# ValueCommerce Co., Ltd.: 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30期(2025/01/01－2025/12/31) (S100XU5J)
> Page: https://vizora.meequs.com/en/company/valuecommerce
> Retrieved: 2026-09-30T20:55:10.417Z

## Company

ValueCommerce, founded in 1996, is a company in Software & SaaS listed on TSE Prime. It has 381 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ValueCommerce Co., Ltd. |
| Ticker | 2491 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2491.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区紀尾井町1番3号 |
| Representative (per filing) | 代表取締役社長 最高経営責任者 香川 仁 |
| Founded | Mar 1996 |
| Share capital | ¥1.73B |
| Employees (consolidated) | 381 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | www.valuecommerce.co.jp (https://www.valuecommerce.co.jp/) |
| Corporate number | 1010401062075 |
| EDINET | E05149 |
| Industries (Vizora) | Software & SaaS, Advertising |

> Profile source: annual securities report (S100XU5J, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 57 |
| Profitability | 68 | 86 |
| Cash conversion | 55.3 | 75 |
| Efficiency | 57.6 | 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)

- About 54% of ValueCommerce's sales come from Marketing solutin business, with EC solution business and Travel tech business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -20.5% from the prior year, operating profit -52.6%.

## Company structure

- Segment revenue mix: Marketing solutin business 53.9%、EC solution business 40.7%、Travel tech business 5.4%
- Revenue → net income: ¥24169000000 → ¥487000000
- Net income → operating cash flow: ¥487000000 → ¥1923000000（difference ¥1436000000）
- Main uses of operating cash flow: CapEx ¥362000000 / dividends ¥1227000000 / buybacks —
- Change in cash: ¥-748000000
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 | ¥24.2B |  |
| Operating income | ¥1.97B | Margin 8.2% |
| Net income | ¥487M | Margin 2.0% |
| Free cash flow | ¥1.56B |  |
| Largest business | Marketing solutin business | of segment revenue 53.9% |
| Employees (consolidated) | 381 |  |
| EPS | ¥12.11 |  |
| Book value per share | ¥561.96 |  |
| Equity ratio | 75.5% |  |
| Shares outstanding | 34,471,000 |  |
| Treasury shares | 12,794,600 |  |
| Shareholders | 18,583 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 68.3% | Cash ÷ revenue 45.6% |
| Vs. industry median margin | +2.5 pp | Advertising |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.9× net income
- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, cash is 68% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29171000000 | ¥24169000000 | -17.1% |
| Operating income | ¥6218000000 | ¥1971000000 | -68.3% |
| Operating margin | 21.3% | 8.2% | -13.2 pp |
| Employees | 395 people | 381 people | -3.5% |
| Cash and equivalents | ¥11422000000 | ¥11026000000 | -3.5% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティングソリューションズ事業 → マーケティングソリューションズ事業 | 51.2% |
| ECソリューションズ事業 → ECソリューションズ事業 | 40.7% |
| ECソリューションズ事業 → 事業再編・廃止 | 8.1% |
| 新設・再編 → マーケティングソリューションズ事業 | 2.7% |
| 新設・再編 → トラベルテック事業 | 5.4% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marketing solutin business | 5 years | -2.7% | ¥13025000000 | 9.5% | 2 |
| EC solution business | 5 years | -7.1% | ¥9831000000 | 27.1% | 2 |
| Travel tech business | 2 years | +1.6% | ¥1312000000 | -16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,169 | 100.0% | S100XU5J |
| Cost of revenue | 16,820 | 69.6% | S100XU5J |
| Gross profit | 7,348 | 30.4% | S100XU5J |
| SG&A | 5,377 | 22.2% | S100XU5J |
| Operating income | 1,971 | 8.2% | S100XU5J |
| Ordinary income | 1,481 | 6.1% | S100XU5J |
| Pretax income | 1,142 | 4.7% | S100XU5J |
| Income tax | 655 | 2.7% | S100XU5J |
| Net income | 487 | 2.0% | S100XU5J |
| Net income attributable to owners | 487 | 2.0% | S100XU5J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 22 |
| Operating income | 8 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.4% → Operating margin 8.2% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -20.5%; Core profit growth: -52.6%
Operating leverage (core profit growth ÷ revenue growth): 2.56×
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 | 30,410 | 24,169 | -6,241 | -20.5% |
| Gross profit | 9,983 | 7,348 | -2,635 | -26.4% |
| Operating income | 4,160 | 1,971 | -2,189 | -52.6% |
| Net income attributable to owners | 2,855 | 487 | -2,368 | -82.9% |
| Operating cash flow | 3,461 | 1,923 | -1,538 | -44.4% |
| Free cash flow | 3,024 | 1,561 | -1,463 | -48.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 25,695 | 4,953 | 19.3% | 3,345 | 4,041 | 3,539 | S100L0RL |
| FY ending Dec 2020 | 29,171 | 6,218 | 21.3% | 4,268 | 5,894 | 5,160 | S100NPZ0 |
| FY ending Dec 2021 | 33,560 | 7,905 | 23.6% | 3,260 | 5,397 | 4,984 | S100QGR8 |
| FY ending Dec 2022 | 35,708 | 8,249 | 23.1% | 5,806 | 6,774 | 6,431 | S100T3JV |
| FY ending Dec 2023 | 29,396 | 5,229 | 17.8% | 3,400 | 3,499 | 3,074 | S100VG04 |
| FY ending Dec 2024 | 30,410 | 4,160 | 13.7% | 2,855 | 3,461 | 3,024 | S100XU5J |
| FY ending Dec 2025 | 24,169 | 1,971 | 8.2% | 487 | 1,923 | 1,561 | S100XU5J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.4M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 380 | 369 | 371 | 404 | 381 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥5.9M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 36.0 years | 36.5 years | 37.3 years | 36.9 years | 38.0 years |
| Average tenure (parent company) | 6.1 years | 6.5 years | 7.0 years | 7.0 years | 8.1 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) -20.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing solutin business | 13,025 | 53.9% | 1,242 | 9.5% |
| EC solution business | 9,831 | 40.7% | 2,669 | 27.1% |
| Travel tech business | 1,312 | 5.4% | -215 | -16.4% |

### 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 solutin business | 53.9% | 31.8% | -22.1 | 9.5% |
| EC solution business | 40.7% | 68.2% | 27.6 | 27.1% |
| Travel tech business | 5.4% | — | — | -16.4% |

Loss-making segment (excluded from profit shares): Travel tech business -215 JPY mn

Segment → industry: Travel tech business → Software & SaaS / EC solution business → Advertising / Marketing solutin business → Advertising

## 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 | 1,923 | 8.0% | S100XU5J |
| Capital expenditure | 362 | 1.5% | S100XU5J |
| Free cash flow | 1,561 | 6.5% | 算出 |
| Investing cash flow | -1,443 | -6.0% | S100XU5J |
| Financing cash flow | -1,229 | -5.1% | S100XU5J |
| Dividends paid | 1,227 | 5.1% | S100XU5J |
| Change in cash | -748 | -3.1% | S100XU5J |
| Cash and equivalents | 11,026 | 45.6% | S100XU5J |

## 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 | 15,498 | 20,184 | 21,534 | 11,775 | 11,026 | S100T3JV, S100VG04, S100XU5J |
| Total assets | 23,936 | 28,197 | 28,351 | 19,592 | 16,142 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Net assets | 16,566 | 20,820 | 22,463 | 12,860 | 12,181 | S100T3JV, S100VG04, S100XU5J |
| Share capital | 1,728 | 1,728 | 1,728 | 1,728 | 1,728 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Trade receivables | 5,025 | 4,278 | 3,750 | 4,197 | 2,198 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Property, plant and equipment | 239 | 210 | 175 | 216 | — | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Intangible assets excluding goodwill | 1,126 | 1,028 | 872 | 923 | — | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Goodwill | 156 | 104 | 52 | 77 | — | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Investment securities | 453 | 709 | 619 | 727 | 757 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Current assets | 22,019 | 26,122 | 26,665 | 17,642 | 15,045 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Current liabilities | 7,294 | 7,308 | 5,802 | 6,671 | 3,821 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Total liabilities | 7,370 | 7,377 | 5,887 | 6,731 | 3,961 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Equity attributable to owners of parent | 16,387 | 20,528 | 22,184 | 12,609 | 11,880 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Retained earnings | 14,017 | 18,110 | 19,765 | 21,174 | 20,427 | S100QGR8, S100T3JV, S100VG04, S100XU5J |
| Treasury stock | -526 | -521 | -520 | -11,517 | -11,499 | S100QGR8, S100T3JV, S100VG04, S100XU5J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XU5J |
| Receivables | 14% | S100XU5J |
| Investment securities | 5% | S100XU5J |
| Other assets | 13% | S100XU5J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XU5J |
| Equity | 75% | S100XU5J |

### 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 | 23,936 | 28,197 | 28,351 | 19,592 | 16,142 |
| Equity | 16,566 | 20,820 | 22,463 | 12,860 | 12,181 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,498 | 20,184 | 21,534 | 11,775 | 11,026 |

### 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) | 68.3% |
| Cash ÷ revenue | 45.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.6% |
| Cash vs. profit gap | 1,436 JPY mn (of net income 294.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 252.0% |
| Shareholder payments — dividends / FCF | 78.6% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 75.0% |

## 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 | 9.7% | 1.40× | 13.6% | 1.46× | 19.9% | S100QGR8 |
| 2022 | 16.3% | 1.37× | 22.3% | 1.41× | 31.5% | S100T3JV |
| 2023 | 11.6% | 1.04× | 12.0% | 1.32× | 15.9% | S100VG04 |
| 2024 | 9.4% | 1.27× | 11.9% | 1.38× | 16.4% | S100XU5J |
| 2025 | 2.0% | 1.35× | 2.7% | 1.46× | 4.0% | S100XU5J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2025-12-31 |
| JPLLC CLIENT ASSETS-SK J （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-12-31 |
| BNP PARIBAS NEW YORK BRANCH FOR TREATY （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2025-12-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.5% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.3% | 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 | 1.1% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/01/01－2025/12/31) | S100XU5J | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU5J,, |
| 有価証券報告書－第29期(2024/01/01－2024/12/31) | S100VG04 | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG04,, |
| 有価証券報告書－第28期(2023/01/01－2023/12/31) | S100T3JV | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3JV,, |
| 有価証券報告書－第27期(2022/01/01－2022/12/31) | S100QGR8 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGR8,, |
| 有価証券報告書－第26期(令和3年1月1日－令和3年12月31日) | S100NPZ0 | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPZ0,, |
| 有価証券報告書－第25期(令和2年1月1日－令和2年12月31日) | S100L0RL | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0RL,, |

## 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).