# HOPE, INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2025/04/01－2026/03/31) (S100YMFF)
> Page: https://vizora.meequs.com/en/company/hope
> Retrieved: 2026-09-30T19:42:04.998Z

## Company

Hope, founded in 1993, is a company in Publishing & Bookstores listed on TSE Growth. It has 217 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOPE, INC. |
| Ticker | 6195 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6195.T) |
| Listing | TSE Growth |
| Head office | 福岡市中央区薬院一丁目14番5号 MG薬院ビル |
| Representative (per filing) | 代表取締役社長CEO 時津 孝康 |
| Founded | Oct 1993 |
| Share capital | ¥11.8M |
| Employees (consolidated) | 217 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.zaigenkakuho.com (https://www.zaigenkakuho.com/) |
| Corporate number | 3290001029577 |
| EDINET | E32405 |
| Industries (Vizora) | Publishing & Bookstores, Advertising |

> Profile source: annual securities report (S100YMFF, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 73.8 | 86 |
| Cash conversion | 35.3 | 75 |
| Efficiency | 70.3 | 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 49% of Hope's sales come from Advertising, with Jititaiworks and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +15.6% from the prior year, operating profit +18.2%.

## Company structure

- Segment revenue mix: Advertising 49.1%、Jititaiworks 42.4%、Other 8.4%
- Revenue → net income: ¥3631573000 → ¥262957000
- Net income → operating cash flow: ¥262957000 → ¥229586000（difference ¥-33371000）
- Main uses of operating cash flow: CapEx ¥60320000 / dividends — / buybacks ¥365754000
- Change in cash: ¥69514000
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 | ¥3.63B |  |
| Operating income | ¥344.8M | Margin 9.5% |
| Net income | ¥264.4M | Margin 7.3% |
| Free cash flow | ¥169.3M |  |
| Largest business | Advertising | of segment revenue 49.1% |
| Employees (consolidated) | 217 |  |
| EPS | ¥19.73 |  |
| Diluted EPS | ¥19.73 |  |
| Book value per share | ¥73.72 |  |
| Equity ratio | 40.1% |  |
| Treasury shares | 2,722,800 |  |
| Shareholders | 5,292 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 39.5% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | +3.8 pp | Advertising |
| ROE | 24.0% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.1× its level five years ago
- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34615567000 | ¥3631573000 | -89.5% |
| Operating income | ¥-6895420000 | ¥344781000 | — |
| Operating margin | -19.9% | 9.5% | +29.4 pp |
| Employees | 148 people | 217 people | +46.6% |
| Cash and equivalents | ¥1921974000 | ¥1036107000 | -46.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 広告 → 広告 | 5.0% |
| ジチタイワークス → ジチタイワークス | 0.7% |
| エネルギー → 事業再編・廃止 | 94.4% |
| その他 → その他 | 0.0% |
| 新設・再編 → 広告 | 44.2% |
| 新設・再編 → ジチタイワークス | 41.8% |
| 新設・再編 → その他 | 8.4% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Advertising | 5 years | +0.7% | ¥1784367000 | 23.7% | 2 |
| Jititaiworks | 5 years | +46.4% | ¥1541101000 | 29.1% | 2 |
| Other | 5 years | +149.1% | ¥306104000 | -8.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,632 | 100.0% | S100YMFF |
| Cost of revenue | 1,243 | 34.2% | S100YMFF |
| Gross profit | 2,389 | 65.8% | S100YMFF |
| SG&A | 2,044 | 56.3% | S100YMFF |
| Operating income | 345 | 9.5% | S100YMFF |
| Ordinary income | 347 | 9.6% | S100YMFF |
| Pretax income | 330 | 9.1% | S100YMFF |
| Income tax | 67 | 1.8% | S100YMFF |
| Net income | 263 | 7.2% | S100YMFF |
| Net income attributable to owners | 264 | 7.3% | S100YMFF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 56 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 65.8% → Operating margin 9.5% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.6%; Core profit growth: +18.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,141 | 3,632 | 491 | +15.6% |
| Gross profit | 1,885 | 2,389 | 503 | +26.7% |
| Operating income | 292 | 345 | 53 | +18.2% |
| Net income attributable to owners | 358 | 264 | -94 | -26.1% |
| Operating cash flow | 230 | 230 | -0 | -0.1% |
| Free cash flow | 194 | 169 | -24 | -12.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 34,616 | -6,895 | -19.9% | -6,979 | -2,847 | -2,868 | S100OKJZ |
| FY ending Mar 2022 | 35,631 | -16,651 | -46.7% | -19,731 | 266 | 239 | S100R6DW |
| FY ending Mar 2023 | 2,157 | 181 | 8.4% | 5,029 | 93 | 87 | S100TWFA |
| FY ending Mar 2024 | 2,554 | 228 | 8.9% | 262 | 144 | 127 | S100W8NG |
| FY ending Mar 2025 | 3,141 | 292 | 9.3% | 358 | 230 | 194 | S100YMFF |
| FY ending Mar 2026 | 3,632 | 345 | 9.5% | 264 | 230 | 169 | S100YMFF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 132 | 136 | 167 | 204 | 217 |
| Average salary (parent company) | ¥4.3M | ¥4.6M | ¥4.6M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 32.1 years | 33.1 years | 33.6 years | 33.9 years | 34.9 years |
| Average tenure (parent company) | 5.0 years | 4.9 years | 4.9 years | 4.8 years | 5.0 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +15.6%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advertising | 1,784 | 49.1% | 422 | 23.7% |
| Jititaiworks | 1,541 | 42.4% | 448 | 29.1% |
| Other | 306 | 8.4% | -27 | -8.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Advertising | 49.1% | 48.5% | -0.6 | 23.7% |
| Jititaiworks | 42.4% | 51.5% | 9.0 | 29.1% |
| Other | 8.4% | — | — | -8.7% |

Loss-making segment (excluded from profit shares): Other -27 JPY mn

Segment → industry: Jititaiworks → Publishing & Bookstores / Jititaiworks → Advertising / Advertising → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 230 | 6.3% | S100YMFF |
| Capital expenditure | 60 | 1.7% | S100YMFF |
| Free cash flow | 169 | 4.7% | 算出 |
| Investing cash flow | -237 | -6.5% | S100YMFF |
| Financing cash flow | 77 | 2.1% | S100YMFF |
| Share buyback | 366 | 10.1% | S100YMFF |
| Change in cash | 70 | 1.9% | S100YMFF |
| Cash and equivalents | 1,036 | 28.5% | S100YMFF |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 906 | 1,498 | 1,012 | 967 | 1,036 | S100TWFA, S100W8NG, S100YMFF |
| Total assets | 1,433 | 2,339 | 1,984 | 2,146 | 2,624 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Net assets | -5,602 | 742 | 1,003 | 1,150 | 1,048 | S100TWFA, S100W8NG, S100YMFF |
| Share capital | 2,717 | 30 | 11 | 12 | 12 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Property, plant and equipment | 17 | 14 | 24 | 38 | 53 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Intangible assets excluding goodwill | 25 | 18 | 10 | 103 | 112 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Goodwill | — | — | — | 80 | 67 | S100YMFF |
| Investment securities | 6 | 6 | 6 | 6 | 56 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Current assets | 1,347 | 2,227 | 1,776 | 1,805 | 2,166 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Current liabilities | 949 | 1,397 | 981 | 965 | 1,286 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Short-term borrowings | 200 | — | — | 100 | 100 | S100R6DW, S100YMFF |
| Long-term borrowings | 1,140 | 100 | — | 30 | 290 | S100R6DW, S100TWFA, S100YMFF |
| Bonds | 100 | 100 | — | — | — | S100R6DW, S100TWFA |
| Interest-bearing debt | 1,440 | — | — | — | — | 算出 |
| Total liabilities | 7,035 | 1,597 | 981 | 995 | 1,576 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Non-controlling interests | — | — | — | -5 | -7 | S100YMFF |
| Equity attributable to owners of parent | -5,616 | 736 | 1,000 | 1,155 | 1,053 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Retained earnings | -10,932 | -526 | 264 | 622 | 886 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |
| Treasury stock | -71 | -71 | -71 | -276 | -642 | S100R6DW, S100TWFA, S100W8NG, S100YMFF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YMFF |
| Property, plant and equipment | 2% | S100YMFF |
| Intangibles and goodwill | 7% | S100YMFF |
| Investment securities | 2% | S100YMFF |
| Other assets | 50% | S100YMFF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YMFF |
| Equity | 40% | S100YMFF |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,433 | 2,339 | 1,984 | 2,146 | 2,624 |
| Equity | -5,602 | 742 | 1,003 | 1,150 | 1,048 |
| Interest-bearing debt | 1,440 | — | — | — | — |
| Cash | 906 | 1,498 | 1,012 | 967 | 1,036 |

## 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) | 1.5% | S100YMFF |
| Fixed assets ÷ total assets | 2.0% | S100YMFF |
| Goodwill ÷ parent equity | 6.4% | S100YMFF |

### 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) | 39.5% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.6% |
| Cash vs. profit gap | -35 JPY mn (of net income -13.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 103.4% |

## 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 | — | —× | -1377.0% | —× | — | S100R6DW |
| 2023 | — | —× | 266.7% | —× | — | S100TWFA |
| 2024 | 10.3% | 1.18× | 12.1% | 2.49× | 30.2% | S100W8NG |
| 2025 | 11.4% | 1.52× | 17.3% | 1.92× | 33.2% | S100YMFF |
| 2026 | 7.3% | 1.52× | 11.1% | 2.16× | 24.0% | S100YMFF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社チェンジホールディングス | Major shareholder | 18.8% | 2026-03-31 |
| 株式会社Ｅ．Ｔ． | Major shareholder | 9.8% | 2026-03-31 |
| 時津 孝康 | Major shareholder | 9.7% | 2026-03-31 |
| 齋藤 将平 | Major shareholder | 2.1% | 2026-03-31 |
| 福留 大士 | Major shareholder | 1.8% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹＭ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＴ Ｅ ＰＳＭＰＪ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.6% | 2026-03-31 |
| 近藤 宏治 | Major shareholder | 1.5% | 2026-03-31 |
| 竹田 大朗 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/04/01－2026/03/31) | S100YMFF | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMFF,, |
| 有価証券報告書－第32期(2024/04/01－2025/03/31) | S100W8NG | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8NG,, |
| 有価証券報告書－第31期(2023/04/01－2024/03/31) | S100TWFA | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWFA,, |
| 有価証券報告書－第30期(2022/04/01－2023/03/31) | S100R6DW | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6DW,, |
| 有価証券報告書－第29期(令和3年7月1日－令和4年3月31日) | S100OKJZ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKJZ,, |

## 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).