# FreakOut Holdings, inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2024/10/01－2025/09/30) (S100XCVT)
> Page: https://vizora.meequs.com/en/company/freakout-holdings
> Retrieved: 2026-09-30T20:00:03.585Z

## Company

FreakOut Holdings, founded in 2010, is a company in Venture Capital listed on TSE Growth. It has 1,051 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FreakOut Holdings, inc. |
| Ticker | 6094 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6094.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木六丁目3番1号 |
| Representative (per filing) | 代表取締役社長 Global CEO 本田 謙 |
| Founded | Oct 2010 |
| Share capital | ¥3.55B |
| Employees (consolidated) | 1,051 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | September |
| Website | www.fout.co.jp (https://www.fout.co.jp/) |
| Corporate number | 2010401092006 |
| EDINET | E30648 |
| Industries (Vizora) | Venture Capital, Advertising |

> Profile source: annual securities report (S100XCVT, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.8 | 57 |
| Profitability | 13.4 | 86 |
| Cash conversion | 8.7 | 75 |
| Efficiency | 48.3 | 86 |
| Financial strength | 30 | 5 |

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 61% of FreakOut Holdings's sales come from Advertising business, with Influencer marketing business and Investment business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -2.7% from the prior year, operating profit +5721.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50.3B |  |
| Operating income | ¥96.5M | Margin 0.2% |
| Net income | ¥275.5M | Margin 0.5% |
| Free cash flow | -¥636M |  |
| Largest business | Advertising business | of segment revenue 60.9% |
| Employees (consolidated) | 1,051 |  |
| EPS | ¥-37.86 |  |
| Diluted EPS | ¥15.81 |  |
| Book value per share | ¥469.01 |  |
| Equity ratio | 26.1% |  |
| Shares outstanding | 18,022,924 |  |
| Treasury shares | 646,400 |  |
| Shareholders | 3,310 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 40.7% | Net cash ¥1.6B · Cash ÷ revenue 32.5% |
| Vs. industry median margin | -5.5 pp | Advertising |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 39 points
- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24878580000 | ¥50323355000 | +102.3% |
| Operating income | ¥211492000 | ¥96515000 | -54.4% |
| Operating margin | 0.9% | 0.2% | -0.7 pp |
| Employees | 571 people | 1,051 people | +84.1% |
| Cash and equivalents | ¥9916616000 | ¥16367521000 | +65.1% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| DSP事業 → 事業再編・廃止 | 47.4% |
| 広告・マーケティング事業 → 事業再編・廃止 | 47.4% |
| 投資事業 → 投資事業 | 0.1% |
| 投資事業 → 事業再編・廃止 | 0.8% |
| DMP事業 → 事業再編・廃止 | 4.3% |
| 新設・再編 → 広告事業 | 60.9% |
| 新設・再編 → インフルエンサーマーケティング事業 | 39.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Advertising business | 2 years | +2.3% | ¥30367234000 | 2.5% | 2 |
| Influencer marketing business | — | — | ¥19454124000 | -0.1% | 2 |
| Investment business | 5 years | -33.2% | ¥58717000 | -11.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,323 | 100.0% | S100XCVT |
| Cost of revenue | 36,260 | 72.1% | S100XCVT |
| Gross profit | 14,063 | 27.9% | S100XCVT |
| SG&A | 13,967 | 27.8% | S100XCVT |
| Operating income | 97 | 0.2% | S100XCVT |
| Ordinary income | 565 | 1.1% | S100XCVT |
| Pretax income | 517 | 1.0% | S100XCVT |
| Income tax | 229 | 0.5% | S100XCVT |
| Net income | 288 | 0.6% | S100XCVT |
| Net income attributable to owners | 275 | 0.5% | S100XCVT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 28 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 27.9% → Operating margin 0.2% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.7%; Core profit growth: +5721.2%
Operating leverage (core profit growth ÷ revenue growth): -2131.39×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 51,711 | 50,323 | -1,388 | -2.7% |
| Gross profit | 14,650 | 14,063 | -587 | -4.0% |
| Operating income | 2 | 97 | 95 | +5721.2% |
| Net income attributable to owners | -3,190 | 275 | 3,466 | — |
| Operating cash flow | -2,700 | -37 | 2,663 | — |
| Free cash flow | -3,277 | -636 | 2,641 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 21,710 | -1,270 | -5.9% | -3,513 | 1,759 | 1,622 | S100KGFZ |
| FY ending Sep 2020 | 24,879 | 211 | 0.9% | -670 | 845 | 735 | S100NTK2 |
| FY ending Sep 2021 | 29,500 | 1,009 | 3.4% | 580 | 1,903 | 1,635 | S100PV48 |
| FY ending Sep 2022 | 28,965 | 1,331 | 4.6% | 1,365 | 877 | 500 | S100SJ8E |
| FY ending Sep 2023 | 30,604 | 1,611 | 5.3% | 7,870 | 2,461 | 2,012 | S100V12D |
| FY ending Sep 2024 | 51,711 | 2 | 0.0% | -3,190 | -2,700 | -3,277 | S100XCVT |
| FY ending Sep 2025 | 50,323 | 97 | 0.2% | 275 | -37 | -636 | S100XCVT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.9M |
| Operating income per employee (consolidated) | ¥91.8K |
| Net income per employee (consolidated) | ¥262.1K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 459 | 478 | 1,054 | 1,015 | 1,051 |
| Average salary (parent company) | ¥8.3M | ¥8.9M | ¥8.5M | ¥8.5M | ¥7.5M |
| Average age (parent company) | 35.9 years | 36.9 years | 35.7 years | 35.7 years | 35.6 years |
| Average tenure (parent company) | 2.2 years | 2.0 years | 2.5 years | 2.7 years | 2.8 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) -2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Advertising business | 30,367 | 60.9% | 745 | 2.5% |
| Investment business | 59 | 0.1% | -7 | -11.9% |
| Influencer marketing business | 19,454 | 39.0% | -29 | -0.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Advertising business | 60.9% | 100.0% | 39.1 | 2.5% |
| Investment business | 0.1% | — | — | -11.9% |
| Influencer marketing business | 39.0% | — | — | -0.1% |

Loss-making segment (excluded from profit shares): Investment business -7 JPY mn

Loss-making segment (excluded from profit shares): Influencer marketing business -29 JPY mn

Segment → industry: Investment business → Venture Capital / Influencer marketing business → Advertising / Advertising business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -37 | -0.1% | S100XCVT |
| Capital expenditure | 599 | 1.2% | S100XCVT |
| Free cash flow | -636 | -1.3% | 算出 |
| Investing cash flow | -986 | -2.0% | S100XCVT |
| Financing cash flow | -2,993 | -5.9% | S100XCVT |
| Share buyback | 0 | 0.0% | S100XCVT |
| Change in cash | -3,879 | -7.7% | S100XCVT |
| Cash and equivalents | 16,368 | 32.5% | S100XCVT |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,997 | 7,288 | 19,395 | 19,821 | 16,368 | S100SJ8E, S100V12D, S100XCVT |
| Total assets | 20,535 | 24,735 | 44,886 | 41,617 | 40,210 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Net assets | 7,857 | 10,043 | 20,313 | 16,952 | 12,143 | S100SJ8E, S100V12D, S100XCVT |
| Share capital | 3,548 | 3,552 | 3,552 | 3,552 | 3,552 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Trade receivables | 5,061 | — | — | — | — | S100PV48 |
| Property, plant and equipment | 168 | 181 | 463 | 491 | 682 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Intangible assets excluding goodwill | 2,215 | 2,798 | 8,887 | 5,100 | 4,786 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Goodwill | 982 | 1,151 | 4,797 | 1,345 | 1,368 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Investment securities | 5,434 | 5,826 | 3,326 | 3,607 | 4,005 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Current assets | 12,144 | 15,373 | 31,176 | 31,252 | 29,398 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Current liabilities | 8,186 | 10,729 | 20,173 | 16,998 | 18,758 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Short-term borrowings | 2,128 | 3,180 | 6,600 | 6,544 | 6,408 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Long-term borrowings | 2,927 | 2,247 | 2,428 | 5,862 | 8,075 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Bonds | — | 1,360 | 1,000 | 640 | 280 | S100SJ8E, S100V12D, S100XCVT |
| Interest-bearing debt | — | 6,787 | 10,028 | 13,046 | 14,763 | 算出 |
| Total liabilities | 12,678 | 14,692 | 24,573 | 24,665 | 28,067 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Non-controlling interests | 1,053 | 1,372 | 3,533 | 3,760 | 1,194 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Equity attributable to owners of parent | 6,772 | 8,123 | 15,993 | 12,406 | 10,181 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Retained earnings | -211 | 1,141 | 9,011 | 5,822 | 6,013 | S100PV48, S100SJ8E, S100V12D, S100XCVT |
| Treasury stock | -324 | -324 | -324 | -724 | -724 | S100PV48, S100SJ8E, S100V12D, S100XCVT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XCVT |
| Property, plant and equipment | 2% | S100XCVT |
| Intangibles and goodwill | 15% | S100XCVT |
| Investment securities | 10% | S100XCVT |
| Other assets | 32% | S100XCVT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 37% | 算出 |
| Other liabilities | 33% | S100XCVT |
| Equity | 30% | S100XCVT |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,535 | 24,735 | 44,886 | 41,617 | 40,210 |
| Equity | 7,857 | 10,043 | 20,313 | 16,952 | 12,143 |
| Interest-bearing debt | — | 6,787 | 10,028 | 13,046 | 14,763 |
| Cash | 5,997 | 7,288 | 19,395 | 19,821 | 16,368 |

## 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% | S100XCVT |
| Fixed assets ÷ total assets | 1.7% | S100XCVT |
| Goodwill ÷ parent equity | 13.4% | S100XCVT |

Goodwill over 4 years: 982 → 1,368 JPY; total investing cash flow: 7,590 JPY. This does not imply causation.

### 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) | 40.7% |
| Cash ÷ revenue | 32.5% |
| Net cash (cash − interest-bearing debt) | ¥1.6B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -37.9% |
| Cash vs. profit gap | -312 JPY mn (of net income -113.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| 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 | 2.0% | 1.44× | 2.8% | 3.03× | 8.6% | S100PV48 |
| 2022 | 4.7% | 1.28× | 6.0% | 3.04× | 18.3% | S100SJ8E |
| 2023 | 25.7% | 0.88× | 22.6% | 2.89× | 65.3% | S100V12D |
| 2024 | — | —× | -7.4% | —× | — | S100XCVT |
| 2025 | 0.5% | 1.23× | 0.7% | 3.62× | 2.4% | S100XCVT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| DAIWA CM SINGAPORE LTD - NOMINEE MOTHERS OF INVENTION PTE LTD （常任代理人 大和証券株式会社） | Major shareholder | 37.1% | 2025-09-30 |
| 伊藤忠商事株式会社 | Major shareholder | 16.3% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 7.2% | 2025-09-30 |
| BBH(LUX) FOR FIDELITY FUNDS-PACIFIC POOL （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.1% | 2025-09-30 |
| スカパーＪＳＡＴ株式会社 | Major shareholder | 3.9% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-09-30 |
| 海老根 智仁 | Major shareholder | 1.6% | 2025-09-30 |
| CACEIS BANK，LUXEMBOURG BRANCH ／ UCITS CLIENTS ASSETS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2025-09-30 |
| CLEARSTREAM BANKING S.A. （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2025-09-30 |
| 石橋 拓朗 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/10/01－2025/09/30) | S100XCVT | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCVT,, |
| 有価証券報告書－第14期(2023/10/01－2024/09/30) | S100V12D | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V12D,, |
| 有価証券報告書－第13期(2022/10/01－2023/09/30) | S100SJ8E | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ8E,, |
| 有価証券報告書－第12期(令和3年10月1日－令和4年9月30日) | S100PV48 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV48,, |
| 訂正有価証券報告書－第11期(令和2年10月1日－令和3年9月30日) | S100NTK2 | 2022-04-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NTK2,, |
| 訂正有価証券報告書－第10期(令和1年10月1日－令和2年9月30日) | S100KGFZ | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGFZ,, |

## 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).