# CAICA DIGITAL Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/11/01－2025/10/31) (S100XHQT)
> Page: https://vizora.meequs.com/en/company/caica-digital
> Retrieved: 2026-09-30T20:25:47.981Z

## Company

Caica Digital, founded in 1989, is a company in IT Services & System Integration listed on TSE Standard. It has 356 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAICA DIGITAL Inc. |
| Ticker | 2315 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2315.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山五丁目11番9号 |
| Representative (per filing) | 代表取締役社長 鈴木 伸 |
| Founded | Jul 1989 |
| Share capital | ¥50M |
| Employees (consolidated) | 356 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | October |
| Website | www.caica.jp (https://www.caica.jp/) |
| Corporate number | 7010701017566 |
| EDINET | E05331 |
| Industries (Vizora) | IT Services & System Integration, Crypto & Blockchain |

> Profile source: annual securities report (S100XHQT, filed 2026-01-29). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.1 | 157 |
| Profitability | 7.9 | 196 |
| Cash conversion | 34.9 | 185 |
| Efficiency | 66.6 | 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)

- About 100% of Caica Digital's sales come from IT Services Business, with Financial service business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -7.3% from the prior year, operating profit -38.4%.

## Company structure

- Segment revenue mix: IT Services Business 100.0%、Financial service business 0.0%
- Revenue → net income: ¥5195531000 → ¥166794000
- Net income → operating cash flow: ¥166794000 → ¥51921000（difference ¥-114873000）
- Main uses of operating cash flow: CapEx ¥210000 / dividends — / buybacks ¥1244000
- Change in cash: ¥-94524000
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 | ¥5.2B |  |
| Operating income | ¥70.9M | Margin 1.4% |
| Net income | ¥166.8M | Margin 3.2% |
| Free cash flow | ¥51.7M |  |
| Largest business | IT Services Business | of segment revenue 100.0% |
| Employees (consolidated) | 356 |  |
| EPS | ¥0.38 |  |
| Book value per share | ¥19.62 |  |
| Equity ratio | 84.2% |  |
| Shares outstanding | 151,406,794 |  |
| Treasury shares | 154,400 |  |
| Shareholders | 39,714 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | -7.6 pp | IT Services & System Integration |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6003323000 | ¥5195531000 | -13.5% |
| Operating income | ¥-679903000 | ¥70949000 | — |
| Operating margin | -11.3% | 1.4% | +12.7 pp |
| Employees | 428 people | 356 people | -16.8% |
| Cash and equivalents | ¥4960433000 | ¥639565000 | -87.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ITサービス事業 → ITサービス事業 | 45.1% |
| 情報サービス事業 → 事業再編・廃止 | 42.1% |
| 金融サービス事業 → 金融サービス事業 | 0.0% |
| 金融サービス事業 → 事業再編・廃止 | 1.1% |
| 暗号資産関連事業 → 事業再編・廃止 | 2.8% |
| 金融商品取引事業 → 事業再編・廃止 | 1.4% |
| HRテクノロジー事業 → 事業再編・廃止 | 7.5% |
| 新設・再編 → ITサービス事業 | 54.9% |

Segment revenue source references: 8 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,196 | 100.0% | S100XHQT |
| Cost of revenue | 4,307 | 82.9% | S100XHQT |
| Gross profit | 888 | 17.1% | S100XHQT |
| SG&A | 817 | 15.7% | S100XHQT |
| Operating income | 71 | 1.4% | S100XHQT |
| Ordinary income | 76 | 1.5% | S100XHQT |
| Pretax income | 180 | 3.5% | S100XHQT |
| Income tax | 13 | 0.3% | S100XHQT |
| Net income | 167 | 3.2% | S100XHQT |
| Net income attributable to owners | 167 | 3.2% | S100XHQT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.1% → Operating margin 1.4% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.3%; Core profit growth: -38.4%
Operating leverage (core profit growth ÷ revenue growth): 5.24×
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 | 5,607 | 5,196 | -411 | -7.3% |
| Gross profit | 885 | 888 | 3 | +0.4% |
| Operating income | 115 | 71 | -44 | -38.4% |
| Net income attributable to owners | 31 | 167 | 136 | +444.4% |
| Operating cash flow | 283 | 52 | -231 | -81.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 7,601 | -616 | -8.1% | -1,753 | -233 | -892 | S100KKUN |
| FY ending Oct 2020 | 6,003 | -680 | -11.3% | -558 | -591 | -696 | S100N9TH |
| FY ending Oct 2021 | 5,947 | -916 | -15.4% | -800 | -2,069 | -2,233 | S100Q0MX |
| FY ending Oct 2022 | 6,443 | -1,389 | -21.6% | -6,245 | -1,144 | -1,436 | S100SOJG |
| FY ending Oct 2023 | 5,680 | -2,654 | -46.7% | -4,280 | -1,750 | -1,767 | S100VWBS |
| FY ending Oct 2024 | 5,607 | 115 | 2.1% | 31 | 283 | — | S100XHQT |
| FY ending Oct 2025 | 5,196 | 71 | 1.4% | 167 | 52 | 52 | S100XHQT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.6M |
| Operating income per employee (consolidated) | ¥199.3K |
| Net income per employee (consolidated) | ¥468.5K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 492 | 459 | 398 | 349 | 356 |
| Average salary (parent company) | ¥5.2M | ¥6M | ¥5.9M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 44.9 years | 44.8 years | 45.8 years | 48.3 years | 51.4 years |
| Average tenure (parent company) | 9.4 years | 10.6 years | 11.2 years | 14.0 years | 15.4 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IT Services Business | 5,194 | 100.0% | 610 | 11.7% |
| Financial service business | 1 | 0.0% | -118 | -9166.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IT Services Business | 100.0% | 100.0% | 0.0 | 11.7% |
| Financial service business | 0.0% | — | — | -9166.4% |

Loss-making segment (excluded from profit shares): Financial service business -118 JPY mn

Segment → industry: IT Services Business → IT Services & System Integration / Financial service business → Crypto & Blockchain

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 52 | 1.0% | S100XHQT |
| Capital expenditure | 0 | 0.0% | S100XHQT |
| Free cash flow | 52 | 1.0% | 算出 |
| Investing cash flow | 25 | 0.5% | S100XHQT |
| Financing cash flow | -171 | -3.3% | S100XHQT |
| Share buyback | 1 | 0.0% | S100XHQT |
| Change in cash | -95 | -1.8% | S100XHQT |
| Cash and equivalents | 640 | 12.3% | S100XHQT |

## 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 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,249 | 2,672 | 1,049 | 699 | 640 | S100SOJG, S100VWBS, S100XHQT |
| Total assets | 107,218 | 59,033 | 2,569 | 2,425 | 4,287 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Net assets | 11,397 | 5,153 | 1,796 | 1,659 | 3,611 | S100SOJG, S100VWBS, S100XHQT |
| Share capital | 998 | 50 | 654 | 50 | 50 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Trade receivables | 670 | — | — | — | — | S100Q0MX |
| Property, plant and equipment | 159 | 55 | 50 | 46 | 69 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Intangible assets excluding goodwill | 5,607 | 12 | 7 | 2 | 1 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Goodwill | 5,457 | — | — | — | — | S100Q0MX |
| Investment securities | 560 | 525 | 149 | 621 | 1,146 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Current assets | 100,758 | 58,223 | 2,255 | 1,647 | 2,975 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Current liabilities | 95,230 | 53,614 | 752 | 737 | 640 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Trade payables | 207 | 265 | 251 | — | — | S100Q0MX, S100SOJG |
| Short-term borrowings | — | — | — | 170 | — | S100XHQT |
| Long-term borrowings | 360 | 180 | — | — | — | S100Q0MX, S100SOJG |
| Bonds | 210 | 70 | — | — | — | S100Q0MX, S100SOJG |
| Total liabilities | 95,822 | 53,880 | 773 | 766 | 676 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Non-controlling interests | 322 | 262 | 6 | — | 1 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Equity attributable to owners of parent | 10,989 | 4,848 | 1,779 | 1,808 | 3,429 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Retained earnings | -4,113 | -7,244 | -11,524 | 1,864 | 2,031 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |
| Treasury stock | -99 | -104 | -105 | -106 | -107 | S100Q0MX, S100SOJG, S100VWBS, S100XHQT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XHQT |
| Property, plant and equipment | 1% | S100XHQT |
| Intangibles and goodwill | 0% | S100XHQT |
| Investment securities | 27% | S100XHQT |
| Other assets | 57% | S100XHQT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XHQT |
| Equity | 84% | S100XHQT |
| Other liabilities | 0% | S100XHQT |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 107,218 | 59,033 | 2,569 | 2,425 | 4,287 |
| Equity | 11,397 | 5,153 | 1,796 | 1,659 | 3,611 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,249 | 2,672 | 1,049 | 699 | 640 |

## 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) | 1.3% | S100XHQT |
| Fixed assets ÷ total assets | 1.6% | S100XHQT |
| Goodwill ÷ parent equity | — | —, S100XHQT |

### 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) | 14.9% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.2% |
| Cash vs. profit gap | -115 JPY mn (of net income -68.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 47.2% |

## 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 | — | —× | -0.7% | —× | — | S100Q0MX |
| 2022 | — | —× | -7.5% | —× | — | S100SOJG |
| 2023 | — | —× | -13.9% | —× | — | S100VWBS |
| 2024 | 0.5% | 2.25× | 1.2% | 1.39× | 1.7% | S100XHQT |
| 2025 | 3.2% | 1.55× | 5.0% | 1.28× | 6.4% | S100XHQT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フィスコ | Major shareholder | 13.4% | 2025-10-31 |
| 株式会社ネクスグループ | Major shareholder | 10.3% | 2025-10-31 |
| 株式会社実業之日本デジタル | Major shareholder | 4.4% | 2025-10-31 |
| 日本証券金融株式会社 | Major shareholder | 1.3% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2025-10-31 |
| 小柳 直太郎 | Major shareholder | 0.5% | 2025-10-31 |
| 田辺 徹雄 | Major shareholder | 0.3% | 2025-10-31 |
| 鈴木 繁 | Major shareholder | 0.3% | 2025-10-31 |
| 村松 茂樹 | Major shareholder | 0.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/11/01－2025/10/31) | S100XHQT | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHQT,, |
| 訂正有価証券報告書－第36期(2023/11/01－2024/10/31) | S100VWBS | 2025-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWBS,, |
| 有価証券報告書－第35期(2022/11/01－2023/10/31) | S100SOJG | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOJG,, |
| 有価証券報告書－第34期(2021/11/01－2022/10/31) | S100Q0MX | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0MX,, |
| 有価証券報告書－第33期(令和2年11月1日－令和3年10月31日) | S100N9TH | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9TH,, |
| 有価証券報告書－第32期(令和1年11月1日－令和2年10月31日) | S100KKUN | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKUN,, |

## 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).