# NEO MARKETING INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/10/01－2025/09/30) (S100XCJL)
> Page: https://vizora.meequs.com/en/company/neo-marketing
> Retrieved: 2026-09-30T22:01:25.690Z

## Company

NEO Marketing, founded in 2000, is a company in Advertising listed on TSE Standard. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEO MARKETING Inc. |
| Ticker | 4196 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4196.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区南平台町16番25号 |
| Representative (per filing) | 代表取締役 橋本 光伸 |
| Founded | Oct 2000 |
| Share capital | ¥85.8M |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Website | neo-m.jp (https://neo-m.jp/) |
| Corporate number | 4011001046358 |
| EDINET | E36532 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XCJL, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.3 | 57 |
| Profitability | 15.7 | 86 |
| Cash conversion | 96.7 | 75 |
| Efficiency | 55.2 | 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)

- NEO Marketing brought in ¥2.31B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit -30.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2306479000 → ¥26630000
- Net income → operating cash flow: ¥26630000 → ¥49220000（difference ¥22590000）
- Main uses of operating cash flow: CapEx ¥2945000 / dividends — / buybacks ¥59966000
- Change in cash: ¥304800000
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 | ¥2.31B |  |
| Operating income | ¥10.8M | Margin 0.5% |
| Net income | ¥26.6M | Margin 1.2% |
| Free cash flow | ¥46.3M |  |
| Employees (consolidated) | 124 |  |
| EPS | ¥6.16 |  |
| Diluted EPS | ¥6.13 |  |
| Book value per share | ¥300.19 |  |
| Equity ratio | 44.0% |  |
| Shares outstanding | 2,534,000 |  |
| Treasury shares | 88,700 |  |
| Shareholders | 2,080 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 56.6% | Cash ÷ revenue 44.2% |
| Vs. industry median margin | -5.2 pp | Advertising |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 57% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1427555000 | ¥2306479000 | +61.6% |
| Operating income | ¥173600000 | ¥10849000 | -93.8% |
| Operating margin | 12.2% | 0.5% | -11.7 pp |
| Employees | 78 people | 124 people | +59.0% |
| Cash and equivalents | ¥476458000 | ¥1018964000 | +113.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 | 2,306 | 100.0% | S100XCJL |
| Cost of revenue | 1,228 | 53.2% | S100XCJL |
| Gross profit | 1,079 | 46.8% | S100XCJL |
| SG&A | 1,068 | 46.3% | S100XCJL |
| Operating income | 11 | 0.5% | S100XCJL |
| Ordinary income | 8 | 0.3% | S100XCJL |
| Pretax income | 8 | 0.3% | S100XCJL |
| Income tax | -19 | -0.8% | S100XCJL |
| Net income | 27 | 1.2% | S100XCJL |
| Net income attributable to owners | 27 | 1.2% | S100XCJL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 46 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 46.8% → Operating margin 0.5% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.9%; Core profit growth: -30.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.02×
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 | 2,098 | 2,306 | 208 | +9.9% |
| Gross profit | 954 | 1,079 | 125 | +13.1% |
| Operating income | 16 | 11 | -5 | -30.0% |
| Net income attributable to owners | 147 | 27 | -121 | -81.9% |
| Operating cash flow | -36 | 49 | 85 | — |
| Free cash flow | -36 | 46 | 83 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 1,428 | 174 | 12.2% | 117 | 233 | 229 | S100N4WN |
| FY ending Sep 2021 | 1,829 | 303 | 16.6% | 206 | 279 | 271 | S100PUQM |
| FY ending Sep 2022 | 2,251 | 280 | 12.5% | -281 | 140 | 127 | S100SJ2D |
| FY ending Sep 2023 | 2,275 | 312 | 13.7% | 198 | 257 | 235 | S100UZPC |
| FY ending Sep 2024 | 2,098 | 16 | 0.7% | 147 | -36 | -36 | S100XCJL |
| FY ending Sep 2025 | 2,306 | 11 | 0.5% | 27 | 49 | 46 | S100XCJL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥87.5K |
| Net income per employee (consolidated) | ¥214.8K |

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) | 89 | 96 | 90 | 115 | 124 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥5M | ¥4.9M | ¥5.4M |
| Average age (parent company) | 33.6 years | 34.2 years | 33.7 years | 33.7 years | 33.7 years |
| Average tenure (parent company) | 4.3 years | 4.5 years | 4.5 years | 4.0 years | 4.2 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +9.9%

## 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 | 49 | 2.1% | S100XCJL |
| Capital expenditure | 3 | 0.1% | S100XCJL |
| Free cash flow | 46 | 2.0% | 算出 |
| Investing cash flow | 208 | 9.0% | S100XCJL |
| Financing cash flow | 48 | 2.1% | S100XCJL |
| Share buyback | 60 | 2.6% | S100XCJL |
| Change in cash | 305 | 13.2% | S100XCJL |
| Cash and equivalents | 1,019 | 44.2% | S100XCJL |

## 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 | 926 | 679 | 468 | 714 | 1,019 | S100SJ2D, S100UZPC, S100XCJL |
| Total assets | 1,501 | 1,360 | 1,377 | 1,687 | 1,799 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Net assets | 797 | 522 | 653 | 810 | 791 | S100SJ2D, S100UZPC, S100XCJL |
| Share capital | 81 | 84 | 85 | 86 | 86 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Trade receivables | 228 | 283 | 287 | 273 | 333 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Property, plant and equipment | 22 | 31 | 40 | 36 | 32 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Intangible assets excluding goodwill | 140 | 153 | 139 | 206 | 180 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Goodwill | 130 | 147 | 126 | 146 | 129 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Current assets | 1,254 | 1,084 | 874 | 1,111 | 1,432 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Current liabilities | 534 | 716 | 466 | 478 | 559 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Short-term borrowings | — | 300 | 25 | — | — | S100SJ2D, S100UZPC |
| Long-term borrowings | 167 | 117 | 252 | 393 | 445 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Total liabilities | 703 | 837 | 724 | 877 | 1,008 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Equity attributable to owners of parent | 797 | 522 | 653 | 810 | 791 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Retained earnings | 435 | 155 | 353 | 500 | 527 | S100PUQM, S100SJ2D, S100UZPC, S100XCJL |
| Treasury stock | — | -0 | -70 | -61 | -107 | S100SJ2D, S100UZPC, S100XCJL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XCJL |
| Receivables | 18% | S100XCJL |
| Property, plant and equipment | 2% | S100XCJL |
| Intangibles and goodwill | 17% | S100XCJL |
| Other assets | 6% | S100XCJL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100XCJL |
| Equity | 44% | S100XCJL |
| Other liabilities | 0% | S100XCJL |

### 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 | 1,501 | 1,360 | 1,377 | 1,687 | 1,799 |
| Equity | 797 | 522 | 653 | 810 | 791 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 926 | 679 | 468 | 714 | 1,019 |

## 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% | S100XCJL |
| Fixed assets ÷ total assets | 1.8% | S100XCJL |
| Goodwill ÷ parent equity | 16.3% | S100XCJL |

Goodwill over 4 years: 130 → 129 JPY; total investing cash flow: -540 JPY. This does not imply causation.

### 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) | 56.6% |
| Cash ÷ revenue | 44.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 453.7% |
| Cash vs. profit gap | 23 JPY mn (of net income 84.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 421.7% |

## 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 | 11.3% | 1.22× | 13.7% | 1.88× | 25.8% | S100PUQM |
| 2022 | — | —× | -19.6% | —× | — | S100SJ2D |
| 2023 | 8.7% | 1.66× | 14.5% | 2.33× | 33.8% | S100UZPC |
| 2024 | 7.0% | 1.37× | 9.6% | 2.09× | 20.2% | S100XCJL |
| 2025 | 1.2% | 1.32× | 1.5% | 2.18× | 3.3% | S100XCJL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エムスリードリームインベスター | Major shareholder | 26.9% | 2025-09-30 |
| 橋本光伸 | Major shareholder | 20.7% | 2025-09-30 |
| 株式会社TRMブラザーズ | Major shareholder | 10.3% | 2025-09-30 |
| 村上直 | Major shareholder | 3.3% | 2025-09-30 |
| 株式会社エイジェック | Major shareholder | 3.2% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 2.7% | 2025-09-30 |
| 荒池和史 | Major shareholder | 1.8% | 2025-09-30 |
| ネクスト・グロース株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 原島茂雄 | Major shareholder | 1.3% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/10/01－2025/09/30) | S100XCJL | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCJL,, |
| 有価証券報告書－第25期(2023/10/01－2024/09/30) | S100UZPC | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZPC,, |
| 有価証券報告書－第24期(2022/10/01－2023/09/30) | S100SJ2D | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ2D,, |
| 有価証券報告書－第23期(令和3年10月1日－令和4年9月30日) | S100PUQM | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUQM,, |
| 有価証券報告書－第22期(令和2年10月1日－令和3年9月30日) | S100N4WN | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4WN,, |

## 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).