# Caulis 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11期(2025/01/01－2025/12/31) (S100XV0K)
> Page: https://vizora.meequs.com/en/company/caulis
> Retrieved: 2026-09-30T20:24:36.339Z

## Company

Caulis, founded in 2015, is a company in Cybersecurity listed on TSE Growth. It has 53 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Caulis Inc. |
| Ticker | 153A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/153A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区大手町一丁目6番1号 大手町ビル4階 FINOLAB |
| Representative (per filing) | 代表取締役社長 島津 敦好 |
| Founded | Dec 2015 |
| Share capital | ¥383.3M |
| Employees (consolidated) | 53 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | caulis.jp (https://caulis.jp/) |
| Corporate number | 7011101075345 |
| EDINET | E39397 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XV0K, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.5 | 20 |
| Profitability | 84.5 | 29 |
| Cash conversion | 20.4 | 27 |
| Efficiency | 12.1 | 29 |

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)

- Caulis brought in ¥1.4B in revenue.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +14.3% from the prior year, operating profit -1.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1400716000 → ¥276442000
- Net income → operating cash flow: ¥276442000 → ¥208971000（difference ¥-67471000）
- Main uses of operating cash flow: CapEx ¥68625000 / dividends — / buybacks —
- Change in cash: ¥-246031000
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 | ¥1.4B |  |
| Operating income | ¥408.1M | Margin 29.1% |
| Net income | ¥276.4M | Margin 19.7% |
| Free cash flow | ¥140.3M |  |
| Employees (consolidated) | 53 |  |
| EPS | ¥42.9 |  |
| Diluted EPS | ¥41.1 |  |
| Book value per share | ¥253.76 |  |
| Equity ratio | 75.9% |  |
| Shares outstanding | 6,528,000 |  |
| Shareholders | 4,030 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 68.1% | Cash ÷ revenue 106.2% |
| Vs. industry median margin | +14.7 pp | Cybersecurity |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 68% of total assets
- FY2025, operating income keeps 29 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥769468000 | ¥1400716000 | +82.0% |
| Operating income | ¥217830000 | ¥408097000 | +87.3% |
| Operating margin | 28.3% | 29.1% | +0.8 pp |
| Employees | 31 people | 53 people | +71.0% |
| Cash and equivalents | ¥604106000 | ¥1487072000 | +146.2% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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 | 1,401 | 100.0% | S100XV0K |
| Cost of revenue | 583 | 41.7% | S100XV0K |
| Gross profit | 817 | 58.3% | S100XV0K |
| SG&A | 409 | 29.2% | S100XV0K |
| Operating income | 408 | 29.1% | S100XV0K |
| Ordinary income | 410 | 29.3% | S100XV0K |
| Pretax income | 410 | 29.3% | S100XV0K |
| Income tax | 133 | 9.5% | S100XV0K |
| Net income | 276 | 19.7% | S100XV0K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 29 |
| Operating income | 29 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 58.3% → Operating margin 29.1% → Net margin 19.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.3%; Core profit growth: -1.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,225 | 1,401 | 175 | +14.3% |
| Gross profit | 775 | 817 | 42 | +5.5% |
| Operating income | 413 | 408 | -5 | -1.1% |
| Operating cash flow | 266 | 209 | -57 | -21.5% |
| Free cash flow | 266 | 140 | -126 | -47.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 769 | 218 | 28.3% | 250 | 215 | 213 | S100T6WM |
| FY ending Dec 2023 | 995 | 296 | 29.7% | 260 | 307 | 300 | S100VJCX |
| FY ending Dec 2024 | 1,225 | 413 | 33.7% | 276 | 266 | 266 | S100XV0K |
| FY ending Dec 2025 | 1,401 | 408 | 29.1% | 276 | 209 | 140 | S100XV0K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥5.2M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 31 | 43 | 42 | 53 |
| Average salary (parent company) | — | ¥6.8M | ¥6.4M | ¥6.5M |
| Average age (parent company) | — | 37.6 years | 38.8 years | 37.8 years |
| Average tenure (parent company) | — | 2.6 years | 3.0 years | 3.0 years |

Year over year: Employees (consolidated) +26.2% · Revenue (consolidated) +14.3%

## 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 | 209 | 14.9% | S100XV0K |
| Capital expenditure | 69 | 4.9% | S100XV0K |
| Free cash flow | 140 | 10.0% | 算出 |
| Investing cash flow | -374 | -26.7% | S100XV0K |
| Financing cash flow | -81 | -5.8% | S100XV0K |
| Change in cash | -246 | -17.6% | S100XV0K |
| Cash and equivalents | 1,487 | 106.2% | S100XV0K |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 604 | 955 | 1,733 | 1,487 | S100VJCX, S100XV0K |
| Total assets | 718 | 1,179 | 2,024 | 2,182 | S100T6WM, S100VJCX, S100XV0K |
| Net assets | 191 | 452 | 1,316 | 1,657 | S100VJCX, S100XV0K |
| Share capital | 55 | 55 | 349 | 383 | S100T6WM, S100VJCX, S100XV0K |
| Property, plant and equipment | 4 | 5 | 3 | 3 | S100T6WM, S100VJCX, S100XV0K |
| Intangible assets excluding goodwill | — | — | — | 61 | S100XV0K |
| Investment securities | — | — | — | 298 | S100XV0K |
| Current assets | 672 | 1,029 | 1,828 | 1,597 | S100T6WM, S100VJCX, S100XV0K |
| Current liabilities | 277 | 477 | 609 | 526 | S100T6WM, S100VJCX, S100XV0K |
| Short-term borrowings | — | 51 | — | — | S100VJCX |
| Long-term borrowings | 250 | 250 | 100 | — | S100T6WM, S100VJCX, S100XV0K |
| Total liabilities | 527 | 727 | 709 | 526 | S100T6WM, S100VJCX, S100XV0K |
| Equity attributable to owners of parent | 191 | 452 | 1,316 | 1,661 | S100T6WM, S100VJCX, S100XV0K |
| Retained earnings | 136 | 397 | 673 | 949 | S100T6WM, S100VJCX, S100XV0K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XV0K |
| Property, plant and equipment | 0% | S100XV0K |
| Intangibles and goodwill | 3% | S100XV0K |
| Investment securities | 14% | S100XV0K |
| Other assets | 15% | S100XV0K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XV0K |
| Equity | 76% | S100XV0K |
| Other liabilities | 0% | S100XV0K |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 718 | 1,179 | 2,024 | 2,182 |
| Equity | 191 | 452 | 1,316 | 1,657 |
| Interest-bearing debt | — | — | — | — |
| Cash | 604 | 955 | 1,733 | 1,487 |

## 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) | 0.2% | S100XV0K |
| Fixed assets ÷ total assets | 0.2% | S100XV0K |
| Goodwill ÷ parent equity | — | —, S100XV0K |

### 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) | 68.1% |
| Cash ÷ revenue | 106.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.2% |
| Cash vs. profit gap | -67 JPY mn (of net income -24.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 178.9% |

## 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 | 32.5% | 1.07× | 34.8% | 3.76× | 130.7% | S100T6WM |
| 2023 | 26.2% | 1.05× | 27.5% | 2.95× | 81.0% | S100VJCX |
| 2024 | 22.5% | 0.77× | 17.3% | 1.81× | 31.3% | S100XV0K |
| 2025 | 19.7% | 0.67× | 13.1% | 1.41× | 18.6% | S100XV0K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社rhizome | Major shareholder | 46.2% | 2025-12-31 |
| 島津敦好 | Major shareholder | 6.9% | 2025-12-31 |
| GMOインターネットグループ株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 造田洋典 | Major shareholder | 3.1% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.9% | 2025-12-31 |
| CITICORP TRUSTEE (SINGAPORE) LIMITED PHILLIP GROBAL RISING YIELD INNOVATORS FUND （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.3% | 2025-12-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-12-31 |
| 大久保久幸 | Major shareholder | 1.8% | 2025-12-31 |
| 関西電力送配電株式会社 | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/01/01－2025/12/31) | S100XV0K | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV0K,, |
| 有価証券報告書－第10期(2024/01/01－2024/12/31) | S100VJCX | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJCX,, |
| 有価証券報告書－第9期(2023/01/01－2023/12/31) | S100T6WM | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6WM,, |

## 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).