# Enjin Co., Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/06/01－2026/05/31) (S100YXYC)
> Page: https://vizora.meequs.com/en/company/enjin
> Retrieved: 2026-09-30T17:49:40.364Z

## Company

Enjin, founded in 2007, is a company in Internet Services & Apps listed on TSE Growth. It has 149 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Enjin Co., Ltd. |
| Ticker | 7370 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7370.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区銀座五丁目13番16号 |
| Representative (per filing) | 代表取締役社長グループCEO兼グループCOO 本田 幸大 |
| Founded | Mar 2007 |
| Share capital | ¥905.9M |
| Employees (consolidated) | 149 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Website | www.y-enjin.co.jp (https://www.y-enjin.co.jp/) |
| Corporate number | 4120001145497 |
| EDINET | E36638 |
| Industries (Vizora) | Internet Services & Apps, PR & IR Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YXYC, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: PR & IR Services (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 11 |
| Cash conversion | 4.5 | 11 |
| Efficiency | 4.5 | 11 |

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 80% of Enjin's sales come from PR Consulting Services, with Real estate business and Media Platform Services making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -7.6% from the prior year, operating profit -57.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.7B |  |
| Operating income | ¥361.5M | Margin 13.4% |
| Net income | ¥237.4M | Margin 8.8% |
| Free cash flow | -¥63.5M |  |
| Largest business | PR Consulting Services | of segment revenue 79.7% |
| Employees (consolidated) | 149 |  |
| EPS | ¥36.88 |  |
| Diluted EPS | ¥36.86 |  |
| Book value per share | ¥647.32 |  |
| Equity ratio | 85.9% |  |
| Shares outstanding | 7,298,200 |  |
| Treasury shares | 477,800 |  |
| Shareholders | 4,519 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 34.1% | Cash ÷ revenue 64.5% |
| Vs. industry median margin | 0 pp | PR & IR Services |
| ROE | 5.3% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, cash is 34% of total assets

## What changed in 6 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2020 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1528948000 | ¥2699018000 | — |
| Operating income | ¥302936000 | ¥361468000 | — |
| Operating margin | 19.8% | 13.4% | -6.4 pp |
| Employees | 107 people | 149 people | — |
| Cash and equivalents | ¥1007461000 | ¥1739599000 | — |

### Change in segment revenue mix

Span: FY ending May 2020 → FY ending May 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 → PRコンサルティングサービス | 79.7% |
| 新設・再編 → メディアプラットフォームサービス | 7.2% |
| 新設・再編 → 不動産事業 | 13.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| PR Consulting Services | 2 years | -13.7% | ¥2150462000 | 19.9% | 2 |
| Real estate business | — | — | ¥353383000 | 1.4% | 2 |
| Media Platform Services | 2 years | -28.4% | ¥195173000 | -31.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,699 | 100.0% | S100YXYC |
| Cost of revenue | 833 | 30.9% | S100YXYC |
| Gross profit | 1,866 | 69.1% | S100YXYC |
| SG&A | 1,504 | 55.7% | S100YXYC |
| Operating income | 361 | 13.4% | S100YXYC |
| Ordinary income | 404 | 15.0% | S100YXYC |
| Pretax income | 361 | 13.4% | S100YXYC |
| Income tax | 125 | 4.6% | S100YXYC |
| Net income | 236 | 8.8% | S100YXYC |
| Net income attributable to owners | 237 | 8.8% | S100YXYC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 56 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 69.1% → Operating margin 13.4% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.6%; Core profit growth: -57.0%
Operating leverage (core profit growth ÷ revenue growth): 7.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,920 | 2,699 | -221 | -7.6% |
| Gross profit | 2,337 | 1,866 | -471 | -20.2% |
| Operating income | 841 | 361 | -480 | -57.0% |
| Net income attributable to owners | 539 | 237 | -302 | -56.0% |
| Operating cash flow | 694 | -41 | -735 | -105.9% |
| Free cash flow | 642 | -64 | -706 | -109.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,529 | 303 | 19.8% | 300 | 191 | 176 | S100MCAT |
| FY ending May 2021 | 2,164 | 607 | 28.1% | 423 | 510 | 486 | S100P3HS |
| FY ending May 2022 | 3,066 | 1,203 | 39.2% | 829 | 967 | 867 | S100P3HS |
| FY ending May 2024 | 3,267 | 1,045 | 32.0% | 749 | 231 | 144 | S100WKFK |
| FY ending May 2025 | 2,920 | 841 | 28.8% | 539 | 694 | 642 | S100YXYC |
| FY ending May 2026 | 2,699 | 361 | 13.4% | 237 | -41 | -64 | S100YXYC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending May 2021 | FY ending May 2022 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 146 | 179 | 168 | 136 | 149 |
| Average salary (parent company) | ¥5.2M | ¥5M | ¥5.5M | ¥4.2M | ¥5.6M |
| Average age (parent company) | 26.5 years | 26.3 years | 28.6 years | 29.1 years | 30.6 years |
| Average tenure (parent company) | 2.3 years | 2.5 years | 3.8 years | 3.6 years | 3.9 years |

Year over year: Employees (consolidated) +9.6% · Revenue (consolidated) -7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PR Consulting Services | 2,150 | 79.7% | 428 | 19.9% |
| Media Platform Services | 195 | 7.2% | -62 | -31.8% |
| Real estate business | 353 | 13.1% | 5 | 1.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| PR Consulting Services | 79.7% | 98.9% | 19.2 | 19.9% |
| Media Platform Services | 7.2% | — | — | -31.8% |
| Real estate business | 13.1% | 1.1% | -11.9 | 1.4% |

Loss-making segment (excluded from profit shares): Media Platform Services -62 JPY mn

Segment → industry: Media Platform Services → Internet Services & Apps / PR Consulting Services → PR & IR Services / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -41 | -1.5% | S100YXYC |
| Capital expenditure | 22 | 0.8% | S100YXYC |
| Free cash flow | -64 | -2.4% | 算出 |
| Investing cash flow | -1,533 | -56.8% | S100YXYC |
| Financing cash flow | -814 | -30.2% | S100YXYC |
| Dividends paid | 318 | 11.8% | S100YXYC |
| Share buyback | 168 | 6.2% | S100YXYC |
| Change in cash | -2,388 | -88.5% | S100YXYC |
| Cash and equivalents | 1,740 | 64.5% | S100YXYC |

## 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 May 2021 | FY ending May 2022 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,492 | 4,007 | 3,538 | 4,128 | 1,740 | S100P3HS, S100YXYC |
| Total assets | 1,997 | 4,876 | 5,055 | 5,303 | 5,101 | S100P3HS, S100WKFK, S100YXYC |
| Net assets | 1,234 | 3,817 | 4,357 | 4,644 | 4,406 | S100P3HS, S100YXYC |
| Share capital | 30 | 903 | 905 | 905 | 906 | S100P3HS, S100WKFK, S100YXYC |
| Inventories | 9 | 13 | 7 | 12 | 543 | S100P3HS, S100WKFK, S100YXYC |
| Property, plant and equipment | 94 | 150 | 191 | 168 | 165 | S100P3HS, S100WKFK, S100YXYC |
| Intangible assets excluding goodwill | 12 | 30 | 138 | 118 | 154 | S100P3HS, S100WKFK, S100YXYC |
| Goodwill | — | — | 60 | 53 | 107 | S100WKFK, S100YXYC |
| Investment securities | — | 97 | 384 | 73 | 1,536 | S100P3HS, S100WKFK, S100YXYC |
| Current assets | 1,805 | 4,443 | 3,989 | 4,506 | 2,864 | S100P3HS, S100WKFK, S100YXYC |
| Current liabilities | 763 | 1,057 | 663 | 635 | 634 | S100P3HS, S100WKFK, S100YXYC |
| Long-term borrowings | — | — | — | — | 51 | S100YXYC |
| Total liabilities | 763 | 1,059 | 697 | 659 | 694 | S100P3HS, S100WKFK, S100YXYC |
| Non-controlling interests | — | — | — | — | 17 | S100YXYC |
| Equity attributable to owners of parent | 1,234 | 3,809 | 4,349 | 4,635 | 4,386 | S100P3HS, S100WKFK, S100YXYC |
| Retained earnings | 1,204 | 2,032 | 2,868 | 3,114 | 3,034 | S100P3HS, S100WKFK, S100YXYC |
| Treasury stock | — | -0 | -297 | -259 | -464 | S100P3HS, S100WKFK, S100YXYC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YXYC |
| Inventories | 11% | S100YXYC |
| Property, plant and equipment | 3% | S100YXYC |
| Intangibles and goodwill | 5% | S100YXYC |
| Investment securities | 30% | S100YXYC |
| Other assets | 17% | S100YXYC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YXYC |
| Equity | 86% | S100YXYC |

### Balance sheet history

| Metric | FY ending May 2021 | FY ending May 2022 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,997 | 4,876 | 5,055 | 5,303 | 5,101 |
| Equity | 1,234 | 3,817 | 4,357 | 4,644 | 4,406 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,492 | 4,007 | 3,538 | 4,128 | 1,740 |

## 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) | 6.1% | S100YXYC |
| Fixed assets ÷ total assets | 3.2% | S100YXYC |
| Goodwill ÷ parent equity | 2.4% | S100YXYC |

### 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) | 34.1% |
| Cash ÷ revenue | 64.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -11.4% |
| Cash vs. profit gap | -279 JPY mn (of net income -117.4%) |
| Shareholder returns / net income | 204.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 133.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 19.6% | 1.08× | 21.2% | 1.62× | 34.3% | S100P3HS |
| 2022 | 27.0% | 0.89× | 24.1% | 1.36× | 32.9% | S100P3HS |
| 2024 | 22.9% | 0.65× | 14.8% | 1.16× | 17.2% | S100WKFK |
| 2025 | 18.5% | 0.56× | 10.4% | 1.15× | 12.0% | S100YXYC |
| 2026 | 8.8% | 0.52× | 4.6% | 1.15× | 5.3% | S100YXYC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｓ＆Ｓホールディングス | Major shareholder | 44.0% | 2026-05-31 |
| 本田 幸大 | Major shareholder | 16.5% | 2026-05-31 |
| 株式会社ＷｉｓｅＷｅａｌｔｈ | Major shareholder | 2.2% | 2026-05-31 |
| 平田 佑司 | Major shareholder | 1.5% | 2026-05-31 |
| 金室 貴久 | Major shareholder | 0.9% | 2026-05-31 |
| 株式会社Ｗ | Major shareholder | 0.9% | 2026-05-31 |
| 楽天証券株式会社 | Major shareholder | 0.6% | 2026-05-31 |
| 鉢嶺 登 | Major shareholder | 0.5% | 2026-05-31 |
| 豊田 秋雄 | Major shareholder | 0.4% | 2026-05-31 |
| 細郷 和幸 | Major shareholder | 0.4% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/06/01－2026/05/31) | S100YXYC | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXYC,, |
| 有価証券報告書－第19期(2024/06/01－2025/05/31) | S100WKFK | 2025-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKFK,, |
| 有価証券報告書－第18期(2023/06/01－2024/05/31) | S100UA0A | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA0A,, |
| 有価証券報告書－第16期(令和3年6月1日－令和4年5月31日) | S100P3HS | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3HS,, |
| 有価証券報告書－第15期(令和2年6月1日－令和3年5月31日) | S100MCAT | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCAT,, |

## 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).