# COLOPL,Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/10/01－2025/09/30) (S100XB7G)
> Page: https://vizora.meequs.com/en/company/colopl
> Retrieved: 2026-09-30T20:48:14.138Z

## Company

Colopl, founded in 2008, is a company in Venture Capital listed on TSE Prime. It has 1,148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | COLOPL,Inc. |
| Ticker | 3668 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3668.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂九丁目7番2号 |
| Representative (per filing) | 代表取締役社長 上席執行役員 CEO 宮本 貴志 |
| Founded | Oct 2008 |
| Share capital | ¥6.66B |
| Employees (consolidated) | 1,148 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | colopl.co.jp (https://colopl.co.jp/) |
| Corporate number | 7011001059638 |
| EDINET | E27062 |
| Industries (Vizora) | Venture Capital, Games |

> Profile source: annual securities report (S100XB7G, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Games (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.1 | 36 |
| Profitability | 40.2 | 41 |
| Cash conversion | 85.5 | 31 |
| Efficiency | 6.1 | 41 |

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 90% of Colopl's sales come from Entertainment business, with Investment development business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.2% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥25.9B |  |
| Operating income | ¥1B | Margin 3.9% |
| Net income | -¥306M | Margin -1.2% |
| Free cash flow | ¥2.53B |  |
| Largest business | Entertainment business | of segment revenue 89.7% |
| Employees (consolidated) | 1,148 |  |
| EPS | ¥-5.15 |  |
| Book value per share | ¥506.82 |  |
| Equity ratio | 91.0% |  |
| Shares outstanding | 130,230,769 |  |
| Treasury shares | 1,778,900 |  |
| Shareholders | 22,480 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 60.3% | Cash ÷ revenue 176.0% |
| Vs. industry median margin | -1.6 pp | Games |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 90 points
- FY2025, cash is 60% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45128000000 | ¥25933000000 | -42.5% |
| Operating income | ¥12250000000 | ¥1002000000 | -91.8% |
| Operating margin | 27.1% | 3.9% | -23.3 pp |
| Employees | 1,565 people | 1,148 people | -26.6% |
| Cash and equivalents | ¥65308000000 | ¥45648000000 | -30.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 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 → エンターテインメント事業 | 89.7% |
| 新設・再編 → 投資育成事業 | 10.3% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,933 | 100.0% | S100XB7G |
| Cost of revenue | 17,946 | 69.2% | S100XB7G |
| Gross profit | 7,986 | 30.8% | S100XB7G |
| SG&A | 6,984 | 26.9% | S100XB7G |
| Operating income | 1,002 | 3.9% | S100XB7G |
| Ordinary income | 1,805 | 7.0% | S100XB7G |
| Pretax income | 353 | 1.4% | S100XB7G |
| Income tax | 663 | 2.6% | S100XB7G |
| Net income | -309 | -1.2% | S100XB7G |
| Net income attributable to owners | -306 | -1.2% | S100XB7G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 27 |
| Operating income | 4 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 30.8% → Operating margin 3.9% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,975 | 25,933 | -42 | -0.2% |
| Gross profit | 6,758 | 7,986 | 1,228 | +18.2% |
| Operating income | -1,208 | 1,002 | 2,210 | — |
| Net income attributable to owners | -1,866 | -306 | 1,560 | — |
| Operating cash flow | 237 | 2,645 | 2,408 | +1016.0% |
| Free cash flow | 83 | 2,528 | 2,445 | +2945.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 38,920 | 2,952 | 7.6% | 1,070 | 53 | -187 | S100KER8 |
| FY ending Sep 2020 | 45,128 | 12,250 | 27.1% | 7,977 | 15,010 | 14,909 | S100N3C0 |
| FY ending Sep 2021 | 37,125 | 6,320 | 17.0% | 3,047 | -3,104 | -3,293 | S100PVNN |
| FY ending Sep 2022 | 32,541 | 4,310 | 13.2% | 2,414 | 3,637 | 2,567 | S100SJ93 |
| FY ending Sep 2023 | 30,806 | 2,648 | 8.6% | 1,746 | 1,159 | 1,027 | S100UZW1 |
| FY ending Sep 2024 | 25,975 | -1,208 | -4.7% | -1,866 | 237 | 83 | S100XB7G |
| FY ending Sep 2025 | 25,933 | 1,002 | 3.9% | -306 | 2,645 | 2,528 | S100XB7G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.6M |
| Operating income per employee (consolidated) | ¥872.8K |
| Net income per employee (consolidated) | -¥266.6K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,449 | 1,348 | 1,277 | 1,235 | 1,148 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.6M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 33.3 years | 34.4 years | 35.4 years | 35.8 years | 36.6 years |
| Average tenure (parent company) | 4.2 years | 5.1 years | 5.4 years | 5.8 years | 6.5 years |

Year over year: Employees (consolidated) -7.0% · Revenue (consolidated) -0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment business | 23,264 | 89.7% | -180 | -0.8% |
| Investment development business | 2,668 | 10.3% | 1,180 | 44.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Entertainment business | 89.7% | — | — | -0.8% |
| Investment development business | 10.3% | 100.0% | 89.7 | 44.2% |

Loss-making segment (excluded from profit shares): Entertainment business -180 JPY mn

Segment → industry: Investment development business → Venture Capital / Entertainment business → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,645 | 10.2% | S100XB7G |
| Capital expenditure | 117 | 0.5% | S100XB7G |
| Free cash flow | 2,528 | 9.7% | 算出 |
| Investing cash flow | -3,285 | -12.7% | S100XB7G |
| Financing cash flow | -3,232 | -12.5% | S100XB7G |
| Dividends paid | 2,568 | 9.9% | S100XB7G |
| Change in cash | -3,806 | -14.7% | S100XB7G |
| Cash and equivalents | 45,648 | 176.0% | S100XB7G |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 49,052 | 50,914 | 58,167 | 49,454 | 45,648 | S100SJ93, S100UZW1, S100XB7G |
| Total assets | 80,814 | 83,280 | 81,464 | 79,805 | 75,742 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Net assets | 75,751 | 76,575 | 76,060 | 71,387 | 68,940 | S100SJ93, S100UZW1, S100XB7G |
| Share capital | 6,556 | 6,587 | 6,610 | 6,635 | 6,656 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Property, plant and equipment | 484 | 1,837 | 1,780 | 1,641 | 1,498 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Intangible assets excluding goodwill | 29 | 21 | 20 | 15 | 33 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Investment securities | 2,344 | 1,473 | 2,833 | 7,588 | 8,249 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Current assets | 74,430 | 77,917 | 74,658 | 67,267 | 64,271 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Current liabilities | 4,922 | 5,694 | 4,283 | 6,567 | 5,644 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Long-term borrowings | — | — | — | 999 | 333 | S100XB7G |
| Total liabilities | 5,063 | 6,705 | 5,404 | 8,417 | 6,801 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Non-controlling interests | 1 | 6 | 5 | 7 | 6 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Equity attributable to owners of parent | 75,245 | 75,299 | 74,526 | 70,128 | 67,295 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Retained earnings | 67,037 | 67,028 | 66,210 | 61,764 | 58,891 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |
| Treasury stock | -4,645 | -4,645 | -4,645 | -4,645 | -4,645 | S100PVNN, S100SJ93, S100UZW1, S100XB7G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100XB7G |
| Property, plant and equipment | 2% | S100XB7G |
| Intangibles and goodwill | 0% | S100XB7G |
| Investment securities | 11% | S100XB7G |
| Other assets | 27% | S100XB7G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100XB7G |
| Equity | 91% | S100XB7G |
| Other liabilities | 0% | S100XB7G |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 80,814 | 83,280 | 81,464 | 79,805 | 75,742 |
| Equity | 75,751 | 76,575 | 76,060 | 71,387 | 68,940 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 49,052 | 50,914 | 58,167 | 49,454 | 45,648 |

## 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) | 5.8% | S100XB7G |
| Fixed assets ÷ total assets | 2.0% | S100XB7G |
| Goodwill ÷ parent equity | — | —, S100XB7G |

### 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) | 60.3% |
| Cash ÷ revenue | 176.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 264.0% |
| Cash vs. profit gap | 2,951 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 101.6% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 124.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.2% | 0.46× | 3.8% | 1.07× | 4.0% | S100PVNN |
| 2022 | 7.4% | 0.40× | 2.9% | 1.09× | 3.2% | S100SJ93 |
| 2023 | 5.7% | 0.37× | 2.1% | 1.10× | 2.3% | S100UZW1 |
| 2024 | — | —× | -2.3% | —× | — | S100XB7G |
| 2025 | — | —× | -0.4% | —× | — | S100XB7G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 馬場 功淳 | Major shareholder | 48.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.1% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140051 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.1% | 2025-09-30 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.9% | 2025-09-30 |
| THE BANK OF NEW YORK 133612 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2025-09-30 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION A/C CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2025-09-30 |
| KUWAIT INVESTMENT AUTHORITY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2025-09-30 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/10/01－2025/09/30) | S100XB7G | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB7G,, |
| 有価証券報告書－第16期(2023/10/01－2024/09/30) | S100UZW1 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZW1,, |
| 有価証券報告書－第15期(2022/10/01－2023/09/30) | S100SJ93 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ93,, |
| 有価証券報告書－第14期(令和3年10月1日－令和4年9月30日) | S100PVNN | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVNN,, |
| 有価証券報告書－第13期(令和2年10月1日－令和3年9月30日) | S100N3C0 | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3C0,, |
| 有価証券報告書－第12期(令和1年10月1日－令和2年9月30日) | S100KER8 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KER8,, |

## 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).