About Quarterly Earnings Report Disclosures
| Item | Current | Prior | YoY % |
|---|---|---|---|
| Net Sales | ¥25.28B | ¥24.85B | +1.7% |
| Cost of Sales | ¥20.31B | - | - |
| Gross Profit | ¥4.54B | - | - |
| SG&A Expenses | ¥1.82B | - | - |
| Operating Income | ¥1.68B | ¥2.71B | -38.1% |
| Profit Before Tax | ¥1.67B | ¥2.69B | -37.8% |
| Income Tax Expense | ¥917M | - | - |
| Net Income | ¥1.12B | ¥1.77B | -36.8% |
| Net Income Attributable to Owners | ¥1.12B | ¥1.77B | -36.9% |
| Total Comprehensive Income | ¥1.21B | ¥1.71B | -29.2% |
| Depreciation & Amortization | ¥133M | - | - |
| Basic EPS | ¥80.58 | ¥122.98 | -34.5% |
| Dividend Per Share | ¥18.00 | ¥18.00 | +0.0% |
| Item | Current End | Prior End | Change |
|---|---|---|---|
| Current Assets | ¥16.38B | - | - |
| Accounts Receivable | ¥8.27B | - | - |
| Non-current Assets | ¥6.69B | - | - |
| Property, Plant & Equipment | ¥581M | - | - |
| Total Assets | ¥23.21B | ¥23.07B | +¥147M |
| Item | Current | Prior | Change |
|---|---|---|---|
| Operating Cash Flow | ¥-1.71B | - | - |
| Investing Cash Flow | ¥-988M | - | - |
| Financing Cash Flow | ¥-905M | - | - |
| Cash and Cash Equivalents | ¥7.51B | - | - |
| Free Cash Flow | ¥-2.70B | - | - |
| Item | Value |
|---|---|
| Net Profit Margin | 4.4% |
| Gross Profit Margin | 17.9% |
| Debt-to-Equity Ratio | 0.82x |
| EBITDA Margin | 7.2% |
| Effective Tax Rate | 54.8% |
| Item | YoY Change |
|---|---|
| Net Sales YoY Change | +1.7% |
| Operating Income YoY Change | -38.1% |
| Profit Before Tax YoY Change | -37.8% |
| Net Income YoY Change | -36.8% |
| Net Income Attributable to Owners YoY Change | -36.9% |
| Total Comprehensive Income YoY Change | -29.2% |
| Item | Value |
|---|---|
| Shares Outstanding (incl. Treasury) | 14.65M shares |
| Treasury Stock | 721K shares |
| Average Shares Outstanding | 13.88M shares |
| Book Value Per Share | ¥949.38 |
| EBITDA | ¥1.81B |
| Item | Amount |
|---|---|
| Q2 Dividend | ¥18.00 |
| Year-End Dividend | ¥18.00 |
| Item | Forecast |
|---|---|
| Net Sales Forecast | ¥51.00B |
| Operating Income Forecast | ¥3.70B |
| Net Income Attributable to Owners Forecast | ¥2.50B |
| Basic EPS Forecast | ¥179.78 |
| Dividend Per Share Forecast | ¥55.00 |
This data was automatically extracted from XBRL files. Please refer to the original disclosure documents for accuracy.
Analysis integrating XBRL data (GPT-5) and PDF earnings presentation (Claude)
Macbee Planet’s FY2026 Q2 (cumulative) results show modest top-line growth with pronounced margin compression and weak cash conversion. Revenue rose 1.7% YoY to 252.79, while gross profit reached 45.37, implying a gross margin of 17.9%. Operating income declined 38.1% YoY to 16.76, driving an operating margin of 6.6%, indicating negative operating leverage. Net income fell 36.9% YoY to 11.18, with EPS of 80.58 JPY, and total comprehensive income was 12.08. The DuPont breakdown yields a reported ROE of 8.4%, derived from a 4.4% net margin, 1.089x asset turnover, and 1.75x leverage, highlighting margin pressure as the primary driver of ROE compression. The effective tax rate was elevated at 54.8%, suggesting non-recurring adjustments or limited recognition of tax benefits, which depressed bottom-line earnings. Cash flow quality deteriorated: operating cash flow was -17.10, and free cash flow was -26.98 despite minimal capex (-0.05), pointing to significant working capital outflows (likely higher receivables). The balance sheet remains sound with total assets of 232.15 and an equity ratio of 56.6%, while loans total about 26.63 (short-term 15.77, long-term 10.86) against cash and equivalents of 75.06, implying a comfortable net cash position. Debt-to-equity is reported at 0.82x (note methodology differences), though interest coverage cannot be calculated from disclosed data. Shareholder returns were active via share repurchases of 15.56, while dividend metrics are largely undisclosed; the calculated payout ratio is 47.2% and FCF coverage is -5.11x, indicating cash returns exceeded internally generated cash in the period. Non-operating items were negligible with profit before tax at 16.73 versus operating income of 16.76. EBITDA was 18.09, for a 7.2% EBITDA margin, reinforcing that margin pressure is occurring above the EBITDA line (gross margin) rather than from D&A. SG&A was 18.24; without a disclosed breakdown, the margin decline appears more tied to gross margin compression and mix than SG&A inflation alone. Accounts receivable were sizable at 82.66 against accounts payable of 61.10, consistent with negative OCF given modest revenue growth. Liquidity ratios (current/quick) cannot be computed due to undisclosed current liability detail, but absolute liquidity appears adequate given cash and net cash. Data limitations (numerous N/A items, especially in cash flow details and dividend disclosures) constrain precision, but the available evidence indicates resilient revenue, weaker margin quality, heavy working capital needs, and continued shareholder returns via buybacks.
From Earnings Presentation: Macbee Planet’s Q2 FY ending April 2026 earnings presentation emphasizes the company’s business model centered on performance-based marketing and its strong post-IPO growth track record (sales CAGR +52%, operating profit CAGR +65%), while detailing the backdrop of performance weakness as of 2Q. It explicitly identifies changes in the operating environments of major clients (unauthorized access issues in the investment industry; sharp increases in media costs in the lending/credit card industry; and shifts in the competitive landscape in healthcare) and the growing complexity of marketing needs (rise of SNS and video media) as the primary drivers of QonQ revenue decline and YonY profit contraction. As countermeasures, the company is pursuing exclusive contracts with vertical media, leveraging video media (subsidiarization of MOJA), and developing emerging media, targeting JPY 3.0 billion in new consumer touchpoints in FY26.4 and JPY 5.0 billion in FY27.4. Full-year guidance was revised downward to sales of JPY 51.0 billion (YoY -1%) and operating profit of JPY 3.7 billion (YoY -28%), while maintaining the dividend at JPY 55 per share as initially guided, underscoring a continued commitment to shareholder returns. The performance-based market is projected to expand to JPY 900.0 billion by 2030 and JPY 3.0 trillion by 2050, highlighting medium- to long-term growth opportunities. The qualitative explanations in the PDF clarify the drivers flagged in the GPT analysis—declining gross margin, higher SG&A, deteriorating operating CF, and a high tax rate—confirming a convergence of temporary client environment deterioration and upfront investments (headcount increases, advertising and promotion, M&A). Going forward, the company aims to restore profitability and cash generation through diversification of top clients, gross margin enhancement measures, and a shift from advertising spend to PR.
ROE is 8.4%, decomposed as: net profit margin 4.4% x asset turnover 1.089 x financial leverage 1.75x. Operating margin is 6.6% (16.76/252.79), down sharply YoY given operating income -38.1% on revenue +1.7%, indicating negative operating leverage. Gross margin stands at 17.9%, suggesting compression at the cost-of-sales level (potential mix shift toward lower-margin services or higher traffic acquisition/media costs). EBITDA margin is 7.2% (18.09/252.79), only modestly above operating margin given low D&A (1.33), implying limited non-cash cushion. The elevated effective tax rate of 54.8% depressed net margins further; normalization would mechanically lift ROE. Non-operating impact was minimal (operating income 16.76 vs PBT 16.73). Overall, profitability is constrained by gross margin pressure and working capital intensity, with operating leverage working against earnings in this period.
Revenue grew 1.7% YoY to 252.79, indicating stable demand but limited expansion. Profit growth was negative: operating income -38.1% YoY and net income -36.9% YoY, reflecting margin erosion. The gap between revenue and profit growth signals adverse mix (likely lower-margin agency-like volumes) or increased input/media costs not fully passed through. EBITDA of 18.09 also indicates pressure at the gross margin level. Given asset-light capex (-0.05) and higher investing CF (-9.88), growth initiatives appear focused on non-capex items (e.g., intangibles, deposits, or strategic investments), though specifics are unreported. Sustainability hinges on restoring gross margin and improving working capital discipline to translate revenue into cash. Outlook near term: expect subdued profit momentum unless pricing/mix improves and the tax rate normalizes; with stable top-line and operational tweaks, margins could recover from cyclical troughs, but data limitations preclude formal guidance.
Total assets are 232.15, total liabilities 108.39, and total equity 132.28, yielding an equity ratio of 56.6%—solid for an asset-light services model. Loans total 26.63 (ST 15.77, LT 10.86). Cash and equivalents are 75.06, implying a net cash position of roughly 48.43, though the aggregate interest-bearing debt line item is unreported. Debt-to-equity is reported at 0.82x (methodology not disclosed; may include broader liabilities). Liquidity: current assets are 163.76, but current liabilities are not disclosed, so current/quick ratios cannot be computed; absolute liquidity looks adequate given cash on hand and modest debt. Payables of 61.10 and receivables of 82.66 suggest working capital dependency, which can strain liquidity in growth or seasonally strong quarters. Solvency appears comfortable with ample equity buffer and low absolute leverage; refinancing risk is low given net cash and limited D&A requirements.
Operating cash flow was -17.10 vs net income of 11.18 (OCF/NI = -1.53x), indicating weak cash conversion driven by working capital outflows (receivables 82.66 vs payables 61.10) rather than non-cash expenses, as D&A is modest at 1.33. Free cash flow was -26.98, with minimal capex (-0.05), so the shortfall is working-capital and possibly tax-timing related (effective tax rate 54.8%). Investing CF was -9.88, likely for non-capex investments (details unreported). Financing CF was -9.05, including share repurchases of -15.56, partly offset by undisclosed items (e.g., debt drawdowns/repayments or stock-based inflows). Earnings quality is mixed: accruals are high this period, but the asset-light model should support medium-term cash conversion if receivables normalize. Key watchpoints: receivables turnover, billing terms with large clients, and tax payment timing.
Dividend disclosures are largely unreported; however, the calculated payout ratio is 47.2%, indicating roughly half of earnings paid as dividends in the cumulative period. FCF coverage is -5.11x, so dividends and buybacks exceeded internally generated cash, funded by balance sheet capacity (net cash) and working capital expansion. With cash at 75.06 and loans at 26.63, near-term capacity exists, but sustainability requires an OCF recovery. Policy outlook: given active buybacks (15.56), shareholder returns appear a management priority; however, future distributions may be paced by cash generation and working capital normalization. The absence of DPS detail limits precision.
Full-year guidance revised down to sales of JPY 51.0 billion (YoY -1%) and operating profit of JPY 3.7 billion (YoY -28%). In H2, the investment industry is expected to recover to a certain extent from 3Q, the lending/credit card industry to continue gradual improvement, and the staffing industry to increase revenue factoring in the busy 4Q season. By contrast, healthcare is expected to remain challenging, with 3Q down vs. 2Q and 4Q slightly down vs. 3Q due to clients’ competitive environment. SG&A: advertising and promotion will be cut by JPY -230 million vs. H1 to around JPY 120 million; personnel expenses are expected to rise by JPY +170 million to around JPY 1.30 billion. While the company will continue to pursue gross margin improvement via media development in the lending/credit card industry, both sales and gross margin are expected to be lower YoY. Over the medium to long term, against the backdrop of an expanding performance-based market (JPY 900.0 billion by 2030, JPY 3.0 trillion by 2050), the company aims for accelerated growth by increasing market share. It will simultaneously provide greater client value and lift gross margin through the creation of new consumer touchpoints (JPY 3.0 billion in FY26.4, JPY 5.0 billion in FY27.4). The company seeks to mitigate single-client impact by acquiring additional large clients and to address increasingly complex marketing needs through combined proposals across vertical media, video media, and emerging media. It reiterates that the advantages of performance-based marketing and the company’s competitiveness (data, technology, consulting) remain intact, underscoring the feasibility of high growth.
President Chiba attributed the first-half performance weakness to two major factors: changes in the operating environments of major clients (industry-specific issues in investment, lending, and healthcare) and the growing complexity of marketing needs. While acknowledging a short-term downward revision, he expressed confidence in medium- to long-term growth, stating, “The advantages of performance-based marketing and our competitive edge remain intact, and we are considering measures to continue delivering strong growth.” He highlighted the high 88% customer retention rate and the flywheel where data accumulation drives efficiency gains and higher unit economics as sources of competitive advantage. He emphasized reducing single-client impact through the acquisition of additional large clients, noted exclusive agreements already in place in vertical media, and cited ongoing PoC leveraging MOJA in video media as evidence of execution progress. He also indicated a shift from advertising spend to PR, with corporate hometown tax donations having minimal profit impact due to tax credits, reflecting tighter cost control. The dividend will be maintained at JPY 55 per share, underscoring a continued commitment to shareholder returns. Against the backdrop of medium- to long-term market expansion in performance-based marketing (JPY 900.0 billion by 2030, JPY 3.0 trillion by 2050), he presented an ambitious vision to scale sales to JPY 140.0–600.0 billion through share gains.
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Relative Positioning: Within Japan’s digital marketing/analytics peers, Macbee Planet remains asset-light with solid capitalization and net cash, but exhibits greater near-term cash flow volatility and margin compression; sustained improvement in gross margin and working capital discipline would be needed to close the profitability gap versus best-in-class operators.
This analysis was auto-generated by AI. Please note the following:
| Accounts Payable | ¥6.11B | - | - |
| Short-term Loans | ¥1.58B | - | - |
| Long-term Loans | ¥1.09B | - | - |
| Total Liabilities | ¥10.84B | - | - |
| Total Equity | ¥13.23B | ¥12.23B | +¥999M |
| Capital Surplus | ¥2.63B | - | - |
| Retained Earnings | ¥9.25B | - | - |
| Treasury Stock | ¥-2.13B | - | - |
| Shareholders' Equity | ¥13.15B | ¥12.15B | +¥999M |
| Equity Ratio | 56.6% | 52.7% | +3.9% |