# Tokyo Communications Group,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11期(2025/01/01－2025/12/31) (S100XU1Y)
> Page: https://vizora.meequs.com/en/company/tokyo-communications-group
> Retrieved: 2026-09-30T19:52:25.385Z

## Company

Tokyo Communications Group, founded in 2015, is a company in Internet Services & Apps listed on TSE Growth. It has 122 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Communications Group,Inc. |
| Ticker | 7359 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7359.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 |
| Representative (per filing) | 代表取締役社長CEO 古屋 佑樹 |
| Founded | May 2015 |
| Share capital | ¥613.3M |
| Employees (consolidated) | 122 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | tokyo-tsushin.com (https://tokyo-tsushin.com/) |
| Corporate number | 6011001105525 |
| EDINET | E36173 |
| Industries (Vizora) | Internet Services & Apps, Games |

> Profile source: annual securities report (S100XU1Y, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.1 | 36 |
| Profitability | 37.8 | 41 |
| Cash conversion | 75.8 | 31 |
| Efficiency | 84.1 | 41 |

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 55% of Tokyo Communications Group's sales come from Media business, with Platform business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Media business 54.9%、Platform business 35.7%、Other 9.4%
- Revenue → net income: ¥6219055000 → ¥675598000
- Net income → operating cash flow: ¥675598000 → ¥376284000（difference ¥-299314000）
- Main uses of operating cash flow: CapEx ¥16770000 / dividends — / buybacks —
- Change in cash: ¥367477000
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 | ¥6.22B |  |
| Operating income | ¥195.5M | Margin 3.1% |
| Net income | ¥230.4M | Margin 3.7% |
| Free cash flow | ¥359.5M |  |
| Largest business | Media business | of segment revenue 54.9% |
| Employees (consolidated) | 122 |  |
| EPS | ¥71.67 |  |
| Diluted EPS | ¥71.44 |  |
| Book value per share | ¥162.04 |  |
| Equity ratio | 20.8% |  |
| Shares outstanding | 10,074,422 |  |
| Shareholders | 5,005 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | -2.3 pp | Games |
| ROE | 35.4% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2449000000 | ¥6219055000 | +153.9% |
| Operating income | ¥383158000 | ¥195512000 | -49.0% |
| Operating margin | 15.6% | 3.1% | -12.5 pp |
| Employees | 57 people | 122 people | +114.0% |
| Cash and equivalents | ¥693796000 | ¥1138621000 | +64.1% |

### 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 |
| --- | ---: |
| アプリ事業 → 事業再編・廃止 | 43.1% |
| インターネットメディア事業 → 事業再編・廃止 | 43.1% |
| 広告代理事業 → 事業再編・廃止 | 6.7% |
| その他 → その他 | 0.4% |
| インターネット広告事業 → 事業再編・廃止 | 6.7% |
| 新設・再編 → メディア事業 | 54.9% |
| 新設・再編 → プラットフォーム事業 | 35.7% |
| 新設・再編 → その他 | 8.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media business | 3 years | +1.4% | ¥3414476000 | 10.6% | 2 |
| Platform business | 4 years | +14.8% | ¥2221669000 | 15.0% | 2 |
| Other | 5 years | +94.4% | ¥582908000 | -4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,219 | 100.0% | S100XU1Y |
| Cost of revenue | 1,388 | 22.3% | S100XU1Y |
| Gross profit | 4,831 | 77.7% | S100XU1Y |
| SG&A | 4,636 | 74.5% | S100XU1Y |
| Operating income | 196 | 3.1% | S100XU1Y |
| Ordinary income | 665 | 10.7% | S100XU1Y |
| Pretax income | 665 | 10.7% | S100XU1Y |
| Income tax | -10 | -0.2% | S100XU1Y |
| Net income | 676 | 10.9% | S100XU1Y |
| Net income attributable to owners | 230 | 3.7% | S100XU1Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 75 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 77.7% → Operating margin 3.1% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 5,862 | 6,219 | 357 | +6.1% |
| Gross profit | 4,643 | 4,831 | 188 | +4.1% |
| Operating income | -231 | 196 | 427 | — |
| Net income attributable to owners | -414 | 230 | 644 | — |
| Operating cash flow | 129 | 376 | 247 | +191.4% |
| Free cash flow | 84 | 360 | 276 | +328.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,640 | 271 | 16.5% | 145 | 166 | 150 | S100L2YT |
| FY ending Dec 2020 | 2,449 | 383 | 15.6% | 193 | 285 | 250 | S100NQZG |
| FY ending Dec 2021 | 4,732 | 465 | 9.8% | 202 | 305 | 235 | S100QGT3 |
| FY ending Dec 2022 | 5,072 | -55 | -1.1% | -265 | 257 | 134 | S100T525 |
| FY ending Dec 2023 | 6,219 | -134 | -2.2% | -205 | -45 | -84 | S100VG3X |
| FY ending Dec 2024 | 5,862 | -231 | -3.9% | -414 | 129 | 84 | S100XU1Y |
| FY ending Dec 2025 | 6,219 | 196 | 3.1% | 230 | 376 | 360 | S100XU1Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 77 | 78 | 128 | 138 | 122 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥7.2M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 34.7 years | 35.3 years | 40.8 years | 38.8 years | 41.7 years |
| Average tenure (parent company) | 2.5 years | 3.1 years | 3.0 years | 3.1 years | 4.4 years |

Year over year: Employees (consolidated) -11.6% · Revenue (consolidated) +6.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media business | 3,414 | 54.9% | 363 | 10.6% |
| Platform business | 2,222 | 35.7% | 334 | 15.0% |
| Other | 583 | 9.4% | -28 | -4.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media business | 54.9% | 52.1% | -2.8 | 10.6% |
| Platform business | 35.7% | 47.9% | 12.2 | 15.0% |
| Other | 9.4% | — | — | -4.8% |

Loss-making segment (excluded from profit shares): Other -28 JPY mn

Segment → industry: Platform business → Internet Services & Apps / Media business → Games

## 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 | 376 | 6.1% | S100XU1Y |
| Capital expenditure | 17 | 0.3% | S100XU1Y |
| Free cash flow | 360 | 5.8% | 算出 |
| Investing cash flow | 591 | 9.5% | S100XU1Y |
| Financing cash flow | -606 | -9.7% | S100XU1Y |
| Change in cash | 367 | 5.9% | S100XU1Y |
| Cash and equivalents | 1,139 | 18.3% | S100XU1Y |

## 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 | 906 | 898 | 1,436 | 771 | 1,139 | S100T525, S100VG3X, S100XU1Y |
| Total assets | 4,004 | 3,885 | 4,995 | 3,751 | 3,672 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Net assets | 1,134 | 879 | 1,745 | 765 | 890 | S100T525, S100VG3X, S100XU1Y |
| Share capital | 472 | 472 | 613 | 613 | 613 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Property, plant and equipment | 76 | 60 | 64 | 49 | 44 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Intangible assets excluding goodwill | 2,178 | 1,905 | 1,870 | 1,482 | 1,143 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Goodwill | 752 | 661 | 734 | 609 | 483 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Investment securities | 0 | 20 | 362 | 259 | 131 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Current assets | 1,628 | 1,677 | 2,412 | 1,689 | 2,068 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Current liabilities | 813 | 1,049 | 1,259 | 1,794 | 2,095 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Short-term borrowings | — | — | — | 155 | 400 | S100XU1Y |
| Long-term borrowings | 1,563 | 1,516 | 1,360 | 832 | 420 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Total liabilities | 2,870 | 3,006 | 3,250 | 2,986 | 2,782 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Non-controlling interests | — | 10 | 774 | 197 | 99 | S100T525, S100VG3X, S100XU1Y |
| Equity attributable to owners of parent | 1,134 | 869 | 948 | 535 | 765 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Retained earnings | 663 | 397 | 193 | -221 | 10 | S100QGT3, S100T525, S100VG3X, S100XU1Y |
| Treasury stock | -0 | -0 | -0 | -0 | — | S100QGT3, S100T525, S100VG3X, S100XU1Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XU1Y |
| Property, plant and equipment | 1% | S100XU1Y |
| Intangibles and goodwill | 44% | S100XU1Y |
| Investment securities | 4% | S100XU1Y |
| Other assets | 20% | S100XU1Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 76% | S100XU1Y |
| Equity | 24% | S100XU1Y |
| Other liabilities | 0% | S100XU1Y |

### 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 | 4,004 | 3,885 | 4,995 | 3,751 | 3,672 |
| Equity | 1,134 | 879 | 1,745 | 765 | 890 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 906 | 898 | 1,436 | 771 | 1,139 |

## 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) | 0.7% | S100XU1Y |
| Fixed assets ÷ total assets | 1.2% | S100XU1Y |
| Goodwill ÷ parent equity | 63.1% | S100XU1Y |

Goodwill over 4 years: 752 → 483 JPY; total investing cash flow: -1,299 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) | 31.0% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.5% |
| Cash vs. profit gap | 146 JPY mn (of net income 63.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 157.0% |

## 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 | 4.3% | 1.18× | 5.1% | 3.53× | 17.8% | S100QGT3 |
| 2022 | — | —× | -6.7% | —× | — | S100T525 |
| 2023 | — | —× | -4.6% | —× | — | S100VG3X |
| 2024 | — | —× | -9.5% | —× | — | S100XU1Y |
| 2025 | 3.7% | 1.68× | 6.2% | 5.71× | 35.4% | S100XU1Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トラストホールディングス | Major shareholder | 21.5% | 2025-12-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＹＤＮＥＹ／２Ｓ／ＪＡＳＤＥＣ／ＤＩＶＥＲＳＩＦＩＥＤ ＧＬＯＢＡＬ ＳＨＡＲＥ ＴＲＵＳＴ／ＴＡＸＡＢＬＥ（常任代理人香港上海銀行東京支店） | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社ｍｏｎｏｌｉｃｅ | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.0% | 2025-12-31 |
| 古屋 佑樹 | Major shareholder | 3.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 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 | 1.7% | 2025-12-31 |
| カンダ ヒロヤ | Major shareholder | 1.5% | 2025-12-31 |
| Ｊ．Ｐ．ＭＯＲＧＡＮ ＳＥＣＵＲＩＴＩＥＳ ＰＬＣ （常任代理人ＪＰモルガン証券株式会社） | Major shareholder | 1.4% | 2025-12-31 |
| ＣＧＭＩ ＰＢ ＣＵＳＴＯＭＥＲ ＡＣＣＯＵＮＴ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XU1Y | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU1Y,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VG3X | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG3X,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T525 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T525,, |
| 有価証券報告書－第8期(2022/01/01－2022/12/31) | S100QGT3 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGT3,, |
| 有価証券報告書－第7期(令和3年1月1日－令和3年12月31日) | S100NQZG | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQZG,, |
| 有価証券報告書－第6期(令和2年1月1日－令和2年12月31日) | S100L2YT | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2YT,, |

## 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).