# FIXER: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/09/01－2025/08/31) (S100X770)
> Page: https://vizora.meequs.com/en/company/fixer
> Retrieved: 2026-09-30T19:48:57.761Z

## Company

Fixer, founded in 2008, is a company in IT Services & System Integration listed on TSE Growth. It has 357 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FIXER Inc. |
| Ticker | 5129 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5129.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 松岡 清一 |
| Founded | Sep 2008 |
| Share capital | ¥1.21B |
| Employees (consolidated) | 357 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | August |
| Website | fixer.co.jp (https://fixer.co.jp/) |
| Corporate number | 1010401084788 |
| EDINET | E37959 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100X770, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 0.3 | 196 |
| Efficiency | 19.6 | 196 |

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)

- Fixer brought in ¥3.98B in revenue.
- It lost about ¥44 for every ¥100 of sales at the operating level.
- Revenue changed -38.5% from the prior year, operating profit -765.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.98B |  |
| Operating income | -¥1.73B | Margin -43.4% |
| Net income | -¥2.12B | Margin -53.2% |
| Free cash flow | -¥1.08B |  |
| Employees (consolidated) | 357 |  |
| EPS | ¥-142.99 |  |
| Book value per share | ¥254.31 |  |
| Equity ratio | 83.7% |  |
| Shares outstanding | 14,798,100 |  |
| Shareholders | 3,545 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 68.7% | Cash ÷ revenue 77.5% |
| Vs. industry median margin | -52.4 pp | IT Services & System Integration |
| ROA | -47.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 69% of total assets
- FY2025, operating loss is 44 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3606449000 | ¥3980000000 | — |
| Operating income | ¥317485000 | ¥-1729000000 | — |
| Operating margin | 8.8% | -43.4% | -52.2 pp |
| Employees | 147 people | 357 people | — |
| Cash and equivalents | ¥1463906000 | ¥3085000000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,980 | 100.0% | S100X770 |
| Cost of revenue | 3,498 | 87.9% | S100X770 |
| Gross profit | 482 | 12.1% | S100X770 |
| SG&A | 2,212 | 55.6% | S100X770 |
| Operating income | -1,729 | -43.4% | S100X770 |
| Ordinary income | -1,719 | -43.2% | S100X770 |
| Pretax income | -2,055 | -51.6% | S100X770 |
| Income tax | 65 | 1.6% | S100X770 |
| Net income | -2,120 | -53.3% | S100X770 |
| Net income attributable to owners | -2,117 | -53.2% | S100X770 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 56 |
| Operating income | -44 |
| (Ref.) Net income | -53 |

### Margin funnel

Gross margin 12.1% → Operating margin -43.4% → Net margin -53.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,468 | 3,980 | -2,488 | -38.5% |
| Gross profit | 2,102 | 482 | -1,620 | -77.1% |
| Operating income | 260 | -1,729 | -1,989 | -765.0% |
| Operating cash flow | -626 | -1,047 | -421 | — |
| Free cash flow | -672 | -1,077 | -405 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2021 | 3,606 | 317 | 8.8% | 196 | -3 | -33 | S100PP89 |
| FY ending Aug 2022 | 11,361 | 2,395 | 21.1% | 1,495 | 2,478 | 2,433 | S100SFGN |
| FY ending Aug 2023 | 11,049 | 2,110 | 19.1% | 1,382 | 539 | 315 | S100UVHZ |
| FY ending Aug 2024 | 6,468 | 260 | 4.0% | 156 | -626 | -672 | S100UVHZ |
| FY ending Aug 2025 | 3,980 | -1,729 | -43.4% | -2,117 | -1,047 | -1,077 | S100X770 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.1M |
| Operating income per employee (consolidated) | -¥4.8M |
| Net income per employee (consolidated) | -¥5.9M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 147 | 195 | 269 | 326 | 357 |
| Average salary (parent company) | — | ¥5.7M | ¥6.1M | ¥5.6M | ¥5.7M |
| Average age (parent company) | — | 28.6 years | 28.4 years | 27.7 years | 28.3 years |
| Average tenure (parent company) | — | 2.7 years | 2.3 years | 2.4 years | 2.6 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,047 | -26.3% | S100X770 |
| Capital expenditure | 30 | 0.8% | S100X770 |
| Free cash flow | -1,077 | -27.1% | 算出 |
| Investing cash flow | -65 | -1.6% | S100X770 |
| Financing cash flow | 43 | 1.1% | S100X770 |
| Share buyback | 0 | 0.0% | S100X770 |
| Change in cash | -1,069 | -26.9% | S100X770 |
| Cash and equivalents | 3,085 | 77.5% | S100X770 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,464 | 3,685 | 4,833 | 4,154 | 3,085 | S100SFGN, S100UVHZ, S100X770 |
| Total assets | 2,632 | 7,189 | 7,140 | 6,590 | 4,493 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Net assets | 1,717 | 3,211 | 5,718 | 5,877 | 3,807 | S100SFGN, S100UVHZ, S100X770 |
| Share capital | 651 | 651 | 1,212 | 1,213 | 1,214 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Property, plant and equipment | 85 | 99 | 276 | 254 | 0 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Intangible assets excluding goodwill | 2 | — | — | — | — | S100PP89 |
| Investment securities | 6 | 6 | 6 | — | 53 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Current assets | 2,276 | 6,706 | 6,325 | 5,854 | 4,144 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Current liabilities | 797 | 3,938 | 1,404 | 703 | 683 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Long-term borrowings | 119 | 38 | 17 | 10 | 2 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Total liabilities | 915 | 3,977 | 1,421 | 713 | 685 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Non-controlling interests | — | — | — | — | 45 | S100X770 |
| Equity attributable to owners of parent | 1,715 | 3,210 | 5,717 | 5,875 | 3,760 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Retained earnings | 449 | 1,944 | 3,326 | 3,483 | 1,365 | S100PP89, S100SFGN, S100UVHZ, S100X770 |
| Treasury stock | — | — | 0 | 0 | 0 | S100UVHZ, S100X770 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100X770 |
| Investment securities | 1% | S100X770 |
| Other assets | 30% | S100X770 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100X770 |
| Equity | 85% | S100X770 |
| Other liabilities | 0% | S100X770 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,632 | 7,189 | 7,140 | 6,590 | 4,493 |
| Equity | 1,717 | 3,211 | 5,718 | 5,877 | 3,807 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,464 | 3,685 | 4,833 | 4,154 | 3,085 |

## 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) | 0.0% | S100X770 |
| Fixed assets ÷ total assets | 0.0% | S100X770 |
| Goodwill ÷ parent equity | — | —, S100X770 |

### 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) | 68.7% |
| Cash ÷ revenue | 77.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,070 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| 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 | 5.4% | 1.37× | 7.5% | 1.53× | 11.4% | S100PP89 |
| 2022 | 13.2% | 2.31× | 30.5% | 1.99× | 60.7% | S100SFGN |
| 2023 | 12.5% | 1.54× | 19.3% | 1.61× | 31.0% | S100UVHZ |
| 2024 | 2.4% | 0.94× | 2.3% | 1.18× | 2.7% | S100UVHZ |
| 2025 | — | —× | -47.1% | —× | — | S100X770 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松岡 清一 | Major shareholder | 60.6% | 2025-08-31 |
| 北村 健 | Major shareholder | 9.5% | 2025-08-31 |
| 株式会社mam | Major shareholder | 4.5% | 2025-08-31 |
| 特定金外信託受託者 株式会社SMBC信託銀行 | Major shareholder | 3.8% | 2025-08-31 |
| FIXER従業員持株会 | Major shareholder | 1.7% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 1.2% | 2025-08-31 |
| 山下 良久 | Major shareholder | 1.1% | 2025-08-31 |
| 林 充孝 | Major shareholder | 0.8% | 2025-08-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2025-08-31 |
| Wing２号成長支援投資事業有限責任組合 | Major shareholder | 0.4% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/09/01－2025/08/31) | S100X770 | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X770,, |
| 有価証券報告書－第15期(2023/09/01－2024/08/31) | S100UVHZ | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVHZ,, |
| 訂正有価証券報告書－第14期(2022/09/01－2023/08/31) | S100SFGN | 2023-12-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SFGN,, |
| 有価証券報告書－第13期(令和3年9月1日－令和4年8月31日) | S100PP89 | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP89,, |

## 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).