# Intimate Merger, Inc.: 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13期(2024/10/01－2025/09/30) (S100XBTQ)
> Page: https://vizora.meequs.com/en/company/intimate-merger
> Retrieved: 2026-09-30T21:35:04.430Z

## Company

Intimate Merger, founded in 2020, is a company in Advertising listed on TSE Growth. It has 57 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Intimate Merger, Inc. |
| Ticker | 7072 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7072.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目5番27号 |
| Representative (per filing) | 代表取締役社長 簗島 亮次 |
| Founded | Mar 2020 |
| Share capital | ¥478.2M |
| Employees (consolidated) | 57 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | corp.intimatemerger.com (https://corp.intimatemerger.com/) |
| Corporate number | 4010001154311 |
| EDINET | E35157 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XBTQ, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64 | 57 |
| Profitability | 56.4 | 86 |
| Cash conversion | 54 | 75 |
| Efficiency | 72.7 | 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)

- Intimate Merger brought in ¥3.36B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +164.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3363631000 → ¥156711000
- Net income → operating cash flow: ¥156711000 → ¥218480000（difference ¥61769000）
- Main uses of operating cash flow: CapEx ¥490000 / dividends — / buybacks ¥216274000
- Change in cash: ¥3670000
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 | ¥3.36B |  |
| Operating income | ¥227.7M | Margin 6.8% |
| Net income | ¥153.5M | Margin 4.6% |
| Free cash flow | ¥218M |  |
| Employees (consolidated) | 57 |  |
| EPS | ¥46.28 |  |
| Diluted EPS | ¥45.72 |  |
| Book value per share | ¥489.86 |  |
| Equity ratio | 69.1% |  |
| Shares outstanding | 3,120,350 |  |
| Treasury shares | 21,200 |  |
| Shareholders | 2,338 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 74.2% | Cash ÷ revenue 48.3% |
| Vs. industry median margin | +1.1 pp | Advertising |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 74% of total assets
- FY2025, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2042303000 | ¥3363631000 | +64.7% |
| Operating income | ¥57527000 | ¥227702000 | +295.8% |
| Operating margin | 2.8% | 6.8% | +4 pp |
| Employees | 40 people | 57 people | +42.5% |
| Cash and equivalents | ¥1168007000 | ¥1625786000 | +39.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,364 | 100.0% | S100XBTQ |
| Cost of revenue | 2,477 | 73.6% | S100XBTQ |
| Gross profit | 887 | 26.4% | S100XBTQ |
| SG&A | 659 | 19.6% | S100XBTQ |
| Operating income | 228 | 6.8% | S100XBTQ |
| Ordinary income | 229 | 6.8% | S100XBTQ |
| Pretax income | 229 | 6.8% | S100XBTQ |
| Income tax | 73 | 2.2% | S100XBTQ |
| Net income | 157 | 4.7% | S100XBTQ |
| Net income attributable to owners | 153 | 4.6% | S100XBTQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 19 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.4% → Operating margin 6.8% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +164.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.35×
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 | 2,995 | 3,364 | 368 | +12.3% |
| Gross profit | 745 | 887 | 142 | +19.0% |
| Operating income | 86 | 228 | 142 | +164.2% |
| Net income attributable to owners | 57 | 153 | 96 | +168.3% |
| Operating cash flow | 10 | 218 | 208 | +1997.9% |
| Free cash flow | 9 | 218 | 209 | +2269.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 2,042 | 58 | 2.8% | 20 | -40 | -48 | S100N443 |
| FY ending Sep 2021 | 2,017 | 52 | 2.6% | 30 | 98 | 98 | S100PUIR |
| FY ending Sep 2022 | 2,801 | 94 | 3.4% | 71 | 90 | 87 | S100SI9A |
| FY ending Sep 2023 | 2,982 | 139 | 4.7% | 101 | 149 | 148 | S100UZJ7 |
| FY ending Sep 2024 | 2,995 | 86 | 2.9% | 57 | 10 | 9 | S100XBTQ |
| FY ending Sep 2025 | 3,364 | 228 | 6.8% | 153 | 218 | 218 | S100XBTQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 41 | 53 | 56 | 55 | 57 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥6.4M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 31.0 years | 30.8 years | 30.4 years | 30.6 years | 31.4 years |
| Average tenure (parent company) | 2.2 years | 2.7 years | 2.8 years | 3.0 years | 3.6 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +12.3%

## 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 | 218 | 6.5% | S100XBTQ |
| Capital expenditure | 0 | 0.0% | S100XBTQ |
| Free cash flow | 218 | 6.5% | 算出 |
| Investing cash flow | -0 | -0.0% | S100XBTQ |
| Financing cash flow | -214 | -6.4% | S100XBTQ |
| Share buyback | 216 | 6.4% | S100XBTQ |
| Change in cash | 4 | 0.1% | S100XBTQ |
| Cash and equivalents | 1,626 | 48.3% | S100XBTQ |

## 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 | 1,351 | 1,460 | 1,611 | 1,622 | 1,626 | S100SI9A, S100UZJ7, S100XBTQ |
| Total assets | 1,755 | 1,988 | 2,093 | 2,122 | 2,191 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Net assets | 1,315 | 1,418 | 1,531 | 1,604 | 1,556 | S100SI9A, S100UZJ7, S100XBTQ |
| Share capital | 453 | 470 | 474 | 477 | 478 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Property, plant and equipment | 10 | 11 | 9 | 8 | 7 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Intangible assets excluding goodwill | 1 | 1 | 0 | — | — | S100PUIR, S100SI9A, S100UZJ7 |
| Current assets | 1,689 | 1,911 | 2,018 | 2,050 | 2,112 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Current liabilities | 334 | 463 | 456 | 411 | 546 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Long-term borrowings | 100 | 100 | 100 | 100 | 80 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Total liabilities | 440 | 569 | 562 | 518 | 635 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Non-controlling interests | 24 | 19 | 19 | 22 | 25 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Equity attributable to owners of parent | 1,291 | 1,399 | 1,508 | 1,571 | 1,514 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Retained earnings | 404 | 480 | 581 | 638 | 596 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |
| Treasury stock | -0 | -0 | -0 | -0 | -19 | S100PUIR, S100SI9A, S100UZJ7, S100XBTQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100XBTQ |
| Property, plant and equipment | 0% | S100XBTQ |
| Other assets | 26% | S100XBTQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XBTQ |
| Equity | 71% | S100XBTQ |
| Other liabilities | 0% | S100XBTQ |

### 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 | 1,755 | 1,988 | 2,093 | 2,122 | 2,191 |
| Equity | 1,315 | 1,418 | 1,531 | 1,604 | 1,556 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,351 | 1,460 | 1,611 | 1,622 | 1,626 |

## 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) | 0.2% | S100XBTQ |
| Fixed assets ÷ total assets | 0.3% | S100XBTQ |
| Goodwill ÷ parent equity | — | —, S100XBTQ |

### 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) | 74.2% |
| Cash ÷ revenue | 48.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.9% |
| Cash vs. profit gap | 65 JPY mn (of net income 42.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.2% |

## 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 | 1.5% | 1.15× | 1.7% | 1.36× | 2.3% | S100PUIR |
| 2022 | 2.5% | 1.50× | 3.8% | 1.39× | 5.2% | S100SI9A |
| 2023 | 3.4% | 1.46× | 4.9% | 1.40× | 6.9% | S100UZJ7 |
| 2024 | 1.9% | 1.42× | 2.7% | 1.37× | 3.7% | S100XBTQ |
| 2025 | 4.6% | 1.56× | 7.1% | 1.40× | 9.9% | S100XBTQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フリークアウト・ホールディングス | Major shareholder | 40.1% | 2025-09-30 |
| 簗島 亮次 | Major shareholder | 13.6% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 株式会社インテージホールディングス | Major shareholder | 2.0% | 2025-09-30 |
| 株式会社ＳＢＩ新生銀行 | Major shareholder | 1.6% | 2025-09-30 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2025-09-30 |
| 石井 誠 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/10/01－2025/09/30) | S100XBTQ | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBTQ,, |
| 有価証券報告書－第12期(2023/10/01－2024/09/30) | S100UZJ7 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZJ7,, |
| 有価証券報告書－第11期(2022/10/01－2023/09/30) | S100SI9A | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI9A,, |
| 有価証券報告書－第10期(令和3年10月1日－令和4年9月30日) | S100PUIR | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUIR,, |
| 有価証券報告書－第9期(令和2年10月1日－令和3年9月30日) | S100N443 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N443,, |
| 有価証券報告書－第8期(令和1年10月1日－令和2年9月30日) | S100KE5O | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE5O,, |

## 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).