# Ekitan&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24期(2025/04/01－2026/03/31) (S100YMSD)
> Page: https://vizora.meequs.com/en/company/ekitan-and
> Retrieved: 2026-09-30T18:28:14.082Z

## Company

Ekitan&, founded in 2003, is a company in IT Services & System Integration listed on TSE Growth. It has 186 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ekitan & Co., Ltd. |
| Ticker | 3646 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3646.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町五丁目4番地 |
| Representative (per filing) | 代表取締役社長 菊井 健大 |
| Founded | Jan 2003 |
| Share capital | ¥292M |
| Employees (consolidated) | 186 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | ekitan.co.jp (https://ekitan.co.jp/) |
| Corporate number | 9010001092069 |
| EDINET | E25206 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100YMSD, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.8 | 40 |
| Profitability | 14.7 | 51 |
| Efficiency | 81.7 | 52 |

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 44% of Ekitan&'s sales come from Mobility support Business, with Mergers and Acquisitions / Incubation Business and Advertisement delivery platform Business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed -14.5% from the prior year, operating profit -114.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.99B |  |
| Operating income | -¥16.8M | Margin -0.6% |
| Net income | -¥368.9M | Margin -12.3% |
| Free cash flow | -¥75.3M |  |
| Largest business | Mobility support Business | of segment revenue 43.8% |
| Employees (consolidated) | 186 |  |
| EPS | ¥-89.01 |  |
| Book value per share | ¥219.58 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 6,018,800 |  |
| Treasury shares | 1,289,200 |  |
| Shareholders | 3,499 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 55.9% | Cash ÷ revenue 34.9% |
| Vs. industry median margin | -8.2 pp | Internet Services & Apps |
| ROA | -17.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, cash is 56% of total assets
- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1947769000 | ¥2992794000 | +53.7% |
| Operating income | ¥188456000 | ¥-16844000 | -108.9% |
| Operating margin | 9.7% | -0.6% | -10.2 pp |
| Employees | 66 people | 186 people | +181.8% |
| Cash and equivalents | ¥2584503000 | ¥1043947000 | -59.6% |

### 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 |
| --- | ---: |
| モビリティサポート事業 → モビリティサポート事業 | 43.8% |
| モビリティサポート事業 → 事業再編・廃止 | 6.2% |
| コンシューマ向け事業 → 事業再編・廃止 | 30.9% |
| 法人向け事業 → 事業再編・廃止 | 19.1% |
| 新設・再編 → 広告配信プラットフォーム事業 | 24.5% |
| 新設・再編 → M＆A・インキュベーション事業 | 31.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility support Business | 5 years | -7.6% | ¥1310005000 | 14.6% | 2 |
| Mergers and Acquisitions / Incubation Business | 2 years | -5.8% | ¥948555000 | 7.3% | 2 |
| Advertisement delivery platform Business | 4 years | -12.5% | ¥734234000 | 1.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,993 | 100.0% | S100YMSD |
| Cost of revenue | 2,056 | 68.7% | S100YMSD |
| Gross profit | 937 | 31.3% | S100YMSD |
| SG&A | 953 | 31.9% | S100YMSD |
| Operating income | -17 | -0.6% | S100YMSD |
| Ordinary income | -12 | -0.4% | S100YMSD |
| Pretax income | -337 | -11.3% | S100YMSD |
| Income tax | 32 | 1.1% | S100YMSD |
| Net income | -369 | -12.3% | S100YMSD |
| Net income attributable to owners | -369 | -12.3% | S100YMSD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 32 |
| Operating income | -1 |
| (Ref.) Net income | -12 |

### Margin funnel

Gross margin 31.3% → Operating margin -0.6% → Net margin -12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,500 | 2,993 | -507 | -14.5% |
| Gross profit | 1,156 | 937 | -220 | -19.0% |
| Operating income | 117 | -17 | -134 | -114.4% |
| Net income attributable to owners | 58 | -369 | -427 | -737.0% |
| Operating cash flow | 153 | 25 | -128 | -83.7% |
| Free cash flow | 45 | -75 | -121 | -266.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,865 | 339 | 11.8% | 23 | 283 | 158 | S100LU5U |
| FY ending Mar 2021 | 1,948 | 188 | 9.7% | 124 | 227 | 143 | S100OIY6 |
| FY ending Mar 2022 | 2,891 | 139 | 4.8% | 80 | 345 | 282 | S100R8BA |
| FY ending Mar 2023 | 3,206 | 105 | 3.3% | 90 | 63 | -184 | S100TXV4 |
| FY ending Mar 2024 | 4,038 | 24 | 0.6% | -736 | 142 | 21 | S100W9PZ |
| FY ending Mar 2025 | 3,500 | 117 | 3.3% | 58 | 153 | 45 | S100YMSD |
| FY ending Mar 2026 | 2,993 | -17 | -0.6% | -369 | 25 | -75 | S100YMSD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.1M |
| Operating income per employee (consolidated) | -¥90.6K |
| Net income per employee (consolidated) | -¥2M |

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) | 87 | 105 | 203 | 194 | 186 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.2M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 41.9 years | 41.5 years | 41.8 years | 42.3 years | 43.8 years |
| Average tenure (parent company) | 7.2 years | 7.7 years | 6.8 years | 7.6 years | 8.3 years |

Year over year: Employees (consolidated) -4.1% · Revenue (consolidated) -14.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility support Business | 1,310 | 43.8% | 192 | 14.6% |
| Advertisement delivery platform Business | 734 | 24.5% | 10 | 1.4% |
| Mergers and Acquisitions / Incubation Business | 949 | 31.7% | 69 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility support Business | 43.8% | 70.8% | 27.0 | 14.6% |
| Advertisement delivery platform Business | 24.5% | 3.9% | -20.7 | 1.4% |
| Mergers and Acquisitions / Incubation Business | 31.7% | 25.4% | -6.3 | 7.3% |

Segment → industry: Mergers and Acquisitions / Incubation Business → IT Services & System Integration / Mobility support Business → Internet Services & Apps / Advertisement delivery platform Business → Advertising

## 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 | 25 | 0.8% | S100YMSD |
| Capital expenditure | 100 | 3.3% | S100YMSD |
| Free cash flow | -75 | -2.5% | 算出 |
| Investing cash flow | -50 | -1.7% | S100YMSD |
| Financing cash flow | -141 | -4.7% | S100YMSD |
| Dividends paid | 66 | 2.2% | S100YMSD |
| Change in cash | -166 | -5.6% | S100YMSD |
| Cash and equivalents | 1,044 | 34.9% | S100YMSD |

## 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 | 2,080 | 1,425 | 1,325 | 1,210 | 1,044 | S100TXV4, S100W9PZ, S100YMSD |
| Total assets | 3,542 | 3,153 | 2,735 | 2,461 | 1,868 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Net assets | 2,839 | 2,488 | 1,700 | 1,650 | 1,217 | S100TXV4, S100W9PZ, S100YMSD |
| Share capital | 292 | 292 | 292 | 292 | 292 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Property, plant and equipment | 71 | 61 | 72 | 58 | 12 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Intangible assets excluding goodwill | 958 | 1,140 | 327 | 405 | 112 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Goodwill | 416 | 451 | 132 | 140 | 85 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Investment securities | 19 | 19 | 42 | 30 | 3 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Current assets | 2,423 | 1,869 | 2,110 | 1,834 | 1,607 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Current liabilities | 404 | 438 | 667 | 543 | 460 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Long-term borrowings | 100 | 91 | 292 | 210 | 140 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Total liabilities | 703 | 665 | 1,035 | 811 | 651 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Equity attributable to owners of parent | 2,839 | 2,488 | 1,697 | 1,649 | 1,217 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Retained earnings | 2,927 | 2,498 | 1,694 | 1,684 | 1,249 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |
| Treasury stock | -673 | -596 | -598 | -648 | -644 | S100R8BA, S100TXV4, S100W9PZ, S100YMSD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YMSD |
| Property, plant and equipment | 1% | S100YMSD |
| Intangibles and goodwill | 10% | S100YMSD |
| Investment securities | 0% | S100YMSD |
| Other assets | 33% | S100YMSD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YMSD |
| Equity | 65% | S100YMSD |

### 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 | 3,542 | 3,153 | 2,735 | 2,461 | 1,868 |
| Equity | 2,839 | 2,488 | 1,700 | 1,650 | 1,217 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,080 | 1,425 | 1,325 | 1,210 | 1,044 |

## 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) | 0.4% | S100YMSD |
| Fixed assets ÷ total assets | 0.6% | S100YMSD |
| Goodwill ÷ parent equity | 7.0% | S100YMSD |

Goodwill over 4 years: 416 → 85 JPY; total investing cash flow: -1,298 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) | 55.9% |
| Cash ÷ revenue | 34.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 394 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 203.2% |

## 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 | 2.8% | 0.82× | 2.3% | 1.25× | 2.8% | S100R8BA |
| 2023 | 2.8% | 0.96× | 2.7% | 1.26× | 3.4% | S100TXV4 |
| 2024 | — | —× | -25.0% | —× | — | S100W9PZ |
| 2025 | 1.7% | 1.35× | 2.2% | 1.55× | 3.5% | S100YMSD |
| 2026 | — | —× | -17.0% | —× | — | S100YMSD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Bold Investment | Major shareholder | 35.9% | 2026-03-31 |
| 渡辺 佳昭 | Major shareholder | 3.4% | 2026-03-31 |
| 柿沼 佑一 | Major shareholder | 2.5% | 2026-03-31 |
| 吉村 祥郎 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ライフイン２４ｇｒｏｕｐ | Major shareholder | 1.7% | 2026-03-31 |
| 一般社団法人ＶＩＰ | Major shareholder | 1.6% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 岡田 博之 | Major shareholder | 1.3% | 2026-03-31 |
| 松井 榮藏 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YMSD | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMSD,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W9PZ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9PZ,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TXV4 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXV4,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R8BA | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8BA,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OIY6 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIY6,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LU5U | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU5U,, |

## 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).