# Members Co. ,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第31期(2025/04/01－2026/03/31) (S100YDZP)
> Page: https://vizora.meequs.com/en/company/members
> Retrieved: 2026-09-30T22:08:17.285Z

## Company

Members, founded in 1995, is a company in Advertising listed on TSE Prime. It has 2,866 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Members Co., Ltd. |
| Ticker | 2130 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2130.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区晴海一丁目8番10号 |
| Representative (per filing) | 代表取締役社長 髙野 明彦 |
| Founded | Jun 1995 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 2,866 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.members.co.jp (https://www.members.co.jp/) |
| Corporate number | 7010701022764 |
| EDINET | E05153 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YDZP, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55.2 | 86 |
| Cash conversion | 56.7 | 75 |
| Efficiency | 84.3 | 86 |

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)

- Members brought in ¥24.4B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +224.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24424741000 → ¥1213510000
- Net income → operating cash flow: ¥1213510000 → ¥1577788000（difference ¥364278000）
- Main uses of operating cash flow: CapEx ¥32143000 / dividends ¥408628000 / buybacks —
- Change in cash: ¥420395000
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 | ¥24.4B |  |
| Operating income | ¥1.6B | Margin 6.6% |
| Net income | ¥1.21B | Margin 5.0% |
| Free cash flow | ¥1.55B |  |
| Employees (consolidated) | 2,866 |  |
| EPS | ¥94.92 |  |
| Diluted EPS | ¥94.64 |  |
| Book value per share | ¥527.04 |  |
| Equity ratio | 52.0% | Derived from disclosed figures |
| Shares outstanding | 13,423,300 |  |
| Treasury shares | 605,200 |  |
| Shareholders | 4,396 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 34.7% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | +0.9 pp | Advertising |
| ROE | 19.5% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 225%
- FY2026, cash is 35% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17662288000 | ¥24424741000 | — |
| Employees | 2,274 people | 2,866 people | — |
| Cash and equivalents | ¥4479967000 | ¥4435308000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,425 | 100.0% | S100YDZP |
| Cost of revenue | 17,973 | 73.6% | S100YDZP |
| Gross profit | 6,452 | 26.4% | S100YDZP |
| SG&A | 4,847 | 19.8% | S100YDZP |
| Operating income | 1,601 | 6.6% | S100YDZP |
| Pretax income | 1,641 | 6.7% | S100YDZP |
| Income tax | 427 | 1.8% | S100YDZP |
| Net income | 1,214 | 5.0% | S100YDZP |
| Net income attributable to owners | 1,214 | 5.0% | S100YDZP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.4% → Operating margin 6.6% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +224.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 23.93×
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 | 22,330 | 24,425 | 2,095 | +9.4% |
| Gross profit | 4,672 | 6,452 | 1,780 | +38.1% |
| Operating income | 493 | 1,601 | 1,107 | +224.6% |
| Net income attributable to owners | 350 | 1,214 | 864 | +246.9% |
| Operating cash flow | 1,211 | 1,578 | 366 | +30.3% |
| Free cash flow | 1,141 | 1,546 | 404 | +35.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 12,087 | — | — | 896 | 1,835 | — | S100VZAG |
| FY ending Mar 2022 | 14,939 | 1,876 | 12.6% | 1,405 | 1,654 | 1,640 | S100QZ0Y |
| FY ending Mar 2022 | 14,939 | — | — | 1,405 | 1,654 | — | S100VZAG |
| FY ending Mar 2023 | 17,662 | 1,442 | 8.2% | 1,009 | 1,399 | 1,259 | S100TP0C |
| FY ending Mar 2023 | 17,662 | — | — | 1,009 | 1,399 | — | S100VZAG |
| FY ending Mar 2024 | 20,467 | 42 | 0.2% | 127 | 585 | 561 | S100VZAG |
| FY ending Mar 2024 | 20,467 | 42 | 0.2% | 127 | 585 | 561 | S100TP0C |
| FY ending Mar 2025 | 22,330 | 493 | 2.2% | 350 | 1,211 | 1,141 | S100VZAG |
| FY ending Mar 2025 | 22,330 | 493 | 2.2% | 350 | 1,211 | 1,141 | S100YDZP |
| FY ending Mar 2026 | 24,425 | 1,601 | 6.6% | 1,214 | 1,578 | 1,546 | S100YDZP |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.5M |
| Operating income per employee (consolidated) | ¥558.5K |
| Net income per employee (consolidated) | ¥423.4K |

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

| History | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,806 | 2,806 | 2,967 | 2,967 | 2,866 |
| Average salary (parent company) | — | ¥4.8M | ¥4.9M | — | ¥5.5M |
| Average age (parent company) | — | 29.7 years | 30.0 years | — | 31.1 years |
| Average tenure (parent company) | — | 3.7 years | 4.1 years | — | 4.2 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,578 | 6.5% | S100YDZP |
| Capital expenditure | 32 | 0.1% | S100YDZP |
| Free cash flow | 1,546 | 6.3% | 算出 |
| Investing cash flow | -181 | -0.7% | S100YDZP |
| Financing cash flow | -977 | -4.0% | S100YDZP |
| Dividends paid | 409 | 1.7% | S100YDZP |
| Change in cash | 420 | 1.7% | S100YDZP |
| Cash and equivalents | 4,435 | 18.2% | S100YDZP |

## 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 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,777 | 3,757 | 4,015 | 4,015 | 4,435 | S100VZAG, S100YDZP |
| Total assets | 11,527 | 11,527 | 11,778 | 11,778 | 12,772 | S100VZAG, S100TP0C, S100YDZP |
| Net assets | 5,945 | 5,945 | 5,808 | 5,808 | 6,640 | S100VZAG, S100YDZP |
| Share capital | 1,058 | 1,058 | 1,058 | 1,058 | 1,059 | S100VZAG, S100TP0C, S100YDZP |
| Property, plant and equipment | 326 | 326 | 335 | 335 | 353 | S100VZAG, S100TP0C, S100YDZP |
| Intangible assets excluding goodwill | 7 | — | 14 | — | — | S100VZAG |
| Goodwill | 116 | 116 | 116 | 116 | 251 | S100VZAG, S100TP0C, S100YDZP |
| Investment securities | 1,026 | — | 1,065 | — | — | S100VZAG |
| Current assets | 7,966 | 7,966 | 8,034 | 8,034 | 8,959 | S100VZAG, S100TP0C, S100YDZP |
| Current liabilities | 4,429 | — | 4,501 | — | — | S100VZAG |
| Total liabilities | 5,592 | 5,592 | 5,970 | 5,970 | 6,131 | S100VZAG, S100TP0C, S100YDZP |
| Equity attributable to owners of parent | 5,765 | 5,935 | 5,790 | 5,808 | 6,640 | S100VZAG, S100TP0C, S100YDZP |
| Retained earnings | 5,021 | 5,021 | 4,629 | 4,629 | 5,445 | S100VZAG, S100TP0C, S100YDZP |
| Treasury stock | -698 | -698 | -698 | -698 | -645 | S100VZAG, S100TP0C, S100YDZP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YDZP |
| Property, plant and equipment | 3% | S100YDZP |
| Intangibles and goodwill | 2% | — |
| Other assets | 60% | S100YDZP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YDZP |
| Equity | 52% | S100YDZP |
| Other liabilities | 0% | S100YDZP |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,527 | 11,527 | 11,778 | 11,778 | 12,772 |
| Equity | 5,945 | 5,945 | 5,808 | 5,808 | 6,640 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,777 | 3,757 | 4,015 | 4,015 | 4,435 |

## 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) | 1.4% | S100YDZP |
| Fixed assets ÷ total assets | 2.8% | S100YDZP |
| Goodwill ÷ parent equity | 3.8% | S100YDZP |

### 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) | 34.7% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.6% |
| Cash vs. profit gap | 364 JPY mn (of net income 30.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 26.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 11.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 0.6% | 1.78× | 1.1% | 2.00× | 2.2% | S100VZAG |
| 2024 | 0.6% | 1.78× | 1.1% | 1.94× | 2.1% | S100TP0C |
| 2025 | 1.6% | 1.90× | 3.0% | 2.03× | 6.0% | S100VZAG |
| 2025 | 1.6% | 1.90× | 3.0% | 2.03× | 6.0% | S100YDZP |
| 2026 | 5.0% | 1.99× | 9.9% | 1.97× | 19.5% | S100YDZP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 剣持 忠 | Major shareholder | 22.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 9.1% | 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 | 7.7% | 2026-03-31 |
| メンバーズ従業員持株会 | Major shareholder | 6.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社Ｈａｋｕｈｏｄｏ ＤＹ ＯＮＥ | Major shareholder | 3.0% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 髙野 明彦 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社晴 | Major shareholder | 1.9% | 2026-03-31 |
| 露木 琢磨 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YDZP | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDZP,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100VZAG | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZAG,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TP0C | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP0C,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100QZ0Y | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ0Y,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OA7K | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA7K,, |
| 訂正有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100NPJS | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPJS,, |

## 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).