# BRANU: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/11/01－2025/10/31) (S100XHL0)
> Page: https://vizora.meequs.com/en/company/branu
> Retrieved: 2026-09-30T20:58:25.297Z

## Company

Branu, founded in 2009, is a company in Internet Services & Apps listed on TSE Growth. It has 108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | BRANU Inc. |
| Ticker | 460A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/460A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木六丁目1番24号ラピロス六本木4階 |
| Representative (per filing) | 代表取締役 名富 達也 |
| Founded | Aug 2009 |
| Share capital | ¥71M |
| Employees (consolidated) | 108 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | October |
| Website | branu.jp (https://branu.jp/) |
| Corporate number | 6010401083620 |
| EDINET | E41086 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XHL0, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.8 | 40 |
| Profitability | 67.6 | 51 |
| Cash conversion | 22.1 | 43 |
| Efficiency | 95.2 | 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)

- Branu brought in ¥2.12B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +50.3% from the prior year, operating profit +231.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2122790000 → ¥241942000
- Net income → operating cash flow: ¥241942000 → ¥246530000（difference ¥4588000）
- Main uses of operating cash flow: CapEx ¥65025000 / dividends — / buybacks —
- Change in cash: ¥69503000
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 | ¥2.12B |  |
| Operating income | ¥331.6M | Margin 15.6% |
| Net income | ¥241.9M | Margin 11.4% |
| Free cash flow | ¥181.5M |  |
| Employees (consolidated) | 108 |  |
| EPS | ¥60.49 |  |
| Book value per share | ¥103.51 |  |
| Equity ratio | 34.0% |  |
| Shares outstanding | 4,000,000 |  |
| Shareholders | 5 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 64.5% | Cash ÷ revenue 37.0% |
| Vs. industry median margin | +8 pp | Internet Services & Apps |
| ROE | 82.6% | Derived from disclosed figures |
| ROA | 22.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 64% of total assets

## What changed in 1 years

| Metric | FY ending Oct 2024 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1412031000 | ¥2122790000 | +50.3% |
| Operating income | ¥100179000 | ¥331550000 | +231.0% |
| Operating margin | 7.1% | 15.6% | +8.5 pp |
| Employees | 85 people | 108 people | +27.1% |
| Cash and equivalents | ¥716667000 | ¥786171000 | +9.7% |

### Change in segment revenue mix

Span: FY ending Oct 2024 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,123 | 100.0% | S100XHL0 |
| Cost of revenue | 393 | 18.5% | S100XHL0 |
| Gross profit | 1,730 | 81.5% | S100XHL0 |
| SG&A | 1,398 | 65.9% | S100XHL0 |
| Operating income | 332 | 15.6% | S100XHL0 |
| Ordinary income | 329 | 15.5% | S100XHL0 |
| Pretax income | 329 | 15.5% | S100XHL0 |
| Income tax | 87 | 4.1% | S100XHL0 |
| Net income | 242 | 11.4% | S100XHL0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 66 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 81.5% → Operating margin 15.6% → Net margin 11.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +50.3%; Core profit growth: +231.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,412 | 2,123 | 711 | +50.3% |
| Gross profit | 1,104 | 1,730 | 626 | +56.7% |
| Operating income | 100 | 332 | 231 | +231.0% |
| Operating cash flow | 105 | 247 | 142 | +135.9% |
| Free cash flow | 98 | 182 | 84 | +85.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2024 | 1,412 | 100 | 7.1% | 65 | 105 | 98 | S100XHL0 |
| FY ending Oct 2025 | 2,123 | 332 | 15.6% | 242 | 247 | 182 | S100XHL0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 85 | 108 |
| Average salary (parent company) | — | ¥5.1M |
| Average age (parent company) | — | 29.8 years |
| Average tenure (parent company) | — | 2.8 years |

Year over year: Employees (consolidated) +27.1% · Revenue (consolidated) +50.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 247 | 11.6% | S100XHL0 |
| Capital expenditure | 65 | 3.1% | S100XHL0 |
| Free cash flow | 182 | 8.6% | 算出 |
| Investing cash flow | -138 | -6.5% | S100XHL0 |
| Financing cash flow | -39 | -1.8% | S100XHL0 |
| Change in cash | 70 | 3.3% | S100XHL0 |
| Cash and equivalents | 786 | 37.0% | S100XHL0 |

## 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 Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 717 | 786 | S100XHL0 |
| Total assets | 902 | 1,219 | S100XHL0 |
| Net assets | 172 | 414 | S100XHL0 |
| Share capital | 71 | 71 | S100XHL0 |
| Property, plant and equipment | 13 | 62 | S100XHL0 |
| Intangible assets excluding goodwill | — | 5 | S100XHL0 |
| Investment securities | — | 10 | S100XHL0 |
| Current assets | 862 | 1,042 | S100XHL0 |
| Current liabilities | 266 | 419 | S100XHL0 |
| Long-term borrowings | 454 | 376 | S100XHL0 |
| Total liabilities | 730 | 805 | S100XHL0 |
| Equity attributable to owners of parent | 172 | 414 | S100XHL0 |
| Retained earnings | 101 | 343 | S100XHL0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100XHL0 |
| Property, plant and equipment | 5% | S100XHL0 |
| Intangibles and goodwill | 0% | S100XHL0 |
| Investment securities | 1% | S100XHL0 |
| Other assets | 29% | S100XHL0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100XHL0 |
| Equity | 34% | S100XHL0 |
| Other liabilities | 0% | S100XHL0 |

### Balance sheet history

| Metric | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: |
| Total assets | 902 | 1,219 |
| Equity | 172 | 414 |
| Interest-bearing debt | — | — |
| Cash | 717 | 786 |

## 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) | 2.9% | S100XHL0 |
| Fixed assets ÷ total assets | 5.1% | S100XHL0 |
| Goodwill ÷ parent equity | — | —, S100XHL0 |

### 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) | 64.5% |
| Cash ÷ revenue | 37.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.4% |
| Cash vs. profit gap | 5 JPY mn (of net income 1.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 56.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 4.6% | 1.57× | 7.3% | 5.24× | 38.1% | S100XHL0 |
| 2025 | 11.4% | 2.00× | 22.8% | 3.62× | 82.6% | S100XHL0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名富 達也 | Major shareholder | 53.5% | 2025-10-31 |
| 株式会社名富 | Major shareholder | 45.0% | 2025-10-31 |
| 毒島 大輔 | Major shareholder | 0.5% | 2025-10-31 |
| 片山 雄輔 | Major shareholder | 0.5% | 2025-10-31 |
| 露木 将也 | Major shareholder | 0.5% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/11/01－2025/10/31) | S100XHL0 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHL0,, |

## 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).