ENVALITH
ANYCOLOR株式会社 logo

ANYCOLOR Inc.

5032・Prime Market・Information & Communication

Official website
ANYCOLOR株式会社 logo
ANYCOLOR Inc.5032

Business

ANYCOLOR, Inc. is a single-segment company engaged in the video content-related business, with its core operations centered on managing the Nijisanji (VTuber Group), which comprises approximately 170 VTubers. The company commenced operations in February 2018 and transitioned its market listing to the Prime Market of the Tokyo Stock Exchange in June 2023. It conducts business across four domains: Live Streaming, Commerce, Event, and Promotion, with its primary customer base consisting of young fans, mainly in their late teens to twenties. Through a structure in which the company holds the IP rights to its VTubers, it has achieved multifaceted revenue expansion across merchandise sales, corporate projects, live events, and other areas.

Business Model

The company owns VTuber character IP and forms fan communities starting from Live Streaming (Super Chat, memberships, advertising revenue). Building on this community foundation, revenue is developed across multiple layers: Commerce (merchandise, digital goods), Events (live shows, festivals), and Promotion (tie-up advertising, IP licensing, media appearances). In FY2025 (ending April 2025)*, Commerce (¥27,842 million) and Promotion (¥7,059 million) drove overall performance, achieving an operating margin of 38.0%. *Note: Source states "2025年4月期," interpreted here as the fiscal year ending April 2025.

Company Strengths

By having the company own VTuber character IP, business continuity is ensured even when livers (talent) change. Of FY2025 (ending April 2025) net sales, revenue from the TOP10 VTubers accounted for only about 30%, and the TOP30 for about 50%, with the diversified revenue base of approximately 170 talents underpinning stability.

Since FY2023 (ending April 2023), the operating margin has remained at a high level, moving from 37.1% to 38.6% to 38.0%. Operating profit for FY2025 (ending April 2025) was ¥16,279 million (up 31.7% year on year). Financial soundness is also high, with borrowings of ¥45 million and cash of ¥15,818 million.

The number of ANYCOLOR IDs expanded approximately 3.2-fold over three years, from 530,000 IDs in FY2022 (ending April 2022) to 1.69 million IDs in FY2025 (ending April 2025). At the end of the first half of FY2026 (ending April 2026), the number reached 1,852 thousand IDs, continuing to grow 28.5% year on year, steadily building up the customer base that underpins revenue from Commerce, fan clubs, and other sources.

ENVALITH's Perspective

The earnings forecast for FY2027 (ending April 2027) calls for net sales of ¥56,000 million to ¥60,000 million (year-on-year +0.6% to +7.8%), while operating profit is projected to decline to ¥18,000 million to ¥20,000 million (year-on-year ▲10.8% to ▲0.9%). The main factor cited is an increase in personnel expenses associated with the growth in employee headcount, and the focal point of evaluation will be how far the company can absorb organizational expansion investment while maintaining its high-profitability structure, as well as the timing of a bottoming-out in profit margins. The policy of disciplining the frequency of VTuber engagements may also constrain the room for upside in sales.

Merchandise inventory increased from ¥3,608 million in the prior fiscal year to ¥4,225 million in the current fiscal year, reflecting continued inventory buildup accompanying the expansion of the Commerce Domain. Merchandise sales are highly dependent on initiatives such as unit anniversaries and live-related events, and the success or failure of such initiatives as well as the accuracy of demand forecasting are factors that drive earnings volatility. External factors such as consumer spending trends on entertainment and foreign exchange rates (affecting overseas sales and procurement costs) may also have an impact. The trend in inventory turnover needs to be continuously monitored.

In FY2026 (ending April 2026), the company conducted share buybacks of ¥4,999 million (down from ¥7,499 million in the prior fiscal year) and paid dividends of ¥4,123 million (a substantial increase from ¥1,970 million in the prior fiscal year), resulting in a dividend payout ratio of 32.4% and a dividend per share of ¥75 (up from ¥65 in the prior fiscal year), an increase in dividends. On the other hand, the dividend forecast for FY2027 (ending April 2027) is ¥62 per share, indicating an expected decrease in dividends, in line with the projected decline in earnings. A change in the return policy during a profit-decline phase could affect investor sentiment, and whether the upper end of the earnings forecast range is achieved will be key to the level of shareholder returns.

Growth Strategy

Strengthening the ecosystem through VTuber development, unit production, and deepening of the four business domains

To expand the VTuber market from a long-term perspective, auditions are held under various themes to select diverse candidates. The number of VTubers reached 179 (up 9 from the previous fiscal year) at the end of FY2026 (ending April 2026), steadily expanding, and the strengthening of the talent pipeline continues.

Through the formation of units comprising multiple VTubers, multifaceted revenue opportunities are created in music, merchandise, live events, and more. Inventory in the Commerce Domain increased to ¥4,225 million (from ¥3,608 million in the previous fiscal year), reflecting the continued implementation of large-scale initiatives such as unit anniversaries and seasonal campaigns.

ANYCOLOR ID, which serves as the usage base for services such as "Nijisanji FAN CLUB," reached 2,033 thousand IDs (up 20.6% year on year), functioning as the revenue base for the Commerce, Event, and Promotion Domains. The structure whereby continued growth in ID numbers spreads to revenue expansion across all domains has become firmly established.

For FY2027 (ending April 2027), the company has clearly stated its policy of operating with greater discipline than before, including in terms of the frequency of VTuber engagements. While maintaining a cautious outlook for revenue, the company aims for further upside in performance across the Live Streaming, Commerce, Event, and Promotion Domains.

Last updated: July 17, 2026