# Faber Company Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/10/01－2025/09/30) (S100XBUA)
> Page: https://vizora.meequs.com/en/company/faber
> Retrieved: 2026-09-30T21:31:17.354Z

## Company

Faber Company, founded in 2005, is a company in Software & SaaS listed on TSE Standard. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Faber Company Inc. |
| Ticker | 220A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/220A.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門四丁目1番1号 |
| Representative (per filing) | 代表取締役 稲次 正樹 |
| Founded | Oct 2005 |
| Share capital | ¥100M |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | www.fabercompany.co.jp (https://www.fabercompany.co.jp/) |
| Corporate number | 5010401064118 |
| EDINET | E39778 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XBUA, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.4 | 105 |
| Profitability | 59 | 145 |
| Cash conversion | 9 | 128 |
| Efficiency | 54.8 | 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)

- Faber Company brought in ¥2.56B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +10.5% from the prior year, operating profit +12.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2560913000 → ¥263946000
- Net income → operating cash flow: ¥263946000 → ¥206060000（difference ¥-57886000）
- Main uses of operating cash flow: CapEx ¥1272000 / dividends — / buybacks —
- Change in cash: ¥-174012000
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 | ¥2.56B |  |
| Operating income | ¥376.2M | Margin 14.7% |
| Net income | ¥263.9M | Margin 10.3% |
| Free cash flow | ¥204.8M |  |
| Employees (consolidated) | 100 |  |
| EPS | ¥95.37 |  |
| Book value per share | ¥856.74 |  |
| Equity ratio | 82.7% |  |
| Shares outstanding | 3,000,000 |  |
| Treasury shares | 260,000 |  |
| Shareholders | 1,233 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 73.8% | Cash ÷ revenue 83.0% |
| Vs. industry median margin | +2.2 pp | Software & SaaS |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 74% of total assets

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2183583000 | ¥2560913000 | +17.3% |
| Operating income | ¥308771000 | ¥376168000 | +21.8% |
| Operating margin | 14.1% | 14.7% | +0.5 pp |
| Employees | 91 people | 100 people | +9.9% |
| Cash and equivalents | ¥1808774000 | ¥2124496000 | +17.5% |

### Change in segment revenue mix

Span: FY ending Sep 2023 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,561 | 100.0% | S100XBUA |
| Cost of revenue | 787 | 30.7% | S100XBUA |
| Gross profit | 1,774 | 69.3% | S100XBUA |
| SG&A | 1,398 | 54.6% | S100XBUA |
| Operating income | 376 | 14.7% | S100XBUA |
| Ordinary income | 379 | 14.8% | S100XBUA |
| Pretax income | 379 | 14.8% | S100XBUA |
| Income tax | 115 | 4.5% | S100XBUA |
| Net income | 264 | 10.3% | S100XBUA |
| Net income attributable to owners | 264 | 10.3% | S100XBUA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 54 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 69.3% → Operating margin 14.7% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.5%; Core profit growth: +12.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,317 | 2,561 | 244 | +10.5% |
| Gross profit | 1,584 | 1,774 | 190 | +12.0% |
| Operating income | 335 | 376 | 42 | +12.4% |
| Net income attributable to owners | 219 | 264 | 45 | +20.4% |
| Operating cash flow | 224 | 206 | -18 | -7.8% |
| Free cash flow | 222 | 205 | -17 | -7.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 2,184 | 309 | 14.1% | 214 | 253 | 252 | S100V0Y1 |
| FY ending Sep 2024 | 2,317 | 335 | 14.4% | 219 | 224 | 222 | S100XBUA |
| FY ending Sep 2025 | 2,561 | 376 | 14.7% | 264 | 206 | 205 | S100XBUA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.6M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 91 | 90 | 100 |
| Average salary (parent company) | — | ¥6.2M | ¥6.6M |
| Average age (parent company) | — | 33.4 years | 33.5 years |
| Average tenure (parent company) | — | 4.2 years | 4.0 years |

Year over year: Employees (consolidated) +11.1% · Revenue (consolidated) +10.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 206 | 8.0% | S100XBUA |
| Capital expenditure | 1 | 0.0% | S100XBUA |
| Free cash flow | 205 | 8.0% | 算出 |
| Investing cash flow | -379 | -14.8% | S100XBUA |
| Change in cash | -174 | -6.8% | S100XBUA |
| Cash and equivalents | 2,124 | 83.0% | S100XBUA |

## 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 Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,809 | 2,299 | 2,124 | S100XBUA |
| Total assets | 2,078 | 2,568 | 2,880 | S100V0Y1, S100XBUA |
| Net assets | 1,594 | 2,106 | 2,382 | S100XBUA |
| Share capital | 100 | 100 | 100 | S100V0Y1, S100XBUA |
| Property, plant and equipment | 4 | 3 | 4 | S100V0Y1, S100XBUA |
| Intangible assets excluding goodwill | 2 | 1 | 65 | S100V0Y1, S100XBUA |
| Goodwill | — | — | 64 | S100XBUA |
| Investment securities | — | — | 301 | S100XBUA |
| Current assets | 2,041 | 2,532 | 2,458 | S100V0Y1, S100XBUA |
| Current liabilities | 484 | 462 | 495 | S100V0Y1, S100XBUA |
| Total liabilities | 484 | 462 | 498 | S100V0Y1, S100XBUA |
| Equity attributable to owners of parent | 1,589 | 2,103 | 2,387 | S100V0Y1, S100XBUA |
| Retained earnings | 1,605 | 1,825 | 2,089 | S100V0Y1, S100XBUA |
| Treasury stock | -116 | -54 | -50 | S100V0Y1, S100XBUA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100XBUA |
| Property, plant and equipment | 0% | S100XBUA |
| Intangibles and goodwill | 5% | S100XBUA |
| Investment securities | 10% | S100XBUA |
| Other assets | 11% | S100XBUA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100XBUA |
| Equity | 83% | S100XBUA |
| Other liabilities | 0% | S100XBUA |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,078 | 2,568 | 2,880 |
| Equity | 1,594 | 2,106 | 2,382 |
| Interest-bearing debt | — | — | — |
| Cash | 1,809 | 2,299 | 2,124 |

## 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) | 0.1% | S100XBUA |
| Fixed assets ÷ total assets | 0.1% | S100XBUA |
| Goodwill ÷ parent equity | 2.7% | S100XBUA |

### 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) | 73.8% |
| Cash ÷ revenue | 83.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 54.8% |
| Cash vs. profit gap | -58 JPY mn (of net income -21.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 183.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 9.8% | 1.05× | 10.3% | 1.31× | 13.5% | S100V0Y1 |
| 2024 | 9.5% | 1.00× | 9.4% | 1.26× | 11.9% | S100XBUA |
| 2025 | 10.3% | 0.94× | 9.7% | 1.21× | 11.8% | S100XBUA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社さくらキャピタル | Major shareholder | 45.7% | 2025-09-30 |
| 古澤 暢央 | Major shareholder | 7.1% | 2025-09-30 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.1% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.9% | 2025-09-30 |
| 稲次 正樹 | Major shareholder | 3.1% | 2025-09-30 |
| 副島 啓一 | Major shareholder | 2.3% | 2025-09-30 |
| 櫻木 勝貴 | Major shareholder | 1.6% | 2025-09-30 |
| 外池 榮一郎 | Major shareholder | 1.3% | 2025-09-30 |
| 山田 明裕 | Major shareholder | 1.2% | 2025-09-30 |
| 株式会社ＹＴｒｅｅ | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XBUA | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBUA,, |
| 有価証券報告書－第19期(2023/10/01－2024/09/30) | S100V0Y1 | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0Y1,, |

## 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).