# Forside Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/01/01－2025/12/31) (S100XTKS)
> Page: https://vizora.meequs.com/en/company/forside
> Retrieved: 2026-09-30T20:48:12.486Z

## Company

Forside, founded in 2000, is a company in Software & SaaS listed on TSE Standard. It has 180 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Forside Co.,Ltd. |
| Ticker | 2330 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2330.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋室町三丁目3番1号 |
| Representative (per filing) | 代表取締役 大島 正人 |
| Founded | Mar 2000 |
| Share capital | ¥10M |
| Employees (consolidated) | 180 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | www.forside.co.jp (https://www.forside.co.jp/) |
| Corporate number | 9290001059247 |
| EDINET | E05308 |
| Industries (Vizora) | Software & SaaS, HR & Staffing, Toys & Hobbies, Publishing & Bookstores, Events & Ticketing, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XTKS, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 40.9 | 11 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 77.3 | 11 |

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 40% of Forside's sales come from Prize, with AI-related business and Comprehensive HR Services making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.

## Company structure

- Segment revenue mix: Prize 39.6%、AI-related business 35.4%、Comprehensive HR Services 16.3%、Logistics-related business 3.6%、Event 2.4%
- Revenue → net income: ¥8748842000 → ¥440577000
- Net income → operating cash flow: ¥440577000 → ¥668770000（difference ¥228193000）
- Main uses of operating cash flow: CapEx ¥56080000 / dividends — / buybacks ¥287000
- Change in cash: ¥793092000
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 | ¥8.75B |  |
| Operating income | ¥463.5M | Margin 5.3% |
| Net income | ¥440.6M | Margin 5.0% |
| Free cash flow | ¥612.7M |  |
| Largest business | Prize | of segment revenue 39.6% |
| Employees (consolidated) | 180 |  |
| EPS | ¥3.53 |  |
| Book value per share | ¥53.89 |  |
| Equity ratio | 65.3% |  |
| Shares outstanding | 43,687,704 |  |
| Treasury shares | 96,100 |  |
| Shareholders | 17,296 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 46.6% | Cash ÷ revenue 25.1% |
| Vs. industry median margin | -2.1 pp | Toys & Hobbies |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 9.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Prize | — | — | ¥3463091000 | 9.8% | 2 |
| AI-related business | — | — | ¥3097800000 | 6.4% | 2 |
| Comprehensive HR Services | — | — | ¥1427684000 | 2.9% | 2 |
| Logistics-related business | — | — | ¥316996000 | 19.6% | 2 |
| Event | — | — | ¥206633000 | -1.5% | 2 |
| Master rights business | — | — | ¥154959000 | -5.9% | 2 |
| Content business | — | — | ¥81677000 | -10.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,749 | 100.0% | S100XTKS |
| Cost of revenue | 6,730 | 76.9% | S100XTKS |
| Gross profit | 2,019 | 23.1% | S100XTKS |
| SG&A | 1,556 | 17.8% | S100XTKS |
| Operating income | 463 | 5.3% | S100XTKS |
| Ordinary income | 480 | 5.5% | S100XTKS |
| Pretax income | 491 | 5.6% | S100XTKS |
| Income tax | 51 | 0.6% | S100XTKS |
| Net income | 441 | 5.0% | S100XTKS |
| Net income attributable to owners | 441 | 5.0% | S100XTKS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.1% → Operating margin 5.3% → Net margin 5.0%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Dec 2025 |
| --- | ---: |
| Employees (consolidated) | 180 |
| Average salary (parent company) | ¥5.2M |
| Average age (parent company) | 48.1 years |
| Average tenure (parent company) | 5.5 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Prize | 3,463 | 39.6% | 341 | 9.8% |
| Content business | 82 | 0.9% | -9 | -10.5% |
| Event | 207 | 2.4% | -3 | -1.5% |
| Master rights business | 155 | 1.8% | -9 | -5.9% |
| AI-related business | 3,098 | 35.4% | 198 | 6.4% |
| Logistics-related business | 317 | 3.6% | 62 | 19.6% |
| Comprehensive HR Services | 1,428 | 16.3% | 42 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Prize | 39.6% | 53.0% | 13.4 | 9.8% |
| Content business | 0.9% | — | — | -10.5% |
| Event | 2.4% | — | — | -1.5% |
| Master rights business | 1.8% | — | — | -5.9% |
| AI-related business | 35.4% | 30.8% | -4.6 | 6.4% |
| Logistics-related business | 3.6% | 9.7% | 6.0 | 19.6% |
| Comprehensive HR Services | 16.3% | 6.5% | -9.8 | 2.9% |

Loss-making segment (excluded from profit shares): Content business -9 JPY mn

Loss-making segment (excluded from profit shares): Event -3 JPY mn

Loss-making segment (excluded from profit shares): Master rights business -9 JPY mn

Segment → industry: AI-related business → Software & SaaS / Comprehensive HR Services → HR & Staffing / Prize → Toys & Hobbies / Master rights business → Publishing & Bookstores / Content business → Publishing & Bookstores / Event → Events & Ticketing / Logistics-related business → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 669 | 7.6% | S100XTKS |
| Capital expenditure | 56 | 0.6% | S100XTKS |
| Free cash flow | 613 | 7.0% | 算出 |
| Investing cash flow | 217 | 2.5% | S100XTKS |
| Financing cash flow | -93 | -1.1% | S100XTKS |
| Share buyback | 0 | 0.0% | S100XTKS |
| Change in cash | 793 | 9.1% | S100XTKS |
| Cash and equivalents | 2,197 | 25.1% | S100XTKS |

## 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 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 2,197 | S100XTKS |
| Total assets | 4,712 | S100XTKS |
| Net assets | 3,078 | S100XTKS |
| Share capital | 10 | S100XTKS |
| Property, plant and equipment | 98 | S100XTKS |
| Intangible assets excluding goodwill | 291 | S100XTKS |
| Goodwill | 282 | S100XTKS |
| Investment securities | 175 | S100XTKS |
| Current assets | 3,886 | S100XTKS |
| Current liabilities | 1,086 | S100XTKS |
| Trade payables | 251 | S100XTKS |
| Long-term borrowings | 530 | S100XTKS |
| Total liabilities | 1,634 | S100XTKS |
| Equity attributable to owners of parent | 3,069 | S100XTKS |
| Retained earnings | 1,630 | S100XTKS |
| Treasury stock | -20 | S100XTKS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XTKS |
| Property, plant and equipment | 2% | S100XTKS |
| Intangibles and goodwill | 12% | S100XTKS |
| Investment securities | 4% | S100XTKS |
| Other assets | 35% | S100XTKS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100XTKS |
| Other liabilities | 30% | S100XTKS |
| Equity | 65% | S100XTKS |
| Other liabilities | 0% | S100XTKS |

## 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) | 1.1% | S100XTKS |
| Fixed assets ÷ total assets | 2.1% | S100XTKS |
| Goodwill ÷ parent equity | 9.2% | S100XTKS |

### 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) | 46.6% |
| Cash ÷ revenue | 25.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.3% |
| Cash vs. profit gap | 228 JPY mn (of net income 51.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 32.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 5.0% | 1.86× | 9.3% | 1.54× | 14.4% | S100XTKS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＯＭＴホールディングス | Major shareholder | 11.8% | 2025-12-31 |
| Ｒ－１第１号投資事業有限責任組合 | Major shareholder | 7.4% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 4.9% | 2025-12-31 |
| 長尾 康裕 | Major shareholder | 2.1% | 2025-12-31 |
| 金丸 篤史 | Major shareholder | 1.4% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-12-31 |
| 伊藤 久太朗 | Major shareholder | 0.9% | 2025-12-31 |
| 富田 里子 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XTKS | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTKS,, |

## 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).