# fonfun corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第30期(2025/04/01－2026/03/31) (S100YOGM)
> Page: https://vizora.meequs.com/en/company/fonfun
> Retrieved: 2026-09-30T18:17:57.767Z

## Company

fonfun, founded in 1997, is a company in IT Services & System Integration listed on TSE Standard. It has 273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | fonfun corporation |
| Ticker | 2323 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2323.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区笹塚二丁目1番6号 |
| Representative (per filing) | 代表取締役社長 水口 翼 |
| Founded | Mar 1997 |
| Share capital | ¥10M |
| Employees (consolidated) | 273 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.fonfun.co.jp (https://www.fonfun.co.jp/) |
| Corporate number | 6011301016389 |
| EDINET | E05302 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YOGM, filed 2026-07-02). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 69.1 | 196 |
| Cash conversion | 71.6 | 185 |
| Efficiency | 5.4 | 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)

- About 55% of fonfun's sales come from DX Solution Business, with Cloud Solution Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +66.4% from the prior year, operating profit +61.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.11B |  |
| Operating income | ¥242.3M | Margin 11.5% |
| Net income | ¥424.8M | Margin 20.1% |
| Free cash flow | — |  |
| Largest business | DX Solution Business | of segment revenue 54.7% |
| Employees (consolidated) | 273 |  |
| EPS | ¥19.33 |  |
| Diluted EPS | ¥19.05 |  |
| Book value per share | ¥62.81 |  |
| Equity ratio | 40.7% |  |
| Shares outstanding | 21,294,120 |  |
| Treasury shares | 292,100 |  |
| Shareholders | 2,625 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 36.9% |
| Vs. industry median margin | +2.6 pp | IT Services & System Integration |
| ROE | 31.8% | Derived from disclosed figures |
| ROA | 12.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by -30 points

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥556319000 | ¥2111204000 | — |
| Operating income | ¥10004000 | ¥242320000 | — |
| Operating margin | 1.8% | 11.5% | +9.7 pp |
| Employees | 22 people | 273 people | — |
| Cash and equivalents | ¥312933000 | ¥780064000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リモートメール事業 → 事業再編・廃止 | 33.4% |
| SMS事業 → 事業再編・廃止 | 37.9% |
| メディア事業 → 事業再編・廃止 | 6.3% |
| ボイスメール事業 → 事業再編・廃止 | 15.6% |
| その他 → 事業再編・廃止 | 6.7% |
| 新設・再編 → クラウドソリューション事業 | 45.3% |
| 新設・再編 → DXソリューション事業 | 54.7% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,111 | 100.0% | S100YOGM |
| Cost of revenue | 1,279 | 60.6% | S100YOGM |
| Gross profit | 833 | 39.4% | S100YOGM |
| SG&A | 590 | 28.0% | S100YOGM |
| Operating income | 242 | 11.5% | S100YOGM |
| Ordinary income | 271 | 12.9% | S100YOGM |
| Pretax income | 284 | 13.4% | S100YOGM |
| Income tax | -141 | -6.7% | S100YOGM |
| Net income | 425 | 20.1% | S100YOGM |
| Net income attributable to owners | 425 | 20.1% | S100YOGM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 28 |
| Operating income | 11 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 39.4% → Operating margin 11.5% → Net margin 20.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,269 | 2,111 | 843 | +66.4% |
| Gross profit | 591 | 833 | 242 | +41.0% |
| Operating income | 150 | 242 | 93 | +61.9% |
| Operating cash flow | 191 | 251 | 61 | +31.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 545 | 6 | 1.0% | 4 | -0 | -12 | S100LPYL |
| FY ending Mar 2021 | 592 | 44 | 7.4% | 41 | 90 | 87 | S100OETC |
| FY ending Mar 2022 | 556 | 10 | 1.8% | -17 | 32 | 25 | S100R9JP |
| FY ending Mar 2023 | 639 | 43 | 6.8% | 40 | 108 | 105 | S100R9JP |
| FY ending Mar 2023 | 393 | 10 | 2.6% | 40 | 108 | — | S100VDFD |
| FY ending Mar 2024 | 700 | 75 | 10.7% | 68 | 176 | 174 | S100W8PX |
| FY ending Mar 2025 | 1,269 | 150 | 11.8% | 169 | 191 | — | S100W8PX |
| FY ending Mar 2026 | 2,111 | 242 | 11.5% | 425 | 251 | — | S100YOGM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.7M |
| Operating income per employee (consolidated) | ¥887.6K |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 28 | 17 | 24 | 70 | 273 |
| Average salary (parent company) | ¥4.4M | — | ¥4.2M | ¥5.5M | ¥5.1M |
| Average age (parent company) | 42.0 years | — | 37.9 years | 38.6 years | 37.8 years |
| Average tenure (parent company) | 8.1 years | — | 6.0 years | 7.1 years | 7.5 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud Solution Business | 956 | 45.3% | 343 | 35.8% |
| DX Solution Business | 1,155 | 54.7% | 112 | 9.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cloud Solution Business | 45.3% | 75.3% | 30.0 | 35.8% |
| DX Solution Business | 54.7% | 24.7% | -30.0 | 9.7% |

Segment → industry: DX Solution Business → IT Services & System Integration / Cloud Solution Business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 251 | 11.9% | S100YOGM |
| Investing cash flow | -472 | -22.4% | S100YOGM |
| Financing cash flow | 340 | 16.1% | S100YOGM |
| Dividends paid | 21 | 1.0% | S100YOGM |
| Share buyback | 2 | 0.1% | S100YOGM |
| Change in cash | 119 | 5.6% | S100YOGM |
| Cash and equivalents | 780 | 36.9% | S100YOGM |

## 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 Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 283 | 211 | 658 | 661 | 780 | S100R9JP, S100W8PX, S100YOGM |
| Total assets | 1,032 | 939 | 1,009 | 2,149 | 3,286 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Net assets | 593 | 550 | 622 | 957 | 1,414 | S100R9JP, S100W8PX, S100YOGM |
| Share capital | 100 | 100 | 100 | 10 | 10 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Property, plant and equipment | 5 | 5 | 3 | 2 | 29 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Intangible assets excluding goodwill | 253 | 250 | 126 | 1,072 | 1,522 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Goodwill | 249 | 249 | 125 | 929 | 1,354 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Investment securities | 17 | — | — | — | 44 | S100R9JP, S100YOGM |
| Current assets | 737 | 630 | 814 | 938 | 1,345 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Current liabilities | 273 | 234 | 181 | 402 | 887 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Short-term borrowings | 88 | 88 | — | — | 83 | S100R9JP, S100VDFD, S100YOGM |
| Long-term borrowings | 144 | 133 | 186 | 769 | 943 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Total liabilities | 439 | 389 | 387 | 1,192 | 1,872 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Equity attributable to owners of parent | 593 | 550 | 618 | 936 | 1,337 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Retained earnings | 61 | 18 | 86 | 255 | 658 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |
| Treasury stock | -175 | -175 | -175 | -176 | -178 | S100R9JP, S100VDFD, S100W8PX, S100YOGM |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,032 | 939 | 1,009 | 2,149 | 3,286 |
| Equity | 593 | 550 | 622 | 957 | 1,414 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 283 | 211 | 658 | 661 | 780 |

## 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) | 1.4% | S100YOGM |
| Fixed assets ÷ total assets | 0.9% | S100YOGM |
| Goodwill ÷ parent equity | 101.3% | S100YOGM |

### 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) | 23.7% |
| Cash ÷ revenue | 36.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.7% |
| Cash vs. profit gap | -174 JPY mn (of net income -40.9%) |
| Shareholder returns / net income | 5.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 187.9% |

## 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 | 6.3% | 0.62× | 3.9% | 1.74× | 6.8% | S100R9JP |
| 2023 | 10.2% | 0.42× | 4.3% | 1.71× | 7.3% | S100W8PX, S100VDFD |
| 2024 | 9.7% | 0.72× | 7.0% | 1.67× | 11.7% | S100W8PX |
| 2025 | 13.3% | 0.80× | 10.7% | 2.03× | 21.8% | S100W8PX |
| 2026 | 20.1% | 0.64× | 12.9% | 2.46× | 31.8% | S100YOGM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サイブリッジ合同会社 | Major shareholder | 47.9% | 2026-03-31 |
| サイブリッジグループ株式会社 | Major shareholder | 14.2% | 2026-03-31 |
| クリアデラ株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 賀川正宣 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ＥＧＩＪ | Major shareholder | 1.5% | 2026-03-31 |
| 佐野敦彦 | Major shareholder | 1.4% | 2026-03-31 |
| 張ヶ谷拓実 | Major shareholder | 1.3% | 2026-03-31 |
| 牧野史朗 | Major shareholder | 0.9% | 2026-03-31 |
| マリーングロース株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YOGM | 2026-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOGM,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W8PX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8PX,, |
| 訂正有価証券報告書－第28期(2023/04/01－2024/03/31) | S100VDFD | 2025-03-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VDFD,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100R9JP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9JP,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OETC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OETC,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LPYL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPYL,, |

## 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).