# Disruptors 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21期(2025/04/01－2026/03/31) (S100YH9V)
> Page: https://vizora.meequs.com/en/company/disuraputazu
> Retrieved: 2026-09-30T21:05:40.606Z

## Company

Disruptors, founded in 2005, is a company in Software & SaaS listed on TSE Standard. It has 107 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Disruptors Inc. |
| Ticker | 6538 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6538.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山二丁目5番17号 |
| Representative (per filing) | 代表取締役社長CEO 板倉 広高 |
| Founded | Nov 2005 |
| Share capital | ¥395M |
| Employees (consolidated) | 107 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Corporate number | 4010401081592 |
| EDINET | E32795 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps, HR & Staffing |

> Profile source: annual securities report (S100YH9V, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 73.3 | 88 |
| Cash conversion | 84.4 | 80 |
| Efficiency | 46 | 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 77% of Disruptors's sales come from Marketing business, with DX business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +19.1% from the prior year, operating profit +106.3%.

## Company structure

- Segment revenue mix: Marketing business 76.6%、DX business 23.4%
- Revenue → net income: ¥5114000000 → ¥680000000
- Net income → operating cash flow: ¥680000000 → ¥998000000（difference ¥318000000）
- Main uses of operating cash flow: CapEx ¥112000000 / dividends ¥143000000 / buybacks —
- Change in cash: ¥470000000
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 | ¥5.11B |  |
| Operating income | ¥726M | Margin 14.2% |
| Net income | ¥680M | Margin 13.3% |
| Free cash flow | ¥886M |  |
| Largest business | Marketing business | of segment revenue 76.6% |
| Employees (consolidated) | 107 |  |
| EPS | ¥18.99 |  |
| Book value per share | ¥138.74 |  |
| Equity ratio | 63.5% |  |
| Shares outstanding | 20,996,400 |  |
| Treasury shares | 525,900 |  |
| Shareholders | 2,598 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 36.3% | Cash ÷ revenue 30.1% |
| Vs. industry median margin | +6.5 pp | Internet Services & Apps |
| ROE | 27.8% | Derived from disclosed figures |
| ROA | 16.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, cash is 36% 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 | ¥2320000000 | ¥5114000000 | — |
| Operating income | ¥527000000 | ¥726000000 | — |
| Operating margin | 22.7% | 14.2% | -8.5 pp |
| Employees | 33 people | 107 people | — |
| Cash and equivalents | ¥1745000000 | ¥1538000000 | — |

### 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 |
| --- | ---: |
| 新設・再編 → マーケティング事業 | 76.6% |
| 新設・再編 → DX事業 | 23.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,114 | 100.0% | S100YH9V |
| Cost of revenue | 1,789 | 35.0% | S100YH9V |
| Gross profit | 3,325 | 65.0% | S100YH9V |
| SG&A | 2,599 | 50.8% | S100YH9V |
| Operating income | 726 | 14.2% | S100YH9V |
| Ordinary income | 724 | 14.2% | S100YH9V |
| Pretax income | 853 | 16.7% | S100YH9V |
| Income tax | 172 | 3.4% | S100YH9V |
| Net income | 680 | 13.3% | S100YH9V |
| Net income attributable to owners | 680 | 13.3% | S100YH9V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 51 |
| Operating income | 14 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 65.0% → Operating margin 14.2% → Net margin 13.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.1%; Core profit growth: +106.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.56×
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 | 4,294 | 5,114 | 820 | +19.1% |
| Gross profit | 2,846 | 3,325 | 479 | +16.8% |
| Operating income | 352 | 726 | 374 | +106.3% |
| Net income attributable to owners | 211 | 680 | 469 | +222.3% |
| Operating cash flow | 539 | 998 | 459 | +85.2% |
| Free cash flow | 534 | 886 | 352 | +65.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,338 | 305 | 13.1% | 142 | -3 | -31 | S100LT4V |
| FY ending Mar 2021 | 2,320 | 527 | 22.7% | 301 | 899 | 851 | S100OKXO |
| FY ending Mar 2022 | 3,058 | 1,002 | 32.8% | 585 | 986 | 983 | S100OKXO |
| FY ending Mar 2023 | 3,343 | 533 | 15.9% | 262 | 328 | 301 | S100U1OG |
| FY ending Mar 2024 | 3,767 | 65 | 1.7% | -1,601 | 304 | 241 | S100W5IN |
| FY ending Mar 2025 | 4,294 | 352 | 8.2% | 211 | 539 | 534 | S100YH9V |
| FY ending Mar 2026 | 5,114 | 726 | 14.2% | 680 | 998 | 886 | S100YH9V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.8M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 31 | 81 | 100 | 105 | 107 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.1M | ¥5.3M | ¥5.8M |
| Average age (parent company) | 32.2 years | 31.9 years | 31.0 years | 37.3 years | 38.9 years |
| Average tenure (parent company) | 3.7 years | 3.3 years | 3.0 years | 4.2 years | 4.1 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +19.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing business | 3,917 | 76.6% | 696 | 17.8% |
| DX business | 1,196 | 23.4% | 29 | 2.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing business | 76.6% | 96.0% | 19.4 | 17.8% |
| DX business | 23.4% | 4.0% | -19.4 | 2.4% |

Segment → industry: DX business → Software & SaaS / Marketing business → Internet Services & Apps / Marketing business → HR & Staffing

## 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 | 998 | 19.5% | S100YH9V |
| Capital expenditure | 112 | 2.2% | S100YH9V |
| Free cash flow | 886 | 17.3% | 算出 |
| Investing cash flow | -113 | -2.2% | S100YH9V |
| Financing cash flow | -413 | -8.1% | S100YH9V |
| Dividends paid | 143 | 2.8% | S100YH9V |
| Change in cash | 470 | 9.2% | S100YH9V |
| Cash and equivalents | 1,538 | 30.1% | S100YH9V |

## 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 | 2,410 | 2,327 | 990 | 1,067 | 1,538 | S100OKXO, S100W5IN, S100YH9V |
| Total assets | 5,153 | 5,964 | 4,023 | 3,788 | 4,237 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Net assets | 3,632 | 3,695 | 2,088 | 2,198 | 2,689 | S100OKXO, S100W5IN, S100YH9V |
| Share capital | 395 | 395 | 395 | 395 | 395 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Property, plant and equipment | 27 | 24 | 38 | 34 | 31 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Intangible assets excluding goodwill | 2,100 | 3,102 | 2,263 | 1,975 | 1,795 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Goodwill | 12 | 768 | 462 | 377 | 291 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Investment securities | 4 | 2 | 2 | 2 | 2 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Current assets | 2,783 | 2,759 | 1,552 | 1,642 | 2,226 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Current liabilities | 990 | 1,031 | 1,078 | 966 | 1,099 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Long-term borrowings | 530 | 1,179 | 828 | 605 | 434 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Total liabilities | 1,520 | 2,269 | 1,935 | 1,589 | 1,547 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Equity attributable to owners of parent | 3,632 | 3,695 | 2,088 | 2,198 | 2,689 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Retained earnings | 2,998 | 3,192 | 1,540 | 1,649 | 2,187 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |
| Treasury stock | -138 | -269 | -211 | -211 | -211 | S100OKXO, S100U1OG, S100W5IN, S100YH9V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YH9V |
| Property, plant and equipment | 1% | S100YH9V |
| Intangibles and goodwill | 49% | S100YH9V |
| Investment securities | 0% | S100YH9V |
| Other assets | 14% | S100YH9V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YH9V |
| Equity | 63% | S100YH9V |
| Other liabilities | 0% | S100YH9V |

### 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 | 5,153 | 5,964 | 4,023 | 3,788 | 4,237 |
| Equity | 3,632 | 3,695 | 2,088 | 2,198 | 2,689 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,410 | 2,327 | 990 | 1,067 | 1,538 |

## 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) | 0.6% | S100YH9V |
| Fixed assets ÷ total assets | 0.7% | S100YH9V |
| Goodwill ÷ parent equity | 10.8% | S100YH9V |

### 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) | 36.3% |
| Cash ÷ revenue | 30.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.5% |
| Cash vs. profit gap | 318 JPY mn (of net income 46.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 11.3% |

## 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 | 19.1% | 0.59× | 11.4% | 1.42× | 16.1% | S100OKXO |
| 2023 | 7.8% | 0.56× | 4.4% | 1.61× | 7.1% | S100U1OG |
| 2024 | — | —× | -32.1% | —× | — | S100W5IN |
| 2025 | 4.9% | 1.10× | 5.4% | 1.82× | 9.8% | S100YH9V |
| 2026 | 13.3% | 1.27× | 16.9% | 1.64× | 27.8% | S100YH9V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 板倉 広高 | Major shareholder | 57.3% | 2026-03-31 |
| 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 | 4.5% | 2026-03-31 |
| 齊藤 慶介 | Major shareholder | 3.3% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社GranSfida | Major shareholder | 1.5% | 2026-03-31 |
| 山下 博 | Major shareholder | 0.9% | 2026-03-31 |
| 外池 榮一郎 | Major shareholder | 0.9% | 2026-03-31 |
| 柴崎 初男 | Major shareholder | 0.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 代表取締役社長 李家 輝 | Major shareholder | 0.7% | 2026-03-31 |
| 宇津 茂和 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YH9V | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH9V,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W5IN | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IN,, |
| 訂正有価証券報告書－第19期(2023/04/01－2024/03/31) | S100U1OG | 2024-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1OG,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100RADT | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RADT,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OKXO | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKXO,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LT4V | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT4V,, |

## 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).