# PIA CORPORATION: 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53期(2025/04/01－2026/03/31) (S100YDQN)
> Page: https://vizora.meequs.com/en/company/pia
> Retrieved: 2026-09-30T22:08:16.331Z

## Company

PIA, founded in 1974, is a company in Events & Ticketing listed on TSE Prime. It has 621 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIA CORPORATION |
| Ticker | 4337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4337.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区東一丁目2番20号 |
| Representative (per filing) | 代表取締役社長 矢内 廣 |
| Founded | Dec 1974 |
| Share capital | ¥6.48B |
| Employees (consolidated) | 621 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | corporate.pia.jp (https://corporate.pia.jp/) |
| Corporate number | 1011001069980 |
| EDINET | E03379 |
| Industries (Vizora) | Events & Ticketing |

> Profile source: annual securities report (S100YDQN, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Events & Ticketing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 6 |
| Profitability | 61.1 | 9 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 5.6 | 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)

- PIA brought in ¥55.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +22.0% from the prior year, operating profit +63.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥55330000000 → ¥3317000000
- Net income → operating cash flow: ¥3317000000 → ¥13145000000（difference ¥9828000000）
- Main uses of operating cash flow: CapEx ¥2669000000 / dividends — / buybacks —
- Change in cash: ¥8448000000
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 | ¥55.3B |  |
| Operating income | ¥4.31B | Margin 7.8% |
| Net income | ¥3.32B | Margin 6.0% |
| Free cash flow | ¥10.5B |  |
| Employees (consolidated) | 621 |  |
| EPS | ¥187.06 |  |
| Book value per share | ¥621.87 |  |
| Equity ratio | 9.2% |  |
| Shares outstanding | 15,668,713 |  |
| Treasury shares | 42,300 |  |
| Shareholders | 26,882 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 46.7% | Cash ÷ revenue 98.9% |
| Vs. industry median margin | +0.4 pp | Events & Ticketing |
| ROE | 37.1% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, revenue is 2.1× its level five years ago
- FY2026, parent-company salary changed +48% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥67355000000 | ¥55330000000 | -17.9% |
| Operating income | ¥-6231000000 | ¥4311000000 | — |
| Operating margin | -9.3% | 7.8% | +17 pp |
| Employees | 332 people | 621 people | +87.0% |
| Cash and equivalents | ¥15135000000 | ¥54749000000 | +261.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,330 | 100.0% | S100YDQN |
| Cost of revenue | 33,622 | 60.8% | S100YDQN |
| Gross profit | 21,708 | 39.2% | S100YDQN |
| SG&A | 17,396 | 31.4% | S100YDQN |
| Operating income | 4,311 | 7.8% | S100YDQN |
| Ordinary income | 4,345 | 7.9% | S100YDQN |
| Pretax income | 4,283 | 7.7% | S100YDQN |
| Income tax | 965 | 1.7% | S100YDQN |
| Net income | 3,317 | 6.0% | S100YDQN |
| Net income attributable to owners | 3,317 | 6.0% | S100YDQN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 31 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 39.2% → Operating margin 7.8% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +22.0%; Core profit growth: +63.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.89×
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 | 45,362 | 55,330 | 9,968 | +22.0% |
| Gross profit | 16,936 | 21,708 | 4,772 | +28.2% |
| Operating income | 2,636 | 4,311 | 1,675 | +63.5% |
| Net income attributable to owners | 1,591 | 3,317 | 1,726 | +108.5% |
| Operating cash flow | 15,336 | 13,145 | -2,191 | -14.3% |
| Free cash flow | 13,405 | 10,476 | -2,929 | -21.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 163,204 | 1,104 | 0.7% | 121 | -2,351 | -10,242 | S100LKV5 |
| FY ending Mar 2021 | 67,355 | -6,231 | -9.3% | -6,664 | -21,858 | -25,338 | S100OATK |
| FY ending Mar 2022 | 25,829 | -833 | -3.2% | -1,122 | 13,058 | 10,458 | S100QZ6F |
| FY ending Mar 2023 | 32,763 | 820 | 2.5% | 1,415 | 9,355 | 5,841 | S100TXVJ |
| FY ending Mar 2024 | 39,587 | 1,209 | 3.1% | 1,118 | 12,375 | 10,551 | S100VZU0 |
| FY ending Mar 2025 | 45,362 | 2,636 | 5.8% | 1,591 | 15,336 | 13,405 | S100YDQN |
| FY ending Mar 2026 | 55,330 | 4,311 | 7.8% | 3,317 | 13,145 | 10,476 | S100YDQN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 342 | 331 | 448 | 517 | 621 |
| Average salary (parent company) | ¥5.9M | ¥7.3M | ¥7.9M | ¥7.9M | ¥8.8M |
| Average age (parent company) | 40.9 years | 40.8 years | 40.1 years | 39.4 years | 38.6 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 10.0 years | 9.0 years | 8.0 years |

Year over year: Employees (consolidated) +20.1% · Revenue (consolidated) +22.0%

## 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 | 13,145 | 23.8% | S100YDQN |
| Capital expenditure | 2,669 | 4.8% | S100YDQN |
| Free cash flow | 10,476 | 18.9% | 算出 |
| Investing cash flow | -2,886 | -5.2% | S100YDQN |
| Financing cash flow | -1,811 | -3.3% | S100YDQN |
| Change in cash | 8,448 | 15.3% | S100YDQN |
| Cash and equivalents | 54,749 | 98.9% | S100YDQN |

## 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 | 24,361 | 26,356 | 33,919 | 46,301 | 54,749 | S100TXVJ, S100VZU0, S100YDQN |
| Total assets | 64,598 | 74,798 | 90,271 | 102,150 | 117,249 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Net assets | 2,807 | 4,354 | 5,544 | 7,239 | 10,753 | S100TXVJ, S100VZU0, S100YDQN |
| Share capital | 5,942 | 5,962 | 6,444 | 6,468 | 6,483 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Inventories | 79 | 77 | 91 | 119 | 158 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Property, plant and equipment | 12,258 | 12,660 | 12,212 | 11,634 | 11,166 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Intangible assets excluding goodwill | 5,537 | 6,143 | 5,914 | 5,951 | 6,883 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Investment securities | 975 | 1,587 | 1,477 | 1,125 | 1,219 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Current assets | 42,852 | 51,360 | 66,814 | 79,662 | 93,256 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Current liabilities | 38,732 | 56,434 | 65,094 | 76,265 | 89,564 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Short-term borrowings | 2,500 | — | — | — | — | S100QZ6F |
| Long-term borrowings | 21,225 | 12,159 | 17,619 | 16,601 | 14,799 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Total liabilities | 61,791 | 70,443 | 84,726 | 94,910 | 106,495 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Non-controlling interests | — | 3 | — | 3 | 3 | S100TXVJ, S100YDQN |
| Equity attributable to owners of parent | 2,831 | 4,340 | 5,526 | 7,240 | 10,663 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Retained earnings | -4,999 | -3,583 | -2,465 | -874 | 2,442 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |
| Treasury stock | -216 | -166 | -1,063 | -987 | -910 | S100QZ6F, S100TXVJ, S100VZU0, S100YDQN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YDQN |
| Inventories | 0% | S100YDQN |
| Property, plant and equipment | 9% | S100YDQN |
| Intangibles and goodwill | 6% | S100YDQN |
| Investment securities | 1% | S100YDQN |
| Other assets | 37% | S100YDQN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 91% | S100YDQN |
| Equity | 9% | S100YDQN |
| Other liabilities | 0% | S100YDQN |

### 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 | 64,598 | 74,798 | 90,271 | 102,150 | 117,249 |
| Equity | 2,807 | 4,354 | 5,544 | 7,239 | 10,753 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,361 | 26,356 | 33,919 | 46,301 | 54,749 |

## 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) | 20.2% | S100YDQN |
| Fixed assets ÷ total assets | 9.5% | S100YDQN |
| Goodwill ÷ parent equity | — | —, S100YDQN |

### 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) | 46.7% |
| Cash ÷ revenue | 98.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 304.9% |
| Cash vs. profit gap | 9,828 JPY mn (of net income 296.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 22.0% |

## 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 | — | —× | -1.7% | —× | — | S100QZ6F |
| 2023 | 4.3% | 0.47× | 2.0% | 19.44× | 39.5% | S100TXVJ |
| 2024 | 2.8% | 0.48× | 1.4% | 16.73× | 22.7% | S100VZU0 |
| 2025 | 3.5% | 0.47× | 1.7% | 15.07× | 24.9% | S100YDQN |
| 2026 | 6.0% | 0.50× | 3.0% | 12.25× | 37.1% | S100YDQN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 矢内廣 | Major shareholder | 19.6% | 2026-03-31 |
| 株式会社セブン＆アイ・ホールディングス | Major shareholder | 9.0% | 2026-03-31 |
| ＴＯＰＰＡＮ株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| きらぼしキャピタル東京Ｓｐａｒｋｌｅ投資事業有限責任組合 | Major shareholder | 5.2% | 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 | 4.6% | 2026-03-31 |
| ＳｐｉｒｅＸ株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社セブン-イレブン・ジャパン | Major shareholder | 4.5% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| PERSHING-DIV. OF DLJ SECS. CORP.（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YDQN | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDQN,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100VZU0 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZU0,, |
| 訂正有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TXVJ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXVJ,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100QZ6F | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ6F,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OATK | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OATK,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LKV5 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKV5,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| セブン&アイ | Capital alliance | 業務・資本提携 | S100YDQN |
| 株式会社ファミリーマート | Alliance | チケット販売業務委託に係る業務提携（契約時は旧株式会社サークルＫサンクス） | S100YDQN |
| 三菱地所 | Capital alliance | 業務・資本提携 | S100YDQN |

## 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).