# IMAGE MAGIC Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/01/01－2025/12/31) (S100XVC1)
> Page: https://vizora.meequs.com/en/company/imagemagic
> Retrieved: 2026-09-30T22:08:13.594Z

## Company

Image Magic, founded in 1995, is a company in Printing listed on TSE Growth. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IMAGE MAGIC Inc. |
| Ticker | 7793 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7793.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区小石川一丁目3番11号 |
| Representative (per filing) | 代表取締役社長 山川 誠 |
| Founded | May 1995 |
| Share capital | ¥348M |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | imagemagic.jp (https://imagemagic.jp/) |
| Corporate number | 4030001059302 |
| EDINET | E37419 |
| Industries (Vizora) | Printing |

> Profile source: annual securities report (S100XVC1, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 76.8 | 28 |
| Cash conversion | 43.8 | 24 |
| Efficiency | 98.2 | 28 |

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)

- Image Magic brought in ¥9.4B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +21.0% from the prior year, operating profit +26.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9402044000 → ¥329881000
- Net income → operating cash flow: ¥329881000 → ¥820380000（difference ¥490499000）
- Main uses of operating cash flow: CapEx ¥390357000 / dividends ¥71508000 / buybacks ¥87272000
- Change in cash: ¥226817000
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 | ¥9.4B |  |
| Operating income | ¥556M | Margin 5.9% |
| Net income | ¥329.9M | Margin 3.5% |
| Free cash flow | ¥430M |  |
| Employees (consolidated) | 224 |  |
| EPS | ¥135.12 |  |
| Diluted EPS | ¥130.36 |  |
| Book value per share | ¥818.36 |  |
| Equity ratio | 58.6% |  |
| Shares outstanding | 2,572,235 |  |
| Treasury shares | 60,000 |  |
| Shareholders | 893 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 33.3% | Cash ÷ revenue 12.4% |
| Vs. industry median margin | +2.5 pp | Printing |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, buybacks were 1.2× dividends
- FY2025, cash is 33% of total assets

## What changed in 2 years

| Metric | FY ending Apr 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5291714000 | ¥9402044000 | +77.7% |
| Operating income | ¥69484000 | ¥556040000 | +700.2% |
| Operating margin | 1.3% | 5.9% | +4.6 pp |
| Employees | 187 people | 224 people | +19.8% |
| Cash and equivalents | ¥679539000 | ¥1167674000 | +71.8% |

### Change in segment revenue mix

Span: FY ending Apr 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,402 | 100.0% | S100XVC1 |
| Cost of revenue | 5,608 | 59.6% | 算出 |
| Gross profit | 3,794 | 40.4% | S100XVC1 |
| SG&A | 3,238 | 34.4% | S100XVC1 |
| Operating income | 556 | 5.9% | S100XVC1 |
| Ordinary income | 558 | 5.9% | S100XVC1 |
| Pretax income | 435 | 4.6% | S100XVC1 |
| Income tax | 105 | 1.1% | S100XVC1 |
| Net income | 330 | 3.5% | S100XVC1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 34 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 40.4% → Operating margin 5.9% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.0%; Core profit growth: +26.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.26×
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 | 7,767 | 9,402 | 1,635 | +21.0% |
| Gross profit | 2,960 | 3,794 | 834 | +28.2% |
| Operating income | 440 | 556 | 116 | +26.4% |
| Operating cash flow | 592 | 820 | 228 | +38.6% |
| Free cash flow | 209 | 430 | 221 | +105.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2023 | 5,292 | 69 | 1.3% | 49 | 131 | -125 | S100T6I1 |
| FY ending Dec 2023 | 4,377 | 344 | 7.9% | 220 | 425 | 96 | S100VIQG |
| FY ending Dec 2024 | 7,767 | 440 | 5.7% | 259 | 592 | 209 | S100XVC1 |
| FY ending Dec 2025 | 9,402 | 556 | 5.9% | 330 | 820 | 430 | S100XVC1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Apr 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 187 | 190 | 222 | 224 |
| Average salary (parent company) | — | ¥4.9M | ¥4.6M | ¥5M |
| Average age (parent company) | — | 35.9 years | 36.3 years | 36.2 years |
| Average tenure (parent company) | — | 4.2 years | 4.5 years | 4.9 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +21.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 820 | 8.7% | S100XVC1 |
| Capital expenditure | 390 | 4.2% | S100XVC1 |
| Free cash flow | 430 | 4.6% | 算出 |
| Investing cash flow | -389 | -4.1% | S100XVC1 |
| Financing cash flow | -205 | -2.2% | S100XVC1 |
| Dividends paid | 72 | 0.8% | S100XVC1 |
| Share buyback | 87 | 0.9% | S100XVC1 |
| Change in cash | 227 | 2.4% | S100XVC1 |
| Cash and equivalents | 1,168 | 12.4% | S100XVC1 |

## 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 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 680 | 862 | 941 | 1,168 | S100VIQG, S100XVC1 |
| Total assets | 2,335 | 2,686 | 3,023 | 3,508 | S100T6I1, S100VIQG, S100XVC1 |
| Net assets | 1,313 | 1,535 | 1,809 | 2,056 | S100VIQG, S100XVC1 |
| Share capital | 302 | 302 | 310 | 348 | S100T6I1, S100VIQG, S100XVC1 |
| Property, plant and equipment | 721 | 711 | 896 | 1,046 | S100T6I1, S100VIQG, S100XVC1 |
| Intangible assets excluding goodwill | 60 | 68 | 88 | 53 | S100T6I1, S100VIQG, S100XVC1 |
| Current assets | 1,432 | 1,762 | 1,872 | 2,256 | S100T6I1, S100VIQG, S100XVC1 |
| Current liabilities | 783 | 820 | 971 | 1,292 | S100T6I1, S100VIQG, S100XVC1 |
| Long-term borrowings | 145 | 249 | 155 | 84 | S100T6I1, S100VIQG, S100XVC1 |
| Total liabilities | 1,022 | 1,151 | 1,214 | 1,452 | S100T6I1, S100VIQG, S100XVC1 |
| Equity attributable to owners of parent | 1,313 | 1,535 | 1,809 | 2,056 | S100T6I1, S100VIQG, S100XVC1 |
| Retained earnings | 536 | 756 | 1,015 | 1,273 | S100T6I1, S100VIQG, S100XVC1 |
| Treasury stock | -0 | -0 | -0 | -87 | S100T6I1, S100VIQG, S100XVC1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XVC1 |
| Property, plant and equipment | 30% | S100XVC1 |
| Intangibles and goodwill | 2% | S100XVC1 |
| Other assets | 35% | S100XVC1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XVC1 |
| Equity | 59% | S100XVC1 |

### Balance sheet history

| Metric | FY ending Apr 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,335 | 2,686 | 3,023 | 3,508 |
| Equity | 1,313 | 1,535 | 1,809 | 2,056 |
| Interest-bearing debt | — | — | — | — |
| Cash | 680 | 862 | 941 | 1,168 |

## 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) | 11.1% | S100XVC1 |
| Fixed assets ÷ total assets | 29.8% | S100XVC1 |
| Goodwill ÷ parent equity | — | —, S100XVC1 |

### 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) | 33.3% |
| Cash ÷ revenue | 12.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 147.5% |
| Cash vs. profit gap | 490 JPY mn (of net income 148.7%) |
| Shareholder returns / net income | 48.1% |
| Shareholder returns / FCF | 36.9% |
| Shareholder payments — dividends / net income | 21.7% |
| Shareholder payments — dividends / FCF | 16.6% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 47.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 0.9% | 2.27× | 2.1% | 1.78× | 3.7% | S100T6I1 |
| 2023 | 5.0% | 1.63× | 8.2% | 1.75× | 14.4% | S100VIQG |
| 2024 | 3.3% | 2.72× | 9.1% | 1.71× | 15.5% | S100XVC1 |
| 2025 | 3.5% | 2.88× | 10.1% | 1.69× | 17.1% | S100XVC1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本創発グループ | Major shareholder | 28.2% | 2025-12-31 |
| 山川 誠 | Major shareholder | 14.2% | 2025-12-31 |
| 京田 諭 | Major shareholder | 8.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| キャブ株式会社 | Major shareholder | 3.3% | 2025-12-31 |
| ＴＯＰＰＡＮ株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社トランザクション | Major shareholder | 3.2% | 2025-12-31 |
| ＧＭＯペパボ株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| 柏木 挙志 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/01/01－2025/12/31) | S100XVC1 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVC1,, |
| 有価証券報告書－第30期(2024/01/01－2024/12/31) | S100VIQG | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIQG,, |
| 有価証券報告書－第29期(2023/05/01－2023/12/31) | S100T6I1 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6I1,, |

## 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).