# Belluna vs Scroll

> Unit: JPY millions (ratios in %)
> Periods: Belluna = FY ending Mar 2026, consolidated, J-GAAP / Scroll = FY ending Mar 2025, consolidated, J-GAAP
> Retrieved: 2026-09-30T18:26:16.078Z

| Metric | Belluna | Scroll |
| --- | ---: | ---: |
| Revenue | 218,098 | 84,030 |
| Operating income | 16,478 | 6,052 |
| Net income | 11,542 | 4,267 |
| COGS ratio | 37.1% | 58.8% |
| Operating margin | 7.6% | 7.2% |
| Net margin | 5.3% | 5.1% |
| FCF margin | -6.9% | 6.9% |
| Period | FY ending Mar 2026 | FY ending Mar 2025 |
| Source | S100YJ5M | S100VULR |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | Belluna | Scroll |
| --- | ---: | ---: |
| Revenue growth | 50 (9 peers) | 38.9 (9 peers) |
| Profitability | 75 (10 peers) | 65 (10 peers) |
| Cash conversion | 72.2 (9 peers) | 61.1 (9 peers) |
| Efficiency | 5 (10 peers) | 55 (10 peers) |
| Financial strength | — | — |

## Company details

- https://vizora.meequs.com/en/company/belluna/md
- https://vizora.meequs.com/en/company/scroll/md

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).