# Fines inc.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/07/01－2025/06/30) (S100WS33)
> Page: https://vizora.meequs.com/en/company/e-tenki
> Retrieved: 2026-09-30T20:25:42.996Z

## Company

Fines, founded in 2019, is a company in Software & SaaS listed on TSE Growth. It has 256 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fines inc. |
| Ticker | 5125 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5125.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦一丁目2番1号 シーバンスN館 19F |
| Representative (per filing) | 代表取締役社長 三輪 幸将 |
| Founded | Mar 2019 |
| Share capital | ¥233.8M |
| Employees (consolidated) | 256 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | June |
| Website | e-tenki.co.jp (https://e-tenki.co.jp/) |
| Corporate number | 2011001127135 |
| EDINET | E37482 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WS33, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.2 | 105 |
| Profitability | 50 | 145 |
| Cash conversion | 33.2 | 128 |
| Efficiency | 60.3 | 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)

- Fines brought in ¥2.69B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -2.7% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2685382000 → ¥233710000
- Net income → operating cash flow: ¥233710000 → ¥278676000（difference ¥44966000）
- Main uses of operating cash flow: CapEx ¥18069000 / dividends — / buybacks ¥65204000
- Change in cash: ¥198950000
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 | ¥2.69B |  |
| Operating income | ¥334.2M | Margin 12.4% |
| Net income | ¥233.7M | Margin 8.7% |
| Free cash flow | ¥260.6M |  |
| Employees (consolidated) | 256 |  |
| EPS | ¥50.67 |  |
| Diluted EPS | ¥49.81 |  |
| Book value per share | ¥480.89 |  |
| Equity ratio | 79.4% |  |
| Shares outstanding | 4,652,400 |  |
| Shareholders | 1,363 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 71.7% | Cash ÷ revenue 73.1% |
| Vs. industry median margin | 0 pp | Software & SaaS |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 8.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 72% of total assets
- FY2025, employees -10% while operating income rose 1%

## What changed in 4 years

| Metric | FY ending Jun 2021 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2199730000 | ¥2685382000 | +22.1% |
| Operating income | ¥373729000 | ¥334167000 | -10.6% |
| Operating margin | 17.0% | 12.4% | -4.5 pp |
| Employees | 223 people | 256 people | +14.8% |
| Cash and equivalents | ¥867156000 | ¥1962108000 | +126.3% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Videoクラウド事業 → 事業再編・廃止 | 83.5% |
| 店舗クラウド事業 → 事業再編・廃止 | 16.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,685 | 100.0% | S100WS33 |
| Cost of revenue | 544 | 20.3% | S100WS33 |
| Gross profit | 2,141 | 79.7% | S100WS33 |
| SG&A | 1,807 | 67.3% | S100WS33 |
| Operating income | 334 | 12.4% | S100WS33 |
| Ordinary income | 346 | 12.9% | S100WS33 |
| Pretax income | 348 | 13.0% | S100WS33 |
| Income tax | 114 | 4.3% | S100WS33 |
| Net income | 234 | 8.7% | S100WS33 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 67 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 79.7% → Operating margin 12.4% → Net margin 8.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.7%; Core profit growth: +1.5%
Operating leverage (core profit growth ÷ revenue growth): -0.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,761 | 2,685 | -76 | -2.7% |
| Gross profit | 2,257 | 2,141 | -116 | -5.1% |
| Operating income | 329 | 334 | 5 | +1.5% |
| Operating cash flow | 151 | 279 | 127 | +84.2% |
| Free cash flow | 8 | 261 | 253 | +3137.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 2,200 | 374 | 17.0% | 257 | 431 | 425 | S100PA1O |
| FY ending Jun 2022 | 2,595 | 592 | 22.8% | 420 | 562 | 559 | S100RY2Y |
| FY ending Jun 2023 | 2,913 | 739 | 25.4% | 510 | 465 | 450 | S100UGFD |
| FY ending Jun 2024 | 2,761 | 329 | 11.9% | 239 | 151 | 8 | S100WS33 |
| FY ending Jun 2025 | 2,685 | 334 | 12.4% | 234 | 279 | 261 | S100WS33 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥912.9K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 223 | 259 | 293 | 284 | 256 |
| Average salary (parent company) | — | ¥4.9M | ¥4.5M | ¥4.8M | ¥4.6M |
| Average age (parent company) | — | 28.2 years | 28.4 years | 28.4 years | 28.8 years |
| Average tenure (parent company) | — | 2.5 years | 2.5 years | 2.6 years | 2.9 years |

Year over year: Employees (consolidated) -9.9% · Revenue (consolidated) -2.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 279 | 10.4% | S100WS33 |
| Capital expenditure | 18 | 0.7% | S100WS33 |
| Free cash flow | 261 | 9.7% | 算出 |
| Investing cash flow | -18 | -0.7% | S100WS33 |
| Financing cash flow | -61 | -2.3% | S100WS33 |
| Share buyback | 65 | 2.4% | S100WS33 |
| Change in cash | 199 | 7.4% | S100WS33 |
| Cash and equivalents | 1,962 | 73.1% | S100WS33 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 867 | 965 | 1,737 | 1,763 | 1,962 | S100RY2Y, S100UGFD, S100WS33 |
| Total assets | 1,398 | 1,478 | 2,386 | 2,581 | 2,738 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Net assets | 390 | 818 | 1,747 | 2,014 | 2,189 | S100RY2Y, S100UGFD, S100WS33 |
| Share capital | 10 | 14 | 224 | 232 | 234 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Property, plant and equipment | 16 | 14 | 16 | 119 | 98 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Intangible assets excluding goodwill | 149 | 129 | 119 | 119 | 108 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Goodwill | 146 | 128 | 109 | 91 | 73 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Current assets | 1,118 | 1,217 | 2,071 | 2,148 | 2,343 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Current liabilities | 613 | 660 | 639 | 567 | 549 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Long-term borrowings | 375 | — | — | — | — | S100PA1O |
| Bonds | 20 | — | — | — | — | S100PA1O |
| Total liabilities | 1,007 | 660 | 639 | 567 | 549 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Equity attributable to owners of parent | 390 | 818 | 1,747 | 2,003 | 2,175 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Retained earnings | 380 | 800 | 1,310 | 1,549 | 1,783 | S100PA1O, S100RY2Y, S100UGFD, S100WS33 |
| Treasury stock | — | — | — | — | -65 | S100WS33 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100WS33 |
| Property, plant and equipment | 3% | S100WS33 |
| Intangibles and goodwill | 7% | S100WS33 |
| Other assets | 18% | S100WS33 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100WS33 |
| Equity | 80% | S100WS33 |
| Other liabilities | 0% | S100WS33 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,398 | 1,478 | 2,386 | 2,581 | 2,738 |
| Equity | 390 | 818 | 1,747 | 2,014 | 2,189 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 867 | 965 | 1,737 | 1,763 | 1,962 |

## 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% | S100WS33 |
| Fixed assets ÷ total assets | 3.6% | S100WS33 |
| Goodwill ÷ parent equity | 3.4% | S100WS33 |

Goodwill over 4 years: 146 → 73 JPY; total investing cash flow: -280 JPY. This does not imply causation.

### 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) | 71.7% |
| Cash ÷ revenue | 73.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 45 JPY mn (of net income 19.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 6.5% |

## 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 | 11.7% | 1.57× | 18.4% | 3.58× | 65.9% | S100PA1O |
| 2022 | 16.2% | 1.80× | 29.2% | 2.38× | 69.6% | S100RY2Y |
| 2023 | 17.5% | 1.51× | 26.4% | 1.51× | 39.8% | S100UGFD |
| 2024 | 8.7% | 1.11× | 9.6% | 1.32× | 12.7% | S100WS33 |
| 2025 | 8.7% | 1.01× | 8.8% | 1.27× | 11.2% | S100WS33 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三輪 幸将 | Major shareholder | 47.3% | 2025-06-30 |
| 光通信株式会社 | Major shareholder | 7.6% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.5% | 2025-06-30 |
| 株式会社UH Partners 2 | Major shareholder | 4.5% | 2025-06-30 |
| 白木 政宏 | Major shareholder | 4.4% | 2025-06-30 |
| JPモルガン証券株式会社 | Major shareholder | 2.1% | 2025-06-30 |
| 高木 眞之介 | Major shareholder | 2.0% | 2025-06-30 |
| 木下 圭一郎 | Major shareholder | 1.7% | 2025-06-30 |
| 株式会社EPARK | Major shareholder | 0.9% | 2025-06-30 |
| 堀田 清 | Major shareholder | 0.8% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/07/01－2025/06/30) | S100WS33 | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS33,, |
| 有価証券報告書－第6期(2023/07/01－2024/06/30) | S100UGFD | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGFD,, |
| 有価証券報告書－第5期(2022/07/01－2023/06/30) | S100RY2Y | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY2Y,, |
| 有価証券報告書－第4期(令和3年7月1日－令和4年6月30日) | S100PA1O | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PA1O,, |

## 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).