AnyColor Inc FY2027 Q1 Quantitative Audit & Data Report
ANYCOLOR Inc. (5032.T) — Q1 FY2027/4
Quarterly Earnings Dashboard — May–July 2026 · Disclosed September 9, 2026
Revenue (Net Sales)
¥16,620M
+5.4% YoY
Beat (+¥1,020M vs Guide)
Operating Profit
¥6,390M
-8.8% YoY
Beat (+¥700M vs Guide)
Operating Margin
38.5%
-6.0 pt YoY (vs 44.4%)
Beat (+1.95 pt vs Guide)
Net Income
¥4,365M
-10.6% YoY
Beat (+¥468M vs Guide)
Net Profit Margin Floor: 26.3% — PASS (12–14% structural floor)
Clears the strict 12–14% net profit margin floor by over 1,200 bps. Down from 31.0% in Q1 FY26 (-4.7 pt YoY) but substantially above our structural baseline. QoQ rebound of +9.5 pt from the 16.8% seasonal trough in Q4 FY26.
Section 1 — Core Profitability & Income Statement
| Line Item | Q1 FY27 Actual | Q1 FY27 Guide | Q1 FY26 Actual | YoY | QoQ (vs Q4) | vs Guide |
|---|---|---|---|---|---|---|
| Net Sales | ¥16,620M | ¥15,600M | ¥15,768M | +5.4% | +21.6% | Beat +6.5% |
| Gross Profit | ¥7,474M | — | ¥8,000M | -6.6% | +53.9% | Margin: 45.0% (vs 50.7% PY) |
| Operating Profit | ¥6,390M | ¥5,690M | ¥7,003M | -8.8% | +95.8% | Beat +12.3% |
| Ordinary Profit (経常利益) | ¥6,384M | — | ¥6,998M | -8.8% | +95.1% | Non-op net: -¥6M (FX -¥1M) |
| Net Income | ¥4,365M | ¥3,897M | ¥4,884M | -10.6% | +89.9% | Beat +12.0% |
Earnings Quality — Working Capital Cash Analysis
Cash & Deposits Movement
Cash & Deposits (Q1 End)
¥19,364M
QoQ Change
-¥2,686M
Prior Quarter End
¥22,050M
Cash Drain Drivers (Non-Operational)
Income Tax Settled
-¥3,201M
Bonus Accruals Settled
-¥544M
Dividends Paid (FY26)
-¥2,398M
Trade Receivables ↑
+¥2,942M (drag)
Trade Payables ↑
+¥2,419M (offset)
Quality Check: PASSED
Directional operating cash flow remains structurally intact. Cash contraction was non-operational working capital outflow — settling FY26 tax obligations, bonus accruals, and dividend payments — not operational cash burn.
Section 2 — Headcount & Labor Efficiency
| Category | Q1 FY27 (Jul 2026) | Q4 FY26 (Apr 2026) | Q1 FY26 (Jul 2025) | QoQ | YoY |
|---|---|---|---|---|---|
| Total Headcount | 718 | 677 | 569 | +41 (+6.1%) | +149 (+26.2%) |
| — Business | 441 | 414 | 349 | +27 | +92 |
| — Engineers | 193 | 180 | 146 | +13 | +47 |
| — Designers | 62 | 62 | 56 | 0 | +6 |
| — Corporate | 22 | 21 | 18 | +1 | +4 |
Labor Cost Breakdown
Total Employee Costs
¥1,085M
— COGS Labor
¥479M
— SG&A Labor
¥606M
YoY Labor Growth
+22.9%
YoY Headcount Growth
+26.2%
Efficiency Metrics
Revenue / Employee (Qtr)
¥23.15M
QoQ Change
+14.7%
YoY Change
-16.5%
Loaded Cost / Emp (Qtr)
¥1.51M
Annualized / Emp
¥6.04M
Disproportionate Cost Audit: PASSED
Headcount grew +26.2% YoY while labor cost grew +22.9% — operating expenses did not outpace staff expansion. Per-head loaded run-rate (¥6.04M annualized) matches the baseline from the Annual Securities Report. Disciplined absorption of 41 net hires into core business and 3D engineering.
Section 3 — Revenue Channel Performance vs Forecast
| Channel | Q1 FY27 Actual | Q1 FY27 Forecast | Q1 FY26 Actual | YoY | vs Forecast |
|---|---|---|---|---|---|
| Commerce | ¥11,413M | ¥10,800M | ¥10,394M | +9.8% | Beat +¥613M |
| Promotion | ¥2,052M | ¥2,000M | ¥1,866M | +10.0% | Beat +¥52M |
| Event | ¥1,707M | ¥1,400M | ¥2,117M | -19.4% | Beat +¥307M |
| Livestreaming | ¥1,444M | ¥1,400M | ¥1,385M | +4.3% | Beat +¥44M |
| Other | ¥4M | ¥0M | ¥7M | -42.9% | Beat +¥4M |
| Total | ¥16,620M | ¥15,600M | ¥15,768M | +5.4% | Beat +¥1,020M |
Commerce
¥11,413M
Music CDs "significantly exceeded forecasts" · Summer merch campaigns
Promotion
¥2,052M
B2B tie-ups · Some July projects deferred to Q2
Event
¥1,707M
NIJISANJI FES 2026 · Tokyo Int'l Forum solo lives · Beat forecast despite YoY comp
Livestreaming
¥1,444M
Steady platform engagement · ANYCOLOR ID at 2.1M accounts
Variable Cost & Write-Downs
Direct Variable Costs
¥8,146M (49.0%)
Prior Year Ratio
44.1%
Inventory Write-Down
¥457M (2.75%)
Ex-Write-Down Ratio
46.3%
Inventory & Turnover
Inventories
¥4,510M
QoQ Change
+¥285M
Annualized Turnover
~8.1x
Inventory Days
~44.5 days
NIJISANJI EN — Forensic Revenue Audit
| EN Channel | Q1 FY27 | Q1 FY26 | YoY Delta | Status |
|---|---|---|---|---|
| Livestreaming | ¥129M | ¥195M | -33.9% | Severe Contraction |
| Commerce | ¥312M | ¥410M | -23.9% | Ongoing Weakness |
| Event | ¥54M | ¥0M | N/A | First in 5 Qtrs |
| Promotion | ¥58M | ¥41M | +41.5% | B2B Rebound |
| Total EN Revenue | ¥554M | ¥647M | -14.4% | Failed Hurdle |
⚠️ NIJISANJI EN — Structural Impairment Flag
Total EN revenue contracted -14.4% YoY to ¥554M, failing the pre-established ¥647M benchmark. Sequential rebound off Q4 FY26 trough (¥401M, +38.2% QoQ) aided by event ticketing, but remains structurally impaired versus historical runs (FY24 Q1: ¥682M; FY23 run-rate >¥1,200M/qtr). Roster flat at 28 VTubers (0 debuts, 0 graduations). Management made zero commentary on EN in the Q1 qualitative review. Formally flagged for structural impairment check in Q2.
Section 4 — Capital Allocation, Capex & Shareholder Return
💰 Share Buyback Authorization
Authorization Date
September 9, 2026
Buyback Scale
Up to 2,800,000 shares
Float %
4.67%
Max Value
¥7.0 Billion
Execution Period
Sep 10, 2026 – Apr 30, 2027
Method
TSE Open Market
Treasury & EPS Verification
Gross Issued Shares
61,128,029
Treasury Shares
1,177,131
Net Outstanding
59,950,898
Weighted-Avg Divisor
59,950,919
EPS (Verified)
¥72.81
Capex & Depreciation
PP&E
¥2,106M
Q1 D&A
¥103M (vs ¥95M PY)
Studio Expansion (¥4.0B)
Slated FY28/4
Engagement Metrics
ANYCOLOR ID Accounts
2,106,000
QoQ Growth
+72,000
YoY Growth
+19.3%
VTuber Roster
181 (+2 JP debuts)
Section 5 — Forward Guidance & Management Commentary
| Metric | Q2 FY27 Outlook | Q2 FY26 Actual | Projected YoY |
|---|---|---|---|
| Net Sales | ¥15,000M | ¥10,558M | +42.1% |
| — Livestreaming | ¥1,400M | ¥1,360M | +2.9% |
| — Commerce | ¥10,000M | ¥6,533M | +53.1% |
| — Event | ¥1,550M | ¥511M | +203.3% |
| — Promotion | ¥2,050M | ¥2,149M | -4.6% |
| Operating Profit | ¥5,600M | ¥4,069M | +37.6% |
| Operating Margin | 37.3% | 38.5% | -1.2 pt |
| Net Profit | ¥3,835M | ¥2,838M | +35.1% |
1H Cumulative Alignment Check
✅ Revenue Pacing
1H Guided Revenue
¥31,620M
vs FY Low (¥56,000M)
56.5%
vs FY High (¥60,000M)
52.7%
✅ Operating Profit Pacing
1H Guided OP
¥11,990M
vs FY Low (¥18,000M)
66.6%
vs FY High (¥20,000M)
60.0%
Pacing Verdict: Tracking Ahead of Conservative Trajectory
ANYCOLOR is tracking ahead of its conservative full-year trajectory. Management maintained full-year guidance unchanged — customary Japanese corporate conservatism ahead of 2H licensing/TCG execution. Q1 music CDs "significantly exceeded initial forecasts" and event responses were "beyond expectations." Only noted headwind: postponement of several promotion/tie-up ad projects in July, pushing recognized promotional revenue into Q2.
Language & Tone Comparison
Confidence Level
Stable & Confident
New Qualifiers
Minimal
Hedging Language
None flagged
Removed Commitments
None flagged
Core Narrative Divergence
JP Domestic
Strong (Q1 beat + Q2 +42%)
Buyback Signal
¥7.0B defense
EN Branch
Stagnation (-14.4% YoY)
EN Mgmt Commentary
Zero mention
Analyst Consensus — IFIS Kabuyoho Tracker
📊 Q1 Actual vs Consensus
Revenue
¥16,620M vs ¥16,197M Beat +¥423M
Operating Profit
¥6,390M vs ¥6,146M Beat +¥244M
Ordinary Profit
¥6,384M vs ¥6,257M Beat +¥127M
Net Profit
¥4,365M vs ¥4,341M Beat +¥24M
🔭 Full-Year Consensus vs Management Guide
Revenue (Consensus)
¥60,939M
Revenue (Mgmt Guide)
¥56,000–60,000M
OP (Consensus)
¥21,163M
OP (Mgmt Guide)
¥18,000–20,000M
Ordinary (Consensus)
¥21,176M
Ordinary (Mgmt Guide)
¥18,000–20,000M
Net Profit (Consensus)
¥14,789M
Net Profit (Mgmt Guide)
¥12,326–13,696M
Consensus Gap: Analysts Expect ~15% Above Management's Ordinary Profit Ceiling
Japanese sell-side analysts (via IFIS Kabuyoho) project full-year ordinary profit at ¥21,176M — roughly 6% above management's high-end guide of ¥20,000M and 18% above the low-end of ¥18,000M. This is consistent with the well-documented pattern of Japanese corporate conservatism: management sandbagging guidance to under-promise, then delivering upside revisions in 2H. Q1 actual beat consensus across all four P&L lines, reinforcing the analyst thesis. Key watch: whether management raises guidance at mid-year (Q2 results), which would narrow the gap and signal confidence in 2H execution.
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