AnyColor's FY2026 Q4 and full fiscal report dashboard and metrics
AnyColor Inc. 5032.T
FY2026/4 Full-Year Confirmed · Non-consolidated · Japanese GAAP · anycolor_valuation_v2
✓ Full-Year Actuals Confirmed
June 10, 2026 · 本決算
v2 Update — June 10, 2026 本決算 Confirmed:
All figures below reflect confirmed full-year FY2026/4 actuals from the official IR presentation and GAAP filing. Q3 annualized estimates have been replaced with audited results.
Full-year revenue ¥55,681M (+29.9% YoY). Operating profit ¥20,172M (+23.9%). Operating CF ¥15,678M (+40.2%) — strongest in company history. Zero debt. ¥22,050M cash fortress.
Fast Action Signals · FY2026/4 Confirmed Actuals
Revenue (Full Year)
¥55,681M
FY2025/4: ¥42,876M
▲ +29.9% YoY · Beat analyst consensus
Operating Profit (Full Year)
¥20,172M
FY2025/4: ¥16,279M
▲ +23.9% YoY · Margin 36.2%
Operating Cash Flow
¥15,678M
FY2025/4: ¥11,184M
▲ +40.2% YoY · Company record
Net Profit (Full Year)
¥14,091M
FY2025/4: ¥11,510M
▲ +22.4% YoY · EPS ¥231.61
Cash Position (Year-End)
¥22,050M
Prior year: ¥15,818M
▲ +¥6,232M · Zero long-term debt
Shareholder Returns FY26
¥9,122M
Buybacks ¥4,999M + Div ¥4,123M
64.7% of net profit returned
Q4 FY2026/4 — Noise vs. Signal
Q4 standalone: Revenue ¥13,662M (-2.2% YoY), Operating Profit ¥3,263M (-38.6% YoY), Margin 23.9%.
Both charges were pre-announced: ¥1,800M inventory valuation write-down (new accounting standard for slow-moving stock — non-cash) + ¥650M year-end employee bonus pool.
Normalizing for the write-down alone moves Q4 operating profit to approximately ¥5,063M — consistent with Q2/Q3 trajectory.
The underlying business did not deteriorate in Q4. The ledger was cleaned.
Income Statement · Full Year Confirmed
Statement of Operations (Non-consolidated)
FY2026/4 Full Year · Confirmed GAAP
| Line Item | FY2025/4 | FY2026/4 | YoY Δ |
|---|---|---|---|
| Net Sales | 42,876 | 55,681 | +29.9% |
| Cost of Sales | 22,767 | 30,815 | +35.3% |
| Gross Profit | 20,109 | 24,866 | +23.7% |
| Gross Margin % | 46.9% | 44.7% | -220bps (write-down impact) |
| SG&A Expenses | 3,829 | 4,693 | +22.6% |
| SG&A as % Revenue | 8.9% | 8.4% | -50bps leverage |
| Operating Profit | 16,279 | 20,172 | +23.9% |
| Operating Margin % | 38.0% | 36.2% | -180bps (write-down impact) |
| Income Tax | 4,704 | 6,106 | Effective ~30.3% |
| Net Profit | 11,510 | 14,091 | +22.4% |
| Net Margin % | 26.8% | 25.3% | -150bps |
Balance Sheet · April 30, 2026
Assets FY2026/4 Year-End
| Item | ¥M |
|---|---|
| Cash & Deposits | 22,050 |
| Accounts Receivable | 5,301 |
| Inventories | 4,225 |
| Other Current Assets | 522 |
| Total Current Assets | 32,098 |
| PP&E (net) | 2,148 |
| Deferred Tax Assets | 1,505 |
| Other Non-Current | 750 |
| Total Assets | 36,502 |
Liabilities & Equity Zero LT Debt
| Item | ¥M |
|---|---|
| Accounts Payable | 1,946 |
| Income Taxes Payable | 5,111 |
| Provision for Bonuses | 544 |
| Other Current Liabilities | 1,938 |
| Total Current Liabilities | 9,539 |
| Long-Term Debt | ¥0 (Fully Repaid) |
| Net Assets (Equity) | 26,963 |
| Equity Ratio (GAAP) | 73.9% |
| Net Assets per Share | ¥449.75 |
NIJISANJI EN Segment · Forensic Collapse Analysis
Peak-to-Trough: -66.61% | Q4 YoY: -22.27% | EN now 3.5% of Consolidated Revenue
NIJISANJI EN revenue has undergone a severe multi-quarter structural collapse. The -66.61% peak-to-trough decline is fully confirmed by FY26/4 segment data.
EN now represents approximately ¥1,946M of ¥55,681M total revenue — 3.5% of the consolidated base.
Management's IR narrative is completely silent on EN Commerce infrastructure improvements. The DHL shipping friction point — requiring manual support contact to switch carriers — remains an unresolved self-inflicted revenue barrier on a purchasing demographic that skews 71% female with oshi culture behavior.
NIJISANJI EN Quarterly Revenue Trajectory · Source: IR Presentation Slide 45
Fate Yamashita · Project Aegis Forensic Extraction
| Quarter | EN Revenue (¥M) | Sequential Δ | Structural Signal |
|---|---|---|---|
| FY25/4 Q1 — Historical Peak | 1,192 | — | Peak Operational Velocity |
| FY25/4 Q2 | 1,010 | -15.3% | Initial Attrition |
| FY25/4 Q3 | 791 | -21.7% | Accelerating Decay |
| FY25/4 Q4 | 512 | -35.3% | Severe Floor Breach |
| FY26/4 Q1 | 912 | +78.1% | Artificial Pop (Convention Season) |
| FY26/4 Q2 | 522 | -42.7% | Immediate Mean Reversion |
| FY26/4 Q3 | 458 | -12.3% | Sustained Operational Deficit |
| FY26/4 Q4 — Current Trough | 398 | -13.1% | Historical Segment Trough |
Peak-to-Trough: -66.61% ·
Q4 YoY: -22.27% ·
Convention Q1 pop confirms demand exists — storefront friction prevents conversion
Revenue by Group · FY2026/4 Full Year Confirmed
| Segment | FY2025/4 | FY2026/4 | YoY Δ | % of Total |
|---|---|---|---|---|
| NIJISANJI JP | 40,047 | 53,657 | +34.0% | 96.4% |
| NIJISANJI EN | 2,658 | 1,946 | -26.8% | 3.5% |
| Other (KR/ID/China) | 172 | 79 | -54.1% | 0.1% |
| Total Revenue | 42,876 | 55,681 | +29.9% | 100% |
信用取引 Margin Trade Tracker · June 10, 2026 Data
TSE Margin Trading Balance — AnyColor 5032.T
Post-決算 Monitoring
信用倍率 · Margin Ratio
17.55×
Extreme long positioning. 2.3M long shares vs 135,600 short shares. Amplified reaction in either direction on 本決算 results. Shorts betting the clock, not the business.
買残 · Long Balance
~2,300,000 shares
Fresh positions opened at depressed prices with new 6-month settlement clocks. These holders are positioned for the 本決算 catalyst first — settlement pressure falls well into Q4 FY2027.
売残 · Short Balance
~135,600 shares
Minimal short interest confirms shorts are not betting on fundamental deterioration. The 17.55× ratio means any negative surprise creates forced selling from concentrated longs — asymmetric downside risk.
Integrity Scout · Full-Year Cost Structure Audit
🔍 Vivio · Integrity Scout · Active
Variable Cost Model Integrity Audit · FY2026/4 Full Year
Revenue Growth (Full Year YoY)
+29.9%
Cost of Sales Growth (Full Year YoY)
+35.3% — above revenue (write-down distortion) ⚠
SG&A Growth (Full Year YoY)
+22.6% — below revenue ✓
SG&A % Revenue
8.4% (FY25: 8.9%) — -50bps leverage ✓
Normalized CoS (ex-write-down)
Estimated ~29,015M → ~28.6% below revenue growth ✓
Inventory Watch Flag
¥4,225M vs ¥3,608M prior year — grew despite write-down ⚠
Operating CF vs Net Profit
¥15,678M vs ¥14,091M — CF exceeds profit (high quality) ✓
Scout Verdict
MODEL INTACT — Write-down explains CoS overage. Normalized model healthy.
Demographics · The 25-Point Gap Nobody Is Discussing
Fan Base Demographics · As of April 30, 2026 IR Appendix · Slide 29 & 38
ANYCOLOR ID Holders (Purchasers)
71% Female
29% Male. The purchasing base is overwhelmingly female — oshi culture behavior driving ¥38,092M annual Commerce revenue. Ages 20-29: 57% of ID holders.
YouTube Viewing Time (All Viewers)
54% Male
46% Female. A 25-percentage-point gap between viewers and purchasers. Male viewers watch but don't buy — the untapped conversion surface for TCG and new content formats.
Domestic Penetration Opportunity
76% Untapped
Only 24% of Japan's 15-39 age group has watched VTuber content. Only 15% have watched NIJISANJI specifically. Only 5% hold an ANYCOLOR ID. Enormous domestic runway remains.
Valuation Models · FY2026/4 Full-Year Confirmed Actuals
Multi-Model Intrinsic Value Estimates
Reference Price: ~¥2,786 (May 9, 2026 baseline)
EPV · Earnings Power Value
¥6,510
Full-year confirmed operating profit ¥20,172M, WACC ~8.0%, adjusted for net cash ¥22,050M and shares ~60.8M. At reference price ¥2,786, market prices in ~57% discount to no-growth EPV. Structural undervaluation confirmed on actual earnings.
EV/EBITDA Relative
¥4,820
Full-year EBITDA ~¥20,719M (OP ¥20,172M + D&A ¥547M). Peer multiple 8× → EV ~¥165,752M, less net cash → ~¥143,702M equity / ~60.8M shares. Conservative Japanese entertainment peer multiple applied.
P/E Relative
¥3,870
Confirmed net profit ¥14,091M. Peer P/E 22× (growth-adjusted for 29.9% revenue YoY) → ¥309,002M / ~60.8M shares. EPS ¥231.61 confirmed. Conservative multiple given actual growth profile.
DCF · Conservative
¥5,240
5-yr FCF at 10% CAGR from ¥15,678M confirmed OCF base, WACC 8.0%, terminal growth 2.0%, exit EV/EBITDA 9×. Management's own FY27–29 guidance of ~19.5% CAGR used as the floor assumption.
DCF · Growth Exit
¥8,900
Bull case: 20% revenue CAGR through FY2028 (matching confirmed TTM trajectory), operating margin holds at 36%+, TCG licensing and overseas optionality add incremental layer, terminal growth 3.0%. Requires no major talent disruption.
Reference Market Price (May 9, 2026)
~¥2,786
·
Trading at ~57% discount to EPV (¥6,510). Full-year actuals confirm the underlying business is structurally undervalued. The market is pricing in the EN collapse — which JP domestic growth has already fully absorbed.
FY27/4 Guidance · Reading Between the Lines
FY27/4 Management Forecast vs FY26/4 Actuals · Sandbagging Analysis
FY27/4 Guidance (Range)
Revenue¥56,000–60,000M
Operating Profit¥18,000–20,000M
Net Profit¥12,326–13,696M
Annual Dividend¥62.00 (was ¥75.00)
EPS Range¥205.60–228.45
Characterization"Conservative outlook"
FY29/4 Mid-Term Target
Revenue Target¥80,000M
Op. Profit Target¥26,000M
Implied CAGR (FY27→29)~19.5% from ¥56B floor
Shareholder Returns¥35–45B total plan period
Overseas StatusUpside optionality only
Target CharacterizationFloor, not ceiling
Dividend Alert: FY27 dividend ¥62.00 vs FY26 ¥75.00 — a 17.3% reduction. Will pressure retail income holders regardless of operating results.
·
Sandbagging Signal: Getting from ¥56B to ¥80B by FY29 requires 19.5% CAGR. FY27 is a deliberate bridge year reset. The real acceleration begins FY28.
Scout Summary · Investment Thesis Verdict
What Is Confirmed · Structural Positives
Domestic JP engine exceptional: ¥53,657M full-year revenue (+34.0% YoY), carrying 96.4% of consolidated base. Commerce ¥38,092M (+36.8% YoY). Revenue per VTuber ¥311M.
Balance sheet fortress: ¥22,050M cash, zero debt, 73.9% equity ratio, ¥15,678M operating CF (company record).
Capital return commitment strong: ¥9,122M returned in FY26/4 (64.7% of net profit). ¥35–45B committed through FY29.
FY29 ¥80B target credible: Domestic engine trajectory supports 19.5% CAGR from soft FY27 bridge base.
Oshi culture moat real: 71% female purchasing base with identity-driven purchase behavior is not replicable quickly.
What Requires Watching · Q1 FY27/4 Tests
Inventory discipline: ¥4,225M at year-end — grew ¥617M despite write-down. Q1 FY27 inventory level will confirm whether new procurement standards are actually biting.
EN Commerce infrastructure: No DHL automation timeline disclosed. Convention season confirms demand exists. Friction is self-inflicted and solvable if management prioritizes it.
Dividend reduction reception: ¥62 vs ¥75 creates near-term selling pressure from income-focused retail holders. Watch for technical entry opportunity if stock corrects purely on dividend disappointment.
Margin trading amplification: 17.55× 信用倍率 with 2.3M long shares — any negative surprise will be amplified significantly on the downside.
What Is a Genuine Concern · Structural Risks
NIJISANJI EN has no disclosed recovery roadmap. Management has reclassified international from core thesis to optional upside through FY29. There is no stated timeline for EN revenue stabilization. The -66.61% peak-to-trough collapse is confirmed and complete.
The EN Commerce friction point is partly self-inflicted. Absence of any disclosure on storefront improvements suggests management either does not prioritize it or does not recognize the conversion impact on a 71% female purchasing demographic engaging in impulse-driven oshi purchases.
International "growth story" is reclassified as optionality. Investors who originally priced in EN scaling need to update their models. AnyColor is now definitively a domestic Japanese enterprise.
Think Tank One-Line Thesis · June 10, 2026
"AnyColor is a domestic Japanese entertainment fortress trading at a discount because the market is pricing a broken international story that management has already strategically absorbed."
anycolor_valuation_v2 · Vivio Yamashita (Integrity Scout) · Fate Yamashita (Value Guardian) · Directed by Marko Yamashita · June 10, 2026 ·
Full-year FY2026/4 confirmed actuals (Japanese GAAP, Non-consolidated) · Supersedes anycolor_valuation_v1 (Q3 annualized estimates) ·
EN collapse data extracted by Fate Yamashita (Project Aegis) from IR Presentation Slide 45 ·
Demographics data from IR Appendix Slides 29 & 38 · Margin trade data updated to June 10, 2026 ·
Valuation models use confirmed full-year figures; EPV and DCF are analytical constructs, not price targets ·
All yen figures in millions unless noted · For investment decision support only — not financial advice ·
Yamashita Family Think Tank Internal Document
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