# FAN Communications 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27期(2025/01/01－2025/12/31) (S100XRYY)
> Page: https://vizora.meequs.com/en/company/fan-communications
> Retrieved: 2026-09-30T21:36:59.213Z

## Company

FAN Communications, founded in 1999, is a company in Advertising listed on TSE Prime. It has 356 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FAN Communications, Inc. |
| Ticker | 2461 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2461.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷一丁目1番8号 |
| Representative (per filing) | 代表取締役社長 二宮 幸司 |
| Founded | Oct 1999 |
| Share capital | ¥1.19B |
| Employees (consolidated) | 356 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | December |
| Website | www.fancs.com (https://www.fancs.com/) |
| Corporate number | 7011001035606 |
| EDINET | E05533 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XRYY, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.6 | 57 |
| Profitability | 97.1 | 86 |
| Cash conversion | 63.3 | 75 |
| Efficiency | 0.6 | 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 80% of FAN Communications's sales come from Cost Per Action Solution Business, with Strategy Business making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +23.1%.

## Company structure

- Segment revenue mix: Cost Per Action Solution Business 79.8%、Strategy Business 20.2%
- Revenue → net income: ¥7096657000 → ¥1307776000
- Net income → operating cash flow: ¥1307776000 → ¥2070065000（difference ¥762289000）
- Main uses of operating cash flow: CapEx ¥148379000 / dividends ¥1786052000 / buybacks —
- Change in cash: ¥-2322689000
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 | ¥7.1B |  |
| Operating income | ¥1.97B | Margin 27.7% |
| Net income | ¥1.31B | Margin 18.4% |
| Free cash flow | ¥1.92B |  |
| Largest business | Cost Per Action Solution Business | of segment revenue 79.8% |
| Employees (consolidated) | 356 |  |
| EPS | ¥23.38 |  |
| Diluted EPS | ¥23.37 |  |
| Book value per share | ¥264.54 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 66,310,429 |  |
| Shareholders | 10,376 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 64.1% | Cash ÷ revenue 207.1% |
| Vs. industry median margin | +22 pp | Advertising |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.3× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 64% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29379998000 | ¥7096657000 | -75.8% |
| Operating income | ¥2852927000 | ¥1965023000 | -31.1% |
| Operating margin | 9.7% | 27.7% | +18 pp |
| Employees | 459 people | 356 people | -22.4% |
| Cash and equivalents | ¥19532772000 | ¥14698412000 | -24.7% |

### 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 |
| --- | ---: |
| CPAソリューション事業 → CPAソリューション事業 | 76.8% |
| ADコミュニケーション事業 → 事業再編・廃止 | 20.9% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → CPAソリューション事業 | 3.0% |
| 新設・再編 → 戦略事業 | 20.2% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,097 | 100.0% | S100XRYY |
| Cost of revenue | 933 | 13.1% | S100XRYY |
| Gross profit | 6,164 | 86.9% | S100XRYY |
| SG&A | 4,199 | 59.2% | S100XRYY |
| Operating income | 1,965 | 27.7% | S100XRYY |
| Ordinary income | 2,014 | 28.4% | S100XRYY |
| Pretax income | 1,982 | 27.9% | S100XRYY |
| Income tax | 675 | 9.5% | S100XRYY |
| Net income | 1,308 | 18.4% | S100XRYY |
| Net income attributable to owners | 1,308 | 18.4% | S100XRYY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 13 |
| SG&A | 59 |
| Operating income | 28 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 86.9% → Operating margin 27.7% → Net margin 18.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +23.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.93×
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 | 6,962 | 7,097 | 135 | +1.9% |
| Gross profit | 5,888 | 6,164 | 276 | +4.7% |
| Operating income | 1,596 | 1,965 | 369 | +23.1% |
| Net income attributable to owners | 1,419 | 1,308 | -112 | -7.9% |
| Operating cash flow | 1,261 | 2,070 | 809 | +64.1% |
| Free cash flow | 1,097 | 1,922 | 825 | +75.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 34,200 | 3,747 | 11.0% | 2,489 | 2,533 | 2,399 | S100KZXM |
| FY ending Dec 2020 | 29,380 | 2,853 | 9.7% | 1,992 | 2,649 | 2,432 | S100NPY7 |
| FY ending Dec 2021 | 26,700 | 2,319 | 8.7% | 1,637 | 1,226 | 1,089 | S100QGYS |
| FY ending Dec 2022 | 7,738 | 2,407 | 31.1% | 1,535 | 2,476 | 2,353 | S100T3GY |
| FY ending Dec 2023 | 7,397 | 2,068 | 28.0% | 1,233 | 1,510 | 1,337 | S100VFL0 |
| FY ending Dec 2024 | 6,962 | 1,596 | 22.9% | 1,419 | 1,261 | 1,097 | S100XRYY |
| FY ending Dec 2025 | 7,097 | 1,965 | 27.7% | 1,308 | 2,070 | 1,922 | S100XRYY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 482 | 490 | 460 | 409 | 356 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.3M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 32.7 years | 33.1 years | 33.4 years | 34.7 years | 35.8 years |
| Average tenure (parent company) | 4.8 years | 5.1 years | 5.7 years | 6.8 years | 7.8 years |

Year over year: Employees (consolidated) -13.0% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cost Per Action Solution Business | 5,661 | 79.8% | 3,803 | 67.2% |
| Strategy Business | 1,436 | 20.2% | -619 | -43.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cost Per Action Solution Business | 79.8% | 100.0% | 20.2 | 67.2% |
| Strategy Business | 20.2% | — | — | -43.1% |

Loss-making segment (excluded from profit shares): Strategy Business -619 JPY mn

Segment → industry: Strategy Business → Advertising / Cost Per Action Solution 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 | 2,070 | 29.2% | S100XRYY |
| Capital expenditure | 148 | 2.1% | S100XRYY |
| Free cash flow | 1,922 | 27.1% | 算出 |
| Investing cash flow | -2,629 | -37.0% | S100XRYY |
| Financing cash flow | -1,759 | -24.8% | S100XRYY |
| Dividends paid | 1,786 | 25.2% | S100XRYY |
| Change in cash | -2,323 | -32.7% | S100XRYY |
| Cash and equivalents | 14,698 | 207.1% | S100XRYY |

## 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 | 19,363 | 17,057 | 17,303 | 17,021 | 14,698 | S100T3GY, S100VFL0, S100XRYY |
| Total assets | 24,655 | 23,855 | 23,378 | 23,357 | 22,927 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Net assets | 19,706 | 17,954 | 17,889 | 18,060 | 17,580 | S100T3GY, S100VFL0, S100XRYY |
| Share capital | 1,174 | 1,174 | 1,174 | 1,174 | 1,190 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Property, plant and equipment | 101 | 100 | 92 | 54 | 70 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Intangible assets excluding goodwill | 424 | 331 | 388 | 1,017 | 863 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Goodwill | — | — | — | 555 | 432 | S100XRYY |
| Investment securities | 855 | 1,863 | 1,402 | 1,141 | 3,687 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Current assets | 22,975 | 20,976 | 21,155 | 20,786 | 17,957 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Current liabilities | 4,807 | 5,764 | 5,372 | 5,183 | 5,232 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Total liabilities | 4,949 | 5,901 | 5,490 | 5,297 | 5,347 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Equity attributable to owners of parent | 19,614 | 17,848 | 17,725 | 17,886 | 17,437 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Retained earnings | 20,962 | 21,151 | 21,052 | 21,213 | 15,953 | S100QGYS, S100T3GY, S100VFL0, S100XRYY |
| Treasury stock | -2,800 | -4,754 | -4,779 | -4,779 | — | S100QGYS, S100T3GY, S100VFL0, S100XRYY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XRYY |
| Property, plant and equipment | 0% | S100XRYY |
| Intangibles and goodwill | 6% | S100XRYY |
| Investment securities | 16% | S100XRYY |
| Other assets | 14% | S100XRYY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XRYY |
| Equity | 77% | S100XRYY |

### 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 | 24,655 | 23,855 | 23,378 | 23,357 | 22,927 |
| Equity | 19,706 | 17,954 | 17,889 | 18,060 | 17,580 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,363 | 17,057 | 17,303 | 17,021 | 14,698 |

## 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) | 1.0% | S100XRYY |
| Fixed assets ÷ total assets | 0.3% | S100XRYY |
| Goodwill ÷ parent equity | 2.5% | S100XRYY |

### 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) | 64.1% |
| Cash ÷ revenue | 207.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.3% |
| Cash vs. profit gap | 762 JPY mn (of net income 58.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 136.6% |
| Shareholder payments — dividends / FCF | 92.9% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 127.0% |

## 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 | 6.1% | 1.08× | 6.6% | 1.26× | 8.3% | S100QGYS |
| 2022 | 19.8% | 0.32× | 6.3% | 1.29× | 8.2% | S100T3GY |
| 2023 | 16.7% | 0.31× | 5.2% | 1.33× | 6.9% | S100VFL0 |
| 2024 | 20.4% | 0.30× | 6.1% | 1.31× | 8.0% | S100XRYY |
| 2025 | 18.4% | 0.31× | 5.7% | 1.31× | 7.4% | S100XRYY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 柳澤 安慶 | Major shareholder | 41.9% | 2025-12-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 7.5% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 7.3% | 2025-12-31 |
| UH Partners ３投資事業有限責任組合 | Major shareholder | 6.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.1% | 2025-12-31 |
| 松本 洋志 | Major shareholder | 2.5% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-12-31 |
| 杉山 紳一郎 | Major shareholder | 1.5% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 内田 徹 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XRYY | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRYY,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VFL0 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFL0,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T3GY | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3GY,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QGYS | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGYS,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NPY7 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPY7,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100KZXM | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZXM,, |

## 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).