# Collabos Corporation: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YEB9)
> Page: https://vizora.meequs.com/en/company/collabos
> Retrieved: 2026-09-30T21:31:01.010Z

## Company

Collabos, founded in 2001, is a company in Software & SaaS listed on TSE Standard. It has 70 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Collabos Corporation |
| Ticker | 3908 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3908.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区三番町8番地1 |
| Representative (per filing) | 代表取締役社長 茂木 貴雄 |
| Founded | Oct 2001 |
| Share capital | ¥349.6M |
| Employees (consolidated) | 70 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.collabos.com (https://www.collabos.com/) |
| Corporate number | 6010001076248 |
| EDINET | E31336 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YEB9, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.4 | 105 |
| Profitability | 18.3 | 145 |
| Cash conversion | 84.8 | 128 |
| Efficiency | 57.6 | 145 |

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)

- Collabos brought in ¥1.7B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -10.9% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1699015000 → ¥101116000
- Net income → operating cash flow: ¥101116000 → ¥151544000（difference ¥50428000）
- Main uses of operating cash flow: CapEx ¥30544000 / dividends — / buybacks —
- Change in cash: ¥-20983000
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 | ¥1.7B |  |
| Operating income | ¥74.3M | Margin 4.4% |
| Net income | ¥101.1M | Margin 6.0% |
| Free cash flow | ¥121M |  |
| Employees (consolidated) | 70 |  |
| EPS | ¥21.72 |  |
| Book value per share | ¥292.83 |  |
| Equity ratio | 81.6% |  |
| Shares outstanding | 4,977,000 |  |
| Treasury shares | 322,200 |  |
| Shareholders | 3,410 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 77.0% | Cash ÷ revenue 75.7% |
| Vs. industry median margin | -8.1 pp | Software & SaaS |
| ROE | 7.7% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 77% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2102253000 | ¥1699015000 | -19.2% |
| Operating income | ¥100404000 | ¥74317000 | -26.0% |
| Operating margin | 4.8% | 4.4% | -0.4 pp |
| Employees | 84 people | 70 people | -16.7% |
| Cash and equivalents | ¥1539510000 | ¥1286032000 | -16.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,699 | 100.0% | S100YEB9 |
| Cost of revenue | 1,018 | 59.9% | S100YEB9 |
| Gross profit | 681 | 40.1% | S100YEB9 |
| SG&A | 607 | 35.7% | S100YEB9 |
| Operating income | 74 | 4.4% | S100YEB9 |
| Ordinary income | 53 | 3.1% | S100YEB9 |
| Pretax income | 72 | 4.2% | S100YEB9 |
| Income tax | -29 | -1.7% | S100YEB9 |
| Net income | 101 | 6.0% | S100YEB9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 36 |
| Operating income | 4 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.1% → Operating margin 4.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.9%; Core profit growth: -1.6%
Operating leverage (core profit growth ÷ revenue growth): 0.14×
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 | 1,907 | 1,699 | -208 | -10.9% |
| Gross profit | 679 | 681 | 2 | +0.2% |
| Operating income | 75 | 74 | -1 | -1.6% |
| Operating cash flow | 209 | 152 | -57 | -27.3% |
| Free cash flow | 164 | 121 | -43 | -26.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,019 | 191 | 9.5% | 85 | 273 | 197 | S100LLYL |
| FY ending Mar 2021 | 2,102 | 100 | 4.8% | 99 | 290 | 177 | S100OBWA |
| FY ending Mar 2022 | 2,369 | 69 | 2.9% | 54 | 297 | 147 | S100R1NG |
| FY ending Mar 2023 | 2,349 | 101 | 4.3% | 68 | 166 | -178 | S100TO7O |
| FY ending Mar 2024 | 2,154 | -294 | -13.7% | -798 | 104 | -257 | S100W1LS |
| FY ending Mar 2025 | 1,907 | 75 | 4.0% | 145 | 209 | 164 | S100YEB9 |
| FY ending Mar 2026 | 1,699 | 74 | 4.4% | 101 | 152 | 121 | S100YEB9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 93 | 100 | 96 | 88 | 70 |
| Average salary (parent company) | ¥4.6M | ¥4.9M | ¥4.9M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 33.7 years | 34.2 years | 36.1 years | 37.8 years | 39.2 years |
| Average tenure (parent company) | 5.3 years | 5.4 years | 6.0 years | 6.8 years | 8.2 years |

Year over year: Employees (consolidated) -20.5% · Revenue (consolidated) -10.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 152 | 8.9% | S100YEB9 |
| Capital expenditure | 31 | 1.8% | S100YEB9 |
| Free cash flow | 121 | 7.1% | 算出 |
| Investing cash flow | -31 | -1.8% | S100YEB9 |
| Financing cash flow | -142 | -8.4% | S100YEB9 |
| Change in cash | -21 | -1.2% | S100YEB9 |
| Cash and equivalents | 1,286 | 75.7% | S100YEB9 |

## 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 | 1,559 | 1,254 | 1,178 | 1,307 | 1,286 | S100TO7O, S100W1LS, S100YEB9 |
| Total assets | 2,374 | 2,230 | 1,752 | 1,736 | 1,670 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Net assets | 1,879 | 1,903 | 1,105 | 1,292 | 1,367 | S100TO7O, S100W1LS, S100YEB9 |
| Share capital | 325 | 325 | 325 | 350 | 350 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Property, plant and equipment | 197 | 197 | 224 | 155 | 129 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Intangible assets excluding goodwill | 198 | 399 | 56 | 37 | 31 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Current assets | 1,833 | 1,550 | 1,427 | 1,513 | 1,453 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Current liabilities | 417 | 245 | 372 | 308 | 239 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Short-term borrowings | 10 | 10 | 10 | 10 | 10 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Long-term borrowings | — | — | 150 | 50 | — | S100W1LS, S100YEB9 |
| Total liabilities | 496 | 327 | 647 | 444 | 303 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Equity attributable to owners of parent | 1,847 | 1,872 | 1,074 | 1,262 | 1,363 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Retained earnings | 1,340 | 1,408 | 609 | 754 | 855 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |
| Treasury stock | -122 | -165 | -165 | -171 | -171 | S100R1NG, S100TO7O, S100W1LS, S100YEB9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100YEB9 |
| Property, plant and equipment | 8% | S100YEB9 |
| Intangibles and goodwill | 2% | S100YEB9 |
| Other assets | 13% | S100YEB9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YEB9 |
| Equity | 82% | S100YEB9 |
| Other liabilities | 0% | S100YEB9 |

### 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 | 2,374 | 2,230 | 1,752 | 1,736 | 1,670 |
| Equity | 1,879 | 1,903 | 1,105 | 1,292 | 1,367 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,559 | 1,254 | 1,178 | 1,307 | 1,286 |

## 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) | 7.6% | S100YEB9 |
| Fixed assets ÷ total assets | 7.7% | S100YEB9 |
| Goodwill ÷ parent equity | — | —, S100YEB9 |

### 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) | 77.0% |
| Cash ÷ revenue | 75.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 203.9% |
| Cash vs. profit gap | 50 JPY mn (of net income 49.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 20.2% |

## 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 | 2.3% | 1.00× | 2.3% | 1.29× | 2.9% | S100R1NG |
| 2023 | 2.9% | 1.02× | 2.9% | 1.24× | 3.6% | S100TO7O |
| 2024 | — | —× | -40.1% | —× | — | S100W1LS |
| 2025 | 7.6% | 1.09× | 8.3% | 1.49× | 12.4% | S100YEB9 |
| 2026 | 6.0% | 1.00× | 5.9% | 1.30× | 7.7% | S100YEB9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 茂木 貴雄 | Major shareholder | 37.6% | 2026-03-31 |
| コムテック株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 鈴木 智博 | Major shareholder | 1.7% | 2026-03-31 |
| 小川 勇樹 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社アイカム | Major shareholder | 1.1% | 2026-03-31 |
| 青本 真人 | Major shareholder | 1.0% | 2026-03-31 |
| 渡我部 進一 | Major shareholder | 0.9% | 2026-03-31 |
| コラボス役員持株会 | Major shareholder | 0.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YEB9 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEB9,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W1LS | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1LS,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TO7O | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO7O,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R1NG | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1NG,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OBWA | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBWA,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LLYL | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLYL,, |

## 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).