# ITmedia Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/04/01－2026/03/31) (S100YHX3)
> Page: https://vizora.meequs.com/en/company/itmedia
> Retrieved: 2026-09-30T19:42:05.723Z

## Company

ITmedia, founded in 1999, is a company in Internet Services & Apps listed on TSE Prime. It has 382 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ITmedia Inc. |
| Ticker | 2148 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2148.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区紀尾井町3番12号 |
| Representative (per filing) | 代表取締役社長 兼 CEO 小林 教至 |
| Founded | Mar 1999 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 382 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | corp.itmedia.co.jp (https://corp.itmedia.co.jp/) |
| Corporate number | 1010001092299 |
| EDINET | E05686 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100YHX3, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.5 | 57 |
| Profitability | 92.4 | 86 |
| Cash conversion | 39.3 | 75 |
| Efficiency | 22.7 | 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)

- About 80% of ITmedia's sales come from BtoB Media.segments, with BtoC Media segments making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +2.6% from the prior year, operating profit -13.0%.

## Company structure

- Segment revenue mix: BtoB Media.segments 79.6%、BtoC Media segments 20.4%
- Revenue → net income: ¥8311834000 → ¥1191686000
- Net income → operating cash flow: ¥1191686000 → ¥1366990000（difference ¥175304000）
- Main uses of operating cash flow: CapEx ¥239585000 / dividends ¥1937635000 / buybacks ¥42000
- Change in cash: ¥-625059000
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 | ¥8.31B |  |
| Operating income | ¥1.77B | Margin 21.2% |
| Net income | ¥1.19B | Margin 14.3% |
| Free cash flow | ¥1.13B |  |
| Largest business | BtoB Media.segments | of segment revenue 79.6% |
| Employees (consolidated) | 382 |  |
| EPS | ¥61.34 |  |
| Diluted EPS | ¥61.05 |  |
| Book value per share | ¥415.29 |  |
| Equity ratio | 82.2% | Derived from disclosed figures |
| Shares outstanding | 21,122,900 |  |
| Treasury shares | 1,460,000 |  |
| Shareholders | 17,441 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 56.3% | Cash ÷ revenue 71.4% |
| Vs. industry median margin | +13.6 pp | Internet Services & Apps |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 68% of positive segment profit
- FY2026, cash is 56% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6891223000 | ¥8311834000 | +20.6% |
| Operating income | ¥2022155000 | ¥1765479000 | -12.7% |
| Operating margin | 29.3% | 21.2% | -8.1 pp |
| Employees | 260 people | 382 people | +46.9% |
| Cash and equivalents | ¥5877480000 | ¥5936942000 | +1.0% |

### Change in segment revenue mix

Span: FY ending Mar 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 |
| --- | ---: |
| リードジェン事業 → 事業再編・廃止 | 46.0% |
| メディア広告事業 → 事業再編・廃止 | 54.0% |
| 新設・再編 → BtoBメディア事業 | 79.6% |
| 新設・再編 → BtoCメディア事業 | 20.4% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,312 | 100.0% | S100YHX3 |
| Cost of revenue | 3,212 | 38.6% | S100YHX3 |
| Gross profit | 5,100 | 61.4% | S100YHX3 |
| SG&A | 3,330 | 40.1% | S100YHX3 |
| Operating income | 1,765 | 21.2% | S100YHX3 |
| Pretax income | 1,801 | 21.7% | S100YHX3 |
| Income tax | 610 | 7.3% | S100YHX3 |
| Net income | 1,192 | 14.3% | S100YHX3 |
| Net income attributable to owners | 1,192 | 14.3% | S100YHX3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 40 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 61.4% → Operating margin 21.2% → Net margin 14.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.6%; Core profit growth: -13.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.99×
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 | 8,101 | 8,312 | 211 | +2.6% |
| Gross profit | 5,037 | 5,100 | 63 | +1.3% |
| Operating income | 2,029 | 1,765 | -263 | -13.0% |
| Net income attributable to owners | 1,497 | 1,192 | -305 | -20.4% |
| Operating cash flow | 1,841 | 1,367 | -474 | -25.7% |
| Free cash flow | 1,665 | 1,127 | -537 | -32.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,279 | 1,172 | 22.2% | 781 | 1,317 | 1,311 | S100LZCI |
| FY ending Mar 2021 | 6,891 | 2,022 | 29.3% | 1,255 | 2,212 | 2,134 | S100OE62 |
| FY ending Mar 2022 | 8,092 | 2,687 | 33.2% | 1,801 | 1,989 | 1,931 | S100R4FX |
| FY ending Mar 2023 | 8,753 | 2,930 | 33.5% | 1,975 | 1,876 | 1,823 | S100TVJM |
| FY ending Mar 2024 | 8,001 | 2,228 | 27.8% | 1,502 | 1,374 | 1,173 | S100W4AK |
| FY ending Mar 2025 | 8,101 | 2,029 | 25.0% | 1,497 | 1,841 | 1,665 | S100YHX3 |
| FY ending Mar 2026 | 8,312 | 1,765 | 21.2% | 1,192 | 1,367 | 1,127 | S100YHX3 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.8M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 281 | 322 | 339 | 346 | 382 |
| Average salary (parent company) | ¥7.2M | ¥7M | ¥6.6M | ¥6.8M | ¥7M |
| Average age (parent company) | 38.8 years | 38.8 years | 38.9 years | 39.6 years | 39.9 years |
| Average tenure (parent company) | 7.9 years | 7.8 years | 7.7 years | 8.4 years | 8.6 years |

Year over year: Employees (consolidated) +10.4% · Revenue (consolidated) +2.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BtoB Media.segments | 6,620 | 79.6% | 1,208 | 18.2% |
| BtoC Media segments | 1,692 | 20.4% | 558 | 33.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| BtoB Media.segments | 79.6% | 68.4% | -11.2 | 18.2% |
| BtoC Media segments | 20.4% | 31.6% | 11.2 | 33.0% |

Segment → industry: BtoC Media segments → Internet Services & Apps / BtoB Media.segments → Internet Services & Apps / BtoB Media.segments → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,367 | 16.4% | S100YHX3 |
| Capital expenditure | 240 | 2.9% | S100YHX3 |
| Free cash flow | 1,127 | 13.6% | 算出 |
| Investing cash flow | 54 | 0.7% | S100YHX3 |
| Financing cash flow | -2,046 | -24.6% | S100YHX3 |
| Dividends paid | 1,938 | 23.3% | S100YHX3 |
| Share buyback | 0 | 0.0% | S100YHX3 |
| Change in cash | -625 | -7.5% | S100YHX3 |
| Cash and equivalents | 5,937 | 71.4% | S100YHX3 |

## 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 | 6,816 | 7,979 | 7,942 | 6,562 | 5,937 | S100TVJM, S100W4AK, S100YHX3 |
| Total assets | 10,049 | 11,158 | 11,378 | 10,999 | 10,546 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Net assets | 7,933 | 9,429 | 9,804 | 9,380 | 8,665 | S100TVJM, S100W4AK, S100YHX3 |
| Share capital | 1,826 | 1,834 | 1,883 | 1,892 | 1,910 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Property, plant and equipment | 122 | 176 | 153 | 132 | 114 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Goodwill | 443 | 443 | 443 | 443 | 461 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Current assets | 8,728 | 9,997 | 10,109 | 9,112 | 8,140 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Total liabilities | 2,116 | 1,729 | 1,574 | 1,619 | 1,881 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Equity attributable to owners of parent | 7,933 | 9,429 | 9,804 | 9,380 | 8,665 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Retained earnings | 5,143 | 6,604 | 7,537 | 7,096 | 6,346 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |
| Treasury stock | -1,145 | -1,145 | -1,796 | -1,789 | -1,789 | S100R4FX, S100TVJM, S100W4AK, S100YHX3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YHX3 |
| Property, plant and equipment | 1% | S100YHX3 |
| Intangibles and goodwill | 5% | — |
| Other assets | 38% | S100YHX3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YHX3 |
| Equity | 82% | S100YHX3 |

### 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 | 10,049 | 11,158 | 11,378 | 10,999 | 10,546 |
| Equity | 7,933 | 9,429 | 9,804 | 9,380 | 8,665 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,816 | 7,979 | 7,942 | 6,562 | 5,937 |

## 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) | 1.4% | S100YHX3 |
| Fixed assets ÷ total assets | 1.1% | S100YHX3 |
| Goodwill ÷ parent equity | 5.3% | S100YHX3 |

Goodwill over 4 years: 443 → 461 JPY; total investing cash flow: -1,187 JPY. This does not imply causation.

### 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) | 56.3% |
| Cash ÷ revenue | 71.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.4% |
| Cash vs. profit gap | 175 JPY mn (of net income 14.7%) |
| Shareholder returns / net income | 162.6% |
| Shareholder returns / FCF | 171.9% |
| Shareholder payments — dividends / net income | 162.6% |
| Shareholder payments — dividends / FCF | 171.9% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 4.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 22.3% | 0.81× | 17.9% | 1.27× | 22.7% | S100R4FX |
| 2023 | 22.6% | 0.83× | 18.6% | 1.22× | 22.7% | S100TVJM |
| 2024 | 18.8% | 0.71× | 13.3% | 1.17× | 15.6% | S100W4AK |
| 2025 | 18.5% | 0.72× | 13.4% | 1.17× | 15.6% | S100YHX3 |
| 2026 | 14.3% | 0.77× | 11.1% | 1.19× | 13.2% | S100YHX3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＢメディアホールディングス株式会社 | Major shareholder | 53.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 新野 淳一 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 0.9% | 2026-03-31 |
| 小林 教至 | Major shareholder | 0.8% | 2026-03-31 |
| アイティメディア従業員持株会 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2026-03-31 |
| 大槻 利樹 | Major shareholder | 0.5% | 2026-03-31 |
| 後藤 周子 | Major shareholder | 0.5% | 2026-03-31 |
| 加賀谷 昭大 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YHX3 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHX3,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100W4AK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4AK,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TVJM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVJM,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100R4FX | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4FX,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100OE62 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE62,, |
| 訂正有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LZCI | 2021-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LZCI,, |

## 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).