# f-code Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XVKK)
> Page: https://vizora.meequs.com/en/company/f-code
> Retrieved: 2026-09-30T21:03:23.244Z

## Company

f-code, founded in 2016, is a company in Advertising listed on TSE Growth. It has 489 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | f-code Inc. |
| Ticker | 9211 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9211.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区神楽坂一丁目1番地 |
| Representative (per filing) | 代表取締役社長 工藤 勉 |
| Founded | Jan 2016 |
| Share capital | ¥57.5M |
| Employees (consolidated) | 489 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | f-code.co.jp (https://f-code.co.jp/) |
| Corporate number | 7011101050802 |
| EDINET | E37176 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XVKK, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.3 | 86 |
| Cash conversion | 28.7 | 75 |
| Efficiency | 7.6 | 86 |

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)

- f-code brought in ¥11.9B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +132.7% from the prior year, operating profit +73.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11937987000 → ¥1504067000
- Net income → operating cash flow: ¥1504067000 → ¥1169284000（difference ¥-334783000）
- Main uses of operating cash flow: CapEx ¥88544000 / dividends — / buybacks ¥355932000
- Change in cash: ¥1849746000
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 | ¥11.9B |  |
| Operating income | ¥2.31B | Margin 19.3% |
| Net income | ¥1.45B | Margin 12.1% |
| Free cash flow | ¥1.08B |  |
| Employees (consolidated) | 489 |  |
| EPS | ¥118.47 |  |
| Diluted EPS | ¥112.49 |  |
| Book value per share | ¥425.6 |  |
| Equity ratio | 28.5% | Derived from disclosed figures |
| Shares outstanding | 12,409,400 |  |
| Treasury shares | 200,600 |  |
| Shareholders | 4,669 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 30.6% | Cash ÷ revenue 67.7% |
| Vs. industry median margin | +13.7 pp | Advertising |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 4 years

Accounting standard changed in FY2022, FY2022, FY2023; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥660569000 | ¥11937987000 | — |
| Operating income | ¥160400000 | ¥2309488000 | — |
| Operating margin | 24.3% | 19.3% | -4.9 pp |
| Employees | 26 people | 489 people | — |
| Cash and equivalents | ¥601577000 | ¥8086077000 | — |

### Change in segment revenue mix

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

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,938 | 100.0% | S100XVKK |
| Cost of revenue | 4,813 | 40.3% | S100XVKK |
| Gross profit | 7,125 | 59.7% | S100XVKK |
| SG&A | 5,254 | 44.0% | S100XVKK |
| Operating income | 2,309 | 19.3% | S100XVKK |
| Pretax income | 2,103 | 17.6% | S100XVKK |
| Income tax | 599 | 5.0% | S100XVKK |
| Net income | 1,504 | 12.6% | S100XVKK |
| Net income attributable to owners | 1,450 | 12.1% | S100XVKK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 44 |
| Other operating | -4 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 59.7% → Operating margin 19.3% → Net margin 12.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +132.7%; Core profit growth: +73.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.56×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,131 | 11,938 | 6,807 | +132.7% |
| Gross profit | 2,841 | 7,125 | 4,284 | +150.8% |
| Operating income | 1,329 | 2,309 | 981 | +73.8% |
| Net income attributable to owners | 838 | 1,450 | 612 | +73.1% |
| Operating cash flow | 916 | 1,169 | 253 | +27.6% |
| Free cash flow | 817 | 1,081 | 263 | +32.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 532 | 32 | 5.9% | 41 | 53 | 52 | S100NRI5 |
| FY ending Dec 2021 | 661 | 160 | 24.3% | 152 | 103 | 79 | S100QIAY |
| FY ending Dec 2022 | 1,072 | 131 | 12.2% | 69 | 121 | 86 | S100TGPF |
| FY ending Dec 2022 | 1,072 | 231 | 21.5% | 194 | 58 | 24 | S100QIAY |
| FY ending Dec 2023 | 2,482 | 645 | 26.0% | 480 | 878 | 832 | S100VJ68 |
| FY ending Dec 2024 | 5,131 | 1,329 | 25.9% | 838 | 916 | 817 | S100XVKK |
| FY ending Dec 2025 | 11,938 | 2,309 | 19.3% | 1,450 | 1,169 | 1,081 | S100XVKK |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3M |

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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 39 | 39 | 153 | 149 | 489 |
| Average salary (parent company) | — | ¥5.2M | ¥5.4M | ¥5.7M | ¥5.5M |
| Average age (parent company) | — | 34.1 years | 35.4 years | 32.6 years | 35.8 years |
| Average tenure (parent company) | — | 2.7 years | 2.8 years | 2.0 years | 2.6 years |

Year over year: Employees (consolidated) +228.2% · Revenue (consolidated) +132.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,169 | 9.8% | S100XVKK |
| Capital expenditure | 89 | 0.7% | S100XVKK |
| Free cash flow | 1,081 | 9.1% | 算出 |
| Investing cash flow | -3,452 | -28.9% | S100XVKK |
| Financing cash flow | 4,132 | 34.6% | S100XVKK |
| Share buyback | 356 | 3.0% | S100XVKK |
| Change in cash | 1,850 | 15.5% | S100XVKK |
| Cash and equivalents | 8,086 | 67.7% | S100XVKK |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 978 | 978 | 4,040 | 6,236 | 8,086 | S100VJ68, S100QIAY, S100XVKK |
| Total assets | 3,235 | 2,864 | 10,975 | 21,682 | 26,452 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Net assets | 690 | 730 | 3,320 | 6,037 | 6,741 | S100VJ68, S100QIAY, S100XVKK |
| Share capital | 264 | 264 | 16 | 28 | 58 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Property, plant and equipment | 107 | 21 | 238 | 283 | 459 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Intangible assets excluding goodwill | — | 987 | — | — | — | S100QIAY |
| Goodwill | 1,135 | 941 | 4,279 | 11,371 | 12,102 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Current assets | 1,356 | 1,359 | 4,827 | 8,705 | 11,476 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Current liabilities | — | 1,049 | — | — | — | S100QIAY |
| Short-term borrowings | — | 450 | — | — | — | S100QIAY |
| Long-term borrowings | — | 1,085 | — | — | — | S100QIAY |
| Total liabilities | 2,545 | 2,134 | 7,655 | 15,645 | 19,712 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Equity attributable to owners of parent | 690 | 730 | 3,187 | 6,660 | 7,543 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Retained earnings | -170 | 59 | 309 | 1,147 | 2,598 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |
| Treasury stock | -0 | -0 | -0 | -0 | -356 | S100TGPF, S100QIAY, S100VJ68, S100XVKK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100XVKK |
| Property, plant and equipment | 2% | S100XVKK |
| Intangibles and goodwill | 46% | — |
| Other assets | 22% | S100XVKK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100XVKK |
| Equity | 25% | S100XVKK |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,235 | 2,864 | 10,975 | 21,682 | 26,452 |
| Equity | 690 | 730 | 3,320 | 6,037 | 6,741 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 978 | 978 | 4,040 | 6,236 | 8,086 |

## 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) | 3.8% | S100XVKK |
| Fixed assets ÷ total assets | 1.7% | S100XVKK |
| Goodwill ÷ parent equity | 160.4% | S100XVKK |

### 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) | 30.6% |
| Cash ÷ revenue | 67.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.6% |
| Cash vs. profit gap | -281 JPY mn (of net income -19.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 295.3% |

## 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 | 6.5% | 0.33× | 2.1% | 4.69× | 10.1% | S100TGPF |
| 2022 | 18.1% | 0.37× | 6.8% | 3.92× | 26.6% | S100QIAY |
| 2023 | 19.3% | 0.23× | 4.4% | 3.44× | 15.1% | S100VJ68 |
| 2024 | 16.3% | 0.31× | 5.1% | 3.32× | 17.0% | S100XVKK |
| 2025 | 12.1% | 0.50× | 6.0% | 3.39× | 20.4% | S100XVKK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 工藤 勉 | Major shareholder | 39.3% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.3% | 2025-12-31 |
| 梅澤 康二 | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社マイナビ | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社リヴァンプ | Major shareholder | 3.1% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） | Major shareholder | 2.9% | 2025-12-31 |
| 荒井 裕希 | Major shareholder | 2.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.2% | 2025-12-31 |
| ＢＢＨ ＣＯ ＦＯＲ ＡＲＣＵＳ ＪＡＰＡＮ ＶＡＬＵＥ ＦＵＮＤ | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XVKK | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVKK,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VJ68 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ68,, |
| 訂正有価証券報告書－第18期(2023/01/01－2023/12/31) | S100TGPF | 2024-05-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGPF,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QIAY | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIAY,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NRI5 | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRI5,, |

## 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).