# FISCO Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XV4F)
> Page: https://vizora.meequs.com/en/company/fisco
> Retrieved: 2026-09-30T19:41:57.073Z

## Company

Fisco, founded in 1995, is a company in Internet Services & Apps listed on TSE Growth. It has 24 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FISCO Ltd. |
| Ticker | 3807 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3807.T) |
| Listing | TSE Growth |
| Head office | 大阪府堺市南区竹城台三丁21番1号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役CEO 渕木 幹男 |
| Founded | May 1995 |
| Share capital | ¥14.9M |
| Employees (consolidated) | 24 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Corporate number | 5120101048252 |
| EDINET | E05457 |
| Industries (Vizora) | Internet Services & Apps, Crypto & Blockchain, PR & IR Services, Advertising |

> Profile source: annual securities report (S100XV4F, filed 2026-03-27). As of filing

## Key points (generated from figures)

- About 93% of Fisco's sales come from Information Service, with Ad Agency Business and Crypto Currency/Blockchain Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -2.9% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥842.9M |  |
| Operating income | ¥4.5M | Margin 0.5% |
| Net income | -¥8.3M | Margin -1.0% |
| Free cash flow | ¥32.3M |  |
| Largest business | Information Service | of segment revenue 93.5% |
| Employees (consolidated) | 24 |  |
| EPS | ¥-0.18 |  |
| Book value per share | ¥24.55 |  |
| Equity ratio | 42.1% |  |
| Shares outstanding | 45,908,222 |  |
| Treasury shares | 91,700 |  |
| Shareholders | 18,633 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | -7.1 pp | Internet Services & Apps |
| ROA | -0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 97% of positive segment profit

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1252901000 | ¥842936000 | — |
| Operating income | ¥226973000 | ¥4477000 | — |
| Operating margin | 18.1% | 0.5% | -17.6 pp |
| Employees | 32 people | 24 people | — |
| Cash and equivalents | ¥296465000 | ¥192125000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 情報サービス事業 → 情報サービス事業 | 93.5% |
| 情報サービス事業 → 事業再編・廃止 | 0.9% |
| 広告代理業 → 広告代理業 | 3.9% |
| 暗号資産・ブロックチェーン事業 → 暗号資産・ブロックチェーン事業 | 0.4% |
| 暗号資産・ブロックチェーン事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 広告代理業 | 2.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information Service | — | — | ¥788119000 | 36.1% | 2 |
| Ad Agency Business | — | — | ¥51343000 | 12.8% | 2 |
| Crypto Currency/Blockchain Business | — | — | ¥3473000 | 98.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 843 | 100.0% | S100XV4F |
| Cost of revenue | 348 | 41.3% | S100XV4F |
| Gross profit | 495 | 58.7% | S100XV4F |
| SG&A | 490 | 58.2% | S100XV4F |
| Operating income | 4 | 0.5% | S100XV4F |
| Ordinary income | 5 | 0.7% | S100XV4F |
| Pretax income | -12 | -1.5% | S100XV4F |
| Income tax | -4 | -0.5% | S100XV4F |
| Net income | -8 | -1.0% | S100XV4F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 58 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 58.7% → Operating margin 0.5% → Net margin -1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 868 | 843 | -25 | -2.9% |
| Gross profit | 440 | 495 | 55 | +12.4% |
| Operating income | -94 | 4 | 99 | — |
| Operating cash flow | -40 | 33 | 73 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,789 | -586 | -10.1% | -667 | -576 | -640 | S100L2N4 |
| FY ending Dec 2020 | 1,120 | 62 | 5.5% | 67 | -41 | -174 | S100NSFO |
| FY ending Dec 2021 | 1,253 | 227 | 18.1% | 3,802 | 322 | 299 | S100QHHI |
| FY ending Dec 2022 | 1,071 | 47 | 4.4% | -2,750 | 171 | 135 | S100QHHI |
| FY ending Dec 2022 | 1,183 | 169 | 14.3% | -2,898 | 171 | — | S100T5KD |
| FY ending Dec 2023 | 958 | -859 | -89.7% | -1,828 | -40 | -67 | S100WNNM |
| FY ending Dec 2024 | 868 | -94 | -10.9% | -298 | -40 | — | S100XV4F |
| FY ending Dec 2025 | 843 | 4 | 0.5% | -8 | 33 | 32 | S100XV4F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.1M |
| Operating income per employee (consolidated) | ¥186.5K |
| Net income per employee (consolidated) | -¥345.5K |

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) | 29 | 29 | 32 | 26 | 24 |
| Average salary (parent company) | ¥5.1M | — | ¥5.1M | ¥5.2M | ¥5.5M |
| Average age (parent company) | 44.0 years | — | 45.0 years | 47.0 years | 48.0 years |
| Average tenure (parent company) | 5.0 years | — | 5.0 years | 6.0 years | 7.0 years |

Year over year: Employees (consolidated) -7.7% · Revenue (consolidated) -2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Service | 788 | 93.5% | 285 | 36.1% |
| Ad Agency Business | 51 | 6.1% | 7 | 12.8% |
| Crypto Currency/Blockchain Business | 3 | 0.4% | 3 | 98.2% |
| Other | — | 0.0% | -0 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Information Service | 96.6% | 36.1% |
| Ad Agency Business | 2.2% | 12.8% |
| Crypto Currency/Blockchain Business | 1.2% | 98.2% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Information Service → Internet Services & Apps / Crypto Currency/Blockchain Business → Crypto & Blockchain / Information Service → PR & IR Services / Ad Agency Business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33 | 3.9% | S100XV4F |
| Capital expenditure | 0 | 0.1% | S100XV4F |
| Free cash flow | 32 | 3.8% | 算出 |
| Investing cash flow | -8 | -0.9% | S100XV4F |
| Change in cash | 25 | 3.0% | S100XV4F |
| Cash and equivalents | 192 | 22.8% | S100XV4F |

## 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 | 263 | 260 | 219 | 167 | 192 | S100QHHI, S100WNNM, S100XV4F |
| Total assets | 3,827 | 3,812 | 1,856 | 1,781 | 2,675 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Net assets | 2,064 | 2,054 | 53 | 237 | 1,132 | S100QHHI, S100WNNM, S100XV4F |
| Share capital | 15 | 15 | 15 | 15 | 15 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Property, plant and equipment | 20 | 20 | 17 | 17 | 17 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Intangible assets excluding goodwill | 81 | 81 | — | 1 | 1 | S100QHHI, S100T5KD, S100XV4F |
| Goodwill | 27 | 27 | — | — | — | S100QHHI, S100T5KD |
| Investment securities | 2,372 | 2,320 | 1,317 | 1,338 | 2,280 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Current assets | 1,292 | 1,277 | 480 | 385 | 335 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Current liabilities | 166 | 162 | 208 | 112 | 118 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Short-term borrowings | 40 | 40 | 110 | 8 | 8 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Total liabilities | 1,763 | 1,759 | 1,803 | 1,544 | 1,543 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Equity attributable to owners of parent | 2,280 | 2,270 | 305 | 7 | -1 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Retained earnings | 529 | 668 | -1,297 | -534 | -12 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100QHHI, S100T5KD, S100WNNM, S100XV4F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100XV4F |
| Property, plant and equipment | 1% | S100XV4F |
| Intangibles and goodwill | 0% | S100XV4F |
| Investment securities | 85% | S100XV4F |
| Other assets | 7% | S100XV4F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XV4F |
| Equity | 42% | S100XV4F |
| Other liabilities | 0% | S100XV4F |

### 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 | 3,827 | 3,812 | 1,856 | 1,781 | 2,675 |
| Equity | 2,064 | 2,054 | 53 | 237 | 1,132 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 263 | 260 | 219 | 167 | 192 |

## 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) | 2.1% | S100XV4F |
| Fixed assets ÷ total assets | 0.7% | S100XV4F |
| Goodwill ÷ parent equity | — | —, S100XV4F |

### 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) | 7.2% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 730.6% |
| Cash vs. profit gap | 41 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 23.8% |

## 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 | — | —× | -71.9% | —× | — | S100QHHI |
| 2022 | — | —× | -76.0% | —× | — | S100XV4F, S100T5KD |
| 2023 | — | —× | -64.5% | —× | — | S100WNNM |
| 2024 | — | —× | -16.4% | —× | — | S100XV4F |
| 2025 | — | —× | -0.4% | —× | — | S100XV4F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ネクスグループ | Major shareholder | 31.5% | 2025-12-31 |
| 株式会社ＣＡＩＣＡ ＤＩＧＩＴＡＬ | Major shareholder | 8.5% | 2025-12-31 |
| 株式会社ＣＡＩＣＡテクノロジーズ | Major shareholder | 6.3% | 2025-12-31 |
| 宗教法人安養寺 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社サンジ・インターナショナル | Major shareholder | 1.7% | 2025-12-31 |
| 株式会社実業之日本デジタル | Major shareholder | 1.5% | 2025-12-31 |
| Ｒｅｆｉｎｉｔｉｖ ＳＡ（国内連絡先） | Major shareholder | 1.2% | 2025-12-31 |
| 中村 孝也 | Major shareholder | 0.7% | 2025-12-31 |
| 荒川 忠秀 | Major shareholder | 0.7% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XV4F | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV4F,, |
| 訂正有価証券報告書－第31期(2024/01/01－2024/12/31) | S100WNNM | 2025-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WNNM,, |
| 有価証券報告書－第30期(2023/01/01－2023/12/31) | S100T5KD | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5KD,, |
| 有価証券報告書－第29期(2022/01/01－2022/12/31) | S100QHHI | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHHI,, |
| 有価証券報告書－第28期(令和3年1月1日－令和3年12月31日) | S100NSFO | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSFO,, |
| 有価証券報告書－第27期(令和2年1月1日－令和2年12月31日) | S100L2N4 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2N4,, |

## 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).