# MEDIA DO Co., Ltd.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/03/01－2026/02/28) (S100Y71R)
> Page: https://vizora.meequs.com/en/company/media-do
> Retrieved: 2026-09-30T20:25:46.427Z

## Company

Media DO, founded in 1996, is a company in Publishing & Bookstores listed on TSE Prime. It has 507 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDIA DO Co., Ltd. |
| Ticker | 3678 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3678.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区一ツ橋一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 CEO 藤田 恭嗣 |
| Founded | Apr 1996 |
| Share capital | ¥6.02B |
| Employees (consolidated) | 507 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | February |
| Website | www.mediado.jp (https://www.mediado.jp/) |
| Corporate number | 2180001047905 |
| EDINET | E30002 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100Y71R, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 17 |
| Profitability | 28.9 | 19 |
| Cash conversion | 59.4 | 16 |
| Efficiency | 97.4 | 19 |

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 93% of Media DO's sales come from E-book distribution business, with Strategic investment making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit -0.9%.

## Company structure

- Segment revenue mix: E-book distribution business 93.1%、Strategic investment 6.9%
- Revenue → net income: ¥108537000000 → ¥1843000000
- Net income → operating cash flow: ¥1843000000 → ¥2454000000（difference ¥611000000）
- Main uses of operating cash flow: CapEx ¥548000000 / dividends ¥546000000 / buybacks —
- Change in cash: ¥422000000
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 | ¥108.5B |  |
| Operating income | ¥2.45B | Margin 2.3% |
| Net income | ¥1.82B | Margin 1.7% |
| Free cash flow | ¥1.91B |  |
| Largest business | E-book distribution business | of segment revenue 93.1% |
| Employees (consolidated) | 507 |  |
| EPS | ¥85.55 |  |
| Book value per share | ¥1278.24 |  |
| Equity ratio | 33.4% |  |
| Shares outstanding | 15,205,174 |  |
| Treasury shares | 80,400 |  |
| Shareholders | 4,907 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | -3.2 pp | Publishing & Bookstores |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83540000000 | ¥108537000000 | +29.9% |
| Operating income | ¥2664000000 | ¥2453000000 | -7.9% |
| Operating margin | 3.2% | 2.3% | -0.9 pp |
| Employees | 379 people | 507 people | +33.8% |
| Cash and equivalents | ¥12703000000 | ¥14014000000 | +10.3% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 電子書籍流通事業 → 電子書籍流通事業 | 93.1% |
| 電子書籍流通事業 → 事業再編・廃止 | 6.9% |
| 新設・再編 → 戦略投資事業 | 6.9% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 108,537 | 100.0% | S100Y71R |
| Cost of revenue | 98,714 | 90.9% | S100Y71R |
| Gross profit | 9,823 | 9.1% | S100Y71R |
| SG&A | 7,369 | 6.8% | S100Y71R |
| Operating income | 2,453 | 2.3% | S100Y71R |
| Ordinary income | 2,548 | 2.3% | S100Y71R |
| Pretax income | 2,502 | 2.3% | S100Y71R |
| Income tax | 659 | 0.6% | S100Y71R |
| Net income | 1,843 | 1.7% | S100Y71R |
| Net income attributable to owners | 1,818 | 1.7% | S100Y71R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.1% → Operating margin 2.3% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.5%; Core profit growth: -0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.14×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 101,914 | 108,537 | 6,623 | +6.5% |
| Gross profit | 10,252 | 9,823 | -429 | -4.2% |
| Operating income | 2,475 | 2,453 | -22 | -0.9% |
| Net income attributable to owners | 1,363 | 1,818 | 455 | +33.4% |
| Operating cash flow | 3,931 | 2,454 | -1,477 | -37.6% |
| Free cash flow | 3,372 | 1,906 | -1,466 | -43.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 65,860 | 1,853 | 2.8% | 884 | 1,928 | 1,601 | S100LF5B |
| FY ending Feb 2021 | 83,540 | 2,664 | 3.2% | 1,519 | 2,544 | 2,089 | S100O4C6 |
| FY ending Feb 2022 | 104,722 | 2,811 | 2.7% | 1,576 | 4,632 | 3,788 | S100QTXZ |
| FY ending Feb 2023 | 101,667 | 2,393 | 2.4% | 1,057 | 1,916 | 564 | S100THRU |
| FY ending Feb 2024 | 94,036 | 2,066 | 2.2% | -319 | 3,171 | 2,372 | S100VURI |
| FY ending Feb 2025 | 101,914 | 2,475 | 2.4% | 1,363 | 3,931 | 3,372 | S100Y71R |
| FY ending Feb 2026 | 108,537 | 2,453 | 2.3% | 1,818 | 2,454 | 1,906 | S100Y71R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥214.1M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 580 | 610 | 606 | 558 | 507 |
| Average salary (parent company) | ¥6.1M | ¥6.1M | ¥6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 35.4 years | 35.4 years | 35.6 years | 36.0 years | 36.2 years |
| Average tenure (parent company) | 4.4 years | 4.6 years | 5.2 years | 6.0 years | 6.4 years |

Year over year: Employees (consolidated) -9.1% · Revenue (consolidated) +6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| E-book distribution business | 101,063 | 93.1% | 4,919 | 4.9% |
| Strategic investment | 7,454 | 6.9% | -631 | -8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| E-book distribution business | 93.1% | 100.0% | 6.9 | 4.9% |
| Strategic investment | 6.9% | — | — | -8.5% |

Loss-making segment (excluded from profit shares): Strategic investment -631 JPY mn

Segment → industry: Strategic investment → Publishing & Bookstores / E-book distribution business → Publishing & Bookstores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,454 | 2.3% | S100Y71R |
| Capital expenditure | 548 | 0.5% | S100Y71R |
| Free cash flow | 1,906 | 1.8% | 算出 |
| Investing cash flow | -426 | -0.4% | S100Y71R |
| Financing cash flow | -1,596 | -1.5% | S100Y71R |
| Dividends paid | 546 | 0.5% | S100Y71R |
| Change in cash | 422 | 0.4% | S100Y71R |
| Cash and equivalents | 14,014 | 12.9% | S100Y71R |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 11,399 | 10,127 | 11,004 | 13,591 | 14,014 | S100THRU, S100VURI, S100Y71R |
| Total assets | 52,509 | 50,882 | 51,612 | 53,160 | 56,926 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Net assets | 16,912 | 16,772 | 16,208 | 17,708 | 19,221 | S100THRU, S100VURI, S100Y71R |
| Share capital | 5,909 | 5,934 | 5,959 | 5,990 | 6,019 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Trade receivables | 23,290 | — | — | — | — | S100QTXZ |
| Property, plant and equipment | 344 | 630 | 672 | 582 | 469 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Intangible assets excluding goodwill | 8,961 | 9,041 | 7,592 | 6,039 | 5,798 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Goodwill | 7,176 | 6,874 | 5,765 | 4,198 | 4,029 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Investment securities | 6,681 | 6,447 | 5,870 | 5,669 | 5,714 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Current assets | 36,361 | 33,825 | 36,396 | 39,960 | 44,001 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Current liabilities | 30,439 | 28,789 | 31,386 | 32,220 | 35,686 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Trade payables | 26,539 | 24,511 | 26,165 | 28,273 | 31,022 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Short-term borrowings | 100 | 903 | 902 | 52 | 55 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Long-term borrowings | 4,443 | 4,414 | 3,128 | 2,358 | 1,228 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Total liabilities | 35,596 | 34,109 | 35,403 | 35,451 | 37,704 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Non-controlling interests | 97 | 77 | 25 | 108 | 165 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Equity attributable to owners of parent | 16,447 | 15,979 | 15,262 | 16,488 | 17,849 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Retained earnings | 3,254 | 3,933 | 3,614 | 4,645 | 5,916 | S100QTXZ, S100THRU, S100VURI, S100Y71R |
| Treasury stock | -1 | -48 | -48 | -48 | -48 | S100QTXZ, S100THRU, S100VURI, S100Y71R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y71R |
| Property, plant and equipment | 1% | S100Y71R |
| Intangibles and goodwill | 17% | S100Y71R |
| Investment securities | 10% | S100Y71R |
| Other assets | 47% | S100Y71R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 54% | S100Y71R |
| Other liabilities | 12% | S100Y71R |
| Equity | 34% | S100Y71R |
| Other liabilities | 0% | S100Y71R |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 52,509 | 50,882 | 51,612 | 53,160 | 56,926 |
| Equity | 16,912 | 16,772 | 16,208 | 17,708 | 19,221 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,399 | 10,127 | 11,004 | 13,591 | 14,014 |

## 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) | 0.4% | S100Y71R |
| Fixed assets ÷ total assets | 0.8% | S100Y71R |
| Goodwill ÷ parent equity | 22.6% | S100Y71R |

Goodwill over 4 years: 7,176 → 4,029 JPY; total investing cash flow: -11,882 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) | 24.6% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 636 JPY mn (of net income 35.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | 28.6% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 17.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.5% | 1.99× | 3.0% | 3.19× | 9.6% | S100QTXZ |
| 2023 | 1.0% | 1.97× | 2.0% | 3.19× | 6.5% | S100THRU |
| 2024 | — | —× | -0.6% | —× | — | S100VURI |
| 2025 | 1.3% | 1.95× | 2.6% | 3.30× | 8.6% | S100Y71R |
| 2026 | 1.7% | 1.97× | 3.3% | 3.21× | 10.6% | S100Y71R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田 恭嗣 | Major shareholder | 16.4% | 2026-02-28 |
| 株式会社FIBC | Major shareholder | 11.4% | 2026-02-28 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 7.5% | 2026-02-28 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.6% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.8% | 2026-02-28 |
| UH Partners 3投資事業有限責任組合 | Major shareholder | 4.2% | 2026-02-28 |
| 株式会社小学館 | Major shareholder | 3.7% | 2026-02-28 |
| 株式会社講談社 | Major shareholder | 3.6% | 2026-02-28 |
| 株式会社トーハン | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社SHIFT | Major shareholder | 3.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/03/01－2026/02/28) | S100Y71R | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y71R,, |
| 有価証券報告書－第26期(2024/03/01－2025/02/28) | S100VURI | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VURI,, |
| 有価証券報告書－第25期(2023/03/01－2024/02/29) | S100THRU | 2024-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THRU,, |
| 有価証券報告書－第24期(2022/03/01－2023/02/28) | S100QTXZ | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTXZ,, |
| 有価証券報告書－第23期(令和3年3月1日－令和4年2月28日) | S100O4C6 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4C6,, |
| 有価証券報告書－第22期(令和2年3月1日－令和3年2月28日) | S100LF5B | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF5B,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社講談社 | Alliance | 講談社の電子書籍を電子書店へ配信する業務の委託 | S100Y71R |
| 株式会社小学館 | Alliance | 小学館の電子書籍の販売・配信業務の委託 | S100Y71R |
| 株式会社集英社 | Alliance | 集英社の電子書籍を電子書店で配信する契約 | S100Y71R |

## 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).