# PIXTA Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/01/01－2025/12/31) (S100XUME)
> Page: https://vizora.meequs.com/en/company/pixta
> Retrieved: 2026-09-30T21:01:30.171Z

## Company

Pixta, founded in 2005, is a company in Internet Services & Apps listed on TSE Standard. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PIXTA Inc. |
| Ticker | 3416 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3416.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷二丁目21番1号 |
| Representative (per filing) | 代表取締役社長 古俣 大介 |
| Founded | Aug 2005 |
| Share capital | ¥332.4M |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | pixta.co.jp (https://pixta.co.jp/) |
| Corporate number | 1011001067555 |
| EDINET | E31749 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XUME, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.8 | 40 |
| Profitability | 40.2 | 51 |
| Cash conversion | 3.5 | 43 |
| Efficiency | 54.8 | 52 |

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 75% of Pixta's sales come from PIXTA business, with fotowa business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -7.6% from the prior year, operating profit -73.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.66B |  |
| Operating income | ¥151.2M | Margin 5.7% |
| Net income | ¥92.7M | Margin 3.5% |
| Free cash flow | -¥173.4M |  |
| Largest business | PIXTA business | of segment revenue 75.1% |
| Employees (consolidated) | 118 |  |
| EPS | ¥56.76 |  |
| Diluted EPS | ¥56.51 |  |
| Book value per share | ¥654.73 |  |
| Equity ratio | 47.4% |  |
| Shares outstanding | 2,296,640 |  |
| Treasury shares | 562,600 |  |
| Shareholders | 1,502 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 63.6% | Cash ÷ revenue 57.4% |
| Vs. industry median margin | -2 pp | Internet Services & Apps |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 64% of total assets
- FY2025, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2625315000 | ¥2663631000 | +1.5% |
| Operating income | ¥38985000 | ¥151229000 | +287.9% |
| Operating margin | 1.5% | 5.7% | +4.2 pp |
| Employees | 146 people | 118 people | -19.2% |
| Cash and equivalents | ¥1292158000 | ¥1530242000 | +18.4% |

### 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 |
| --- | ---: |
| PIXTA → PIXTA | 75.1% |
| PIXTA → 事業再編・廃止 | 16.5% |
| fotowa → fotowa | 4.3% |
| その他 → その他 | 0.2% |
| Snapmart → 事業再編・廃止 | 3.9% |
| 新設・再編 → fotowa | 14.6% |
| 新設・再編 → その他 | 5.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| PIXTA business | 5 years | -3.6% | ¥2001141000 | 36.4% | 2 |
| fotowa business | 5 years | +34.8% | ¥502629000 | -16.2% | 2 |
| Other | 5 years | +91.8% | ¥159861000 | -67.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,664 | 100.0% | S100XUME |
| Cost of revenue | 1,175 | 44.1% | S100XUME |
| Gross profit | 1,488 | 55.9% | S100XUME |
| SG&A | 1,337 | 50.2% | S100XUME |
| Operating income | 151 | 5.7% | S100XUME |
| Ordinary income | 143 | 5.4% | S100XUME |
| Pretax income | 143 | 5.4% | S100XUME |
| Income tax | 52 | 1.9% | S100XUME |
| Net income | 92 | 3.4% | S100XUME |
| Net income attributable to owners | 93 | 3.5% | S100XUME |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 50 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 55.9% → Operating margin 5.7% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.6%; Core profit growth: -73.7%
Operating leverage (core profit growth ÷ revenue growth): 9.71×
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 | 2,882 | 2,664 | -219 | -7.6% |
| Gross profit | 1,904 | 1,488 | -416 | -21.8% |
| Operating income | 574 | 151 | -423 | -73.7% |
| Net income attributable to owners | 393 | 93 | -300 | -76.4% |
| Operating cash flow | 586 | -138 | -724 | -123.6% |
| Free cash flow | 566 | -173 | -740 | -130.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,759 | 161 | 5.8% | 90 | 226 | 103 | S100L0OA |
| FY ending Dec 2020 | 2,625 | 39 | 1.5% | -113 | 196 | 107 | S100NQ8I |
| FY ending Dec 2021 | 2,813 | 125 | 4.4% | 184 | 374 | 341 | S100QFRV |
| FY ending Dec 2022 | 2,787 | 178 | 6.4% | 122 | 168 | 130 | S100T5E9 |
| FY ending Dec 2023 | 2,622 | 335 | 12.8% | 262 | 286 | 256 | S100VK0I |
| FY ending Dec 2024 | 2,882 | 574 | 19.9% | 393 | 586 | 566 | S100XUME |
| FY ending Dec 2025 | 2,664 | 151 | 5.7% | 93 | -138 | -173 | S100XUME |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.6M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥785.2K |

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) | 137 | 134 | 126 | 116 | 118 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.2M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 35.4 years | 36.4 years | 38.2 years | 39.0 years | 40.0 years |
| Average tenure (parent company) | 5.1 years | 6.1 years | 7.0 years | 7.7 years | 8.5 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PIXTA business | 2,001 | 75.1% | 727 | 36.4% |
| fotowa business | 503 | 18.9% | -81 | -16.2% |
| Other | 160 | 6.0% | -107 | -67.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| PIXTA business | 75.1% | 100.0% | 24.9 | 36.4% |
| fotowa business | 18.9% | — | — | -16.2% |
| Other | 6.0% | — | — | -67.1% |

Loss-making segment (excluded from profit shares): fotowa business -81 JPY mn

Loss-making segment (excluded from profit shares): Other -107 JPY mn

Segment → industry: fotowa business → Internet Services & Apps / PIXTA business → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -138 | -5.2% | S100XUME |
| Capital expenditure | 35 | 1.3% | S100XUME |
| Free cash flow | -173 | -6.5% | 算出 |
| Investing cash flow | -80 | -3.0% | S100XUME |
| Financing cash flow | -97 | -3.7% | S100XUME |
| Dividends paid | 78 | 2.9% | S100XUME |
| Change in cash | -315 | -11.8% | S100XUME |
| Cash and equivalents | 1,530 | 57.4% | S100XUME |

## 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 | 1,557 | 1,471 | 1,510 | 1,845 | 1,530 | S100T5E9, S100VK0I, S100XUME |
| Total assets | 2,440 | 2,336 | 2,305 | 2,610 | 2,406 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Net assets | 887 | 909 | 989 | 1,160 | 1,206 | S100T5E9, S100VK0I, S100XUME |
| Share capital | 326 | 326 | 332 | 332 | 332 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Property, plant and equipment | 17 | 19 | 7 | 8 | 9 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Intangible assets excluding goodwill | 82 | 68 | 70 | 66 | 163 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Goodwill | — | — | — | — | 94 | S100XUME |
| Investment securities | 15 | 33 | 8 | 8 | 8 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Current assets | 2,197 | 2,126 | 2,168 | 2,511 | 2,215 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Current liabilities | 1,433 | 1,366 | 1,297 | 1,450 | 1,200 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Long-term borrowings | 120 | 60 | 20 | — | 1 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Total liabilities | 1,553 | 1,426 | 1,317 | 1,450 | 1,201 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Non-controlling interests | — | — | — | — | 19 | S100XUME |
| Equity attributable to owners of parent | 870 | 884 | 959 | 1,123 | 1,138 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Retained earnings | 229 | 355 | 616 | 1,009 | 1,024 | S100QFRV, S100T5E9, S100VK0I, S100XUME |
| Treasury stock | -0 | -112 | -312 | -541 | -541 | S100QFRV, S100T5E9, S100VK0I, S100XUME |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XUME |
| Property, plant and equipment | 0% | S100XUME |
| Intangibles and goodwill | 11% | S100XUME |
| Investment securities | 0% | S100XUME |
| Other assets | 25% | S100XUME |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XUME |
| Equity | 50% | S100XUME |
| Other liabilities | 0% | S100XUME |

### 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 | 2,440 | 2,336 | 2,305 | 2,610 | 2,406 |
| Equity | 887 | 909 | 989 | 1,160 | 1,206 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,557 | 1,471 | 1,510 | 1,845 | 1,530 |

## 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) | 0.4% | S100XUME |
| Fixed assets ÷ total assets | 0.4% | S100XUME |
| Goodwill ÷ parent equity | 8.2% | S100XUME |

### 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) | 63.6% |
| Cash ÷ revenue | 57.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -91.5% |
| Cash vs. profit gap | -231 JPY mn (of net income -249.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 83.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| 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 | 6.5% | 1.15× | 7.5% | 2.80× | 21.2% | S100QFRV |
| 2022 | 4.4% | 1.17× | 5.1% | 2.72× | 13.9% | S100T5E9 |
| 2023 | 10.0% | 1.13× | 11.3% | 2.52× | 28.4% | S100VK0I |
| 2024 | 13.6% | 1.17× | 16.0% | 2.36× | 37.8% | S100XUME |
| 2025 | 3.5% | 1.06× | 3.7% | 2.22× | 8.2% | S100XUME |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 古俣大介 | Major shareholder | 16.4% | 2025-12-31 |
| 遠藤健治 | Major shareholder | 16.0% | 2025-12-31 |
| 株式会社ガイアックス | Major shareholder | 7.8% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.0% | 2025-12-31 |
| 内田浩太郎 | Major shareholder | 4.5% | 2025-12-31 |
| ヨシダトモヒロ | Major shareholder | 2.7% | 2025-12-31 |
| 西村裕二 | Major shareholder | 2.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.9% | 2025-12-31 |
| 株式会社W | Major shareholder | 1.7% | 2025-12-31 |
| 恩田茂穂 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XUME | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUME,, |
| 訂正有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VK0I | 2025-04-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VK0I,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T5E9 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5E9,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QFRV | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFRV,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NQ8I | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ8I,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L0OA | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0OA,, |

## 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).