# OVERLAP Holdings, Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2024/09/01－2025/08/31) (S100X6HK)
> Page: https://vizora.meequs.com/en/company/over-lap
> Retrieved: 2026-09-30T21:32:52.320Z

## Company

OVERLAP Holdings, founded in 2022, is a company in Publishing & Bookstores listed on TSE Growth. It has 85 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OVERLAP Holdings, Inc. |
| Ticker | 414A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/414A.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西五反田八丁目1番5号 |
| Representative (per filing) | 代表取締役社長 永田 勝治 |
| Founded | May 2022 |
| Share capital | ¥10M |
| Employees (consolidated) | 85 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | August |
| Website | hd.over-lap.co.jp (https://hd.over-lap.co.jp/) |
| Corporate number | 2010001226772 |
| EDINET | E40904 |
| Industries (Vizora) | Publishing & Bookstores |

> Profile source: annual securities report (S100X6HK, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.6 | 17 |
| Profitability | 97.4 | 19 |
| Cash conversion | 34.4 | 16 |
| Efficiency | 13.2 | 19 |

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)

- OVERLAP Holdings brought in ¥8.54B in revenue.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +40.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.54B |  |
| Operating income | ¥3.03B | Margin 35.5% |
| Net income | ¥2.07B | Margin 24.2% |
| Free cash flow | — |  |
| Employees (consolidated) | 85 |  |
| EPS | ¥103.36 |  |
| Diluted EPS | ¥103.36 |  |
| Book value per share | ¥241.72 |  |
| Equity ratio | 43.8% | Derived from disclosed figures |
| Shares outstanding | 20,000,000 |  |
| Shareholders | 11 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 15.1% | Cash ÷ revenue 32.8% |
| Vs. industry median margin | +30 pp | Publishing & Bookstores |
| ROE | 27.8% | Derived from disclosed figures |
| ROA | 11.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 35 per ¥100 of revenue

## What changed in 2 years

| Metric | FY ending Aug 2023 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7781000000 | ¥8535000000 | +9.7% |
| Employees | 53 people | 85 people | +60.4% |
| Cash and equivalents | ¥3463000000 | ¥2796000000 | -19.3% |

### Change in segment revenue mix

Span: FY ending Aug 2023 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,535 | 100.0% | S100X6HK |
| Cost of revenue | 3,998 | 46.8% | S100X6HK |
| Gross profit | 4,537 | 53.2% | S100X6HK |
| SG&A | 1,510 | 17.7% | S100X6HK |
| Operating income | 3,026 | 35.5% | S100X6HK |
| Pretax income | 2,872 | 33.6% | S100X6HK |
| Income tax | 805 | 9.4% | S100X6HK |
| Net income | 2,067 | 24.2% | S100X6HK |
| Net income attributable to owners | 2,067 | 24.2% | S100X6HK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 18 |
| Operating income | 35 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 53.2% → Operating margin 35.5% → Net margin 24.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +40.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 25.90×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,403 | 8,535 | 132 | +1.6% |
| Gross profit | 4,888 | 4,537 | -351 | -7.2% |
| Operating income | 2,151 | 3,026 | 875 | +40.7% |
| Net income attributable to owners | 1,147 | 2,067 | 920 | +80.2% |
| Operating cash flow | 1,925 | 1,398 | -527 | -27.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2023 | 7,781 | — | — | 806 | 2,004 | — | S100X6HK |
| FY ending Aug 2024 | 8,403 | 2,151 | 25.6% | 1,147 | 1,925 | 1,886 | S100X6HK |
| FY ending Aug 2025 | 8,535 | 3,026 | 35.5% | 2,067 | 1,398 | — | S100X6HK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.4M |
| Operating income per employee (consolidated) | ¥35.6M |
| Net income per employee (consolidated) | ¥24.3M |

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

| History | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 53 | 67 | 85 |
| Average salary (parent company) | — | — | ¥8.5M |
| Average age (parent company) | — | — | 37.0 years |
| Average tenure (parent company) | — | — | 3.8 years |

Year over year: Employees (consolidated) +26.9% · Revenue (consolidated) +1.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,398 | 16.4% | S100X6HK |
| Investing cash flow | -7 | -0.1% | S100X6HK |
| Financing cash flow | -1,367 | -16.0% | S100X6HK |
| Dividends paid | 708 | 8.3% | S100X6HK |
| Change in cash | 24 | 0.3% | S100X6HK |
| Cash and equivalents | 2,796 | 32.8% | S100X6HK |

## 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 Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,463 | 2,772 | 2,796 | S100X6HK |
| Total assets | 19,346 | 18,223 | 18,575 | S100X6HK |
| Net assets | 6,817 | 6,766 | 8,128 | S100X6HK |
| Share capital | — | 50 | 10 | S100X6HK |
| Property, plant and equipment | — | 77 | 64 | S100X6HK |
| Goodwill | — | 7,679 | 7,679 | S100X6HK |
| Current assets | — | 6,134 | 6,539 | S100X6HK |
| Total liabilities | — | 11,457 | 10,447 | S100X6HK |
| Equity attributable to owners of parent | — | 6,766 | 8,128 | S100X6HK |
| Retained earnings | — | 1,058 | 3,124 | S100X6HK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100X6HK |
| Property, plant and equipment | 1% | S100X6HK |
| Intangibles and goodwill | 41% | — |
| Other assets | 43% | S100X6HK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100X6HK |
| Equity | 44% | S100X6HK |

### Balance sheet history

| Metric | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 19,346 | 18,223 | 18,575 |
| Equity | 6,817 | 6,766 | 8,128 |
| Interest-bearing debt | — | — | — |
| Cash | 3,463 | 2,772 | 2,796 |

## 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) | 0.7% | S100X6HK |
| Fixed assets ÷ total assets | 0.3% | S100X6HK |
| Goodwill ÷ parent equity | 94.5% | S100X6HK |

### 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) | 15.1% |
| Cash ÷ revenue | 32.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.2% |
| Cash vs. profit gap | -669 JPY mn (of net income -32.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 0.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 10.4% | 0.40× | 4.2% | 2.84× | 11.8% | S100X6HK |
| 2024 | 13.6% | 0.45× | 6.1% | 2.78× | 17.0% | S100X6HK |
| 2025 | 24.2% | 0.46× | 11.2% | 2.47× | 27.8% | S100X6HK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NIC Fund II Cayman, LP | Major shareholder | 17.4% | 2025-08-31 |
| Cerasus Fund II Cayman, LP | Major shareholder | 14.6% | 2025-08-31 |
| Wisteria Fund II Cayman, LP | Major shareholder | 14.1% | 2025-08-31 |
| Camellia Fund II Cayman, LP | Major shareholder | 13.3% | 2025-08-31 |
| 株式会社小学館 | Major shareholder | 10.0% | 2025-08-31 |
| 株式会社ポケモン | Major shareholder | 10.0% | 2025-08-31 |
| KKN合同会社 | Major shareholder | 6.0% | 2025-08-31 |
| OSK合同会社 | Major shareholder | 5.0% | 2025-08-31 |
| 岩﨑 篤史 | Major shareholder | 5.0% | 2025-08-31 |
| 永田 勝治 | Major shareholder | 4.0% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2024/09/01－2025/08/31) | S100X6HK | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6HK,, |

## 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).