# Lovable Marketing Group, Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/11/01－2025/10/31) (S100XHKO)
> Page: https://vizora.meequs.com/en/company/lovable-marketing-group
> Retrieved: 2026-09-30T23:26:56.908Z

## Company

Lovable Marketing Group, founded in 2008, is a company in Advertising listed on TSE Growth. It has 237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Lovable Marketing Group,inc. |
| Ticker | 9254 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9254.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門四丁目1番13号 |
| Representative (per filing) | 代表取締役社長 林 雅之 |
| Founded | Nov 2008 |
| Share capital | ¥50M |
| Employees (consolidated) | 237 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | October |
| Website | lmg.co.jp (https://lmg.co.jp/) |
| Corporate number | 3010401113149 |
| EDINET | E37159 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XHKO, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 51.7 | 86 |
| Cash conversion | 12.7 | 75 |
| Efficiency | 62.2 | 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)

- Lovable Marketing Group brought in ¥2.63B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +21.7% from the prior year, operating profit +16.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.63B |  |
| Operating income | ¥160.4M | Margin 6.1% |
| Net income | ¥133.2M | Margin 5.1% |
| Free cash flow | -¥17.6M |  |
| Employees (consolidated) | 237 |  |
| EPS | ¥206.9 |  |
| Diluted EPS | ¥203.62 |  |
| Book value per share | ¥290.17 |  |
| Equity ratio | 21.9% |  |
| Shares outstanding | 1,446,775 |  |
| Treasury shares | 204,600 |  |
| Shareholders | 742 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 45.4% | Cash ÷ revenue 33.1% |
| Vs. industry median margin | +0.4 pp | Advertising |
| ROE | 39.2% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2023 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1653701000 | ¥2630574000 | +59.1% |
| Operating income | ¥80294000 | ¥160351000 | +99.7% |
| Operating margin | 4.9% | 6.1% | +1.2 pp |
| Employees | 154 people | 237 people | +53.9% |
| Cash and equivalents | ¥750628000 | ¥870697000 | +16.0% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| SNSマーケティング事業 → 事業再編・廃止 | 94.6% |
| DX支援事業 → 事業再編・廃止 | 5.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,631 | 100.0% | S100XHKO |
| Cost of revenue | 1,360 | 51.7% | S100XHKO |
| Gross profit | 1,270 | 48.3% | S100XHKO |
| SG&A | 1,110 | 42.2% | S100XHKO |
| Operating income | 160 | 6.1% | S100XHKO |
| Ordinary income | 167 | 6.3% | S100XHKO |
| Pretax income | 147 | 5.6% | S100XHKO |
| Income tax | 12 | 0.5% | S100XHKO |
| Net income | 134 | 5.1% | S100XHKO |
| Net income attributable to owners | 133 | 5.1% | S100XHKO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 42 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 48.3% → Operating margin 6.1% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.7%; Core profit growth: +16.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.78×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,162 | 2,631 | 469 | +21.7% |
| Gross profit | 1,128 | 1,270 | 142 | +12.6% |
| Operating income | 137 | 160 | 23 | +16.9% |
| Net income attributable to owners | 73 | 133 | 61 | +83.4% |
| Operating cash flow | 261 | -2 | -263 | -100.7% |
| Free cash flow | 256 | -18 | -274 | -106.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 1,654 | 80 | 4.9% | 44 | -176 | -232 | S100SOH5 |
| FY ending Oct 2023 | 1,025 | 22 | 2.2% | 10 | 52 | 48 | S100V59D |
| FY ending Oct 2024 | 2,162 | 137 | 6.3% | 73 | 261 | 256 | S100XHKO |
| FY ending Oct 2025 | 2,631 | 160 | 6.1% | 133 | -2 | -18 | S100XHKO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.1M |
| Operating income per employee (consolidated) | ¥676.6K |
| Net income per employee (consolidated) | ¥561.9K |

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

| History | FY ending Mar 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 154 | 173 | 187 | 237 |
| Average salary (parent company) | — | ¥7.6M | ¥7.6M | ¥8M |
| Average age (parent company) | — | 42.3 years | 40.0 years | 40.7 years |
| Average tenure (parent company) | — | 2.8 years | 3.5 years | 3.9 years |

Year over year: Employees (consolidated) +26.7% · Revenue (consolidated) +21.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2 | -0.1% | S100XHKO |
| Capital expenditure | 16 | 0.6% | S100XHKO |
| Free cash flow | -18 | -0.7% | 算出 |
| Investing cash flow | -112 | -4.3% | S100XHKO |
| Financing cash flow | -6 | -0.2% | S100XHKO |
| Change in cash | -116 | -4.4% | S100XHKO |
| Cash and equivalents | 871 | 33.1% | S100XHKO |

## 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 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 751 | 668 | 986 | 871 | S100V59D, S100XHKO |
| Total assets | 1,411 | 1,405 | 1,727 | 1,918 | S100SOH5, S100V59D, S100XHKO |
| Net assets | 553 | 575 | 306 | 464 | S100V59D, S100XHKO |
| Share capital | 288 | 288 | 50 | 50 | S100SOH5, S100V59D, S100XHKO |
| Property, plant and equipment | 52 | 53 | 52 | 60 | S100SOH5, S100V59D, S100XHKO |
| Intangible assets excluding goodwill | 1 | 89 | 74 | 172 | S100SOH5, S100V59D, S100XHKO |
| Goodwill | — | 85 | 69 | 162 | S100V59D, S100XHKO |
| Investment securities | 10 | 40 | 45 | 52 | S100SOH5, S100V59D, S100XHKO |
| Current assets | 1,271 | 1,149 | 1,465 | 1,483 | S100SOH5, S100V59D, S100XHKO |
| Current liabilities | 582 | 584 | 886 | 993 | S100SOH5, S100V59D, S100XHKO |
| Short-term borrowings | 200 | 200 | 200 | 308 | S100SOH5, S100V59D, S100XHKO |
| Long-term borrowings | 276 | 247 | 532 | 459 | S100SOH5, S100V59D, S100XHKO |
| Total liabilities | 859 | 831 | 1,421 | 1,454 | S100SOH5, S100V59D, S100XHKO |
| Non-controlling interests | 19 | 22 | 36 | 37 | S100SOH5, S100V59D, S100XHKO |
| Equity attributable to owners of parent | 534 | 544 | 259 | 420 | S100SOH5, S100V59D, S100XHKO |
| Retained earnings | -16 | -6 | 161 | 294 | S100SOH5, S100V59D, S100XHKO |
| Treasury stock | — | — | -358 | -329 | S100XHKO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XHKO |
| Property, plant and equipment | 3% | S100XHKO |
| Intangibles and goodwill | 18% | S100XHKO |
| Investment securities | 3% | S100XHKO |
| Other assets | 31% | S100XHKO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100XHKO |
| Equity | 24% | S100XHKO |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,411 | 1,405 | 1,727 | 1,918 |
| Equity | 553 | 575 | 306 | 464 |
| Interest-bearing debt | — | — | — | — |
| Cash | 751 | 668 | 986 | 871 |

## 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) | 2.3% | S100XHKO |
| Fixed assets ÷ total assets | 3.1% | S100XHKO |
| Goodwill ÷ parent equity | 38.5% | S100XHKO |

### 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) | 45.4% |
| Cash ÷ revenue | 33.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -1.2% |
| Cash vs. profit gap | -135 JPY mn (of net income -101.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.7% | 1.17× | 3.1% | 2.64× | 8.3% | S100SOH5 |
| 2023 | 1.0% | 0.73× | 0.7% | 2.58× | 1.8% | S100V59D |
| 2024 | 3.4% | 1.38× | 4.6% | 3.90× | 18.1% | S100XHKO |
| 2025 | 5.1% | 1.44× | 7.3% | 5.37× | 39.2% | S100XHKO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| AIフュージョンキャピタルグループ株式会社 | Major shareholder | 30.2% | 2025-10-31 |
| 合同会社みやびマネージメント | Major shareholder | 14.8% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 5.8% | 2025-10-31 |
| 林 雅之 | Major shareholder | 5.8% | 2025-10-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.9% | 2025-10-31 |
| ＫＧＩ ＡＳＩＡ ＬＩＭＩＴＥＤ－ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ（常任代理人 香港上海銀行東京支店） | Major shareholder | 4.0% | 2025-10-31 |
| 各務 正人 | Major shareholder | 3.8% | 2025-10-31 |
| 長谷川 直紀 | Major shareholder | 2.1% | 2025-10-31 |
| 青木 達也 | Major shareholder | 1.5% | 2025-10-31 |
| ラバブルマーケティンググループ社員持株会 | Major shareholder | 1.5% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/11/01－2025/10/31) | S100XHKO | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHKO,, |
| 有価証券報告書－第11期(2023/11/01－2024/10/31) | S100V59D | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V59D,, |
| 有価証券報告書－第10期(2023/04/01－2023/10/31) | S100SOH5 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOH5,, |

## 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).