# and factory: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/09/01－2025/08/31) (S100X6AI)
> Page: https://vizora.meequs.com/en/company/and-factory
> Retrieved: 2026-09-30T20:26:52.479Z

## Company

and factory, founded in 2014, is a company in Internet Services & Apps listed on TSE Standard. It has 131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | and factory,inc |
| Ticker | 7035 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7035.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区青葉台三丁目6番28号 |
| Representative (per filing) | 代表取締役社長 青木 倫治 |
| Founded | Sep 2014 |
| Share capital | ¥801.8M |
| Employees (consolidated) | 131 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | August |
| Website | andfactory.co.jp (https://andfactory.co.jp/) |
| Corporate number | 7011001102001 |
| EDINET | E34238 |
| Industries (Vizora) | Internet Services & Apps, Publishing & Bookstores, Hotels & Inns |

> Profile source: annual securities report (S100X6AI, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.8 | 51 |
| Efficiency | 89.4 | 52 |

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 95% of and factory's sales come from APP Business, with RET Business and Other making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed -36.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.21B |  |
| Operating income | -¥270.1M | Margin -8.4% |
| Net income | -¥326.1M | Margin -10.2% |
| Free cash flow | -¥488.8M |  |
| Largest business | APP Business | of segment revenue 95.5% |
| Employees (consolidated) | 131 |  |
| EPS | ¥-28.73 |  |
| Book value per share | ¥79.01 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 11,261,970 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,383 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 42.6% | Cash ÷ revenue 26.8% |
| Vs. industry median margin | -16.1 pp | Internet Services & Apps |
| ROA | -16.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, segment profit share differs by 28 points
- FY2025, cash is 43% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2946007000 | ¥3209035000 | — |
| Operating income | ¥-202589000 | ¥-270051000 | — |
| Operating margin | -6.9% | -8.4% | -1.5 pp |
| Employees | 119 people | 131 people | — |
| Cash and equivalents | ¥1028320000 | ¥860671000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| APP事業 → APP事業 | 46.5% |
| Smartphone App事業 → 事業再編・廃止 | 46.0% |
| IoT事業 → 事業再編・廃止 | 6.1% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → APP事業 | 49.0% |
| 新設・再編 → RET事業 | 3.7% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| APP Business | — | — | ¥3063165000 | 2.0% | 2 |
| RET Business | — | — | ¥119087000 | 23.5% | 2 |
| Other | — | — | ¥26783000 | -12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,209 | 100.0% | S100X6AI |
| Cost of revenue | 1,823 | 56.8% | S100X6AI |
| Gross profit | 1,386 | 43.2% | S100X6AI |
| SG&A | 1,656 | 51.6% | S100X6AI |
| Operating income | -270 | -8.4% | S100X6AI |
| Ordinary income | -266 | -8.3% | S100X6AI |
| Pretax income | -320 | -10.0% | S100X6AI |
| Income tax | 3 | 0.1% | S100X6AI |
| Net income | -323 | -10.1% | S100X6AI |
| Net income attributable to owners | -326 | -10.2% | S100X6AI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 52 |
| Operating income | -9 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 43.2% → Operating margin -8.4% → Net margin -10.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,024 | 3,209 | -1,815 | -36.1% |
| Gross profit | 1,392 | 1,386 | -6 | -0.4% |
| Operating income | -318 | -270 | 47 | — |
| Operating cash flow | 1,827 | -429 | -2,256 | -123.5% |
| Free cash flow | 1,778 | -489 | -2,267 | -127.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 3,917 | 512 | 13.1% | 328 | -115 | -243 | S100K8TH |
| FY ending Aug 2020 | 2,946 | -203 | -6.9% | -362 | -3,283 | -3,397 | S100MYTK |
| FY ending Aug 2021 | 3,044 | -84 | -2.7% | -561 | -118 | -176 | S100PP8P |
| FY ending Aug 2022 | 2,833 | 66 | 2.3% | -350 | -32 | -73 | S100SDH6 |
| FY ending Aug 2023 | 2,979 | 146 | 4.9% | 80 | -71 | -128 | S100UV1X |
| FY ending Aug 2024 | 5,024 | -318 | -6.3% | 89 | 1,827 | 1,778 | S100UV1X |
| FY ending Aug 2025 | 3,209 | -270 | -8.4% | -326 | -429 | -489 | S100X6AI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.5M |
| Operating income per employee (consolidated) | -¥2.1M |
| Net income per employee (consolidated) | -¥2.5M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 105 | 117 | 125 | 130 | 131 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 32.7 years | 33.6 years | 34.2 years | 34.4 years | 34.7 years |
| Average tenure (parent company) | 2.5 years | 2.8 years | 3.3 years | 3.9 years | 4.0 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| APP Business | 3,063 | 95.5% | 60 | 2.0% |
| RET Business | 119 | 3.7% | 28 | 23.5% |
| Other | 27 | 0.8% | -3 | -12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| APP Business | 95.5% | 68.2% | -27.3 | 2.0% |
| RET Business | 3.7% | 31.8% | 28.1 | 23.5% |
| Other | 0.8% | — | — | -12.6% |

Loss-making segment (excluded from profit shares): Other -3 JPY mn

Segment → industry: APP Business → Internet Services & Apps / APP Business → Publishing & Bookstores / RET Business → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -429 | -13.4% | S100X6AI |
| Capital expenditure | 60 | 1.9% | S100X6AI |
| Free cash flow | -489 | -15.2% | 算出 |
| Investing cash flow | -122 | -3.8% | S100X6AI |
| Financing cash flow | -152 | -4.7% | S100X6AI |
| Share buyback | 0 | 0.0% | S100X6AI |
| Change in cash | -703 | -21.9% | S100X6AI |
| Cash and equivalents | 861 | 26.8% | S100X6AI |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 775 | 479 | 925 | 1,564 | 861 | S100SDH6, S100UV1X, S100X6AI |
| Total assets | 5,377 | 4,855 | 5,275 | 2,627 | 2,020 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Net assets | 888 | 541 | 1,121 | 1,210 | 893 | S100SDH6, S100UV1X, S100X6AI |
| Share capital | 550 | 552 | 802 | 802 | 802 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Property, plant and equipment | 34 | 30 | 26 | 24 | 1 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Intangible assets excluding goodwill | 69 | 74 | 57 | 29 | 58 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Goodwill | — | — | — | — | 39 | S100X6AI |
| Investment securities | 257 | 166 | 166 | 23 | 46 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Current assets | 4,733 | 4,345 | 4,978 | 2,510 | 1,840 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Current liabilities | 1,325 | 1,431 | 1,727 | 1,193 | 890 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Short-term borrowings | 325 | 265 | 205 | 150 | 90 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Long-term borrowings | 3,154 | 2,877 | 2,425 | 225 | 236 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Total liabilities | 4,488 | 4,314 | 4,155 | 1,418 | 1,128 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Non-controlling interests | — | — | — | — | 1 | S100X6AI |
| Equity attributable to owners of parent | 887 | 541 | 1,121 | 1,210 | 884 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Retained earnings | -210 | -561 | -481 | -392 | -718 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100PP8P, S100SDH6, S100UV1X, S100X6AI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100X6AI |
| Property, plant and equipment | 0% | S100X6AI |
| Intangibles and goodwill | 5% | S100X6AI |
| Investment securities | 2% | S100X6AI |
| Other assets | 50% | S100X6AI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100X6AI |
| Equity | 44% | S100X6AI |
| Other liabilities | 0% | S100X6AI |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,377 | 4,855 | 5,275 | 2,627 | 2,020 |
| Equity | 888 | 541 | 1,121 | 1,210 | 893 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 775 | 479 | 925 | 1,564 | 861 |

## 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) | 0.0% | S100X6AI |
| Fixed assets ÷ total assets | 0.0% | S100X6AI |
| Goodwill ÷ parent equity | 4.4% | S100X6AI |

### 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) | 42.6% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -103 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| 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 | — | —× | -10.4% | —× | — | S100PP8P |
| 2022 | — | —× | -6.8% | —× | — | S100SDH6 |
| 2023 | 2.7% | 0.59× | 1.6% | 6.10× | 9.6% | S100UV1X |
| 2024 | 1.8% | 1.27× | 2.3% | 3.39× | 7.6% | S100UV1X |
| 2025 | — | —× | -16.1% | —× | — | S100X6AI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小原 崇幹 | Major shareholder | 21.3% | 2025-08-31 |
| 株式会社セプテーニ・ホールディングス | Major shareholder | 21.3% | 2025-08-31 |
| 青木 倫治 | Major shareholder | 4.6% | 2025-08-31 |
| 株式会社スクウェア・エニックス | Major shareholder | 3.4% | 2025-08-31 |
| 竹鼻 周 | Major shareholder | 2.5% | 2025-08-31 |
| 株式会社白泉社 | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社集英社 | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社小学館 | Major shareholder | 1.7% | 2025-08-31 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2025-08-31 |
| 飯村 洋平 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/09/01－2025/08/31) | S100X6AI | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6AI,, |
| 訂正有価証券報告書－第10期(2023/09/01－2024/08/31) | S100UV1X | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV1X,, |
| 有価証券報告書－第9期(2022/09/01－2023/08/31) | S100SDH6 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDH6,, |
| 有価証券報告書－第8期(令和3年9月1日－令和4年8月31日) | S100PP8P | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP8P,, |
| 有価証券報告書－第7期(令和2年9月1日－令和3年8月31日) | S100MYTK | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYTK,, |
| 有価証券報告書－第6期(令和1年9月1日－令和2年8月31日) | S100K8TH | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K8TH,, |

## 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).