people | -66.2% |
| Cash and equivalents | ¥404780000 | ¥89161000 | -78.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → アンバサダー事業 | 46.1% |
| 新設・再編 → 製造販売業 | 3.5% |
| 新設・再編 → 小売業 | 49.6% |
| 新設・再編 → その他 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retailing | — | — | ¥270943000 | 2.4% | 2 |
| Ambassador business | 2 years | -6.5% | ¥251960000 | -54.1% | 2 |
| Manufacturing and sales industry | — | — | ¥19335000 | -107.9% | 2 |
| Other | 2 years | +109.8% | ¥3984000 | -180.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 546 | 100.0% | S100XURW |
| Cost of revenue | 490 | 89.7% | S100XURW |
| Gross profit | 56 | 10.3% | S100XURW |
| SG&A | 338 | 61.9% | S100XURW |
| Operating income | -282 | -51.7% | S100XURW |
| Ordinary income | -302 | -55.2% | S100XURW |
| Pretax income | -261 | -47.8% | S100XURW |
| Income tax | 3 | 0.5% | S100XURW |
| Net income | -264 | -48.3% | S100XURW |
| Net income attributable to owners | -259 | -47.3% | S100XURW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 62 |
| Operating income | -52 |
| (Ref.) Net income | -47 |

### Margin funnel

Gross margin 10.3% → Operating margin -51.7% → Net margin -47.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 456 | 546 | 91 | +19.9% |
| Gross profit | 39 | 56 | 17 | +44.0% |
| Operating income | -302 | -282 | 20 | — |
| Net income attributable to owners | -338 | -259 | 79 | — |
| Operating cash flow | -266 | -281 | -15 | — |
| Free cash flow | -273 | -288 | -15 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 847 | -109 | -12.8% | -356 | -238 | -274 | S100LZPX |
| FY ending Dec 2020 | 642 | -198 | -30.9% | -345 | -148 | -180 | S100O2Y1 |
| FY ending Dec 2021 | 633 | -106 | -16.8% | -741 | -218 | -246 | S100QP28 |
| FY ending Dec 2022 | 447 | -223 | -49.9% | -232 | -516 | -533 | S100T67T |
| FY ending Dec 2023 | 289 | -427 | -147.7% | -491 | -577 | -585 | S100VI4M |
| FY ending Dec 2024 | 456 | -302 | -66.3% | -338 | -266 | -273 | S100XURW |
| FY ending Dec 2025 | 546 | -282 | -51.7% | -259 | -281 | -288 | S100XURW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | -¥11.3M |
| Net income per employee (consolidated) | -¥10.3M |

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) | 60 | 49 | 43 | 30 | 25 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥5M | ¥4.5M | ¥3.6M |
| Average age (parent company) | 35.3 years | 36.0 years | 38.0 years | 38.0 years | 39.8 years |
| Average tenure (parent company) | 4.2 years | 4.5 years | 4.3 years | 4.8 years | 4.3 years |

Year over year: Employees (consolidated) -16.7% · Revenue (consolidated) +19.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Ambassador business | 252 | 46.1% | -136 | -54.1% |
| Manufacturing and sales industry | 19 | 3.5% | -21 | -107.9% |
| Retailing | 271 | 49.6% | 7 | 2.4% |
| Other | 4 | 0.7% | -7 | -180.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Ambassador business | 46.1% | — | — | -54.1% |
| Manufacturing and sales industry | 3.5% | — | — | -107.9% |
| Retailing | 49.6% | 100.0% | 50.4 | 2.4% |
| Other | 0.7% | — | — | -180.4% |

Loss-making segment (excluded from profit shares): Ambassador business -136 JPY mn

Loss-making segment (excluded from profit shares): Manufacturing and sales industry -21 JPY mn

Loss-making segment (excluded from profit shares): Other -7 JPY mn

Segment → industry: Retailing → E-commerce / Manufacturing and sales industry → Home Appliances / Ambassador business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -281 | -51.5% | S100XURW |
| Capital expenditure | 6 | 1.2% | S100XURW |
| Free cash flow | -288 | -52.6% | 算出 |
| Investing cash flow | -281 | -51.5% | S100XURW |
| Financing cash flow | 308 | 56.3% | S100XURW |
| Change in cash | -255 | -46.7% | S100XURW |
| Cash and equivalents | 89 | 16.3% | S100XURW |

## 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 | 260 | 350 | 174 | 344 | 89 | S100T67T, S100VI4M, S100XURW |
| Total assets | 445 | 437 | 349 | 558 | 661 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Net assets | -369 | 73 | 111 | 343 | 427 | S100T67T, S100VI4M, S100XURW |
| Share capital | 202 | 532 | 804 | 268 | 444 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Trade receivables | 93 | 39 | 44 | 42 | 92 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Property, plant and equipment | — | — | 1 | 1 | 3 | S100VI4M, S100XURW |
| Intangible assets excluding goodwill | — | — | — | 10 | 48 | S100XURW |
| Goodwill | — | — | — | 10 | 48 | S100XURW |
| Investment securities | 34 | — | 4 | 20 | 151 | S100QP28, S100VI4M, S100XURW |
| Current assets | 385 | 423 | 304 | 484 | 345 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Current liabilities | 603 | 206 | 100 | 104 | 137 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Trade payables | — | — | 10 | 44 | 23 | S100VI4M, S100XURW |
| Short-term borrowings | 23 | — | — | — | 1 | S100QP28, S100XURW |
| Long-term borrowings | 209 | 158 | 138 | 110 | 98 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Total liabilities | 813 | 364 | 238 | 215 | 235 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Non-controlling interests | — | — | -5 | 1 | 2 | S100VI4M, S100XURW |
| Equity attributable to owners of parent | -374 | 55 | 109 | 306 | 398 | S100QP28, S100T67T, S100VI4M, S100XURW |
| Retained earnings | -1,106 | -1,338 | -1,829 | -352 | -611 | S100QP28, S100T67T, S100VI4M, S100XURW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XURW |
| Receivables | 14% | S100XURW |
| Property, plant and equipment | 0% | S100XURW |
| Intangibles and goodwill | 15% | S100XURW |
| Investment securities | 23% | S100XURW |
| Other assets | 35% | S100XURW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XURW |
| Other liabilities | 32% | S100XURW |
| Equity | 65% | S100XURW |

### 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 | 445 | 437 | 349 | 558 | 661 |
| Equity | -369 | 73 | 111 | 343 | 427 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 260 | 350 | 174 | 344 | 89 |

## 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) | 0.5% | S100XURW |
| Fixed assets ÷ total assets | 0.4% | S100XURW |
| Goodwill ÷ parent equity | 12.1% | S100XURW |

### 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) | 13.5% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -23 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -166.6% | —× | — | S100QP28 |
| 2022 | — | —× | -52.6% | —× | — | S100T67T |
| 2023 | — | —× | -125.0% | —× | — | S100VI4M |
| 2024 | — | —× | -74.5% | —× | — | S100XURW |
| 2025 | — | —× | -42.4% | —× | — | S100XURW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社玉光堂 | Major shareholder | 15.1% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 6.2% | 2025-12-31 |
| 森田 寛 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社NANAproduce | Major shareholder | 1.4% | 2025-12-31 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.4% | 2025-12-31 |
| 田代 光史 | Major shareholder | 1.2% | 2025-12-31 |
| 柳本 公則 | Major shareholder | 1.2% | 2025-12-31 |
| 高林 良男 | Major shareholder | 1.1% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XURW | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XURW,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VI4M | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI4M,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T67T | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T67T,, |
| 訂正有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QP28 | 2023-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QP28,, |
| 訂正有価証券報告書－第15期(令和3年1月1日－令和3年12月31日) | S100O2Y1 | 2022-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2Y1,, |
| 訂正有価証券報告書－第14期(令和2年1月1日－令和2年12月31日) | S100LZPX | 2021-07-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LZPX,, |

## 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).