# Marvelous Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/04/01－2026/03/31) (S100YGG0)
> Page: https://vizora.meequs.com/en/company/marvelous
> Retrieved: 2026-09-30T20:58:35.809Z

## Company

Marvelous, founded in 1997, is a company in Games listed on TSE Prime. It has 655 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Marvelous Inc. |
| Ticker | 7844 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7844.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川四丁目12番8号 |
| Representative (per filing) | 代表取締役社長 照井 慎一 |
| Founded | Jun 1997 |
| Share capital | ¥3.61B |
| Employees (consolidated) | 655 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | corp.marv.jp (https://corp.marv.jp/) |
| Corporate number | 3010701022537 |
| EDINET | E02467 |
| Industries (Vizora) | Games, Film & Anime, Music & Live Entertainment |

> Profile source: annual securities report (S100YGG0, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.6 | 36 |
| Profitability | 54.9 | 41 |
| Cash conversion | 95.2 | 31 |
| Efficiency | 64.6 | 41 |

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 54% of Marvelous's sales come from Digital contents Enterprise, with Amusement Enterprise and Audiovisual Enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +35.8% from the prior year, operating profit +23.7%.

## Company structure

- Segment revenue mix: Digital contents Enterprise 53.9%、Amusement Enterprise 33.5%、Audiovisual Enterprise 12.6%
- Revenue → net income: ¥37982000000 → ¥1981000000
- Net income → operating cash flow: ¥1981000000 → ¥11344000000（difference ¥9363000000）
- Main uses of operating cash flow: CapEx ¥1536000000 / dividends ¥608000000 / buybacks ¥0
- Change in cash: ¥9608000000
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 | ¥38B |  |
| Operating income | ¥2.25B | Margin 5.9% |
| Net income | ¥1.99B | Margin 5.2% |
| Free cash flow | ¥9.81B |  |
| Largest business | Digital contents Enterprise | of segment revenue 53.9% |
| Employees (consolidated) | 655 |  |
| EPS | ¥20.52 |  |
| Book value per share | ¥379.04 |  |
| Equity ratio | 78.1% |  |
| Shares outstanding | 62,216,400 |  |
| Treasury shares | 1,372,600 |  |
| Shareholders | 21,651 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 49.2% | Cash ÷ revenue 46.0% |
| Vs. industry median margin | +0.5 pp | Games |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.7× net income
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, segment profit share differs by 44 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25520000000 | ¥37982000000 | +48.8% |
| Operating income | ¥4414000000 | ¥2248000000 | -49.1% |
| Operating margin | 17.3% | 5.9% | -11.4 pp |
| Employees | 582 people | 655 people | +12.5% |
| Cash and equivalents | ¥16403000000 | ¥17488000000 | +6.6% |

### 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 |
| --- | ---: |
| オンライン事業 → 事業再編・廃止 | 29.4% |
| コンシューマ事業 → 事業再編・廃止 | 56.7% |
| 音楽映像事業 → 事業再編・廃止 | 13.9% |
| 新設・再編 → デジタルコンテンツ事業 | 53.9% |
| 新設・再編 → アミューズメント事業 | 33.5% |
| 新設・再編 → 音楽映像事業 | 12.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital contents Enterprise | — | — | ¥20489000000 | -0.3% | 2 |
| Amusement Enterprise | — | — | ¥12711000000 | 24.9% | 2 |
| Audiovisual Enterprise | — | — | ¥4781000000 | 19.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,982 | 100.0% | S100YGG0 |
| Cost of revenue | 24,482 | 64.5% | S100YGG0 |
| Gross profit | 13,500 | 35.5% | S100YGG0 |
| SG&A | 11,251 | 29.6% | S100YGG0 |
| Operating income | 2,248 | 5.9% | S100YGG0 |
| Ordinary income | 2,856 | 7.5% | S100YGG0 |
| Pretax income | 2,558 | 6.7% | S100YGG0 |
| Income tax | 576 | 1.5% | S100YGG0 |
| Net income | 1,981 | 5.2% | S100YGG0 |
| Net income attributable to owners | 1,994 | 5.2% | S100YGG0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 30 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 35.5% → Operating margin 5.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.8%; Core profit growth: +23.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 27,963 | 37,982 | 10,019 | +35.8% |
| Gross profit | 12,930 | 13,500 | 570 | +4.4% |
| Operating income | 1,817 | 2,248 | 431 | +23.7% |
| Net income attributable to owners | 818 | 1,994 | 1,176 | +143.8% |
| Operating cash flow | -101 | 11,344 | 11,445 | — |
| Free cash flow | -3,555 | 9,808 | 13,363 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,365 | 2,449 | 9.7% | 1,797 | 2,233 | 986 | S100LLOC |
| FY ending Mar 2021 | 25,520 | 4,414 | 17.3% | 3,265 | 4,382 | 1,932 | S100OB1E |
| FY ending Mar 2022 | 25,728 | 4,600 | 17.9% | 3,817 | 2,820 | 1,750 | S100QZGX |
| FY ending Mar 2023 | 25,341 | 2,488 | 9.8% | 1,925 | 976 | -1,065 | S100TP3R |
| FY ending Mar 2024 | 29,493 | 2,415 | 8.2% | -517 | 2,892 | -128 | S100W1QH |
| FY ending Mar 2025 | 27,963 | 1,817 | 6.5% | 818 | -101 | -3,555 | S100YGG0 |
| FY ending Mar 2026 | 37,982 | 2,248 | 5.9% | 1,994 | 11,344 | 9,808 | S100YGG0 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3M |

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) | 623 | 638 | 671 | 680 | 655 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.2M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 37.4 years | 37.8 years | 38.1 years | 38.3 years | 38.6 years |
| Average tenure (parent company) | 7.3 years | 7.9 years | 8.1 years | 8.4 years | 9.1 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) +35.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital contents Enterprise | 20,489 | 53.9% | -58 | -0.3% |
| Amusement Enterprise | 12,711 | 33.5% | 3,168 | 24.9% |
| Audiovisual Enterprise | 4,781 | 12.6% | 910 | 19.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital contents Enterprise | 53.9% | — | — | -0.3% |
| Amusement Enterprise | 33.5% | 77.7% | 44.2 | 24.9% |
| Audiovisual Enterprise | 12.6% | 22.3% | 9.7 | 19.0% |

Loss-making segment (excluded from profit shares): Digital contents Enterprise -58 JPY mn

Segment → industry: Amusement Enterprise → Games / Digital contents Enterprise → Games / Audiovisual Enterprise → Film & Anime / Audiovisual Enterprise → Music & Live Entertainment

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,344 | 29.9% | S100YGG0 |
| Capital expenditure | 1,536 | 4.0% | S100YGG0 |
| Free cash flow | 9,808 | 25.8% | 算出 |
| Investing cash flow | -1,617 | -4.3% | S100YGG0 |
| Financing cash flow | -608 | -1.6% | S100YGG0 |
| Dividends paid | 608 | 1.6% | S100YGG0 |
| Share buyback | 0 | 0.0% | S100YGG0 |
| Change in cash | 9,608 | 25.3% | S100YGG0 |
| Cash and equivalents | 17,488 | 46.0% | S100YGG0 |

## 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 | 16,431 | 12,553 | 12,677 | 7,880 | 17,488 | S100TP3R, S100W1QH, S100YGG0 |
| Total assets | 36,531 | 36,447 | 34,538 | 32,903 | 35,510 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Net assets | 28,973 | 29,227 | 27,396 | 26,187 | 27,775 | S100TP3R, S100W1QH, S100YGG0 |
| Share capital | 3,611 | 3,611 | 3,611 | 3,611 | 3,611 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Property, plant and equipment | 887 | 525 | 1,784 | 3,071 | 2,355 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Intangible assets excluding goodwill | 1,225 | 1,001 | 1,015 | 1,669 | 1,277 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Goodwill | 196 | 155 | — | — | — | S100QZGX, S100TP3R |
| Investment securities | 4,610 | 4,183 | 2,917 | 2,908 | 2,900 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Current assets | 28,106 | 28,460 | 25,712 | 22,636 | 26,075 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Current liabilities | 7,143 | 6,880 | 6,907 | 6,551 | 7,572 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Short-term borrowings | 160 | 160 | — | — | — | S100QZGX, S100TP3R |
| Total liabilities | 7,557 | 7,219 | 7,141 | 6,716 | 7,735 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Non-controlling interests | 34 | 39 | 41 | 43 | 31 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Equity attributable to owners of parent | 28,529 | 28,515 | 26,080 | 24,891 | 26,277 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Retained earnings | 18,072 | 17,989 | 15,464 | 14,275 | 15,661 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |
| Treasury stock | -1,899 | -1,830 | -1,740 | -1,740 | -1,740 | S100QZGX, S100TP3R, S100W1QH, S100YGG0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YGG0 |
| Property, plant and equipment | 7% | S100YGG0 |
| Intangibles and goodwill | 4% | S100YGG0 |
| Investment securities | 8% | S100YGG0 |
| Other assets | 32% | S100YGG0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YGG0 |
| Equity | 78% | S100YGG0 |

### 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 | 36,531 | 36,447 | 34,538 | 32,903 | 35,510 |
| Equity | 28,973 | 29,227 | 27,396 | 26,187 | 27,775 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,431 | 12,553 | 12,677 | 7,880 | 17,488 |

## 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) | 6.2% | S100YGG0 |
| Fixed assets ÷ total assets | 6.6% | S100YGG0 |
| Goodwill ÷ parent equity | — | —, S100YGG0 |

### 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) | 49.2% |
| Cash ÷ revenue | 46.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 504.6% |
| Cash vs. profit gap | 9,350 JPY mn (of net income 468.9%) |
| Shareholder returns / net income | 30.5% |
| Shareholder returns / FCF | 6.2% |
| Shareholder payments — dividends / net income | 30.5% |
| Shareholder payments — dividends / FCF | 6.2% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 14.3% |

## 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 | 14.8% | 0.70× | 10.4% | 1.28× | 13.4% | S100QZGX |
| 2023 | 7.6% | 0.69× | 5.3% | 1.28× | 6.7% | S100TP3R |
| 2024 | — | —× | -1.5% | —× | — | S100W1QH |
| 2025 | 2.9% | 0.83× | 2.4% | 1.32× | 3.2% | S100YGG0 |
| 2026 | 5.2% | 1.11× | 5.8% | 1.34× | 7.8% | S100YGG0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Image Frame Investment(HK) Limited(常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 20.0% | 2026-03-31 |
| 中山 隼雄 | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社アミューズキャピタルインベストメント | Major shareholder | 9.4% | 2026-03-31 |
| 中山 晴喜 | Major shareholder | 9.0% | 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 | 7.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.2% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口4) | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YGG0 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGG0,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W1QH | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1QH,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TP3R | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP3R,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100QZGX | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZGX,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OB1E | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB1E,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LLOC | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLOC,, |

## 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).