# SUNNY SIDE UP GROUP Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/07/01－2025/06/30) (S100WQST)
> Page: https://vizora.meequs.com/en/company/sunny-side-up-group
> Retrieved: 2026-09-30T22:19:18.273Z

## Company

Sunny Side UP Group, founded in 1985, is a company in PR & IR Services listed on TSE Standard. It has 403 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUNNY SIDE UP GROUP Inc. |
| Ticker | 2180 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2180.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区千駄ヶ谷四丁目23番5号 |
| Representative (per filing) | 代表取締役社長 次原 悦子 |
| Founded | Jul 1985 |
| Share capital | ¥550.6M |
| Employees (consolidated) | 403 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | June |
| Corporate number | 1011001044042 |
| EDINET | E21381 |
| Industries (Vizora) | PR & IR Services, Restaurants & Pubs |

> Profile source: annual securities report (S100WQST, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 9 |
| Profitability | 4.5 | 11 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 95.5 | 11 |

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 83% of Sunny Side UP Group's sales come from brand communication segment, with food branding segment and business development segment making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit +9.0%.

## Company structure

- Segment revenue mix: brand communication segment 82.8%、food branding segment 16.8%、business development segment 0.3%
- Revenue → net income: ¥19587229000 → ¥954110000
- Net income → operating cash flow: ¥954110000 → ¥2186763000（difference ¥1232653000）
- Main uses of operating cash flow: CapEx ¥134278000 / dividends ¥328297000 / buybacks —
- Change in cash: ¥1470308000
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 | ¥19.6B |  |
| Operating income | ¥1.6B | Margin 8.2% |
| Net income | ¥948.8M | Margin 4.8% |
| Free cash flow | ¥2.05B |  |
| Largest business | brand communication segment | of segment revenue 82.8% |
| Employees (consolidated) | 403 |  |
| EPS | ¥36.75 |  |
| Book value per share | ¥170.47 |  |
| Equity ratio | 43.7% |  |
| Shares outstanding | 15,197,600 |  |
| Treasury shares | 277,400 |  |
| Shareholders | 7,972 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 44.6% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | -5.2 pp | PR & IR Services |
| ROE | 22.7% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14094205000 | ¥19587229000 | +39.0% |
| Operating income | ¥420829000 | ¥1597547000 | +279.6% |
| Operating margin | 3.0% | 8.2% | +5.2 pp |
| Employees | 354 people | 403 people | +13.8% |
| Cash and equivalents | ¥2135564000 | ¥4639726000 | +117.3% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティング・コミュニケーション事業 → 事業再編・廃止 | 28.9% |
| マーケティング＆コミュニケーション事業 → 事業再編・廃止 | 20.6% |
| フードブランディング事業 → フードブランディング事業 | 11.6% |
| ＳＰ・ＭＤ事業 → 事業再編・廃止 | 4.9% |
| セールスアクティベーション事業 → 事業再編・廃止 | 17.7% |
| スポーツ事業 → 事業再編・廃止 | 3.8% |
| ビジネスディベロップメント事業 → ビジネスディベロップメント事業 | 0.1% |
| bills事業 → 事業再編・廃止 | 11.6% |
| 開発事業 → 事業再編・廃止 | 0.7% |
| 新設・再編 → ブランドコミュニケーション事業 | 82.8% |
| 新設・再編 → フードブランディング事業 | 5.3% |
| 新設・再編 → ビジネスディベロップメント事業 | 0.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| brand communication segment | 2 years | +2.7% | ¥16225178000 | 16.8% | 2 |
| food branding segment | 5 years | +0.2% | ¥3295478000 | 2.8% | 2 |
| business development segment | 5 years | +16.2% | ¥66572000 | 24.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,587 | 100.0% | S100WQST |
| Cost of revenue | 14,999 | 76.6% | S100WQST |
| Gross profit | 4,588 | 23.4% | S100WQST |
| SG&A | 2,990 | 15.3% | S100WQST |
| Operating income | 1,598 | 8.2% | S100WQST |
| Ordinary income | 1,636 | 8.4% | S100WQST |
| Pretax income | 1,628 | 8.3% | S100WQST |
| Income tax | 674 | 3.4% | S100WQST |
| Net income | 954 | 4.9% | S100WQST |
| Net income attributable to owners | 949 | 4.8% | S100WQST |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.4% → Operating margin 8.2% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +9.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.96×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,908 | 19,587 | 1,679 | +9.4% |
| Gross profit | 4,236 | 4,588 | 351 | +8.3% |
| Operating income | 1,465 | 1,598 | 132 | +9.0% |
| Net income attributable to owners | 795 | 949 | 154 | +19.3% |
| Operating cash flow | 655 | 2,187 | 1,531 | +233.7% |
| Free cash flow | 525 | 2,052 | 1,528 | +291.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 14,628 | 610 | 4.2% | 494 | 530 | 278 | S100JS4S |
| FY ending Jun 2020 | 14,094 | 421 | 3.0% | -210 | 550 | 518 | S100MIEX |
| FY ending Jun 2021 | 15,356 | 519 | 3.4% | 299 | 340 | 168 | S100P98Q |
| FY ending Jun 2022 | 16,191 | 768 | 4.7% | 581 | 1,185 | 1,137 | S100RWX1 |
| FY ending Jun 2023 | 18,957 | 1,297 | 6.8% | 885 | 846 | 757 | S100UFGI |
| FY ending Jun 2024 | 17,908 | 1,465 | 8.2% | 795 | 655 | 525 | S100WQST |
| FY ending Jun 2025 | 19,587 | 1,598 | 8.2% | 949 | 2,187 | 2,052 | S100WQST |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.6M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 334 | 376 | 347 | 360 | 403 |
| Average salary (parent company) | ¥5.8M | ¥6.3M | ¥6.5M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 39.8 years | 39.3 years | 38.6 years | 39.2 years | 40.6 years |
| Average tenure (parent company) | 5.4 years | 5.3 years | 4.9 years | 5.0 years | 5.7 years |

Year over year: Employees (consolidated) +11.9% · Revenue (consolidated) +9.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| brand communication segment | 16,225 | 82.8% | 2,727 | 16.8% |
| food branding segment | 3,295 | 16.8% | 93 | 2.8% |
| business development segment | 67 | 0.3% | 16 | 24.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| brand communication segment | 82.8% | 96.1% | 13.3 | 16.8% |
| food branding segment | 16.8% | 3.3% | -13.5 | 2.8% |
| business development segment | 0.3% | 0.6% | 0.2 | 24.3% |

Segment → industry: brand communication segment → PR & IR Services / food branding segment → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,187 | 11.2% | S100WQST |
| Capital expenditure | 134 | 0.7% | S100WQST |
| Free cash flow | 2,052 | 10.5% | 算出 |
| Investing cash flow | -130 | -0.7% | S100WQST |
| Financing cash flow | -547 | -2.8% | S100WQST |
| Dividends paid | 328 | 1.7% | S100WQST |
| Change in cash | 1,470 | 7.5% | S100WQST |
| Cash and equivalents | 4,640 | 23.7% | S100WQST |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,587 | 3,214 | 3,074 | 3,169 | 4,640 | S100RWX1, S100UFGI, S100WQST |
| Total assets | 7,164 | 7,549 | 8,595 | 8,473 | 10,410 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Net assets | 2,340 | 2,820 | 3,728 | 4,136 | 4,701 | S100RWX1, S100UFGI, S100WQST |
| Share capital | 548 | 548 | 548 | 551 | 551 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Trade receivables | 2,212 | — | — | — | — | S100P98Q |
| Property, plant and equipment | 411 | 375 | 362 | 476 | 527 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Intangible assets excluding goodwill | 375 | 328 | 300 | 251 | 204 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Goodwill | 359 | 318 | 276 | 235 | 193 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Investment securities | 117 | 314 | 483 | 305 | 177 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Current assets | 5,644 | 5,843 | 6,623 | 6,550 | 8,626 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Current liabilities | 3,399 | 3,668 | 4,101 | 3,362 | 4,866 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Short-term borrowings | 300 | 538 | 586 | 236 | 180 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Long-term borrowings | 1,076 | 661 | 411 | 563 | 430 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Total liabilities | 4,824 | 4,729 | 4,867 | 4,336 | 5,709 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Non-controlling interests | 10 | 25 | 23 | 37 | 43 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Equity attributable to owners of parent | 2,266 | 2,757 | 3,361 | 3,864 | 4,484 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Retained earnings | 1,053 | 1,544 | 2,248 | 2,745 | 3,365 | S100P98Q, S100RWX1, S100UFGI, S100WQST |
| Treasury stock | -30 | -30 | -130 | -130 | -130 | S100P98Q, S100RWX1, S100UFGI, S100WQST |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100WQST |
| Property, plant and equipment | 5% | S100WQST |
| Intangibles and goodwill | 4% | S100WQST |
| Investment securities | 2% | S100WQST |
| Other assets | 45% | S100WQST |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100WQST |
| Equity | 45% | S100WQST |
| Other liabilities | 0% | S100WQST |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,164 | 7,549 | 8,595 | 8,473 | 10,410 |
| Equity | 2,340 | 2,820 | 3,728 | 4,136 | 4,701 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,587 | 3,214 | 3,074 | 3,169 | 4,640 |

## 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) | 2.7% | S100WQST |
| Fixed assets ÷ total assets | 5.1% | S100WQST |
| Goodwill ÷ parent equity | 4.3% | S100WQST |

Goodwill over 4 years: 359 → 193 JPY; total investing cash flow: -1,111 JPY. This does not imply causation.

### 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) | 44.6% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.9% |
| Cash vs. profit gap | 1,238 JPY mn (of net income 130.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.6% |
| Shareholder payments — dividends / FCF | 16.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 5.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.9% | 2.14× | 4.2% | 3.16× | 13.2% | S100P98Q |
| 2022 | 3.6% | 2.20× | 7.9% | 2.93× | 23.1% | S100RWX1 |
| 2023 | 4.7% | 2.35× | 11.0% | 2.64× | 28.9% | S100UFGI |
| 2024 | 4.4% | 2.10× | 9.3% | 2.36× | 22.0% | S100WQST |
| 2025 | 4.8% | 2.07× | 10.0% | 2.26× | 22.7% | S100WQST |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ネクストフィールド | Major shareholder | 36.7% | 2025-06-30 |
| 次原 悦子 | Major shareholder | 7.9% | 2025-06-30 |
| 渡邊 徳人 | Major shareholder | 5.1% | 2025-06-30 |
| 中田 英寿 | Major shareholder | 5.1% | 2025-06-30 |
| 小林 正晴 | Major shareholder | 2.7% | 2025-06-30 |
| 久貝 真次 | Major shareholder | 2.1% | 2025-06-30 |
| 丸田 稔 | Major shareholder | 1.5% | 2025-06-30 |
| 松本 里絵 | Major shareholder | 1.4% | 2025-06-30 |
| 高橋 恵 | Major shareholder | 1.3% | 2025-06-30 |
| 申 光華 （常任代理人 三田証券株式会社） | Major shareholder | 1.1% | 2025-06-30 |
| 李 文哲 （常任代理人 三田証券株式会社） | Major shareholder | 1.1% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/07/01－2025/06/30) | S100WQST | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQST,, |
| 有価証券報告書－第39期(2023/07/01－2024/06/30) | S100UFGI | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFGI,, |
| 有価証券報告書－第38期(2022/07/01－2023/06/30) | S100RWX1 | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWX1,, |
| 有価証券報告書－第37期(令和3年7月1日－令和4年6月30日) | S100P98Q | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P98Q,, |
| 有価証券報告書－第36期(令和2年7月1日－令和3年6月30日) | S100MIEX | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIEX,, |
| 有価証券報告書－第35期(令和1年7月1日－令和2年6月30日) | S100JS4S | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JS4S,, |

## 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).