# SEPTENI HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/01/01－2025/12/31) (S100XT7F)
> Page: https://vizora.meequs.com/en/company/septeni-holdings
> Retrieved: 2026-09-30T21:47:24.380Z

## Company

Septeni Holdings, founded in 1990, is a company in IT Services & System Integration listed on TSE Standard. It has 1,674 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEPTENI HOLDINGS CO., LTD. |
| Ticker | 4293 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4293.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿八丁目17番1号 |
| Representative (per filing) | 代表取締役 グループ社長執行役員 神埜 雄一 |
| Founded | Oct 1990 |
| Share capital | ¥18.4B |
| Employees (consolidated) | 1,674 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.septeni-holdings.co.jp (https://www.septeni-holdings.co.jp/) |
| Corporate number | 6011101024311 |
| EDINET | E05206 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Advertising |

> Profile source: annual securities report (S100XT7F, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 87.8 | 86 |
| Cash conversion | 43.3 | 75 |
| Efficiency | 1.7 | 86 |

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 68% of Septeni Holdings's sales come from Marketing Communication Segment, with Direct Business Segment and Data and Solutions Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit +35.4%.

## Company structure

- Segment revenue mix: Marketing Communication Segment 68.3%、Direct Business Segment 20.4%、Data and Solutions Segment 9.7%、Other 1.6%
- Revenue → net income: ¥30308899000 → ¥3489847000
- Net income → operating cash flow: ¥3489847000 → ¥3373998000（difference ¥-115849000）
- Main uses of operating cash flow: CapEx ¥472772000 / dividends ¥6502777000 / buybacks —
- Change in cash: ¥-5785738000
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 | ¥30.3B |  |
| Operating income | ¥4.24B | Margin 14.0% |
| Net income | ¥3.49B | Margin 11.5% |
| Free cash flow | ¥2.9B |  |
| Largest business | Marketing Communication Segment | of segment revenue 68.3% |
| Employees (consolidated) | 1,674 |  |
| EPS | ¥16.83 |  |
| Diluted EPS | ¥16.82 |  |
| Book value per share | ¥268.61 |  |
| Equity ratio | 69.1% | Derived from disclosed figures |
| Shares outstanding | 211,389,654 |  |
| Treasury shares | 2,200,000 |  |
| Shareholders | 14,664 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 59.2% |
| Vs. industry median margin | +8.3 pp | Advertising |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 74% of positive segment profit
- FY2025, employees -7% while operating income rose 35%

## What changed in 6 years

| Metric | FY ending Sep 2019 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16795505000 | ¥30308899000 | +80.5% |
| Employees | 1,147 people | 1,674 people | +45.9% |
| Cash and equivalents | ¥14488431000 | ¥17944740000 | +23.9% |

### Change in segment revenue mix

Span: FY ending Sep 2019 → 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 |
| --- | ---: |
| 新設・再編 → マーケティング・コミュニケーション事業 | 68.3% |
| 新設・再編 → ダイレクトビジネス事業 | 20.4% |
| 新設・再編 → データ・ソリューション事業 | 9.7% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marketing Communication Segment | — | — | ¥21550247000 | 25.5% | 2 |
| Direct Business Segment | — | — | ¥6439145000 | 21.3% | 2 |
| Data and Solutions Segment | — | — | ¥3068914000 | 16.0% | 2 |
| Other | — | — | ¥490462000 | 8.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,309 | 100.0% | S100XT7F |
| Cost of revenue | 7,145 | 23.6% | S100XT7F |
| Gross profit | 23,164 | 76.4% | S100XT7F |
| SG&A | 18,833 | 62.1% | S100XT7F |
| Operating income | 4,239 | 14.0% | S100XT7F |
| Pretax income | 4,718 | 15.6% | S100XT7F |
| Income tax | 1,228 | 4.1% | S100XT7F |
| Net income | 3,490 | 11.5% | S100XT7F |
| Net income attributable to owners | 3,491 | 11.5% | S100XT7F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 62 |
| Operating income | 14 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 76.4% → Operating margin 14.0% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.2%; Core profit growth: +35.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.95×
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 | 28,284 | 30,309 | 2,025 | +7.2% |
| Gross profit | 22,203 | 23,164 | 960 | +4.3% |
| Operating income | 3,129 | 4,239 | 1,109 | +35.4% |
| Net income attributable to owners | 5,526 | 3,491 | -2,034 | -36.8% |
| Operating cash flow | 3,677 | 3,374 | -303 | -8.2% |
| Free cash flow | 3,135 | 2,901 | -234 | -7.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 16,796 | — | — | -547 | 1,258 | — | S100T5UD |
| FY ending Sep 2020 | 17,938 | — | — | 1,464 | 2,340 | — | S100VGJB |
| FY ending Sep 2021 | 21,384 | — | — | 2,604 | 4,619 | — | S100XT7F |
| FY ending Sep 2022 | 27,589 | 6,166 | 22.3% | 5,734 | 3,650 | 3,539 | S100XT7F |
| FY ending Dec 2024 | 28,284 | 3,129 | 11.1% | 5,526 | 3,677 | 3,135 | S100XT7F |
| FY ending Dec 2025 | 30,309 | 4,239 | 14.0% | 3,491 | 3,374 | 2,901 | S100XT7F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Sep 2020 | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,224 | 1,251 | 1,602 | 1,800 | 1,674 |
| Average salary (parent company) | — | — | — | ¥6.6M | ¥6.6M |
| Average age (parent company) | — | — | — | 32.6 years | 34.9 years |
| Average tenure (parent company) | — | — | — | 6.0 years | 7.3 years |

Year over year: Employees (consolidated) -7.0% · Revenue (consolidated) +7.2%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing Communication Segment | 21,550 | 68.3% | 5,497 | 25.5% |
| Direct Business Segment | 6,439 | 20.4% | 1,374 | 21.3% |
| Data and Solutions Segment | 3,069 | 9.7% | 492 | 16.0% |
| Other | 490 | 1.6% | 41 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing Communication Segment | 68.3% | 74.2% | 5.9 | 25.5% |
| Direct Business Segment | 20.4% | 18.6% | -1.9 | 21.3% |
| Data and Solutions Segment | 9.7% | 6.6% | -3.1 | 16.0% |
| Other | 1.6% | 0.6% | -1.0 | 8.4% |

Segment → industry: Data and Solutions Segment → IT Services & System Integration / Other → HR & Staffing / Direct Business Segment → Advertising / Marketing Communication Segment → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,374 | 11.1% | S100XT7F |
| Capital expenditure | 473 | 1.6% | S100XT7F |
| Free cash flow | 2,901 | 9.6% | 算出 |
| Investing cash flow | -3,099 | -10.2% | S100XT7F |
| Financing cash flow | -6,044 | -19.9% | S100XT7F |
| Dividends paid | 6,503 | 21.5% | S100XT7F |
| Change in cash | -5,786 | -19.1% | S100XT7F |
| Cash and equivalents | 17,945 | 59.2% | S100XT7F |

## 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 2020 | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,081 | 16,900 | 21,340 | 23,730 | 17,945 | S100VGJB, S100T5UD, S100XT7F |
| Total assets | 34,425 | 42,011 | 88,731 | 97,637 | 96,345 | S100VGJB, S100XT7F, S100T5UD |
| Net assets | — | 18,445 | 62,754 | 69,955 | 66,584 | S100T5UD, S100VGJB, S100XT7F |
| Share capital | — | — | 18,428 | 18,430 | 18,430 | S100T5UD, S100XT7F |
| Property, plant and equipment | — | — | 235 | 331 | 374 | S100T5UD, S100XT7F |
| Goodwill | — | — | 4,693 | 4,693 | 4,693 | S100T5UD, S100XT7F |
| Current assets | — | — | 40,585 | 45,978 | 45,547 | S100T5UD, S100XT7F |
| Total liabilities | — | — | 25,977 | 27,683 | 29,761 | S100T5UD, S100XT7F |
| Equity attributable to owners of parent | — | — | 62,705 | 69,880 | 66,549 | S100T5UD, S100XT7F |
| Retained earnings | — | — | 19,672 | 27,693 | 24,678 | S100T5UD, S100XT7F |
| Treasury stock | — | — | -576 | -1,397 | -1,397 | S100T5UD, S100XT7F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XT7F |
| Property, plant and equipment | 0% | S100XT7F |
| Intangibles and goodwill | 5% | — |
| Other assets | 76% | S100XT7F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XT7F |
| Equity | 69% | S100XT7F |

### Balance sheet history

| Metric | FY ending Sep 2020 | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,425 | 42,011 | 88,731 | 97,637 | 96,345 |
| Equity | — | 18,445 | 62,754 | 69,955 | 66,584 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,081 | 16,900 | 21,340 | 23,730 | 17,945 |

## 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) | 1.2% | S100XT7F |
| Fixed assets ÷ total assets | 0.4% | S100XT7F |
| Goodwill ÷ parent equity | 7.1% | S100XT7F |

### 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) | 18.6% |
| Cash ÷ revenue | 59.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.6% |
| Cash vs. profit gap | -117 JPY mn (of net income -3.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 186.3% |
| Shareholder payments — dividends / FCF | 224.1% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 91.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | 4.3% | —× | — | S100VGJB |
| 2021 | 12.2% | 0.56× | 6.8% | 2.07× | 14.1% | S100XT7F, S100T5UD |
| 2022 | 20.8% | 0.42× | 8.8% | 1.04× | 9.1% | S100T5UD, S100XT7F |
| 2024 | 19.5% | 0.29× | 5.7% | 1.40× | 7.9% | S100XT7F |
| 2025 | 11.5% | 0.31× | 3.6% | 1.42× | 5.1% | S100XT7F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社電通グループ | Major shareholder | 52.5% | 2025-12-31 |
| 株式会社ビレッジセブン | Major shareholder | 6.1% | 2025-12-31 |
| 七村 守 | Major shareholder | 4.5% | 2025-12-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| BNYMSANV RE GCLB REJP RD LMGC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.2% | 2025-12-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2025-12-31 |
| 清水 洋 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/01/01－2025/12/31) | S100XT7F | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT7F,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VGJB | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGJB,, |
| 有価証券報告書－第33期(2022/10/01－2023/12/31) | S100T5UD | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5UD,, |

## 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).