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

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/10/01－2025/09/30) (S100XC5E)
> Page: https://vizora.meequs.com/en/company/interspace
> Retrieved: 2026-09-30T21:06:45.465Z

## Company

Interspace, founded in 1999, is a company in Internet Services & Apps listed on TSE Standard. It has 405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Interspace Co.,Ltd. |
| Ticker | 2122 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2122.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目4番1号 |
| Representative (per filing) | 代表取締役 執行役員社長 河端 伸一郎 |
| Founded | Nov 1999 |
| Share capital | ¥984.7M |
| Employees (consolidated) | 405 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.interspace.ne.jp (https://www.interspace.ne.jp/) |
| Corporate number | 8011101028715 |
| EDINET | E05623 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100XC5E, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.4 | 57 |
| Profitability | 36.6 | 86 |
| Cash conversion | 26 | 75 |
| Efficiency | 25 | 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 78% of Interspace's sales come from Performance Marketing Business, with Media Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +11.8% from the prior year, operating profit -33.2%.

## Company structure

- Segment revenue mix: Performance Marketing Business 77.6%、Media Business 22.4%
- Revenue → net income: ¥8846245000 → ¥206005000
- Net income → operating cash flow: ¥206005000 → ¥169632000（difference ¥-36373000）
- Main uses of operating cash flow: CapEx ¥318674000 / dividends ¥187927000 / buybacks —
- Change in cash: ¥-359512000
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 | ¥8.85B |  |
| Operating income | ¥371.2M | Margin 4.2% |
| Net income | ¥206M | Margin 2.3% |
| Free cash flow | -¥149M |  |
| Largest business | Performance Marketing Business | of segment revenue 77.6% |
| Employees (consolidated) | 405 |  |
| EPS | ¥-9.83 |  |
| Book value per share | ¥764.77 |  |
| Equity ratio | 50.4% |  |
| Shares outstanding | 6,967,200 |  |
| Treasury shares | 690,300 |  |
| Shareholders | 1,865 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 50.0% | Cash ÷ revenue 63.2% |
| Vs. industry median margin | -1.4 pp | Advertising |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.4× its level five years ago
- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24880448000 | ¥8846245000 | -64.4% |
| Operating income | ¥452103000 | ¥371205000 | -17.9% |
| Operating margin | 1.8% | 4.2% | +2.4 pp |
| Employees | 446 people | 405 people | -9.2% |
| Cash and equivalents | ¥4348771000 | ¥5594460000 | +28.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インターネット広告 → 事業再編・廃止 | 95.2% |
| メディア → メディア | 4.8% |
| 新設・再編 → パフォーマンスマーケティング | 77.6% |
| 新設・再編 → メディア | 17.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,846 | 100.0% | S100XC5E |
| Cost of revenue | 1,536 | 17.4% | S100XC5E |
| Gross profit | 7,310 | 82.6% | S100XC5E |
| SG&A | 6,939 | 78.4% | S100XC5E |
| Operating income | 371 | 4.2% | S100XC5E |
| Ordinary income | 399 | 4.5% | S100XC5E |
| Pretax income | 361 | 4.1% | S100XC5E |
| Income tax | 155 | 1.8% | S100XC5E |
| Net income | 206 | 2.3% | S100XC5E |
| Net income attributable to owners | 206 | 2.3% | S100XC5E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 79 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 82.6% → Operating margin 4.2% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.8%; Core profit growth: -33.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.81×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,910 | 8,846 | 936 | +11.8% |
| Gross profit | 6,359 | 7,310 | 951 | +15.0% |
| Operating income | 556 | 371 | -185 | -33.2% |
| Net income attributable to owners | 60 | 206 | 146 | +246.1% |
| Operating cash flow | 837 | 170 | -667 | -79.7% |
| Free cash flow | 529 | -149 | -678 | -128.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 28,552 | 877 | 3.1% | 446 | 781 | 478 | S100KFUH |
| FY ending Sep 2020 | 24,880 | 452 | 1.8% | 259 | 604 | 353 | S100N53R |
| FY ending Sep 2021 | 23,142 | 484 | 2.1% | 428 | 1,367 | 1,196 | S100PVFZ |
| FY ending Sep 2022 | 7,123 | 1,067 | 15.0% | 563 | 1,180 | 971 | S100SJ2T |
| FY ending Sep 2023 | 7,285 | 792 | 10.9% | 586 | 513 | 213 | S100UZXG |
| FY ending Sep 2024 | 7,910 | 556 | 7.0% | 60 | 837 | 529 | S100XC5E |
| FY ending Sep 2025 | 8,846 | 371 | 4.2% | 206 | 170 | -149 | S100XC5E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥916.6K |
| Net income per employee (consolidated) | ¥508.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 423 | 407 | 413 | 414 | 405 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.2M | ¥6.3M | ¥6.8M |
| Average age (parent company) | 34.2 years | 35.2 years | 35.9 years | 36.6 years | 37.3 years |
| Average tenure (parent company) | 5.9 years | 6.8 years | 7.5 years | 8.3 years | 9.0 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +11.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Performance Marketing Business | 5,839 | 77.6% | 308 | 5.3% |
| Media Business | 1,687 | 22.4% | 63 | 3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Performance Marketing Business | 77.6% | 83.0% | 5.4 | 5.3% |
| Media Business | 22.4% | 17.0% | -5.4 | 3.7% |

Segment → industry: Media Business → Internet Services & Apps / Performance Marketing Business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 170 | 1.9% | S100XC5E |
| Capital expenditure | 319 | 3.6% | S100XC5E |
| Free cash flow | -149 | -1.7% | 算出 |
| Investing cash flow | -334 | -3.8% | S100XC5E |
| Financing cash flow | -188 | -2.1% | S100XC5E |
| Dividends paid | 188 | 2.1% | S100XC5E |
| Change in cash | -360 | -4.1% | S100XC5E |
| Cash and equivalents | 5,594 | 63.2% | S100XC5E |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,457 | 5,756 | 5,632 | 5,954 | 5,594 | S100SJ2T, S100UZXG, S100XC5E |
| Total assets | 10,281 | 11,067 | 11,094 | 11,233 | 11,181 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Net assets | 5,453 | 5,355 | 5,781 | 5,642 | 5,636 | S100SJ2T, S100UZXG, S100XC5E |
| Share capital | 985 | 985 | 985 | 985 | 985 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Property, plant and equipment | 170 | 145 | 175 | 185 | 176 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Intangible assets excluding goodwill | 595 | 396 | 585 | 502 | 578 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Goodwill | 231 | — | 129 | — | — | S100PVFZ, S100UZXG |
| Investment securities | 400 | 460 | 596 | 483 | 473 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Current assets | 8,726 | 9,651 | 9,339 | 9,628 | 9,477 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Current liabilities | 4,754 | 5,643 | 5,245 | 5,524 | 5,482 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Total liabilities | 4,828 | 5,712 | 5,314 | 5,591 | 5,545 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Equity attributable to owners of parent | 5,399 | 5,305 | 5,734 | 5,637 | 5,654 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Retained earnings | 3,793 | 4,222 | 4,651 | 4,553 | 4,571 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |
| Treasury stock | -104 | -626 | -626 | -626 | -626 | S100PVFZ, S100SJ2T, S100UZXG, S100XC5E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XC5E |
| Property, plant and equipment | 2% | S100XC5E |
| Intangibles and goodwill | 5% | S100XC5E |
| Investment securities | 4% | S100XC5E |
| Other assets | 39% | S100XC5E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XC5E |
| Equity | 50% | S100XC5E |
| Other liabilities | 0% | S100XC5E |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,281 | 11,067 | 11,094 | 11,233 | 11,181 |
| Equity | 5,453 | 5,355 | 5,781 | 5,642 | 5,636 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,457 | 5,756 | 5,632 | 5,954 | 5,594 |

## 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) | 2.0% | S100XC5E |
| Fixed assets ÷ total assets | 1.6% | S100XC5E |
| Goodwill ÷ parent equity | — | —, S100XC5E |

### 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) | 50.0% |
| Cash ÷ revenue | 63.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 45.7% |
| Cash vs. profit gap | -36 JPY mn (of net income -17.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 196.7% |

## 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 | 1.8% | 2.25× | 4.2% | 1.90× | 7.9% | S100PVFZ |
| 2022 | 7.9% | 0.67× | 5.3% | 1.99× | 10.5% | S100SJ2T |
| 2023 | 8.0% | 0.66× | 5.3% | 2.01× | 10.6% | S100UZXG |
| 2024 | 0.8% | 0.71× | 0.5% | 1.96× | 1.0% | S100XC5E |
| 2025 | 2.3% | 0.79× | 1.8% | 1.99× | 3.6% | S100XC5E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 河端 伸一郎 | Major shareholder | 46.7% | 2025-09-30 |
| 藤田 由里子 | Major shareholder | 8.3% | 2025-09-30 |
| 河端 隼平 | Major shareholder | 8.3% | 2025-09-30 |
| 河端 雄樹 | Major shareholder | 4.6% | 2025-09-30 |
| 河端 繁 | Major shareholder | 3.7% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 2.5% | 2025-09-30 |
| 原田 茂行 | Major shareholder | 2.4% | 2025-09-30 |
| インタースペース社員持株会 | Major shareholder | 2.4% | 2025-09-30 |
| 小川 三穂子 | Major shareholder | 0.9% | 2025-09-30 |
| 橋本 憲子 | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/10/01－2025/09/30) | S100XC5E | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC5E,, |
| 有価証券報告書－第25期(2023/10/01－2024/09/30) | S100UZXG | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZXG,, |
| 有価証券報告書－第24期(2022/10/01－2023/09/30) | S100SJ2T | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ2T,, |
| 有価証券報告書－第23期(令和3年10月1日－令和4年9月30日) | S100PVFZ | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVFZ,, |
| 有価証券報告書－第22期(令和2年10月1日－令和3年9月30日) | S100N53R | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N53R,, |
| 有価証券報告書－第21期(令和1年10月1日－令和2年9月30日) | S100KFUH | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFUH,, |

## 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).