# KAYAC Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XU3X)
> Page: https://vizora.meequs.com/en/company/kayac
> Retrieved: 2026-09-30T20:24:43.328Z

## Company

Kayac, founded in 1998, is a company in Advertising listed on TSE Growth. It has 618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAYAC Inc. |
| Ticker | 3904 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3904.T) |
| Listing | TSE Growth |
| Head office | 神奈川県鎌倉市御成町11番8号 |
| Representative (per filing) | 代表取締役CEO 柳澤 大輔 |
| Founded | Aug 1998 |
| Share capital | ¥900.2M |
| Employees (consolidated) | 618 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.kayac.com (https://www.kayac.com/) |
| Corporate number | 7021001010079 |
| EDINET | E31093 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XU3X, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 57 |
| Profitability | 45.9 | 86 |
| Cash conversion | 48.7 | 75 |
| Efficiency | 69.2 | 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)

- Kayac brought in ¥20.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +20.1% from the prior year, operating profit +199.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20094686000 → ¥703937000
- Net income → operating cash flow: ¥703937000 → ¥932685000（difference ¥228748000）
- Main uses of operating cash flow: CapEx ¥580096000 / dividends ¥63207000 / buybacks ¥391300000
- Change in cash: ¥470117000
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 | ¥20.1B |  |
| Operating income | ¥1.07B | Margin 5.3% |
| Net income | ¥683.9M | Margin 3.4% |
| Free cash flow | ¥352.6M |  |
| Employees (consolidated) | 618 |  |
| EPS | ¥30.82 |  |
| Book value per share | ¥340.22 |  |
| Equity ratio | 42.5% |  |
| Shares outstanding | 16,108,800 |  |
| Treasury shares | 700,200 |  |
| Shareholders | 6,207 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 38.7% | Cash ÷ revenue 26.1% |
| Vs. industry median margin | -0.3 pp | Advertising |
| ROE | 12.1% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 6.2× dividends
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8749191000 | ¥20094686000 | +129.7% |
| Operating income | ¥744582000 | ¥1071176000 | +43.9% |
| Operating margin | 8.5% | 5.3% | -3.2 pp |
| Employees | 435 people | 618 people | +42.1% |
| Cash and equivalents | ¥2513359000 | ¥5250215000 | +108.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,095 | 100.0% | S100XU3X |
| Cost of revenue | 9,180 | 45.7% | S100XU3X |
| Gross profit | 10,915 | 54.3% | S100XU3X |
| SG&A | 9,844 | 49.0% | S100XU3X |
| Operating income | 1,071 | 5.3% | S100XU3X |
| Ordinary income | 850 | 4.2% | S100XU3X |
| Pretax income | 1,105 | 5.5% | S100XU3X |
| Income tax | 401 | 2.0% | S100XU3X |
| Net income | 704 | 3.5% | S100XU3X |
| Net income attributable to owners | 684 | 3.4% | S100XU3X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 49 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 54.3% → Operating margin 5.3% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.1%; Core profit growth: +199.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.90×
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 | 16,728 | 20,095 | 3,367 | +20.1% |
| Gross profit | 9,026 | 10,915 | 1,889 | +20.9% |
| Operating income | 358 | 1,071 | 713 | +199.2% |
| Net income attributable to owners | 149 | 684 | 535 | +358.8% |
| Operating cash flow | -220 | 933 | 1,152 | — |
| Free cash flow | -440 | 353 | 793 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,382 | -535 | -8.4% | -305 | -446 | -701 | S100L1A0 |
| FY ending Dec 2020 | 8,749 | 745 | 8.5% | 505 | 1,295 | 1,209 | S100NQV4 |
| FY ending Dec 2021 | 12,566 | 1,142 | 9.1% | 829 | 490 | 352 | S100QHJX |
| FY ending Dec 2022 | 16,502 | 1,206 | 7.3% | 780 | 1,767 | 1,423 | S100T3PZ |
| FY ending Dec 2023 | 17,467 | 1,022 | 5.9% | 511 | 1,123 | 974 | S100VHYV |
| FY ending Dec 2024 | 16,728 | 358 | 2.1% | 149 | -220 | -440 | S100XU3X |
| FY ending Dec 2025 | 20,095 | 1,071 | 5.3% | 684 | 933 | 353 | S100XU3X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.5M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 496 | 577 | 572 | 612 | 618 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6.2M | ¥6.4M | ¥6.7M |
| Average age (parent company) | 33.6 years | 34.1 years | 35.0 years | 36.0 years | 37.0 years |
| Average tenure (parent company) | 5.3 years | 5.6 years | 6.1 years | 6.7 years | 7.5 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +20.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 933 | 4.6% | S100XU3X |
| Capital expenditure | 580 | 2.9% | S100XU3X |
| Free cash flow | 353 | 1.8% | 算出 |
| Investing cash flow | 87 | 0.4% | S100XU3X |
| Financing cash flow | -576 | -2.9% | S100XU3X |
| Dividends paid | 63 | 0.3% | S100XU3X |
| Share buyback | 391 | 1.9% | S100XU3X |
| Change in cash | 470 | 2.3% | S100XU3X |
| Cash and equivalents | 5,250 | 26.1% | S100XU3X |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,459 | 4,260 | 5,004 | 4,780 | 5,250 | S100T3PZ, S100VHYV, S100XU3X |
| Total assets | 7,853 | 10,980 | 11,680 | 12,875 | 13,557 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Net assets | 3,591 | 5,336 | 5,930 | 6,027 | 6,297 | S100T3PZ, S100VHYV, S100XU3X |
| Share capital | 537 | 874 | 900 | 900 | 900 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Trade receivables | 2,295 | — | — | — | — | S100QHJX |
| Property, plant and equipment | 1,522 | 1,613 | 1,629 | 1,587 | 2,009 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Intangible assets excluding goodwill | 602 | 1,165 | 903 | 1,256 | 820 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Goodwill | 344 | 851 | 699 | 885 | 452 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Investment securities | 255 | 308 | 318 | 639 | 243 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Current assets | 5,220 | 7,624 | 8,410 | 8,950 | 9,994 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Current liabilities | 2,840 | 4,284 | 4,409 | 4,772 | 5,373 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Short-term borrowings | 300 | 300 | 300 | 450 | 499 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Long-term borrowings | 1,379 | 1,317 | 1,313 | 1,992 | 1,801 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Total liabilities | 4,261 | 5,644 | 5,750 | 6,848 | 7,259 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Non-controlling interests | 282 | 472 | 474 | 468 | 500 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Equity attributable to owners of parent | 3,231 | 4,815 | 5,413 | 5,516 | 5,747 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Retained earnings | 2,216 | 2,936 | 3,385 | 3,472 | 4,093 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |
| Treasury stock | -0 | -0 | -0 | -0 | -392 | S100QHJX, S100T3PZ, S100VHYV, S100XU3X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XU3X |
| Property, plant and equipment | 15% | S100XU3X |
| Intangibles and goodwill | 9% | S100XU3X |
| Investment securities | 2% | S100XU3X |
| Other assets | 35% | S100XU3X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100XU3X |
| Equity | 46% | S100XU3X |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,853 | 10,980 | 11,680 | 12,875 | 13,557 |
| Equity | 3,591 | 5,336 | 5,930 | 6,027 | 6,297 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,459 | 4,260 | 5,004 | 4,780 | 5,250 |

## 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) | 10.0% | S100XU3X |
| Fixed assets ÷ total assets | 14.8% | S100XU3X |
| Goodwill ÷ parent equity | 7.9% | S100XU3X |

Goodwill over 4 years: 344 → 452 JPY; total investing cash flow: -2,116 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) | 38.7% |
| Cash ÷ revenue | 26.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.1% |
| Cash vs. profit gap | 249 JPY mn (of net income 36.4%) |
| Shareholder returns / net income | 66.5% |
| Shareholder returns / FCF | 128.9% |
| Shareholder payments — dividends / net income | 9.2% |
| Shareholder payments — dividends / FCF | 17.9% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 9.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.6% | 1.60× | 10.6% | 2.43× | 25.7% | S100QHJX |
| 2022 | 4.7% | 1.75× | 8.3% | 2.34× | 19.4% | S100T3PZ |
| 2023 | 2.9% | 1.54× | 4.5% | 2.22× | 10.0% | S100VHYV |
| 2024 | 0.9% | 1.36× | 1.2% | 2.25× | 2.7% | S100XU3X |
| 2025 | 3.4% | 1.52× | 5.2% | 2.35× | 12.1% | S100XU3X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 柳澤 大輔 | Major shareholder | 23.0% | 2025-12-31 |
| 貝畑 政徳 | Major shareholder | 19.5% | 2025-12-31 |
| 久場 智喜 | Major shareholder | 16.3% | 2025-12-31 |
| ㈱カインズ | Major shareholder | 3.5% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2025-12-31 |
| 渡邊 信太郎 | Major shareholder | 1.2% | 2025-12-31 |
| 山田 智則 | Major shareholder | 1.0% | 2025-12-31 |
| ＪＰモルガン証券㈱ | Major shareholder | 0.7% | 2025-12-31 |
| 松井証券㈱ | Major shareholder | 0.7% | 2025-12-31 |
| 望月 重孝 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XU3X | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU3X,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VHYV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHYV,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T3PZ | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3PZ,, |
| 訂正有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QHJX | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHJX,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NQV4 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQV4,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L1A0 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1A0,, |

## 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).