# MEDIA LINKS CO.,LTD.: 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33期(2025/04/01－2026/03/31) (S100YHY4)
> Page: https://vizora.meequs.com/en/company/media-links
> Retrieved: 2026-09-30T21:38:37.775Z

## Company

Media Links, founded in 1993, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEDIA LINKS CO.,LTD. |
| Ticker | 6659 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6659.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市幸区堀川町580-16 |
| Representative (per filing) | 代表取締役社長 菅原 司 |
| Founded | Apr 1993 |
| Share capital | ¥3.67B |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.medialinks.co.jp (https://www.medialinks.co.jp/) |
| Corporate number | 4020001067149 |
| EDINET | E01875 |
| Industries (Vizora) | Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YHY4, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 10 |
| Profitability | 4.2 | 12 |
| Efficiency | 29.2 | 12 |

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)

- Media Links brought in ¥2.34B in revenue.
- It lost about ¥38 for every ¥100 of sales at the operating level.
- Revenue changed -16.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.34B |  |
| Operating income | -¥876.5M | Margin -37.5% |
| Net income | -¥1.45B | Margin -62.2% |
| Free cash flow | -¥474.2M |  |
| Employees (consolidated) | 61 |  |
| EPS | ¥-21.99 |  |
| Book value per share | ¥19.01 |  |
| Equity ratio | 80.5% |  |
| Shares outstanding | 75,495,300 |  |
| Shareholders | 19,630 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 24.6% |
| Vs. industry median margin | -42.8 pp | Smartphones & Communications Equipment |
| ROA | -43.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 38 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2484301000 | ¥2337146000 | -5.9% |
| Operating income | ¥-238444000 | ¥-876527000 | — |
| Operating margin | -9.6% | -37.5% | -27.9 pp |
| Employees | 81 people | 61 people | -24.7% |
| Cash and equivalents | ¥938141000 | ¥575479000 | -38.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,337 | 100.0% | S100YHY4 |
| Cost of revenue | 1,284 | 54.9% | S100YHY4 |
| Gross profit | 1,053 | 45.1% | S100YHY4 |
| SG&A | 1,930 | 82.6% | S100YHY4 |
| Operating income | -877 | -37.5% | S100YHY4 |
| Ordinary income | -894 | -38.3% | S100YHY4 |
| Pretax income | -1,454 | -62.2% | S100YHY4 |
| Income tax | -0 | -0.0% | S100YHY4 |
| Net income | -1,454 | -62.2% | S100YHY4 |
| Net income attributable to owners | -1,454 | -62.2% | S100YHY4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 83 |
| Operating income | -38 |
| (Ref.) Net income | -62 |

### Margin funnel

Gross margin 45.1% → Operating margin -37.5% → Net margin -62.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,790 | 2,337 | -453 | -16.2% |
| Gross profit | 1,562 | 1,053 | -509 | -32.6% |
| Operating income | -523 | -877 | -354 | — |
| Net income attributable to owners | -562 | -1,454 | -892 | — |
| Operating cash flow | -765 | -429 | 336 | — |
| Free cash flow | -855 | -474 | 381 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,437 | -536 | -22.0% | -590 | -183 | -221 | S100LRKD |
| FY ending Mar 2021 | 2,484 | -238 | -9.6% | -219 | -611 | -630 | S100OOZT |
| FY ending Mar 2022 | 2,496 | -661 | -26.5% | -758 | -315 | -340 | S100R1ZU |
| FY ending Mar 2023 | 2,523 | -169 | -6.7% | -248 | -795 | -815 | S100TOFF |
| FY ending Mar 2024 | 3,111 | -165 | -5.3% | -243 | -418 | -541 | S100W7PS |
| FY ending Mar 2025 | 2,790 | -523 | -18.7% | -562 | -765 | -855 | S100YHY4 |
| FY ending Mar 2026 | 2,337 | -877 | -37.5% | -1,454 | -429 | -474 | S100YHY4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | -¥14.4M |
| Net income per employee (consolidated) | -¥23.8M |

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) | 77 | 77 | 73 | 65 | 61 |
| Average salary (parent company) | ¥7.8M | ¥7.8M | ¥7.7M | ¥7.7M | ¥7.8M |
| Average age (parent company) | 43.8 years | 44.3 years | 44.0 years | 44.5 years | 44.1 years |
| Average tenure (parent company) | 10.1 years | 10.8 years | 11.4 years | 12.6 years | 13.1 years |

Year over year: Employees (consolidated) -6.2% · Revenue (consolidated) -16.2%

## 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 | -429 | -18.3% | S100YHY4 |
| Capital expenditure | 45 | 1.9% | S100YHY4 |
| Free cash flow | -474 | -20.3% | 算出 |
| Investing cash flow | -220 | -9.4% | S100YHY4 |
| Financing cash flow | 867 | 37.1% | S100YHY4 |
| Change in cash | 225 | 9.6% | S100YHY4 |
| Cash and equivalents | 575 | 24.6% | S100YHY4 |

## 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 | 319 | 473 | 948 | 351 | 575 | S100TOFF, S100W7PS, S100YHY4 |
| Total assets | 2,275 | 3,183 | 4,344 | 3,668 | 3,077 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Net assets | 808 | 1,750 | 2,685 | 2,443 | 2,519 | S100TOFF, S100W7PS, S100YHY4 |
| Share capital | 1,689 | 2,259 | 2,788 | 2,959 | 3,673 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Property, plant and equipment | 32 | 74 | 125 | 112 | 93 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Intangible assets excluding goodwill | 4 | 2 | 3 | 3 | 1 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Current assets | 2,150 | 3,001 | 4,096 | 3,424 | 2,835 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Current liabilities | 760 | 766 | 1,247 | 1,111 | 451 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Short-term borrowings | 70 | — | — | — | — | S100R1ZU |
| Long-term borrowings | 655 | 571 | 316 | 24 | 18 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Total liabilities | 1,467 | 1,434 | 1,660 | 1,225 | 557 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Equity attributable to owners of parent | 607 | 1,500 | 2,316 | 2,096 | 2,070 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Retained earnings | -1,169 | -1,417 | -1,660 | -2,221 | -3,675 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |
| Treasury stock | -36 | -35 | -35 | -35 | -35 | S100R1ZU, S100TOFF, S100W7PS, S100YHY4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHY4 |
| Property, plant and equipment | 3% | S100YHY4 |
| Intangibles and goodwill | 0% | S100YHY4 |
| Other assets | 78% | S100YHY4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YHY4 |
| Equity | 82% | S100YHY4 |

### 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 | 2,275 | 3,183 | 4,344 | 3,668 | 3,077 |
| Equity | 808 | 1,750 | 2,685 | 2,443 | 2,519 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 319 | 473 | 948 | 351 | 575 |

## 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) | 4.0% | S100YHY4 |
| Fixed assets ÷ total assets | 3.0% | S100YHY4 |
| Goodwill ÷ parent equity | — | —, S100YHY4 |

### 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) | 18.7% |
| Cash ÷ revenue | 24.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,025 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -33.3% | —× | — | S100R1ZU |
| 2023 | — | —× | -9.1% | —× | — | S100TOFF |
| 2024 | — | —× | -6.4% | —× | — | S100W7PS |
| 2025 | — | —× | -14.0% | —× | — | S100YHY4 |
| 2026 | — | —× | -43.1% | —× | — | S100YHY4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 前田 喜美子 | Major shareholder | 3.6% | 2026-03-31 |
| 杉山 善一 | Major shareholder | 2.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＦＯＲ ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣ ＦＯＲ ＴＨＩＲＤ ＰＡＲＴＹ （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.1% | 2026-03-31 |
| 原田 始 | Major shareholder | 0.9% | 2026-03-31 |
| 黒木 英治 | Major shareholder | 0.7% | 2026-03-31 |
| ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣＵＲＩＴＩＥＳ ＬＩＭＩＴＥＤ （常任代理人 バークレイズ証券株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 福岡 一美 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/04/01－2026/03/31) | S100YHY4 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHY4,, |
| 有価証券報告書－第32期(2024/04/01－2025/03/31) | S100W7PS | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7PS,, |
| 有価証券報告書－第31期(2023/04/01－2024/03/31) | S100TOFF | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOFF,, |
| 有価証券報告書－第30期(2022/04/01－2023/03/31) | S100R1ZU | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1ZU,, |
| 訂正有価証券報告書－第29期(令和3年4月1日－令和4年3月31日) | S100OOZT | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOZT,, |
| 有価証券報告書－第28期(令和2年4月1日－令和3年3月31日) | S100LRKD | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRKD,, |

## 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).