# Cacco Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/01/01－2025/12/31) (S100XTRE)
> Page: https://vizora.meequs.com/en/company/cacco
> Retrieved: 2026-09-30T19:50:50.397Z

## Company

Cacco, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 36 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cacco Inc. |
| Ticker | 4166 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4166.T) |
| Listing | TSE Growth |
| Head office | 東京都港区元赤坂一丁目5番31号 |
| Representative (per filing) | 代表取締役社長 岩井 裕之 |
| Founded | Jan 2011 |
| Share capital | ¥13.1M |
| Employees (consolidated) | 36 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | cacco.co.jp (https://cacco.co.jp/) |
| Corporate number | 9010001137889 |
| EDINET | E36174 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XTRE, filed 2026-03-25). As of filing

## Key points (generated from figures)

- Cacco brought in ¥819.4M in revenue.
- It lost about ¥16 for every ¥100 of sales at the operating level.
- Revenue changed +11.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥819.4M |  |
| Operating income | -¥133.4M | Margin -16.3% |
| Net income | -¥137.7M | Margin -16.8% |
| Free cash flow | -¥76.7M |  |
| Employees (consolidated) | 36 |  |
| EPS | ¥-50.45 |  |
| Book value per share | ¥257.08 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 2,732,655 |  |
| Shareholders | 2,189 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 76.1% | Cash ÷ revenue 93.0% |
| Vs. industry median margin | -28.7 pp | Software & SaaS |
| ROA | -13.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 76% of total assets
- FY2025, operating loss is 16 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥831354000 | ¥819443000 | -1.4% |
| Operating income | ¥138120000 | ¥-133365000 | -196.6% |
| Operating margin | 16.6% | -16.3% | -32.9 pp |
| Employees | 25 people | 36 people | +44.0% |
| Cash and equivalents | ¥1293177000 | ¥762439000 | -41.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 819 | 100.0% | S100XTRE |
| Cost of revenue | 247 | 30.2% | S100XTRE |
| Gross profit | 572 | 69.8% | S100XTRE |
| SG&A | 705 | 86.1% | S100XTRE |
| Operating income | -133 | -16.3% | S100XTRE |
| Ordinary income | -137 | -16.7% | S100XTRE |
| Pretax income | -137 | -16.7% | S100XTRE |
| Income tax | 1 | 0.1% | S100XTRE |
| Net income | -138 | -16.8% | S100XTRE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 86 |
| Operating income | -16 |
| (Ref.) Net income | -17 |

### Margin funnel

Gross margin 69.8% → Operating margin -16.3% → Net margin -16.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 734 | 819 | 85 | +11.6% |
| Gross profit | 445 | 572 | 127 | +28.5% |
| Operating income | -245 | -133 | 111 | — |
| Operating cash flow | -199 | -74 | 125 | — |
| Free cash flow | -201 | -77 | 124 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 746 | 99 | 13.3% | 114 | 74 | -38 | S100L27C |
| FY ending Dec 2020 | 831 | 138 | 16.6% | 130 | 167 | -4 | S100P0X5 |
| FY ending Dec 2021 | 951 | 179 | 18.8% | 120 | 150 | 22 | S100QID4 |
| FY ending Dec 2022 | 1,077 | 177 | 16.4% | 100 | 250 | 212 | S100T6VA |
| FY ending Dec 2023 | 953 | -108 | -11.3% | -321 | -49 | -106 | S100VHXI |
| FY ending Dec 2024 | 734 | -245 | -33.3% | -255 | -199 | -201 | S100XTRE |
| FY ending Dec 2025 | 819 | -133 | -16.3% | -138 | -74 | -77 | S100XTRE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.8M |
| Operating income per employee (consolidated) | -¥3.7M |
| Net income per employee (consolidated) | -¥3.8M |

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) | 25 | 30 | 39 | 35 | 36 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.8M | ¥7M |
| Average age (parent company) | 34.6 years | 34.1 years | 35.0 years | 35.8 years | 36.9 years |
| Average tenure (parent company) | 4.4 years | 4.0 years | 4.3 years | 5.2 years | 6.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +11.6%

## 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 | -74 | -9.0% | S100XTRE |
| Capital expenditure | 3 | 0.3% | S100XTRE |
| Free cash flow | -77 | -9.4% | 算出 |
| Investing cash flow | -3 | -0.3% | S100XTRE |
| Financing cash flow | 105 | 12.8% | S100XTRE |
| Change in cash | 28 | 3.4% | S100XTRE |
| Cash and equivalents | 762 | 93.0% | S100XTRE |

## 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 | 801 | 962 | 941 | 735 | 762 | S100T6VA, S100VHXI, S100XTRE |
| Total assets | 1,417 | 1,534 | 1,287 | 1,025 | 1,002 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Net assets | 1,273 | 1,373 | 1,073 | 832 | 703 | S100T6VA, S100VHXI, S100XTRE |
| Share capital | 365 | 366 | 376 | 384 | 13 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Property, plant and equipment | 11 | 11 | 4 | 3 | 4 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Intangible assets excluding goodwill | 390 | 356 | 103 | 68 | 33 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Investment securities | 29 | 59 | 76 | 67 | 64 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Current assets | 945 | 1,094 | 1,078 | 863 | 876 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Current liabilities | 142 | 161 | 131 | 125 | 221 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Long-term borrowings | 2 | — | 82 | 68 | 78 | S100QID4, S100VHXI, S100XTRE |
| Total liabilities | 144 | 161 | 214 | 193 | 300 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Equity attributable to owners of parent | 1,270 | 1,372 | 1,073 | 834 | 702 | S100QID4, S100T6VA, S100VHXI, S100XTRE |
| Retained earnings | 365 | 465 | 144 | -111 | -138 | S100QID4, S100T6VA, S100VHXI, S100XTRE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100XTRE |
| Property, plant and equipment | 0% | S100XTRE |
| Intangibles and goodwill | 3% | S100XTRE |
| Investment securities | 7% | S100XTRE |
| Other assets | 14% | S100XTRE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XTRE |
| Equity | 70% | S100XTRE |

### 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 | 1,417 | 1,534 | 1,287 | 1,025 | 1,002 |
| Equity | 1,273 | 1,373 | 1,073 | 832 | 703 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 801 | 962 | 941 | 735 | 762 |

## 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) | 0.5% | S100XTRE |
| Fixed assets ÷ total assets | 0.4% | S100XTRE |
| Goodwill ÷ parent equity | — | —, S100XTRE |

### 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) | 76.1% |
| Cash ÷ revenue | 93.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 64 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 | 12.6% | 0.67× | 8.5% | 1.12× | 9.5% | S100QID4 |
| 2022 | 9.3% | 0.73× | 6.8% | 1.12× | 7.6% | S100T6VA |
| 2023 | — | —× | -22.7% | —× | — | S100VHXI |
| 2024 | — | —× | -22.1% | —× | — | S100XTRE |
| 2025 | — | —× | -13.6% | —× | — | S100XTRE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Symbolキャピタル合同会社 | Major shareholder | 17.0% | 2025-12-31 |
| 岩井 裕之 | Major shareholder | 15.9% | 2025-12-31 |
| 中沢 雄太 | Major shareholder | 8.1% | 2025-12-31 |
| 亀山 誠 | Major shareholder | 7.6% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 山本 裕治 | Major shareholder | 1.9% | 2025-12-31 |
| 田邉 友祐 | Major shareholder | 1.9% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 中山 勝史 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/01/01－2025/12/31) | S100XTRE | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTRE,, |
| 有価証券報告書－第14期(2024/01/01－2024/12/31) | S100VHXI | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHXI,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T6VA | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6VA,, |
| 有価証券報告書－第12期(2022/01/01－2022/12/31) | S100QID4 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QID4,, |
| 訂正有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100P0X5 | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P0X5,, |
| 有価証券報告書－第10期(令和2年1月1日－令和2年12月31日) | S100L27C | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L27C,, |

## 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).