# CROOZ,Inc.: 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25期(2025/04/01－2026/03/31) (S100YL1X)
> Page: https://vizora.meequs.com/en/company/crooz
> Retrieved: 2026-09-30T18:28:24.707Z

## Company

Crooz, founded in 2001, is a company in IT Services & System Integration listed on TSE Standard. It has 856 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CROOZ,Inc. |
| Ticker | 2138 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2138.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目3番14号 恵比寿SSビル |
| Representative (per filing) | 代表取締役社長 小渕 宏二 |
| Founded | May 2001 |
| Share capital | ¥460.2M |
| Employees (consolidated) | 856 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | crooz.co.jp (https://crooz.co.jp/) |
| Corporate number | 3010401083482 |
| EDINET | E05621 |
| Industries (Vizora) | IT Services & System Integration, E-commerce, HR & Staffing, Apparel |

> Profile source: annual securities report (S100YL1X, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.7 | 68 |
| Profitability | 10.8 | 88 |
| Cash conversion | 0.6 | 80 |
| Efficiency | 1.7 | 88 |

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 65% of Crooz's sales come from Information Technology Outsourcing, with EC and Other making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -16.7% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.8B |  |
| Operating income | ¥23.5M | Margin 0.2% |
| Net income | -¥470.5M | Margin -4.0% |
| Free cash flow | -¥365.6M |  |
| Largest business | Information Technology Outsourcing | of segment revenue 65.3% |
| Employees (consolidated) | 856 |  |
| EPS | ¥47.65 |  |
| Book value per share | ¥968.02 |  |
| Equity ratio | 28.4% |  |
| Shares outstanding | 12,957,600 |  |
| Treasury shares | 3,389,800 |  |
| Shareholders | 3,917 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 32.8% |
| Vs. industry median margin | -8.7 pp | IT Services & System Integration |
| ROA | -1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35714892000 | ¥11820516000 | -66.9% |
| Operating income | ¥2134459000 | ¥23498000 | -98.9% |
| Operating margin | 6.0% | 0.2% | -5.8 pp |
| Employees | 337 people | 856 people | +154.0% |
| Cash and equivalents | ¥14356927000 | ¥3873524000 | -73.0% |

### 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 |
| --- | ---: |
| SHOPLIST事業 → 事業再編・廃止 | 39.4% |
| EC事業 → EC事業 | 31.6% |
| EC事業 → 事業再編・廃止 | 9.3% |
| インターネットコンテンツ事業 → 事業再編・廃止 | 3.3% |
| ゲーム事業 → 事業再編・廃止 | 3.3% |
| その他 → その他 | 2.5% |
| 広告代理事業 → 事業再編・廃止 | 3.2% |
| メディア事業 → 事業再編・廃止 | 1.8% |
| インターネット広告・メディア事業 → 事業再編・廃止 | 5.0% |
| 投資事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → ITアウトソーシング事業 | 65.3% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information Technology Outsourcing | 2 years | +59.0% | ¥7713482000 | 3.6% | 2 |
| EC | 5 years | -33.3% | ¥3740249000 | 2.0% | 2 |
| Other | 5 years | -26.9% | ¥366784000 | -88.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,821 | 100.0% | S100YL1X |
| Cost of revenue | 5,677 | 48.0% | S100YL1X |
| Gross profit | 6,144 | 52.0% | S100YL1X |
| SG&A | 6,120 | 51.8% | S100YL1X |
| Operating income | 23 | 0.2% | S100YL1X |
| Ordinary income | -171 | -1.4% | S100YL1X |
| Pretax income | -200 | -1.7% | S100YL1X |
| Income tax | 272 | 2.3% | S100YL1X |
| Net income | -473 | -4.0% | S100YL1X |
| Net income attributable to owners | -471 | -4.0% | S100YL1X |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 52 |
| Operating income | 0 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 52.0% → Operating margin 0.2% → Net margin -4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 14,192 | 11,821 | -2,371 | -16.7% |
| Gross profit | 6,169 | 6,144 | -25 | -0.4% |
| Operating income | -1,026 | 23 | 1,049 | — |
| Net income attributable to owners | -530 | -471 | 60 | — |
| Operating cash flow | -1,033 | -142 | 891 | — |
| Free cash flow | -1,157 | -366 | 791 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,995 | -97 | -0.3% | -559 | -779 | -954 | S100LVPM |
| FY ending Mar 2021 | 35,715 | 2,134 | 6.0% | 1,433 | 2,432 | 2,311 | S100OLSG |
| FY ending Mar 2022 | 15,478 | 1,238 | 8.0% | 310 | 683 | 38 | S100R9T3 |
| FY ending Mar 2023 | 14,001 | 645 | 4.6% | 255 | 1,592 | 1,555 | S100TXZC |
| FY ending Mar 2024 | 14,270 | 161 | 1.1% | 1,008 | -386 | -424 | S100W9H3 |
| FY ending Mar 2025 | 14,192 | -1,026 | -7.2% | -530 | -1,033 | -1,157 | S100YL1X |
| FY ending Mar 2026 | 11,821 | 23 | 0.2% | -471 | -142 | -366 | S100YL1X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.8M |
| Operating income per employee (consolidated) | ¥27.5K |
| Net income per employee (consolidated) | -¥549.7K |

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) | 389 | 490 | 594 | 712 | 856 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.3M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 37.3 years | 39.4 years | 40.4 years | 42.5 years | 40.8 years |
| Average tenure (parent company) | 7.8 years | 7.7 years | 8.2 years | 8.4 years | 8.6 years |

Year over year: Employees (consolidated) +20.2% · Revenue (consolidated) -16.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Technology Outsourcing | 7,713 | 65.3% | 275 | 3.6% |
| EC | 3,740 | 31.6% | 73 | 2.0% |
| Other | 367 | 3.1% | -324 | -88.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information Technology Outsourcing | 65.3% | 79.0% | 13.8 | 3.6% |
| EC | 31.6% | 21.0% | -10.7 | 2.0% |
| Other | 3.1% | — | — | -88.5% |

Loss-making segment (excluded from profit shares): Other -324 JPY mn

Segment → industry: Information Technology Outsourcing → IT Services & System Integration / EC → E-commerce / Information Technology Outsourcing → HR & Staffing / EC → Apparel

## 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 | -142 | -1.2% | S100YL1X |
| Capital expenditure | 224 | 1.9% | S100YL1X |
| Free cash flow | -366 | -3.1% | 算出 |
| Investing cash flow | -7,632 | -64.6% | S100YL1X |
| Financing cash flow | 2,232 | 18.9% | S100YL1X |
| Change in cash | -5,530 | -46.8% | S100YL1X |
| Cash and equivalents | 3,874 | 32.8% | S100YL1X |

## 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 | 13,066 | 13,607 | 12,156 | 9,404 | 3,874 | S100TXZC, S100W9H3, S100YL1X |
| Total assets | 25,087 | 25,409 | 27,084 | 29,530 | 30,801 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Net assets | 9,651 | 9,969 | 10,809 | 9,327 | 8,859 | S100TXZC, S100W9H3, S100YL1X |
| Share capital | 460 | 460 | 460 | 460 | 460 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Property, plant and equipment | 808 | 676 | 601 | 216 | 315 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Intangible assets excluding goodwill | 406 | 327 | 185 | 6 | 3 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Investment securities | 4,948 | 5,132 | 4,909 | 3,657 | 3,452 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Current assets | 17,561 | 17,499 | 17,036 | 12,776 | 9,510 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Current liabilities | 5,174 | 5,905 | 6,436 | 4,557 | 4,975 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Long-term borrowings | 255 | 467 | 2,659 | 9,506 | 13,358 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Bonds | 10,000 | 9,000 | 7,000 | 5,000 | 3,000 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Total liabilities | 15,436 | 15,440 | 16,275 | 20,203 | 21,942 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Non-controlling interests | 258 | 173 | 152 | 125 | 104 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Equity attributable to owners of parent | 9,345 | 9,650 | 10,076 | 8,944 | 8,500 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Retained earnings | 10,182 | 10,437 | 11,450 | 10,956 | 10,512 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |
| Treasury stock | -2,662 | -2,662 | -3,248 | -3,851 | -3,851 | S100R9T3, S100TXZC, S100W9H3, S100YL1X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YL1X |
| Property, plant and equipment | 1% | S100YL1X |
| Intangibles and goodwill | 0% | S100YL1X |
| Investment securities | 11% | S100YL1X |
| Other assets | 75% | S100YL1X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100YL1X |
| Equity | 29% | S100YL1X |

### 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 | 25,087 | 25,409 | 27,084 | 29,530 | 30,801 |
| Equity | 9,651 | 9,969 | 10,809 | 9,327 | 8,859 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,066 | 13,607 | 12,156 | 9,404 | 3,874 |

## 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) | 2.7% | S100YL1X |
| Fixed assets ÷ total assets | 1.0% | S100YL1X |
| Goodwill ÷ parent equity | — | —, S100YL1X |

### 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) | 12.6% |
| Cash ÷ revenue | 32.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -603.4% |
| Cash vs. profit gap | 329 JPY mn |
| 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 | 2.0% | 0.62× | 1.2% | 2.68× | 3.3% | S100R9T3 |
| 2023 | 1.8% | 0.55× | 1.0% | 2.66× | 2.7% | S100TXZC |
| 2024 | 7.1% | 0.54× | 3.8% | 2.66× | 10.2% | S100W9H3 |
| 2025 | — | —× | -1.9% | —× | — | S100YL1X |
| 2026 | — | —× | -1.6% | —× | — | S100YL1X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小渕 宏二 | Major shareholder | 33.4% | 2026-03-31 |
| 清原 達郎 | Major shareholder | 9.3% | 2026-03-31 |
| 田澤 知志 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 3.5% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 合同会社センス | Major shareholder | 2.6% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |
| 山田 忠志 | Major shareholder | 1.2% | 2026-03-31 |
| 早稲田 喜一 | Major shareholder | 0.8% | 2026-03-31 |
| 佐々木 保典 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YL1X | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL1X,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W9H3 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9H3,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TXZC | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXZC,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R9T3 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9T3,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OLSG | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLSG,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LVPM | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVPM,, |

## 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).