# True Data: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YI9P)
> Page: https://vizora.meequs.com/en/company/true-data
> Retrieved: 2026-09-30T20:58:01.437Z

## Company

True Data is a company in Advertising listed on TSE Growth. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | True Data Inc. |
| Ticker | 4416 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4416.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝大門一丁目10番11号 |
| Representative (per filing) | 代表取締役社長 米倉裕之 |
| Share capital | ¥1.37B |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.truedata.co.jp (https://www.truedata.co.jp/) |
| Corporate number | 6010401042601 |
| EDINET | E37146 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100YI9P, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.5 | 57 |
| Profitability | 48.3 | 86 |
| Cash conversion | 87.3 | 75 |
| Efficiency | 50.6 | 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)

- True Data brought in ¥1.87B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +20.3% from the prior year, operating profit +109.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1870468000 → ¥80508000
- Net income → operating cash flow: ¥80508000 → ¥189052000（difference ¥108544000）
- Main uses of operating cash flow: CapEx ¥31417000 / dividends — / buybacks —
- Change in cash: ¥111521000
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 | ¥1.87B |  |
| Operating income | ¥101.6M | Margin 5.4% |
| Net income | ¥80.5M | Margin 4.3% |
| Free cash flow | ¥157.6M |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥16.63 |  |
| Diluted EPS | ¥16.58 |  |
| Book value per share | ¥240.41 |  |
| Equity ratio | 75.9% |  |
| Shares outstanding | 4,841,200 |  |
| Shareholders | 2,133 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 63.3% | Cash ÷ revenue 51.9% |
| Vs. industry median margin | -0.2 pp | Advertising |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, employees -6% while operating income rose 110%
- FY2026, cash is 63% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1166060000 | ¥1870468000 | +60.4% |
| Operating income | ¥-64433000 | ¥101600000 | — |
| Operating margin | -5.5% | 5.4% | +11 pp |
| Employees | 67 people | 93 people | +38.8% |
| Cash and equivalents | ¥434025000 | ¥971079000 | +123.7% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,870 | 100.0% | S100YI9P |
| Cost of revenue | 822 | 43.9% | S100YI9P |
| Gross profit | 1,049 | 56.1% | S100YI9P |
| SG&A | 947 | 50.6% | S100YI9P |
| Operating income | 102 | 5.4% | S100YI9P |
| Ordinary income | 109 | 5.8% | S100YI9P |
| Pretax income | 103 | 5.5% | S100YI9P |
| Income tax | 22 | 1.2% | S100YI9P |
| Net income | 81 | 4.3% | S100YI9P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 51 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 56.1% → Operating margin 5.4% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.3%; Core profit growth: +109.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.39×
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 | 1,554 | 1,870 | 316 | +20.3% |
| Gross profit | 895 | 1,049 | 154 | +17.2% |
| Operating income | 48 | 102 | 53 | +109.6% |
| Operating cash flow | 37 | 189 | 152 | +408.8% |
| Free cash flow | -67 | 158 | 224 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 1,166 | -64 | -5.5% | -61 | 136 | 56 | S100OBXN |
| FY ending Mar 2022 | 1,314 | 22 | 1.7% | 15 | 137 | 119 | S100R1G0 |
| FY ending Mar 2023 | 1,440 | 76 | 5.3% | 34 | 139 | 83 | S100TNGQ |
| FY ending Mar 2024 | 1,593 | 64 | 4.0% | 60 | 128 | 69 | S100W0KU |
| FY ending Mar 2025 | 1,554 | 48 | 3.1% | 13 | 37 | -67 | S100YI9P |
| FY ending Mar 2026 | 1,870 | 102 | 5.4% | 81 | 189 | 158 | S100YI9P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥865.7K |

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) | 72 | 78 | 93 | 99 | 93 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.6M | ¥6.7M | ¥6.4M |
| Average age (parent company) | 39.2 years | 39.2 years | 39.5 years | 40.7 years | 41.7 years |
| Average tenure (parent company) | 5.1 years | 5.1 years | 5.2 years | 5.5 years | 6.2 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) +20.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 189 | 10.1% | S100YI9P |
| Capital expenditure | 31 | 1.7% | S100YI9P |
| Free cash flow | 158 | 8.4% | 算出 |
| Investing cash flow | -74 | -4.0% | S100YI9P |
| Financing cash flow | -3 | -0.2% | S100YI9P |
| Change in cash | 112 | 6.0% | S100YI9P |
| Cash and equivalents | 971 | 51.9% | S100YI9P |

## 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 | 847 | 879 | 938 | 860 | 971 | S100TNGQ, S100W0KU, S100YI9P |
| Total assets | 1,297 | 1,278 | 1,363 | 1,363 | 1,534 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Net assets | 925 | 970 | 1,048 | 1,081 | 1,164 | S100TNGQ, S100W0KU, S100YI9P |
| Share capital | 1,346 | 1,352 | 1,361 | 1,370 | 1,372 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Property, plant and equipment | 16 | 21 | 22 | 27 | 27 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Intangible assets excluding goodwill | 166 | 73 | 84 | 119 | 83 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Investment securities | 39 | 34 | 34 | 7 | 2 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Current assets | 1,017 | 1,080 | 1,152 | 1,142 | 1,315 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Current liabilities | 305 | 271 | 305 | 278 | 366 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Long-term borrowings | 63 | 33 | 5 | — | — | S100R1G0, S100TNGQ, S100W0KU |
| Total liabilities | 372 | 308 | 315 | 282 | 370 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Equity attributable to owners of parent | 925 | 970 | 1,048 | 1,081 | 1,164 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |
| Retained earnings | -607 | -573 | -513 | -500 | -419 | S100R1G0, S100TNGQ, S100W0KU, S100YI9P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100YI9P |
| Property, plant and equipment | 2% | S100YI9P |
| Intangibles and goodwill | 5% | S100YI9P |
| Investment securities | 0% | S100YI9P |
| Other assets | 30% | S100YI9P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YI9P |
| Equity | 76% | S100YI9P |
| Other liabilities | 0% | S100YI9P |

### 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 | 1,297 | 1,278 | 1,363 | 1,363 | 1,534 |
| Equity | 925 | 970 | 1,048 | 1,081 | 1,164 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 847 | 879 | 938 | 860 | 971 |

## 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) | 1.4% | S100YI9P |
| Fixed assets ÷ total assets | 1.8% | S100YI9P |
| Goodwill ÷ parent equity | — | —, S100YI9P |

### 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) | 63.3% |
| Cash ÷ revenue | 51.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 186.1% |
| Cash vs. profit gap | 109 JPY mn (of net income 134.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 1.2% | 1.01× | 1.2% | 1.40× | 1.7% | S100R1G0 |
| 2023 | 2.4% | 1.12× | 2.6% | 1.36× | 3.6% | S100TNGQ |
| 2024 | 3.8% | 1.21× | 4.5% | 1.31× | 5.9% | S100W0KU |
| 2025 | 0.9% | 1.14× | 1.0% | 1.28× | 1.2% | S100YI9P |
| 2026 | 4.3% | 1.29× | 5.6% | 1.29× | 7.2% | S100YI9P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社プラネット | Major shareholder | 24.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 9.1% | 2026-03-31 |
| AGB Nielsen Media Research B.V. | Major shareholder | 6.6% | 2026-03-31 |
| 米倉 裕之 | Major shareholder | 3.8% | 2026-03-31 |
| セキ株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社博報堂 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社博報堂プロダクツ | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社タケオホールディングス | Major shareholder | 3.5% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YI9P | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI9P,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W0KU | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0KU,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TNGQ | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNGQ,, |
| 訂正有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R1G0 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1G0,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OBXN | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBXN,, |

## 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).