# Magmag, Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/10/01－2025/09/30) (S100XBZX)
> Page: https://vizora.meequs.com/en/company/mag2
> Retrieved: 2026-09-30T20:48:15.477Z

## Company

Magmag, founded in 1999, is a company in Internet Services & Apps listed on TSE Standard. It has 18 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Magmag, Inc. |
| Ticker | 4059 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4059.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田七丁目22番17号 TOCビル10階(2025年1月14日から本店所在地 東京都品川区西五反田三丁目12番14号 西五反田プレイス8階が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 熊重 晃 |
| Founded | Jan 1999 |
| Share capital | ¥330M |
| Employees (consolidated) | 18 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | September |
| Website | www.mag2.co.jp (https://www.mag2.co.jp/) |
| Corporate number | 7011001055793 |
| EDINET | E35945 |
| Industries (Vizora) | Internet Services & Apps, Events & Ticketing |

> Profile source: annual securities report (S100XBZX, filed 2025-12-23). As of filing

## Key points (generated from figures)

- About 75% of Magmag's sales come from Platform, with Media advertising and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.5% from the prior year, operating profit +260.9%.

## Company structure

- Segment revenue mix: Platform 75.5%、Media advertising 24.1%、Other 0.4%
- Revenue → net income: ¥438853000 → ¥14267000
- Net income → operating cash flow: ¥14267000 → ¥100725000（difference ¥86458000）
- Main uses of operating cash flow: CapEx ¥18617000 / dividends ¥0 / buybacks —
- Change in cash: ¥98070000
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 | ¥438.9M |  |
| Operating income | ¥20.2M | Margin 4.6% |
| Net income | ¥14.3M | Margin 3.3% |
| Free cash flow | ¥82.1M |  |
| Largest business | Platform | of segment revenue 75.5% |
| Employees (consolidated) | 18 |  |
| EPS | ¥5.06 |  |
| Diluted EPS | ¥4.96 |  |
| Book value per share | ¥294.38 |  |
| Equity ratio | 84.7% |  |
| Shares outstanding | 2,871,600 |  |
| Shareholders | 1,166 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 93.1% | Cash ÷ revenue 211.5% |
| Vs. industry median margin | -3 pp | Internet Services & Apps |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 7.1× net income
- FY2025, employees -5% while operating income rose 261%
- FY2025, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥683174000 | ¥438853000 | -35.8% |
| Operating income | ¥145672000 | ¥20234000 | -86.1% |
| Operating margin | 21.3% | 4.6% | -16.7 pp |
| Employees | 32 people | 18 people | -43.8% |
| Cash and equivalents | ¥1262465000 | ¥928339000 | -26.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| プラットフォーム → プラットフォーム | 49.8% |
| メディア広告 → メディア広告 | 24.1% |
| メディア広告 → 事業再編・廃止 | 24.0% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → プラットフォーム | 25.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Platform | 5 years | -0.5% | ¥331243000 | 57.2% | 2 |
| Media advertising | 5 years | -20.3% | ¥105644000 | 38.7% | 2 |
| Other | 5 years | -33.2% | ¥1965000 | -18.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 439 | 100.0% | S100XBZX |
| Cost of revenue | 155 | 35.3% | S100XBZX |
| Gross profit | 284 | 64.7% | S100XBZX |
| SG&A | 264 | 60.1% | S100XBZX |
| Operating income | 20 | 4.6% | S100XBZX |
| Ordinary income | 21 | 4.7% | S100XBZX |
| Pretax income | 15 | 3.5% | S100XBZX |
| Income tax | 1 | 0.2% | S100XBZX |
| Net income | 14 | 3.3% | S100XBZX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 60 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 64.7% → Operating margin 4.6% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.5%; Core profit growth: +260.9%
Operating leverage (core profit growth ÷ revenue growth): -73.81×
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 | 455 | 439 | -16 | -3.5% |
| Gross profit | 247 | 284 | 37 | +14.8% |
| Operating income | 6 | 20 | 15 | +260.9% |
| Operating cash flow | 8 | 101 | 93 | +1127.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 714 | 205 | 28.7% | 146 | 217 | 171 | S100KFT3 |
| FY ending Sep 2020 | 683 | 146 | 21.3% | 92 | 143 | 120 | S100N4HF |
| FY ending Sep 2021 | 666 | 128 | 19.2% | 87 | 102 | — | S100PUQN |
| FY ending Sep 2022 | 573 | 9 | 1.6% | 5 | -6 | -251 | S100SIF3 |
| FY ending Sep 2023 | 475 | -79 | -16.6% | -479 | 20 | -153 | S100VMAB |
| FY ending Sep 2024 | 455 | 6 | 1.2% | -85 | 8 | — | S100XBZX |
| FY ending Sep 2025 | 439 | 20 | 4.6% | 14 | 101 | 82 | S100XBZX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥792.6K |

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) | 29 | 22 | 22 | 19 | 18 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.2M | ¥5.2M | ¥5.5M |
| Average age (parent company) | 36.2 years | 36.3 years | 37.5 years | 36.3 years | 37.5 years |
| Average tenure (parent company) | 3.5 years | 4.2 years | 3.9 years | 4.9 years | 4.6 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) -3.5%

## Segments（FY ending Sep 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Platform | 331 | 75.5% | 190 | 57.2% |
| Media advertising | 106 | 24.1% | 41 | 38.7% |
| Other | 2 | 0.4% | -0 | -18.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Platform | 75.5% | 82.3% | 6.8 | 57.2% |
| Media advertising | 24.1% | 17.7% | -6.3 | 38.7% |
| Other | 0.4% | — | — | -18.8% |

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Media advertising → Internet Services & Apps / Platform → Internet Services & Apps / Other → Events & Ticketing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 101 | 23.0% | S100XBZX |
| Capital expenditure | 19 | 4.2% | S100XBZX |
| Free cash flow | 82 | 18.7% | 算出 |
| Investing cash flow | -24 | -5.5% | S100XBZX |
| Financing cash flow | 21 | 4.9% | S100XBZX |
| Dividends paid | 0 | 0.0% | S100XBZX |
| Change in cash | 98 | 22.3% | S100XBZX |
| Cash and equivalents | 928 | 211.5% | S100XBZX |

## 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 | 1,330 | 986 | 833 | 830 | 928 | S100SIF3, S100VMAB, S100XBZX |
| Total assets | 1,576 | 1,539 | 1,035 | 965 | 998 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Net assets | 1,372 | 1,373 | 894 | 810 | 845 | S100SIF3, S100VMAB, S100XBZX |
| Share capital | 311 | 319 | 319 | 319 | 330 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Property, plant and equipment | 6 | 4 | — | — | 8 | S100PUQN, S100SIF3, S100XBZX |
| Intangible assets excluding goodwill | 104 | 311 | — | — | 9 | S100PUQN, S100SIF3, S100XBZX |
| Investment securities | 3 | 93 | 93 | 11 | 11 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Current assets | 1,447 | 1,117 | 931 | 943 | 961 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Current liabilities | 204 | 165 | 141 | 155 | 152 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Total liabilities | 204 | 165 | 141 | 155 | 152 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Equity attributable to owners of parent | 1,372 | 1,373 | 894 | 810 | 845 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Retained earnings | 554 | 540 | 61 | -24 | -9 | S100PUQN, S100SIF3, S100VMAB, S100XBZX |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100SIF3, S100VMAB, S100XBZX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 93% | S100XBZX |
| Property, plant and equipment | 1% | S100XBZX |
| Intangibles and goodwill | 1% | S100XBZX |
| Investment securities | 1% | S100XBZX |
| Other assets | 4% | S100XBZX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100XBZX |
| Equity | 85% | S100XBZX |
| Other liabilities | 0% | S100XBZX |

### 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 | 1,576 | 1,539 | 1,035 | 965 | 998 |
| Equity | 1,372 | 1,373 | 894 | 810 | 845 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,330 | 986 | 833 | 830 | 928 |

## 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) | 1.8% | S100XBZX |
| Fixed assets ÷ total assets | 0.8% | S100XBZX |
| Goodwill ÷ parent equity | — | —, S100XBZX |

### 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) | 93.1% |
| Cash ÷ revenue | 211.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 497.8% |
| Cash vs. profit gap | 86 JPY mn (of net income 606.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 23.8% |

## 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 | 13.1% | 0.42× | 5.5% | 1.15× | 6.3% | S100PUQN |
| 2022 | 0.8% | 0.37× | 0.3% | 1.13× | 0.4% | S100SIF3 |
| 2023 | — | —× | -37.2% | —× | — | S100VMAB |
| 2024 | — | —× | -8.5% | —× | — | S100XBZX |
| 2025 | 3.3% | 0.45× | 1.5% | 1.19× | 1.7% | S100XBZX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エアトリ | Major shareholder | 69.3% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.8% | 2025-09-30 |
| ＡＳＡＮＯ合同会社 | Major shareholder | 1.9% | 2025-09-30 |
| 関口 貴士 | Major shareholder | 1.2% | 2025-09-30 |
| 浅尾 直樹 | Major shareholder | 1.1% | 2025-09-30 |
| 小森 良介 | Major shareholder | 0.9% | 2025-09-30 |
| 謝 木恩 | Major shareholder | 0.7% | 2025-09-30 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 0.7% | 2025-09-30 |
| 株式会社事業家集団 | Major shareholder | 0.7% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/10/01－2025/09/30) | S100XBZX | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBZX,, |
| 訂正有価証券報告書－第26期(2023/10/01－2024/09/30) | S100VMAB | 2025-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VMAB,, |
| 有価証券報告書－第25期(2022/10/01－2023/09/30) | S100SIF3 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIF3,, |
| 有価証券報告書－第24期(令和3年10月1日－令和4年9月30日) | S100PUQN | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUQN,, |
| 有価証券報告書－第23期(令和2年10月1日－令和3年9月30日) | S100N4HF | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4HF,, |
| 有価証券報告書－第22期(令和1年10月1日－令和2年9月30日) | S100KFT3 | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFT3,, |

## 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).