# Aucfan Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/10/01－2025/09/30) (S100XDE3)
> Page: https://vizora.meequs.com/en/company/aucfan
> Retrieved: 2026-09-30T20:26:05.853Z

## Company

Aucfan, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Aucfan Co.,Ltd. |
| Ticker | 3674 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3674.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区北品川五丁目1番18号 |
| Representative (per filing) | 代表取締役社長 武永 修一 |
| Founded | Apr 2004 |
| Share capital | ¥973.7M |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | September |
| Website | aucfan.co.jp (https://aucfan.co.jp/) |
| Corporate number | 7011001053434 |
| EDINET | E27394 |
| Industries (Vizora) | Software & SaaS, E-commerce |

> Profile source: annual securities report (S100XDE3, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.5 | 105 |
| Profitability | 8.6 | 145 |
| Efficiency | 23.8 | 145 |

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 60% of Aucfan's sales come from Solution, with Platform and Incubation making up much of the rest.
- It lost about ¥4 for every ¥100 of sales at the operating level.
- Revenue changed -3.8% from the prior year, operating profit -156.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.66B |  |
| Operating income | -¥201M | Margin -4.3% |
| Net income | -¥329.1M | Margin -7.1% |
| Free cash flow | -¥7.7M |  |
| Largest business | Solution | of segment revenue 59.9% |
| Employees (consolidated) | 163 |  |
| EPS | ¥-9.17 |  |
| Book value per share | ¥433.55 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 10,813,700 |  |
| Treasury shares | 292,000 |  |
| Shareholders | 4,457 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 53.5% | Cash ÷ revenue 81.4% |
| Vs. industry median margin | -16.8 pp | Software & SaaS |
| ROA | -4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 40 points
- FY2025, cash is 54% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7874480000 | ¥4657045000 | -40.9% |
| Operating income | ¥820884000 | ¥-201012000 | -124.5% |
| Operating margin | 10.4% | -4.3% | -14.7 pp |
| Employees | 146 people | 163 people | +11.6% |
| Cash and equivalents | ¥2704994000 | ¥3790567000 | +40.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 在庫価値ソリューション → 事業再編・廃止 | 11.4% |
| 在庫価値ソリューション → 事業再編・廃止 | 11.4% |
| 商品流通プラットフォーム → 事業再編・廃止 | 30.6% |
| 商品流通プラットフォーム → 事業再編・廃止 | 30.6% |
| インキュベーション → インキュベーション | 5.5% |
| インキュベーション → 事業再編・廃止 | 2.5% |
| インキュベーション → 事業再編・廃止 | 8.1% |
| 新設・再編 → ソリューション | 59.9% |
| 新設・再編 → プラットフォーム | 34.6% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solution | 2 years | +4.0% | ¥2789282000 | 22.2% | 2 |
| Platform | 2 years | -11.3% | ¥1610548000 | -6.2% | 2 |
| Incubation | 5 years | -27.3% | ¥257214000 | -119.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,657 | 100.0% | S100XDE3 |
| Cost of revenue | 2,485 | 53.4% | S100XDE3 |
| Gross profit | 2,172 | 46.6% | S100XDE3 |
| SG&A | 2,373 | 51.0% | S100XDE3 |
| Operating income | -201 | -4.3% | S100XDE3 |
| Ordinary income | -169 | -3.6% | S100XDE3 |
| Pretax income | -183 | -3.9% | S100XDE3 |
| Income tax | 146 | 3.1% | S100XDE3 |
| Net income | -329 | -7.1% | S100XDE3 |
| Net income attributable to owners | -329 | -7.1% | S100XDE3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 51 |
| Operating income | -4 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 46.6% → Operating margin -4.3% → Net margin -7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,840 | 4,657 | -183 | -3.8% |
| Gross profit | 2,677 | 2,172 | -505 | -18.9% |
| Operating income | 356 | -201 | -557 | -156.4% |
| Net income attributable to owners | 187 | -329 | -517 | -275.6% |
| Operating cash flow | 1,004 | 203 | -800 | -79.8% |
| Free cash flow | 790 | -8 | -798 | -101.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 6,636 | 680 | 10.2% | 327 | -7 | -322 | S100KEZL |
| FY ending Sep 2020 | 7,874 | 821 | 10.4% | 429 | 824 | 516 | S100N4FO |
| FY ending Sep 2021 | 8,385 | 579 | 6.9% | 178 | 1,126 | 852 | S100QAMU |
| FY ending Sep 2022 | 6,256 | 322 | 5.2% | 57 | 1,079 | 768 | S100SI7K |
| FY ending Sep 2023 | 5,146 | 304 | 5.9% | 17 | 110 | -284 | S100V0H9 |
| FY ending Sep 2024 | 4,840 | 356 | 7.4% | 187 | 1,004 | 790 | S100XDE3 |
| FY ending Sep 2025 | 4,657 | -201 | -4.3% | -329 | 203 | -8 | S100XDE3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.6M |
| Operating income per employee (consolidated) | -¥1.2M |
| Net income per employee (consolidated) | -¥2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 174 | 165 | 167 | 186 | 163 |
| Average salary (parent company) | ¥5.4M | ¥5M | ¥5.1M | ¥5.2M | ¥5.5M |
| Average age (parent company) | 34.0 years | 35.7 years | 34.2 years | 34.4 years | 34.6 years |
| Average tenure (parent company) | 3.1 years | 3.9 years | 3.6 years | 3.2 years | 3.6 years |

Year over year: Employees (consolidated) -12.4% · Revenue (consolidated) -3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution | 2,789 | 59.9% | 619 | 22.2% |
| Platform | 1,611 | 34.6% | -100 | -6.2% |
| Incubation | 257 | 5.5% | -308 | -119.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Solution | 59.9% | 100.0% | 40.1 | 22.2% |
| Platform | 34.6% | — | — | -6.2% |
| Incubation | 5.5% | — | — | -119.8% |

Loss-making segment (excluded from profit shares): Platform -100 JPY mn

Loss-making segment (excluded from profit shares): Incubation -308 JPY mn

Segment → industry: Solution → Software & SaaS / Incubation → E-commerce / Platform → E-commerce

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 203 | 4.4% | S100XDE3 |
| Capital expenditure | 211 | 4.5% | S100XDE3 |
| Free cash flow | -8 | -0.2% | 算出 |
| Investing cash flow | -546 | -11.7% | S100XDE3 |
| Financing cash flow | -391 | -8.4% | S100XDE3 |
| Share buyback | 35 | 0.7% | S100XDE3 |
| Change in cash | -707 | -15.2% | S100XDE3 |
| Cash and equivalents | 3,791 | 81.4% | S100XDE3 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,097 | 3,833 | 3,281 | 4,498 | 3,791 | S100SI7K, S100V0H9, S100XDE3 |
| Total assets | 8,487 | 7,350 | 7,100 | 7,693 | 7,084 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Net assets | 5,458 | 4,557 | 4,631 | 4,408 | 4,093 | S100SI7K, S100V0H9, S100XDE3 |
| Share capital | 884 | 974 | 974 | 974 | 974 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Trade receivables | 709 | — | — | — | — | S100QAMU |
| Property, plant and equipment | 74 | 61 | 135 | 109 | 105 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Intangible assets excluding goodwill | 470 | 540 | 502 | 436 | 385 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Goodwill | 187 | 86 | 9 | 5 | 1 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Investment securities | — | — | — | — | 298 | S100XDE3 |
| Current assets | 7,638 | 6,444 | 6,171 | 6,806 | 5,922 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Current liabilities | 2,242 | 2,595 | 2,296 | 3,181 | 2,946 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Short-term borrowings | 1,000 | 1,100 | 1,100 | 1,500 | 1,300 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Long-term borrowings | 378 | 167 | 63 | 61 | — | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Total liabilities | 3,029 | 2,793 | 2,469 | 3,285 | 2,992 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Non-controlling interests | — | — | 3 | — | — | S100V0H9 |
| Equity attributable to owners of parent | 3,807 | 4,043 | 3,923 | 4,122 | 3,869 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Retained earnings | 2,308 | 2,365 | 2,382 | 2,569 | 2,240 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |
| Treasury stock | -203 | -203 | -340 | -340 | -185 | S100QAMU, S100SI7K, S100V0H9, S100XDE3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100XDE3 |
| Property, plant and equipment | 2% | S100XDE3 |
| Intangibles and goodwill | 5% | S100XDE3 |
| Investment securities | 4% | S100XDE3 |
| Other assets | 35% | S100XDE3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XDE3 |
| Equity | 58% | S100XDE3 |
| Other liabilities | 0% | S100XDE3 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,487 | 7,350 | 7,100 | 7,693 | 7,084 |
| Equity | 5,458 | 4,557 | 4,631 | 4,408 | 4,093 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,097 | 3,833 | 3,281 | 4,498 | 3,791 |

## 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) | 2.3% | S100XDE3 |
| Fixed assets ÷ total assets | 1.5% | S100XDE3 |
| Goodwill ÷ parent equity | 0.0% | S100XDE3 |

Goodwill over 4 years: 187 → 1 JPY; total investing cash flow: -1,669 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) | 53.5% |
| Cash ÷ revenue | 81.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 532 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 269.1% |

## 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 | 2.1% | 0.99× | 2.1% | 2.23× | 4.7% | S100QAMU |
| 2022 | 0.9% | 0.79× | 0.7% | 2.02× | 1.4% | S100SI7K |
| 2023 | 0.3% | 0.71× | 0.2% | 1.81× | 0.4% | S100V0H9 |
| 2024 | 3.9% | 0.65× | 2.5% | 1.84× | 4.7% | S100XDE3 |
| 2025 | — | —× | -4.5% | —× | — | S100XDE3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 武永 修一 | Major shareholder | 39.9% | 2025-09-30 |
| Ｓ１７３株式会社 | Major shareholder | 9.0% | 2025-09-30 |
| 水元 公仁 | Major shareholder | 2.8% | 2025-09-30 |
| 石丸 啓明 | Major shareholder | 2.1% | 2025-09-30 |
| SIX SIS LTD.（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-09-30 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 白石 安雄 | Major shareholder | 0.9% | 2025-09-30 |
| 吉川 直樹 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社宮島 | Major shareholder | 0.9% | 2025-09-30 |
| 林 亮介 | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XDE3 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDE3,, |
| 有価証券報告書－第18期(2023/10/01－2024/09/30) | S100V0H9 | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0H9,, |
| 有価証券報告書－第17期(2022/10/01－2023/09/30) | S100SI7K | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI7K,, |
| 訂正有価証券報告書－第16期(2021/10/01－2022/09/30) | S100QAMU | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAMU,, |
| 有価証券報告書－第15期(令和2年10月1日－令和3年9月30日) | S100N4FO | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4FO,, |
| 有価証券報告書－第14期(令和1年10月1日－令和2年9月30日) | S100KEZL | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEZL,, |

## 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).