# SMN 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29期(2025/04/01－2026/03/31) (S100YIYU)
> Page: https://vizora.meequs.com/en/company/smn
> Retrieved: 2026-09-30T20:24:34.287Z

## Company

SMN, founded in 1998, is a company in Advertising listed on TSE Standard. It has 240 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SMN Corporation |
| Ticker | 6185 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6185.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大崎二丁目11番1号 |
| Representative (per filing) | 代表取締役 執行役員社長 原山 直樹 |
| Founded | Nov 1998 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 240 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.so-netmedia.jp (https://www.so-netmedia.jp/) |
| Corporate number | 3010701021828 |
| EDINET | E31958 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YIYU, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.4 | 57 |
| Profitability | 40.1 | 86 |
| Cash conversion | 91.3 | 75 |
| Efficiency | 86.6 | 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)

- SMN brought in ¥12.3B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit +134.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12348427000 → ¥434953000
- Net income → operating cash flow: ¥434953000 → ¥1199347000（difference ¥764394000）
- Main uses of operating cash flow: CapEx ¥462305000 / dividends — / buybacks —
- Change in cash: ¥711863000
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 | ¥12.3B |  |
| Operating income | ¥561M | Margin 4.5% |
| Net income | ¥435M | Margin 3.5% |
| Free cash flow | ¥737M |  |
| Employees (consolidated) | 240 |  |
| EPS | ¥43.15 |  |
| Book value per share | ¥280.88 |  |
| Equity ratio | 67.3% |  |
| Shares outstanding | 14,777,555 |  |
| Treasury shares | 150,500 |  |
| Shareholders | 2,968 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 48.7% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -1.1 pp | Advertising |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, cash is 49% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12115823000 | ¥12348427000 | +1.9% |
| Operating income | ¥303882000 | ¥561005000 | +84.6% |
| Operating margin | 2.5% | 4.5% | +2 pp |
| Employees | 372 people | 240 people | -35.5% |
| Cash and equivalents | ¥2050577000 | ¥3187997000 | +55.5% |

### 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 | 12,348 | 100.0% | S100YIYU |
| Cost of revenue | 9,871 | 79.9% | S100YIYU |
| Gross profit | 2,477 | 20.1% | S100YIYU |
| SG&A | 1,916 | 15.5% | S100YIYU |
| Operating income | 561 | 4.5% | S100YIYU |
| Ordinary income | 541 | 4.4% | S100YIYU |
| Pretax income | 541 | 4.4% | S100YIYU |
| Income tax | 106 | 0.9% | S100YIYU |
| Net income | 435 | 3.5% | S100YIYU |
| Net income attributable to owners | 435 | 3.5% | S100YIYU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 15 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.1% → Operating margin 4.5% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.1%; Core profit growth: +134.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 22.14×
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 | 11,641 | 12,348 | 707 | +6.1% |
| Gross profit | 2,377 | 2,477 | 101 | +4.2% |
| Operating income | 239 | 561 | 322 | +134.6% |
| Net income attributable to owners | 292 | 435 | 143 | +49.1% |
| Operating cash flow | 1,322 | 1,199 | -123 | -9.3% |
| Free cash flow | 889 | 737 | -152 | -17.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,608 | 748 | 6.4% | 484 | 1,117 | 411 | S100LORS |
| FY ending Mar 2021 | 12,116 | 304 | 2.5% | -38 | 641 | -155 | S100ODN8 |
| FY ending Mar 2022 | 13,363 | 127 | 1.0% | -229 | 946 | 214 | S100R382 |
| FY ending Mar 2023 | 11,442 | 17 | 0.2% | -117 | 704 | 76 | S100TMVP |
| FY ending Mar 2024 | 9,337 | 102 | 1.1% | -1,029 | 522 | 57 | S100W9U9 |
| FY ending Mar 2025 | 11,641 | 239 | 2.1% | 292 | 1,322 | 889 | S100YIYU |
| FY ending Mar 2026 | 12,348 | 561 | 4.5% | 435 | 1,199 | 737 | S100YIYU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.5M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 363 | 326 | 346 | 234 | 240 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.2M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 33.8 years | 35.3 years | 35.3 years | 36.0 years | 37.0 years |
| Average tenure (parent company) | 4.3 years | 4.6 years | 4.7 years | 5.2 years | 5.8 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +6.1%

## 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 | 1,199 | 9.7% | S100YIYU |
| Capital expenditure | 462 | 3.7% | S100YIYU |
| Free cash flow | 737 | 6.0% | 算出 |
| Investing cash flow | -475 | -3.8% | S100YIYU |
| Financing cash flow | -12 | -0.1% | S100YIYU |
| Change in cash | 712 | 5.8% | S100YIYU |
| Cash and equivalents | 3,188 | 25.8% | S100YIYU |

## 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 | 2,278 | 2,598 | 2,434 | 2,476 | 3,188 | S100TMVP, S100W9U9, S100YIYU |
| Total assets | 8,319 | 8,137 | 6,675 | 5,963 | 6,549 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Net assets | 4,395 | 4,727 | 3,700 | 3,980 | 4,409 | S100TMVP, S100W9U9, S100YIYU |
| Share capital | 1,037 | 1,261 | 1,268 | 1,279 | 1,279 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Property, plant and equipment | 357 | 320 | 236 | 187 | 209 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Intangible assets excluding goodwill | 2,948 | 2,783 | 1,372 | 1,156 | 1,094 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Goodwill | 972 | 805 | — | — | — | S100R382, S100TMVP |
| Current assets | 4,591 | 4,696 | 4,788 | 4,378 | 5,000 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Current liabilities | 2,199 | 1,945 | 1,845 | 1,860 | 2,007 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Long-term borrowings | 1,477 | 1,250 | 1,024 | 64 | 51 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Total liabilities | 3,924 | 3,410 | 2,975 | 1,983 | 2,140 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Non-controlling interests | 18 | 34 | 34 | — | — | S100R382, S100TMVP, S100W9U9 |
| Equity attributable to owners of parent | 4,373 | 4,703 | 3,689 | 4,002 | 4,451 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Retained earnings | 1,410 | 1,293 | 265 | 557 | 991 | S100R382, S100TMVP, S100W9U9, S100YIYU |
| Treasury stock | -116 | -116 | -116 | -116 | -90 | S100R382, S100TMVP, S100W9U9, S100YIYU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100YIYU |
| Property, plant and equipment | 3% | S100YIYU |
| Intangibles and goodwill | 17% | S100YIYU |
| Other assets | 31% | S100YIYU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YIYU |
| Equity | 67% | S100YIYU |

### 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 | 8,319 | 8,137 | 6,675 | 5,963 | 6,549 |
| Equity | 4,395 | 4,727 | 3,700 | 3,980 | 4,409 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,278 | 2,598 | 2,434 | 2,476 | 3,188 |

## 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) | 1.7% | S100YIYU |
| Fixed assets ÷ total assets | 3.2% | S100YIYU |
| Goodwill ÷ parent equity | — | —, S100YIYU |

### 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) | 48.7% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 213.8% |
| Cash vs. profit gap | 764 JPY mn (of net income 175.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 39.6% |

## 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 | — | —× | -2.7% | —× | — | S100R382 |
| 2023 | — | —× | -1.4% | —× | — | S100TMVP |
| 2024 | — | —× | -13.9% | —× | — | S100W9U9 |
| 2025 | 2.5% | 1.84× | 4.6% | 1.64× | 7.6% | S100YIYU |
| 2026 | 3.5% | 1.97× | 7.0% | 1.48× | 10.3% | S100YIYU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーネットワークコミュニケーションズ株式会社 | Major shareholder | 53.7% | 2026-03-31 |
| 株式会社読売新聞東京本社 | Major shareholder | 5.0% | 2026-03-31 |
| 吉川直樹 | Major shareholder | 3.7% | 2026-03-31 |
| 宮口文秀 | Major shareholder | 3.0% | 2026-03-31 |
| 吉田悟 | Major shareholder | 1.9% | 2026-03-31 |
| ＵＳ ＢＡＮＫ ＮＡＴＩＯＮＡＬ ＡＳＳＯＣＩＡＴＩＯＮ ＪＰ ＡＣＣＴＳ ＮＴＳ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 松本憲事 | Major shareholder | 1.5% | 2026-03-31 |
| 原山直樹 | Major shareholder | 0.6% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＹＤＮＥＹ／２Ｓ／ＪＡＳＤＥＣ／ＡＵＳＴＲＡＬＩＡＮ ＲＥＳＩＤＥＮＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.6% | 2026-03-31 |
| 吉川興産株式会社 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YIYU | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIYU,, |
| 訂正有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W9U9 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9U9,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TMVP | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMVP,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R382 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R382,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100ODN8 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODN8,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LORS | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LORS,, |

## 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).