# Mirrativ,Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/01/01－2025/12/31) (S100XUI4)
> Page: https://vizora.meequs.com/en/company/mirrativ
> Retrieved: 2026-09-30T21:35:13.624Z

## Company

Mirrativ, founded in 2018, is a company in Streaming listed on TSE Growth. It has 151 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mirrativ,Inc. |
| Ticker | 472A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/472A.T) |
| Listing | TSE Growth |
| Head office | 東京都目黒区目黒二丁目10番11号 |
| Representative (per filing) | 代表取締役最高経営責任者 赤川 隼一 |
| Founded | Feb 2018 |
| Share capital | ¥565.4M |
| Employees (consolidated) | 151 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.mirrativ.co.jp (https://www.mirrativ.co.jp/) |
| Corporate number | 6010901041557 |
| EDINET | E41144 |
| Industries (Vizora) | Streaming |

> Profile source: annual securities report (S100XUI4, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Streaming (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 7.1 | 7 |
| Cash conversion | 50 | 7 |
| Efficiency | 35.7 | 7 |

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)

- Mirrativ brought in ¥7.19B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7188192000 → ¥739290000
- Net income → operating cash flow: ¥739290000 → ¥288483000（difference ¥-450807000）
- Main uses of operating cash flow: CapEx ¥33237000 / dividends — / buybacks —
- Change in cash: ¥640490000
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 | ¥7.19B |  |
| Operating income | ¥349.2M | Margin 4.9% |
| Net income | ¥739.3M | Margin 10.3% |
| Free cash flow | ¥255.2M |  |
| Employees (consolidated) | 151 |  |
| EPS | ¥52.15 |  |
| Diluted EPS | ¥49.66 |  |
| Book value per share | ¥214.71 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 16,927,750 |  |
| Shareholders | 6,625 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 64.7% | Cash ÷ revenue 47.2% |
| Vs. industry median margin | -5 pp | Streaming |
| ROE | 20.9% | Derived from disclosed figures |
| ROA | 14.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 65% of total assets

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,188 | 100.0% | S100XUI4 |
| Cost of revenue | 4,912 | 68.3% | S100XUI4 |
| Gross profit | 2,276 | 31.7% | S100XUI4 |
| SG&A | 1,927 | 26.8% | S100XUI4 |
| Operating income | 349 | 4.9% | S100XUI4 |
| Ordinary income | 287 | 4.0% | S100XUI4 |
| Pretax income | 287 | 4.0% | S100XUI4 |
| Income tax | -452 | -6.3% | S100XUI4 |
| Net income | 739 | 10.3% | S100XUI4 |
| Net income attributable to owners | 739 | 10.3% | S100XUI4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 31.7% → Operating margin 4.9% → Net margin 10.3%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.6M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥4.9M |

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

| History | FY ending Dec 2025 |
| --- | ---: |
| Employees (consolidated) | 151 |
| Average salary (parent company) | ¥6.9M |
| Average age (parent company) | 34.9 years |
| Average tenure (parent company) | 2.9 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 288 | 4.0% | S100XUI4 |
| Capital expenditure | 33 | 0.5% | S100XUI4 |
| Free cash flow | 255 | 3.6% | 算出 |
| Investing cash flow | -318 | -4.4% | S100XUI4 |
| Financing cash flow | 670 | 9.3% | S100XUI4 |
| Change in cash | 640 | 8.9% | S100XUI4 |
| Cash and equivalents | 3,393 | 47.2% | S100XUI4 |

## 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 Dec 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 3,393 | S100XUI4 |
| Total assets | 5,240 | S100XUI4 |
| Net assets | 3,546 | S100XUI4 |
| Share capital | 565 | S100XUI4 |
| Inventories | 0 | S100XUI4 |
| Property, plant and equipment | 28 | S100XUI4 |
| Intangible assets excluding goodwill | 25 | S100XUI4 |
| Goodwill | 25 | S100XUI4 |
| Investment securities | 225 | S100XUI4 |
| Current assets | 4,320 | S100XUI4 |
| Current liabilities | 1,311 | S100XUI4 |
| Long-term borrowings | 384 | S100XUI4 |
| Total liabilities | 1,695 | S100XUI4 |
| Equity attributable to owners of parent | 3,545 | S100XUI4 |
| Retained earnings | -2,320 | S100XUI4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XUI4 |
| Inventories | 0% | S100XUI4 |
| Property, plant and equipment | 1% | S100XUI4 |
| Intangibles and goodwill | 1% | S100XUI4 |
| Investment securities | 4% | S100XUI4 |
| Other assets | 29% | S100XUI4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XUI4 |
| Equity | 68% | S100XUI4 |
| Other liabilities | 0% | S100XUI4 |

## 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% | S100XUI4 |
| Fixed assets ÷ total assets | 0.5% | S100XUI4 |
| Goodwill ÷ parent equity | 0.7% | S100XUI4 |

### 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) | 64.7% |
| Cash ÷ revenue | 47.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.6% |
| Cash vs. profit gap | -451 JPY mn (of net income -61.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 110.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 10.3% | 1.37× | 14.1% | 1.48× | 20.9% | S100XUI4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 赤川隼一 | Major shareholder | 14.7% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 12.6% | 2025-12-31 |
| グロービス５号ファンド投資事業有限責任組合 | Major shareholder | 10.5% | 2025-12-31 |
| ANRI３号投資事業有限責任組合 | Major shareholder | 6.2% | 2025-12-31 |
| テクノロジーベンチャーズ４号投資事業有限責任組合 | Major shareholder | 5.3% | 2025-12-31 |
| Globis Fund Ⅴ,L.P.(常任代理人 グロービス・キャピタルパートナーズ株式会社) | Major shareholder | 4.5% | 2025-12-31 |
| YJ３号投資事業組合 | Major shareholder | 4.1% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)(常任代理人 野村證券株式会社) | Major shareholder | 2.4% | 2025-12-31 |
| ジャフコSV５共有投資事業有限責任組合 | Major shareholder | 2.3% | 2025-12-31 |
| グローバル・ブレイン７号投資事業有限責任組合 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XUI4 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUI4,, |

## 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).