# ON THE PAGE, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/01/01－2025/12/31) (S100XSAX)
> Page: https://vizora.meequs.com/en/company/on-the-page
> Retrieved: 2026-09-30T20:31:19.268Z

## Company

ON the Page, founded in 2016, is a company in Restaurants & Pubs listed on TSE Standard. It has 1,099 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOVARESE,Inc. |
| Ticker | 9160 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9160.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座一丁目8番14号 |
| Representative (per filing) | 代表取締役社長 荻野 洋基 |
| Founded | Aug 2016 |
| Share capital | ¥30M |
| Employees (consolidated) | 1,099 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | December |
| Website | www.novarese.co.jp (https://www.novarese.co.jp/) |
| Corporate number | 1010001177471 |
| EDINET | E32664 |
| Industries (Vizora) | Restaurants & Pubs, Weddings |

> Profile source: annual securities report (S100XSAX, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Weddings (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 72.2 | 9 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 27.8 | 9 |

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 93% of ON the Page's sales come from Bridal business, with Restaurant specialized business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +14.2% from the prior year, operating profit +68.1%.

## Company structure

- Segment revenue mix: Bridal business 92.9%、Restaurant specialized business 7.1%
- Revenue → net income: ¥22039886000 → ¥1256581000
- Net income → operating cash flow: ¥1256581000 → ¥4756226000（difference ¥3499645000）
- Main uses of operating cash flow: CapEx ¥2548385000 / dividends — / buybacks —
- Change in cash: ¥-130411000
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 | ¥22B |  |
| Operating income | ¥2.25B | Margin 10.2% |
| Net income | ¥1.26B | Margin 5.7% |
| Free cash flow | ¥2.21B |  |
| Largest business | Bridal business | of segment revenue 92.9% |
| Employees (consolidated) | 1,099 |  |
| EPS | ¥50.16 |  |
| Book value per share | ¥115.96 |  |
| Equity ratio | 27.5% | Derived from disclosed figures |
| Shares outstanding | 25,073,094 |  |
| Shareholders | 39,047 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 15.5% |
| Vs. industry median margin | +2.1 pp | Weddings |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.8× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, employees -3% while operating income rose 68%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7334059000 | ¥22039886000 | +200.5% |
| Employees | 969 people | 1,099 people | +13.4% |
| Cash and equivalents | ¥2339044000 | ¥3417902000 | +46.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ブライダル事業 | 92.9% |
| 新設・再編 → レストラン特化型事業 | 7.1% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,040 | 100.0% | S100XSAX |
| Cost of revenue | 9,804 | 44.5% | S100XSAX |
| Gross profit | 12,236 | 55.5% | S100XSAX |
| SG&A | 10,005 | 45.4% | S100XSAX |
| Operating income | 2,248 | 10.2% | S100XSAX |
| Pretax income | 1,850 | 8.4% | S100XSAX |
| Income tax | 593 | 2.7% | S100XSAX |
| Net income | 1,257 | 5.7% | S100XSAX |
| Net income attributable to owners | 1,257 | 5.7% | S100XSAX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 45 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 55.5% → Operating margin 10.2% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.2%; Core profit growth: +68.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.79×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,300 | 22,040 | 2,740 | +14.2% |
| Gross profit | 10,860 | 12,236 | 1,376 | +12.7% |
| Operating income | 1,338 | 2,248 | 910 | +68.1% |
| Net income attributable to owners | 664 | 1,257 | 593 | +89.3% |
| Operating cash flow | 3,892 | 4,756 | 864 | +22.2% |
| Free cash flow | 2,457 | 2,208 | -249 | -10.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 17,405 | — | — | 1,313 | 3,277 | — | S100T66W |
| FY ending Dec 2020 | 7,334 | — | — | -2,948 | -912 | — | S100VHZD |
| FY ending Dec 2021 | 11,192 | — | — | 374 | 2,369 | — | S100XSAX |
| FY ending Dec 2022 | 17,222 | 2,776 | 16.1% | 1,657 | 4,620 | 3,256 | S100T66W |
| FY ending Dec 2023 | 18,265 | 1,540 | 8.4% | 942 | 2,996 | 1,023 | S100VHZD |
| FY ending Dec 2024 | 19,300 | 1,338 | 6.9% | 664 | 3,892 | 2,457 | S100XSAX |
| FY ending Dec 2025 | 22,040 | 2,248 | 10.2% | 1,257 | 4,756 | 2,208 | S100XSAX |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 961 | 987 | 1,127 | 1,130 | 1,099 |
| Average salary (parent company) | — | — | ¥4.1M | ¥4M | ¥4.3M |
| Average age (parent company) | — | — | 33.1 years | 33.4 years | 33.7 years |
| Average tenure (parent company) | — | — | 5.9 years | 6.3 years | 6.7 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) +14.2%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bridal business | 20,465 | 92.9% | 3,801 | 18.6% |
| Restaurant specialized business | 1,575 | 7.1% | -18 | -1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bridal business | 92.9% | 100.0% | 7.1 | 18.6% |
| Restaurant specialized business | 7.1% | — | — | -1.1% |

Loss-making segment (excluded from profit shares): Restaurant specialized business -18 JPY mn

Segment → industry: Restaurant specialized business → Restaurants & Pubs / Bridal business → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,756 | 21.6% | S100XSAX |
| Capital expenditure | 2,548 | 11.6% | S100XSAX |
| Free cash flow | 2,208 | 10.0% | 算出 |
| Investing cash flow | -2,651 | -12.0% | S100XSAX |
| Financing cash flow | -2,219 | -10.1% | S100XSAX |
| Change in cash | -130 | -0.6% | S100XSAX |
| Cash and equivalents | 3,418 | 15.5% | S100XSAX |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,247 | 2,803 | 1,719 | 3,548 | 3,418 | S100T66W, S100VHZD, S100XSAX |
| Total assets | 32,627 | 31,981 | 32,301 | 34,732 | 36,823 | S100XSAX, S100T66W, S100VHZD |
| Net assets | 5,587 | 7,234 | 8,178 | 8,847 | 10,109 | S100T66W, S100VHZD, S100XSAX |
| Share capital | — | 100 | 100 | 100 | 30 | S100T66W, S100VHZD, S100XSAX |
| Property, plant and equipment | — | 14,719 | 15,821 | 16,051 | 17,530 | S100T66W, S100VHZD, S100XSAX |
| Goodwill | — | 11,203 | 11,203 | 11,203 | 11,203 | S100T66W, S100VHZD, S100XSAX |
| Current assets | — | 3,523 | 2,524 | 4,382 | 4,434 | S100T66W, S100VHZD, S100XSAX |
| Total liabilities | — | 24,746 | 24,123 | 25,885 | 26,714 | S100T66W, S100VHZD, S100XSAX |
| Equity attributable to owners of parent | — | 7,234 | 8,178 | 8,847 | 10,109 | S100T66W, S100VHZD, S100XSAX |
| Retained earnings | — | 924 | 1,866 | 2,530 | 8,542 | S100T66W, S100VHZD, S100XSAX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XSAX |
| Property, plant and equipment | 48% | S100XSAX |
| Intangibles and goodwill | 30% | — |
| Other assets | 13% | S100XSAX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100XSAX |
| Equity | 27% | S100XSAX |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 32,627 | 31,981 | 32,301 | 34,732 | 36,823 |
| Equity | 5,587 | 7,234 | 8,178 | 8,847 | 10,109 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,247 | 2,803 | 1,719 | 3,548 | 3,418 |

## 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) | 79.5% | S100XSAX |
| Fixed assets ÷ total assets | 47.6% | S100XSAX |
| Goodwill ÷ parent equity | 110.8% | S100XSAX |

### 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) | 9.3% |
| Cash ÷ revenue | 15.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.6% |
| Cash vs. profit gap | 3,500 JPY mn (of net income 278.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 55.7% |

## 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 | 3.3% | 0.34× | 1.1% | 5.84× | 6.7% | S100XSAX, S100T66W |
| 2022 | 9.6% | 0.53× | 5.1% | 4.47× | 22.9% | S100T66W |
| 2023 | 5.2% | 0.57× | 2.9% | 4.17× | 12.2% | S100VHZD |
| 2024 | 3.4% | 0.58× | 2.0% | 3.94× | 7.8% | S100XSAX |
| 2025 | 5.7% | 0.62× | 3.5% | 3.77× | 13.3% | S100XSAX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ティーケーピー | Major shareholder | 59.6% | 2025-12-31 |
| 株式会社ＩＢＪ | Major shareholder | 3.0% | 2025-12-31 |
| アサヒビール株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社電器堂 | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社西原商会 | Major shareholder | 0.7% | 2025-12-31 |
| 西浦 益美 | Major shareholder | 0.6% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行決済事業部） | Major shareholder | 0.6% | 2025-12-31 |
| ノバレーゼ社員持株会 | Major shareholder | 0.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XSAX | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSAX,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VHZD | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHZD,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T66W | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T66W,, |

## 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).