# FCE 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9期(2024/10/01－2025/09/30) (S100XDAL)
> Page: https://vizora.meequs.com/en/company/fce
> Retrieved: 2026-09-30T19:48:35.438Z

## Company

FCE, founded in 2004, is a company in Software & SaaS listed on TSE Standard. It has 264 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FCE Inc. |
| Ticker | 9564 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9564.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区西新宿二丁目4番1号 |
| Representative (per filing) | 代表取締役社長 石川 淳悦 |
| Founded | Feb 2004 |
| Share capital | ¥767.7M |
| Employees (consolidated) | 264 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Website | fce-hd.co.jp (https://fce-hd.co.jp/) |
| Corporate number | 5011101080339 |
| EDINET | E38007 |
| Industries (Vizora) | Software & SaaS, Education |

> Profile source: annual securities report (S100XDAL, filed 2025-12-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 105 |
| Profitability | 59.7 | 145 |
| Cash conversion | 56.6 | 128 |
| Efficiency | 70 | 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)

- About 56% of FCE's sales come from DX promotion, with Education and training and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +21.8% from the prior year, operating profit +26.4%.

## Company structure

- Segment revenue mix: DX promotion 56.2%、Education and training 42.5%、Other 1.3%
- Revenue → net income: ¥6099848000 → ¥662663000
- Net income → operating cash flow: ¥662663000 → ¥1020156000（difference ¥357493000）
- Main uses of operating cash flow: CapEx ¥90302000 / dividends ¥129783000 / buybacks —
- Change in cash: ¥77607000
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 | ¥6.1B |  |
| Operating income | ¥912.4M | Margin 15.0% |
| Net income | ¥662.7M | Margin 10.9% |
| Free cash flow | ¥929.9M |  |
| Largest business | DX promotion | of segment revenue 56.2% |
| Employees (consolidated) | 264 |  |
| EPS | ¥30.43 |  |
| Diluted EPS | ¥28.48 |  |
| Book value per share | ¥171.84 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 22,032,600 |  |
| Treasury shares | 200 |  |
| Shareholders | 5,919 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 55.5% | Cash ÷ revenue 52.1% |
| Vs. industry median margin | +2.5 pp | Software & SaaS |
| ROE | 18.3% | Derived from disclosed figures |
| ROA | 12.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, cash is 56% of total assets
- FY2025, segment profit share differs by 29 points

## What changed in 4 years

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3522765000 | ¥6099848000 | +73.2% |
| Operating income | ¥331739000 | ¥912411000 | +175.0% |
| Operating margin | 9.4% | 15.0% | +5.5 pp |
| Employees | 168 people | 264 people | +57.1% |
| Cash and equivalents | ¥1682550000 | ¥3179859000 | +89.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| DX推進事業 → DX推進事業 | 40.3% |
| 教育研修事業 → 教育研修事業 | 42.5% |
| 教育研修事業 → 事業再編・廃止 | 11.0% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 4.9% |
| 新設・再編 → DX推進事業 | 15.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DX promotion | 4 years | +24.6% | ¥3426325000 | 25.8% | 2 |
| Education and training | 4 years | +8.3% | ¥2593982000 | 5.7% | 2 |
| Other | 4 years | -22.3% | ¥79540000 | -17.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,100 | 100.0% | S100XDAL |
| Cost of revenue | 2,018 | 33.1% | S100XDAL |
| Gross profit | 4,082 | 66.9% | S100XDAL |
| SG&A | 3,169 | 52.0% | S100XDAL |
| Operating income | 912 | 15.0% | S100XDAL |
| Ordinary income | 925 | 15.2% | S100XDAL |
| Pretax income | 910 | 14.9% | S100XDAL |
| Income tax | 247 | 4.1% | S100XDAL |
| Net income | 663 | 10.9% | S100XDAL |
| Net income attributable to owners | 663 | 10.9% | S100XDAL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 52 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 66.9% → Operating margin 15.0% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.8%; Core profit growth: +26.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.21×
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 | 5,006 | 6,100 | 1,094 | +21.8% |
| Gross profit | 3,455 | 4,082 | 626 | +18.1% |
| Operating income | 722 | 912 | 190 | +26.4% |
| Net income attributable to owners | 502 | 663 | 160 | +31.9% |
| Operating cash flow | 529 | 1,020 | 492 | +93.0% |
| Free cash flow | 435 | 930 | 495 | +114.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 3,523 | 332 | 9.4% | 211 | 576 | 543 | S100PVPT |
| FY ending Sep 2022 | 3,753 | 454 | 12.1% | 299 | 181 | 124 | S100SJXZ |
| FY ending Sep 2023 | 4,174 | 582 | 13.9% | 319 | 502 | 458 | S100V0XX |
| FY ending Sep 2024 | 5,006 | 722 | 14.4% | 502 | 529 | 435 | S100XDAL |
| FY ending Sep 2025 | 6,100 | 912 | 15.0% | 663 | 1,020 | 930 | S100XDAL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.1M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 168 | 180 | 193 | 229 | 264 |
| Average salary (parent company) | — | ¥6.8M | ¥6.6M | ¥6.5M | ¥5.8M |
| Average age (parent company) | — | 43.4 years | 43.5 years | 40.6 years | 37.8 years |
| Average tenure (parent company) | — | 6.9 years | 7.6 years | 6.9 years | 5.6 years |

Year over year: Employees (consolidated) +15.3% · Revenue (consolidated) +21.8%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DX promotion | 3,426 | 56.2% | 884 | 25.8% |
| Education and training | 2,594 | 42.5% | 149 | 5.7% |
| Other | 80 | 1.3% | -14 | -17.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DX promotion | 56.2% | 85.6% | 29.4 | 25.8% |
| Education and training | 42.5% | 14.4% | -28.1 | 5.7% |
| Other | 1.3% | — | — | -17.1% |

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

Segment → industry: DX promotion → Software & SaaS / Education and training → Education

## 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 | 1,020 | 16.7% | S100XDAL |
| Capital expenditure | 90 | 1.5% | S100XDAL |
| Free cash flow | 930 | 15.2% | 算出 |
| Investing cash flow | -789 | -12.9% | S100XDAL |
| Financing cash flow | -153 | -2.5% | S100XDAL |
| Dividends paid | 130 | 2.1% | S100XDAL |
| Change in cash | 78 | 1.3% | S100XDAL |
| Cash and equivalents | 3,180 | 52.1% | S100XDAL |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,683 | 1,393 | 2,252 | 3,102 | 3,180 | S100SJXZ, S100V0XX, S100XDAL |
| Total assets | 2,604 | 2,239 | 3,298 | 5,078 | 5,727 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Net assets | 915 | 803 | 1,705 | 3,372 | 3,799 | S100SJXZ, S100V0XX, S100XDAL |
| Share capital | 127 | 127 | 181 | 762 | 768 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Property, plant and equipment | 98 | 78 | 88 | 122 | 114 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Intangible assets excluding goodwill | 28 | 37 | 64 | 212 | 212 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Goodwill | — | — | 24 | 92 | 75 | S100V0XX, S100XDAL |
| Investment securities | — | 0 | 21 | 627 | 1,106 | S100SJXZ, S100V0XX, S100XDAL |
| Current assets | 2,292 | 1,928 | 2,883 | 3,825 | 3,937 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Current liabilities | 1,268 | 1,047 | 1,236 | 1,370 | 1,643 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Long-term borrowings | 359 | 332 | 301 | 267 | 218 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Total liabilities | 1,689 | 1,436 | 1,594 | 1,707 | 1,928 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Equity attributable to owners of parent | 925 | 790 | 1,689 | 3,354 | 3,897 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Retained earnings | 772 | 1,071 | 1,390 | 1,892 | 2,424 | S100PVPT, S100SJXZ, S100V0XX, S100XDAL |
| Treasury stock | — | -434 | — | -0 | -0 | S100SJXZ, S100XDAL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100XDAL |
| Property, plant and equipment | 2% | S100XDAL |
| Intangibles and goodwill | 5% | S100XDAL |
| Investment securities | 19% | S100XDAL |
| Other assets | 18% | S100XDAL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XDAL |
| Equity | 66% | S100XDAL |
| Other liabilities | 0% | S100XDAL |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,604 | 2,239 | 3,298 | 5,078 | 5,727 |
| Equity | 915 | 803 | 1,705 | 3,372 | 3,799 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,683 | 1,393 | 2,252 | 3,102 | 3,180 |

## 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) | 1.9% | S100XDAL |
| Fixed assets ÷ total assets | 2.0% | S100XDAL |
| Goodwill ÷ parent equity | 1.9% | S100XDAL |

### 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) | 55.5% |
| Cash ÷ revenue | 52.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.8% |
| Cash vs. profit gap | 357 JPY mn (of net income 53.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 14.0% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 77.4% |

## 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 | 6.0% | 1.35× | 8.1% | 2.82× | 22.8% | S100PVPT |
| 2022 | 8.0% | 1.55× | 12.4% | 2.82× | 34.9% | S100SJXZ |
| 2023 | 7.6% | 1.51× | 11.5% | 2.23× | 25.7% | S100V0XX |
| 2024 | 10.0% | 1.20× | 12.0% | 1.66× | 19.9% | S100XDAL |
| 2025 | 10.9% | 1.13× | 12.3% | 1.49× | 18.3% | S100XDAL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社デュケレ | Major shareholder | 34.1% | 2025-09-30 |
| 株式会社リンクアンドモチベーション | Major shareholder | 20.5% | 2025-09-30 |
| 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% | 2025-09-30 |
| 佐藤 陽彦 | Major shareholder | 2.8% | 2025-09-30 |
| 野村信託銀行株式会社（投資口） | Major shareholder | 1.7% | 2025-09-30 |
| 株式会社マルチメディアネットワーク | Major shareholder | 1.5% | 2025-09-30 |
| 株式会社PKSHA Tecnology | Major shareholder | 1.1% | 2025-09-30 |
| 小林 裕 | Major shareholder | 0.9% | 2025-09-30 |
| 升本 甲一 | Major shareholder | 0.9% | 2025-09-30 |
| 尾上 幸裕 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/10/01－2025/09/30) | S100XDAL | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDAL,, |
| 有価証券報告書－第8期(2023/10/01－2024/09/30) | S100V0XX | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0XX,, |
| 有価証券報告書－第7期(2022/10/01－2023/09/30) | S100SJXZ | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJXZ,, |
| 有価証券報告書－第6期(令和3年10月1日－令和4年9月30日) | S100PVPT | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVPT,, |

## 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).