# coly Inc.: business model and financials

> Latest period: FY ending Jan 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/02/01－2026/01/31) (S100Y0KM)
> Page: https://vizora.meequs.com/en/company/coly
> Retrieved: 2026-09-30T19:48:58.037Z

## Company

coly, founded in 2014, is a company in Games listed on TSE Growth. It has 229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | coly Inc. |
| Ticker | 4175 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4175.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田一丁目4番1号(2025年6月23日より、本店所在地を東京都港区赤坂四丁目2番6号から上記住所に移転しております。) |
| Representative (per filing) | 代表取締役社長 中島 杏奈 |
| Founded | Feb 2014 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 229 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | January |
| Website | colyinc.com (https://colyinc.com/) |
| Corporate number | 7010401110126 |
| EDINET | E36322 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100Y0KM, filed 2026-04-24). As of filing

## Five-axis industry profile

Primary industry: Games (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 36 |
| Profitability | 23.2 | 41 |
| Efficiency | 62.2 | 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)

- coly brought in ¥7.02B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +8.0% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.02B |  |
| Operating income | -¥144.1M | Margin -2.1% |
| Net income | ¥72.7M | Margin 1.0% |
| Free cash flow | -¥602.2M |  |
| Employees (consolidated) | 229 |  |
| EPS | ¥13.21 |  |
| Book value per share | ¥986.12 |  |
| Equity ratio | 79.4% |  |
| Shares outstanding | 5,502,900 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,525 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 29.3% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | -7.5 pp | Games |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +26% over five years
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6331634000 | ¥7020100000 | +10.9% |
| Operating income | ¥2071796000 | ¥-144075000 | -107.0% |
| Operating margin | 32.7% | -2.1% | -34.8 pp |
| Employees | 236 people | 229 people | -3.0% |
| Cash and equivalents | ¥2580222000 | ¥2003794000 | -22.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,020 | 100.0% | S100Y0KM |
| Cost of revenue | 4,051 | 57.7% | S100Y0KM |
| Gross profit | 2,969 | 42.3% | S100Y0KM |
| SG&A | 3,113 | 44.3% | S100Y0KM |
| Operating income | -144 | -2.1% | S100Y0KM |
| Ordinary income | 46 | 0.7% | S100Y0KM |
| Pretax income | 149 | 2.1% | S100Y0KM |
| Income tax | 77 | 1.1% | S100Y0KM |
| Net income | 73 | 1.0% | S100Y0KM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 44 |
| Operating income | -2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 42.3% → Operating margin -2.1% → Net margin 1.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,501 | 7,020 | 519 | +8.0% |
| Gross profit | 2,395 | 2,969 | 574 | +24.0% |
| Operating income | -516 | -144 | 372 | — |
| Operating cash flow | -413 | -469 | -56 | — |
| Free cash flow | -459 | -602 | -143 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,359 | 275 | 8.2% | 194 | -15 | -21 | S100L8ZT |
| FY ending Jan 2021 | 6,332 | 2,072 | 32.7% | 1,405 | 2,135 | 2,133 | S100NYQX |
| FY ending Jan 2022 | 6,520 | 1,499 | 23.0% | 964 | 566 | 551 | S100QO7G |
| FY ending Jan 2023 | 5,537 | -207 | -3.7% | -321 | -683 | -725 | S100TBUZ |
| FY ending Jan 2024 | 5,065 | -814 | -16.1% | -831 | -518 | -550 | S100VOFV |
| FY ending Jan 2025 | 6,501 | -516 | -7.9% | -546 | -413 | -459 | S100Y0KM |
| FY ending Jan 2026 | 7,020 | -144 | -2.1% | 73 | -469 | -602 | S100Y0KM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.7M |
| Operating income per employee (consolidated) | -¥629.1K |
| Net income per employee (consolidated) | ¥317.4K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 338 | 330 | 290 | 269 | 229 |
| Average salary (parent company) | ¥4.6M | ¥4.6M | ¥5M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 29.0 years | 30.0 years | 31.0 years | 32.0 years | 34.0 years |
| Average tenure (parent company) | 2.0 years | 2.0 years | 3.0 years | 3.0 years | 4.0 years |

Year over year: Employees (consolidated) -14.9% · Revenue (consolidated) +8.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -469 | -6.7% | S100Y0KM |
| Capital expenditure | 133 | 1.9% | S100Y0KM |
| Free cash flow | -602 | -8.6% | 算出 |
| Investing cash flow | -1,042 | -14.8% | S100Y0KM |
| Financing cash flow | 157 | 2.2% | S100Y0KM |
| Share buyback | 0 | 0.0% | S100Y0KM |
| Change in cash | -1,354 | -19.3% | S100Y0KM |
| Cash and equivalents | 2,004 | 28.5% | S100Y0KM |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,899 | 6,098 | 5,086 | 3,358 | 2,004 | S100TBUZ, S100VOFV, S100Y0KM |
| Total assets | 7,760 | 7,244 | 6,530 | 6,283 | 6,832 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Net assets | 6,919 | 6,598 | 5,767 | 5,254 | 5,426 | S100TBUZ, S100VOFV, S100Y0KM |
| Share capital | 1,910 | 1,910 | 1,910 | 1,910 | 1,910 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Property, plant and equipment | 18 | 41 | 32 | 39 | 216 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Intangible assets excluding goodwill | 8 | 6 | 4 | 31 | 37 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Investment securities | — | 2 | 438 | 1,741 | 2,000 | S100TBUZ, S100VOFV, S100Y0KM |
| Current assets | 7,551 | 7,043 | 5,822 | 4,071 | 4,084 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Current liabilities | 842 | 646 | 762 | 998 | 1,313 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Short-term borrowings | — | — | — | 70 | 63 | S100Y0KM |
| Long-term borrowings | — | — | — | 17 | 32 | S100Y0KM |
| Total liabilities | 842 | 646 | 762 | 1,029 | 1,406 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Equity attributable to owners of parent | 6,919 | 6,598 | 5,767 | 5,221 | 5,293 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Retained earnings | 3,103 | 2,782 | 1,952 | 1,405 | 1,478 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QO7G, S100TBUZ, S100VOFV, S100Y0KM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Y0KM |
| Property, plant and equipment | 3% | S100Y0KM |
| Intangibles and goodwill | 1% | S100Y0KM |
| Investment securities | 29% | S100Y0KM |
| Other assets | 38% | S100Y0KM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100Y0KM |
| Equity | 79% | S100Y0KM |
| Other liabilities | 0% | S100Y0KM |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,760 | 7,244 | 6,530 | 6,283 | 6,832 |
| Equity | 6,919 | 6,598 | 5,767 | 5,254 | 5,426 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,899 | 6,098 | 5,086 | 3,358 | 2,004 |

## 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) | 3.1% | S100Y0KM |
| Fixed assets ÷ total assets | 3.2% | S100Y0KM |
| Goodwill ÷ parent equity | — | —, S100Y0KM |

### 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) | 29.3% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -542 JPY mn (of net income -745.6%) |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 14.8% | 0.84× | 12.4% | 1.12× | 13.9% | S100QO7G |
| 2023 | — | —× | -4.3% | —× | — | S100TBUZ |
| 2024 | — | —× | -12.1% | —× | — | S100VOFV |
| 2025 | — | —× | -8.5% | —× | — | S100Y0KM |
| 2026 | 1.0% | 1.07× | 1.1% | 1.25× | 1.4% | S100Y0KM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社South air | Major shareholder | 50.5% | 2026-01-31 |
| 中島 杏奈 | Major shareholder | 7.3% | 2026-01-31 |
| 中島 瑞木 | Major shareholder | 7.3% | 2026-01-31 |
| 佐々木 大地 | Major shareholder | 7.2% | 2026-01-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.7% | 2026-01-31 |
| 永井 詳二 | Major shareholder | 1.4% | 2026-01-31 |
| 楽天証券株式会社 | Major shareholder | 1.4% | 2026-01-31 |
| 上田八木短資株式会社 | Major shareholder | 1.2% | 2026-01-31 |
| 田中 正勝 | Major shareholder | 0.8% | 2026-01-31 |
| 栗栖 多佳子 | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/02/01－2026/01/31) | S100Y0KM | 2026-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0KM,, |
| 有価証券報告書－第11期(2024/02/01－2025/01/31) | S100VOFV | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOFV,, |
| 有価証券報告書－第10期(2023/02/01－2024/01/31) | S100TBUZ | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBUZ,, |
| 有価証券報告書－第9期(2022/02/01－2023/01/31) | S100QO7G | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QO7G,, |
| 有価証券報告書－第8期(令和3年2月1日－令和4年1月31日) | S100NYQX | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYQX,, |
| 有価証券報告書－第7期(令和2年2月1日－令和3年1月31日) | S100L8ZT | 2021-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8ZT,, |

## 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).