# Cross Marketing Group Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/07/01－2025/06/30) (S100WQAV)
> Page: https://vizora.meequs.com/en/company/cross-marketing-group
> Retrieved: 2026-09-30T23:28:22.848Z

## Company

Cross Marketing Group, founded in 2003, is a company in IT Services & System Integration listed on TSE Prime. It has 1,535 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cross Marketing Group Inc. |
| Ticker | 3675 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3675.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿三丁目20番2号 |
| Representative (per filing) | 代表取締役社長兼CEO 五十嵐 幹 |
| Founded | Apr 2003 |
| Share capital | ¥646.7M |
| Employees (consolidated) | 1,535 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | June |
| Website | group.cross-m.co.jp (https://group.cross-m.co.jp/) |
| Corporate number | 5010001153857 |
| EDINET | E27421 |
| Industries (Vizora) | IT Services & System Integration, Consulting, Advertising |

> Profile source: annual securities report (S100WQAV, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 70.3 | 86 |
| Cash conversion | 40.7 | 75 |
| Efficiency | 79.7 | 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)

- About 43% of Cross Marketing Group's sales come from Digital Marketing, with Data Marketing and Insight making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +10.4% from the prior year, operating profit +36.8%.

## Company structure

- Segment revenue mix: Digital Marketing 43.3%、Data Marketing 34.3%、Insight 22.4%
- Revenue → net income: ¥28896589000 → ¥1356038000
- Net income → operating cash flow: ¥1356038000 → ¥1955968000（difference ¥599930000）
- Main uses of operating cash flow: CapEx ¥244622000 / dividends ¥256629000 / buybacks ¥373055000
- Change in cash: ¥257147000
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 | ¥28.9B |  |
| Operating income | ¥2.52B | Margin 8.7% |
| Net income | ¥1.36B | Margin 4.7% |
| Free cash flow | ¥1.71B |  |
| Largest business | Digital Marketing | of segment revenue 43.3% |
| Employees (consolidated) | 1,535 |  |
| EPS | ¥22.61 |  |
| Book value per share | ¥227.15 |  |
| Equity ratio | 48.6% |  |
| Shares outstanding | 19,970,000 |  |
| Treasury shares | 718,400 |  |
| Shareholders | 4,556 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 26.4% |
| Vs. industry median margin | -0.2 pp | IT Services & System Integration |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.5× dividends
- FY2025, revenue is 2.7× its level five years ago
- FY2025, one segment accounts for 63% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15984695000 | ¥28896589000 | +80.8% |
| Operating income | ¥986026000 | ¥2522950000 | +155.9% |
| Operating margin | 6.2% | 8.7% | +2.6 pp |
| Employees | 1,082 people | 1,535 people | +41.9% |
| Cash and equivalents | ¥5218493000 | ¥7634108000 | +46.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デジタルマーケティング事業 → デジタルマーケティング事業 | 30.0% |
| データマーケティング事業 → データマーケティング事業 | 34.3% |
| データマーケティング事業 → 事業再編・廃止 | 0.5% |
| インサイト事業 → インサイト事業 | 22.4% |
| インサイト事業 → 事業再編・廃止 | 12.8% |
| 新設・再編 → デジタルマーケティング事業 | 13.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Marketing | 5 years | +21.1% | ¥12520731000 | 7.2% | 2 |
| Data Marketing | 5 years | +12.2% | ¥9914392000 | 30.1% | 2 |
| Insight | 5 years | +2.9% | ¥6461466000 | 12.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,897 | 100.0% | S100WQAV |
| Cost of revenue | 17,824 | 61.7% | S100WQAV |
| Gross profit | 11,072 | 38.3% | S100WQAV |
| SG&A | 8,550 | 29.6% | S100WQAV |
| Operating income | 2,523 | 8.7% | S100WQAV |
| Ordinary income | 2,400 | 8.3% | S100WQAV |
| Pretax income | 2,338 | 8.1% | S100WQAV |
| Income tax | 982 | 3.4% | S100WQAV |
| Net income | 1,356 | 4.7% | S100WQAV |
| Net income attributable to owners | 1,356 | 4.7% | S100WQAV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 29 |
| Operating income | 9 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 38.3% → Operating margin 8.7% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.4%; Core profit growth: +36.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.55×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,185 | 28,897 | 2,712 | +10.4% |
| Gross profit | 10,226 | 11,072 | 847 | +8.3% |
| Operating income | 1,844 | 2,523 | 679 | +36.8% |
| Net income attributable to owners | 1,193 | 1,356 | 163 | +13.7% |
| Operating cash flow | 1,571 | 1,956 | 385 | +24.5% |
| Free cash flow | 1,326 | 1,711 | 386 | +29.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 15,985 | 986 | 6.2% | 467 | 1,638 | 1,415 | S100MI5C |
| FY ending Jun 2021 | 10,758 | 1,007 | 9.4% | 540 | 1,046 | 925 | S100P9EO |
| FY ending Jun 2022 | 24,899 | 2,522 | 10.1% | 1,559 | 1,951 | 1,632 | S100RXB9 |
| FY ending Jun 2023 | 25,094 | 1,951 | 7.8% | 1,007 | 1,796 | 1,246 | S100UFV8 |
| FY ending Jun 2024 | 26,185 | 1,844 | 7.0% | 1,193 | 1,571 | 1,326 | S100WQAV |
| FY ending Jun 2025 | 28,897 | 2,523 | 8.7% | 1,356 | 1,956 | 1,711 | S100WQAV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥883.4K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,116 | 1,181 | 1,269 | 1,491 | 1,535 |
| Average salary (parent company) | ¥5.4M | ¥6.6M | ¥6.4M | ¥6.6M | ¥7.3M |
| Average age (parent company) | 38.3 years | 38.8 years | 39.7 years | 40.5 years | 41.5 years |
| Average tenure (parent company) | 5.2 years | 5.4 years | 5.2 years | 5.3 years | 6.0 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) +10.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Marketing | 12,521 | 43.3% | 900 | 7.2% |
| Data Marketing | 9,914 | 34.3% | 2,987 | 30.1% |
| Insight | 6,461 | 22.4% | 836 | 12.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Marketing | 43.3% | 19.1% | -24.3 | 7.2% |
| Data Marketing | 34.3% | 63.2% | 28.9 | 30.1% |
| Insight | 22.4% | 17.7% | -4.7 | 12.9% |

Segment → industry: Digital Marketing → IT Services & System Integration / Insight → Consulting / Data Marketing → Consulting / Digital Marketing → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,956 | 6.8% | S100WQAV |
| Capital expenditure | 245 | 0.8% | S100WQAV |
| Free cash flow | 1,711 | 5.9% | 算出 |
| Investing cash flow | -480 | -1.7% | S100WQAV |
| Financing cash flow | -1,144 | -4.0% | S100WQAV |
| Dividends paid | 257 | 0.9% | S100WQAV |
| Share buyback | 373 | 1.3% | S100WQAV |
| Change in cash | 257 | 0.9% | S100WQAV |
| Cash and equivalents | 7,634 | 26.4% | S100WQAV |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,140 | 5,504 | 6,478 | 7,377 | 7,634 | S100RXB9, S100UFV8, S100WQAV |
| Total assets | 11,775 | 13,133 | 14,308 | 16,630 | 16,421 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Net assets | 4,339 | 6,136 | 6,089 | 7,082 | 7,987 | S100RXB9, S100UFV8, S100WQAV |
| Share capital | 647 | 647 | 647 | 647 | 647 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Trade receivables | 3,148 | — | — | — | — | S100P9EO |
| Property, plant and equipment | 297 | 293 | 278 | 271 | 208 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Intangible assets excluding goodwill | 677 | 979 | 1,462 | 1,854 | 1,727 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Goodwill | 228 | 381 | 623 | 1,233 | 1,176 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Investment securities | 323 | 213 | 323 | 372 | 371 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Current assets | 9,556 | 10,715 | 11,292 | 12,758 | 12,870 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Current liabilities | 5,051 | 5,036 | 5,147 | 5,868 | 5,417 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Short-term borrowings | 306 | 444 | 393 | 473 | 486 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Long-term borrowings | 2,106 | 1,674 | 2,759 | 3,352 | 2,666 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Total liabilities | 7,436 | 6,998 | 8,220 | 9,548 | 8,434 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Non-controlling interests | 336 | 370 | 85 | — | 3 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Equity attributable to owners of parent | 4,302 | 5,901 | 6,054 | 7,037 | 8,033 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Retained earnings | 3,127 | 4,537 | 5,321 | 6,273 | 7,372 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |
| Treasury stock | -100 | -40 | -483 | -423 | -454 | S100P9EO, S100RXB9, S100UFV8, S100WQAV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100WQAV |
| Property, plant and equipment | 1% | S100WQAV |
| Intangibles and goodwill | 18% | S100WQAV |
| Investment securities | 2% | S100WQAV |
| Other assets | 32% | S100WQAV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100WQAV |
| Equity | 49% | S100WQAV |
| Other liabilities | 0% | S100WQAV |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,775 | 13,133 | 14,308 | 16,630 | 16,421 |
| Equity | 4,339 | 6,136 | 6,089 | 7,082 | 7,987 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,140 | 5,504 | 6,478 | 7,377 | 7,634 |

## 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) | 0.7% | S100WQAV |
| Fixed assets ÷ total assets | 1.3% | S100WQAV |
| Goodwill ÷ parent equity | 14.6% | S100WQAV |

Goodwill over 4 years: 228 → 1,176 JPY; total investing cash flow: -3,233 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) | 46.5% |
| Cash ÷ revenue | 26.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.5% |
| Cash vs. profit gap | 600 JPY mn (of net income 44.2%) |
| Shareholder returns / net income | 46.4% |
| Shareholder returns / FCF | 36.8% |
| Shareholder payments — dividends / net income | 18.9% |
| Shareholder payments — dividends / FCF | 15.0% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 24.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.0% | 0.91× | 4.6% | 2.74× | 12.6% | S100P9EO |
| 2022 | 6.3% | 2.00× | 12.5% | 2.44× | 30.6% | S100RXB9 |
| 2023 | 4.0% | 1.83× | 7.3% | 2.30× | 16.8% | S100UFV8 |
| 2024 | 4.6% | 1.69× | 7.7% | 2.36× | 18.2% | S100WQAV |
| 2025 | 4.7% | 1.75× | 8.2% | 2.19× | 18.0% | S100WQAV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 五 十 嵐 幹 | Major shareholder | 26.9% | 2025-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 15.5% | 2025-06-30 |
| 合同会社general investment | Major shareholder | 4.7% | 2025-06-30 |
| 株式会社CARTA HOLDINGS | Major shareholder | 3.4% | 2025-06-30 |
| 株式会社ビデオリサーチ | Major shareholder | 2.5% | 2025-06-30 |
| 五 十 嵐 史 子 | Major shareholder | 2.0% | 2025-06-30 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2025-06-30 |
| 株式会社プレミアム・キャピタル・マネジメント | Major shareholder | 1.6% | 2025-06-30 |
| 岩 崎 泰 次 | Major shareholder | 1.5% | 2025-06-30 |
| 五 十 嵐 将 | Major shareholder | 1.3% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/07/01－2025/06/30) | S100WQAV | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQAV,, |
| 有価証券報告書－第12期(2023/07/01－2024/06/30) | S100UFV8 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFV8,, |
| 有価証券報告書－第11期(2022/07/01－2023/06/30) | S100RXB9 | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXB9,, |
| 有価証券報告書－第10期(令和3年7月1日－令和4年6月30日) | S100P9EO | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9EO,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年6月30日) | S100MI5C | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI5C,, |

## 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).