# Hakuten Corporation: 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57期(2025/01/01－2025/12/31) (S100XV33)
> Page: https://vizora.meequs.com/en/company/hakuten
> Retrieved: 2026-09-30T22:08:15.083Z

## Company

Hakuten, founded in 1970, is a company in Advertising listed on TSE Growth. It has 586 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hakuten Corporation |
| Ticker | 2173 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2173.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区京橋三丁目1番1号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 原田 淳 |
| Founded | Mar 1970 |
| Share capital | ¥259.5M |
| Employees (consolidated) | 586 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.hakuten.co.jp (https://www.hakuten.co.jp/) |
| Corporate number | 3010001099004 |
| EDINET | E05737 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XV33, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 80.8 | 86 |
| Cash conversion | 62 | 75 |
| Efficiency | 97.1 | 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)

- Hakuten brought in ¥23.3B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +23.8% from the prior year, operating profit +86.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23336351000 → ¥1920070000
- Net income → operating cash flow: ¥1920070000 → ¥2704769000（difference ¥784699000）
- Main uses of operating cash flow: CapEx ¥58151000 / dividends ¥333075000 / buybacks ¥3000
- Change in cash: ¥1852733000
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 | ¥23.3B |  |
| Operating income | ¥2.59B | Margin 11.1% |
| Net income | ¥1.91B | Margin 8.2% |
| Free cash flow | ¥2.65B |  |
| Employees (consolidated) | 586 |  |
| EPS | ¥102.76 |  |
| Book value per share | ¥282.1 |  |
| Equity ratio | 49.1% |  |
| Shares outstanding | 16,248,520 |  |
| Treasury shares | 273,100 |  |
| Shareholders | 6,560 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 44.1% | Cash ÷ revenue 19.3% |
| Vs. industry median margin | +5.5 pp | Advertising |
| ROE | 45.8% | Derived from disclosed figures |
| ROA | 21.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 44% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13943069000 | ¥23336351000 | +67.4% |
| Operating income | ¥739041000 | ¥2592865000 | +250.8% |
| Operating margin | 5.3% | 11.1% | +5.8 pp |
| Employees | 426 people | 586 people | +37.6% |
| Cash and equivalents | ¥1029156000 | ¥4495375000 | +336.8% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,336 | 100.0% | S100XV33 |
| Cost of revenue | 15,846 | 67.9% | S100XV33 |
| Gross profit | 7,491 | 32.1% | S100XV33 |
| SG&A | 4,898 | 21.0% | S100XV33 |
| Operating income | 2,593 | 11.1% | S100XV33 |
| Ordinary income | 2,581 | 11.1% | S100XV33 |
| Pretax income | 2,598 | 11.1% | S100XV33 |
| Income tax | 678 | 2.9% | S100XV33 |
| Net income | 1,920 | 8.2% | S100XV33 |
| Net income attributable to owners | 1,914 | 8.2% | S100XV33 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 21 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 32.1% → Operating margin 11.1% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.8%; Core profit growth: +86.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.61×
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 | 18,845 | 23,336 | 4,491 | +23.8% |
| Gross profit | 5,693 | 7,491 | 1,798 | +31.6% |
| Operating income | 1,394 | 2,593 | 1,199 | +86.0% |
| Net income attributable to owners | 999 | 1,914 | 915 | +91.5% |
| Operating cash flow | 1,101 | 2,705 | 1,604 | +145.7% |
| Free cash flow | 988 | 2,647 | 1,659 | +167.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 13,943 | 739 | 5.3% | 554 | 114 | -57 | S100T5W2 |
| FY ending Dec 2023 | 13,137 | 1,027 | 7.8% | 679 | 1,091 | 624 | S100VJ0L |
| FY ending Dec 2024 | 18,845 | 1,394 | 7.4% | 999 | 1,101 | 988 | S100XV33 |
| FY ending Dec 2025 | 23,336 | 2,593 | 11.1% | 1,914 | 2,705 | 2,647 | S100XV33 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.8M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 426 | 478 | 545 | 586 |
| Average salary (parent company) | — | ¥6.3M | ¥6.8M | ¥6.9M |
| Average age (parent company) | — | 35.3 years | 35.3 years | 34.8 years |
| Average tenure (parent company) | — | 7.5 years | 7.4 years | 7.0 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +23.8%

## 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 | 2,705 | 11.6% | S100XV33 |
| Capital expenditure | 58 | 0.2% | S100XV33 |
| Free cash flow | 2,647 | 11.3% | 算出 |
| Investing cash flow | -53 | -0.2% | S100XV33 |
| Financing cash flow | -800 | -3.4% | S100XV33 |
| Dividends paid | 333 | 1.4% | S100XV33 |
| Share buyback | 0 | 0.0% | S100XV33 |
| Change in cash | 1,853 | 7.9% | S100XV33 |
| Cash and equivalents | 4,495 | 19.3% | S100XV33 |

## 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 Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,029 | 2,528 | 2,643 | 4,495 | S100VJ0L, S100XV33 |
| Total assets | 4,942 | 7,667 | 7,902 | 10,183 | S100T5W2, S100VJ0L, S100XV33 |
| Net assets | 1,992 | 2,642 | 3,361 | 5,003 | S100VJ0L, S100XV33 |
| Share capital | 205 | 223 | 240 | 259 | S100T5W2, S100VJ0L, S100XV33 |
| Property, plant and equipment | 333 | 652 | 685 | 619 | S100T5W2, S100VJ0L, S100XV33 |
| Intangible assets excluding goodwill | 131 | 112 | 176 | 136 | S100T5W2, S100VJ0L, S100XV33 |
| Goodwill | — | — | 73 | 62 | S100XV33 |
| Investment securities | 9 | 7 | 2 | — | S100T5W2, S100VJ0L, S100XV33 |
| Current assets | 4,020 | 6,373 | 6,495 | 8,747 | S100T5W2, S100VJ0L, S100XV33 |
| Current liabilities | 2,778 | 3,276 | 3,231 | 4,332 | S100T5W2, S100VJ0L, S100XV33 |
| Short-term borrowings | 800 | 30 | 20 | — | S100T5W2, S100VJ0L, S100XV33 |
| Long-term borrowings | 150 | 1,688 | 1,261 | 819 | S100T5W2, S100VJ0L, S100XV33 |
| Total liabilities | 2,950 | 5,025 | 4,541 | 5,180 | S100T5W2, S100VJ0L, S100XV33 |
| Non-controlling interests | — | — | 6 | 7 | S100XV33 |
| Equity attributable to owners of parent | 1,988 | 2,639 | 3,354 | 4,996 | S100T5W2, S100VJ0L, S100XV33 |
| Retained earnings | 1,738 | 2,338 | 2,996 | 4,575 | S100T5W2, S100VJ0L, S100XV33 |
| Treasury stock | -276 | -259 | -239 | -218 | S100T5W2, S100VJ0L, S100XV33 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100XV33 |
| Property, plant and equipment | 6% | S100XV33 |
| Intangibles and goodwill | 2% | S100XV33 |
| Other assets | 48% | S100XV33 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100XV33 |
| Equity | 49% | S100XV33 |
| Other liabilities | 0% | S100XV33 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 4,942 | 7,667 | 7,902 | 10,183 |
| Equity | 1,992 | 2,642 | 3,361 | 5,003 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,029 | 2,528 | 2,643 | 4,495 |

## 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) | 2.7% | S100XV33 |
| Fixed assets ÷ total assets | 6.1% | S100XV33 |
| Goodwill ÷ parent equity | 1.2% | S100XV33 |

### 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) | 44.1% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.3% |
| Cash vs. profit gap | 791 JPY mn (of net income 41.3%) |
| Shareholder returns / net income | 17.4% |
| Shareholder returns / FCF | 12.6% |
| Shareholder payments — dividends / net income | 17.4% |
| Shareholder payments — dividends / FCF | 12.6% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 2.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 4.0% | 2.82× | 11.2% | 2.49× | 27.8% | S100T5W2 |
| 2023 | 5.2% | 1.71× | 8.9% | 2.90× | 25.7% | S100VJ0L |
| 2024 | 5.3% | 2.42× | 12.8% | 2.60× | 33.3% | S100XV33 |
| 2025 | 8.2% | 2.58× | 21.2% | 2.17× | 45.8% | S100XV33 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｔ＆Ｐホールディングス | Major shareholder | 37.3% | 2025-12-31 |
| 博展従業員持株会 | Major shareholder | 4.9% | 2025-12-31 |
| 株式会社ティーケーピー | Major shareholder | 3.9% | 2025-12-31 |
| 博展取引先持株会 | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.0% | 2025-12-31 |
| 田口 徳久 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2025-12-31 |
| 丹野 典子 | Major shareholder | 1.2% | 2025-12-31 |
| 鷲 禎弘 | Major shareholder | 0.9% | 2025-12-31 |
| 原田 淳 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/01/01－2025/12/31) | S100XV33 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV33,, |
| 有価証券報告書－第56期(2024/01/01－2024/12/31) | S100VJ0L | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ0L,, |
| 有価証券報告書－第55期(2023/04/01－2023/12/31) | S100T5W2 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5W2,, |

## 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).