# CS-C: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBLU)
> Page: https://vizora.meequs.com/en/company/cs-c
> Retrieved: 2026-09-30T21:03:32.280Z

## Company

CS-C, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CS-C.Co.,Ltd. |
| Ticker | 9258 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9258.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦四丁目13番23号 |
| Representative (per filing) | 代表取締役社長 椙原 健 |
| Founded | Oct 2011 |
| Share capital | ¥773.1M |
| Employees (consolidated) | 173 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Website | s-cs-c.com (https://s-cs-c.com/) |
| Corporate number | 6011501017170 |
| EDINET | E37199 |
| Industries (Vizora) | Software & SaaS, Advertising, Restaurants & Pubs |

> Profile source: annual securities report (S100XBLU, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 9.9 | 86 |
| Efficiency | 35.5 | 86 |

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 86% of CS-C's sales come from Local Businesses Digital Transformation, with Shop and Other making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +16.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.18B |  |
| Operating income | -¥76.2M | Margin -2.4% |
| Net income | -¥102.2M | Margin -3.2% |
| Free cash flow | -¥80.2M |  |
| Largest business | Local Businesses Digital Transformation | of segment revenue 86.0% |
| Employees (consolidated) | 173 |  |
| EPS | ¥-4.34 |  |
| Book value per share | ¥343.98 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 6,662,300 |  |
| Shareholders | 1,511 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 56.8% | Cash ÷ revenue 58.5% |
| Vs. industry median margin | -14.8 pp | Software & SaaS |
| ROA | -3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 57% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1947704000 | ¥3178971000 | — |
| Operating income | ¥19460000 | ¥-76175000 | — |
| Operating margin | 1.0% | -2.4% | -3.4 pp |
| Employees | 151 people | 173 people | — |
| Cash and equivalents | ¥350811000 | ¥1860214000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. 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 → ローカルビジネスDX | 86.0% |
| 新設・再編 → リアル店舗 | 8.8% |
| 新設・再編 → その他 | 5.2% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Local Businesses Digital Transformation | — | — | ¥2732390000 | 1.8% | 2 |
| Shop | — | — | ¥281148000 | -28.6% | 2 |
| Other | — | — | ¥165432000 | -27.5% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,179 | 100.0% | S100XBLU |
| Cost of revenue | 1,389 | 43.7% | S100XBLU |
| Gross profit | 1,790 | 56.3% | S100XBLU |
| SG&A | 1,866 | 58.7% | S100XBLU |
| Operating income | -76 | -2.4% | S100XBLU |
| Ordinary income | -72 | -2.3% | S100XBLU |
| Pretax income | -72 | -2.3% | S100XBLU |
| Income tax | 30 | 0.9% | S100XBLU |
| Net income | -102 | -3.2% | S100XBLU |
| Net income attributable to owners | -102 | -3.2% | S100XBLU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 59 |
| Operating income | -3 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 56.3% → Operating margin -2.4% → Net margin -3.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,726 | 3,179 | 453 | +16.6% |
| Gross profit | 1,525 | 1,790 | 265 | +17.4% |
| Operating income | -5 | -76 | -72 | — |
| Operating cash flow | 129 | 36 | -93 | -72.0% |
| Free cash flow | -89 | -80 | 9 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 1,948 | 19 | 1.0% | 18 | 79 | -7 | S100N5GD |
| FY ending Sep 2021 | 1,908 | 166 | 8.7% | 118 | 221 | 149 | S100PUK5 |
| FY ending Sep 2022 | 2,182 | 243 | 11.2% | 149 | 289 | — | S100SKJT |
| FY ending Sep 2023 | 2,428 | 222 | 9.2% | 148 | 242 | 56 | S100UZBD |
| FY ending Sep 2024 | 2,726 | -5 | -0.2% | -9 | 129 | -89 | S100UZBD |
| FY ending Sep 2025 | 3,179 | -76 | -2.4% | -102 | 36 | -80 | S100XBLU |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.4M |
| Operating income per employee (consolidated) | -¥440.3K |
| Net income per employee (consolidated) | -¥590.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 141 | 151 | 155 | 174 | 173 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.5M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 29.4 years | 29.8 years | 29.9 years | 31.6 years | 32.6 years |
| Average tenure (parent company) | 2.3 years | 2.8 years | 3.2 years | 3.5 years | 4.1 years |

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Local Businesses Digital Transformation | 2,732 | 86.0% | 50 | 1.8% |
| Shop | 281 | 8.8% | -80 | -28.6% |
| Other | 165 | 5.2% | -46 | -27.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Local Businesses Digital Transformation | 86.0% | 100.0% | 14.0 | 1.8% |
| Shop | 8.8% | — | — | -28.6% |
| Other | 5.2% | — | — | -27.5% |

Loss-making segment (excluded from profit shares): Shop -80 JPY mn

Loss-making segment (excluded from profit shares): Other -46 JPY mn

Segment → industry: Local Businesses Digital Transformation → Software & SaaS / Local Businesses Digital Transformation → Advertising / Shop → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 36 | 1.1% | S100XBLU |
| Capital expenditure | 116 | 3.7% | S100XBLU |
| Free cash flow | -80 | -2.5% | 算出 |
| Investing cash flow | -361 | -11.3% | S100XBLU |
| Financing cash flow | 279 | 8.8% | S100XBLU |
| Change in cash | -46 | -1.4% | S100XBLU |
| Cash and equivalents | 1,860 | 58.5% | S100XBLU |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 483 | 2,023 | 2,066 | 1,870 | 1,860 | S100SKJT, S100UZBD, S100XBLU |
| Total assets | 1,041 | 2,631 | 2,775 | 2,896 | 3,275 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Net assets | 589 | 2,152 | 2,302 | 2,298 | 2,217 | S100SKJT, S100UZBD, S100XBLU |
| Share capital | 50 | 758 | 758 | 762 | 773 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Property, plant and equipment | 29 | 26 | 23 | 56 | 117 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Intangible assets excluding goodwill | 169 | 249 | 351 | 416 | 552 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Goodwill | — | — | — | — | 187 | S100XBLU |
| Investment securities | — | — | — | — | 30 | S100XBLU |
| Current assets | 685 | 2,197 | 2,255 | 2,184 | 2,290 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Current liabilities | 427 | 464 | 468 | 598 | 832 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Long-term borrowings | 25 | 15 | 5 | — | 223 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Total liabilities | 452 | 479 | 473 | 598 | 1,058 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Equity attributable to owners of parent | 587 | 2,152 | 2,300 | 2,298 | 2,217 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Retained earnings | 487 | 636 | 784 | 774 | 671 | S100PUK5, S100SKJT, S100UZBD, S100XBLU |
| Treasury stock | — | — | — | -0 | -0 | S100UZBD, S100XBLU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XBLU |
| Property, plant and equipment | 4% | S100XBLU |
| Intangibles and goodwill | 22% | S100XBLU |
| Investment securities | 1% | S100XBLU |
| Other assets | 16% | S100XBLU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100XBLU |
| Equity | 68% | S100XBLU |
| Other liabilities | 0% | S100XBLU |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,041 | 2,631 | 2,775 | 2,896 | 3,275 |
| Equity | 589 | 2,152 | 2,302 | 2,298 | 2,217 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 483 | 2,023 | 2,066 | 1,870 | 1,860 |

## 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) | 3.7% | S100XBLU |
| Fixed assets ÷ total assets | 3.6% | S100XBLU |
| Goodwill ÷ parent equity | 8.4% | S100XBLU |

### 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) | 56.8% |
| Cash ÷ revenue | 58.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 138 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 996.3% |

## 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 | 6.2% | 1.83× | 11.3% | 1.77× | 20.1% | S100PUK5 |
| 2022 | 6.8% | 1.19× | 8.1% | 1.34× | 10.8% | S100SKJT |
| 2023 | 6.1% | 0.90× | 5.5% | 1.21× | 6.6% | S100UZBD |
| 2024 | — | —× | -0.3% | —× | — | S100UZBD |
| 2025 | — | —× | -3.1% | —× | — | S100XBLU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スマイルプラス | Major shareholder | 45.0% | 2025-09-30 |
| 椙原 健 | Major shareholder | 20.3% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.7% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.5% | 2025-09-30 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 1.6% | 2025-09-30 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.6% | 2025-09-30 |
| 株式会社ＥＰＡＲＫ | Major shareholder | 1.6% | 2025-09-30 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-09-30 |
| 株式会社スペース紙化 | Major shareholder | 0.9% | 2025-09-30 |
| ＣＳ－Ｃ従業員持株会 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBLU | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBLU,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100UZBD | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZBD,, |
| 訂正有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SKJT | 2024-01-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SKJT,, |
| 有価証券報告書－第11期(令和3年10月1日－令和4年9月30日) | S100PUK5 | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUK5,, |
| 有価証券報告書－第10期(令和2年10月1日－令和3年9月30日) | S100N5GD | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N5GD,, |

## 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).