# Accrete Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第12期(2025/01/01－2025/12/31) (S100Y1OR)
> Page: https://vizora.meequs.com/en/company/accrete-inc
> Retrieved: 2026-09-30T21:36:10.009Z

## Company

Accrete, founded in 2014, is a company in Cybersecurity listed on TSE Growth. It has 185 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Accrete Inc. |
| Ticker | 4395 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4395.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田小川町三丁目28番5号 |
| Representative (per filing) | 代表取締役社長 株本 幸二 |
| Founded | May 2014 |
| Share capital | ¥736.3M |
| Employees (consolidated) | 185 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Website | www.accrete-inc.com (https://www.accrete-inc.com/) |
| Corporate number | 1010901034136 |
| EDINET | E34091 |
| Industries (Vizora) | Cybersecurity, Software & SaaS, Advertising |

> Profile source: annual securities report (S100Y1OR, filed 2026-05-01). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 26.6 | 145 |
| Cash conversion | 1.2 | 128 |
| Efficiency | 93.4 | 145 |
| Financial strength | 37.5 | 4 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 74% of Accrete's sales come from communication, with solution and investment incubation making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +38.5% from the prior year, operating profit +59.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥8.79B |  |
| Operating income | ¥529.7M | Margin 6.0% |
| Net income | ¥307.8M | Margin 3.5% |
| Free cash flow | -¥749.1M |  |
| Largest business | communication | of segment revenue 74.1% |
| Employees (consolidated) | 185 |  |
| EPS | ¥60.13 |  |
| Diluted EPS | ¥59.44 |  |
| Book value per share | ¥506.24 |  |
| Equity ratio | 48.5% |  |
| Shares outstanding | 7,710,158 |  |
| Treasury shares | 280,200 |  |
| Shareholders | 4,977 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 18.6% | Net cash ¥55.2M · Cash ÷ revenue 15.0% |
| Vs. industry median margin | -6.4 pp | Software & SaaS |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.1× its level five years ago
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 26 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1731803000 | ¥8791215000 | — |
| Operating income | ¥344415000 | ¥529660000 | — |
| Operating margin | 19.9% | 6.0% | -13.9 pp |
| Employees | 19 people | 185 people | — |
| Cash and equivalents | ¥1217791000 | ¥1317098000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → コミュニケーション事業 | 74.1% |
| 新設・再編 → ソリューション事業 | 13.7% |
| 新設・再編 → 投資・インキュベーション事業 | 12.3% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| communication | 2 years | +10.5% | ¥6510755000 | 17.5% | 2 |
| solution | — | — | ¥1201292000 | -2.9% | 2 |
| investment incubation | 2 years | +227.7% | ¥1079167000 | -1.6% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,791 | 100.0% | S100Y1OR |
| Cost of revenue | 6,678 | 76.0% | S100Y1OR |
| Gross profit | 2,113 | 24.0% | S100Y1OR |
| SG&A | 1,584 | 18.0% | S100Y1OR |
| Operating income | 530 | 6.0% | S100Y1OR |
| Ordinary income | 526 | 6.0% | S100Y1OR |
| Pretax income | 523 | 5.9% | S100Y1OR |
| Income tax | 186 | 2.1% | S100Y1OR |
| Net income | 336 | 3.8% | S100Y1OR |
| Net income attributable to owners | 308 | 3.5% | S100Y1OR |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.0% → Operating margin 6.0% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.5%; Core profit growth: +59.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.55×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,348 | 8,791 | 2,443 | +38.5% |
| Gross profit | 1,562 | 2,113 | 551 | +35.3% |
| Operating income | 332 | 530 | 198 | +59.6% |
| Net income attributable to owners | 73 | 308 | 234 | +318.7% |
| Operating cash flow | 215 | -499 | -714 | -332.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,414 | 254 | 18.0% | 171 | 211 | 192 | S100L21C |
| FY ending Dec 2020 | 1,732 | 344 | 19.9% | 241 | 316 | 260 | S100L21C |
| FY ending Dec 2021 | 2,834 | 468 | 16.5% | 307 | 360 | 339 | S100QGBY |
| FY ending Dec 2022 | 6,191 | 1,172 | 18.9% | 852 | 976 | 957 | S100T647 |
| FY ending Dec 2023 | 5,434 | 310 | 5.7% | 33 | 191 | 153 | S100VHU9 |
| FY ending Dec 2024 | 6,348 | 332 | 5.2% | 73 | 215 | — | S100Y1OR |
| FY ending Dec 2025 | 8,791 | 530 | 6.0% | 308 | -499 | -749 | S100Y1OR |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 40 | 107 | 114 | 98 | 185 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥6.5M | ¥5.5M | ¥6.7M |
| Average age (parent company) | 39.4 years | 38.9 years | 39.2 years | 41.5 years | 42.5 years |
| Average tenure (parent company) | 2.0 years | 2.1 years | 2.8 years | 3.1 years | 3.9 years |

Year over year: Employees (consolidated) +88.8% · Revenue (consolidated) +38.5%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| communication | 6,511 | 74.1% | 1,136 | 17.5% |
| solution | 1,201 | 13.7% | -34 | -2.9% |
| investment incubation | 1,079 | 12.3% | -17 | -1.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| communication | 74.1% | 100.0% | 25.9 | 17.5% |
| solution | 13.7% | — | — | -2.9% |
| investment incubation | 12.3% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): solution -34 JPY mn

Loss-making segment (excluded from profit shares): investment incubation -17 JPY mn

Segment → industry: solution → Cybersecurity / solution → Software & SaaS / communication → Software & SaaS / investment incubation → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -499 | -5.7% | S100Y1OR |
| Capital expenditure | 250 | 2.8% | S100Y1OR |
| Free cash flow | -749 | -8.5% | 算出 |
| Investing cash flow | -579 | -6.6% | S100Y1OR |
| Financing cash flow | 925 | 10.5% | S100Y1OR |
| Dividends paid | 32 | 0.4% | S100Y1OR |
| Change in cash | -154 | -1.8% | S100Y1OR |
| Cash and equivalents | 1,317 | 15.0% | S100Y1OR |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,521 | 2,190 | 1,825 | 1,471 | 1,317 | S100T647, S100VHU9, S100Y1OR |
| Total assets | 2,746 | 4,922 | 4,211 | 3,589 | 7,093 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Net assets | 1,705 | 2,178 | 2,147 | 2,091 | 4,087 | S100T647, S100VHU9, S100Y1OR |
| Share capital | 338 | 361 | 372 | 372 | 736 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Property, plant and equipment | 37 | 33 | 31 | 27 | 32 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Intangible assets excluding goodwill | 706 | 1,509 | 1,195 | 708 | 1,881 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Goodwill | 137 | 110 | 67 | 59 | 571 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Investment securities | 5 | 55 | 25 | 98 | 372 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Current assets | 1,959 | 3,268 | 2,841 | 2,670 | 4,578 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Current liabilities | 595 | 1,485 | 1,313 | 1,199 | 2,141 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Short-term borrowings | — | — | — | — | 609 | S100Y1OR |
| Long-term borrowings | 272 | 924 | 502 | 148 | 633 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Bonds | — | — | — | — | 20 | S100Y1OR |
| Interest-bearing debt | — | — | — | — | 1,262 | 算出 |
| Total liabilities | 1,042 | 2,744 | 2,064 | 1,497 | 3,007 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Non-controlling interests | 59 | 514 | 472 | 305 | 634 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Equity attributable to owners of parent | 1,624 | 1,648 | 1,646 | 1,721 | 3,403 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Retained earnings | 954 | 1,747 | 1,723 | 1,797 | 2,073 | S100QGBY, S100T647, S100VHU9, S100Y1OR |
| Treasury stock | -0 | -815 | -815 | -815 | -815 | S100QGBY, S100T647, S100VHU9, S100Y1OR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y1OR |
| Property, plant and equipment | 0% | S100Y1OR |
| Intangibles and goodwill | 35% | S100Y1OR |
| Investment securities | 5% | S100Y1OR |
| Other assets | 41% | S100Y1OR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 24% | S100Y1OR |
| Equity | 58% | S100Y1OR |
| Other liabilities | 0% | S100Y1OR |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,746 | 4,922 | 4,211 | 3,589 | 7,093 |
| Equity | 1,705 | 2,178 | 2,147 | 2,091 | 4,087 |
| Interest-bearing debt | — | — | — | — | 1,262 |
| Cash | 1,521 | 2,190 | 1,825 | 1,471 | 1,317 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 0.4% | S100Y1OR |
| Fixed assets ÷ total assets | 0.5% | S100Y1OR |
| Goodwill ÷ parent equity | 16.8% | S100Y1OR |

Goodwill over 4 years: 137 → 571 JPY; total investing cash flow: -1,714 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 18.6% |
| Cash ÷ revenue | 15.0% |
| Net cash (cash − interest-bearing debt) | ¥55.2M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -94.2% |
| Cash vs. profit gap | -806 JPY mn (of net income -262.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.8% | 1.03× | 11.2% | 1.69× | 18.9% | S100QGBY |
| 2022 | 13.8% | 1.61× | 22.2% | 2.34× | 52.1% | S100T647 |
| 2023 | 0.6% | 1.19× | 0.7% | 2.77× | 2.0% | S100VHU9 |
| 2024 | 1.2% | 1.63× | 1.9% | 2.32× | 4.4% | S100Y1OR |
| 2025 | 3.5% | 1.65× | 5.8% | 2.08× | 12.0% | S100Y1OR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＢＡＮＡ１号有限責任事業組合 | Major shareholder | 18.4% | 2025-12-31 |
| 髙瀬 真尚 | Major shareholder | 6.0% | 2025-12-31 |
| ポットラック株式会社 | Major shareholder | 5.4% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 3.7% | 2025-12-31 |
| ＳＩＸ ＳＩＳ ＬＴＤ． （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 田中 優成 | Major shareholder | 1.5% | 2025-12-31 |
| 柴田 将弥 | Major shareholder | 1.5% | 2025-12-31 |
| 橋本 公裕 | Major shareholder | 1.3% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第12期(2025/01/01－2025/12/31) | S100Y1OR | 2026-05-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1OR,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VHU9 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHU9,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T647 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T647,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QGBY | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGBY,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NQL4 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQL4,, |
| 有価証券報告書－第7期(令和2年1月1日－令和2年12月31日) | S100L21C | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L21C,, |

## 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).