# eMnet Japan.co.ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第13期(2025/01/01－2025/12/31) (S100Y5DB)
> Page: https://vizora.meequs.com/en/company/emnet
> Retrieved: 2026-09-30T20:58:27.314Z

## Company

eMnet Japan., founded in 2013, is a company in Advertising listed on TSE Growth. It has 130 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | eMnet Japan.co.ltd. |
| Ticker | 7036 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7036.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 山本 臣一郎 (戸籍上の氏名:安中 臣一郎) |
| Founded | Apr 2013 |
| Share capital | ¥328.7M |
| Employees (consolidated) | 130 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | December |
| Website | emnet.co.jp (https://emnet.co.jp/) |
| Corporate number | 1011101066507 |
| EDINET | E34294 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100Y5DB, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 57 |
| Profitability | 76.2 | 86 |
| Cash conversion | 4.7 | 75 |
| Efficiency | 15.7 | 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)

- eMnet Japan. brought in ¥1.59B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +19.9% from the prior year, operating profit +67.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.59B |  |
| Operating income | ¥155.8M | Margin 9.8% |
| Net income | -¥449.6M | Margin -28.2% |
| Free cash flow | -¥191.9M |  |
| Employees (consolidated) | 130 |  |
| EPS | ¥-116.36 |  |
| Book value per share | ¥200.77 |  |
| Equity ratio | 33.2% |  |
| Shares outstanding | 3,913,800 |  |
| Treasury shares | 46,200 |  |
| Shareholders | 640 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 35.6% |
| Vs. industry median margin | +4.1 pp | Advertising |
| ROA | -18.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.1× its level five years ago
- FY2025, employees -6% while operating income rose 67%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9305952000 | ¥1594782000 | -82.9% |
| Operating income | ¥290797000 | ¥155752000 | -46.4% |
| Operating margin | 3.1% | 9.8% | +6.6 pp |
| Employees | 96 people | 130 people | +35.4% |
| Cash and equivalents | ¥1263417000 | ¥567499000 | -55.1% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,595 | 100.0% | S100Y5DB |
| Operating income | 156 | 9.8% | S100Y5DB |
| Ordinary income | 181 | 11.3% | S100Y5DB |
| Pretax income | -443 | -27.7% | S100Y5DB |
| Income tax | 7 | 0.4% | S100Y5DB |
| Net income | -450 | -28.2% | S100Y5DB |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | -28 |

### Margin funnel

Operating margin 9.8% → Net margin -28.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.9%; Core profit growth: +67.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.37×
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 | 1,330 | 1,595 | 265 | +19.9% |
| Operating income | 93 | 156 | 63 | +67.3% |
| Operating cash flow | -179 | -191 | -11 | — |
| Free cash flow | -183 | -192 | -9 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 7,855 | 327 | 4.2% | 239 | 190 | 186 | S100L159 |
| FY ending Dec 2020 | 9,306 | 291 | 3.1% | 212 | 351 | 345 | S100NQ8L |
| FY ending Dec 2021 | 10,672 | 504 | 4.7% | 311 | 386 | 374 | S100QFM7 |
| FY ending Dec 2022 | 1,467 | 230 | 15.7% | 176 | -119 | -132 | S100T2Y5 |
| FY ending Dec 2023 | 1,370 | 112 | 8.1% | 73 | 344 | 343 | S100VFIG |
| FY ending Dec 2024 | 1,330 | 93 | 7.0% | 13 | -179 | -183 | S100Y5DB |
| FY ending Dec 2025 | 1,595 | 156 | 9.8% | -450 | -191 | -192 | S100Y5DB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | -¥3.5M |

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) | 115 | 138 | 134 | 139 | 130 |
| Average salary (parent company) | ¥5.2M | ¥4.8M | ¥4.4M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 28.1 years | 27.8 years | 27.8 years | 28.1 years | 28.8 years |
| Average tenure (parent company) | 3.2 years | 3.0 years | 3.4 years | 4.0 years | 4.6 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) +19.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -191 | -11.9% | S100Y5DB |
| Capital expenditure | 1 | 0.1% | S100Y5DB |
| Free cash flow | -192 | -12.0% | 算出 |
| Investing cash flow | -16 | -1.0% | S100Y5DB |
| Financing cash flow | -123 | -7.7% | S100Y5DB |
| Dividends paid | 124 | 7.8% | S100Y5DB |
| Change in cash | -330 | -20.7% | S100Y5DB |
| Cash and equivalents | 567 | 35.6% | S100Y5DB |

## 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 | 1,571 | 1,206 | 1,414 | 897 | 567 | S100T2Y5, S100VFIG, S100Y5DB |
| Total assets | 3,312 | 2,977 | 3,014 | 2,641 | 2,335 | S100QFM7, S100T2Y5, S100VFIG, S100Y5DB |
| Net assets | 1,467 | 1,500 | 1,444 | 1,342 | 776 | S100T2Y5, S100VFIG, S100Y5DB |
| Share capital | 309 | 316 | 319 | 328 | 329 | S100QFM7, S100T2Y5, S100VFIG, S100Y5DB |
| Property, plant and equipment | 19 | 20 | — | 10 | 8 | S100QFM7, S100T2Y5, S100Y5DB |
| Intangible assets excluding goodwill | 7 | 5 | — | 2 | 0 | S100QFM7, S100T2Y5, S100Y5DB |
| Investment securities | 55 | 60 | — | 276 | 98 | S100QFM7, S100T2Y5, S100Y5DB |
| Current assets | 3,066 | 2,703 | — | 2,114 | 1,830 | S100QFM7, S100T2Y5, S100Y5DB |
| Current liabilities | 1,766 | 1,367 | — | 1,126 | 1,383 | S100QFM7, S100T2Y5, S100Y5DB |
| Total liabilities | 1,845 | 1,477 | — | 1,299 | 1,558 | S100QFM7, S100T2Y5, S100Y5DB |
| Equity attributable to owners of parent | 1,479 | 1,510 | — | 1,350 | 778 | S100QFM7, S100T2Y5, S100Y5DB |
| Retained earnings | 1,062 | 1,134 | — | 967 | 394 | S100QFM7, S100T2Y5, S100Y5DB |
| Treasury stock | -0 | -56 | — | -74 | -74 | S100QFM7, S100T2Y5, S100Y5DB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Y5DB |
| Property, plant and equipment | 1% | S100Y5DB |
| Intangibles and goodwill | 0% | S100Y5DB |
| Investment securities | 4% | S100Y5DB |
| Other assets | 71% | S100Y5DB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100Y5DB |
| Equity | 33% | S100Y5DB |
| Other liabilities | 0% | S100Y5DB |

### 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 | 3,312 | 2,977 | 3,014 | 2,641 | 2,335 |
| Equity | 1,467 | 1,500 | 1,444 | 1,342 | 776 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,571 | 1,206 | 1,414 | 897 | 567 |

## 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% | S100Y5DB |
| Fixed assets ÷ total assets | 0.3% | S100Y5DB |
| Goodwill ÷ parent equity | — | —, S100Y5DB |

### 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) | 24.3% |
| Cash ÷ revenue | 35.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -122.4% |
| Cash vs. profit gap | 259 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | 2.9% | 3.22× | 9.4% | 2.24× | 21.0% | S100QFM7 |
| 2022 | 12.0% | 0.47× | 5.6% | 2.10× | 11.8% | S100T2Y5 |
| 2023 | 5.3% | 0.46× | 2.4% | 2.03× | 5.0% | S100VFIG, S100Y5DB |
| 2024 | 0.9% | 0.47× | 0.4% | 2.09× | 0.9% | S100Y5DB |
| 2025 | — | —× | -18.1% | —× | — | S100Y5DB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソフトバンク株式会社 | Major shareholder | 40.9% | 2025-12-31 |
| KSD-MIRAE ASSET SECURITIES（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 20.4% | 2025-12-31 |
| KSD-KB.（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 8.6% | 2025-12-31 |
| 株式会社Y's corporation | Major shareholder | 6.2% | 2025-12-31 |
| 安中 臣一郎 | Major shareholder | 3.0% | 2025-12-31 |
| 立花証券株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 村井 仁 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2025-12-31 |
| イーエムネットジャパン従業員持株会 | Major shareholder | 0.9% | 2025-12-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第13期(2025/01/01－2025/12/31) | S100Y5DB | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5DB,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VFIG | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFIG,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T2Y5 | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2Y5,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QFM7 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFM7,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100NQ8L | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ8L,, |
| 有価証券報告書－第8期(令和2年1月1日－令和2年12月31日) | S100L159 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L159,, |

## 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).