# VALUE CREATION CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第18期(2025/03/01－2026/02/28) (S100YRA4)
> Page: https://vizora.meequs.com/en/company/value-creation
> Retrieved: 2026-09-30T21:29:26.777Z

## Company

Value Creation, founded in 2008, is a company in Internet Services & Apps listed on TSE Growth. It has 66 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALUE CREATION CO.,LTD. |
| Ticker | 9238 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9238.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区恵比寿1-18-14 恵比寿ファーストスクエア9階 |
| Representative (per filing) | 代表取締役社長 新谷 晃人 |
| Founded | Apr 2008 |
| Share capital | ¥52.4M |
| Employees (consolidated) | 66 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | February |
| Website | value-creation.jp (https://value-creation.jp/) |
| Corporate number | 8011001056031 |
| EDINET | E39089 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100YRA4, filed 2026-07-17). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43 | 57 |
| Profitability | 1.7 | 86 |
| Efficiency | 78.5 | 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 89% of Value Creation's sales come from Marketing-DX business, with Real estate matching platform business making up much of the rest.
- It lost about ¥13 for every ¥100 of sales at the operating level.
- Revenue changed +1.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.13B |  |
| Operating income | -¥423.8M | Margin -13.6% |
| Net income | -¥261M | Margin -8.3% |
| Free cash flow | -¥182.9M |  |
| Largest business | Marketing-DX business | of segment revenue 88.9% |
| Employees (consolidated) | 66 |  |
| EPS | ¥-113.55 |  |
| Book value per share | ¥17.17 |  |
| Equity ratio | 2.1% |  |
| Shares outstanding | 2,350,680 |  |
| Treasury shares | 50,000 |  |
| Shareholders | 3,317 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 59.0% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -19.2 pp | Advertising |
| ROA | -14.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.6× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 59% of total assets

## What changed in 3 years

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2823748000 | ¥3127333000 | +10.8% |
| Operating income | ¥113472000 | ¥-423841000 | -473.5% |
| Operating margin | 4.0% | -13.6% | -17.6 pp |
| Employees | 44 people | 66 people | +50.0% |
| Cash and equivalents | ¥833150000 | ¥1124643000 | +35.0% |

### Change in segment revenue mix

Span: FY ending Feb 2023 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティングDX事業 → マーケティングDX事業 | 88.9% |
| マーケティングDX事業 → 事業再編・廃止 | 8.4% |
| 不動産DX事業 → 不動産DX事業 | 2.7% |
| 新設・再編 → 不動産DX事業 | 8.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,127 | 100.0% | S100YRA4 |
| Cost of revenue | 2,321 | 74.2% | S100YRA4 |
| Gross profit | 806 | 25.8% | S100YRA4 |
| SG&A | 1,230 | 39.3% | S100YRA4 |
| Operating income | -424 | -13.6% | S100YRA4 |
| Ordinary income | -75 | -2.4% | S100YRA4 |
| Pretax income | -260 | -8.3% | S100YRA4 |
| Income tax | 1 | 0.0% | S100YRA4 |
| Net income | -261 | -8.3% | S100YRA4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 39 |
| Operating income | -13 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 25.8% → Operating margin -13.6% → Net margin -8.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,071 | 3,127 | 56 | +1.8% |
| Gross profit | 738 | 806 | 68 | +9.2% |
| Operating income | -234 | -424 | -190 | — |
| Operating cash flow | 238 | -179 | -417 | -175.3% |
| Free cash flow | 143 | -183 | -326 | -227.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2023 | 2,824 | 113 | 4.0% | 86 | 152 | 144 | S100TJHT |
| FY ending Feb 2024 | 2,948 | 173 | 5.9% | 114 | 327 | 296 | S100VUFN |
| FY ending Feb 2025 | 3,071 | -234 | -7.6% | 119 | 238 | 143 | S100YRA4 |
| FY ending Feb 2026 | 3,127 | -424 | -13.6% | -261 | -179 | -183 | S100YRA4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | -¥6.4M |
| Net income per employee (consolidated) | -¥4M |

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

| History | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 44 | 46 | 58 | 66 |
| Average salary (parent company) | — | ¥6.1M | ¥6M | ¥6.2M |
| Average age (parent company) | — | 31.5 years | 32.0 years | 33.5 years |
| Average tenure (parent company) | — | 4.2 years | 4.0 years | 4.4 years |

Year over year: Employees (consolidated) +13.8% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing-DX business | 2,780 | 88.9% | 129 | 4.6% |
| Real estate matching platform business | 348 | 11.1% | -23 | -6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing-DX business | 88.9% | 100.0% | 11.1 | 4.6% |
| Real estate matching platform business | 11.1% | — | — | -6.7% |

Loss-making segment (excluded from profit shares): Real estate matching platform business -23 JPY mn

Segment → industry: Real estate matching platform business → Internet Services & Apps / Marketing-DX business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -179 | -5.7% | S100YRA4 |
| Capital expenditure | 4 | 0.1% | S100YRA4 |
| Free cash flow | -183 | -5.8% | 算出 |
| Investing cash flow | -182 | -5.8% | S100YRA4 |
| Financing cash flow | 347 | 11.1% | S100YRA4 |
| Dividends paid | 20 | 0.6% | S100YRA4 |
| Share buyback | 71 | 2.3% | S100YRA4 |
| Change in cash | -14 | -0.5% | S100YRA4 |
| Cash and equivalents | 1,125 | 36.0% | S100YRA4 |

## 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 Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 833 | 1,212 | 1,139 | 1,125 | S100VUFN, S100YRA4 |
| Total assets | 3,291 | 3,628 | 1,794 | 1,906 | S100TJHT, S100VUFN, S100YRA4 |
| Net assets | 147 | 281 | 386 | 40 | S100VUFN, S100YRA4 |
| Share capital | 34 | 158 | 158 | 52 | S100TJHT, S100VUFN, S100YRA4 |
| Property, plant and equipment | 16 | — | 90 | — | S100TJHT, S100VUFN |
| Intangible assets excluding goodwill | — | — | 22 | — | S100VUFN |
| Current assets | 3,250 | — | 1,568 | 1,781 | S100TJHT, S100YRA4 |
| Current liabilities | 2,673 | — | 1,032 | 1,207 | S100TJHT, S100YRA4 |
| Short-term borrowings | 121 | — | 100 | 120 | S100TJHT, S100YRA4 |
| Long-term borrowings | 470 | — | 375 | 659 | S100TJHT, S100YRA4 |
| Total liabilities | 3,144 | — | 1,407 | 1,867 | S100TJHT, S100YRA4 |
| Equity attributable to owners of parent | 147 | — | 386 | 40 | S100TJHT, S100YRA4 |
| Retained earnings | 113 | — | 105 | -176 | S100TJHT, S100YRA4 |
| Treasury stock | — | — | -0 | -71 | S100YRA4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YRA4 |
| Other assets | 41% | S100YRA4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 98% | S100YRA4 |
| Equity | 2% | S100YRA4 |
| Other liabilities | 0% | S100YRA4 |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 3,291 | 3,628 | 1,794 | 1,906 |
| Equity | 147 | 281 | 386 | 40 |
| Interest-bearing debt | — | — | — | — |
| Cash | 833 | 1,212 | 1,139 | 1,125 |

### 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) | 59.0% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 82 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 3.0% | 0.86× | 2.6% | 22.34× | 58.4% | S100TJHT |
| 2024 | 3.9% | 0.85× | 3.3% | 16.17× | 53.4% | S100VUFN, S100YRA4 |
| 2025 | 3.9% | 1.13× | 4.4% | 7.02× | 30.9% | S100YRA4 |
| 2026 | — | —× | -14.1% | —× | — | S100YRA4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ひまわり | Major shareholder | 56.5% | 2026-02-28 |
| 新谷 晃人 | Major shareholder | 5.0% | 2026-02-28 |
| 西田憲司 | Major shareholder | 1.5% | 2026-02-28 |
| 大坂谷 優介 | Major shareholder | 1.2% | 2026-02-28 |
| かっこ株式会社 | Major shareholder | 1.0% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-02-28 |
| 豊野 桂太 | Major shareholder | 0.8% | 2026-02-28 |
| 乗冨 健矢 | Major shareholder | 0.8% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2026-02-28 |
| 株式会社アンビション・ベンチャーズ | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第18期(2025/03/01－2026/02/28) | S100YRA4 | 2026-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRA4,, |
| 有価証券報告書－第17期(2024/03/01－2025/02/28) | S100VUFN | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUFN,, |
| 有価証券報告書－第16期(2023/03/01－2024/02/29) | S100TJHT | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJHT,, |

## 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).