# ENECHANGE 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11期(2025/04/01－2026/03/31) (S100YGHR)
> Page: https://vizora.meequs.com/en/company/enechange
> Retrieved: 2026-09-30T21:31:15.958Z

## Company

Enechange, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENECHANGE Ltd. |
| Ticker | 4169 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4169.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門三丁目2番2号 |
| Representative (per filing) | 代表取締役CEO 丸岡 智也 |
| Founded | Jun 2013 |
| Share capital | ¥21.4M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | enechange.co.jp (https://enechange.co.jp/) |
| Corporate number | 6010601047805 |
| EDINET | E36130 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YGHR, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41 | 145 |
| Cash conversion | 55.9 | 128 |
| Efficiency | 47.9 | 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)

- Enechange brought in ¥6.7B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +52.9% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.7B |  |
| Operating income | ¥592.8M | Margin 8.9% |
| Net income | ¥130.9M | Margin 2.0% |
| Free cash flow | ¥617.2M |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥2.41 |  |
| Diluted EPS | ¥2.34 |  |
| Book value per share | ¥104.66 |  |
| Equity ratio | 61.9% |  |
| Shares outstanding | 42,868,284 |  |
| Treasury shares | 1,000 |  |
| Shareholders | 13,157 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 58.7% | Cash ÷ revenue 67.1% |
| Vs. industry median margin | -3.6 pp | Software & SaaS |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.0× net income
- FY2026, cash is 59% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3734068000 | ¥6697531000 | +79.4% |
| Operating income | ¥-1121703000 | ¥592811000 | — |
| Operating margin | -30.0% | 8.9% | +38.9 pp |
| Employees | 216 people | 191 people | -11.6% |
| Cash and equivalents | ¥3067058000 | ¥4494153000 | +46.5% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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 |
| --- | ---: |
| エネルギープラットフォーム事業 → 事業再編・廃止 | 69.0% |
| エネルギーデータ事業 → 事業再編・廃止 | 26.0% |
| EV充電事業 → 事業再編・廃止 | 5.1% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,698 | 100.0% | S100YGHR |
| Cost of revenue | 792 | 11.8% | S100YGHR |
| Gross profit | 5,906 | 88.2% | S100YGHR |
| SG&A | 5,313 | 79.3% | S100YGHR |
| Operating income | 593 | 8.9% | S100YGHR |
| Ordinary income | -149 | -2.2% | S100YGHR |
| Pretax income | -116 | -1.7% | S100YGHR |
| Income tax | -247 | -3.7% | S100YGHR |
| Net income | 131 | 2.0% | S100YGHR |
| Net income attributable to owners | 131 | 2.0% | S100YGHR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 12 |
| SG&A | 79 |
| Operating income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 88.2% → Operating margin 8.9% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2023 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,379 | 6,698 | 2,319 | +52.9% |
| Gross profit | 3,352 | 5,906 | 2,554 | +76.2% |
| Operating income | -2,125 | 593 | 2,718 | — |
| Net income attributable to owners | -4,985 | 131 | 5,116 | — |
| Operating cash flow | -1,915 | 655 | 2,570 | — |
| Free cash flow | -3,192 | 617 | 3,809 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 3,734 | -1,122 | -30.0% | -1,315 | -1,911 | -2,233 | S100V62I |
| FY ending Dec 2023 | 4,379 | -2,125 | -48.5% | -4,985 | -1,915 | -3,192 | S100W43H |
| FY ending Mar 2026 | 6,698 | 593 | 8.9% | 131 | 655 | 617 | S100YGHR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.1M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥685.4K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 216 | 285 | 191 |
| Average salary (parent company) | — | ¥5.4M | ¥6M |
| Average age (parent company) | — | 34.7 years | 37.0 years |
| Average tenure (parent company) | — | 1.4 years | 2.7 years |

## 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 | 655 | 9.8% | S100YGHR |
| Capital expenditure | 38 | 0.6% | S100YGHR |
| Free cash flow | 617 | 9.2% | 算出 |
| Investing cash flow | 91 | 1.4% | S100YGHR |
| Financing cash flow | -516 | -7.7% | S100YGHR |
| Change in cash | 231 | 3.4% | S100YGHR |
| Cash and equivalents | 4,494 | 67.1% | S100YGHR |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,067 | 2,180 | 4,494 | S100W43H, S100YGHR |
| Total assets | 6,759 | 5,565 | 7,658 | S100V62I, S100W43H, S100YGHR |
| Net assets | 3,502 | -1,479 | 4,782 | S100W43H, S100YGHR |
| Share capital | 3,062 | 47 | 21 | S100V62I, S100W43H, S100YGHR |
| Property, plant and equipment | 105 | 15 | 54 | S100V62I, S100W43H, S100YGHR |
| Intangible assets excluding goodwill | 809 | 561 | 102 | S100V62I, S100W43H, S100YGHR |
| Goodwill | 702 | 358 | 101 | S100V62I, S100W43H, S100YGHR |
| Investment securities | 1,127 | 1,019 | 743 | S100V62I, S100W43H, S100YGHR |
| Current assets | 4,527 | 3,638 | 6,260 | S100V62I, S100W43H, S100YGHR |
| Current liabilities | 2,083 | 3,566 | 2,615 | S100V62I, S100W43H, S100YGHR |
| Short-term borrowings | 675 | 777 | 100 | S100V62I, S100W43H, S100YGHR |
| Long-term borrowings | 1,137 | 1,534 | 261 | S100V62I, S100W43H, S100YGHR |
| Bonds | — | 1,000 | — | S100W43H |
| Interest-bearing debt | — | 3,311 | — | 算出 |
| Total liabilities | 3,256 | 7,044 | 2,876 | S100V62I, S100W43H, S100YGHR |
| Equity attributable to owners of parent | 3,553 | -1,358 | 4,484 | S100V62I, S100W43H, S100YGHR |
| Retained earnings | -2,439 | -7,424 | 233 | S100V62I, S100W43H, S100YGHR |
| Treasury stock | -0 | -0 | -1 | S100V62I, S100W43H, S100YGHR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YGHR |
| Property, plant and equipment | 1% | S100YGHR |
| Intangibles and goodwill | 2% | S100YGHR |
| Investment securities | 10% | S100YGHR |
| Other assets | 28% | S100YGHR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YGHR |
| Equity | 62% | S100YGHR |
| Other liabilities | 0% | S100YGHR |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 6,759 | 5,565 | 7,658 |
| Equity | 3,502 | -1,479 | 4,782 |
| Interest-bearing debt | — | 3,311 | — |
| Cash | 3,067 | 2,180 | 4,494 |

## 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) | 0.8% | S100YGHR |
| Fixed assets ÷ total assets | 0.7% | S100YGHR |
| Goodwill ÷ parent equity | 2.3% | S100YGHR |

### 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) | 58.7% |
| Cash ÷ revenue | 67.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 110.5% |
| Cash vs. profit gap | 524 JPY mn (of net income 400.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 13.9% |

## 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 | — | —× | -19.5% | —× | — | S100V62I |
| 2023 | — | —× | -80.9% | —× | — | S100W43H |
| 2026 | 2.0% | 0.87× | 1.7% | 1.71× | 2.9% | S100YGHR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠エネクス株式会社 | Major shareholder | 17.2% | 2026-03-31 |
| JICVGIオポチュニティファンド１号投資事業有限責任組合 | Major shareholder | 8.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 8.7% | 2026-03-31 |
| MSCO CUSTOMER SECURITIES(常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 8.6% | 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 | 4.1% | 2026-03-31 |
| Energy Station Company Limited(常任代理人 みずほ証券株式会社) | Major shareholder | 3.0% | 2026-03-31 |
| 有田 一平 | Major shareholder | 2.9% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| ポート株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社エプコ | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/04/01－2026/03/31) | S100YGHR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGHR,, |
| 有価証券報告書－第10期(2024/01/01－2025/03/31) | S100W43H | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W43H,, |
| 訂正有価証券報告書－第9期(2023/01/01－2023/12/31) | S100V62I | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V62I,, |

## 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).