# CREEMA LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2025/03/01－2026/02/28) (S100Y5AX)
> Page: https://vizora.meequs.com/en/company/creema
> Retrieved: 2026-09-30T20:25:27.352Z

## Company

Creema, founded in 2009, is a company in E-commerce listed on TSE Growth. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREEMA LTD. |
| Ticker | 4017 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4017.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神宮前二丁目34番17号 |
| Representative (per filing) | 代表取締役社長 丸林 耕太郎 |
| Founded | Mar 2009 |
| Share capital | ¥541.7M |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | February |
| Website | creema.co.jp (https://creema.co.jp/) |
| Corporate number | 6011001059861 |
| EDINET | E36100 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100Y5AX, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34 | 25 |
| Profitability | 39.7 | 34 |
| Cash conversion | 94.4 | 27 |
| Efficiency | 25 | 34 |

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)

- Creema brought in ¥2.54B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit -58.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2535110000 → ¥27505000
- Net income → operating cash flow: ¥27505000 → ¥545369000（difference ¥517864000）
- Main uses of operating cash flow: CapEx ¥58365000 / dividends — / buybacks —
- Change in cash: ¥574491000
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 | ¥2.54B |  |
| Operating income | ¥42.7M | Margin 1.7% |
| Net income | ¥27.5M | Margin 1.1% |
| Free cash flow | ¥487M |  |
| Employees (consolidated) | 83 |  |
| EPS | ¥5.52 |  |
| Book value per share | ¥165.66 |  |
| Equity ratio | 30.8% |  |
| Shares outstanding | 6,742,100 |  |
| Shareholders | 1,896 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 81.9% | Cash ÷ revenue 118.9% |
| Vs. industry median margin | -3.3 pp | E-commerce |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 19.8× net income
- FY2026, cash is 82% of total assets
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2062479000 | ¥2535110000 | +22.9% |
| Operating income | ¥226094000 | ¥42706000 | -81.1% |
| Operating margin | 11.0% | 1.7% | -9.3 pp |
| Employees | 72 people | 83 people | +15.3% |
| Cash and equivalents | ¥2885204000 | ¥3015082000 | +4.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,535 | 100.0% | S100Y5AX |
| Cost of revenue | 515 | 20.3% | S100Y5AX |
| Gross profit | 2,020 | 79.7% | S100Y5AX |
| SG&A | 1,977 | 78.0% | S100Y5AX |
| Operating income | 43 | 1.7% | S100Y5AX |
| Ordinary income | 66 | 2.6% | S100Y5AX |
| Pretax income | 66 | 2.6% | S100Y5AX |
| Income tax | 39 | 1.5% | S100Y5AX |
| Net income | 28 | 1.1% | S100Y5AX |
| Net income attributable to owners | 28 | 1.1% | S100Y5AX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 78 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 79.7% → Operating margin 1.7% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.1%; Core profit growth: -58.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -52.27×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,507 | 2,535 | 28 | +1.1% |
| Gross profit | 1,959 | 2,020 | 61 | +3.1% |
| Operating income | 103 | 43 | -60 | -58.6% |
| Net income attributable to owners | 103 | 28 | -76 | -73.3% |
| Operating cash flow | 23 | 545 | 522 | +2278.9% |
| Free cash flow | 22 | 487 | 465 | +2092.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 1,518 | 49 | 3.2% | -28 | -165 | -197 | S100LFIZ |
| FY ending Feb 2021 | 2,062 | 226 | 11.0% | 178 | 689 | 689 | S100OTA5 |
| FY ending Feb 2022 | 2,295 | 323 | 14.1% | 231 | 394 | 306 | S100QU8R |
| FY ending Feb 2023 | 2,500 | -386 | -15.4% | -408 | -321 | -438 | S100U114 |
| FY ending Feb 2024 | 2,509 | 41 | 1.7% | 79 | 113 | 113 | S100VRXT |
| FY ending Feb 2025 | 2,507 | 103 | 4.1% | 103 | 23 | 22 | S100Y5AX |
| FY ending Feb 2026 | 2,535 | 43 | 1.7% | 28 | 545 | 487 | S100Y5AX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.5M |
| Operating income per employee (consolidated) | ¥514.5K |
| Net income per employee (consolidated) | ¥331.4K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 84 | 80 | 79 | 83 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.5M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 32.0 years | 32.0 years | 35.5 years | 35.1 years | 35.9 years |
| Average tenure (parent company) | 2.9 years | 3.3 years | 3.5 years | 4.3 years | 4.9 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +1.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 545 | 21.5% | S100Y5AX |
| Capital expenditure | 58 | 2.3% | S100Y5AX |
| Free cash flow | 487 | 19.2% | 算出 |
| Investing cash flow | -44 | -1.7% | S100Y5AX |
| Financing cash flow | 71 | 2.8% | S100Y5AX |
| Change in cash | 574 | 22.7% | S100Y5AX |
| Cash and equivalents | 3,015 | 118.9% | S100Y5AX |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,954 | 2,375 | 2,632 | 2,441 | 3,015 | S100U114, S100VRXT, S100Y5AX |
| Total assets | 3,890 | 3,433 | 3,588 | 3,367 | 3,680 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Net assets | 1,320 | 919 | 1,000 | 1,105 | 1,133 | S100U114, S100VRXT, S100Y5AX |
| Share capital | 536 | 540 | 540 | 541 | 542 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Trade receivables | 624 | — | — | — | — | S100QU8R |
| Property, plant and equipment | 3 | 24 | 22 | 19 | 17 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Intangible assets excluding goodwill | 133 | 149 | 113 | 77 | 93 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Goodwill | 37 | — | — | — | — | S100QU8R |
| Current assets | 3,598 | 3,141 | 3,297 | 3,077 | 3,414 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Current liabilities | 2,178 | 2,321 | 2,262 | 2,076 | 2,346 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Long-term borrowings | 382 | 188 | 326 | 185 | 201 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Total liabilities | 2,569 | 2,514 | 2,588 | 2,261 | 2,547 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Equity attributable to owners of parent | 1,321 | 919 | 1,000 | 1,105 | 1,133 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Retained earnings | -1,173 | -1,581 | -1,502 | -1,399 | -1,371 | S100QU8R, S100U114, S100VRXT, S100Y5AX |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QU8R, S100U114, S100VRXT, S100Y5AX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100Y5AX |
| Property, plant and equipment | 0% | S100Y5AX |
| Intangibles and goodwill | 3% | S100Y5AX |
| Other assets | 15% | S100Y5AX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 69% | S100Y5AX |
| Equity | 31% | S100Y5AX |
| Other liabilities | 0% | S100Y5AX |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,890 | 3,433 | 3,588 | 3,367 | 3,680 |
| Equity | 1,320 | 919 | 1,000 | 1,105 | 1,133 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,954 | 2,375 | 2,632 | 2,441 | 3,015 |

## 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) | 0.7% | S100Y5AX |
| Fixed assets ÷ total assets | 0.5% | S100Y5AX |
| Goodwill ÷ parent equity | — | —, S100Y5AX |

### 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) | 81.9% |
| Cash ÷ revenue | 118.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1277.0% |
| Cash vs. profit gap | 518 JPY mn (of net income 1882.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 8.1% |

## 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 | 10.1% | 0.59× | 5.9% | 2.94× | 17.5% | S100QU8R |
| 2023 | — | —× | -11.2% | —× | — | S100U114 |
| 2024 | 3.2% | 0.71× | 2.3% | 3.66× | 8.2% | S100VRXT |
| 2025 | 4.1% | 0.72× | 3.0% | 3.30× | 9.8% | S100Y5AX |
| 2026 | 1.1% | 0.72× | 0.8% | 3.15× | 2.5% | S100Y5AX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸林耕太郎 | Major shareholder | 32.4% | 2026-02-28 |
| アニマリズムグループ株式会社 | Major shareholder | 6.6% | 2026-02-28 |
| 大橋優輝 | Major shareholder | 6.3% | 2026-02-28 |
| 株式会社SBI証券 | Major shareholder | 5.0% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 4.4% | 2026-02-28 |
| SBI AI&Blockchain投資事業有限責任組合 | Major shareholder | 3.1% | 2026-02-28 |
| 吉岡裕之 | Major shareholder | 2.2% | 2026-02-28 |
| 小倉尚夫 | Major shareholder | 1.5% | 2026-02-28 |
| MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーMUFG証券株式会社 オペレーション本部長アンドリューハーシャン） | Major shareholder | 1.3% | 2026-02-28 |
| 民本昌弘 | Major shareholder | 1.2% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/03/01－2026/02/28) | S100Y5AX | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y5AX,, |
| 有価証券報告書－第16期(2024/03/01－2025/02/28) | S100VRXT | 2025-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRXT,, |
| 訂正有価証券報告書－第15期(2023/03/01－2024/02/29) | S100U114 | 2024-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U114,, |
| 有価証券報告書－第14期(2022/03/01－2023/02/28) | S100QU8R | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU8R,, |
| 訂正有価証券報告書－第13期(令和3年3月1日－令和4年2月28日) | S100OTA5 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OTA5,, |
| 有価証券報告書－第12期(令和2年3月1日－令和3年2月28日) | S100LFIZ | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFIZ,, |

## 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).