# KeyHolder,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/01/01－2025/12/31) (S100XSVU)
> Page: https://vizora.meequs.com/en/company/keyholder
> Retrieved: 2026-09-30T19:05:53.737Z

## Company

KeyHolder, founded in 1967, is a company in Film & Anime listed on TSE Standard. It has 1,053 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KeyHolder,Inc. |
| Ticker | 4712 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4712.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区広尾一丁目1番39号 (注)2025年8月4日付で、東京都渋谷区東三丁目16番3号より 本店移転しております。 |
| Representative (per filing) | 代表取締役社長 大出 悠史 |
| Founded | Dec 1967 |
| Share capital | ¥92.5M |
| Employees (consolidated) | 1,053 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.keyholder.co.jp (https://www.keyholder.co.jp/) |
| Corporate number | 1010001110481 |
| EDINET | E05020 |
| Industries (Vizora) | Film & Anime, Talent Agencies, Events & Ticketing, Advertising, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XSVU, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Events & Ticketing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 16.7 | 9 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 27.8 | 9 |

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 41% of KeyHolder's sales come from General Entertainment Business, with Advertising Agency Business and Video Production Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +14.6% from the prior year, operating profit -43.9%.

## Company structure

- Segment revenue mix: General Entertainment Business 40.8%、Advertising Agency Business 18.4%、Video Production Business 18.1%、Logistics Business 15.7%、Other 7.0%
- Revenue → net income: ¥35630349000 → ¥999033000
- Net income → operating cash flow: ¥999033000 → ¥3178536000（difference ¥2179503000）
- Main uses of operating cash flow: CapEx ¥174334000 / dividends — / buybacks ¥393000
- Change in cash: ¥986005000
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 | ¥35.6B |  |
| Operating income | ¥1.57B | Margin 4.4% |
| Net income | ¥857.4M | Margin 2.4% |
| Free cash flow | ¥3B |  |
| Largest business | General Entertainment Business | of segment revenue 40.8% |
| Employees (consolidated) | 1,053 |  |
| EPS | ¥45.56 |  |
| Diluted EPS | ¥45.56 |  |
| Book value per share | ¥834.82 |  |
| Equity ratio | 41.2% | Derived from disclosed figures |
| Shares outstanding | 18,967,410 |  |
| Treasury shares | 148,700 |  |
| Shareholders | 10,905 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 14.3% |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.7× net income
- FY2025, revenue is 2.1× its level five years ago
- FY2025, one segment accounts for 74% of positive segment profit

## What changed in 6 years

| Metric | FY ending Dec 2019 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4984133000 | ¥35630349000 | +614.9% |
| Operating income | ¥-419674000 | ¥1573256000 | — |
| Operating margin | -8.4% | 4.4% | +12.8 pp |
| Employees | 512 people | 1,053 people | +105.7% |
| Cash and equivalents | ¥4772151000 | ¥5096932000 | +6.8% |

### Change in segment revenue mix

Span: FY ending Dec 2019 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 総合エンターテインメント事業 → 総合エンターテインメント事業 | 32.3% |
| 映像制作事業 → 映像制作事業 | 18.1% |
| 映像制作事業 → 事業再編・廃止 | 31.1% |
| 広告代理店事業 → 広告代理店事業 | 11.2% |
| その他 → その他 | 7.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 総合エンターテインメント事業 | 8.5% |
| 新設・再編 → 広告代理店事業 | 7.2% |
| 新設・再編 → 物流事業 | 15.7% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| General Entertainment Business | 6 years | +44.3% | ¥14550401000 | 12.4% | 2 |
| Advertising Agency Business | 6 years | +50.7% | ¥6547948000 | -0.4% | 2 |
| Video Production Business | 6 years | +17.5% | ¥6445439000 | 1.5% | 2 |
| Logistics Business | — | — | ¥5605568000 | 7.5% | 2 |
| Other | 6 years | +38.0% | ¥2480992000 | 4.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,630 | 100.0% | S100XSVU |
| Cost of revenue | 29,299 | 82.2% | S100XSVU |
| Gross profit | 6,331 | 17.8% | S100XSVU |
| SG&A | 5,664 | 15.9% | S100XSVU |
| Operating income | 1,573 | 4.4% | S100XSVU |
| Pretax income | 1,058 | 3.0% | S100XSVU |
| Income tax | 59 | 0.2% | S100XSVU |
| Net income | 999 | 2.8% | S100XSVU |
| Net income attributable to owners | 857 | 2.4% | S100XSVU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 16 |
| Other operating | -2 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.8% → Operating margin 4.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.6%; Core profit growth: -43.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.01×
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 | 31,090 | 35,630 | 4,540 | +14.6% |
| Gross profit | 5,128 | 6,331 | 1,203 | +23.5% |
| Operating income | 2,805 | 1,573 | -1,232 | -43.9% |
| Net income attributable to owners | 2,501 | 857 | -1,644 | -65.7% |
| Operating cash flow | 2,350 | 3,179 | 829 | +35.3% |
| Free cash flow | 2,190 | 3,004 | 815 | +37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 8,410 | — | — | 1,244 | 2,040 | — | S100NS2Z |
| FY ending Mar 2019 | 10,612 | — | — | -159 | -1,704 | — | S100QHAX |
| FY ending Dec 2019 | 4,984 | -420 | -8.4% | -849 | 113 | -349 | S100L35T |
| FY ending Dec 2021 | 16,786 | 743 | 4.4% | 461 | 677 | 512 | S100QHAX |
| FY ending Dec 2022 | 22,063 | 2,025 | 9.2% | 1,878 | 1,649 | 1,159 | S100T518 |
| FY ending Dec 2023 | 27,514 | 1,965 | 7.1% | 2,115 | 1,073 | 959 | S100VGQR |
| FY ending Dec 2024 | 31,090 | 2,805 | 9.0% | 2,501 | 2,350 | 2,190 | S100XSVU |
| FY ending Dec 2025 | 35,630 | 1,573 | 4.4% | 857 | 3,179 | 3,004 | S100XSVU |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥814.2K |

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) | 571 | 535 | 528 | 1,010 | 1,053 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | 40.0 years | 42.0 years | 41.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 9.0 years | 11.0 years | 12.0 years | 9.0 years | 8.0 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +14.6%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| General Entertainment Business | 14,550 | 40.8% | 1,809 | 12.4% |
| Video Production Business | 6,445 | 18.1% | 95 | 1.5% |
| Advertising Agency Business | 6,548 | 18.4% | -25 | -0.4% |
| Logistics Business | 5,606 | 15.7% | 421 | 7.5% |
| Other | 2,481 | 7.0% | 115 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| General Entertainment Business | 40.8% | 74.1% | 33.3 | 12.4% |
| Video Production Business | 18.1% | 3.9% | -14.2 | 1.5% |
| Advertising Agency Business | 18.4% | — | — | -0.4% |
| Logistics Business | 15.7% | 17.3% | 1.5 | 7.5% |
| Other | 7.0% | 4.7% | -2.3 | 4.6% |

Loss-making segment (excluded from profit shares): Advertising Agency Business -25 JPY mn

Segment → industry: Video Production Business → Film & Anime / General Entertainment Business → Talent Agencies / General Entertainment Business → Events & Ticketing / Advertising Agency Business → Advertising / Logistics Business → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,179 | 8.9% | S100XSVU |
| Capital expenditure | 174 | 0.5% | S100XSVU |
| Free cash flow | 3,004 | 8.4% | 算出 |
| Investing cash flow | 252 | 0.7% | S100XSVU |
| Financing cash flow | -2,444 | -6.9% | S100XSVU |
| Share buyback | 0 | 0.0% | S100XSVU |
| Change in cash | 986 | 2.8% | S100XSVU |
| Cash and equivalents | 5,097 | 14.3% | S100XSVU |

## 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 | 3,608 | 4,539 | 5,084 | 4,111 | 5,097 | S100T518, S100VGQR, S100XSVU |
| Total assets | 27,700 | 26,422 | 27,215 | 54,274 | 54,830 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Net assets | 16,393 | 17,994 | 19,520 | 21,939 | 22,751 | S100T518, S100VGQR, S100XSVU |
| Share capital | 6,566 | 92 | 92 | 92 | 92 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Property, plant and equipment | 1,633 | 1,152 | 938 | 23,226 | 22,005 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Goodwill | 5,237 | 5,215 | 5,219 | 5,638 | 5,916 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Current assets | 9,857 | 9,598 | 10,341 | 10,421 | 12,265 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Total liabilities | 11,307 | 8,428 | 7,696 | 32,335 | 32,079 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Equity attributable to owners of parent | 16,769 | 18,390 | 19,957 | 21,933 | 22,603 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Retained earnings | 1,956 | 3,645 | 5,565 | 7,699 | 8,372 | S100QHAX, S100T518, S100VGQR, S100XSVU |
| Treasury stock | -29 | -95 | -441 | -133 | -133 | S100QHAX, S100T518, S100VGQR, S100XSVU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XSVU |
| Property, plant and equipment | 40% | S100XSVU |
| Intangibles and goodwill | 11% | — |
| Other assets | 40% | S100XSVU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100XSVU |
| Equity | 41% | S100XSVU |

### 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 | 27,700 | 26,422 | 27,215 | 54,274 | 54,830 |
| Equity | 16,393 | 17,994 | 19,520 | 21,939 | 22,751 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,608 | 4,539 | 5,084 | 4,111 | 5,097 |

## 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) | 61.8% | S100XSVU |
| Fixed assets ÷ total assets | 40.1% | S100XSVU |
| Goodwill ÷ parent equity | 26.2% | S100XSVU |

Goodwill over 4 years: 5,237 → 5,916 JPY; total investing cash flow: -1,407 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) | 9.3% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 202.0% |
| Cash vs. profit gap | 2,321 JPY mn (of net income 270.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 7.9% |

## 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 | 2.7% | 0.61× | 1.7% | 1.65× | 2.8% | S100QHAX |
| 2022 | 8.5% | 0.82× | 6.9% | 1.54× | 10.7% | S100T518 |
| 2023 | 7.7% | 1.03× | 7.9% | 1.40× | 11.0% | S100VGQR |
| 2024 | 8.0% | 0.76× | 6.1% | 1.95× | 11.9% | S100XSVU |
| 2025 | 2.4% | 0.65× | 1.6% | 2.45× | 3.9% | S100XSVU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｊトラスト株式会社 | Major shareholder | 30.1% | 2025-12-31 |
| 秋元 康 | Major shareholder | 7.6% | 2025-12-31 |
| 株式会社表参道キャピタル | Major shareholder | 7.3% | 2025-12-31 |
| 株式会社ＳＭＥＪ Ｐｌｕｓ | Major shareholder | 2.6% | 2025-12-31 |
| 森田 篤 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社フォースリー | Major shareholder | 1.6% | 2025-12-31 |
| 赤塚 善洋 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社第一興商 | Major shareholder | 1.6% | 2025-12-31 |
| 髙澤 真 | Major shareholder | 1.4% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/01/01－2025/12/31) | S100XSVU | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSVU,, |
| 有価証券報告書－第58期(2024/01/01－2024/12/31) | S100VGQR | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGQR,, |
| 有価証券報告書－第57期(2023/01/01－2023/12/31) | S100T518 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T518,, |
| 有価証券報告書－第56期(2022/01/01－2022/12/31) | S100QHAX | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHAX,, |
| 有価証券報告書－第55期(令和3年1月1日－令和3年12月31日) | S100NS2Z | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS2Z,, |
| 有価証券報告書－第54期(令和2年1月1日－令和2年12月31日) | S100L35T | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L35T,, |

## 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).