# baby calendar Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第35期(2025/01/01－2025/12/31) (S100YX4F)
> Page: https://vizora.meequs.com/en/company/baby-calendar
> Retrieved: 2026-09-30T20:32:15.539Z

## Company

baby calendar, founded in 1991, is a company in Internet Services & Apps listed on TSE Growth. It has 74 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | baby calendar Inc. |
| Ticker | 7363 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7363.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区代々木一丁目38番2号 |
| Representative (per filing) | 代表取締役 安田 啓司 |
| Founded | Apr 1991 |
| Share capital | ¥285M |
| Employees (consolidated) | 74 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | December |
| Website | corp.baby-calendar.jp (https://corp.baby-calendar.jp/) |
| Corporate number | 5010401065685 |
| EDINET | E36431 |
| Industries (Vizora) | Internet Services & Apps, Health Tech |

> Profile source: annual securities report (S100YX4F, filed 2026-08-17). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.3 | 40 |
| Profitability | 55.9 | 51 |
| Cash conversion | 54.7 | 43 |
| Efficiency | 62.5 | 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 85% of baby calendar's sales come from Media business for pregnancy, childbirth and childcare, with Developing management support solution business for obstetrics and gynecology making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +26.1% from the prior year, operating profit +362.3%.

## Company structure

- Segment revenue mix: Media business for pregnancy, childbirth and childcare 85.0%、Developing management support solution business for obstetrics and gynecology 15.0%
- Revenue → net income: ¥1927497000 → ¥44545000
- Net income → operating cash flow: ¥44545000 → ¥267194000（difference ¥222649000）
- Main uses of operating cash flow: CapEx ¥29652000 / dividends — / buybacks —
- Change in cash: ¥331019000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.93B |  |
| Operating income | ¥214.2M | Margin 11.1% |
| Net income | ¥44.5M | Margin 2.3% |
| Free cash flow | ¥237.5M |  |
| Largest business | Media business for pregnancy, childbirth and childcare | of segment revenue 85.0% |
| Employees (consolidated) | 74 |  |
| EPS | ¥50 |  |
| Diluted EPS | ¥49.23 |  |
| Book value per share | ¥805.3 |  |
| Equity ratio | 39.8% |  |
| Shares outstanding | 941,700 |  |
| Treasury shares | 50,900 |  |
| Shareholders | 942 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 40.0% | Cash ÷ revenue 37.4% |
| Vs. industry median margin | +3.5 pp | Internet Services & Apps |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.0× net income
- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥893915000 | ¥1927497000 | +115.6% |
| Operating income | ¥95692000 | ¥214218000 | +123.9% |
| Operating margin | 10.7% | 11.1% | +0.4 pp |
| Employees | 45 people | 74 people | +64.4% |
| Cash and equivalents | ¥237395000 | ¥720084000 | +203.3% |

### 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 |
| --- | ---: |
| メディア事業 → 事業再編・廃止 | 66.0% |
| 医療法人向け事業 → 事業再編・廃止 | 23.9% |
| Ｗｅｂマーケティング事業 → 事業再編・廃止 | 10.2% |
| 新設・再編 → メディア事業 | 85.0% |
| 新設・再編 → 医療法人向け事業 | 15.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,927 | 100.0% | S100YX4F |
| Cost of revenue | 600 | 31.1% | S100YX4F |
| Gross profit | 1,327 | 68.9% | S100YX4F |
| SG&A | 1,113 | 57.8% | S100YX4F |
| Operating income | 214 | 11.1% | S100YX4F |
| Ordinary income | 205 | 10.6% | S100YX4F |
| Pretax income | 85 | 4.4% | S100YX4F |
| Income tax | 41 | 2.1% | S100YX4F |
| Net income | 45 | 2.3% | S100YX4F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 58 |
| Operating income | 11 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 68.9% → Operating margin 11.1% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.1%; Core profit growth: +362.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.86×
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 | 1,528 | 1,927 | 399 | +26.1% |
| Gross profit | 1,013 | 1,327 | 314 | +31.0% |
| Operating income | 46 | 214 | 168 | +362.3% |
| Operating cash flow | 195 | 267 | 72 | +37.1% |
| Free cash flow | 170 | 238 | 67 | +39.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 600 | 33 | 5.4% | 71 | 68 | 58 | S100L333 |
| FY ending Dec 2020 | 894 | 96 | 10.7% | 62 | 148 | 109 | S100NSQW |
| FY ending Dec 2021 | 1,043 | 129 | 12.4% | 75 | 96 | 79 | S100QI7G |
| FY ending Dec 2022 | 1,085 | 38 | 3.5% | 21 | -3 | -120 | S100T87U |
| FY ending Dec 2023 | 1,203 | -31 | -2.6% | -100 | -14 | -119 | S100VJ10 |
| FY ending Dec 2024 | 1,528 | 46 | 3.0% | -15 | 195 | 170 | S100YX4F |
| FY ending Dec 2025 | 1,927 | 214 | 11.1% | 45 | 267 | 238 | S100YX4F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥602K |

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) | 49 | 56 | 71 | 74 | 74 |
| Average salary (parent company) | ¥4.3M | ¥4.4M | ¥4.6M | ¥4.3M | ¥5M |
| Average age (parent company) | 36.4 years | 37.5 years | 36.3 years | 38.0 years | 40.8 years |
| Average tenure (parent company) | 3.4 years | 4.2 years | 2.9 years | 4.1 years | 2.8 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +26.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media business for pregnancy, childbirth and childcare | 1,639 | 85.0% | 466 | 28.4% |
| Developing management support solution business for obstetrics and gynecology | 289 | 15.0% | 19 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media business for pregnancy, childbirth and childcare | 85.0% | 96.0% | 11.0 | 28.4% |
| Developing management support solution business for obstetrics and gynecology | 15.0% | 4.0% | -11.0 | 6.7% |

Segment → industry: Media business for pregnancy, childbirth and childcare → Internet Services & Apps / Developing management support solution business for obstetrics and gynecology → Health Tech

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 267 | 13.9% | S100YX4F |
| Capital expenditure | 30 | 1.5% | S100YX4F |
| Free cash flow | 238 | 12.3% | 算出 |
| Investing cash flow | -68 | -3.5% | S100YX4F |
| Financing cash flow | 132 | 6.8% | S100YX4F |
| Change in cash | 331 | 17.2% | S100YX4F |
| Cash and equivalents | 720 | 37.4% | S100YX4F |

## 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 | 1,042 | 716 | 357 | 394 | 720 | S100T87U, S100VJ10, S100YX4F |
| Total assets | 1,358 | 1,130 | 1,021 | 1,527 | 1,801 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Net assets | 872 | 806 | 706 | 673 | 728 | S100T87U, S100VJ10, S100YX4F |
| Share capital | 282 | 285 | 285 | 285 | 285 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Property, plant and equipment | 10 | 7 | 12 | 14 | 43 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Intangible assets excluding goodwill | 72 | 159 | 316 | 781 | 657 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Goodwill | 37 | 26 | 43 | 355 | 321 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Investment securities | — | 17 | 30 | 0 | 0 | S100T87U, S100VJ10, S100YX4F |
| Current assets | 1,253 | 926 | 646 | 697 | 1,037 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Current liabilities | 276 | 209 | 256 | 652 | 712 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Short-term borrowings | — | — | 50 | 190 | — | S100VJ10, S100YX4F |
| Long-term borrowings | 202 | 108 | 41 | 194 | 347 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Total liabilities | 486 | 324 | 315 | 854 | 1,073 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Equity attributable to owners of parent | 872 | 807 | 706 | 673 | 717 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Retained earnings | 177 | 198 | 98 | 83 | 128 | S100QI7G, S100T87U, S100VJ10, S100YX4F |
| Treasury stock | — | -92 | -92 | -102 | -102 | S100T87U, S100VJ10, S100YX4F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YX4F |
| Property, plant and equipment | 3% | S100YX4F |
| Intangibles and goodwill | 54% | S100YX4F |
| Other assets | 3% | S100YX4F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YX4F |
| Equity | 40% | S100YX4F |

### 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 | 1,358 | 1,130 | 1,021 | 1,527 | 1,801 |
| Equity | 872 | 806 | 706 | 673 | 728 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,042 | 716 | 357 | 394 | 720 |

## 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) | 2.2% | S100YX4F |
| Fixed assets ÷ total assets | 2.4% | S100YX4F |
| Goodwill ÷ parent equity | 44.7% | S100YX4F |

Goodwill over 4 years: 37 → 321 JPY; total investing cash flow: -1,108 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) | 40.0% |
| Cash ÷ revenue | 37.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.7% |
| Cash vs. profit gap | 223 JPY mn (of net income 499.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 25.5% |

## 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 | 7.2% | 0.77× | 5.5% | 1.56× | 8.6% | S100QI7G |
| 2022 | 2.0% | 0.87× | 1.7% | 1.48× | 2.5% | S100T87U |
| 2023 | — | —× | -9.3% | —× | — | S100VJ10 |
| 2024 | — | —× | -1.1% | —× | — | S100YX4F |
| 2025 | 2.3% | 1.16× | 2.7% | 2.39× | 6.4% | S100YX4F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 安田 啓司 | Major shareholder | 22.6% | 2025-12-31 |
| 山田 育代 | Major shareholder | 21.2% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 3.5% | 2025-12-31 |
| ASGJapan株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 福島 智晴 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社ステムセル研究所 | Major shareholder | 2.1% | 2025-12-31 |
| オオサキメディカル株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 大津紡績株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 藤盛 良平 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第35期(2025/01/01－2025/12/31) | S100YX4F | 2026-08-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YX4F,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VJ10 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ10,, |
| 訂正有価証券報告書－第33期(2023/01/01－2023/12/31) | S100T87U | 2024-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T87U,, |
| 有価証券報告書－第32期(2022/01/01－2022/12/31) | S100QI7G | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI7G,, |
| 有価証券報告書－第31期(令和3年1月1日－令和3年12月31日) | S100NSQW | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSQW,, |
| 有価証券報告書－第30期(令和2年1月1日－令和2年12月31日) | S100L333 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L333,, |

## 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).