# PIXELA CORPORATION: 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44期(2024/10/01－2025/09/30) (S100XCO8)
> Page: https://vizora.meequs.com/en/company/pixela
> Retrieved: 2026-09-30T21:01:28.147Z

## Company

Pixela, founded in 1982, is a company in TVs, Audio & Musical Instruments listed on TSE Standard. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIXELA CORPORATION |
| Ticker | 6731 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6731.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区立売堀一丁目4番12号 |
| Representative (per filing) | 代表取締役社長 藤岡 毅 |
| Founded | Jun 1982 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.pixela.co.jp (https://www.pixela.co.jp/) |
| Corporate number | 6120001106530 |
| EDINET | E02075 |
| Industries (Vizora) | TVs, Audio & Musical Instruments, Home Appliances |

> Profile source: annual securities report (S100XCO8, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.5 | 11 |
| Profitability | 4.2 | 12 |
| Efficiency | 62.5 | 12 |

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 50% of Pixela's sales come from Audio and Visual appliance, with Home appliance business making up much of the rest.
- It lost about ¥79 for every ¥100 of sales at the operating level.
- Revenue changed -13.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1B |  |
| Operating income | -¥796M | Margin -79.5% |
| Net income | -¥853.9M | Margin -85.3% |
| Free cash flow | -¥1.03B |  |
| Largest business | Audio and Visual appliance | of segment revenue 50.4% |
| Employees (consolidated) | 50 |  |
| EPS | ¥-9.57 |  |
| Book value per share | ¥10.7 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 102,415,276 |  |
| Treasury shares | 39,000 |  |
| Shareholders | 26,481 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 51.1% | Cash ÷ revenue 57.5% |
| Vs. industry median margin | -84.5 pp | TVs, Audio & Musical Instruments |
| ROA | -97.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.3× its level five years ago
- FY2025, operating loss is 79 per ¥100 of revenue
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3735813000 | ¥1001129000 | -73.2% |
| Operating income | ¥-1052595000 | ¥-796022000 | — |
| Operating margin | -28.2% | -79.5% | -51.3 pp |
| Employees | 129 people | 50 people | -61.2% |
| Cash and equivalents | ¥344027000 | ¥575476000 | +67.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| AV関連事業 → AV関連事業 | 50.4% |
| AV関連事業 → 事業再編・廃止 | 5.1% |
| 家電事業 → 家電事業 | 44.5% |
| 新設・再編 → 家電事業 | 5.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,001 | 100.0% | S100XCO8 |
| Cost of revenue | 724 | 72.3% | S100XCO8 |
| Gross profit | 277 | 27.7% | S100XCO8 |
| SG&A | 1,073 | 107.2% | S100XCO8 |
| Operating income | -796 | -79.5% | S100XCO8 |
| Ordinary income | -818 | -81.7% | S100XCO8 |
| Pretax income | -849 | -84.8% | S100XCO8 |
| Income tax | 5 | 0.5% | S100XCO8 |
| Net income | -854 | -85.3% | S100XCO8 |
| Net income attributable to owners | -854 | -85.3% | S100XCO8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 107 |
| Operating income | -79 |
| (Ref.) Net income | -85 |

### Margin funnel

Gross margin 27.7% → Operating margin -79.5% → Net margin -85.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,163 | 1,001 | -162 | -13.9% |
| Gross profit | 230 | 277 | 47 | +20.2% |
| Operating income | -847 | -796 | 51 | — |
| Net income attributable to owners | -1,202 | -854 | 348 | — |
| Operating cash flow | -655 | -998 | -342 | — |
| Free cash flow | -701 | -1,030 | -328 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,073 | -1,323 | -26.1% | -1,565 | -645 | -1,175 | S100KGD6 |
| FY ending Sep 2020 | 3,736 | -1,053 | -28.2% | -1,240 | -513 | -718 | S100N50A |
| FY ending Sep 2021 | 3,329 | -854 | -25.6% | -937 | -746 | -844 | S100PV52 |
| FY ending Sep 2022 | 2,008 | -1,240 | -61.7% | -1,332 | -1,240 | -1,333 | S100SJRX |
| FY ending Sep 2023 | 1,451 | -1,239 | -85.4% | -1,414 | -1,018 | -1,062 | S100V0YN |
| FY ending Sep 2024 | 1,163 | -847 | -72.8% | -1,202 | -655 | -701 | S100XCO8 |
| FY ending Sep 2025 | 1,001 | -796 | -79.5% | -854 | -998 | -1,030 | S100XCO8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20M |
| Operating income per employee (consolidated) | -¥15.9M |
| Net income per employee (consolidated) | -¥17.1M |

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) | 125 | 120 | 76 | 56 | 50 |
| Average salary (parent company) | ¥5.4M | ¥5.9M | ¥5.9M | ¥6.2M | ¥6M |
| Average age (parent company) | 46.0 years | 47.0 years | 46.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 13.0 years | 14.0 years | 14.0 years | 16.0 years | 17.0 years |

Year over year: Employees (consolidated) -10.7% · Revenue (consolidated) -13.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Audio and Visual appliance | 504 | 50.4% | -156 | -30.9% |
| Home appliance business | 497 | 49.6% | -203 | -41.0% |

### 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 | Margin |
| --- | ---: | ---: |
| Audio and Visual appliance | 50.4% | -30.9% |
| Home appliance business | 49.6% | -41.0% |

Loss-making segment (excluded from profit shares): Audio and Visual appliance -156 JPY mn

Loss-making segment (excluded from profit shares): Home appliance business -203 JPY mn

Segment → industry: Audio and Visual appliance → TVs, Audio & Musical Instruments / Home appliance business → Home Appliances

## 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 | -998 | -99.7% | S100XCO8 |
| Capital expenditure | 32 | 3.2% | S100XCO8 |
| Free cash flow | -1,030 | -102.9% | 算出 |
| Investing cash flow | 3 | 0.3% | S100XCO8 |
| Financing cash flow | 1,475 | 147.3% | S100XCO8 |
| Share buyback | 0 | 0.0% | S100XCO8 |
| Change in cash | 481 | 48.0% | S100XCO8 |
| Cash and equivalents | 575 | 57.5% | S100XCO8 |

## 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 | 963 | 368 | 44 | 95 | 575 | S100SJRX, S100V0YN, S100XCO8 |
| Total assets | 2,386 | 1,742 | 980 | 619 | 1,126 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Net assets | 1,885 | 1,308 | 528 | 200 | 846 | S100SJRX, S100V0YN, S100XCO8 |
| Share capital | 5,049 | 5,426 | 5,743 | 452 | 1,202 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Trade receivables | 315 | — | — | — | — | S100PV52 |
| Property, plant and equipment | 0 | 0 | 0 | 0 | 0 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Intangible assets excluding goodwill | 54 | 59 | 10 | 0 | 0 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Current assets | 2,175 | 1,523 | 881 | 579 | 1,091 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Current liabilities | 463 | 393 | 433 | 345 | 238 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Trade payables | 225 | 147 | 142 | 57 | 10 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Total liabilities | 501 | 434 | 452 | 419 | 281 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Equity attributable to owners of parent | 1,885 | 1,306 | 527 | 199 | 844 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Retained earnings | -6,987 | -8,319 | -9,733 | -1,212 | -2,066 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |
| Treasury stock | -125 | -125 | -125 | -133 | -134 | S100PV52, S100SJRX, S100V0YN, S100XCO8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XCO8 |
| Other assets | 49% | S100XCO8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XCO8 |
| Other liabilities | 24% | S100XCO8 |
| Equity | 75% | S100XCO8 |
| Other liabilities | 0% | S100XCO8 |

### 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 | 2,386 | 1,742 | 980 | 619 | 1,126 |
| Equity | 1,885 | 1,308 | 528 | 200 | 846 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 963 | 368 | 44 | 95 | 575 |

## 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) | 0.0% | S100XCO8 |
| Fixed assets ÷ total assets | 0.0% | S100XCO8 |
| Goodwill ÷ parent equity | — | —, S100XCO8 |

### 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) | 51.1% |
| Cash ÷ revenue | 57.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -144 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -39.3% | —× | — | S100PV52 |
| 2022 | — | —× | -64.5% | —× | — | S100SJRX |
| 2023 | — | —× | -103.8% | —× | — | S100V0YN |
| 2024 | — | —× | -150.3% | —× | — | S100XCO8 |
| 2025 | — | —× | -97.8% | —× | — | S100XCO8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 1.2% | 2025-09-30 |
| 三菱ＵＦＪeスマート証券株式会社 | Major shareholder | 1.0% | 2025-09-30 |
| 松井証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-09-30 |
| 全 泰淳 | Major shareholder | 0.9% | 2025-09-30 |
| 今川 弘典 | Major shareholder | 0.8% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 0.7% | 2025-09-30 |
| 山下 博 | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2024/10/01－2025/09/30) | S100XCO8 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCO8,, |
| 有価証券報告書－第43期(2023/10/01－2024/09/30) | S100V0YN | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0YN,, |
| 有価証券報告書－第42期(2022/10/01－2023/09/30) | S100SJRX | 2023-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJRX,, |
| 有価証券報告書－第41期(令和3年10月1日－令和4年9月30日) | S100PV52 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV52,, |
| 有価証券報告書－第40期(令和2年10月1日－令和3年9月30日) | S100N50A | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N50A,, |
| 有価証券報告書－第39期(令和1年10月1日－令和2年9月30日) | S100KGD6 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGD6,, |

## 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).