# BlueMeme Inc.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/04/01－2025/03/31) (S100W5FQ)
> Page: https://vizora.meequs.com/en/company/bluememe
> Retrieved: 2026-09-30T21:00:04.596Z

## Company

BlueMeme, founded in 2006, is a company in IT Services & System Integration listed on TSE Growth. It has 166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BlueMeme Inc. |
| Ticker | 4069 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4069.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田錦町三丁目20番地 |
| Representative (per filing) | 代表取締役社長 松岡 真功 |
| Founded | Dec 2006 |
| Share capital | ¥973.8M |
| Employees (consolidated) | 166 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.bluememe.jp (https://www.bluememe.jp/) |
| Corporate number | 3010001132912 |
| EDINET | E36653 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100W5FQ, filed 2025-06-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.6 | 157 |
| Profitability | 7.4 | 196 |
| Cash conversion | 0.3 | 185 |
| Efficiency | 4.3 | 196 |

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)

- BlueMeme brought in ¥2.35B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.3% from the prior year, operating profit -87.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.35B |  |
| Operating income | ¥31.3M | Margin 1.3% |
| Net income | -¥17.1M | Margin -0.7% |
| Free cash flow | -¥355.8M |  |
| Employees (consolidated) | 166 |  |
| EPS | ¥-8.44 |  |
| Book value per share | ¥756.08 |  |
| Equity ratio | 64.6% |  |
| Shares outstanding | 3,603,946 |  |
| Treasury shares | 220,900 |  |
| Shareholders | 1,599 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 43.8% | Cash ÷ revenue 72.6% |
| Vs. industry median margin | -7.6 pp | IT Services & System Integration |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 44% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1800132000 | ¥2349515000 | +30.5% |
| Operating income | ¥31926000 | ¥31254000 | -2.1% |
| Operating margin | 1.8% | 1.3% | -0.4 pp |
| Employees | 52 people | 166 people | +219.2% |
| Cash and equivalents | ¥584121000 | ¥1706176000 | +192.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,350 | 100.0% | S100W5FQ |
| Cost of revenue | 1,157 | 49.3% | S100W5FQ |
| Gross profit | 1,192 | 50.7% | S100W5FQ |
| SG&A | 1,161 | 49.4% | S100W5FQ |
| Operating income | 31 | 1.3% | S100W5FQ |
| Ordinary income | 21 | 0.9% | S100W5FQ |
| Pretax income | 21 | 0.9% | S100W5FQ |
| Income tax | 42 | 1.8% | S100W5FQ |
| Net income | -21 | -0.9% | S100W5FQ |
| Net income attributable to owners | -17 | -0.7% | S100W5FQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 50 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 50.7% → Operating margin 1.3% → Net margin -0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.3%; Core profit growth: -87.6%
Operating leverage (core profit growth ÷ revenue growth): 13.97×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,507 | 2,350 | -157 | -6.3% |
| Gross profit | 1,266 | 1,192 | -73 | -5.8% |
| Operating income | 253 | 31 | -222 | -87.6% |
| Net income attributable to owners | 175 | -17 | -192 | -109.8% |
| Operating cash flow | 252 | -348 | -600 | -237.9% |
| Free cash flow | 184 | -356 | -540 | -293.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,800 | 32 | 1.8% | 11 | 175 | 166 | S100M0ZI |
| FY ending Mar 2021 | 2,102 | 175 | 8.3% | 130 | 183 | 162 | S100PN63 |
| FY ending Mar 2022 | 1,930 | 364 | 18.9% | 253 | 338 | 330 | S100R8PK |
| FY ending Mar 2023 | 2,289 | 358 | 15.6% | 260 | 95 | 91 | S100TYD7 |
| FY ending Mar 2024 | 2,507 | 253 | 10.1% | 175 | 252 | 184 | S100W5FQ |
| FY ending Mar 2025 | 2,350 | 31 | 1.3% | -17 | -348 | -356 | S100W5FQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.2M |
| Operating income per employee (consolidated) | ¥188.3K |
| Net income per employee (consolidated) | -¥103.3K |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 62 | 91 | 110 | 135 | 166 |
| Average salary (parent company) | ¥5.5M | ¥5.3M | ¥5.1M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 35.9 years | 34.1 years | 34.3 years | 34.3 years | 34.0 years |
| Average tenure (parent company) | 3.1 years | 3.0 years | 2.9 years | 3.2 years | 3.8 years |

Year over year: Employees (consolidated) +23.0% · Revenue (consolidated) -6.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -348 | -14.8% | S100W5FQ |
| Capital expenditure | 8 | 0.3% | S100W5FQ |
| Free cash flow | -356 | -15.1% | 算出 |
| Investing cash flow | -89 | -3.8% | S100W5FQ |
| Financing cash flow | -85 | -3.6% | S100W5FQ |
| Share buyback | 72 | 3.1% | S100W5FQ |
| Change in cash | -523 | -22.2% | S100W5FQ |
| Cash and equivalents | 1,706 | 72.6% | S100W5FQ |

## 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 Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 645 | 2,356 | 2,225 | 2,229 | 1,706 | S100R8PK, S100TYD7, S100W5FQ |
| Total assets | 1,386 | 2,957 | 3,532 | 3,734 | 3,900 | S100PN63, S100R8PK, S100TYD7, S100W5FQ |
| Net assets | 524 | 2,398 | 2,660 | 2,609 | 2,538 | S100R8PK, S100TYD7, S100W5FQ |
| Share capital | 206 | 962 | 971 | 972 | 974 | S100PN63, S100R8PK, S100TYD7, S100W5FQ |
| Property, plant and equipment | 93 | — | 80 | 153 | 141 | S100PN63, S100TYD7, S100W5FQ |
| Intangible assets excluding goodwill | 24 | — | 1 | 5 | 31 | S100PN63, S100TYD7, S100W5FQ |
| Goodwill | — | — | — | — | 27 | S100W5FQ |
| Investment securities | — | — | 42 | 45 | 117 | S100TYD7, S100W5FQ |
| Current assets | 1,180 | — | 3,325 | 3,389 | 3,466 | S100PN63, S100TYD7, S100W5FQ |
| Current liabilities | 733 | — | 820 | 1,071 | 1,263 | S100PN63, S100TYD7, S100W5FQ |
| Short-term borrowings | — | — | — | — | 23 | S100W5FQ |
| Long-term borrowings | 94 | — | — | — | 42 | S100PN63, S100W5FQ |
| Total liabilities | 862 | — | 872 | 1,125 | 1,362 | S100PN63, S100TYD7, S100W5FQ |
| Non-controlling interests | — | — | — | — | 19 | S100W5FQ |
| Equity attributable to owners of parent | 524 | — | 2,660 | 2,607 | 2,522 | S100PN63, S100TYD7, S100W5FQ |
| Retained earnings | 120 | — | 742 | 917 | 900 | S100PN63, S100TYD7, S100W5FQ |
| Treasury stock | — | — | -15 | -245 | -316 | S100TYD7, S100W5FQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100W5FQ |
| Property, plant and equipment | 4% | S100W5FQ |
| Intangibles and goodwill | 1% | S100W5FQ |
| Investment securities | 3% | S100W5FQ |
| Other assets | 48% | S100W5FQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100W5FQ |
| Equity | 65% | S100W5FQ |
| Other liabilities | 0% | S100W5FQ |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,386 | 2,957 | 3,532 | 3,734 | 3,900 |
| Equity | 524 | 2,398 | 2,660 | 2,609 | 2,538 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 645 | 2,356 | 2,225 | 2,229 | 1,706 |

## 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) | 6.0% | S100W5FQ |
| Fixed assets ÷ total assets | 3.6% | S100W5FQ |
| Goodwill ÷ parent equity | 1.1% | S100W5FQ |

### 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) | 43.8% |
| Cash ÷ revenue | 72.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -1113.6% |
| Cash vs. profit gap | -331 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | 6.2% | 1.52× | 9.4% | 2.65× | 24.9% | S100PN63 |
| 2022 | 13.1% | 0.89× | 11.7% | 1.49× | 17.3% | S100R8PK, S100TYD7 |
| 2023 | 11.3% | 0.71× | 8.0% | 1.22× | 9.8% | S100TYD7 |
| 2024 | 7.0% | 0.69× | 4.8% | 1.38× | 6.6% | S100W5FQ |
| 2025 | — | —× | -0.4% | —× | — | S100W5FQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井情報株式会社 | Major shareholder | 21.7% | 2025-03-31 |
| ＢＭトラスト株式会社 | Major shareholder | 10.8% | 2025-03-31 |
| 松岡 真功 | Major shareholder | 9.2% | 2025-03-31 |
| 辻口 真理子 | Major shareholder | 4.7% | 2025-03-31 |
| モバイルクリエイト株式会社 | Major shareholder | 4.4% | 2025-03-31 |
| 朱 未 | Major shareholder | 3.2% | 2025-03-31 |
| 情報技術開発株式会社 | Major shareholder | 2.6% | 2025-03-31 |
| 山田 英治 | Major shareholder | 2.6% | 2025-03-31 |
| 市川 玲 | Major shareholder | 2.6% | 2025-03-31 |
| 神居 史範 | Major shareholder | 2.5% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W5FQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5FQ,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TYD7 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYD7,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R8PK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8PK,, |
| 訂正有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100PN63 | 2022-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PN63,, |
| 訂正有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100M0ZI | 2021-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0ZI,, |

## 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).