# Cookpad Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/01/01－2025/12/31) (S100XTNM)
> Page: https://vizora.meequs.com/en/company/cookpad
> Retrieved: 2026-09-30T19:42:03.128Z

## Company

Cookpad, founded in 1997, is a company in Internet Services & Apps listed on TSE Standard. It has 101 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Cookpad Inc. |
| Ticker | 2193 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2193.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区大橋二丁目22番44号 |
| Representative (per filing) | 代表執行役 佐野 陽光 |
| Founded | Oct 1997 |
| Share capital | ¥50M |
| Employees (consolidated) | 101 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | December |
| Website | info.cookpad.com (https://info.cookpad.com/) |
| Corporate number | 6010401071872 |
| EDINET | E22663 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XTNM, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.3 | 40 |
| Profitability | 38.2 | 51 |
| Cash conversion | 87.2 | 43 |
| Efficiency | 2.9 | 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)

- Cookpad brought in ¥5.34B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -9.2% from the prior year, operating profit -60.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5336733000 → ¥741436000
- Net income → operating cash flow: ¥741436000 → ¥577540000（difference ¥-163896000）
- Main uses of operating cash flow: CapEx ¥58863000 / dividends — / buybacks ¥1742573000
- Change in cash: ¥-6198649000
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 | ¥5.34B |  |
| Operating income | ¥264.4M | Margin 5.0% |
| Net income | ¥741.4M | Margin 13.9% |
| Free cash flow | ¥518.7M |  |
| Employees (consolidated) | 101 |  |
| EPS | ¥9.55 |  |
| Book value per share | ¥175.93 |  |
| Equity ratio | 91.5% | Derived from disclosed figures |
| Shares outstanding | 107,429,400 |  |
| Treasury shares | 34,122,700 |  |
| Shareholders | 28,125 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 41.7% | Cash ÷ revenue 110.3% |
| Vs. industry median margin | -2.7 pp | Internet Services & Apps |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +27% over five years
- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11095929000 | ¥5336733000 | -51.9% |
| Operating income | ¥227409000 | ¥264367000 | +16.3% |
| Operating margin | 2.0% | 5.0% | +2.9 pp |
| Employees | 547 people | 101 people | -81.5% |
| Cash and equivalents | ¥22685528000 | ¥5885014000 | -74.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,337 | 100.0% | S100XTNM |
| Cost of revenue | 73 | 1.4% | S100XTNM |
| Gross profit | 5,263 | 98.6% | S100XTNM |
| SG&A | 5,022 | 94.1% | S100XTNM |
| Operating income | 264 | 5.0% | S100XTNM |
| Pretax income | 1,098 | 20.6% | S100XTNM |
| Income tax | 357 | 6.7% | S100XTNM |
| Net income | 741 | 13.9% | S100XTNM |
| Net income attributable to owners | 741 | 13.9% | S100XTNM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 1 |
| SG&A | 94 |
| Operating income | 5 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 98.6% → Operating margin 5.0% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.2%; Core profit growth: -60.8%
Operating leverage (core profit growth ÷ revenue growth): 6.61×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,877 | 5,337 | -540 | -9.2% |
| Gross profit | 5,828 | 5,263 | -565 | -9.7% |
| Operating income | 674 | 264 | -409 | -60.8% |
| Net income attributable to owners | 1,332 | 741 | -591 | -44.4% |
| Operating cash flow | 1,522 | 578 | -945 | -62.1% |
| Free cash flow | 1,297 | 519 | -778 | -60.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 16,846 | — | — | 933 | 5,249 | — | S100L0EG |
| FY ending Dec 2017 | 13,408 | — | — | 3,491 | 2,475 | — | S100NPWA |
| FY ending Dec 2018 | 11,876 | — | — | 407 | 1,137 | — | S100QHO8 |
| FY ending Dec 2019 | 11,753 | 307 | 2.6% | -969 | 1,024 | 858 | S100L0EG |
| FY ending Dec 2020 | 11,096 | 227 | 2.0% | 479 | 610 | 394 | S100NPWA |
| FY ending Dec 2021 | 10,004 | -2,633 | -26.3% | -2,380 | -1,772 | -1,952 | S100QHO8 |
| FY ending Dec 2022 | 9,087 | -3,521 | -38.7% | -3,488 | -2,701 | -2,764 | S100T47Q |
| FY ending Dec 2023 | 7,607 | -2,800 | -36.8% | -2,229 | -2,159 | -2,201 | S100VI28 |
| FY ending Dec 2024 | 5,877 | 674 | 11.5% | 1,332 | 1,522 | 1,297 | S100XTNM |
| FY ending Dec 2025 | 5,337 | 264 | 5.0% | 741 | 578 | 519 | S100XTNM |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥7.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 487 | 409 | 147 | 117 | 101 |
| Average salary (parent company) | ¥7.9M | ¥8.2M | ¥8.9M | ¥9.5M | ¥10.1M |
| Average age (parent company) | 34.6 years | 35.1 years | 35.8 years | 36.0 years | 37.5 years |
| Average tenure (parent company) | 3.3 years | 3.8 years | 5.4 years | 5.6 years | 5.6 years |

Year over year: Employees (consolidated) -13.7% · Revenue (consolidated) -9.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 578 | 10.8% | S100XTNM |
| Capital expenditure | 59 | 1.1% | S100XTNM |
| Free cash flow | 519 | 9.7% | 算出 |
| Investing cash flow | -4,926 | -92.3% | S100XTNM |
| Financing cash flow | -1,943 | -36.4% | S100XTNM |
| Share buyback | 1,743 | 32.7% | S100XTNM |
| Change in cash | -6,199 | -116.2% | S100XTNM |
| Cash and equivalents | 5,885 | 110.3% | S100XTNM |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,410 | 16,824 | 12,023 | 12,084 | 5,885 | S100T47Q, S100VI28, S100XTNM |
| Total assets | 23,864 | 20,154 | 14,598 | 15,018 | 14,103 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Net assets | 21,632 | 17,752 | 13,728 | 13,620 | 12,897 | S100T47Q, S100VI28, S100XTNM |
| Share capital | 5,286 | 5,286 | 5,286 | 50 | 50 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Property, plant and equipment | 657 | 668 | 196 | 963 | 751 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Goodwill | 141 | 141 | — | — | — | S100QHO8, S100T47Q |
| Current assets | 22,667 | 18,930 | 13,918 | 13,336 | 13,016 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Total liabilities | 2,232 | 2,402 | 870 | 1,398 | 1,206 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Equity attributable to owners of parent | 21,030 | 17,752 | 13,728 | 13,620 | 12,897 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Retained earnings | 8,986 | 5,502 | 3,269 | 4,602 | 5,325 | S100QHO8, S100T47Q, S100VI28, S100XTNM |
| Treasury stock | -735 | -735 | -3,313 | -5,313 | -7,022 | S100QHO8, S100T47Q, S100VI28, S100XTNM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100XTNM |
| Property, plant and equipment | 5% | S100XTNM |
| Other assets | 53% | S100XTNM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 9% | S100XTNM |
| Equity | 91% | S100XTNM |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,864 | 20,154 | 14,598 | 15,018 | 14,103 |
| Equity | 21,632 | 17,752 | 13,728 | 13,620 | 12,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,410 | 16,824 | 12,023 | 12,084 | 5,885 |

## 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) | 14.1% | S100XTNM |
| Fixed assets ÷ total assets | 5.3% | S100XTNM |
| Goodwill ÷ parent equity | — | —, S100XTNM |

### 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) | 41.7% |
| Cash ÷ revenue | 110.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 218.5% |
| Cash vs. profit gap | -164 JPY mn (of net income -22.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 852.9% |

## 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 | — | —× | -10.0% | —× | — | S100QHO8 |
| 2022 | — | —× | -15.8% | —× | — | S100T47Q |
| 2023 | — | —× | -12.8% | —× | — | S100VI28 |
| 2024 | 22.7% | 0.40× | 9.0% | 1.08× | 9.7% | S100XTNM |
| 2025 | 13.9% | 0.37× | 5.1% | 1.10× | 5.6% | S100XTNM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐野 陽光 | Major shareholder | 63.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| 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 | 1.0% | 2025-12-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS SEC LENDING（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2025-12-31 |
| 橋本 健太 | Major shareholder | 0.7% | 2025-12-31 |
| 平尾 丈 | Major shareholder | 0.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.5% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.5% | 2025-12-31 |
| 齋藤 貴子 | Major shareholder | 0.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XTNM | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTNM,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VI28 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI28,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T47Q | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T47Q,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QHO8 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHO8,, |
| 有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100NPWA | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPWA,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L0EG | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0EG,, |

## 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).