# coconala Inc.: 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14期(2024/09/01－2025/08/31) (S100X5W6)
> Page: https://vizora.meequs.com/en/company/coconala
> Retrieved: 2026-09-30T20:58:25.286Z

## Company

coconala, founded in 2012, is a company in Internet Services & Apps listed on TSE Growth. It has 266 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | coconala Inc. |
| Ticker | 4176 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4176.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町20番1号 |
| Representative (per filing) | 代表取締役社長CEO 鈴木 歩 |
| Founded | Jan 2012 |
| Share capital | ¥1.26B |
| Employees (consolidated) | 266 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | August |
| Website | coconala.co.jp (https://coconala.co.jp/) |
| Corporate number | 9010701026061 |
| EDINET | E36351 |
| Industries (Vizora) | Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100X5W6, filed 2025-11-20). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 22.5 | 51 |
| Cash conversion | 47.7 | 43 |
| Efficiency | 77.9 | 52 |

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 61% of coconala's sales come from Market Place, with Agent making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +42.8% from the prior year, operating profit -16.0%.

## Company structure

- Segment revenue mix: Market Place 60.8%、Agent 39.2%
- Revenue → net income: ¥9410783000 → ¥259909000
- Net income → operating cash flow: ¥259909000 → ¥255082000（difference ¥-4827000）
- Main uses of operating cash flow: CapEx ¥16716000 / dividends — / buybacks ¥518109000
- Change in cash: ¥-969322000
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 | ¥9.41B |  |
| Operating income | ¥256.1M | Margin 2.7% |
| Net income | ¥306.9M | Margin 3.3% |
| Free cash flow | ¥238.4M |  |
| Largest business | Market Place | of segment revenue 60.8% |
| Employees (consolidated) | 266 |  |
| EPS | ¥18.36 |  |
| Diluted EPS | ¥17.94 |  |
| Book value per share | ¥96.85 |  |
| Equity ratio | 31.8% |  |
| Shares outstanding | 24,047,300 |  |
| Treasury shares | 1,468,800 |  |
| Shareholders | 11,571 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 46.4% | Cash ÷ revenue 31.2% |
| Vs. industry median margin | -4.9 pp | Internet Services & Apps |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 46% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1775555000 | ¥9410783000 | — |
| Operating income | ¥-80864000 | ¥256121000 | — |
| Operating margin | -4.6% | 2.7% | +7.3 pp |
| Employees | 93 people | 266 people | — |
| Cash and equivalents | ¥1284176000 | ¥2936000000 | — |

### Change in segment revenue mix

Span: FY ending Aug 2020 → 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 |
| --- | ---: |
| 新設・再編 → マーケットプレイス | 60.8% |
| 新設・再編 → エージェント | 39.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,411 | 100.0% | S100X5W6 |
| Cost of revenue | 3,287 | 34.9% | S100X5W6 |
| Gross profit | 6,124 | 65.1% | S100X5W6 |
| SG&A | 5,868 | 62.4% | S100X5W6 |
| Operating income | 256 | 2.7% | S100X5W6 |
| Ordinary income | 227 | 2.4% | S100X5W6 |
| Pretax income | 226 | 2.4% | S100X5W6 |
| Income tax | -34 | -0.4% | S100X5W6 |
| Net income | 260 | 2.8% | S100X5W6 |
| Net income attributable to owners | 307 | 3.3% | S100X5W6 |

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

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

### Margin funnel

Gross margin 65.1% → Operating margin 2.7% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +42.8%; Core profit growth: -16.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,589 | 9,411 | 2,822 | +42.8% |
| Gross profit | 5,094 | 6,124 | 1,030 | +20.2% |
| Operating income | 305 | 256 | -49 | -16.0% |
| Net income attributable to owners | 244 | 307 | 63 | +25.9% |
| Operating cash flow | 618 | 255 | -363 | -58.8% |
| Free cash flow | 615 | 238 | -376 | -61.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 1,776 | -81 | -4.6% | -94 | 274 | 218 | S100MY9X |
| FY ending Aug 2021 | 2,747 | 89 | 3.3% | 41 | 764 | 688 | S100MY9X |
| FY ending Aug 2022 | 3,837 | -515 | -13.4% | -494 | -420 | -466 | S100SDXX |
| FY ending Aug 2023 | 4,679 | -126 | -2.7% | -76 | 114 | 16 | S100UUTP |
| FY ending Aug 2024 | 6,589 | 305 | 4.6% | 244 | 618 | 615 | S100X5W6 |
| FY ending Aug 2025 | 9,411 | 256 | 2.7% | 307 | 255 | 238 | S100X5W6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.4M |
| Operating income per employee (consolidated) | ¥962.9K |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 136 | 179 | 206 | 265 | 266 |
| Average salary (parent company) | ¥6.6M | ¥6.2M | ¥6.3M | ¥6.2M | ¥6.6M |
| Average age (parent company) | 35.6 years | 34.6 years | 34.5 years | 34.2 years | 34.7 years |
| Average tenure (parent company) | 2.1 years | 1.9 years | 2.4 years | 2.6 years | 2.8 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +42.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Market Place | 5,721 | 60.8% | 555 | 9.7% |
| Agent | 3,690 | 39.2% | -279 | -7.6% |
| Other | — | 0.0% | -20 | — |

### 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 |
| --- | ---: | ---: |
| Market Place | 100.0% | 9.7% |
| Agent | — | -7.6% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Agent -279 JPY mn

Loss-making segment (excluded from profit shares): Other -20 JPY mn

Segment → industry: Market Place → Internet Services & Apps / Agent → HR & Staffing

## 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 | 255 | 2.7% | S100X5W6 |
| Capital expenditure | 17 | 0.2% | S100X5W6 |
| Free cash flow | 238 | 2.5% | 算出 |
| Investing cash flow | -482 | -5.1% | S100X5W6 |
| Financing cash flow | -743 | -7.9% | S100X5W6 |
| Share buyback | 518 | 5.5% | S100X5W6 |
| Change in cash | -969 | -10.3% | S100X5W6 |
| Cash and equivalents | 2,936 | 31.2% | S100X5W6 |

## 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 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,319 | 3,051 | 2,994 | 3,905 | 2,936 | S100MY9X, S100UUTP, S100X5W6 |
| Total assets | 4,059 | 4,327 | 5,233 | 8,255 | 6,325 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Net assets | 2,329 | 2,438 | 3,126 | 3,786 | 2,417 | S100MY9X, S100UUTP, S100X5W6 |
| Share capital | 1,148 | 1,222 | 1,239 | 1,245 | 1,255 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Property, plant and equipment | 109 | 115 | 185 | 233 | 179 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Intangible assets excluding goodwill | — | 11 | 208 | 1,404 | 1,252 | S100SDXX, S100UUTP, S100X5W6 |
| Goodwill | — | — | 145 | 1,008 | 920 | S100UUTP, S100X5W6 |
| Investment securities | — | 419 | 893 | 1,064 | — | S100SDXX, S100UUTP, S100X5W6 |
| Current assets | 3,763 | 3,578 | 3,691 | 5,240 | 4,248 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Current liabilities | 1,731 | 1,890 | 2,089 | 3,105 | 2,778 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Long-term borrowings | — | — | — | 1,144 | 934 | S100X5W6 |
| Bonds | — | — | — | 80 | 60 | S100X5W6 |
| Total liabilities | 1,731 | 1,890 | 2,107 | 4,469 | 3,908 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Non-controlling interests | — | 438 | 1,069 | 1,340 | 4 | S100SDXX, S100UUTP, S100X5W6 |
| Equity attributable to owners of parent | 2,329 | 1,987 | 1,946 | 2,202 | 2,012 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Retained earnings | -1,112 | -1,601 | -1,677 | -1,433 | 255 | S100MY9X, S100SDXX, S100UUTP, S100X5W6 |
| Treasury stock | — | — | — | — | -518 | S100X5W6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100X5W6 |
| Property, plant and equipment | 3% | S100X5W6 |
| Intangibles and goodwill | 34% | S100X5W6 |
| Other assets | 16% | S100X5W6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100X5W6 |
| Equity | 38% | S100X5W6 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,059 | 4,327 | 5,233 | 8,255 | 6,325 |
| Equity | 2,329 | 2,438 | 3,126 | 3,786 | 2,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,319 | 3,051 | 2,994 | 3,905 | 2,936 |

## 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) | 1.9% | S100X5W6 |
| Fixed assets ÷ total assets | 2.8% | S100X5W6 |
| Goodwill ÷ parent equity | 45.7% | S100X5W6 |

### 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) | 46.4% |
| Cash ÷ revenue | 31.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.6% |
| Cash vs. profit gap | -52 JPY mn (of net income -16.9%) |
| 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 | 188.8% |

## 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 | 1.5% | 0.68× | 1.0% | 1.74× | 1.8% | S100MY9X |
| 2022 | — | —× | -11.4% | —× | — | S100SDXX |
| 2023 | — | —× | -1.6% | —× | — | S100UUTP |
| 2024 | 3.7% | 0.98× | 3.6% | 3.25× | 11.8% | S100X5W6 |
| 2025 | 3.3% | 1.29× | 4.2% | 3.46× | 14.6% | S100X5W6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| note株式会社 | Major shareholder | 9.7% | 2025-08-31 |
| BBH（LUX） FOR FIDELITY FUNDS PACIFIC FUND - PACIFIC POOL （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 5.1% | 2025-08-31 |
| 新明 智 | Major shareholder | 4.7% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2025-08-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.6% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 3.2% | 2025-08-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.2% | 2025-08-31 |
| 鈴木 歩 | Major shareholder | 1.9% | 2025-08-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-08-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.8% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/09/01－2025/08/31) | S100X5W6 | 2025-11-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5W6,, |
| 有価証券報告書－第13期(2023/09/01－2024/08/31) | S100UUTP | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUTP,, |
| 有価証券報告書－第12期(2022/09/01－2023/08/31) | S100SDXX | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDXX,, |
| 有価証券報告書－第11期(令和3年9月1日－令和4年8月31日) | S100PQ4J | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PQ4J,, |
| 有価証券報告書－第10期(令和2年9月1日－令和3年8月31日) | S100MY9X | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MY9X,, |

## 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).