# Flier Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/03/01－2026/02/28) (S100Y68H)
> Page: https://vizora.meequs.com/en/company/flier
> Retrieved: 2026-09-30T19:05:57.659Z

## Company

Flier, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 57 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Flier Inc. |
| Ticker | 323A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/323A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区一ツ橋一丁目1番1号 |
| Representative (per filing) | 代表取締役CEO 大賀 康史 |
| Founded | Jun 2013 |
| Share capital | ¥615M |
| Employees (consolidated) | 57 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | February |
| Website | corp.flierinc.com (https://corp.flierinc.com/) |
| Corporate number | 1011001095283 |
| EDINET | E40354 |
| Industries (Vizora) | Software & SaaS, Publishing & Bookstores |

> Profile source: annual securities report (S100Y68H, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 14.8 | 145 |
| Cash conversion | 59 | 128 |
| Efficiency | 44.5 | 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 67% of Flier's sales come from Enterprise business, with Consumer business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +276.5%.

## Company structure

- Segment revenue mix: Enterprise business 66.8%、Consumer business 33.2%
- Revenue → net income: ¥1068695000 → ¥13305000
- Net income → operating cash flow: ¥13305000 → ¥34528000（difference ¥21223000）
- Main uses of operating cash flow: CapEx ¥8683000 / dividends — / buybacks —
- Change in cash: ¥52467000
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 | ¥1.07B |  |
| Operating income | ¥30.5M | Margin 2.9% |
| Net income | ¥13.3M | Margin 1.2% |
| Free cash flow | ¥25.8M |  |
| Largest business | Enterprise business | of segment revenue 66.8% |
| Employees (consolidated) | 57 |  |
| EPS | ¥14.78 |  |
| Diluted EPS | ¥14.52 |  |
| Book value per share | ¥99.22 |  |
| Equity ratio | 24.1% |  |
| Shares outstanding | 3,419,400 |  |
| Shareholders | 1,223 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 38.1% | Cash ÷ revenue 44.8% |
| Vs. industry median margin | -9.6 pp | Software & SaaS |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2024 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥785211000 | ¥1068695000 | — |
| Operating income | ¥-132970000 | ¥30508000 | — |
| Operating margin | -16.9% | 2.9% | +19.8 pp |
| Employees | 55 people | 57 people | — |
| Cash and equivalents | ¥269369000 | ¥478380000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2024 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エンタープライズ事業 → エンタープライズ事業 | 63.1% |
| コンシューマ事業 → コンシューマ事業 | 33.2% |
| コンシューマ事業 → 事業再編・廃止 | 3.7% |
| 新設・再編 → エンタープライズ事業 | 3.7% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,069 | 100.0% | S100Y68H |
| Cost of revenue | 204 | 19.0% | S100Y68H |
| Gross profit | 865 | 81.0% | S100Y68H |
| SG&A | 835 | 78.1% | S100Y68H |
| Operating income | 31 | 2.9% | S100Y68H |
| Ordinary income | 30 | 2.8% | S100Y68H |
| Pretax income | 30 | 2.8% | S100Y68H |
| Income tax | 17 | 1.6% | S100Y68H |
| Net income | 13 | 1.2% | S100Y68H |
| Net income attributable to owners | 13 | 1.2% | S100Y68H |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 78 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 81.0% → Operating margin 2.9% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 948 | 1,069 | 120 | +12.7% |
| Gross profit | 761 | 865 | 104 | +13.7% |
| Operating income | 8 | 31 | 22 | +276.5% |
| Operating cash flow | 60 | 35 | -25 | -42.2% |
| Free cash flow | 60 | 26 | -34 | -56.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2024 | 785 | -133 | -16.9% | -137 | -126 | -131 | S100VTM1 |
| FY ending Feb 2025 | 948 | 8 | 0.9% | 11 | 60 | 60 | S100VTM1 |
| FY ending Feb 2026 | 1,069 | 31 | 2.9% | 13 | 35 | 26 | S100Y68H |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥535.2K |
| Net income per employee (consolidated) | ¥233.4K |

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

| History | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 55 | 58 | 57 |
| Average salary (parent company) | — | ¥6.3M | ¥6.4M |
| Average age (parent company) | — | 35.0 years | 35.6 years |
| Average tenure (parent company) | — | 3.7 years | 4.4 years |

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Enterprise business | 714 | 66.8% | 351 | 49.1% |
| Consumer business | 355 | 33.2% | 124 | 35.0% |

### 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 | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Enterprise business | 66.8% | 73.8% | 7.0 | 49.1% |
| Consumer business | 33.2% | 26.2% | -7.0 | 35.0% |

Segment → industry: Enterprise business → Software & SaaS / Consumer business → Publishing & Bookstores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 35 | 3.2% | S100Y68H |
| Capital expenditure | 9 | 0.8% | S100Y68H |
| Free cash flow | 26 | 2.4% | 算出 |
| Investing cash flow | -380 | -35.6% | S100Y68H |
| Financing cash flow | 398 | 37.2% | S100Y68H |
| Change in cash | 52 | 4.9% | S100Y68H |
| Cash and equivalents | 478 | 44.8% | S100Y68H |

## 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 Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 269 | 426 | 478 | S100VTM1, S100Y68H |
| Total assets | 433 | 591 | 1,256 | S100VTM1, S100Y68H |
| Net assets | 43 | 226 | 307 | S100VTM1, S100Y68H |
| Share capital | 498 | 584 | 615 | S100VTM1, S100Y68H |
| Property, plant and equipment | 38 | 32 | 36 | S100VTM1, S100Y68H |
| Intangible assets excluding goodwill | — | — | 568 | S100Y68H |
| Goodwill | — | — | 567 | S100Y68H |
| Current assets | 353 | 507 | 586 | S100VTM1, S100Y68H |
| Current liabilities | 263 | 249 | 518 | S100VTM1, S100Y68H |
| Short-term borrowings | 100 | 50 | 50 | S100VTM1, S100Y68H |
| Long-term borrowings | 126 | 116 | 431 | S100VTM1, S100Y68H |
| Total liabilities | 389 | 365 | 949 | S100VTM1, S100Y68H |
| Equity attributable to owners of parent | 43 | 226 | 302 | S100VTM1, S100Y68H |
| Retained earnings | -931 | -920 | -907 | S100VTM1, S100Y68H |

### Balance sheet history

| Metric | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 433 | 591 | 1,256 |
| Equity | 43 | 226 | 307 |
| Interest-bearing debt | — | — | — |
| Cash | 269 | 426 | 478 |

## 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) | 3.3% | S100Y68H |
| Fixed assets ÷ total assets | 2.8% | S100Y68H |
| Goodwill ÷ parent equity | 187.8% | S100Y68H |

### 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) | 38.1% |
| Cash ÷ revenue | 44.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 113.2% |
| Cash vs. profit gap | 21 JPY mn (of net income 159.5%) |
| 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 | 1100.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -31.6% | —× | — | S100VTM1 |
| 2025 | 1.2% | 1.85× | 2.2% | 3.79× | 8.2% | S100VTM1 |
| 2026 | 1.2% | 0.85× | 1.1% | 4.16× | 4.4% | S100Y68H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社メディアドゥ | Major shareholder | 56.3% | 2026-02-28 |
| 大賀 康史 | Major shareholder | 5.5% | 2026-02-28 |
| ＸＴｅｃｈ２号投資事業有限責任組合 | Major shareholder | 4.7% | 2026-02-28 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.0% | 2026-02-28 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.0% | 2026-02-28 |
| 梶原 圭三 | Major shareholder | 1.9% | 2026-02-28 |
| 株式会社ＣＡＲＴＡ ＶＥＮＴＵＲＥＳ | Major shareholder | 1.6% | 2026-02-28 |
| 大分ＶＣサクセスファンド６号投資事業有限責任組合 | Major shareholder | 1.3% | 2026-02-28 |
| みずほ成長支援第４号投資事業有限責任組合 | Major shareholder | 1.3% | 2026-02-28 |
| 株式会社インソース | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/03/01－2026/02/28) | S100Y68H | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y68H,, |
| 有価証券報告書－第12期(2024/03/01－2025/02/28) | S100VTM1 | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTM1,, |

## 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).