# Edia Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y6A9)
> Page: https://vizora.meequs.com/en/company/edia
> Retrieved: 2026-09-30T20:30:39.785Z

## Company

Edia, founded in 1999, is a company in Games listed on TSE Standard. It has 99 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Edia Co.,Ltd. |
| Ticker | 3935 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3935.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区一ツ橋二丁目4番3号 |
| Representative (per filing) | 代表取締役社長 賀島 義成 |
| Founded | Apr 1999 |
| Share capital | ¥29.1M |
| Employees (consolidated) | 99 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | February |
| Website | edia.co.jp (https://edia.co.jp/) |
| Corporate number | 3010001072274 |
| EDINET | E32238 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100Y6A9, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Games (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 36 |
| Profitability | 62.2 | 41 |
| Cash conversion | 30.6 | 31 |
| Efficiency | 81.7 | 41 |

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)

- Edia brought in ¥4.66B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +29.2% from the prior year, operating profit +69.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4659720000 → ¥476251000
- Net income → operating cash flow: ¥476251000 → ¥257697000（difference ¥-218554000）
- Main uses of operating cash flow: CapEx ¥6967000 / dividends ¥43253000 / buybacks ¥199991000
- Change in cash: ¥-432193000
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 | ¥4.66B |  |
| Operating income | ¥444.7M | Margin 9.5% |
| Net income | ¥476.3M | Margin 10.2% |
| Free cash flow | ¥250.7M |  |
| Employees (consolidated) | 99 |  |
| EPS | ¥56.56 |  |
| Diluted EPS | ¥52.09 |  |
| Book value per share | ¥193.74 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 6,228,000 |  |
| Treasury shares | 302,800 |  |
| Shareholders | 4,588 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 47.9% | Cash ÷ revenue 28.7% |
| Vs. industry median margin | +4.1 pp | Games |
| ROE | 31.9% | Derived from disclosed figures |
| ROA | 16.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.6× dividends
- FY2026, employees -2% while operating income rose 69%
- FY2026, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2470556000 | ¥4659720000 | +88.6% |
| Operating income | ¥-23535000 | ¥444704000 | — |
| Operating margin | -1.0% | 9.5% | +10.5 pp |
| Employees | 95 people | 99 people | +4.2% |
| Cash and equivalents | ¥896376000 | ¥1335283000 | +49.0% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,660 | 100.0% | S100Y6A9 |
| Cost of revenue | 1,879 | 40.3% | S100Y6A9 |
| Gross profit | 2,781 | 59.7% | S100Y6A9 |
| SG&A | 2,336 | 50.1% | S100Y6A9 |
| Operating income | 445 | 9.5% | S100Y6A9 |
| Ordinary income | 417 | 8.9% | S100Y6A9 |
| Pretax income | 415 | 8.9% | S100Y6A9 |
| Income tax | -61 | -1.3% | S100Y6A9 |
| Net income | 476 | 10.2% | S100Y6A9 |
| Net income attributable to owners | 476 | 10.2% | S100Y6A9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 50 |
| Operating income | 10 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 59.7% → Operating margin 9.5% → Net margin 10.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.2%; Core profit growth: +69.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.37×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,607 | 4,660 | 1,053 | +29.2% |
| Gross profit | 2,087 | 2,781 | 694 | +33.3% |
| Operating income | 263 | 445 | 182 | +69.2% |
| Net income attributable to owners | 234 | 476 | 242 | +103.5% |
| Operating cash flow | 247 | 258 | 11 | +4.4% |
| Free cash flow | 224 | 251 | 27 | +12.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 2,454 | -177 | -7.2% | -207 | -82 | -296 | S100LEE8 |
| FY ending Feb 2021 | 2,471 | -24 | -1.0% | -81 | 13 | -33 | S100O4AW |
| FY ending Feb 2022 | 2,494 | 123 | 4.9% | 108 | 139 | 134 | S100QTFR |
| FY ending Feb 2023 | 2,761 | 154 | 5.6% | 151 | 55 | 51 | S100TH85 |
| FY ending Feb 2024 | 3,278 | 162 | 4.9% | 150 | 234 | 206 | S100VTBF |
| FY ending Feb 2025 | 3,607 | 263 | 7.3% | 234 | 247 | 224 | S100Y6A9 |
| FY ending Feb 2026 | 4,660 | 445 | 9.5% | 476 | 258 | 251 | S100Y6A9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.1M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥4.8M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 84 | 85 | 101 | 99 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | — | ¥4.4M | ¥4.8M |
| Average age (parent company) | 34.4 years | 36.6 years | 36.4 years | 36.1 years | 36.2 years |
| Average tenure (parent company) | 5.0 years | 4.0 years | 4.0 years | 4.0 years | 4.0 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +29.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 258 | 5.5% | S100Y6A9 |
| Capital expenditure | 7 | 0.1% | S100Y6A9 |
| Free cash flow | 251 | 5.4% | 算出 |
| Investing cash flow | -10 | -0.2% | S100Y6A9 |
| Financing cash flow | -680 | -14.6% | S100Y6A9 |
| Dividends paid | 43 | 0.9% | S100Y6A9 |
| Share buyback | 200 | 4.3% | S100Y6A9 |
| Change in cash | -432 | -9.3% | S100Y6A9 |
| Cash and equivalents | 1,335 | 28.7% | S100Y6A9 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 829 | 779 | 1,413 | 1,767 | 1,335 | S100TH85, S100VTBF, S100Y6A9 |
| Total assets | 1,552 | 1,648 | 2,402 | 2,998 | 2,786 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Net assets | 869 | 992 | 1,142 | 1,371 | 1,616 | S100TH85, S100VTBF, S100Y6A9 |
| Share capital | 11 | 11 | 11 | 23 | 29 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Property, plant and equipment | 5 | 4 | 2 | 13 | 15 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Intangible assets excluding goodwill | 42 | 15 | 31 | 85 | 72 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Goodwill | 30 | 7 | — | 76 | 69 | S100QTFR, S100TH85, S100Y6A9 |
| Investment securities | — | 10 | 10 | 5 | 5 | S100TH85, S100VTBF, S100Y6A9 |
| Current assets | 1,415 | 1,522 | 2,228 | 2,700 | 2,397 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Current liabilities | 548 | 487 | 876 | 1,135 | 775 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Short-term borrowings | 136 | — | 140 | 237 | — | S100QTFR, S100VTBF, S100Y6A9 |
| Long-term borrowings | 133 | 169 | 384 | 490 | 375 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Total liabilities | 683 | 656 | 1,259 | 1,626 | 1,171 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Equity attributable to owners of parent | 868 | 991 | 1,141 | 1,370 | 1,615 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Retained earnings | 129 | 252 | 402 | 605 | 1,038 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |
| Treasury stock | -0 | -0 | -0 | -0 | -200 | S100QTFR, S100TH85, S100VTBF, S100Y6A9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100Y6A9 |
| Property, plant and equipment | 1% | S100Y6A9 |
| Intangibles and goodwill | 5% | S100Y6A9 |
| Investment securities | 0% | S100Y6A9 |
| Other assets | 46% | S100Y6A9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y6A9 |
| Equity | 58% | S100Y6A9 |
| Other liabilities | 0% | S100Y6A9 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,552 | 1,648 | 2,402 | 2,998 | 2,786 |
| Equity | 869 | 992 | 1,142 | 1,371 | 1,616 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 829 | 779 | 1,413 | 1,767 | 1,335 |

## 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) | 0.3% | S100Y6A9 |
| Fixed assets ÷ total assets | 0.5% | S100Y6A9 |
| Goodwill ÷ parent equity | 4.3% | S100Y6A9 |

Goodwill over 4 years: 30 → 69 JPY; total investing cash flow: -92 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) | 47.9% |
| Cash ÷ revenue | 28.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.9% |
| Cash vs. profit gap | -219 JPY mn (of net income -45.9%) |
| Shareholder returns / net income | 51.1% |
| Shareholder returns / FCF | 97.0% |
| Shareholder payments — dividends / net income | 9.1% |
| Shareholder payments — dividends / FCF | 17.3% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 3.8% |

## 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 | 4.3% | 1.61× | 7.0% | 1.79× | 12.5% | S100QTFR |
| 2023 | 5.5% | 1.73× | 9.4% | 1.72× | 16.2% | S100TH85 |
| 2024 | 4.6% | 1.62× | 7.4% | 1.90× | 14.1% | S100VTBF |
| 2025 | 6.5% | 1.34× | 8.7% | 2.15× | 18.6% | S100Y6A9 |
| 2026 | 10.2% | 1.61× | 16.5% | 1.94× | 31.9% | S100Y6A9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 原尾 正紀 | Major shareholder | 16.0% | 2026-02-28 |
| 伊藤 明 | Major shareholder | 5.3% | 2026-02-28 |
| 小林 貫太 | Major shareholder | 5.1% | 2026-02-28 |
| ASG Japan株式会社 | Major shareholder | 4.7% | 2026-02-28 |
| 賀島 義成 | Major shareholder | 2.2% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 1.9% | 2026-02-28 |
| 西村 裕二 | Major shareholder | 1.8% | 2026-02-28 |
| 小林 有一 | Major shareholder | 1.0% | 2026-02-28 |
| 株式会社ミートプランニング | Major shareholder | 1.0% | 2026-02-28 |
| 石井 雅人 | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y6A9 | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6A9,, |
| 有価証券報告書 | S100VTBF | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTBF,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100TH85 | 2024-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH85,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QTFR | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTFR,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O4AW | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4AW,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LEE8 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEE8,, |

## 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).