# UNITED, Inc.: 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) (S100YD7V)
> Page: https://vizora.meequs.com/en/company/united
> Retrieved: 2026-09-30T21:32:07.680Z

## Company

United, founded in 1998, is a company in Venture Capital listed on TSE Growth. It has 456 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNITED, Inc. |
| Ticker | 2497 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2497.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷一丁目2番5号 |
| Representative (per filing) | 代表取締役社長 早川与規 |
| Founded | Feb 1998 |
| Share capital | ¥2.92B |
| Employees (consolidated) | 456 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | united.jp (https://united.jp/) |
| Corporate number | 6010401094782 |
| EDINET | E05562 |
| Industries (Vizora) | Venture Capital, HR & Staffing, Advertising, Education |

> Profile source: annual securities report (S100YD7V, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.6 | 57 |
| Profitability | 0.6 | 86 |
| Efficiency | 5.2 | 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)

- About 45% of United's sales come from Ad technology and content business, with Education business and Personnel matching business making up much of the rest.
- It lost about ¥14 for every ¥100 of sales at the operating level.
- Revenue changed -26.4% from the prior year, operating profit -146.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.86B |  |
| Operating income | -¥1.22B | Margin -13.8% |
| Net income | -¥1.56B | Margin -17.6% |
| Free cash flow | -¥4.17B |  |
| Largest business | Ad technology and content business | of segment revenue 45.1% |
| Employees (consolidated) | 456 |  |
| EPS | ¥-39.41 |  |
| Book value per share | ¥418.96 |  |
| Equity ratio | 85.5% |  |
| Shares outstanding | 40,412,690 |  |
| Treasury shares | 2,971,400 |  |
| Shareholders | 15,907 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 67.3% |
| Vs. industry median margin | -19.4 pp | Advertising |
| ROA | -6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 55 points
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16338529000 | ¥8863075000 | -45.8% |
| Operating income | ¥5606568000 | ¥-1221514000 | -121.8% |
| Operating margin | 34.3% | -13.8% | -48.1 pp |
| Employees | 274 people | 456 people | +66.4% |
| Cash and equivalents | ¥13774158000 | ¥5963294000 | -56.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| DXプラットフォーム事業 → 事業再編・廃止 | 11.8% |
| インベストメント事業 → 事業再編・廃止 | 27.2% |
| アドテクノロジー事業 → 事業再編・廃止 | 23.2% |
| アドテクノロジー事業 → 事業再編・廃止 | 25.2% |
| コンテンツ事業 → 事業再編・廃止 | 12.7% |
| 新設・再編 → 投資事業 | 4.5% |
| 新設・再編 → 教育事業 | 41.5% |
| 新設・再編 → 人材マッチング事業 | 8.9% |
| 新設・再編 → アドテク・コンテンツ事業 | 45.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ad technology and content business | 3 years | -3.1% | ¥3997563000 | 3.3% | 2 |
| Education business | 3 years | +43.4% | ¥3674471000 | -4.5% | 2 |
| Personnel matching business | 3 years | +18.7% | ¥791531000 | -5.0% | 2 |
| Investment business | 3 years | -61.6% | ¥399507000 | -46.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,863 | 100.0% | S100YD7V |
| Cost of revenue | 5,868 | 66.2% | S100YD7V |
| Gross profit | 2,995 | 33.8% | S100YD7V |
| SG&A | 4,216 | 47.6% | S100YD7V |
| Operating income | -1,222 | -13.8% | S100YD7V |
| Ordinary income | -1,269 | -14.3% | S100YD7V |
| Pretax income | -1,329 | -15.0% | S100YD7V |
| Income tax | 345 | 3.9% | S100YD7V |
| Net income | -1,673 | -18.9% | S100YD7V |
| Net income attributable to owners | -1,559 | -17.6% | S100YD7V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 48 |
| Operating income | -14 |
| (Ref.) Net income | -18 |

### Margin funnel

Gross margin 33.8% → Operating margin -13.8% → Net margin -17.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 12,036 | 8,863 | -3,173 | -26.4% |
| Gross profit | 6,204 | 2,995 | -3,210 | -51.7% |
| Operating income | 2,646 | -1,222 | -3,868 | -146.2% |
| Net income attributable to owners | 1,480 | -1,559 | -3,040 | -205.3% |
| Operating cash flow | 1,381 | -3,977 | -5,358 | -388.0% |
| Free cash flow | 1,175 | -4,170 | -5,344 | -454.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,912 | 5,101 | 24.4% | 1,404 | 2,007 | 1,811 | S100LKUQ |
| FY ending Mar 2021 | 16,339 | 5,607 | 34.3% | 3,728 | 6,993 | 6,836 | S100O9RF |
| FY ending Mar 2022 | 12,715 | 5,738 | 45.1% | 3,826 | 2,719 | 2,610 | S100QZ76 |
| FY ending Mar 2023 | 13,140 | 5,824 | 44.3% | 4,139 | 3,947 | 3,704 | S100TOJX |
| FY ending Mar 2024 | 12,574 | 4,860 | 38.6% | 2,366 | 2,085 | 1,927 | S100VYYX |
| FY ending Mar 2025 | 12,036 | 2,646 | 22.0% | 1,480 | 1,381 | 1,175 | S100YD7V |
| FY ending Mar 2026 | 8,863 | -1,222 | -13.8% | -1,559 | -3,977 | -4,170 | S100YD7V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | -¥2.7M |
| Net income per employee (consolidated) | -¥3.4M |

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) | 261 | 266 | 280 | 471 | 456 |
| Average salary (parent company) | ¥6.6M | ¥6.5M | ¥6.8M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 32.9 years | 33.3 years | 32.9 years | 35.8 years | 37.8 years |
| Average tenure (parent company) | 5.8 years | 6.1 years | 5.9 years | 7.6 years | 9.9 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -26.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Investment business | 400 | 4.5% | -186 | -46.6% |
| Education business | 3,674 | 41.5% | -165 | -4.5% |
| Personnel matching business | 792 | 8.9% | -39 | -5.0% |
| Ad technology and content business | 3,998 | 45.1% | 133 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Investment business | 4.5% | — | — | -46.6% |
| Education business | 41.5% | — | — | -4.5% |
| Personnel matching business | 8.9% | — | — | -5.0% |
| Ad technology and content business | 45.1% | 100.0% | 54.9 | 3.3% |

Loss-making segment (excluded from profit shares): Investment business -186 JPY mn

Loss-making segment (excluded from profit shares): Education business -165 JPY mn

Loss-making segment (excluded from profit shares): Personnel matching business -39 JPY mn

Segment → industry: Investment business → Venture Capital / Personnel matching business → HR & Staffing / Ad technology and content business → Advertising / Education business → Education

## 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 | -3,977 | -44.9% | S100YD7V |
| Capital expenditure | 192 | 2.2% | S100YD7V |
| Free cash flow | -4,170 | -47.0% | 算出 |
| Investing cash flow | -109 | -1.2% | S100YD7V |
| Financing cash flow | -2,562 | -28.9% | S100YD7V |
| Dividends paid | 1,373 | 15.5% | S100YD7V |
| Share buyback | 1,129 | 12.7% | S100YD7V |
| Change in cash | -6,648 | -75.0% | S100YD7V |
| Cash and equivalents | 5,963 | 67.3% | S100YD7V |

## 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 | 12,166 | 13,371 | 12,985 | 12,611 | 5,963 | S100TOJX, S100VYYX, S100YD7V |
| Total assets | 38,701 | 32,318 | 26,745 | 24,842 | 20,049 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Net assets | 30,289 | 26,647 | 23,541 | 21,770 | 17,764 | S100TOJX, S100VYYX, S100YD7V |
| Share capital | 2,923 | 2,923 | 2,923 | 2,923 | 2,923 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Trade receivables | 1,347 | 1,061 | — | — | — | S100QZ76 |
| Inventories | 70 | 30 | 33 | 30 | 21 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Property, plant and equipment | 293 | 311 | 277 | 378 | 372 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Intangible assets excluding goodwill | 562 | 1,205 | 377 | 853 | 728 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Goodwill | 328 | 906 | 77 | 509 | 389 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Investment securities | 204 | 424 | 1,373 | 1,364 | 1,309 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Current assets | 34,180 | 27,892 | 24,379 | 21,742 | 17,139 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Current liabilities | 2,812 | 2,778 | 2,063 | 2,871 | 1,886 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Long-term borrowings | 76 | 55 | 51 | 97 | 35 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Total liabilities | 8,413 | 5,671 | 3,205 | 3,072 | 2,285 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Non-controlling interests | — | 22 | 19 | 596 | 487 | S100TOJX, S100VYYX, S100YD7V |
| Equity attributable to owners of parent | 17,299 | 19,671 | 20,826 | 20,642 | 16,633 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Retained earnings | 14,980 | 17,437 | 18,414 | 18,010 | 15,078 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |
| Treasury stock | -983 | -1,069 | -963 | -898 | -1,966 | S100QZ76, S100TOJX, S100VYYX, S100YD7V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YD7V |
| Inventories | 0% | S100YD7V |
| Property, plant and equipment | 2% | S100YD7V |
| Intangibles and goodwill | 6% | S100YD7V |
| Investment securities | 6% | S100YD7V |
| Other assets | 56% | S100YD7V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YD7V |
| Equity | 89% | S100YD7V |

### 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 | 38,701 | 32,318 | 26,745 | 24,842 | 20,049 |
| Equity | 30,289 | 26,647 | 23,541 | 21,770 | 17,764 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,166 | 13,371 | 12,985 | 12,611 | 5,963 |

## 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) | 4.2% | S100YD7V |
| Fixed assets ÷ total assets | 1.9% | S100YD7V |
| Goodwill ÷ parent equity | 2.3% | S100YD7V |

Goodwill over 4 years: 328 → 389 JPY; total investing cash flow: -2,798 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) | 29.7% |
| Cash ÷ revenue | 67.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2,418 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | — |

## 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 | 30.1% | 0.33× | 9.9% | 2.24× | 22.1% | S100QZ76 |
| 2023 | 31.5% | 0.37× | 11.7% | 1.92× | 22.4% | S100TOJX |
| 2024 | 18.8% | 0.43× | 8.0% | 1.46× | 11.7% | S100VYYX |
| 2025 | 12.3% | 0.47× | 5.7% | 1.24× | 7.1% | S100YD7V |
| 2026 | — | —× | -6.9% | —× | — | S100YD7V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱Hakuhodo DY ONE | Major shareholder | 49.4% | 2026-03-31 |
| 早川 与規 | Major shareholder | 3.1% | 2026-03-31 |
| 竹内 壮司 | Major shareholder | 2.0% | 2026-03-31 |
| ㈱コーズベンチャーズ | Major shareholder | 1.0% | 2026-03-31 |
| 藤澤 陽三 | Major shareholder | 0.5% | 2026-03-31 |
| ＭＬＩ ＦＯＲ ＣＬＩＥＮＴ ＧＥＮＥＲＡＬ ＮＯＮ ＴＲＥＡＴＹ－ＰＢ（常任代理人 ＢＯＦＡ証券㈱） | Major shareholder | 0.4% | 2026-03-31 |
| 佐々木 浩 | Major shareholder | 0.4% | 2026-03-31 |
| 伊東 みち子 | Major shareholder | 0.3% | 2026-03-31 |
| 川上 浩 | Major shareholder | 0.2% | 2026-03-31 |
| 荒川 淳一 | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YD7V | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7V,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100VYYX | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYYX,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TOJX | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOJX,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100QZ76 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ76,, |
| 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) | S100O9RF | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9RF,, |
| 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) | S100LKUQ | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKUQ,, |

## 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).