# Media Five Co.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/06/01－2026/05/31) (S100YYIA)
> Page: https://vizora.meequs.com/en/company/media-five
> Retrieved: 2026-09-30T18:59:00.182Z

## Company

Media Five, founded in 1996, is a company in IT Services & System Integration listed on Fukuoka. It has 230 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Media Five Co. |
| Ticker | 3824 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3824.T) |
| Listing | Fukuoka |
| Head office | 福岡県福岡市中央区薬院一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 河野 活 |
| Founded | Jun 1996 |
| Share capital | ¥198.9M |
| Employees (consolidated) | 230 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | May |
| Website | www.media5.co.jp (https://www.media5.co.jp/) |
| Corporate number | 1290001018160 |
| EDINET | E05641 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YYIA, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 17.6 | 196 |
| Cash conversion | 95.9 | 185 |
| Efficiency | 96.2 | 196 |

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 Five's sales come from SES Division, with Solution Division making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +78.3%.

## Company structure

- Segment revenue mix: SES Division 93.3%、Solution Division 6.7%
- Revenue → net income: ¥1795757000 → ¥41672000
- Net income → operating cash flow: ¥41672000 → ¥136671000（difference ¥94999000）
- Main uses of operating cash flow: CapEx ¥12478000 / dividends ¥4631000 / buybacks —
- Change in cash: ¥97958000
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 | ¥1.8B |  |
| Operating income | ¥65.1M | Margin 3.6% |
| Net income | ¥41.7M | Margin 2.3% |
| Free cash flow | ¥124.2M |  |
| Largest business | SES Division | of segment revenue 93.3% |
| Employees (consolidated) | 230 |  |
| EPS | ¥44.33 |  |
| Book value per share | ¥436.57 |  |
| Equity ratio | 49.2% |  |
| Shares outstanding | 986,000 |  |
| Treasury shares | 46,000 |  |
| Shareholders | 429 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 58.3% | Cash ÷ revenue 27.1% |
| Vs. industry median margin | -5.3 pp | IT Services & System Integration |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, employees -2% while operating income rose 78%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2022 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1799188000 | ¥1795757000 | — |
| Operating income | ¥30558000 | ¥65138000 | — |
| Operating margin | 1.7% | 3.6% | +1.9 pp |
| Employees | 238 people | 230 people | — |
| Cash and equivalents | ¥414283000 | ¥486913000 | — |

### Change in segment revenue mix

Span: FY ending May 2022 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＳＥＳ事業 → ＳＥＳ事業 | 86.6% |
| ソリューション事業 → ソリューション事業 | 4.0% |
| 工事関連事業 → 事業再編・廃止 | 9.4% |
| 新設・再編 → ＳＥＳ事業 | 6.7% |
| 新設・再編 → ソリューション事業 | 2.7% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,796 | 100.0% | S100YYIA |
| Cost of revenue | 1,177 | 65.6% | S100YYIA |
| Gross profit | 618 | 34.4% | S100YYIA |
| SG&A | 553 | 30.8% | S100YYIA |
| Operating income | 65 | 3.6% | S100YYIA |
| Ordinary income | 63 | 3.5% | S100YYIA |
| Pretax income | 62 | 3.4% | S100YYIA |
| Income tax | 20 | 1.1% | S100YYIA |
| Net income | 42 | 2.3% | S100YYIA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 31 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 34.4% → Operating margin 3.6% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +78.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.63×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,719 | 1,796 | 76 | +4.4% |
| Gross profit | 617 | 618 | 1 | +0.2% |
| Operating income | 37 | 65 | 29 | +78.3% |
| Operating cash flow | 92 | 137 | 44 | +47.9% |
| Free cash flow | 79 | 124 | 45 | +56.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,513 | -63 | -4.2% | -67 | -51 | -66 | S100MCMR |
| FY ending May 2021 | 1,537 | -132 | -8.6% | -77 | -99 | -118 | S100P39V |
| FY ending May 2022 | 1,799 | 31 | 1.7% | 30 | 66 | 61 | S100RR9U |
| FY ending May 2023 | 1,748 | 18 | 1.0% | 8 | -24 | -43 | S100UAJD |
| FY ending May 2024 | 1,730 | 9 | 0.5% | 4 | 54 | — | S100WL8L |
| FY ending May 2024 | 1,835 | 12 | 0.6% | 4 | 54 | 33 | S100UAJD |
| FY ending May 2025 | 1,719 | 37 | 2.1% | 59 | 92 | 79 | S100YYIA |
| FY ending May 2026 | 1,796 | 65 | 3.6% | 42 | 137 | 124 | S100YYIA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.8M |
| Operating income per employee (consolidated) | ¥283.2K |
| Net income per employee (consolidated) | ¥181.2K |

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

| History | FY ending May 2023 | FY ending May 2024 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 238 | 239 | 240 | 235 | 230 |
| Average salary (parent company) | ¥4.5M | — | ¥4.6M | ¥4.7M | ¥5M |
| Average age (parent company) | 32.2 years | — | 32.5 years | 32.7 years | 33.2 years |
| Average tenure (parent company) | 7.0 years | — | 6.4 years | 6.7 years | 7.3 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| SES Division | 1,675 | 93.3% | 419 | 25.0% |
| Solution Division | 120 | 6.7% | 12 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| SES Division | 93.3% | 97.1% | 3.8 | 25.0% |
| Solution Division | 6.7% | 2.9% | -3.8 | 10.2% |

Segment → industry: Solution Division → IT Services & System Integration / SES Division → IT Services & System Integration / Solution Division → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 137 | 7.6% | S100YYIA |
| Capital expenditure | 12 | 0.7% | S100YYIA |
| Free cash flow | 124 | 6.9% | 算出 |
| Investing cash flow | -15 | -0.9% | S100YYIA |
| Financing cash flow | -23 | -1.3% | S100YYIA |
| Dividends paid | 5 | 0.3% | S100YYIA |
| Change in cash | 98 | 5.5% | S100YYIA |
| Cash and equivalents | 487 | 27.1% | S100YYIA |

## 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 May 2023 | FY ending May 2024 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 364 | 302 | 373 | 389 | 487 | S100UAJD, S100YYIA |
| Total assets | 713 | 643 | 717 | 700 | 835 | S100UAJD, S100WL8L, S100YYIA |
| Net assets | 356 | 314 | 360 | 373 | 410 | S100UAJD, S100YYIA |
| Share capital | 199 | 199 | 199 | 199 | 199 | S100UAJD, S100WL8L, S100YYIA |
| Property, plant and equipment | 7 | 17 | 16 | 15 | 21 | S100UAJD, S100WL8L, S100YYIA |
| Intangible assets excluding goodwill | 10 | 10 | 10 | 16 | 12 | S100UAJD, S100WL8L, S100YYIA |
| Current assets | 583 | 488 | 568 | 569 | 682 | S100UAJD, S100WL8L, S100YYIA |
| Current liabilities | 233 | 225 | 252 | 239 | 357 | S100UAJD, S100WL8L, S100YYIA |
| Short-term borrowings | 15 | — | 15 | — | — | S100UAJD |
| Long-term borrowings | 123 | 105 | 105 | 88 | 67 | S100UAJD, S100WL8L, S100YYIA |
| Total liabilities | 357 | 329 | 357 | 327 | 424 | S100UAJD, S100WL8L, S100YYIA |
| Equity attributable to owners of parent | 356 | 314 | 360 | 373 | 410 | S100UAJD, S100WL8L, S100YYIA |
| Retained earnings | 1 | -41 | 5 | 19 | 56 | S100UAJD, S100WL8L, S100YYIA |
| Treasury stock | -9 | -9 | -9 | -9 | -9 | S100UAJD, S100WL8L, S100YYIA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100YYIA |
| Property, plant and equipment | 3% | S100YYIA |
| Intangibles and goodwill | 1% | S100YYIA |
| Other assets | 38% | S100YYIA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YYIA |
| Equity | 49% | S100YYIA |
| Other liabilities | 0% | S100YYIA |

### Balance sheet history

| Metric | FY ending May 2023 | FY ending May 2024 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 713 | 643 | 717 | 700 | 835 |
| Equity | 356 | 314 | 360 | 373 | 410 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 364 | 302 | 373 | 389 | 487 |

## 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) | 1.2% | S100YYIA |
| Fixed assets ÷ total assets | 2.6% | S100YYIA |
| Goodwill ÷ parent equity | — | —, S100YYIA |

### 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) | 58.3% |
| Cash ÷ revenue | 27.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 209.8% |
| Cash vs. profit gap | 95 JPY mn (of net income 228.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.1% |
| Shareholder payments — dividends / FCF | 3.7% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 11.2% |

## 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 | 0.5% | 2.45× | 1.2% | 2.00× | 2.4% | S100UAJD |
| 2024 | 0.2% | 2.69× | 0.6% | 2.05× | 1.1% | S100YYIA, S100WL8L |
| 2024 | 0.2% | 2.56× | 0.5% | 1.99× | 1.0% | S100UAJD |
| 2025 | 3.5% | 2.46× | 8.5% | 1.88× | 15.9% | S100YYIA |
| 2026 | 2.3% | 2.34× | 5.4% | 1.96× | 10.6% | S100YYIA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上野 英理也 | Major shareholder | 24.5% | 2026-05-31 |
| メディアファイブ社員持株会 | Major shareholder | 13.4% | 2026-05-31 |
| 株式会社開心社 | Major shareholder | 6.3% | 2026-05-31 |
| 秀島 正博 | Major shareholder | 4.9% | 2026-05-31 |
| 山本 大助 | Major shareholder | 4.8% | 2026-05-31 |
| 稲田 清崇 | Major shareholder | 4.5% | 2026-05-31 |
| 村山 孝 | Major shareholder | 4.1% | 2026-05-31 |
| 篠田 明男 | Major shareholder | 3.2% | 2026-05-31 |
| 山崎 俊 | Major shareholder | 1.9% | 2026-05-31 |
| 中須 龍二 | Major shareholder | 1.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/06/01－2026/05/31) | S100YYIA | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYIA,, |
| 有価証券報告書－第29期(2024/06/01－2025/05/31) | S100WL8L | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL8L,, |
| 有価証券報告書－第28期(2023/06/01－2024/05/31) | S100UAJD | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAJD,, |
| 有価証券報告書－第27期(2022/06/01－2023/05/31) | S100RR9U | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR9U,, |
| 有価証券報告書－第26期(令和3年6月1日－令和4年5月31日) | S100P39V | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P39V,, |
| 有価証券報告書－第25期(令和2年6月1日－令和3年5月31日) | S100MCMR | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCMR,, |

## 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).