# CaSy: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/12/01－2025/11/30) (S100XMVS)
> Page: https://vizora.meequs.com/en/company/casy
> Retrieved: 2026-09-30T19:41:57.695Z

## Company

CaSy, founded in 2014, is a company in Home & Lifestyle Services listed on TSE Growth. It has 74 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CaSy Co.,Ltd. |
| Ticker | 9215 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9215.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区上大崎三丁目5番11号 |
| Representative (per filing) | 代表取締役CEO兼CFO 加茂 雄一 |
| Founded | Jan 2014 |
| Share capital | ¥50M |
| Employees (consolidated) | 74 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | November |
| Website | corp.casy.co.jp (https://corp.casy.co.jp/) |
| Corporate number | 6010001158418 |
| EDINET | E37432 |
| Industries (Vizora) | Home & Lifestyle Services |

> Profile source: annual securities report (S100XMVS, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 35 | 10 |
| Cash conversion | 45 | 10 |
| Efficiency | 85 | 10 |

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)

- CaSy brought in ¥1.92B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +554.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.92B |  |
| Operating income | ¥51M | Margin 2.7% |
| Net income | ¥46.9M | Margin 2.4% |
| Free cash flow | — |  |
| Employees (consolidated) | 74 |  |
| EPS | ¥25.32 |  |
| Diluted EPS | ¥25.12 |  |
| Book value per share | ¥146.2 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 1,892,000 |  |
| Treasury shares | 19,100 |  |
| Shareholders | 2,884 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 49.9% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | -1.7 pp | Home & Lifestyle Services |
| ROE | 17.1% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 50% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥965356000 | ¥1922120000 | — |
| Operating income | ¥-120165000 | ¥50980000 | — |
| Operating margin | -12.4% | 2.7% | +15.1 pp |
| Employees | 26 people | 74 people | — |
| Cash and equivalents | ¥169183000 | ¥351201000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,922 | 100.0% | S100XMVS |
| Cost of revenue | 1,201 | 62.5% | S100XMVS |
| Gross profit | 721 | 37.5% | S100XMVS |
| SG&A | 670 | 34.8% | S100XMVS |
| Operating income | 51 | 2.7% | S100XMVS |
| Ordinary income | 60 | 3.1% | S100XMVS |
| Pretax income | 51 | 2.7% | S100XMVS |
| Income tax | 4 | 0.2% | S100XMVS |
| Net income | 47 | 2.4% | S100XMVS |
| Net income attributable to owners | 47 | 2.4% | S100XMVS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 35 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 37.5% → Operating margin 2.7% → Net margin 2.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,761 | 1,922 | 161 | +9.1% |
| Gross profit | 674 | 721 | 47 | +7.0% |
| Operating income | 8 | 51 | 43 | +554.3% |
| Operating cash flow | 27 | 46 | 18 | +66.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2020 | 965 | -120 | -12.4% | -120 | -54 | — | S100NKVV |
| FY ending Nov 2021 | 1,165 | -1 | -0.1% | 3 | 6 | — | S100QBAG |
| FY ending Nov 2022 | 1,335 | 34 | 2.5% | 10 | 36 | — | S100SZDA |
| FY ending Nov 2023 | 1,548 | 23 | 1.5% | 21 | 30 | 22 | S100VBPF |
| FY ending Nov 2024 | 1,761 | 8 | 0.4% | 6 | 27 | — | S100VBPF |
| FY ending Nov 2025 | 1,922 | 51 | 2.7% | 47 | 46 | — | S100XMVS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥688.9K |
| Net income per employee (consolidated) | ¥634.2K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 23 | 21 | 26 | 34 | 74 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5.8M | ¥5.8M | ¥4.1M |
| Average age (parent company) | 36.1 years | 37.8 years | 38.0 years | 38.6 years | 44.5 years |
| Average tenure (parent company) | 2.1 years | 2.0 years | 1.6 years | 2.5 years | 2.2 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 46 | 2.4% | S100XMVS |
| Investing cash flow | -99 | -5.1% | S100XMVS |
| Financing cash flow | 80 | 4.2% | S100XMVS |
| Share buyback | 19 | 1.0% | S100XMVS |
| Change in cash | 27 | 1.4% | S100XMVS |
| Cash and equivalents | 351 | 18.3% | S100XMVS |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 170 | 328 | 349 | 324 | 351 | S100SZDA, S100VBPF, S100XMVS |
| Total assets | 270 | 443 | 487 | 539 | 704 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Net assets | 52 | 219 | 240 | 245 | 274 | S100SZDA, S100VBPF, S100XMVS |
| Share capital | 81 | 158 | 50 | 50 | 50 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Property, plant and equipment | 8 | 5 | 3 | 0 | 0 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Intangible assets excluding goodwill | 7 | 25 | 30 | 40 | 140 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Goodwill | — | — | — | — | 81 | S100XMVS |
| Investment securities | — | — | — | 46 | 41 | S100VBPF, S100XMVS |
| Current assets | 232 | 401 | 443 | 442 | 509 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Current liabilities | 148 | 154 | 177 | 265 | 275 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Short-term borrowings | — | — | — | 11 | 8 | S100VBPF, S100XMVS |
| Long-term borrowings | 70 | 70 | 70 | 29 | 155 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Total liabilities | 218 | 224 | 247 | 293 | 429 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Equity attributable to owners of parent | 52 | 219 | 240 | 245 | 274 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Retained earnings | -399 | -388 | -367 | -361 | -314 | S100QBAG, S100SZDA, S100VBPF, S100XMVS |
| Treasury stock | — | — | — | — | -18 | S100XMVS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XMVS |
| Property, plant and equipment | 0% | S100XMVS |
| Intangibles and goodwill | 31% | S100XMVS |
| Investment securities | 6% | S100XMVS |
| Other assets | 13% | S100XMVS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100XMVS |
| Equity | 39% | S100XMVS |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 270 | 443 | 487 | 539 | 704 |
| Equity | 52 | 219 | 240 | 245 | 274 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 170 | 328 | 349 | 324 | 351 |

## 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) | 0.0% | S100XMVS |
| Fixed assets ÷ total assets | 0.0% | S100XMVS |
| Goodwill ÷ parent equity | 29.4% | S100XMVS |

### 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) | 49.9% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.7% |
| Cash vs. profit gap | -1 JPY mn (of net income -2.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 216.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.3% | 4.31× | 1.1% | 5.16× | 5.9% | S100QBAG |
| 2022 | 0.7% | 3.74× | 2.7% | 2.63× | 7.2% | S100SZDA |
| 2023 | 1.4% | 3.33× | 4.5% | 2.03× | 9.2% | S100VBPF |
| 2024 | 0.3% | 3.43× | 1.1% | 2.11× | 2.3% | S100VBPF |
| 2025 | 2.4% | 2.73× | 6.7% | 2.56× | 17.1% | S100XMVS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ワタキューセイモア株式会社 | Major shareholder | 19.2% | 2025-11-30 |
| 加茂 雄一 | Major shareholder | 16.3% | 2025-11-30 |
| 池田 裕樹 | Major shareholder | 13.7% | 2025-11-30 |
| 胡桃沢 精一 | Major shareholder | 5.8% | 2025-11-30 |
| 株式会社I.K.D | Major shareholder | 3.8% | 2025-11-30 |
| イーストベンチャーズ投資事業有限責任組合 | Major shareholder | 3.5% | 2025-11-30 |
| 中村 剛 | Major shareholder | 2.9% | 2025-11-30 |
| 株式会社CARTA VENTURES | Major shareholder | 2.7% | 2025-11-30 |
| BEENEXT1 PTE. LTD. （常任代理人 apis株式会社） | Major shareholder | 1.8% | 2025-11-30 |
| 株式会社マイナビ | Major shareholder | 1.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/12/01－2025/11/30) | S100XMVS | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMVS,, |
| 有価証券報告書－第11期(2023/12/01－2024/11/30) | S100VBPF | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBPF,, |
| 有価証券報告書－第10期(2022/12/01－2023/11/30) | S100SZDA | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZDA,, |
| 有価証券報告書－第9期(2021/12/01－2022/11/30) | S100QBAG | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QBAG,, |
| 有価証券報告書－第8期(令和2年12月1日－令和3年11月30日) | S100NKVV | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKVV,, |

## 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).