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

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/03/01－2026/02/28) (S100Y6LQ)
> Page: https://vizora.meequs.com/en/company/fusion
> Retrieved: 2026-09-30T19:49:30.291Z

## Company

Fusion, founded in 1991, is a company in Advertising listed on Sapporo. It has 77 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fusion Co.,Ltd. |
| Ticker | 3977 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3977.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区北四条西四丁目1番地 |
| Representative (per filing) | 代表取締役社長 佐々木 卓也 |
| Founded | Dec 1991 |
| Share capital | ¥213.1M |
| Employees (consolidated) | 77 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | February |
| Website | www.fusion.co.jp (https://www.fusion.co.jp/) |
| Corporate number | 7430001015237 |
| EDINET | E32956 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100Y6LQ, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.7 | 57 |
| Profitability | 19.2 | 86 |
| Cash conversion | 66 | 75 |
| Efficiency | 89 | 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)

- Fusion brought in ¥1.49B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1490439000 → ¥1363000
- Net income → operating cash flow: ¥1363000 → ¥18482000（difference ¥17119000）
- Main uses of operating cash flow: CapEx ¥19551000 / dividends — / buybacks —
- Change in cash: ¥-60795000
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 | ¥1.49B |  |
| Operating income | ¥17.3M | Margin 1.2% |
| Net income | ¥1.4M | Margin 0.1% |
| Free cash flow | -¥1.1M |  |
| Employees (consolidated) | 77 |  |
| EPS | ¥0.95 |  |
| Book value per share | ¥249.48 |  |
| Equity ratio | 52.3% |  |
| Shares outstanding | 1,440,600 |  |
| Shareholders | 965 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 44.7% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | -4.5 pp | Advertising |
| ROE | 0.4% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.6× net income
- FY2026, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1242218000 | ¥1490439000 | +20.0% |
| Operating income | ¥927000 | ¥17270000 | +1763.0% |
| Operating margin | 0.1% | 1.2% | +1.1 pp |
| Employees | 63 people | 77 people | +22.2% |
| Cash and equivalents | ¥211376000 | ¥307250000 | +45.4% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,490 | 100.0% | S100Y6LQ |
| Cost of revenue | 860 | 57.7% | S100Y6LQ |
| Gross profit | 630 | 42.3% | S100Y6LQ |
| SG&A | 613 | 41.1% | S100Y6LQ |
| Operating income | 17 | 1.2% | S100Y6LQ |
| Ordinary income | 16 | 1.1% | S100Y6LQ |
| Pretax income | 2 | 0.2% | S100Y6LQ |
| Income tax | 1 | 0.1% | S100Y6LQ |
| Net income | 1 | 0.1% | S100Y6LQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 41 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 42.3% → Operating margin 1.2% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.9%; Core profit growth: +2.8%
Operating leverage (core profit growth ÷ revenue growth): -3.06×
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 | 1,504 | 1,490 | -14 | -0.9% |
| Gross profit | 612 | 630 | 18 | +2.9% |
| Operating income | 17 | 17 | 0 | +2.8% |
| Operating cash flow | 30 | 18 | -12 | -38.6% |
| Free cash flow | 14 | -1 | -15 | -107.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 1,325 | 34 | 2.6% | 15 | 80 | 65 | S100LFJL |
| FY ending Feb 2021 | 1,242 | 1 | 0.1% | 3 | -109 | -139 | S100O529 |
| FY ending Feb 2022 | 1,403 | 27 | 1.9% | 34 | 136 | 116 | S100QU80 |
| FY ending Feb 2023 | 1,456 | 55 | 3.8% | 44 | 101 | 72 | S100TIC5 |
| FY ending Feb 2024 | 1,468 | 50 | 3.4% | 53 | 19 | -1 | S100VT9P |
| FY ending Feb 2025 | 1,504 | 17 | 1.1% | -17 | 30 | 14 | S100Y6LQ |
| FY ending Feb 2026 | 1,490 | 17 | 1.2% | 1 | 18 | -1 | S100Y6LQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | ¥224.3K |
| Net income per employee (consolidated) | ¥17.7K |

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) | 65 | 71 | 67 | 75 | 77 |
| Average salary (parent company) | ¥4.5M | ¥4.8M | ¥5M | ¥5M | ¥5M |
| Average age (parent company) | 38.4 years | 39.2 years | 39.4 years | 39.9 years | 40.2 years |
| Average tenure (parent company) | 5.6 years | 5.6 years | 6.0 years | 6.1 years | 6.4 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -0.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 18 | 1.2% | S100Y6LQ |
| Capital expenditure | 20 | 1.3% | S100Y6LQ |
| Free cash flow | -1 | -0.1% | 算出 |
| Investing cash flow | -29 | -2.0% | S100Y6LQ |
| Financing cash flow | -50 | -3.3% | S100Y6LQ |
| Change in cash | -61 | -4.1% | S100Y6LQ |
| Cash and equivalents | 307 | 20.6% | S100Y6LQ |

## 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 | 264 | 256 | 201 | 368 | 307 | S100TIC5, S100VT9P, S100Y6LQ |
| Total assets | 617 | 642 | 596 | 728 | 687 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Net assets | 282 | 326 | 379 | 362 | 363 | S100TIC5, S100VT9P, S100Y6LQ |
| Share capital | 213 | 213 | 213 | 213 | 213 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Property, plant and equipment | 68 | 77 | 73 | 72 | 69 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Intangible assets excluding goodwill | 32 | 35 | 37 | 33 | 21 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Investment securities | 1 | 46 | 45 | 37 | 37 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Current assets | 468 | 462 | 413 | 564 | 531 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Current liabilities | 219 | 255 | 189 | 188 | 186 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Long-term borrowings | 94 | 40 | 10 | 157 | 117 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Total liabilities | 335 | 316 | 217 | 366 | 324 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Equity attributable to owners of parent | 277 | 322 | 375 | 358 | 359 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |
| Retained earnings | 2 | 46 | 98 | 82 | 83 | S100QU80, S100TIC5, S100VT9P, S100Y6LQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100Y6LQ |
| Property, plant and equipment | 10% | S100Y6LQ |
| Intangibles and goodwill | 3% | S100Y6LQ |
| Investment securities | 5% | S100Y6LQ |
| Other assets | 37% | S100Y6LQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100Y6LQ |
| Equity | 53% | S100Y6LQ |
| Other liabilities | 0% | S100Y6LQ |

### 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 | 617 | 642 | 596 | 728 | 687 |
| Equity | 282 | 326 | 379 | 362 | 363 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 264 | 256 | 201 | 368 | 307 |

## 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) | 4.6% | S100Y6LQ |
| Fixed assets ÷ total assets | 10.1% | S100Y6LQ |
| Goodwill ÷ parent equity | — | —, S100Y6LQ |

### 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) | 44.7% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.0% |
| Cash vs. profit gap | 17 JPY mn (of net income 1256.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 159.1% |

## 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 | 2.4% | 2.27× | 5.5% | 2.22× | 12.2% | S100QU80 |
| 2023 | 3.0% | 2.31× | 7.0% | 2.10× | 14.8% | S100TIC5 |
| 2024 | 3.6% | 2.37× | 8.5% | 1.78× | 15.1% | S100VT9P |
| 2025 | — | —× | -2.5% | —× | — | S100Y6LQ |
| 2026 | 0.1% | 2.11× | 0.2% | 1.97× | 0.4% | S100Y6LQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 花井 秀勝 | Major shareholder | 15.8% | 2026-02-28 |
| 花井 優樹 | Major shareholder | 15.1% | 2026-02-28 |
| プログレス株式会社 | Major shareholder | 11.1% | 2026-02-28 |
| ＴＯＰＰＡＮ株式会社 | Major shareholder | 10.0% | 2026-02-28 |
| 佐々木 卓也 | Major shareholder | 9.1% | 2026-02-28 |
| 清永 敏郎 | Major shareholder | 3.7% | 2026-02-28 |
| 花井 智子 | Major shareholder | 3.6% | 2026-02-28 |
| フュージョン従業員持株会 | Major shareholder | 2.3% | 2026-02-28 |
| 酒井 由香 | Major shareholder | 1.7% | 2026-02-28 |
| 角田 篤信 | Major shareholder | 1.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/03/01－2026/02/28) | S100Y6LQ | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6LQ,, |
| 有価証券報告書－第34期(2024/03/01－2025/02/28) | S100VT9P | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT9P,, |
| 有価証券報告書－第33期(2023/03/01－2024/02/29) | S100TIC5 | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIC5,, |
| 有価証券報告書－第32期(2022/03/01－2023/02/28) | S100QU80 | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU80,, |
| 有価証券報告書－第31期(令和3年3月1日－令和4年2月28日) | S100O529 | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O529,, |
| 有価証券報告書－第30期(令和2年3月1日－令和3年2月28日) | S100LFJL | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFJL,, |

## 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).