# FRONTIER INTERNATIONAL INC.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/05/01－2026/04/30) (S100YSV9)
> Page: https://vizora.meequs.com/en/company/frontier-international
> Retrieved: 2026-09-30T20:27:45.831Z

## Company

Frontier International, founded in 1990, is a company in Events & Ticketing listed on TSE Growth. It has 484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FRONTIER INTERNATIONAL INC. |
| Ticker | 7050 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7050.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷三丁目3番5号 |
| Representative (per filing) | 代表取締役社長 河村 康宏 |
| Founded | Jun 1990 |
| Share capital | ¥51.6M |
| Employees (consolidated) | 484 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | April |
| Website | www.frontier-i.co.jp (https://www.frontier-i.co.jp/) |
| Corporate number | 4011001031764 |
| EDINET | E34657 |
| Industries (Vizora) | Events & Ticketing |

> Profile source: annual securities report (S100YSV9, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Events & Ticketing (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 6 |
| Profitability | 27.8 | 9 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 83.3 | 9 |

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)

- Frontier International brought in ¥29.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +47.3% from the prior year, operating profit +64.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29948603000 → ¥1400266000
- Net income → operating cash flow: ¥1400266000 → ¥2447656000（difference ¥1047390000）
- Main uses of operating cash flow: CapEx ¥36744000 / dividends ¥440013000 / buybacks —
- Change in cash: ¥1544750000
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 | ¥29.9B |  |
| Operating income | ¥2.1B | Margin 7.0% |
| Net income | ¥1.25B | Margin 4.2% |
| Free cash flow | ¥2.41B |  |
| Employees (consolidated) | 484 |  |
| EPS | ¥66.98 |  |
| Diluted EPS | ¥66.5 |  |
| Book value per share | ¥760.01 |  |
| Equity ratio | 58.6% |  |
| Shares outstanding | 9,238,000 |  |
| Treasury shares | 279,800 |  |
| Shareholders | 1,926 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 45.8% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | -0.4 pp | Events & Ticketing |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15721861000 | ¥29948603000 | +90.5% |
| Operating income | ¥751072000 | ¥2100465000 | +179.7% |
| Operating margin | 4.8% | 7.0% | +2.2 pp |
| Employees | 272 people | 484 people | +77.9% |
| Cash and equivalents | ¥3105371000 | ¥7658696000 | +146.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,949 | 100.0% | S100YSV9 |
| Cost of revenue | 24,417 | 81.5% | S100YSV9 |
| Gross profit | 5,532 | 18.5% | S100YSV9 |
| SG&A | 3,431 | 11.5% | S100YSV9 |
| Operating income | 2,100 | 7.0% | S100YSV9 |
| Ordinary income | 2,109 | 7.0% | S100YSV9 |
| Pretax income | 2,094 | 7.0% | S100YSV9 |
| Income tax | 694 | 2.3% | S100YSV9 |
| Net income | 1,400 | 4.7% | S100YSV9 |
| Net income attributable to owners | 1,245 | 4.2% | S100YSV9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.5% → Operating margin 7.0% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +47.3%; Core profit growth: +64.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,335 | 29,949 | 9,613 | +47.3% |
| Gross profit | 3,894 | 5,532 | 1,638 | +42.1% |
| Operating income | 1,278 | 2,100 | 823 | +64.4% |
| Net income attributable to owners | 876 | 1,245 | 369 | +42.1% |
| Operating cash flow | 1,673 | 2,448 | 775 | +46.3% |
| Free cash flow | 1,606 | 2,411 | 805 | +50.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 13,119 | 1,285 | 9.8% | 825 | 593 | — | S100M2VU |
| FY ending Apr 2021 | 15,722 | 751 | 4.8% | 519 | 626 | 552 | S100OSYV |
| FY ending Apr 2022 | 25,137 | 3,131 | 12.5% | 2,121 | 3,125 | 3,117 | S100RKAN |
| FY ending Apr 2023 | 17,048 | 1,875 | 11.0% | 1,302 | -579 | -596 | S100U4SK |
| FY ending Apr 2024 | 16,945 | 1,210 | 7.1% | 488 | 1,541 | 1,531 | S100WFVC |
| FY ending Apr 2025 | 20,335 | 1,278 | 6.3% | 876 | 1,673 | 1,606 | S100YSV9 |
| FY ending Apr 2026 | 29,949 | 2,100 | 7.0% | 1,245 | 2,448 | 2,411 | S100YSV9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.9M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 248 | 286 | 340 | 432 | 484 |
| Average salary (parent company) | ¥6.9M | ¥6.8M | ¥6.8M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 31.9 years | 32.5 years | 31.9 years | 30.7 years | 31.0 years |
| Average tenure (parent company) | 5.3 years | 5.7 years | 4.8 years | 4.3 years | 5.4 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +47.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,448 | 8.2% | S100YSV9 |
| Capital expenditure | 37 | 0.1% | S100YSV9 |
| Free cash flow | 2,411 | 8.1% | 算出 |
| Investing cash flow | -398 | -1.3% | S100YSV9 |
| Financing cash flow | -506 | -1.7% | S100YSV9 |
| Dividends paid | 440 | 1.5% | S100YSV9 |
| Change in cash | 1,545 | 5.2% | S100YSV9 |
| Cash and equivalents | 7,659 | 25.6% | S100YSV9 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,898 | 3,939 | 5,184 | 6,114 | 7,659 | S100U4SK, S100WFVC, S100YSV9 |
| Total assets | 12,697 | 11,114 | 11,623 | 14,482 | 16,724 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Net assets | 7,322 | 7,995 | 8,248 | 9,029 | 10,344 | S100U4SK, S100WFVC, S100YSV9 |
| Share capital | 52 | 52 | 52 | 52 | 52 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Property, plant and equipment | 123 | 118 | 140 | 168 | 331 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Intangible assets excluding goodwill | 10 | 10 | 335 | 568 | 731 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Goodwill | — | — | 324 | 559 | 716 | S100WFVC, S100YSV9 |
| Investment securities | 293 | 374 | 401 | 568 | 847 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Current assets | 11,537 | 9,258 | 9,281 | 11,862 | 13,370 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Current liabilities | 4,958 | 2,750 | 2,782 | 4,753 | 5,395 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Short-term borrowings | — | — | 80 | 110 | 110 | S100WFVC, S100YSV9 |
| Long-term borrowings | — | — | 200 | 140 | 131 | S100WFVC, S100YSV9 |
| Total liabilities | 5,375 | 3,119 | 3,375 | 5,453 | 6,380 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Non-controlling interests | — | — | — | 79 | 471 | S100YSV9 |
| Equity attributable to owners of parent | 7,223 | 7,950 | 8,180 | 8,882 | 9,757 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Retained earnings | 6,909 | 7,804 | 8,034 | 8,737 | 9,541 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |
| Treasury stock | -116 | -284 | -284 | -284 | -235 | S100RKAN, S100U4SK, S100WFVC, S100YSV9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YSV9 |
| Property, plant and equipment | 2% | S100YSV9 |
| Intangibles and goodwill | 9% | S100YSV9 |
| Investment securities | 5% | S100YSV9 |
| Other assets | 38% | S100YSV9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YSV9 |
| Equity | 62% | S100YSV9 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,697 | 11,114 | 11,623 | 14,482 | 16,724 |
| Equity | 7,322 | 7,995 | 8,248 | 9,029 | 10,344 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,898 | 3,939 | 5,184 | 6,114 | 7,659 |

## 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) | 1.1% | S100YSV9 |
| Fixed assets ÷ total assets | 2.0% | S100YSV9 |
| Goodwill ÷ parent equity | 7.3% | S100YSV9 |

### 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) | 45.8% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.5% |
| Cash vs. profit gap | 1,203 JPY mn (of net income 96.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.3% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 16.3% |

## 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 | 8.4% | 1.98× | 16.7% | 1.76× | 29.4% | S100RKAN |
| 2023 | 7.6% | 1.43× | 10.9% | 1.57× | 17.2% | S100U4SK |
| 2024 | 2.9% | 1.49× | 4.3% | 1.41× | 6.1% | S100WFVC |
| 2025 | 4.3% | 1.56× | 6.7% | 1.53× | 10.3% | S100YSV9 |
| 2026 | 4.2% | 1.92× | 8.0% | 1.67× | 13.4% | S100YSV9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河村 康宏 | Major shareholder | 53.3% | 2026-04-30 |
| 渡邊 伸一郎 | Major shareholder | 7.5% | 2026-04-30 |
| 古井 貴 | Major shareholder | 7.5% | 2026-04-30 |
| 三晃繊維工業株式会社 | Major shareholder | 3.9% | 2026-04-30 |
| INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカー証券株式会社） | Major shareholder | 2.2% | 2026-04-30 |
| 株式会社プレミアム・キャピタル・マネジメント | Major shareholder | 1.9% | 2026-04-30 |
| 由岐 洋輔 | Major shareholder | 1.5% | 2026-04-30 |
| 清板 大亮 | Major shareholder | 1.0% | 2026-04-30 |
| 宗像 恒和 | Major shareholder | 0.9% | 2026-04-30 |
| 株式会社タケナカ | Major shareholder | 0.7% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/05/01－2026/04/30) | S100YSV9 | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSV9,, |
| 有価証券報告書－第35期(2024/05/01－2025/04/30) | S100WFVC | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFVC,, |
| 有価証券報告書－第34期(2023/05/01－2024/04/30) | S100U4SK | 2024-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4SK,, |
| 訂正有価証券報告書－第33期(2022/05/01－2023/04/30) | S100RKAN | 2023-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RKAN,, |
| 有価証券報告書－第32期(令和3年5月1日－令和4年4月30日) | S100OSYV | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSYV,, |
| 有価証券報告書－第31期(令和2年5月1日－令和3年4月30日) | S100M2VU | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2VU,, |

## 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).