# CommSeed Corporation: 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35期(2025/04/01－2026/03/31) (S100YFS8)
> Page: https://vizora.meequs.com/en/company/commseed
> Retrieved: 2026-09-30T20:48:14.586Z

## Company

CommSeed, founded in 1991, is a company in Crypto & Blockchain listed on Nagoya. It has 75 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CommSeed Corporation |
| Ticker | 3739 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3739.T) |
| Listing | Nagoya |
| Head office | 東京都千代田区神田駿河台三丁目2番地 |
| Representative (per filing) | 代表取締役社長CEO 塚原 謙次 |
| Founded | Dec 1991 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 75 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Corporate number | 5010001094481 |
| EDINET | E05401 |
| Industries (Vizora) | Crypto & Blockchain, Games |

> Profile source: annual securities report (S100YFS8, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.4 | 41 |
| Cash conversion | 14.5 | 31 |
| Efficiency | 79.3 | 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 99% of CommSeed's sales come from Mobile business, with Block chain business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -3.3%.

## Company structure

- Segment revenue mix: Mobile business 99.4%、Block chain business 0.6%
- Revenue → net income: ¥2474759000 → ¥98800000
- Net income → operating cash flow: ¥98800000 → ¥14310000（difference ¥-84490000）
- Main uses of operating cash flow: CapEx ¥115563000 / dividends — / buybacks —
- Change in cash: ¥-91973000
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 | ¥2.47B |  |
| Operating income | ¥140.1M | Margin 5.7% |
| Net income | ¥98.8M | Margin 4.0% |
| Free cash flow | -¥101.3M |  |
| Largest business | Mobile business | of segment revenue 99.4% |
| Employees (consolidated) | 75 |  |
| EPS | ¥10 |  |
| Diluted EPS | ¥9.98 |  |
| Book value per share | ¥52.46 |  |
| Equity ratio | 51.7% |  |
| Shares outstanding | 13,511,416 |  |
| Treasury shares | 100 |  |
| Shareholders | 2,462 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 44.3% | Cash ÷ revenue 27.1% |
| Vs. industry median margin | +0.2 pp | Games |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 44% 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 | ¥1430606000 | ¥2474759000 | — |
| Operating income | ¥-159488000 | ¥140066000 | — |
| Operating margin | -11.1% | 5.7% | +16.8 pp |
| Employees | 64 people | 75 people | — |
| Cash and equivalents | ¥475536000 | ¥671836000 | — |

### 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 → モバイル事業 | 99.4% |
| 新設・再編 → ブロックチェーン事業 | 0.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,475 | 100.0% | S100YFS8 |
| Cost of revenue | 1,652 | 66.7% | S100YFS8 |
| Gross profit | 823 | 33.3% | S100YFS8 |
| SG&A | 683 | 27.6% | S100YFS8 |
| Operating income | 140 | 5.7% | S100YFS8 |
| Ordinary income | 146 | 5.9% | S100YFS8 |
| Pretax income | 140 | 5.6% | S100YFS8 |
| Income tax | 41 | 1.7% | S100YFS8 |
| Net income | 99 | 4.0% | S100YFS8 |
| Net income attributable to owners | 99 | 4.0% | S100YFS8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 27 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 33.3% → Operating margin 5.7% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -3.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.38×
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 | 2,465 | 2,475 | 10 | +0.4% |
| Gross profit | 845 | 823 | -22 | -2.6% |
| Operating income | 145 | 140 | -5 | -3.3% |
| Net income attributable to owners | -134 | 99 | 233 | — |
| Operating cash flow | 274 | 14 | -260 | -94.8% |
| Free cash flow | 68 | -101 | -170 | -248.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,171 | 20 | 1.7% | -55 | -72 | — | S100LML2 |
| FY ending Mar 2021 | 1,431 | -159 | -11.1% | -414 | -179 | -249 | S100LML2 |
| FY ending Mar 2022 | 1,915 | 92 | 4.8% | 84 | 279 | 171 | S100R4SH |
| FY ending Mar 2023 | 1,986 | 60 | 3.0% | -116 | -18 | -165 | S100TR14 |
| FY ending Mar 2024 | 2,095 | 36 | 1.7% | -60 | 3 | -219 | S100W2BK |
| FY ending Mar 2025 | 2,465 | 145 | 5.9% | -134 | 274 | 68 | S100YFS8 |
| FY ending Mar 2026 | 2,475 | 140 | 5.7% | 99 | 14 | -101 | S100YFS8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 89 | 78 | 78 | 75 | 75 |
| Average salary (parent company) | ¥4.8M | ¥5M | ¥5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 39.5 years | 39.7 years | 41.0 years | 42.5 years | 43.0 years |
| Average tenure (parent company) | 7.7 years | 7.9 years | 9.0 years | 9.8 years | 10.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile business | 2,459 | 99.4% | 195 | 7.9% |
| Block chain business | 15 | 0.6% | -55 | -357.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobile business | 99.4% | 100.0% | 0.6 | 7.9% |
| Block chain business | 0.6% | — | — | -357.5% |

Loss-making segment (excluded from profit shares): Block chain business -55 JPY mn

Segment → industry: Block chain business → Crypto & Blockchain / Block chain business → Games / Mobile business → Games

## 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 | 14 | 0.6% | S100YFS8 |
| Capital expenditure | 116 | 4.7% | S100YFS8 |
| Free cash flow | -101 | -4.1% | 算出 |
| Investing cash flow | -16 | -0.6% | S100YFS8 |
| Financing cash flow | -91 | -3.7% | S100YFS8 |
| Change in cash | -92 | -3.7% | S100YFS8 |
| Cash and equivalents | 672 | 27.1% | S100YFS8 |

## 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 | 671 | 598 | 628 | 764 | 672 | S100TR14, S100W2BK, S100YFS8 |
| Total assets | 1,236 | 1,386 | 1,745 | 1,620 | 1,517 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Net assets | 862 | 752 | 795 | 693 | 798 | S100TR14, S100W2BK, S100YFS8 |
| Share capital | 1,137 | 1,140 | 1,193 | 1,200 | 1,205 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Inventories | 6 | 6 | 24 | 13 | 21 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Property, plant and equipment | 8 | 11 | 8 | 4 | 12 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Intangible assets excluding goodwill | 136 | 59 | 206 | 154 | 206 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Goodwill | 17 | 11 | 6 | — | — | S100R4SH, S100TR14, S100W2BK |
| Investment securities | 31 | 9 | 0 | 0 | 0 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Current assets | 942 | 1,199 | 1,414 | 1,294 | 1,121 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Current liabilities | 305 | 544 | 868 | 830 | 568 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Short-term borrowings | — | 202 | 375 | 303 | 150 | S100TR14, S100W2BK, S100YFS8 |
| Long-term borrowings | 41 | 65 | 56 | 71 | 121 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Total liabilities | 374 | 634 | 950 | 927 | 719 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Equity attributable to owners of parent | 845 | 735 | 781 | 660 | 770 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Retained earnings | -860 | -976 | -1,036 | -1,170 | -1,072 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R4SH, S100TR14, S100W2BK, S100YFS8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YFS8 |
| Inventories | 1% | S100YFS8 |
| Property, plant and equipment | 1% | S100YFS8 |
| Intangibles and goodwill | 14% | S100YFS8 |
| Other assets | 40% | S100YFS8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YFS8 |
| Equity | 53% | S100YFS8 |

### 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 | 1,236 | 1,386 | 1,745 | 1,620 | 1,517 |
| Equity | 862 | 752 | 795 | 693 | 798 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 671 | 598 | 628 | 764 | 672 |

## 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) | 0.5% | S100YFS8 |
| Fixed assets ÷ total assets | 0.8% | S100YFS8 |
| Goodwill ÷ parent equity | — | —, S100YFS8 |

### 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) | 44.3% |
| Cash ÷ revenue | 27.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.2% |
| Cash vs. profit gap | -84 JPY mn (of net income -85.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 108.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 4.4% | 1.55× | 6.8% | 1.46× | 9.9% | S100R4SH |
| 2023 | — | —× | -8.8% | —× | — | S100TR14 |
| 2024 | — | —× | -3.9% | —× | — | S100W2BK |
| 2025 | — | —× | -8.0% | —× | — | S100YFS8 |
| 2026 | 4.0% | 1.58× | 6.3% | 2.19× | 13.8% | S100YFS8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Cykan Holdings Co.,Ltd. (常任代理人 山田広毅） | Major shareholder | 50.8% | 2026-03-31 |
| 清板大亮 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社武雄嬉野国際カントリークラブ | Major shareholder | 2.8% | 2026-03-31 |
| 飯島功市郎 | Major shareholder | 2.1% | 2026-03-31 |
| 羽成正己 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2026-03-31 |
| 田川宗良 | 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 |
| 鍵谷文勇 | Major shareholder | 0.5% | 2026-03-31 |
| 中矢一二 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YFS8 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFS8,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W2BK | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2BK,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TR14 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR14,, |
| 有価証券報告書－第32期(2022/04/01－2023/03/31) | S100R4SH | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4SH,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OFYC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFYC,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LML2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LML2,, |

## 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).