# CINC Corp.: 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12期(2024/11/01－2025/10/31) (S100XHNB)
> Page: https://vizora.meequs.com/en/company/cinc
> Retrieved: 2026-09-30T20:58:32.269Z

## Company

Cinc, founded in 2014, is a company in Software & SaaS listed on TSE Growth. It has 114 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CINC Corp. |
| Ticker | 4378 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4378.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門一丁目21番19号 |
| Representative (per filing) | 代表取締役社長 石松 友典 |
| Founded | Apr 2014 |
| Share capital | ¥10M |
| Employees (consolidated) | 114 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | October |
| Website | www.cinc-j.co.jp (https://www.cinc-j.co.jp/) |
| Corporate number | 9011101069568 |
| EDINET | E36989 |
| Industries (Vizora) | Software & SaaS, Consulting, M&A Advisory, Advertising |

> Profile source: annual securities report (S100XHNB, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5.2 | 86 |
| Efficiency | 54.1 | 86 |

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 58% of Cinc's sales come from Analytics business, with Solution making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed -8.1% from the prior year, operating profit -279.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.82B |  |
| Operating income | -¥112.7M | Margin -6.2% |
| Net income | -¥152.6M | Margin -8.4% |
| Free cash flow | -¥175.9M |  |
| Largest business | Analytics business | of segment revenue 58.2% |
| Employees (consolidated) | 114 |  |
| EPS | ¥-48.75 |  |
| Book value per share | ¥369.9 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 3,432,865 |  |
| Treasury shares | 569,400 |  |
| Shareholders | 1,461 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 61.4% | Cash ÷ revenue 46.5% |
| Vs. industry median margin | -15.7 pp | Consulting |
| ROA | -11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 61% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥934358000 | ¥1824903000 | — |
| Operating income | ¥42206000 | ¥-112744000 | — |
| Operating margin | 4.5% | -6.2% | -10.7 pp |
| Employees | 72 people | 114 people | — |
| Cash and equivalents | ¥529109000 | ¥847798000 | — |

### 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 |
| --- | ---: |
| ソリューション事業 → ソリューション事業 | 41.8% |
| ソリューション事業 → 事業再編・廃止 | 8.4% |
| アナリティクス事業 → アナリティクス事業 | 49.8% |
| 新設・再編 → アナリティクス事業 | 8.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,825 | 100.0% | S100XHNB |
| Cost of revenue | 667 | 36.5% | S100XHNB |
| Gross profit | 1,158 | 63.5% | S100XHNB |
| SG&A | 1,271 | 69.6% | S100XHNB |
| Operating income | -113 | -6.2% | S100XHNB |
| Ordinary income | -107 | -5.9% | S100XHNB |
| Pretax income | -109 | -5.9% | S100XHNB |
| Income tax | 44 | 2.4% | S100XHNB |
| Net income | -153 | -8.4% | S100XHNB |
| Net income attributable to owners | -153 | -8.4% | S100XHNB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 70 |
| Operating income | -6 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 63.5% → Operating margin -6.2% → Net margin -8.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,985 | 1,825 | -160 | -8.1% |
| Gross profit | 1,316 | 1,158 | -158 | -12.0% |
| Operating income | 63 | -113 | -176 | -279.0% |
| Operating cash flow | 205 | -141 | -347 | -168.7% |
| Free cash flow | 162 | -176 | -338 | -208.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2020 | 934 | 42 | 4.5% | 11 | 35 | 4 | S100N9XB |
| FY ending Oct 2021 | 1,314 | 202 | 15.4% | 130 | 290 | 245 | S100Q0XD |
| FY ending Oct 2022 | 1,805 | 293 | 16.2% | 201 | 186 | 113 | S100SOM0 |
| FY ending Oct 2023 | 1,945 | 79 | 4.1% | 5 | -17 | -168 | S100V5A6 |
| FY ending Oct 2024 | 1,985 | 63 | 3.2% | 52 | 205 | 162 | S100V5A6 |
| FY ending Oct 2025 | 1,825 | -113 | -6.2% | -153 | -141 | -176 | S100XHNB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16M |
| Operating income per employee (consolidated) | -¥989K |
| Net income per employee (consolidated) | -¥1.3M |

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) | 87 | 129 | 140 | 118 | 114 |
| Average salary (parent company) | ¥5.5M | ¥5.5M | ¥5.5M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 30.3 years | 30.8 years | 31.5 years | 32.7 years | 35.3 years |
| Average tenure (parent company) | 2.3 years | 2.0 years | 2.4 years | 2.9 years | 3.3 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution | 763 | 41.8% | 154 | 20.2% |
| Analytics business | 1,062 | 58.2% | -46 | -4.4% |
| Mager and Aquisition Advisory Business | — | 0.0% | -221 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Solution | 100.0% | 20.2% |
| Analytics business | — | -4.4% |
| Mager and Aquisition Advisory Business | — | — |

Loss-making segment (excluded from profit shares): Analytics business -46 JPY mn

Loss-making segment (excluded from profit shares): Mager and Aquisition Advisory Business -221 JPY mn

Segment → industry: Solution → Software & SaaS / Analytics business → Consulting / Mager and Aquisition Advisory Business → M&A Advisory / Analytics business → Advertising / Solution → Advertising

## 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 | -141 | -7.7% | S100XHNB |
| Capital expenditure | 35 | 1.9% | S100XHNB |
| Free cash flow | -176 | -9.6% | 算出 |
| Investing cash flow | -40 | -2.2% | S100XHNB |
| Financing cash flow | -323 | -17.7% | S100XHNB |
| Share buyback | 307 | 16.8% | S100XHNB |
| Change in cash | -505 | -27.7% | S100XHNB |
| Cash and equivalents | 848 | 46.5% | S100XHNB |

## 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 | 1,604 | 1,524 | 1,278 | 1,352 | 848 | S100SOM0, S100V5A6, S100XHNB |
| Total assets | 1,889 | 2,026 | 1,841 | 1,911 | 1,380 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Net assets | 1,295 | 1,498 | 1,482 | 1,515 | 1,056 | S100SOM0, S100V5A6, S100XHNB |
| Share capital | 475 | 476 | 476 | 10 | 10 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Property, plant and equipment | 14 | 5 | 75 | 70 | 70 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Intangible assets excluding goodwill | 46 | 85 | 84 | 83 | 70 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Current assets | 1,773 | 1,774 | 1,532 | 1,580 | 1,071 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Current liabilities | 437 | 456 | 320 | 369 | 291 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Long-term borrowings | 152 | 72 | 17 | — | — | S100Q0XD, S100SOM0, S100V5A6 |
| Total liabilities | 595 | 528 | 359 | 396 | 324 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Equity attributable to owners of parent | 1,295 | 1,498 | 1,482 | 1,515 | 1,056 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Retained earnings | 355 | 557 | 562 | 614 | 461 | S100Q0XD, S100SOM0, S100V5A6, S100XHNB |
| Treasury stock | — | — | -22 | -44 | -350 | S100V5A6, S100XHNB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100XHNB |
| Property, plant and equipment | 5% | S100XHNB |
| Intangibles and goodwill | 5% | S100XHNB |
| Other assets | 29% | S100XHNB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XHNB |
| Equity | 76% | S100XHNB |

### 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 | 1,889 | 2,026 | 1,841 | 1,911 | 1,380 |
| Equity | 1,295 | 1,498 | 1,482 | 1,515 | 1,056 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,604 | 1,524 | 1,278 | 1,352 | 848 |

## 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) | 3.8% | S100XHNB |
| Fixed assets ÷ total assets | 5.1% | S100XHNB |
| Goodwill ÷ parent equity | — | —, S100XHNB |

### 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) | 61.4% |
| Cash ÷ revenue | 46.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 11 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| 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 | 9.9% | 0.70× | 6.9% | 1.46× | 10.0% | S100Q0XD |
| 2022 | 11.2% | 0.92× | 10.3% | 1.40× | 14.4% | S100SOM0 |
| 2023 | 0.3% | 1.01× | 0.3% | 1.30× | 0.4% | S100V5A6 |
| 2024 | 2.6% | 1.06× | 2.8% | 1.25× | 3.5% | S100V5A6 |
| 2025 | — | —× | -11.1% | —× | — | S100XHNB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石松 友典 | Major shareholder | 31.9% | 2025-10-31 |
| 株式会社CZ | Major shareholder | 28.2% | 2025-10-31 |
| 株式会社Tech Fablic | Major shareholder | 4.9% | 2025-10-31 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2025-10-31 |
| 松田 周 | Major shareholder | 1.7% | 2025-10-31 |
| 櫻木 勝貴 | Major shareholder | 1.6% | 2025-10-31 |
| 渡辺 仁 | Major shareholder | 1.5% | 2025-10-31 |
| 吉川 直樹 | Major shareholder | 1.2% | 2025-10-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2025-10-31 |
| 鈴木 智博 | Major shareholder | 1.0% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/11/01－2025/10/31) | S100XHNB | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHNB,, |
| 有価証券報告書－第11期(2023/11/01－2024/10/31) | S100V5A6 | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5A6,, |
| 有価証券報告書－第10期(2022/11/01－2023/10/31) | S100SOM0 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOM0,, |
| 有価証券報告書－第9期(2021/11/01－2022/10/31) | S100Q0XD | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0XD,, |
| 有価証券報告書－第8期(令和2年11月1日－令和3年10月31日) | S100N9XB | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9XB,, |

## 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).