# Fujisan Magazine Service Co.,Ltd.: 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24期(2025/01/01－2025/12/31) (S100XUDW)
> Page: https://vizora.meequs.com/en/company/fujisan-magazine-service
> Retrieved: 2026-09-30T20:38:58.525Z

## Company

Fujisan Magazine Service, founded in 2002, is a company in E-commerce listed on TSE Standard. It has 111 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fujisan Magazine Service Co.,Ltd. |
| Ticker | 3138 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3138.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区南平台町16番11号 |
| Representative (per filing) | 代表取締役会長兼社長(CEO) 西野 伸一郎 |
| Founded | Jul 2002 |
| Share capital | ¥265.2M |
| Employees (consolidated) | 111 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | www.fujisan.co.jp (https://www.fujisan.co.jp/) |
| Corporate number | 1011001038837 |
| EDINET | E31625 |
| Industries (Vizora) | E-commerce, Publishing & Bookstores, Education |

> Profile source: annual securities report (S100XUDW, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 25 |
| Profitability | 42.6 | 34 |
| Cash conversion | 83.3 | 27 |
| Efficiency | 36.8 | 34 |

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 97% of Fujisan Magazine Service's sales come from Magazine sales support business, with EdTech business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit -47.2%.

## Company structure

- Segment revenue mix: Magazine sales support business 97.2%、EdTech business 2.8%
- Revenue → net income: ¥5814858000 → ¥97883000
- Net income → operating cash flow: ¥97883000 → ¥421971000（difference ¥324088000）
- Main uses of operating cash flow: CapEx ¥350188000 / dividends ¥52832000 / buybacks —
- Change in cash: ¥-222026000
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 | ¥5.81B |  |
| Operating income | ¥162.7M | Margin 2.8% |
| Net income | ¥79.2M | Margin 1.4% |
| Free cash flow | ¥71.8M |  |
| Largest business | Magazine sales support business | of segment revenue 97.2% |
| Employees (consolidated) | 111 |  |
| EPS | ¥22.06 |  |
| Diluted EPS | ¥22.06 |  |
| Book value per share | ¥721.38 |  |
| Equity ratio | 42.2% |  |
| Shares outstanding | 3,315,620 |  |
| Treasury shares | 13,200 |  |
| Shareholders | 2,382 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 52.1% | Cash ÷ revenue 51.2% |
| Vs. industry median margin | -2.1 pp | E-commerce |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.3× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5144038000 | ¥5814858000 | +13.0% |
| Operating income | ¥323333000 | ¥162695000 | -49.7% |
| Operating margin | 6.3% | 2.8% | -3.5 pp |
| Employees | 80 people | 111 people | +38.8% |
| Cash and equivalents | ¥2846029000 | ¥2978951000 | +4.7% |

### 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 |
| --- | ---: |
| 新設・再編 → 雑誌販売支援事業 | 97.2% |
| 新設・再編 → EdTech事業 | 2.8% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,815 | 100.0% | S100XUDW |
| Cost of revenue | 4,242 | 72.9% | S100XUDW |
| Gross profit | 1,573 | 27.1% | S100XUDW |
| SG&A | 1,410 | 24.3% | S100XUDW |
| Operating income | 163 | 2.8% | S100XUDW |
| Ordinary income | 168 | 2.9% | S100XUDW |
| Pretax income | 164 | 2.8% | S100XUDW |
| Income tax | 66 | 1.1% | S100XUDW |
| Net income | 98 | 1.7% | S100XUDW |
| Net income attributable to owners | 79 | 1.4% | S100XUDW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 24 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 27.1% → Operating margin 2.8% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -47.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.53×
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 | 5,619 | 5,815 | 196 | +3.5% |
| Gross profit | 1,673 | 1,573 | -99 | -5.9% |
| Operating income | 308 | 163 | -145 | -47.2% |
| Net income attributable to owners | 171 | 79 | -92 | -53.7% |
| Operating cash flow | 277 | 422 | 145 | +52.6% |
| Free cash flow | -79 | 72 | 151 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,432 | 328 | 7.4% | 173 | 634 | 423 | S100L0OD |
| FY ending Dec 2020 | 5,144 | 323 | 6.3% | 215 | 386 | 189 | S100NQHV |
| FY ending Dec 2021 | 5,931 | 525 | 8.9% | 347 | 533 | 333 | S100QG9F |
| FY ending Dec 2022 | 5,968 | 443 | 7.4% | 288 | 435 | — | S100T50O |
| FY ending Dec 2023 | 5,772 | 358 | 6.2% | 223 | 430 | 146 | S100WSI2 |
| FY ending Dec 2024 | 5,619 | 308 | 5.5% | 171 | 277 | -79 | S100XUDW |
| FY ending Dec 2025 | 5,815 | 163 | 2.8% | 79 | 422 | 72 | S100XUDW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.4M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥713.7K |

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) | 87 | 84 | 86 | 93 | 111 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 39.8 years | 41.0 years | 41.9 years | 42.8 years | 42.1 years |
| Average tenure (parent company) | 7.2 years | 8.2 years | 8.7 years | 9.2 years | 9.1 years |

Year over year: Employees (consolidated) +19.4% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Magazine sales support business | 5,654 | 97.2% | 293 | 5.2% |
| EdTech business | 161 | 2.8% | -20 | -12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Magazine sales support business | 97.2% | 100.0% | 2.8 | 5.2% |
| EdTech business | 2.8% | — | — | -12.6% |

Loss-making segment (excluded from profit shares): EdTech business -20 JPY mn

Segment → industry: Magazine sales support business → E-commerce / Magazine sales support business → Publishing & Bookstores / EdTech business → Education

## 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 | 422 | 7.3% | S100XUDW |
| Capital expenditure | 350 | 6.0% | S100XUDW |
| Free cash flow | 72 | 1.2% | 算出 |
| Investing cash flow | -480 | -8.3% | S100XUDW |
| Financing cash flow | -164 | -2.8% | S100XUDW |
| Dividends paid | 53 | 0.9% | S100XUDW |
| Change in cash | -222 | -3.8% | S100XUDW |
| Cash and equivalents | 2,979 | 51.2% | S100XUDW |

## 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 | 2,893 | 3,026 | 3,113 | 3,201 | 2,979 | S100T50O, S100WSI2, S100XUDW |
| Total assets | 5,458 | 5,652 | 5,824 | 5,878 | 5,719 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Net assets | 1,910 | 2,156 | 2,349 | 2,510 | 2,555 | S100T50O, S100WSI2, S100XUDW |
| Share capital | 265 | 265 | 265 | 265 | 265 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Property, plant and equipment | 16 | 13 | 18 | 17 | 54 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Intangible assets excluding goodwill | 322 | 362 | 422 | 591 | 630 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Goodwill | 6 | 3 | 1 | 65 | 110 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Investment securities | 304 | 303 | 303 | 38 | 22 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Current assets | 4,723 | 4,879 | 4,964 | 5,112 | 4,863 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Current liabilities | 3,548 | 3,497 | 3,475 | 3,369 | 3,164 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Short-term borrowings | 550 | 550 | 550 | 550 | 450 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Total liabilities | 3,548 | 3,497 | 3,475 | 3,369 | 3,164 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Non-controlling interests | 66 | 85 | 100 | 124 | 143 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Equity attributable to owners of parent | 1,843 | 2,069 | 2,248 | 2,385 | 2,412 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Retained earnings | 1,433 | 1,712 | 1,816 | 1,883 | 1,909 | S100QG9F, S100T50O, S100WSI2, S100XUDW |
| Treasury stock | -105 | -158 | -84 | -13 | -13 | S100QG9F, S100T50O, S100WSI2, S100XUDW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XUDW |
| Property, plant and equipment | 1% | S100XUDW |
| Intangibles and goodwill | 13% | S100XUDW |
| Investment securities | 0% | S100XUDW |
| Other assets | 34% | S100XUDW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XUDW |
| Equity | 45% | S100XUDW |
| Other liabilities | 0% | S100XUDW |

### 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 | 5,458 | 5,652 | 5,824 | 5,878 | 5,719 |
| Equity | 1,910 | 2,156 | 2,349 | 2,510 | 2,555 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,893 | 3,026 | 3,113 | 3,201 | 2,979 |

## 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) | 0.9% | S100XUDW |
| Fixed assets ÷ total assets | 0.9% | S100XUDW |
| Goodwill ÷ parent equity | 4.5% | S100XUDW |

Goodwill over 4 years: 6 → 110 JPY; total investing cash flow: -1,650 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) | 52.1% |
| Cash ÷ revenue | 51.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 259.4% |
| Cash vs. profit gap | 343 JPY mn (of net income 432.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.7% |
| Shareholder payments — dividends / FCF | 73.6% |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 113.9% |

## 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 | 5.8% | 1.09× | 6.4% | 2.96× | 18.8% | S100QG9F |
| 2022 | 4.8% | 1.07× | 5.2% | 2.84× | 14.7% | S100T50O |
| 2023 | 3.9% | 1.01× | 3.9% | 2.66× | 10.3% | S100WSI2 |
| 2024 | 3.0% | 0.96× | 2.9% | 2.53× | 7.4% | S100XUDW |
| 2025 | 1.4% | 1.00× | 1.4% | 2.42× | 3.3% | S100XUDW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西野 伸一郎 | Major shareholder | 26.6% | 2025-12-31 |
| 神谷 アントニオ | Major shareholder | 12.2% | 2025-12-31 |
| 株式会社図書館流通センター | Major shareholder | 10.6% | 2025-12-31 |
| 株式会社ABEJA | Major shareholder | 9.3% | 2025-12-31 |
| 合同会社581Wilcox Ave． | Major shareholder | 6.3% | 2025-12-31 |
| 相内 遍理 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.9% | 2025-12-31 |
| 富士山マガジンサービス従業員持株会 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社丸喜堂 | Major shareholder | 0.8% | 2025-12-31 |
| 西川 潔 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XUDW | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUDW,, |
| 訂正有価証券報告書－第23期(2024/01/01－2024/12/31) | S100WSI2 | 2025-10-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WSI2,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T50O | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T50O,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QG9F | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG9F,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NQHV | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQHV,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L0OD | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0OD,, |

## 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).