# circlace Inc: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/04/01－2026/03/31) (S100YHBZ)
> Page: https://vizora.meequs.com/en/company/circlace
> Retrieved: 2026-09-30T18:47:51.660Z

## Company

circlace, founded in 2023, is a company in IT Services & System Integration listed on TSE Growth. It has 370 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | circlace Inc |
| Ticker | 5029 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5029.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋二丁目1番3号 |
| Representative (per filing) | 代表取締役会長兼社長 佐藤 司 |
| Founded | Aug 2023 |
| Share capital | ¥423.7M |
| Employees (consolidated) | 370 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.circlace.com (https://www.circlace.com/) |
| Corporate number | 5010001150061 |
| EDINET | E37603 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YHBZ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.8 | 196 |
| Cash conversion | 4.1 | 185 |
| Efficiency | 97.7 | 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 77% of circlace's sales come from Consulting Business, with AoraNow Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +19.4% from the prior year, operating profit +30.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.54B |  |
| Operating income | ¥266.2M | Margin 5.9% |
| Net income | ¥207.9M | Margin 4.6% |
| Free cash flow | -¥306M |  |
| Largest business | Consulting Business | of segment revenue 77.0% |
| Employees (consolidated) | 370 |  |
| EPS | ¥45.76 |  |
| Diluted EPS | ¥45.27 |  |
| Book value per share | ¥300.63 |  |
| Equity ratio | 68.3% |  |
| Shares outstanding | 4,377,916 |  |
| Shareholders | 1,486 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 11.8% |
| Vs. industry median margin | -3.1 pp | IT Services & System Integration |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 29% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1813213000 | ¥4540497000 | — |
| Operating income | ¥-39355000 | ¥266194000 | — |
| Operating margin | -2.2% | 5.9% | +8 pp |
| Employees | 211 people | 370 people | — |
| Cash and equivalents | ¥240865000 | ¥536910000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → コンサルティング事業 | 77.0% |
| 新設・再編 → アオラナウ事業 | 23.0% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,540 | 100.0% | S100YHBZ |
| Cost of revenue | 2,573 | 56.7% | S100YHBZ |
| Gross profit | 1,968 | 43.3% | S100YHBZ |
| SG&A | 1,702 | 37.5% | S100YHBZ |
| Operating income | 266 | 5.9% | S100YHBZ |
| Ordinary income | 264 | 5.8% | S100YHBZ |
| Pretax income | 259 | 5.7% | S100YHBZ |
| Income tax | 37 | 0.8% | S100YHBZ |
| Net income | 222 | 4.9% | S100YHBZ |
| Net income attributable to owners | 208 | 4.6% | S100YHBZ |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 37 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 43.3% → Operating margin 5.9% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.4%; Core profit growth: +30.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,804 | 4,540 | 736 | +19.4% |
| Gross profit | 1,756 | 1,968 | 212 | +12.0% |
| Operating income | 204 | 266 | 63 | +30.7% |
| Net income attributable to owners | 184 | 208 | 24 | +13.0% |
| Operating cash flow | 220 | -57 | -277 | -125.7% |
| Free cash flow | 205 | -306 | -511 | -249.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 1,813 | -39 | -2.2% | -63 | 24 | 22 | S100OCFF |
| FY ending Mar 2022 | 2,266 | 150 | 6.6% | 176 | 117 | 113 | S100R31F |
| FY ending Mar 2023 | 2,527 | 87 | 3.5% | 11 | -32 | -105 | S100R31F |
| FY ending Mar 2024 | 2,901 | -85 | -2.9% | -39 | 105 | 93 | S100W5G6 |
| FY ending Mar 2025 | 3,804 | 204 | 5.4% | 184 | 220 | 205 | S100YHBZ |
| FY ending Mar 2026 | 4,540 | 266 | 5.9% | 208 | -57 | -306 | S100YHBZ |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.3M |
| Operating income per employee (consolidated) | ¥719.4K |
| Net income per employee (consolidated) | ¥562K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 233 | 261 | 296 | 356 | 370 |
| Average salary (parent company) | ¥6M | ¥5.4M | ¥5.6M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 39.0 years | 39.5 years | 38.3 years | 37.6 years | 39.0 years |
| Average tenure (parent company) | 3.4 years | 3.7 years | 3.8 years | 3.9 years | 4.4 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +19.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting Business | 3,498 | 77.0% | 231 | 6.6% |
| AoraNow Business | 1,043 | 23.0% | 35 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting Business | 77.0% | 86.9% | 9.9 | 6.6% |
| AoraNow Business | 23.0% | 13.1% | -9.9 | 3.3% |

Segment → industry: AoraNow Business → IT Services & System Integration / Consulting Business → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -57 | -1.2% | S100YHBZ |
| Capital expenditure | 249 | 5.5% | S100YHBZ |
| Free cash flow | -306 | -6.7% | 算出 |
| Investing cash flow | -233 | -5.1% | S100YHBZ |
| Financing cash flow | -7 | -0.2% | S100YHBZ |
| Share buyback | 0 | 0.0% | S100YHBZ |
| Change in cash | -296 | -6.5% | S100YHBZ |
| Cash and equivalents | 537 | 11.8% | S100YHBZ |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 290 | 675 | 808 | 833 | 537 | S100R31F, S100YHBZ |
| Total assets | 720 | 1,145 | 1,543 | 1,823 | 1,868 | S100R31F, S100W5G6, S100YHBZ |
| Net assets | 220 | 806 | 791 | 929 | 1,267 | S100R31F, S100YHBZ |
| Share capital | 100 | 388 | 396 | 408 | 424 | S100R31F, S100W5G6, S100YHBZ |
| Property, plant and equipment | 14 | 62 | 58 | 20 | 185 | S100R31F, S100W5G6, S100YHBZ |
| Intangible assets excluding goodwill | — | 13 | 153 | 140 | 157 | S100R31F, S100W5G6, S100YHBZ |
| Goodwill | — | — | 134 | 120 | 106 | S100W5G6, S100YHBZ |
| Investment securities | — | — | 4 | 59 | 107 | S100W5G6, S100YHBZ |
| Current assets | 625 | 985 | 1,205 | 1,329 | 1,233 | S100R31F, S100W5G6, S100YHBZ |
| Current liabilities | 372 | 268 | 586 | 834 | 534 | S100R31F, S100W5G6, S100YHBZ |
| Short-term borrowings | 30 | — | — | — | — | S100R31F |
| Long-term borrowings | 128 | 71 | 15 | — | 64 | S100R31F, S100W5G6, S100YHBZ |
| Total liabilities | 500 | 339 | 752 | 893 | 601 | S100R31F, S100W5G6, S100YHBZ |
| Non-controlling interests | — | — | 6 | -63 | -9 | S100W5G6, S100YHBZ |
| Equity attributable to owners of parent | 218 | 805 | 782 | 991 | 1,269 | S100R31F, S100W5G6, S100YHBZ |
| Retained earnings | -30 | -19 | -58 | 126 | 334 | S100R31F, S100W5G6, S100YHBZ |
| Treasury stock | — | — | — | -0 | -0 | S100YHBZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YHBZ |
| Property, plant and equipment | 10% | S100YHBZ |
| Intangibles and goodwill | 14% | S100YHBZ |
| Investment securities | 6% | S100YHBZ |
| Other assets | 41% | S100YHBZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YHBZ |
| Equity | 68% | S100YHBZ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 720 | 1,145 | 1,543 | 1,823 | 1,868 |
| Equity | 220 | 806 | 791 | 929 | 1,267 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 290 | 675 | 808 | 833 | 537 |

## 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) | 4.1% | S100YHBZ |
| Fixed assets ÷ total assets | 9.9% | S100YHBZ |
| Goodwill ÷ parent equity | 8.4% | S100YHBZ |

### 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) | 28.7% |
| Cash ÷ revenue | 11.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -21.3% |
| Cash vs. profit gap | -265 JPY mn (of net income -127.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| 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 | 7.7% | 3.15× | 24.4% | 3.30× | 80.4% | S100R31F |
| 2023 | 0.4% | 2.71× | 1.2% | 1.82× | 2.2% | S100R31F |
| 2024 | — | —× | -2.5% | —× | — | S100W5G6 |
| 2025 | 4.8% | 2.26× | 10.9% | 1.90× | 20.8% | S100YHBZ |
| 2026 | 4.6% | 2.46× | 11.3% | 1.63× | 18.4% | S100YHBZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| INTERACTIVE BROKERS LLC | Major shareholder | 35.0% | 2026-03-31 |
| 株式会社パソナグループ | Major shareholder | 32.9% | 2026-03-31 |
| 佐藤 司 | Major shareholder | 2.9% | 2026-03-31 |
| 伊東 大介 | Major shareholder | 2.3% | 2026-03-31 |
| 佐藤 潤 | Major shareholder | 1.6% | 2026-03-31 |
| 中尾 恭子 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 劔持 和宏 | Major shareholder | 1.0% | 2026-03-31 |
| 工藤 正通 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YHBZ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHBZ,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W5G6 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5G6,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TTG9 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTG9,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R31F | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R31F,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OCFF | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCFF,, |

## 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).