Overview
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Adways Inc.

Adways Inc. is a Japan-based internet advertising company operating ad platform services including the smartphone advertising platforms 'AppDriver' and 'UNICORN,' and affiliate advertising services 'Smart-C' (mobile) and 'JANet' (PC), serving web operators, content providers, and app developers as advertisers. The company also operates an agency business providing comprehensive app and web marketing support, strengthened through collaboration with Hakuhodo DY Group. Internationally, Adways provides integrated internet marketing services across China, Hong Kong, Taiwan, South Korea, the USA, Singapore, and other markets, with a particular focus on expanding its smartphone advertising presence in Asia.

Market Cap
¥15.4B
US$98.5M
EV
¥3.16B
US$20.2M
Stock¥395▼-1.50%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.2
x
LTM EV/EBIT
2.2
x
LTM PER
11.0
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+10.4%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 12, 26Q2 FY2026/12 earnings announced
2Aug 13, 26Full-year net profit guidance raised 6x to ¥1.5bn; operating profit raised 5.1x
MC → EV Bridge
15.4BUS$98.5MMarket Cap0.00BUS$0.00M+ Debt9.98BUS$63.7M− Cash2.61BUS$16.6M− Inv. Sec.0.31BUS$1.98M+ NCI3.16BUS$20.2MEV
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Performance & Balance
Revenue 5Y (¥B)
9.70US$61.8M'21/1213.4US$85.6M'22/1213.5US$86.3M'23/1212.7US$80.9M'24/1212.2US$77.9M'25/12
EBITDA 5Y (¥B)
1.45US$9.24M'21/121.90US$12.1M'22/121.14US$7.29M'23/120.39US$2.50M'24/120.43US$2.74M'25/12
Net Income 5Y (¥B)
1.03US$6.56M'21/122.54US$16.2M'22/120.97US$6.16M'23/12-0.47-US$3.02M'24/120.25US$1.61M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
12.2US$78.1M'21/1216.2US$103M'22/1213.3US$84.7M'23/1212.8US$81.7M'24/1212.3US$78.6M'25/12
Shareholders
Top 10 hold 63.6%
1
Haruhisa OKAMURA
20.85%
2
ITOCHU Corporation
10.24%
3
HAKUHODO DY HOLDINGS INCORPORATED
9.31%
4
Hakuhodo Inc.
7.26%
5
The Master Trust Bank of Japan, Ltd. (Trust Account)
5.65%
6
Sho YAMADA
5.23%
7
Custody Bank of Japan, Ltd. (Trust Account)
1.72%
8
Rakuten Securities, Inc. (Joint Account)
1.23%
9
Shiro MATSUO
1.13%
10
Akihiko NISHIOKA
1.01%
Management
10 officers
Sho YAMADA
Representative Director, President
Apr 2007 Joined the Company Jun 2013 Director, Live Aid Co., Ltd. Jul 2013 Representative Director, Bulbit Inc. (now UNICORN Inc.) (current) Apr 2014 Executive Officer in charge of New Business, the Company Apr 2014 Director, AdWays Ventures Inc. May 2014 Director, AdWays Lab Bot Inc. (now 774 Inc.) Jul 2015 Representative Director, Fitty Inc. (now AdWays Frontier Inc.) Jan 2016 Senior Executive Officer in charge of New Business, the Company Jun 2016 Director in charge of New Business, the Company Aug 2016 Director, Mist Technologies Inc. (now Yoyaku Top 10 Inc.) Oct 2018 Representative Director, Mist Technologies Inc. (now Yoyaku Top 10 Inc.) (current) Jul 2021 Representative Director, President, the Company (current) Oct 2021 Director, newborns Inc. (now Old Rookie Cafe Inc.) Jan 2022 Representative Director, AdWays Ventures Inc. (current)
1985-03-15
Haruhisa OKAMURA
Director, Chairman of the Board
Aug 2000 Founded AdWays Agency Feb 2001 Established the Company, Representative Director, President Dec 2003 Chairman, Adways Software Development (Shanghai) Co., Ltd. Feb 2007 Director, Adways Advertising (Shanghai) Co., Ltd. Jul 2007 Director, Adways Software Development (Shanghai) Co., Ltd. Aug 2008 Director, Toy Entertainment Inc. (renamed M-UP AE Inc.; merged into M-UP Inc. effective May 1, 2013) Apr 2009 Director, AdWays Planet Inc. (now Okuri Band Inc.) Jun 2009 Director, AdWays Books Inc. (now STANDARD MAGAZINE Inc.) Nov 2010 Director, Adways Information Technology (Shanghai) Co., Ltd. (now Tuopu Data Technology (Shanghai) Co., Ltd.) Feb 2011 Director, AdWays Ventures Inc. May 2012 Representative Director, Samurai Link Inc. (now Samurai AdWays Inc.) Jul 2012 Representative Director, AdWays Lab Bot Inc. (now 774 Inc.) Sep 2012 Representative Director, muamua games Inc. (now Pasiorious Use Inc.) Jul 2013 Director, Bulbit Inc. (now UNICORN Inc.) Dec 2014 Representative Director, AdWays Studio Inc. (now Showa Digital Inc.) Dec 2014 Representative Director, AdWays Support Inc. (now AdWays Frontier Inc.) Apr 2020 Representative Director, Showa Digital Inc. (current) Jul 2021 Director, Chairman of the Board, the Company (current) Oct 2021 Representative Director, Old Rookie Inc. (current) Nov 2022 Representative Director, newborns Inc. (now Old Rookie Cafe Inc.) (current)
1980-04-08
Junji NODA
Director, in charge of Global Business
Mar 2009 Joined the Company Jun 2011 Executive Officer in charge of Smartphones, the Company Jun 2011 Director, AdWays Planet Inc. (now Okuri Band Inc.) Oct 2011 Executive Officer in charge of Business Development Group, the Company Jan 2012 Executive Officer in charge of Advertising Business and North America, Overseas Business Group, the Company Apr 2012 Representative Director, ADWAYS INTERACTIVE, INC. Sep 2012 Director, muamua games Inc. (now Pasiorious Use Inc.) Oct 2012 Executive Officer in charge of Global Business, the Company Oct 2012 Representative Director, ADWAYS KOREA INC. May 2013 Director, JS ADWAYS MEDIA INC. (current) Jun 2013 Director in charge of Overseas Business, the Company Aug 2013 Director, ADWAYS INTERACTIVE, INC. Sep 2013 Director, ADWAYS KOREA INC. (current) Jan 2014 Director, Adways Advertising (Shanghai) Co., Ltd. Apr 2015 Director, AdWays Ventures Inc. (current) Jul 2015 Director in charge of Global Business, the Company (current) Aug 2015 Director, ADWAYS ASIA HOLDINGS LTD. Aug 2015 Representative Director, ADWAYS HONGKONG LTD. Dec 2015 Director, ADWAYS HONGKONG LTD. (current) Mar 2016 Director, ADWAYS INNOVATIONS SINGAPORE PTE. LTD. Aug 2016 Director, Samurai AdWays Inc. (current) Jun 2017 Director, ADWAYS INNOVATIONS INDIA PVT. LTD. (now GN APP MARKETING INDIA PVT. LTD.) Aug 2017 Director, ENRICHMENT MEDIA INC. (now JS ADWAYS TECHNOLOGY INC.) (current) Apr 2018 Chairman, Adways Software Development (Shanghai) Co., Ltd. May 2018 Representative Director, ADWAYS INTERACTIVE, INC. (current) Jun 2018 Director, Bulbit Inc. (now UNICORN Inc.) (current) Oct 2020 Director, Sensibility Conscious Co., Ltd. (now JS ADWAYS ECOMMERCE INC.) (current) Nov 2021 Director, Match Advertising Inc. (current) May 2024 Director, MetricWorks Japan Inc. (current) Jul 2024 Director, UNICORN THA Co., Ltd. (current)
1978-05-10
Shingo KANO
Director, in charge of Agency Business
Apr 2007 Joined the Company Apr 2013 Executive Officer in charge of Advertising Business, the Company Jul 2015 Executive Officer in charge of Global Marketing, the Company Dec 2015 Director, ADWAYS HONGKONG LTD. (current) Jan 2016 Senior Executive Officer in charge of Global Marketing, the Company Jun 2016 Representative Director, ADWAYS KOREA INC. Apr 2018 Senior Executive Officer in charge of Business Strategy, the Company Sep 2018 Director, ADWAYS KOREA INC. (current) Jun 2019 Director in charge of Business Strategy, the Company Jun 2020 Director in charge of Human Resources, the Company Jul 2021 Director in charge of Human Resources and Management Promotion, the Company Jan 2025 Director in charge of Domestic Advertising Business, the Company Mar 2025 Director in charge of Agency Business, the Company (current) Jan 2026 Director, ADWAYS PHILIPPINES INC. (current)
1984-12-13
Eriko OKADA
Director
Apr 2004 Canon Inc., Design Center, Human Interface Design Department, User Research Jan 2007 Canon Inc., Design Center, Design Project Promotion Department, Design Concept Planning Apr 2010 Canon Inc., Design Center, Human Interface Design Department, UI/UX Design Jan 2015 Representative, tande lab. (Nearikari) Sep 2018 Doctoral Program, Graduate School of Systems Information Science, Future University Hakodate, Research Field: Participatory Design and Co-creation (current) Nov 2018 Service Designer, OurPhoto Inc. Sep 2019 Visiting Researcher, Digital Design Department, IT University of Copenhagen Nov 2019 Senior Consultant, Nordic Institute Nov 2019 Visiting Researcher, Co-creation Field Design Research Team, Human Augmentation Research Center, National Institute of Advanced Industrial Science and Technology (AIST) May 2020 Co-Representative, EduCari (current) Mar 2021 Representative, Gen Cross Kawasaki (current) Mar 2023 Representative Member, Nearikari LLC (current) Mar 2023 Outside Director, the Company (current) Apr 2023 Member, Kawasaki City Gender Equality Promotion Council
1982-03-15
Ken KOGO
Director
Apr 2007 Opt Inc. (now Digital Holdings Inc.) Jul 2013 Hakuhodo DY Media Partners Inc. (now Hakuhodo Inc.) Apr 2016 Hakuhodo DY Digital Inc. (now Hakuhodo DY ONE Inc.), Production Division, Strategy Unit, Unit Leader Apr 2019 Hakuhodo DY Media Partners Inc. (now Hakuhodo Inc.), Integrated Account Production Bureau, Digital Operations Department II, General Manager Apr 2021 Digital Advertising Consortium Inc. (now Hakuhodo DY ONE Inc.), Performance Design Division, Division General Manager Apr 2022 Executive Officer, same company; Assistant to General Manager, Hakuhodo Digital Initiative, and Division General Manager, Performance Design Division Apr 2023 Senior Executive Officer, same company Apr 2023 Senior Executive Officer, same company Apr 2024 Senior Executive Officer, same company Apr 2025 Senior Executive Officer, same company Mar 2026 Assistant Director, Integrated Account Production Bureau, Hakuhodo DY Media Partners Inc. (now Hakuhodo Inc.) Director, Saulted Out Inc. (current) Senior Executive Officer, Hakuhodo DY ONE Inc. (current) Director, Carac Inc. (current) Outside Director, the Company (current)
1984-09-12
Hiroyuki KUMAZAWA
Director
Apr 1998 Chubu Setsubi Co., Ltd. (limited liability company) Jun 2005 A-Ream Co., Ltd. (now A-Ream Holdings Co., Ltd.) Oct 2012 Executive Officer, same company; General Manager, Moving Media Business Division, Life Support Business Headquarters Apr 2013 Executive Officer, same company; General Manager, Life Support Business Headquarters and Moving Media Business Division Aug 2013 Representative Director, Hikkoshi Samurai Inc. (now A-Ream Life Design Co., Ltd.) Aug 2013 Representative Director, A.T. Support Inc. (now A-Ream Life Design Co., Ltd.) Oct 2013 Executive Officer, A-Ream Co., Ltd. Oct 2015 Director and General Manager, Lifestyle Support Business Headquarters, A-Ream Co., Ltd. Nov 2015 Director, A.T. brides Inc. (now A-Ream Life Design Co., Ltd.) May 2022 Representative Director, Kumapera Inc. (current) Mar 2026 Outside Director, the Company (current)
1977-05-02
Tomohiro NAGAKUBO
Full-time Audit and Supervisory Board Member
Mar 1991 Maruhito Co., Ltd. Nov 1991 T&C System Co., Ltd. Apr 1997 Human Code Japan Inc. Jul 2002 D.O.E. Inc. Jan 2007 HTC Nippon Inc. Oct 2009 Joined the Company, Service Development Group Manager Oct 2015 Director, ADWAYS TECHNOLOGY CO.,JSC. Jan 2017 General Manager, Human Resources Group, the Company Apr 2020 Samurai AdWays Inc. Jun 2021 Joined the Company, Management Strategy Office Mar 2022 Full-time Audit and Supervisory Board Member, the Company (current)
1965-12-14
Tomomi TSUNODA
Audit and Supervisory Board Member
Aug 2011 Registered as Attorney-at-Law Sep 2011 Nakajima, Hikosaka & Kubonai Law Office (now Akanekusa Law Office) (current) Apr 2014 Lecturer, Institute of Law, Daito Bunka University (current) Apr 2021 Member of the Steering Committee, Tokyo Bar Association Mar 2022 Outside Audit and Supervisory Board Member, the Company Sep 2023 Outside Audit and Supervisory Board Member, the Company (current) Trustee, Daito Bunka Gakuen Educational Foundation (current)
1975-06-07
Takashi HARAGUCHI
Audit and Supervisory Board Member
Oct 1990 Full-time Lecturer, Accounting Course, Ohara School of Bookkeeping Oct 1991 Chuo Shinko Audit Corporation Jul 1997 Ishiwatari Accounting Office Dec 1998 Toyo Audit Corporation May 2000 Representative, Haraguchi Accounting Office (current) May 2004 Partner, Toyo Audit Corporation Aug 2012 Representative Partner, Toyo Audit Corporation Mar 2026 Outside Audit and Supervisory Board Member, the Company (current)
1967-08-23
Large Shareholding Reports
Hakuhodo DY Holdings Inc.
2025-12-17
8.66%
Annual report (as of 2026-06-30): 9.31%
Hakuhodo DY Media Partners Inc.
2025-12-17
6.76%→0.00%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Hakuhodo Inc.
2025-12-17
6.76%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-06-30): 7.26%
Hakuhodo Inc.
2025-12-16
6.76%
Annual report (as of 2026-06-30): 7.26%
Hakuhodo DY Holdings Inc.
2025-12-16
8.66%→8.66%
Annual report (as of 2026-06-30): 9.31%
Hakuhodo DY Media Partners Inc.
2025-12-16
6.76%→0.00%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-13
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-12
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-07
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-24
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINETAmended
2025-12-17
Change Report
EDINET
2025-12-16
Large Shareholding Report
EDINET
2025-12-16
Large Shareholding Report
EDINET
2025-12-16
Large Shareholding Report
TDnet
2025-11-06
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-08
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-08
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-09
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-27
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-10
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-24
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-09
Quarterly Securities Report
EDINETAmended
2022-08-09
Amended Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-05-10
Quarterly Securities Report
EDINET
2022-03-25
Annual Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-25
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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