# ELEMENTS, Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/12/01－2025/11/30) (S100XMUN)
> Page: https://vizora.meequs.com/en/company/elements
> Retrieved: 2026-09-30T20:55:08.814Z

## Company

Elements, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 103 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ELEMENTS, Inc. |
| Ticker | 5246 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5246.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋本町三丁目8番3号 |
| Representative (per filing) | 代表取締役社長 長谷川 敬起 |
| Founded | Dec 2013 |
| Share capital | ¥10M |
| Employees (consolidated) | 103 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | November |
| Website | elementsinc.jp (https://elementsinc.jp/) |
| Corporate number | 4011001098069 |
| EDINET | E38169 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XMUN, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91 | 105 |
| Profitability | 5.9 | 145 |
| Efficiency | 25.9 | 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)

- Elements brought in ¥3.9B in revenue.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed +53.0% from the prior year, operating profit -471.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.9B |  |
| Operating income | -¥215.3M | Margin -5.5% |
| Net income | -¥700.7M | Margin -18.0% |
| Free cash flow | -¥1.45B |  |
| Employees (consolidated) | 103 |  |
| EPS | ¥-23.06 |  |
| Book value per share | ¥152.81 |  |
| Equity ratio | 44.2% |  |
| Shares outstanding | 27,115,114 |  |
| Shareholders | 13,758 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 45.2% | Cash ÷ revenue 84.1% |
| Vs. industry median margin | -18 pp | Software & SaaS |
| ROA | -11.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.9× its level five years ago
- FY2025, cash is 45% of total assets

## What changed in 4 years

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1362051000 | ¥3895112000 | +186.0% |
| Operating income | ¥-706056000 | ¥-215316000 | — |
| Operating margin | -51.8% | -5.5% | +46.3 pp |
| Employees | 60 people | 103 people | +71.7% |
| Cash and equivalents | ¥2304455000 | ¥3275338000 | +42.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,895 | 100.0% | S100XMUN |
| Cost of revenue | 877 | 22.5% | S100XMUN |
| Gross profit | 3,019 | 77.5% | S100XMUN |
| SG&A | 3,234 | 83.0% | S100XMUN |
| Operating income | -215 | -5.5% | S100XMUN |
| Ordinary income | -301 | -7.7% | S100XMUN |
| Pretax income | -1,014 | -26.0% | S100XMUN |
| Income tax | -168 | -4.3% | S100XMUN |
| Net income | -845 | -21.7% | S100XMUN |
| Net income attributable to owners | -701 | -18.0% | S100XMUN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 83 |
| Operating income | -6 |
| (Ref.) Net income | -18 |

### Margin funnel

Gross margin 77.5% → Operating margin -5.5% → Net margin -18.0%
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 Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,546 | 3,895 | 1,349 | +53.0% |
| Gross profit | 2,183 | 3,019 | 835 | +38.3% |
| Operating income | 58 | -215 | -273 | -471.8% |
| Net income attributable to owners | -133 | -701 | -568 | — |
| Operating cash flow | 223 | -498 | -720 | -323.5% |
| Free cash flow | -314 | -1,453 | -1,139 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 1,362 | -706 | -51.8% | -569 | -758 | -771 | S100QAQC |
| FY ending Nov 2022 | 1,652 | -580 | -35.1% | -562 | -567 | -578 | S100SYSN |
| FY ending Nov 2023 | 1,940 | -297 | -15.3% | -339 | -341 | -505 | S100VJO2 |
| FY ending Nov 2024 | 2,546 | 58 | 2.3% | -133 | 223 | -314 | S100XMUN |
| FY ending Nov 2025 | 3,895 | -215 | -5.5% | -701 | -498 | -1,453 | S100XMUN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | -¥2.1M |
| Net income per employee (consolidated) | -¥6.8M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 60 | 63 | 62 | 87 | 103 |
| Average salary (parent company) | — | ¥6.4M | ¥7.5M | ¥8.1M | ¥8.2M |
| Average age (parent company) | — | 35.3 years | 37.1 years | 38.0 years | 38.7 years |
| Average tenure (parent company) | — | 3.2 years | 3.1 years | 4.1 years | 3.9 years |

Year over year: Employees (consolidated) +18.4% · Revenue (consolidated) +53.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -498 | -12.8% | S100XMUN |
| Capital expenditure | 956 | 24.5% | S100XMUN |
| Free cash flow | -1,453 | -37.3% | 算出 |
| Investing cash flow | -1,900 | -48.8% | S100XMUN |
| Financing cash flow | 2,927 | 75.1% | S100XMUN |
| Change in cash | 529 | 13.6% | S100XMUN |
| Cash and equivalents | 3,275 | 84.1% | S100XMUN |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,304 | 2,063 | 2,742 | 2,746 | 3,275 | S100SYSN, S100VJO2, S100XMUN |
| Total assets | 2,615 | 2,351 | 3,629 | 4,917 | 7,240 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Net assets | 1,270 | 685 | 1,019 | 2,609 | 3,585 | S100SYSN, S100VJO2, S100XMUN |
| Share capital | 100 | 100 | 10 | 10 | 10 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Inventories | 11 | 3 | 1 | 3 | 0 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Property, plant and equipment | 16 | 17 | 50 | 245 | 322 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Intangible assets excluding goodwill | 4 | 2 | 117 | 1,252 | 2,201 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Goodwill | — | — | — | 304 | 1,032 | S100XMUN |
| Investment securities | 13 | 12 | 203 | 177 | 164 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Current assets | 2,557 | 2,296 | 3,197 | 3,207 | 4,496 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Current liabilities | 844 | 875 | 876 | 707 | 1,845 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Short-term borrowings | 354 | 638 | 653 | 233 | 643 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Long-term borrowings | 501 | 792 | 790 | 1,221 | 1,612 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Total liabilities | 1,345 | 1,667 | 2,610 | 2,308 | 3,655 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Non-controlling interests | 272 | 260 | — | 316 | 113 | S100QAQC, S100SYSN, S100XMUN |
| Equity attributable to owners of parent | 997 | 424 | 884 | 2,106 | 3,201 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |
| Retained earnings | -3,556 | -4,118 | -4,456 | -1,079 | -1,780 | S100QAQC, S100SYSN, S100VJO2, S100XMUN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XMUN |
| Inventories | 0% | S100XMUN |
| Property, plant and equipment | 5% | S100XMUN |
| Intangibles and goodwill | 45% | S100XMUN |
| Investment securities | 2% | S100XMUN |
| Other assets | 3% | S100XMUN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XMUN |
| Equity | 50% | S100XMUN |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,615 | 2,351 | 3,629 | 4,917 | 7,240 |
| Equity | 1,270 | 685 | 1,019 | 2,609 | 3,585 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,304 | 2,063 | 2,742 | 2,746 | 3,275 |

## 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) | 8.3% | S100XMUN |
| Fixed assets ÷ total assets | 4.5% | S100XMUN |
| Goodwill ÷ parent equity | 32.3% | S100XMUN |

### 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) | 45.2% |
| Cash ÷ revenue | 84.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 203 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 24.5% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -21.8% | —× | — | S100QAQC |
| 2022 | — | —× | -22.6% | —× | — | S100SYSN |
| 2023 | — | —× | -11.3% | —× | — | S100VJO2 |
| 2024 | — | —× | -3.1% | —× | — | S100XMUN |
| 2025 | — | —× | -11.5% | —× | — | S100XMUN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 久田 康弘 | Major shareholder | 24.3% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.5% | 2025-11-30 |
| 株式会社BOC | Major shareholder | 4.5% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 3.2% | 2025-11-30 |
| 上田八木短資株式会社 | Major shareholder | 2.4% | 2025-11-30 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2025-11-30 |
| 三菱UFJeスマート証券株式会社 | Major shareholder | 0.9% | 2025-11-30 |
| 東急不動産株式会社 | Major shareholder | 0.9% | 2025-11-30 |
| KDDI株式会社 | Major shareholder | 0.9% | 2025-11-30 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW（常任代理人野村證券株式会社） | Major shareholder | 0.9% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/12/01－2025/11/30) | S100XMUN | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMUN,, |
| 訂正有価証券報告書－第11期(2023/12/01－2024/11/30) | S100VJO2 | 2025-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJO2,, |
| 有価証券報告書－第10期(2022/12/01－2023/11/30) | S100SYSN | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYSN,, |
| 有価証券報告書－第9期(2021/12/01－2022/11/30) | S100QAQC | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAQC,, |

## 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).