# CYND Co., Ltd.: 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15期(2025/04/01－2026/03/31) (S100YJVR)
> Page: https://vizora.meequs.com/en/company/cynd
> Retrieved: 2026-09-30T19:49:21.298Z

## Company

Cynd, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 127 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CYND Co., Ltd. |
| Ticker | 4256 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4256.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西五反田八丁目4番13号 |
| Representative (per filing) | 代表取締役社長 奥脇 隆司 |
| Founded | Oct 2011 |
| Share capital | ¥53.9M |
| Employees (consolidated) | 127 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | cynd.co.jp (https://cynd.co.jp/) |
| Corporate number | 9010701025765 |
| EDINET | E37169 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YJVR, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.8 | 145 |
| Cash conversion | 80.9 | 128 |
| Efficiency | 16.2 | 145 |

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)

- Cynd brought in ¥2.54B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +13.4% from the prior year, operating profit +39.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2542083000 → ¥172473000
- Net income → operating cash flow: ¥172473000 → ¥542412000（difference ¥369939000）
- Main uses of operating cash flow: CapEx ¥10689000 / dividends — / buybacks ¥54000
- Change in cash: ¥143015000
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 | ¥331.2M | Margin 13.0% |
| Net income | ¥172.5M | Margin 6.8% |
| Free cash flow | ¥531.7M |  |
| Employees (consolidated) | 127 |  |
| EPS | ¥51.11 |  |
| Diluted EPS | ¥49.62 |  |
| Book value per share | ¥674.37 |  |
| Equity ratio | 71.5% |  |
| Shares outstanding | 6,066,000 |  |
| Shareholders | 3,670 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 45.4% | Cash ÷ revenue 87.1% |
| Vs. industry median margin | +0.6 pp | Software & SaaS |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, cash is 45% 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 | ¥799307000 | ¥2542083000 | — |
| Operating income | ¥188006000 | ¥331170000 | — |
| Operating margin | 23.5% | 13.0% | -10.5 pp |
| Employees | 56 people | 127 people | — |
| Cash and equivalents | ¥479239000 | ¥2214332000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,542 | 100.0% | S100YJVR |
| Cost of revenue | 589 | 23.2% | S100YJVR |
| Gross profit | 1,953 | 76.8% | S100YJVR |
| SG&A | 1,622 | 63.8% | S100YJVR |
| Operating income | 331 | 13.0% | S100YJVR |
| Ordinary income | 271 | 10.7% | S100YJVR |
| Pretax income | 271 | 10.7% | S100YJVR |
| Income tax | 99 | 3.9% | S100YJVR |
| Net income | 172 | 6.8% | S100YJVR |
| Net income attributable to owners | 172 | 6.8% | S100YJVR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 64 |
| Operating income | 13 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 76.8% → Operating margin 13.0% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.4%; Core profit growth: +39.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.96×
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 | 2,241 | 2,542 | 301 | +13.4% |
| Gross profit | 1,744 | 1,953 | 210 | +12.0% |
| Operating income | 237 | 331 | 94 | +39.7% |
| Net income attributable to owners | 112 | 172 | 60 | +53.7% |
| Operating cash flow | 417 | 542 | 125 | +29.9% |
| Free cash flow | 269 | 532 | 263 | +97.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 799 | 188 | 23.5% | 134 | 243 | 235 | S100OMOD |
| FY ending Mar 2022 | 1,089 | 298 | 27.4% | 183 | 238 | 223 | S100OMOD |
| FY ending Mar 2023 | 1,303 | 360 | 27.6% | 233 | 226 | 220 | S100TVYH |
| FY ending Mar 2024 | 1,952 | 162 | 8.3% | 38 | 353 | 348 | S100W9RA |
| FY ending Mar 2025 | 2,241 | 237 | 10.6% | 112 | 417 | 269 | S100YJVR |
| FY ending Mar 2026 | 2,542 | 331 | 13.0% | 172 | 542 | 532 | S100YJVR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 67 | 103 | 104 | 116 | 127 |
| Average salary (parent company) | ¥4.9M | ¥4.7M | ¥5.8M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 31.7 years | 31.8 years | 33.1 years | 33.6 years | 34.2 years |
| Average tenure (parent company) | 2.8 years | 3.3 years | 3.9 years | 4.2 years | 4.4 years |

Year over year: Employees (consolidated) +9.5% · Revenue (consolidated) +13.4%

## 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 | 542 | 21.3% | S100YJVR |
| Capital expenditure | 11 | 0.4% | S100YJVR |
| Free cash flow | 532 | 20.9% | 算出 |
| Investing cash flow | -18 | -0.7% | S100YJVR |
| Financing cash flow | -382 | -15.0% | S100YJVR |
| Share buyback | 0 | 0.0% | S100YJVR |
| Change in cash | 143 | 5.6% | S100YJVR |
| Cash and equivalents | 2,214 | 87.1% | S100YJVR |

## 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 | 3,008 | 1,951 | 2,006 | 2,071 | 2,214 | S100OMOD, S100W9RA, S100YJVR |
| Total assets | 3,171 | 5,097 | 4,941 | 4,864 | 4,881 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Net assets | 2,924 | 3,158 | 3,196 | 3,315 | 3,488 | S100OMOD, S100W9RA, S100YJVR |
| Share capital | 1,197 | 1,197 | 1,197 | 54 | 54 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Inventories | 2 | 2 | 0 | 0 | 16 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Property, plant and equipment | 25 | 26 | 25 | 145 | 197 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Intangible assets excluding goodwill | 1 | 2,922 | 2,612 | 2,314 | 2,019 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Goodwill | 1 | 2,695 | 2,426 | 2,156 | 1,887 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Current assets | 3,103 | 2,102 | 2,180 | 2,282 | 2,520 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Current liabilities | 247 | 513 | 541 | 762 | 727 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Long-term borrowings | — | 1,371 | 1,154 | 771 | 600 | S100TVYH, S100W9RA, S100YJVR |
| Total liabilities | 247 | 1,939 | 1,745 | 1,548 | 1,392 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Equity attributable to owners of parent | 2,924 | 3,158 | 3,196 | 3,315 | 3,488 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Retained earnings | 531 | 765 | 803 | 915 | 1,088 | S100OMOD, S100TVYH, S100W9RA, S100YJVR |
| Treasury stock | — | — | — | -0 | -0 | S100YJVR |

### 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 | 3,171 | 5,097 | 4,941 | 4,864 | 4,881 |
| Equity | 2,924 | 3,158 | 3,196 | 3,315 | 3,488 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,008 | 1,951 | 2,006 | 2,071 | 2,214 |

## 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) | 7.8% | S100YJVR |
| Fixed assets ÷ total assets | 4.0% | S100YJVR |
| Goodwill ÷ parent equity | 54.1% | S100YJVR |

### 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) | 45.4% |
| Cash ÷ revenue | 87.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.8% |
| Cash vs. profit gap | 370 JPY mn (of net income 214.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 3.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 16.8% | 0.34× | 5.8% | 1.08× | 6.2% | S100OMOD |
| 2023 | 17.9% | 0.26× | 4.6% | 1.61× | 7.4% | S100TVYH |
| 2024 | 2.0% | 0.39× | 0.8% | 1.58× | 1.2% | S100W9RA |
| 2025 | 5.0% | 0.46× | 2.3% | 1.51× | 3.4% | S100YJVR |
| 2026 | 6.8% | 0.52× | 3.5% | 1.43× | 5.1% | S100YJVR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 奥脇 隆司 | Major shareholder | 35.9% | 2026-03-31 |
| 高橋 直也 | Major shareholder | 29.3% | 2026-03-31 |
| 亀井 信吾 | Major shareholder | 5.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| 池田 英右 | Major shareholder | 2.1% | 2026-03-31 |
| PERSHING-DIV. OF DLJ SECS. CORP. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| NATIONAL FINANCIAL SERVICES LCC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| 辻 章一 | Major shareholder | 0.3% | 2026-03-31 |
| 安留 但馬 | Major shareholder | 0.3% | 2026-03-31 |
| 正田 誠 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YJVR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJVR,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W9RA | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9RA,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TVYH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVYH,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100RAWS | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAWS,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OMOD | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMOD,, |

## 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).