# toridori 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10期(2025/01/01－2025/12/31) (S100XQKR)
> Page: https://vizora.meequs.com/en/company/toridori
> Retrieved: 2026-09-30T20:25:14.423Z

## Company

toridori, founded in 2016, is a company in Advertising listed on TSE Growth. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | toridori Inc. |
| Ticker | 9337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9337.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区円山町28番1号 |
| Representative (per filing) | 代表取締役社長CEO 中山 貴之 |
| Founded | Jun 2016 |
| Share capital | ¥94.8M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | toridori.co.jp (https://toridori.co.jp/) |
| Corporate number | 6011001111250 |
| EDINET | E38162 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XQKR, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.4 | 57 |
| Profitability | 86.6 | 86 |
| Cash conversion | 32.7 | 75 |
| Efficiency | 33.1 | 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)

- toridori brought in ¥5.37B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +25.7% from the prior year, operating profit +55.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5372804000 → ¥500360000
- Net income → operating cash flow: ¥500360000 → ¥403713000（difference ¥-96647000）
- Main uses of operating cash flow: CapEx ¥359904000 / dividends — / buybacks —
- Change in cash: ¥379832000
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 | ¥5.37B |  |
| Operating income | ¥707.8M | Margin 13.2% |
| Net income | ¥437.1M | Margin 8.1% |
| Free cash flow | ¥43.8M |  |
| Employees (consolidated) | 136 |  |
| EPS | ¥181.71 |  |
| Diluted EPS | ¥177.02 |  |
| Book value per share | ¥610.08 |  |
| Equity ratio | 26.7% |  |
| Shares outstanding | 3,300,000 |  |
| Shareholders | 771 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +7.5 pp | Advertising |
| ROE | 27.1% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 5.1× its level five years ago
- FY2025, cash is 29% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1057864000 | ¥5372804000 | +407.9% |
| Operating income | ¥-400217000 | ¥707758000 | — |
| Operating margin | -37.8% | 13.2% | +51 pp |
| Employees | 91 people | 136 people | +49.5% |
| Cash and equivalents | ¥216141000 | ¥1958175000 | +806.0% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,373 | 100.0% | S100XQKR |
| Cost of revenue | 478 | 8.9% | S100XQKR |
| Gross profit | 4,895 | 91.1% | S100XQKR |
| SG&A | 4,187 | 77.9% | S100XQKR |
| Operating income | 708 | 13.2% | S100XQKR |
| Ordinary income | 702 | 13.1% | S100XQKR |
| Pretax income | 702 | 13.1% | S100XQKR |
| Income tax | 201 | 3.8% | S100XQKR |
| Net income | 500 | 9.3% | S100XQKR |
| Net income attributable to owners | 437 | 8.1% | S100XQKR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 78 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 91.1% → Operating margin 13.2% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.7%; Core profit growth: +55.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.17×
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 | 4,274 | 5,373 | 1,099 | +25.7% |
| Gross profit | 3,915 | 4,895 | 980 | +25.0% |
| Operating income | 455 | 708 | 253 | +55.7% |
| Net income attributable to owners | 259 | 437 | 178 | +68.9% |
| Operating cash flow | 98 | 404 | 306 | +313.8% |
| Free cash flow | -14 | 44 | 58 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 1,058 | -400 | -37.8% | -436 | -421 | -430 | S100QI4Z |
| FY ending Dec 2022 | 2,055 | -371 | -18.0% | -565 | -454 | -466 | S100T6MU |
| FY ending Dec 2023 | 3,222 | 124 | 3.8% | 134 | -11 | -35 | S100VHNH |
| FY ending Dec 2024 | 4,274 | 455 | 10.6% | 259 | 98 | -14 | S100XQKR |
| FY ending Dec 2025 | 5,373 | 708 | 13.2% | 437 | 404 | 44 | S100XQKR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 91 | 106 | 111 | 123 | 136 |
| Average salary (parent company) | — | ¥4.2M | ¥4.6M | ¥5.3M | ¥4.7M |
| Average age (parent company) | — | 27.6 years | 28.3 years | 29.8 years | 32.1 years |
| Average tenure (parent company) | — | 1.8 years | 1.9 years | 2.6 years | 2.2 years |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) +25.7%

## 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 | 404 | 7.5% | S100XQKR |
| Capital expenditure | 360 | 6.7% | S100XQKR |
| Free cash flow | 44 | 0.8% | 算出 |
| Investing cash flow | -579 | -10.8% | S100XQKR |
| Financing cash flow | 555 | 10.3% | S100XQKR |
| Change in cash | 380 | 7.1% | S100XQKR |
| Cash and equivalents | 1,958 | 36.4% | S100XQKR |

## 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 | 216 | 1,182 | 1,672 | 1,578 | 1,958 | S100T6MU, S100VHNH, S100XQKR |
| Total assets | 1,192 | 2,239 | 3,289 | 4,842 | 6,773 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Net assets | 27 | 1,056 | 1,190 | 1,490 | 1,908 | S100T6MU, S100VHNH, S100XQKR |
| Share capital | 100 | 897 | 50 | 90 | 95 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Inventories | 42 | 10 | 35 | 109 | 14 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Property, plant and equipment | 40 | 36 | 26 | 44 | 57 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Intangible assets excluding goodwill | 214 | — | 261 | 817 | 1,025 | S100QI4Z, S100VHNH, S100XQKR |
| Goodwill | 214 | — | 241 | 693 | 609 | S100QI4Z, S100VHNH, S100XQKR |
| Current assets | 867 | 2,136 | 2,899 | 3,568 | 5,170 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Current liabilities | 796 | 954 | 1,720 | 2,643 | 4,049 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Short-term borrowings | — | — | 400 | 700 | 1,100 | S100VHNH, S100XQKR |
| Long-term borrowings | 343 | 208 | 359 | 678 | 768 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Total liabilities | 1,165 | 1,182 | 2,099 | 3,351 | 4,866 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Non-controlling interests | — | — | — | 71 | 73 | S100XQKR |
| Equity attributable to owners of parent | 25 | 1,054 | 1,187 | 1,418 | 1,810 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Retained earnings | -635 | -1,200 | 134 | 392 | 830 | S100QI4Z, S100T6MU, S100VHNH, S100XQKR |
| Treasury stock | — | — | -0 | -0 | -0 | S100VHNH, S100XQKR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XQKR |
| Inventories | 0% | S100XQKR |
| Property, plant and equipment | 1% | S100XQKR |
| Intangibles and goodwill | 24% | S100XQKR |
| Other assets | 46% | S100XQKR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100XQKR |
| Equity | 28% | S100XQKR |

### 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 | 1,192 | 2,239 | 3,289 | 4,842 | 6,773 |
| Equity | 27 | 1,056 | 1,190 | 1,490 | 1,908 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 216 | 1,182 | 1,672 | 1,578 | 1,958 |

## 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) | 1.1% | S100XQKR |
| Fixed assets ÷ total assets | 0.8% | S100XQKR |
| Goodwill ÷ parent equity | 33.7% | S100XQKR |

Goodwill over 4 years: 214 → 609 JPY; total investing cash flow: -1,728 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) | 28.9% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.0% |
| Cash vs. profit gap | -33 JPY mn (of net income -7.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 143.4% |

## 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 | — | —× | -36.6% | —× | — | S100QI4Z |
| 2022 | — | —× | -33.0% | —× | — | S100T6MU |
| 2023 | 4.1% | 1.17× | 4.8% | 2.47× | 11.9% | S100VHNH |
| 2024 | 6.1% | 1.05× | 6.4% | 3.12× | 19.9% | S100XQKR |
| 2025 | 8.1% | 0.93× | 7.5% | 3.60× | 27.1% | S100XQKR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山 貴之 | Major shareholder | 31.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.8% | 2025-12-31 |
| Global Catalyst Partners Japan ２号投資事業有限責任組合 | Major shareholder | 5.5% | 2025-12-31 |
| 雨瀧 浩一郎 | Major shareholder | 4.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社セレス | Major shareholder | 3.3% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A／C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 2.9% | 2025-12-31 |
| 国本 貴志 | Major shareholder | 2.7% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 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 | 2.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/01/01－2025/12/31) | S100XQKR | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQKR,, |
| 有価証券報告書－第9期(2024/01/01－2024/12/31) | S100VHNH | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHNH,, |
| 有価証券報告書－第8期(2023/01/01－2023/12/31) | S100T6MU | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6MU,, |
| 有価証券報告書－第7期(2022/01/01－2022/12/31) | S100QI4Z | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI4Z,, |

## 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).