# Ureru Net Advertising Group Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/08/01－2025/07/31) (S100WX4A)
> Page: https://vizora.meequs.com/en/company/ureru-net-advertising-group
> Retrieved: 2026-09-30T19:15:34.738Z

## Company

Ureru Net Advertising Group, founded in 2010, is a company in Advertising listed on TSE Growth. It has 54 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ureru Net Advertising Group Co.,Ltd. (旧英訳名 Ureru Net Advertising Co.,Ltd.) |
| Ticker | 9235 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9235.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市早良区百道浜二丁目3番8号 |
| Representative (per filing) | 代表取締役社長CEO 加藤 公一レオ |
| Founded | Jan 2010 |
| Share capital | ¥412.4M |
| Employees (consolidated) | 54 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | July |
| Website | www.ureru.co.jp (https://www.ureru.co.jp/) |
| Corporate number | 7290001037832 |
| EDINET | E36421 |
| Industries (Vizora) | Advertising, Catalog & TV Shopping |

> Profile source: annual securities report (S100WX4A, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.9 | 86 |
| Efficiency | 34.3 | 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 44% of Ureru Net Advertising Group's sales come from GlobalInformationAndCommunicationsBusinessReportableSegmentMember, with Digital marketing support business for D2C (online shopping) and D2C (online shopping) business making up much of the rest.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed +107.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.57B |  |
| Operating income | -¥166.9M | Margin -10.6% |
| Net income | -¥444.1M | Margin -28.3% |
| Free cash flow | -¥144.9M |  |
| Largest business | GlobalInformationAndCommunicationsBusinessReportableSegmentMember | of segment revenue 43.9% |
| Employees (consolidated) | 54 |  |
| EPS | ¥-68.19 |  |
| Book value per share | ¥96.64 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 7,590,916 |  |
| Shareholders | 4,676 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | -16.3 pp | Advertising |
| ROA | -26.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 56 points
- FY2025, operating loss is 11 per ¥100 of revenue

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2022 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥843801000 | ¥1567549000 | — |
| Operating income | ¥-77911000 | ¥-166907000 | — |
| Operating margin | -9.2% | -10.6% | -1.4 pp |
| Employees | 45 people | 54 people | — |
| Cash and equivalents | ¥169751000 | ¥483661000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2022 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → D2C(ネット通販)向けデジタルマーケティング支援事業 | 42.2% |
| 新設・再編 → D2C(ネット通販)事業 | 13.9% |
| 新設・再編 → グローバル情報通信事業 | 43.9% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| GlobalInformationAndCommunicationsBusinessReportableSegmentMember | — | — | ¥688118000 | 11.1% | 2 |
| Digital marketing support business for D2C (online shopping) | — | — | ¥661959000 | -15.6% | 2 |
| D2C (online shopping) business | — | — | ¥217471000 | -18.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,568 | 100.0% | S100WX4A |
| Cost of revenue | 648 | 41.4% | S100WX4A |
| Gross profit | 919 | 58.6% | S100WX4A |
| SG&A | 1,086 | 69.3% | S100WX4A |
| Operating income | -167 | -10.6% | S100WX4A |
| Ordinary income | -169 | -10.8% | S100WX4A |
| Pretax income | -426 | -27.2% | S100WX4A |
| Income tax | 18 | 1.2% | S100WX4A |
| Net income | -444 | -28.3% | S100WX4A |
| Net income attributable to owners | -444 | -28.3% | S100WX4A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 69 |
| Operating income | -11 |
| (Ref.) Net income | -28 |

### Margin funnel

Gross margin 58.6% → Operating margin -10.6% → Net margin -28.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 757 | 1,568 | 811 | +107.2% |
| Gross profit | 463 | 919 | 456 | +98.6% |
| Operating income | -308 | -167 | 142 | — |
| Net income attributable to owners | -327 | -444 | -117 | — |
| Operating cash flow | -385 | -58 | 327 | — |
| Free cash flow | -510 | -145 | 365 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2022 | 844 | -78 | -9.2% | -53 | -66 | -346 | S100S381 |
| FY ending Jul 2023 | 959 | 151 | 15.8% | 113 | 264 | 219 | S100S381 |
| FY ending Jul 2024 | 757 | -308 | -40.8% | -327 | -385 | -510 | S100WX4A |
| FY ending Jul 2025 | 1,568 | -167 | -10.6% | -444 | -58 | -145 | S100WX4A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29M |
| Operating income per employee (consolidated) | -¥3.1M |
| Net income per employee (consolidated) | -¥8.2M |

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

| History | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 45 | 45 | 47 | 54 |
| Average salary (parent company) | — | ¥4.8M | ¥4.4M | ¥5.4M |
| Average age (parent company) | — | 30.2 years | 30.8 years | 36.5 years |
| Average tenure (parent company) | — | 3.6 years | 3.1 years | 3.9 years |

Year over year: Employees (consolidated) +14.9% · Revenue (consolidated) +107.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital marketing support business for D2C (online shopping) | 662 | 42.2% | -103 | -15.6% |
| D2C (online shopping) business | 217 | 13.9% | -40 | -18.6% |
| GlobalInformationAndCommunicationsBusinessReportableSegmentMember | 688 | 43.9% | 76 | 11.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital marketing support business for D2C (online shopping) | 42.2% | — | — | -15.6% |
| D2C (online shopping) business | 13.9% | — | — | -18.6% |
| GlobalInformationAndCommunicationsBusinessReportableSegmentMember | 43.9% | 100.0% | 56.1 | 11.1% |

Loss-making segment (excluded from profit shares): Digital marketing support business for D2C (online shopping) -103 JPY mn

Loss-making segment (excluded from profit shares): D2C (online shopping) business -40 JPY mn

Segment → industry: Digital marketing support business for D2C (online shopping) → Advertising / D2C (online shopping) business → Catalog & TV Shopping

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -58 | -3.7% | S100WX4A |
| Capital expenditure | 87 | 5.5% | S100WX4A |
| Free cash flow | -145 | -9.2% | 算出 |
| Investing cash flow | -92 | -5.9% | S100WX4A |
| Financing cash flow | 356 | 22.7% | S100WX4A |
| Change in cash | 206 | 13.1% | S100WX4A |
| Cash and equivalents | 484 | 30.9% | S100WX4A |

## 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 Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 170 | 387 | 278 | 484 | S100S381, S100WX4A |
| Total assets | 880 | 1,046 | 1,429 | 1,907 | S100S381, S100WX4A |
| Net assets | 530 | 643 | 693 | 677 | S100S381, S100WX4A |
| Share capital | 10 | 10 | 198 | 412 | S100S381, S100WX4A |
| Property, plant and equipment | 198 | 177 | 157 | 137 | S100S381, S100WX4A |
| Intangible assets excluding goodwill | 140 | 142 | 615 | 614 | S100S381, S100WX4A |
| Goodwill | — | — | 381 | 343 | S100WX4A |
| Investment securities | — | — | 100 | 140 | S100WX4A |
| Current assets | 468 | 670 | 507 | 946 | S100S381, S100WX4A |
| Current liabilities | 346 | 395 | 297 | 612 | S100S381, S100WX4A |
| Short-term borrowings | — | — | — | 50 | S100WX4A |
| Long-term borrowings | — | — | 335 | 512 | S100WX4A |
| Total liabilities | 350 | 403 | 736 | 1,230 | S100S381, S100WX4A |
| Equity attributable to owners of parent | 530 | 643 | 693 | 677 | S100S381, S100WX4A |
| Retained earnings | 520 | 633 | 306 | -138 | S100S381, S100WX4A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100WX4A |
| Property, plant and equipment | 7% | S100WX4A |
| Intangibles and goodwill | 50% | S100WX4A |
| Investment securities | 7% | S100WX4A |
| Other assets | 10% | S100WX4A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100WX4A |
| Equity | 36% | S100WX4A |

### Balance sheet history

| Metric | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 880 | 1,046 | 1,429 | 1,907 |
| Equity | 530 | 643 | 693 | 677 |
| Interest-bearing debt | — | — | — | — |
| Cash | 170 | 387 | 278 | 484 |

## 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) | 8.7% | S100WX4A |
| Fixed assets ÷ total assets | 7.2% | S100WX4A |
| Goodwill ÷ parent equity | 50.7% | S100WX4A |

### 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) | 25.4% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 386 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| 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 | — | —× | -6.0% | —× | — | S100S381 |
| 2023 | 11.8% | 1.00× | 11.8% | 1.64× | 19.3% | S100S381 |
| 2024 | — | —× | -22.9% | —× | — | S100WX4A |
| 2025 | — | —× | -26.6% | —× | — | S100WX4A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 加藤公一レオ | Major shareholder | 33.9% | 2025-07-31 |
| 株式会社レオアセットマネジメント | Major shareholder | 31.0% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 4.1% | 2025-07-31 |
| 株式会社SBI証券 | Major shareholder | 2.0% | 2025-07-31 |
| 高木聡 | Major shareholder | 0.6% | 2025-07-31 |
| 日本証券金融株式会社 | Major shareholder | 0.5% | 2025-07-31 |
| 中村雅志 | Major shareholder | 0.4% | 2025-07-31 |
| 榊有美 | Major shareholder | 0.4% | 2025-07-31 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2025-07-31 |
| 松井証券株式会社 | Major shareholder | 0.4% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/08/01－2025/07/31) | S100WX4A | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX4A,, |
| 有価証券報告書－第15期(2023/08/01－2024/07/31) | S100UL5C | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL5C,, |
| 有価証券報告書－第14期(2022/08/01－2023/07/31) | S100S381 | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S381,, |

## 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).