# NexTone Inc.: 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26期(2025/04/01－2026/03/31) (S100YHNA)
> Page: https://vizora.meequs.com/en/company/nextone
> Retrieved: 2026-09-30T19:05:54.723Z

## Company

NexTone, founded in 2019, is a company in Streaming listed on TSE Growth. It has 306 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NexTone Inc. |
| Ticker | 7094 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7094.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿四丁目20番3号恵比寿ガーデンプレイスタワー10階 |
| Representative (per filing) | 代表取締役CEO 阿南雅浩 |
| Founded | Jun 2019 |
| Share capital | ¥1.22B |
| Employees (consolidated) | 306 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.nex-tone.co.jp (https://www.nex-tone.co.jp/) |
| Corporate number | 5011001072766 |
| EDINET | E35562 |
| Industries (Vizora) | Streaming, Music & Live Entertainment |

> Profile source: annual securities report (S100YHNA, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Music & Live Entertainment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 50 | 3 |
| Cash conversion | 50 | 3 |
| Efficiency | 83.3 | 3 |

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)

- About 49% of NexTone's sales come from Digital content distribution sevice, with Digital music bussiness and Copyright management business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +29.5%.

## Company structure

- Segment revenue mix: Digital content distribution sevice 48.7%、Digital music bussiness 37.2%、Copyright management business 7.1%、Other 7.0%
- Revenue → net income: ¥20774000000 → ¥731000000
- Net income → operating cash flow: ¥731000000 → ¥2226000000（difference ¥1495000000）
- Main uses of operating cash flow: CapEx ¥793000000 / dividends — / buybacks ¥0
- Change in cash: ¥1435000000
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 | ¥20.8B |  |
| Operating income | ¥1.3B | Margin 6.3% |
| Net income | ¥791M | Margin 3.8% |
| Free cash flow | ¥1.43B |  |
| Largest business | Digital content distribution sevice | of segment revenue 48.7% |
| Employees (consolidated) | 306 |  |
| EPS | ¥88.89 |  |
| Book value per share | ¥592.08 |  |
| Equity ratio | 35.2% |  |
| Shares outstanding | 9,940,800 |  |
| Treasury shares | 172,400 |  |
| Shareholders | 7,667 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 69.9% | Cash ÷ revenue 53.3% |
| Vs. industry median margin | 0 pp | Music & Live Entertainment |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, revenue is 2.8× its level five years ago
- FY2026, cash is 70% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6122925000 | ¥20774000000 | +239.3% |
| Operating income | ¥539473000 | ¥1301000000 | +141.2% |
| Operating margin | 8.8% | 6.3% | -2.5 pp |
| Employees | 80 people | 306 people | +282.5% |
| Cash and equivalents | ¥4439022000 | ¥11064000000 | +149.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 著作権管理事業 → 著作権管理事業 | 7.1% |
| 著作権管理事業 → 事業再編・廃止 | 80.8% |
| キャスティング事業 → 事業再編・廃止 | 10.7% |
| その他 → その他 | 1.4% |
| 新設・再編 → DD事業 | 48.7% |
| 新設・再編 → 音楽配信事業 | 37.2% |
| 新設・再編 → その他 | 5.5% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital content distribution sevice | 3 years | +12.6% | ¥10126000000 | 10.3% | 2 |
| Digital music bussiness | 2 years | +39.4% | ¥7726000000 | 20.3% | 2 |
| Copyright management business | 5 years | -22.8% | ¥1471000000 | 47.9% | 2 |
| Other | 5 years | +75.2% | ¥1450000000 | -22.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,774 | 100.0% | S100YHNA |
| Cost of revenue | 15,457 | 74.4% | S100YHNA |
| Gross profit | 5,316 | 25.6% | S100YHNA |
| SG&A | 4,015 | 19.3% | S100YHNA |
| Operating income | 1,301 | 6.3% | S100YHNA |
| Ordinary income | 1,334 | 6.4% | S100YHNA |
| Pretax income | 1,094 | 5.3% | S100YHNA |
| Income tax | 363 | 1.7% | S100YHNA |
| Net income | 731 | 3.5% | S100YHNA |
| Net income attributable to owners | 791 | 3.8% | S100YHNA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.6% → Operating margin 6.3% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +29.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.20×
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 | 19,412 | 20,774 | 1,362 | +7.0% |
| Gross profit | 4,827 | 5,316 | 489 | +10.1% |
| Operating income | 1,005 | 1,301 | 296 | +29.5% |
| Net income attributable to owners | 692 | 791 | 99 | +14.3% |
| Operating cash flow | 2,152 | 2,226 | 74 | +3.4% |
| Free cash flow | 1,315 | 1,433 | 118 | +9.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,345 | 306 | 7.0% | 191 | 927 | 806 | S100LLEZ |
| FY ending Mar 2021 | 6,123 | 539 | 8.8% | 377 | 1,259 | 1,055 | S100OFFE |
| FY ending Mar 2022 | 7,489 | 709 | 9.5% | 483 | 1,122 | 894 | S100R49G |
| FY ending Mar 2023 | 8,815 | 840 | 9.5% | 631 | 1,160 | 899 | S100TPJN |
| FY ending Mar 2024 | 13,433 | 648 | 4.8% | 531 | 1,375 | 637 | S100WAY5 |
| FY ending Mar 2025 | 19,412 | 1,005 | 5.2% | 692 | 2,152 | 1,315 | S100YHNA |
| FY ending Mar 2026 | 20,774 | 1,301 | 6.3% | 791 | 2,226 | 1,433 | S100YHNA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.9M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 92 | 97 | 298 | 308 | 306 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.1M | — | ¥5.7M |
| Average age (parent company) | 35.2 years | 36.1 years | 36.1 years | 36.4 years | 36.8 years |
| Average tenure (parent company) | 5.4 years | 5.9 years | 6.2 years | 6.7 years | 6.3 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +7.0%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Copyright management business | 1,471 | 7.1% | 704 | 47.9% |
| Digital content distribution sevice | 10,126 | 48.7% | 1,045 | 10.3% |
| Digital music bussiness | 7,726 | 37.2% | 1,565 | 20.3% |
| Other | 1,450 | 7.0% | -325 | -22.4% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Copyright management business | 7.1% | 21.2% | 14.2 | 47.9% |
| Digital content distribution sevice | 48.7% | 31.5% | -17.2 | 10.3% |
| Digital music bussiness | 37.2% | 47.2% | 10.0 | 20.3% |
| Other | 7.0% | — | — | -22.4% |

Loss-making segment (excluded from profit shares): Other -325 JPY mn

Segment → industry: Digital music bussiness → Streaming / Digital content distribution sevice → Music & Live Entertainment / Copyright management business → Music & Live Entertainment

## 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 | 2,226 | 10.7% | S100YHNA |
| Capital expenditure | 793 | 3.8% | S100YHNA |
| Free cash flow | 1,433 | 6.9% | 算出 |
| Investing cash flow | -791 | -3.8% | S100YHNA |
| Financing cash flow | 0 | 0.0% | S100YHNA |
| Share buyback | 0 | 0.0% | S100YHNA |
| Change in cash | 1,435 | 6.9% | S100YHNA |
| Cash and equivalents | 11,064 | 53.3% | S100YHNA |

## 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 | 5,193 | 6,041 | 8,046 | 9,629 | 11,064 | S100TPJN, S100WAY5, S100YHNA |
| Total assets | 6,550 | 7,821 | 13,235 | 14,831 | 15,827 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Net assets | 2,920 | 3,574 | 5,155 | 5,715 | 6,461 | S100TPJN, S100WAY5, S100YHNA |
| Share capital | 1,192 | 1,199 | 1,218 | 1,218 | 1,218 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Trade receivables | 211 | 282 | 1,600 | 1,744 | — | S100R49G, S100TPJN, S100WAY5 |
| Property, plant and equipment | 18 | 12 | 152 | 232 | 179 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Intangible assets excluding goodwill | 684 | 781 | 2,072 | 1,789 | 1,642 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Goodwill | 62 | 46 | 29 | 13 | — | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Current assets | 5,682 | 6,708 | 10,343 | 12,272 | 13,508 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Current liabilities | 3,370 | 3,876 | 7,502 | 8,570 | 9,008 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Trade payables | 701 | 873 | 2,974 | 3,436 | — | S100R49G, S100TPJN, S100WAY5 |
| Total liabilities | 3,630 | 4,247 | 8,080 | 9,116 | 9,365 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Non-controlling interests | — | — | 1,103 | 956 | 897 | S100WAY5, S100YHNA |
| Equity attributable to owners of parent | 2,920 | 3,574 | 4,052 | 4,760 | 5,565 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Retained earnings | 1,218 | 1,849 | 2,380 | 3,072 | 3,864 | S100R49G, S100TPJN, S100WAY5, S100YHNA |
| Treasury stock | -219 | -212 | -308 | -288 | -276 | S100R49G, S100TPJN, S100WAY5, S100YHNA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100YHNA |
| Property, plant and equipment | 1% | S100YHNA |
| Intangibles and goodwill | 10% | S100YHNA |
| Other assets | 19% | S100YHNA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YHNA |
| Equity | 41% | S100YHNA |
| Other liabilities | 0% | S100YHNA |

### 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 | 6,550 | 7,821 | 13,235 | 14,831 | 15,827 |
| Equity | 2,920 | 3,574 | 5,155 | 5,715 | 6,461 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,193 | 6,041 | 8,046 | 9,629 | 11,064 |

## 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) | 0.9% | S100YHNA |
| Fixed assets ÷ total assets | 1.1% | S100YHNA |
| Goodwill ÷ parent equity | — | —, S100YHNA |

### 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) | 69.9% |
| Cash ÷ revenue | 53.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.1% |
| Cash vs. profit gap | 1,435 JPY mn (of net income 181.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 35.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.4% | 1.14× | 7.4% | 2.24× | 16.5% | S100R49G |
| 2023 | 7.2% | 1.23× | 8.8% | 2.21× | 19.4% | S100TPJN |
| 2024 | 4.0% | 1.28× | 5.0% | 2.76× | 13.9% | S100WAY5 |
| 2025 | 3.6% | 1.38× | 4.9% | 3.18× | 15.7% | S100YHNA |
| 2026 | 3.8% | 1.36× | 5.2% | 2.97× | 15.3% | S100YHNA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アミューズ | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社ＪＲＣホールディングス | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社フェイス | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社ソニー・ミュージックエンタテインメント | Major shareholder | 4.0% | 2026-03-31 |
| エイベックス・ミュージック・パブリッシング株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社博報堂 | Major shareholder | 3.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社丸喜堂 | Major shareholder | 2.0% | 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 | 1.5% | 2026-03-31 |
| 南角 光彦 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YHNA | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHNA,, |
| 訂正有価証券報告書－第25期(2024/04/01－2025/03/31) | S100WAY5 | 2025-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WAY5,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TPJN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPJN,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R49G | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R49G,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OFFE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFFE,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LLEZ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLEZ,, |

## 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).