# Caster Co. Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/09/01－2025/08/31) (S100X1KO)
> Page: https://vizora.meequs.com/en/company/caster
> Retrieved: 2026-09-30T20:30:39.359Z

## Company

Caster, founded in 2014, is a company in Business Process Outsourcing listed on TSE Growth. It has 458 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Caster Co.Ltd. |
| Ticker | 9331 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9331.T) |
| Listing | TSE Growth |
| Head office | 宮崎県西都市鹿野田11365番地1 |
| Representative (per filing) | 代表取締役 中川 祥太 |
| Founded | Sep 2014 |
| Share capital | ¥190.6M |
| Employees (consolidated) | 458 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | August |
| Website | caster.co.jp (https://caster.co.jp/) |
| Corporate number | 7020001107769 |
| EDINET | E38651 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100X1KO, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.4 | 21 |
| Efficiency | 73.8 | 21 |

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)

- Caster brought in ¥4.59B in revenue.
- It lost about ¥8 for every ¥100 of sales at the operating level.
- Revenue changed +3.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.59B |  |
| Operating income | -¥383M | Margin -8.3% |
| Net income | -¥393.3M | Margin -8.6% |
| Free cash flow | -¥381.9M |  |
| Largest business | BPaaS | of segment revenue 100.0% |
| Employees (consolidated) | 458 |  |
| EPS | ¥-173.39 |  |
| Book value per share | ¥393.85 |  |
| Equity ratio | 37.9% |  |
| Shares outstanding | 1,960,460 |  |
| Shareholders | 679 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 63.2% | Cash ÷ revenue 25.8% |
| Vs. industry median margin | -12.3 pp | Business Process Outsourcing |
| ROA | -18.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 63% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2022 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3338001000 | ¥4588129000 | — |
| Operating income | ¥-162762000 | ¥-382982000 | — |
| Operating margin | -4.9% | -8.3% | -3.5 pp |
| Employees | 286 people | 458 people | — |
| Cash and equivalents | ¥1762314000 | ¥1184046000 | — |

### Change in segment revenue mix

Span: FY ending Aug 2022 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| WaaS事業 → 事業再編・廃止 | 100.0% |
| 新設・再編 → BPaaS事業 | 100.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,588 | 100.0% | S100X1KO |
| Cost of revenue | 2,908 | 63.4% | S100X1KO |
| Gross profit | 1,681 | 36.6% | S100X1KO |
| SG&A | 2,063 | 45.0% | S100X1KO |
| Operating income | -383 | -8.3% | S100X1KO |
| Ordinary income | -386 | -8.4% | S100X1KO |
| Pretax income | -388 | -8.5% | S100X1KO |
| Income tax | 5 | 0.1% | S100X1KO |
| Net income | -393 | -8.6% | S100X1KO |
| Net income attributable to owners | -393 | -8.6% | S100X1KO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 45 |
| Operating income | -8 |
| (Ref.) Net income | -9 |

### Margin funnel

Gross margin 36.6% → Operating margin -8.3% → Net margin -8.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,440 | 4,588 | 148 | +3.3% |
| Gross profit | 1,777 | 1,681 | -96 | -5.4% |
| Operating income | -151 | -383 | -232 | — |
| Net income attributable to owners | -218 | -393 | -175 | — |
| Operating cash flow | -154 | -372 | -218 | — |
| Free cash flow | -164 | -382 | -218 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2022 | 3,338 | -163 | -4.9% | -145 | -128 | -128 | S100SD99 |
| FY ending Aug 2023 | 4,179 | 3 | 0.1% | 29 | -32 | -40 | S100SD99 |
| FY ending Aug 2024 | 4,440 | -151 | -3.4% | -218 | -154 | -164 | S100X1KO |
| FY ending Aug 2025 | 4,588 | -383 | -8.3% | -393 | -372 | -382 | S100X1KO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10M |
| Operating income per employee (consolidated) | -¥836.2K |
| Net income per employee (consolidated) | -¥858.6K |

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

| History | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 286 | 357 | 398 | 458 |
| Average salary (parent company) | — | ¥4M | ¥4M | ¥4M |
| Average age (parent company) | — | 37.6 years | 38.2 years | 38.4 years |
| Average tenure (parent company) | — | 3.5 years | 4.0 years | 3.9 years |

Year over year: Employees (consolidated) +15.1% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BPaaS | 3,571 | 100.0% | 628 | 17.6% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -372 | -8.1% | S100X1KO |
| Capital expenditure | 10 | 0.2% | S100X1KO |
| Free cash flow | -382 | -8.3% | 算出 |
| Investing cash flow | 18 | 0.4% | S100X1KO |
| Financing cash flow | -69 | -1.5% | S100X1KO |
| Share buyback | 0 | 0.0% | S100X1KO |
| Change in cash | -423 | -9.2% | S100X1KO |
| Cash and equivalents | 1,184 | 25.8% | S100X1KO |

## 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 Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,762 | 1,486 | 1,607 | 1,184 | S100SD99, S100X1KO |
| Total assets | 2,089 | 1,874 | 2,455 | 1,872 | S100SD99, S100X1KO |
| Net assets | 1,010 | 1,039 | 1,103 | 710 | S100SD99, S100X1KO |
| Share capital | 50 | 50 | 191 | 191 | S100SD99, S100X1KO |
| Property, plant and equipment | 1 | 11 | 18 | 15 | S100SD99, S100X1KO |
| Intangible assets excluding goodwill | 4 | 3 | 379 | 327 | S100SD99, S100X1KO |
| Goodwill | 4 | 3 | 369 | 315 | S100SD99, S100X1KO |
| Current assets | 2,063 | 1,822 | 2,056 | 1,526 | S100SD99, S100X1KO |
| Current liabilities | 957 | 831 | 1,183 | 1,031 | S100SD99, S100X1KO |
| Short-term borrowings | 30 | 30 | 330 | 300 | S100SD99, S100X1KO |
| Long-term borrowings | 122 | — | 158 | 120 | S100SD99, S100X1KO |
| Total liabilities | 1,079 | 835 | 1,352 | 1,162 | S100SD99, S100X1KO |
| Equity attributable to owners of parent | 1,010 | 1,039 | 1,103 | 709 | S100SD99, S100X1KO |
| Retained earnings | -480 | -451 | -669 | -1,062 | S100SD99, S100X1KO |
| Treasury stock | — | — | — | -0 | S100X1KO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 63% | S100X1KO |
| Property, plant and equipment | 1% | S100X1KO |
| Intangibles and goodwill | 34% | S100X1KO |
| Other assets | 2% | S100X1KO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100X1KO |
| Equity | 38% | S100X1KO |

### Balance sheet history

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,089 | 1,874 | 2,455 | 1,872 |
| Equity | 1,010 | 1,039 | 1,103 | 710 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,762 | 1,486 | 1,607 | 1,184 |

## 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) | 0.3% | S100X1KO |
| Fixed assets ÷ total assets | 0.8% | S100X1KO |
| Goodwill ÷ parent equity | 44.4% | S100X1KO |

### 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) | 63.2% |
| Cash ÷ revenue | 25.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 21 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -6.9% | —× | — | S100SD99 |
| 2023 | 0.7% | 2.11× | 1.5% | 1.93× | 2.9% | S100SD99 |
| 2024 | — | —× | -8.9% | —× | — | S100X1KO |
| 2025 | — | —× | -18.2% | —× | — | S100X1KO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マネーフォワード | Major shareholder | 20.3% | 2025-08-31 |
| 株式会社ブルーマンデイ | Major shareholder | 17.3% | 2025-08-31 |
| インキュベイトファンド２号投資事業有限責任組合 | Major shareholder | 9.9% | 2025-08-31 |
| 株式会社Wiz | Major shareholder | 5.8% | 2025-08-31 |
| WiL Fund Ⅱ, L.P.（常任代理人 大和証券株式会社） | Major shareholder | 5.7% | 2025-08-31 |
| 中川 祥太 | Major shareholder | 3.1% | 2025-08-31 |
| IF Growth Opportunity FundI,L.P.（常任代理人 SMBC日興証券株式会社） | Major shareholder | 2.9% | 2025-08-31 |
| グリーンコインベスト投資事業有限責任組合 | Major shareholder | 2.9% | 2025-08-31 |
| STRIVE Ⅲ投資事業有限責任組合 | Major shareholder | 2.5% | 2025-08-31 |
| 合同会社Gunosy Capital | Major shareholder | 2.1% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/09/01－2025/08/31) | S100X1KO | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X1KO,, |
| 有価証券報告書－第10期(2023/09/01－2024/08/31) | S100USR6 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USR6,, |
| 有価証券報告書－第9期(2022/09/01－2023/08/31) | S100SD99 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD99,, |

## 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).