# MicroAd, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第19期(2024/10/01－2025/09/30) (S100XDI6)
> Page: https://vizora.meequs.com/en/company/microad
> Retrieved: 2026-09-30T19:48:17.196Z

## Company

MicroAd, founded in 2009, is a company in Advertising listed on TSE Growth. It has 391 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MicroAd, Inc. |
| Ticker | 9553 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9553.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町20番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 渡辺 健太郎 |
| Founded | Jan 2009 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 391 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | September |
| Website | www.microad.co.jp (https://www.microad.co.jp/) |
| Corporate number | 5011001052933 |
| EDINET | E37742 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XDI6, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.3 | 57 |
| Profitability | 35.5 | 86 |
| Cash conversion | 79.3 | 75 |
| Efficiency | 82 | 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)

- MicroAd brought in ¥15.7B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +14.3% from the prior year, operating profit +99.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15670556000 → ¥230444000
- Net income → operating cash flow: ¥230444000 → ¥781667000（difference ¥551223000）
- Main uses of operating cash flow: CapEx ¥272471000 / dividends — / buybacks ¥112141000
- Change in cash: ¥-123565000
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 | ¥15.7B |  |
| Operating income | ¥613.1M | Margin 3.9% |
| Net income | ¥195.1M | Margin 1.2% |
| Free cash flow | ¥509.2M |  |
| Employees (consolidated) | 391 |  |
| EPS | ¥21.7 |  |
| Diluted EPS | ¥21.69 |  |
| Book value per share | ¥80.31 |  |
| Equity ratio | 38.2% |  |
| Shares outstanding | 27,831,354 |  |
| Treasury shares | 488,700 |  |
| Shareholders | 7,235 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 25.7% | Cash ÷ revenue 15.0% |
| Vs. industry median margin | -1.7 pp | Advertising |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.0× net income
- FY2025, employees -6% while operating income rose 99%
- FY2025, cash is 26% of total assets

## What changed in 4 years

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11671312000 | ¥15670556000 | +34.3% |
| Operating income | ¥186258000 | ¥613120000 | +229.2% |
| Operating margin | 1.6% | 3.9% | +2.3 pp |
| Employees | 348 people | 391 people | +12.4% |
| Cash and equivalents | ¥2161152000 | ¥2354619000 | +9.0% |

### Change in segment revenue mix

Span: FY ending Sep 2021 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,671 | 100.0% | S100XDI6 |
| Cost of revenue | 10,862 | 69.3% | S100XDI6 |
| Gross profit | 4,808 | 30.7% | S100XDI6 |
| SG&A | 4,195 | 26.8% | S100XDI6 |
| Operating income | 613 | 3.9% | S100XDI6 |
| Ordinary income | 531 | 3.4% | S100XDI6 |
| Pretax income | 14 | 0.1% | S100XDI6 |
| Income tax | -216 | -1.4% | S100XDI6 |
| Net income | 230 | 1.5% | S100XDI6 |
| Net income attributable to owners | 195 | 1.2% | S100XDI6 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 27 |
| Operating income | 4 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 30.7% → Operating margin 3.9% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.3%; Core profit growth: +99.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.96×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,713 | 15,671 | 1,958 | +14.3% |
| Gross profit | 4,080 | 4,808 | 729 | +17.9% |
| Operating income | 307 | 613 | 306 | +99.4% |
| Net income attributable to owners | 283 | 195 | -88 | -31.0% |
| Operating cash flow | 338 | 782 | 443 | +131.0% |
| Free cash flow | -115 | 509 | 624 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 11,671 | 186 | 1.6% | -39 | 31 | -112 | S100PU3P |
| FY ending Sep 2022 | 12,227 | 627 | 5.1% | 496 | 714 | 405 | S100SI5P |
| FY ending Sep 2023 | 12,868 | 833 | 6.5% | 565 | 266 | -211 | S100UZKO |
| FY ending Sep 2024 | 13,713 | 307 | 2.2% | 283 | 338 | -115 | S100XDI6 |
| FY ending Sep 2025 | 15,671 | 613 | 3.9% | 195 | 782 | 509 | S100XDI6 |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥498.9K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 348 | 302 | 330 | 418 | 391 |
| Average salary (parent company) | — | ¥7M | ¥6.5M | ¥6.3M | ¥6.7M |
| Average age (parent company) | — | 31.0 years | 31.1 years | 30.8 years | 31.5 years |
| Average tenure (parent company) | — | 4.7 years | 5.1 years | 5.0 years | 5.7 years |

Year over year: Employees (consolidated) -6.5% · Revenue (consolidated) +14.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 782 | 5.0% | S100XDI6 |
| Capital expenditure | 272 | 1.7% | S100XDI6 |
| Free cash flow | 509 | 3.2% | 算出 |
| Investing cash flow | -1,149 | -7.3% | S100XDI6 |
| Financing cash flow | 162 | 1.0% | S100XDI6 |
| Share buyback | 112 | 0.7% | S100XDI6 |
| Change in cash | -124 | -0.8% | S100XDI6 |
| Cash and equivalents | 2,355 | 15.0% | S100XDI6 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,161 | 3,295 | 2,984 | 2,478 | 2,355 | S100SI5P, S100UZKO, S100XDI6 |
| Total assets | 4,229 | 5,925 | 6,845 | 8,395 | 9,150 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Net assets | 1,473 | 2,873 | 3,730 | 3,897 | 3,897 | S100SI5P, S100UZKO, S100XDI6 |
| Share capital | 477 | 916 | 991 | 1,013 | 1,034 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Trade receivables | 1,472 | 1,651 | 1,521 | 1,676 | 2,216 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Property, plant and equipment | 187 | 215 | 369 | 549 | 513 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Intangible assets excluding goodwill | 146 | 356 | 646 | 1,853 | 1,596 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Goodwill | — | — | 74 | 1,127 | 1,001 | S100UZKO, S100XDI6 |
| Investment securities | 78 | 71 | 494 | 605 | 780 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Current assets | 3,694 | 5,029 | 5,020 | 4,926 | 5,320 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Current liabilities | 2,684 | 2,997 | 3,034 | 4,168 | 4,969 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Trade payables | 1,207 | 1,305 | 1,151 | 1,215 | 1,480 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Short-term borrowings | 880 | 880 | 1,180 | 2,180 | 2,480 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Long-term borrowings | — | — | — | 205 | 185 | S100XDI6 |
| Total liabilities | 2,757 | 3,053 | 3,115 | 4,497 | 5,253 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Non-controlling interests | 544 | 550 | 622 | 617 | 366 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Equity attributable to owners of parent | 833 | 2,150 | 2,864 | 3,182 | 3,285 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Retained earnings | -714 | -233 | 332 | 615 | 1,183 | S100PU3P, S100SI5P, S100UZKO, S100XDI6 |
| Treasury stock | — | — | -0 | -0 | -112 | S100UZKO, S100XDI6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XDI6 |
| Receivables | 24% | S100XDI6 |
| Property, plant and equipment | 6% | S100XDI6 |
| Intangibles and goodwill | 28% | S100XDI6 |
| Investment securities | 8% | S100XDI6 |
| Other assets | 8% | S100XDI6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XDI6 |
| Other liabilities | 41% | S100XDI6 |
| Equity | 43% | S100XDI6 |
| Other liabilities | 0% | S100XDI6 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,229 | 5,925 | 6,845 | 8,395 | 9,150 |
| Equity | 1,473 | 2,873 | 3,730 | 3,897 | 3,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,161 | 3,295 | 2,984 | 2,478 | 2,355 |

## 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) | 3.3% | S100XDI6 |
| Fixed assets ÷ total assets | 5.6% | S100XDI6 |
| Goodwill ÷ parent equity | 30.5% | S100XDI6 |

### 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) | 25.7% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.5% |
| Cash vs. profit gap | 587 JPY mn (of net income 300.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 147.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.9% | —× | — | S100PU3P |
| 2022 | 4.1% | 2.41× | 9.8% | 3.40× | 33.3% | S100SI5P |
| 2023 | 4.4% | 2.02× | 8.9% | 2.55× | 22.5% | S100UZKO |
| 2024 | 2.1% | 1.80× | 3.7% | 2.52× | 9.4% | S100XDI6 |
| 2025 | 1.2% | 1.79× | 2.2% | 2.71× | 6.0% | S100XDI6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サイバーエージェント | Major shareholder | 48.9% | 2025-09-30 |
| 株式会社SWAY | Major shareholder | 5.7% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505044 (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-09-30 |
| 福田久也 | Major shareholder | 1.2% | 2025-09-30 |
| 渡辺健太郎 | Major shareholder | 1.1% | 2025-09-30 |
| マイクロアド従業員持株会 | Major shareholder | 0.9% | 2025-09-30 |
| 竹内康仁 | Major shareholder | 0.8% | 2025-09-30 |
| 野村證券株式会社 （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XDI6 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDI6,, |
| 有価証券報告書－第18期(2023/10/01－2024/09/30) | S100UZKO | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZKO,, |
| 有価証券報告書－第17期(2022/10/01－2023/09/30) | S100SI5P | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI5P,, |
| 有価証券報告書－第16期(令和3年10月1日－令和4年9月30日) | S100PU3P | 2022-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU3P,, |

## 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).