# Enigmo Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/02/01－2026/01/31) (S100Y0WP)
> Page: https://vizora.meequs.com/en/company/enigmo
> Retrieved: 2026-09-30T19:41:59.919Z

## Company

Enigmo, founded in 2004, is a company in E-commerce listed on TSE Prime. It has 157 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Enigmo Inc. |
| Ticker | 3665 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3665.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂四丁目8番15号 赤坂KOSENビル 4階 |
| Representative (per filing) | 代表取締役 最高経営責任者 須田 将啓 |
| Founded | Feb 2004 |
| Share capital | ¥381.9M |
| Employees (consolidated) | 157 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | January |
| Website | enigmo.co.jp (https://enigmo.co.jp/) |
| Corporate number | 8010401088452 |
| EDINET | E26703 |
| Industries (Vizora) | E-commerce, Travel Agencies |

> Profile source: annual securities report (S100Y0WP, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.9 | 34 |
| Cash conversion | 90.7 | 27 |
| Efficiency | 13.2 | 34 |

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 85% of Enigmo's sales come from FashionPlatform Segment, with TravelPlatform Segment and other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit -93.7%.

## Company structure

- Segment revenue mix: FashionPlatform Segment 85.3%、TravelPlatform Segment 14.4%、other 0.2%
- Revenue → net income: ¥6295864000 → ¥333008000
- Net income → operating cash flow: ¥333008000 → ¥209995000（difference ¥-123013000）
- Main uses of operating cash flow: CapEx ¥163067000 / dividends ¥396726000 / buybacks —
- Change in cash: ¥-1597096000
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 | ¥6.3B |  |
| Operating income | ¥46.9M | Margin 0.7% |
| Net income | ¥326.6M | Margin 5.2% |
| Free cash flow | ¥46.9M |  |
| Largest business | FashionPlatform Segment | of segment revenue 85.3% |
| Employees (consolidated) | 157 |  |
| EPS | ¥17.82 |  |
| Book value per share | ¥316.34 |  |
| Equity ratio | 76.6% |  |
| Shares outstanding | 42,642,000 |  |
| Treasury shares | 2,969,400 |  |
| Shareholders | 15,520 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 49.0% | Cash ÷ revenue 119.0% |
| Vs. industry median margin | -4.2 pp | E-commerce |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 49% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7077484000 | ¥6295864000 | — |
| Operating income | ¥3033218000 | ¥46921000 | — |
| Operating margin | 42.9% | 0.7% | -42.1 pp |
| Employees | 96 people | 157 people | — |
| Cash and equivalents | ¥11807725000 | ¥7490447000 | — |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 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 → FashionPlatform事業 | 85.3% |
| 新設・再編 → TravelPlatform事業 | 14.4% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| FashionPlatform Segment | — | — | ¥5373502000 | 21.2% | 2 |
| TravelPlatform Segment | — | — | ¥906651000 | -36.1% | 2 |
| other | — | — | ¥15710000 | -88.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,296 | 100.0% | S100Y0WP |
| Cost of revenue | 1,770 | 28.1% | S100Y0WP |
| Gross profit | 4,526 | 71.9% | S100Y0WP |
| SG&A | 4,479 | 71.1% | S100Y0WP |
| Operating income | 47 | 0.7% | S100Y0WP |
| Ordinary income | 44 | 0.7% | S100Y0WP |
| Pretax income | 650 | 10.3% | S100Y0WP |
| Income tax | 317 | 5.0% | S100Y0WP |
| Net income | 333 | 5.3% | S100Y0WP |
| Net income attributable to owners | 327 | 5.2% | S100Y0WP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 71 |
| Operating income | 1 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 71.9% → Operating margin 0.7% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.2%; Core profit growth: -93.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.13×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,929 | 6,296 | 367 | +6.2% |
| Gross profit | 4,525 | 4,526 | 1 | +0.0% |
| Operating income | 740 | 47 | -693 | -93.7% |
| Net income attributable to owners | 434 | 327 | -107 | -24.7% |
| Operating cash flow | 270 | 210 | -60 | -22.2% |
| Free cash flow | 227 | 47 | -180 | -79.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 6,097 | 2,693 | 44.2% | 1,861 | 1,754 | 1,737 | S100L8NY |
| FY ending Jan 2021 | 7,077 | 3,033 | 42.9% | 2,099 | 4,134 | 4,107 | S100NYU9 |
| FY ending Jan 2022 | 7,617 | 2,971 | 39.0% | 2,055 | 1,509 | 1,476 | S100QNIS |
| FY ending Jan 2023 | 6,869 | 1,137 | 16.6% | 713 | -323 | -353 | S100TBJL |
| FY ending Jan 2024 | 6,204 | 1,000 | 16.1% | 838 | 1,708 | 1,680 | S100TBJL |
| FY ending Jan 2025 | 5,929 | 740 | 12.5% | 434 | 270 | 227 | S100Y0WP |
| FY ending Jan 2026 | 6,296 | 47 | 0.7% | 327 | 210 | 47 | S100Y0WP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.1M |
| Operating income per employee (consolidated) | ¥298.9K |
| Net income per employee (consolidated) | ¥2.1M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 103 | 115 | 129 | 149 | 157 |
| Average salary (parent company) | ¥6.5M | ¥7.1M | ¥7.1M | ¥7M | ¥6.8M |
| Average age (parent company) | 34.1 years | 34.6 years | 36.0 years | 36.9 years | 37.8 years |
| Average tenure (parent company) | 4.8 years | 4.8 years | 4.8 years | 5.6 years | 6.1 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| FashionPlatform Segment | 5,374 | 85.3% | 1,142 | 21.2% |
| TravelPlatform Segment | 907 | 14.4% | -327 | -36.1% |
| other | 16 | 0.2% | -14 | -88.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| FashionPlatform Segment | 85.3% | 100.0% | 14.7 | 21.2% |
| TravelPlatform Segment | 14.4% | — | — | -36.1% |
| other | 0.2% | — | — | -88.8% |

Loss-making segment (excluded from profit shares): TravelPlatform Segment -327 JPY mn

Loss-making segment (excluded from profit shares): other -14 JPY mn

Segment → industry: FashionPlatform Segment → E-commerce / TravelPlatform Segment → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 210 | 3.3% | S100Y0WP |
| Capital expenditure | 163 | 2.6% | S100Y0WP |
| Free cash flow | 47 | 0.7% | 算出 |
| Investing cash flow | -1,264 | -20.1% | S100Y0WP |
| Financing cash flow | -557 | -8.8% | S100Y0WP |
| Dividends paid | 397 | 6.3% | S100Y0WP |
| Change in cash | -1,597 | -25.4% | S100Y0WP |
| Cash and equivalents | 7,490 | 119.0% | S100Y0WP |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,845 | 10,316 | 10,529 | 9,088 | 7,490 | S100TBJL, S100Y0WP |
| Total assets | 13,676 | 12,685 | 13,225 | 14,444 | 15,290 | S100QNIS, S100TBJL, S100Y0WP |
| Net assets | 10,859 | 10,145 | 10,526 | 11,440 | 11,772 | S100TBJL, S100Y0WP |
| Share capital | 382 | 382 | 382 | 382 | 382 | S100QNIS, S100TBJL, S100Y0WP |
| Property, plant and equipment | 47 | 62 | 69 | 145 | 278 | S100QNIS, S100TBJL, S100Y0WP |
| Intangible assets excluding goodwill | 12 | 6 | 4 | 250 | 796 | S100QNIS, S100TBJL, S100Y0WP |
| Goodwill | — | — | — | 199 | 511 | S100Y0WP |
| Investment securities | 223 | 548 | 1,308 | 3,552 | 3,954 | S100QNIS, S100TBJL, S100Y0WP |
| Current assets | 13,313 | 11,665 | 11,271 | 10,334 | 9,452 | S100QNIS, S100TBJL, S100Y0WP |
| Current liabilities | 2,810 | 2,531 | 2,691 | 2,572 | 2,818 | S100QNIS, S100TBJL, S100Y0WP |
| Short-term borrowings | — | — | — | 200 | — | S100Y0WP |
| Long-term borrowings | — | — | — | 8 | 52 | S100Y0WP |
| Total liabilities | 2,817 | 2,539 | 2,699 | 3,004 | 3,518 | S100QNIS, S100TBJL, S100Y0WP |
| Non-controlling interests | — | — | — | 7 | 14 | S100Y0WP |
| Equity attributable to owners of parent | 10,818 | 10,095 | 10,453 | 10,199 | 10,129 | S100QNIS, S100TBJL, S100Y0WP |
| Retained earnings | 10,460 | 10,747 | 11,187 | 10,950 | 10,881 | S100QNIS, S100TBJL, S100Y0WP |
| Treasury stock | -415 | -1,425 | -1,507 | -1,507 | -1,507 | S100QNIS, S100TBJL, S100Y0WP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100Y0WP |
| Property, plant and equipment | 2% | S100Y0WP |
| Intangibles and goodwill | 8% | S100Y0WP |
| Investment securities | 26% | S100Y0WP |
| Other assets | 15% | S100Y0WP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100Y0WP |
| Equity | 77% | S100Y0WP |
| Other liabilities | 0% | S100Y0WP |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,676 | 12,685 | 13,225 | 14,444 | 15,290 |
| Equity | 10,859 | 10,145 | 10,526 | 11,440 | 11,772 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,845 | 10,316 | 10,529 | 9,088 | 7,490 |

## 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) | 4.4% | S100Y0WP |
| Fixed assets ÷ total assets | 1.8% | S100Y0WP |
| Goodwill ÷ parent equity | 5.0% | S100Y0WP |

### 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) | 49.0% |
| Cash ÷ revenue | 119.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 447.6% |
| Cash vs. profit gap | -117 JPY mn (of net income -35.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 121.5% |
| Shareholder payments — dividends / FCF | 845.4% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 602.0% |

## 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 | 27.0% | 0.56× | 15.0% | 1.26× | 19.0% | S100QNIS |
| 2023 | 10.4% | 0.52× | 5.4% | 1.26× | 6.8% | S100TBJL |
| 2024 | 13.5% | 0.48× | 6.5% | 1.26× | 8.2% | S100TBJL |
| 2025 | 7.3% | 0.41× | 3.0% | 1.42× | 4.3% | S100Y0WP |
| 2026 | 5.2% | 0.42× | 2.2% | 1.46× | 3.2% | S100Y0WP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーグループ株式会社 | Major shareholder | 25.2% | 2026-01-31 |
| 須田 将啓 | Major shareholder | 13.0% | 2026-01-31 |
| 安藤 英男 | Major shareholder | 8.6% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-01-31 |
| ＦＰ成長支援Ａ号投資事業有限責任組合 | Major shareholder | 2.0% | 2026-01-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.3% | 2026-01-31 |
| 樋田 光輝 | Major shareholder | 0.8% | 2026-01-31 |
| 西村 裕二 | Major shareholder | 0.7% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2026-01-31 |
| 佐々木 嶺一 | Major shareholder | 0.4% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/02/01－2026/01/31) | S100Y0WP | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0WP,, |
| 有価証券報告書－第21期(2024/02/01－2025/01/31) | S100VO9T | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO9T,, |
| 有価証券報告書－第20期(2023/02/01－2024/01/31) | S100TBJL | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBJL,, |
| 有価証券報告書－第19期(2022/02/01－2023/01/31) | S100QNIS | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNIS,, |
| 有価証券報告書－第18期(令和3年2月1日－令和4年1月31日) | S100NYU9 | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYU9,, |
| 有価証券報告書－第17期(令和2年2月1日－令和3年1月31日) | S100L8NY | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8NY,, |

## 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).