# Ray Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2025/03/01－2026/02/28) (S100Y7H8)
> Page: https://vizora.meequs.com/en/company/ray
> Retrieved: 2026-09-30T20:30:39.856Z

## Company

Ray is a company in Film & Anime listed on TSE Standard. It has 424 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ray Corporation |
| Ticker | 4317 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4317.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木六丁目15番21号 |
| Representative (per filing) | 代表取締役社長 磯部 陽一 |
| Share capital | ¥471.1M |
| Employees (consolidated) | 424 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | February |
| Website | www.ray.co.jp (https://www.ray.co.jp/) |
| Corporate number | 6010401031785 |
| EDINET | E05230 |
| Industries (Vizora) | Film & Anime, Events & Ticketing, Advertising |

> Profile source: annual securities report (S100Y7H8, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 9 |
| Profitability | 61.1 | 9 |
| Cash conversion | 56.3 | 8 |
| Efficiency | 94.4 | 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 54% of Ray's sales come from Technical solution, with Advertisement solution making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +28.3% from the prior year, operating profit +89.4%.

## Company structure

- Segment revenue mix: Technical solution 54.0%、Advertisement solution 46.0%
- Revenue → net income: ¥13419035000 → ¥1303847000
- Net income → operating cash flow: ¥1303847000 → ¥2341903000（difference ¥1038056000）
- Main uses of operating cash flow: CapEx ¥1387976000 / dividends ¥200752000 / buybacks ¥153670000
- Change in cash: ¥193012000
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 | ¥13.4B |  |
| Operating income | ¥1.76B | Margin 13.1% |
| Net income | ¥1.3B | Margin 9.7% |
| Free cash flow | ¥953.9M |  |
| Largest business | Technical solution | of segment revenue 54.0% |
| Employees (consolidated) | 424 |  |
| EPS | ¥89.3 |  |
| Book value per share | ¥564.73 |  |
| Equity ratio | 71.3% |  |
| Shares outstanding | 14,328,976 |  |
| Treasury shares | 1,173,100 |  |
| Shareholders | 2,742 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 28.1% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | +3.4 pp | Film & Anime |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, segment profit share differs by -26 points
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7045209000 | ¥13419035000 | +90.5% |
| Operating income | ¥-707620000 | ¥1756951000 | — |
| Operating margin | -10.0% | 13.1% | +23.1 pp |
| Employees | 386 people | 424 people | +9.8% |
| Cash and equivalents | ¥3016525000 | ¥3060349000 | +1.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 広告ソリューション事業 → 広告ソリューション事業 | 46.0% |
| 広告ソリューション事業 → 事業再編・廃止 | 13.2% |
| テクニカルソリューション事業 → テクニカルソリューション事業 | 40.8% |
| 新設・再編 → テクニカルソリューション事業 | 13.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,419 | 100.0% | S100Y7H8 |
| Cost of revenue | 8,477 | 63.2% | S100Y7H8 |
| Gross profit | 4,942 | 36.8% | S100Y7H8 |
| SG&A | 3,185 | 23.7% | S100Y7H8 |
| Operating income | 1,757 | 13.1% | S100Y7H8 |
| Ordinary income | 1,909 | 14.2% | S100Y7H8 |
| Pretax income | 1,908 | 14.2% | S100Y7H8 |
| Income tax | 604 | 4.5% | S100Y7H8 |
| Net income | 1,304 | 9.7% | S100Y7H8 |
| Net income attributable to owners | 1,304 | 9.7% | S100Y7H8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 24 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 36.8% → Operating margin 13.1% → Net margin 9.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.3%; Core profit growth: +89.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.16×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,457 | 13,419 | 2,962 | +28.3% |
| Gross profit | 3,553 | 4,942 | 1,390 | +39.1% |
| Operating income | 927 | 1,757 | 830 | +89.4% |
| Net income attributable to owners | 746 | 1,304 | 558 | +74.9% |
| Operating cash flow | 1,686 | 2,342 | 656 | +38.9% |
| Free cash flow | 843 | 954 | 111 | +13.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 11,925 | 1,035 | 8.7% | 722 | 1,430 | 898 | S100LG2W |
| FY ending Feb 2021 | 7,045 | -708 | -10.0% | -368 | 850 | 751 | S100O59U |
| FY ending Feb 2022 | 11,052 | 929 | 8.4% | 419 | 1,028 | 939 | S100RF34 |
| FY ending Feb 2023 | 12,450 | 1,399 | 11.2% | 716 | 721 | 543 | S100TIZD |
| FY ending Feb 2024 | 11,222 | 1,153 | 10.3% | 818 | 1,047 | 384 | S100VURA |
| FY ending Feb 2025 | 10,457 | 927 | 8.9% | 746 | 1,686 | 843 | S100Y7H8 |
| FY ending Feb 2026 | 13,419 | 1,757 | 13.1% | 1,304 | 2,342 | 954 | S100Y7H8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.6M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 386 | 399 | 407 | 403 | 424 |
| Average salary (parent company) | ¥5.4M | ¥5.8M | ¥6M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 37.0 years | 37.0 years | 37.0 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 12.0 years | 12.0 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +28.3%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advertisement solution | 6,177 | 46.0% | 478 | 7.7% |
| Technical solution | 7,242 | 54.0% | 1,950 | 26.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Advertisement solution | 46.0% | 19.7% | -26.3 | 7.7% |
| Technical solution | 54.0% | 80.3% | 26.3 | 26.9% |

Segment → industry: Technical solution → Film & Anime / Advertisement solution → Events & Ticketing / Advertisement solution → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,342 | 17.5% | S100Y7H8 |
| Capital expenditure | 1,388 | 10.3% | S100Y7H8 |
| Free cash flow | 954 | 7.1% | 算出 |
| Investing cash flow | -1,511 | -11.3% | S100Y7H8 |
| Financing cash flow | -638 | -4.8% | S100Y7H8 |
| Dividends paid | 201 | 1.5% | S100Y7H8 |
| Share buyback | 154 | 1.1% | S100Y7H8 |
| Change in cash | 193 | 1.4% | S100Y7H8 |
| Cash and equivalents | 3,060 | 22.8% | S100Y7H8 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,607 | 3,139 | 2,830 | 2,867 | 3,060 | S100TIZD, S100VURA, S100Y7H8 |
| Total assets | 9,791 | 9,583 | 9,400 | 9,121 | 10,907 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Net assets | 5,473 | 6,045 | 6,551 | 6,795 | 7,773 | S100TIZD, S100VURA, S100Y7H8 |
| Share capital | 471 | 471 | 471 | 471 | 471 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Inventories | 242 | 214 | 262 | 424 | 966 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Property, plant and equipment | 2,568 | 2,503 | 2,684 | 3,139 | 3,966 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Intangible assets excluding goodwill | 41 | 26 | 18 | 13 | 11 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Investment securities | 74 | 83 | 157 | 243 | 369 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Current assets | 6,763 | 6,604 | 6,152 | 5,356 | 6,038 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Current liabilities | 3,946 | 3,273 | 2,625 | 2,153 | 2,846 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Short-term borrowings | 1,470 | 920 | 780 | 600 | 400 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Long-term borrowings | 25 | — | — | — | — | S100RF34 |
| Total liabilities | 4,319 | 3,537 | 2,848 | 2,326 | 3,134 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Equity attributable to owners of parent | 5,474 | 6,046 | 6,550 | 6,796 | 7,767 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Retained earnings | 4,276 | 4,848 | 5,452 | 5,986 | 7,088 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |
| Treasury stock | -0 | -0 | -100 | -388 | -520 | S100RF34, S100TIZD, S100VURA, S100Y7H8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100Y7H8 |
| Inventories | 9% | S100Y7H8 |
| Property, plant and equipment | 36% | S100Y7H8 |
| Intangibles and goodwill | 0% | S100Y7H8 |
| Investment securities | 4% | S100Y7H8 |
| Other assets | 23% | S100Y7H8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100Y7H8 |
| Equity | 71% | S100Y7H8 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,791 | 9,583 | 9,400 | 9,121 | 10,907 |
| Equity | 5,473 | 6,045 | 6,551 | 6,795 | 7,773 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,607 | 3,139 | 2,830 | 2,867 | 3,060 |

## 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) | 29.6% | S100Y7H8 |
| Fixed assets ÷ total assets | 36.4% | S100Y7H8 |
| Goodwill ÷ parent equity | — | —, S100Y7H8 |

### 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) | 28.1% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.3% |
| Cash vs. profit gap | 1,038 JPY mn (of net income 79.6%) |
| Shareholder returns / net income | 27.2% |
| Shareholder returns / FCF | 37.2% |
| Shareholder payments — dividends / net income | 15.4% |
| Shareholder payments — dividends / FCF | 21.0% |
| CapEx intensity (capex ÷ revenue) | 10.3% |
| Investing CF relative to operating CF | 64.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.8% | 1.13× | 4.3% | 1.79× | 7.7% | S100RF34 |
| 2023 | 5.7% | 1.29× | 7.4% | 1.68× | 12.4% | S100TIZD |
| 2024 | 7.3% | 1.18× | 8.6% | 1.51× | 13.0% | S100VURA |
| 2025 | 7.1% | 1.13× | 8.1% | 1.39× | 11.2% | S100Y7H8 |
| 2026 | 9.7% | 1.34× | 13.0% | 1.38× | 17.9% | S100Y7H8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱テレビ朝日 | Major shareholder | 21.8% | 2026-02-28 |
| ㈲エス・ダブリュ・プロジェクト | Major shareholder | 16.1% | 2026-02-28 |
| 分部 日出男 | Major shareholder | 8.3% | 2026-02-28 |
| レイ従業員持株会 | Major shareholder | 3.3% | 2026-02-28 |
| 小沼 滋紀 | Major shareholder | 3.2% | 2026-02-28 |
| 分部 至郎 | Major shareholder | 3.2% | 2026-02-28 |
| 上田八木短資㈱ | Major shareholder | 2.1% | 2026-02-28 |
| 天野 純 | Major shareholder | 1.7% | 2026-02-28 |
| 石井 良平 | Major shareholder | 1.6% | 2026-02-28 |
| THE CHASE MANHATTANBANK, N.A. LONDON（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/03/01－2026/02/28) | S100Y7H8 | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7H8,, |
| 有価証券報告書－第44期(2024/03/01－2025/02/28) | S100VURA | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VURA,, |
| 有価証券報告書－第43期(2023/03/01－2024/02/29) | S100TIZD | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIZD,, |
| 訂正有価証券報告書－第42期(2022/03/01－2023/02/28) | S100RF34 | 2023-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RF34,, |
| 有価証券報告書－第41期(令和3年3月1日－令和4年2月28日) | S100O59U | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O59U,, |
| 訂正有価証券報告書－第40期(令和2年3月1日－令和3年2月28日) | S100LG2W | 2021-06-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LG2W,, |

## 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).