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

> Latest period: FY ending Apr 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/05/01－2025/04/30) (S100WE4B)
> Page: https://vizora.meequs.com/en/company/freebit
> Retrieved: 2026-09-30T18:55:15.170Z

## Company

FreeBit, founded in 2000, is a company in Telecom Carriers listed on TSE Prime. It has 873 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FreeBit Co., Ltd. |
| Ticker | 3843 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3843.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区円山町3番6号 |
| Representative (per filing) | 代表取締役社長 石田 宏樹 |
| Founded | May 2000 |
| Share capital | ¥4.51B |
| Employees (consolidated) | 873 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | April |
| Website | freebit.com (https://freebit.com/) |
| Corporate number | 8011001034292 |
| EDINET | E05680 |
| Industries (Vizora) | Telecom Carriers, Broadband & ISPs, Advertising |

> Profile source: annual securities report (S100WE4B, filed 2025-07-23). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2025-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 50 | 9 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 61.1 | 9 |

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 47% of FreeBit's sales come from 5G Lifestyle Support Business, with Enterprise/Creator 5G DX Support Business and 5G Infrastructure Support Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit -0.1%.

## Company structure

- Segment revenue mix: 5G Lifestyle Support Business 47.5%、Enterprise/Creator 5G DX Support Business 37.0%、5G Infrastructure Support Business 15.5%
- Revenue → net income: ¥55073206000 → ¥3914338000
- Net income → operating cash flow: ¥3914338000 → ¥4573382000（difference ¥659044000）
- Main uses of operating cash flow: CapEx ¥566762000 / dividends ¥537496000 / buybacks —
- Change in cash: ¥1955163000
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 | ¥55.1B |  |
| Operating income | ¥5.88B | Margin 10.7% |
| Net income | ¥2.75B | Margin 5.0% |
| Free cash flow | ¥4.01B |  |
| Largest business | 5G Lifestyle Support Business | of segment revenue 47.5% |
| Employees (consolidated) | 873 |  |
| EPS | ¥37.55 |  |
| Diluted EPS | ¥37.32 |  |
| Book value per share | ¥486.51 |  |
| Equity ratio | 16.0% |  |
| Shares outstanding | 23,414,000 |  |
| Treasury shares | 1,632,500 |  |
| Shareholders | 5,443 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 51.0% | Cash ÷ revenue 37.5% |
| Vs. industry median margin | -1.2 pp | Telecom Carriers |
| ROE | 30.9% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2020 | FY ending Apr 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55295010000 | ¥55073206000 | -0.4% |
| Operating income | ¥2587802000 | ¥5883783000 | +127.4% |
| Operating margin | 4.7% | 10.7% | +6 pp |
| Employees | 1,291 people | 873 people | -32.4% |
| Cash and equivalents | ¥15718804000 | ¥20677536000 | +31.5% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| インフラテック事業 → 事業再編・廃止 | 28.2% |
| 不動産テック事業 → 事業再編・廃止 | 24.5% |
| アドテク事業 → 事業再編・廃止 | 30.3% |
| ヘルステック事業 → 事業再編・廃止 | 6.4% |
| エドテック事業 → 事業再編・廃止 | 10.7% |
| 新設・再編 → ５Gインフラ支援事業 | 15.5% |
| 新設・再編 → ５G生活様式支援事業 | 47.5% |
| 新設・再編 → 企業・クリエイター５G DX支援事業 | 37.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| 5G Lifestyle Support Business | 4 years | +3.4% | ¥26153767000 | 13.6% | 2 |
| Enterprise/Creator 5G DX Support Business | 4 years | +7.2% | ¥20367948000 | 4.7% | 2 |
| 5G Infrastructure Support Business | 4 years | -1.9% | ¥8551490000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,073 | 100.0% | S100WE4B |
| Cost of revenue | 39,360 | 71.5% | S100WE4B |
| Gross profit | 15,713 | 28.5% | S100WE4B |
| SG&A | 9,830 | 17.8% | S100WE4B |
| Operating income | 5,884 | 10.7% | S100WE4B |
| Ordinary income | 5,231 | 9.5% | S100WE4B |
| Pretax income | 5,074 | 9.2% | S100WE4B |
| Income tax | 1,160 | 2.1% | S100WE4B |
| Net income | 3,914 | 7.1% | S100WE4B |
| Net income attributable to owners | 2,749 | 5.0% | S100WE4B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 18 |
| Operating income | 11 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.5% → Operating margin 10.7% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.8%; Core profit growth: -0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 53,038 | 55,073 | 2,036 | +3.8% |
| Gross profit | 15,386 | 15,713 | 327 | +2.1% |
| Operating income | 5,888 | 5,884 | -4 | -0.1% |
| Net income attributable to owners | 3,566 | 2,749 | -817 | -22.9% |
| Operating cash flow | 4,226 | 4,573 | 347 | +8.2% |
| Free cash flow | 2,806 | 4,007 | 1,201 | +42.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2019 | 50,366 | 2,982 | 5.9% | 279 | 3,182 | 1,920 | S100JBTH |
| FY ending Apr 2020 | 55,295 | 2,588 | 4.7% | -619 | 1,480 | 434 | S100M2J5 |
| FY ending Apr 2021 | 52,010 | 3,403 | 6.5% | 1,587 | 7,123 | 6,183 | S100OST2 |
| FY ending Apr 2022 | 43,076 | 3,165 | 7.3% | 828 | 2,334 | 2,072 | S100RH0W |
| FY ending Apr 2023 | 46,772 | 4,008 | 8.6% | 1,792 | 3,322 | 2,653 | S100U3VL |
| FY ending Apr 2024 | 53,038 | 5,888 | 11.1% | 3,566 | 4,226 | 2,806 | S100WE4B |
| FY ending Apr 2025 | 55,073 | 5,884 | 10.7% | 2,749 | 4,573 | 4,007 | S100WE4B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.1M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 915 | 938 | 913 | 884 | 873 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.3M | ¥6.2M | ¥6.8M |
| Average age (parent company) | 38.7 years | 39.6 years | 40.2 years | 41.0 years | 41.6 years |
| Average tenure (parent company) | 6.1 years | 6.4 years | 6.7 years | 7.6 years | 8.1 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| 5G Infrastructure Support Business | 8,551 | 15.5% | 1,405 | 16.4% |
| 5G Lifestyle Support Business | 26,154 | 47.5% | 3,546 | 13.6% |
| Enterprise/Creator 5G DX Support Business | 20,368 | 37.0% | 954 | 4.7% |
| Other | — | 0.0% | -21 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| 5G Infrastructure Support Business | 23.8% | 16.4% |
| 5G Lifestyle Support Business | 60.0% | 13.6% |
| Enterprise/Creator 5G DX Support Business | 16.2% | 4.7% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -21 JPY mn

Segment → industry: 5G Lifestyle Support Business → Telecom Carriers / 5G Infrastructure Support Business → Telecom Carriers / 5G Lifestyle Support Business → Broadband & ISPs / 5G Infrastructure Support Business → Broadband & ISPs / Enterprise/Creator 5G DX Support Business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,573 | 8.3% | S100WE4B |
| Capital expenditure | 567 | 1.0% | S100WE4B |
| Free cash flow | 4,007 | 7.3% | 算出 |
| Investing cash flow | -687 | -1.2% | S100WE4B |
| Financing cash flow | -1,925 | -3.5% | S100WE4B |
| Dividends paid | 537 | 1.0% | S100WE4B |
| Change in cash | 1,955 | 3.6% | S100WE4B |
| Cash and equivalents | 20,678 | 37.5% | S100WE4B |

## 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 Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,620 | 17,741 | 18,306 | 18,722 | 20,678 | S100RH0W, S100U3VL, S100WE4B |
| Total assets | 34,836 | 35,050 | 35,926 | 38,184 | 40,559 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Net assets | 12,149 | 11,039 | 11,032 | 15,197 | 8,537 | S100RH0W, S100U3VL, S100WE4B |
| Share capital | 4,514 | 4,514 | 4,514 | 4,514 | 4,514 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Trade receivables | 6,669 | — | — | — | — | S100OST2 |
| Property, plant and equipment | 2,661 | 2,483 | 2,476 | 3,038 | 2,776 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Intangible assets excluding goodwill | 551 | 463 | 389 | 585 | 804 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Goodwill | 115 | 75 | 37 | 2 | 91 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Investment securities | 1,853 | 1,143 | 949 | 989 | 1,077 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Current assets | 28,797 | 29,820 | 30,640 | 31,818 | 34,104 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Current liabilities | 13,908 | 13,802 | 14,364 | 14,150 | 15,846 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Trade payables | 421 | 342 | 256 | 352 | 105 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Short-term borrowings | 400 | 300 | 300 | 300 | 300 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Long-term borrowings | 6,118 | 8,012 | 9,084 | 7,629 | 15,158 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Bonds | 500 | 300 | — | — | — | S100OST2, S100RH0W |
| Interest-bearing debt | 7,018 | 8,612 | — | — | — | 算出 |
| Total liabilities | 22,687 | 24,011 | 24,894 | 22,987 | 32,022 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Non-controlling interests | 3,434 | 4,107 | 2,714 | 3,434 | 2,036 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Equity attributable to owners of parent | 8,593 | 6,857 | 8,195 | 11,464 | 6,339 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Retained earnings | 2,811 | 3,636 | 5,287 | 8,693 | 3,362 | S100OST2, S100RH0W, S100U3VL, S100WE4B |
| Treasury stock | -1,854 | -4,343 | -3,251 | -3,240 | -1,537 | S100OST2, S100RH0W, S100U3VL, S100WE4B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100WE4B |
| Property, plant and equipment | 7% | S100WE4B |
| Intangibles and goodwill | 2% | S100WE4B |
| Investment securities | 3% | S100WE4B |
| Other assets | 37% | S100WE4B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100WE4B |
| Other liabilities | 79% | S100WE4B |
| Equity | 21% | S100WE4B |
| Other liabilities | 0% | S100WE4B |

### Balance sheet history

| Metric | FY ending Apr 2021 | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,836 | 35,050 | 35,926 | 38,184 | 40,559 |
| Equity | 12,149 | 11,039 | 11,032 | 15,197 | 8,537 |
| Interest-bearing debt | 7,018 | 8,612 | — | — | — |
| Cash | 17,620 | 17,741 | 18,306 | 18,722 | 20,678 |

## 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) | 5.0% | S100WE4B |
| Fixed assets ÷ total assets | 6.8% | S100WE4B |
| Goodwill ÷ parent equity | 1.4% | S100WE4B |

Goodwill over 4 years: 115 → 91 JPY; total investing cash flow: -4,562 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) | 51.0% |
| Cash ÷ revenue | 37.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 1,825 JPY mn (of net income 66.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 15.0% |

## 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 | 3.1% | 1.49× | 4.6% | 4.05× | 18.5% | S100OST2 |
| 2022 | 1.9% | 1.23× | 2.4% | 4.52× | 10.7% | S100RH0W |
| 2023 | 3.8% | 1.32× | 5.0% | 4.72× | 23.8% | S100U3VL |
| 2024 | 6.7% | 1.43× | 9.6% | 3.77× | 36.3% | S100WE4B |
| 2025 | 5.0% | 1.40× | 7.0% | 4.42× | 30.9% | S100WE4B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 石田 宏樹 | Major shareholder | 16.7% | 2025-04-30 |
| アルプスアルパイン(株) | Major shareholder | 16.1% | 2025-04-30 |
| (株)ＵＨ Ｐａｒｔｎｅｒｓ ２ | Major shareholder | 8.7% | 2025-04-30 |
| ソフトバンク(株) | Major shareholder | 7.3% | 2025-04-30 |
| 光通信(株) | Major shareholder | 6.6% | 2025-04-30 |
| 日本マスタートラスト信託銀行(株)（信託口） | Major shareholder | 5.0% | 2025-04-30 |
| (株)ＵＨ Ｐａｒｔｎｅｒｓ ３ | Major shareholder | 3.1% | 2025-04-30 |
| (株)オービックビジネスコンサルタント | Major shareholder | 2.1% | 2025-04-30 |
| 村井 純 | Major shareholder | 1.3% | 2025-04-30 |
| 南角 光彦 | Major shareholder | 1.1% | 2025-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/05/01－2025/04/30) | S100WE4B | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE4B,, |
| 有価証券報告書－第24期(2023/05/01－2024/04/30) | S100U3VL | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3VL,, |
| 有価証券報告書－第23期(2022/05/01－2023/04/30) | S100RH0W | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH0W,, |
| 有価証券報告書－第22期(令和3年5月1日－令和4年4月30日) | S100OST2 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OST2,, |
| 有価証券報告書－第21期(令和2年5月1日－令和3年4月30日) | S100M2J5 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2J5,, |
| 有価証券報告書－第20期(令和1年5月1日－令和2年4月30日) | S100JBTH | 2020-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JBTH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| アルプスアルパイン | Capital alliance | 5G/web3/AI分野の資本業務提携（第三者割当） | S100WE4B |
| ソフトバンク | Capital alliance | web3/AIの社会実装に向けた資本業務提携（第三者割当） | S100WE4B |
| (株)NTTドコモ | Supply/OEM | ドコモが当社のMVNO向けに無線接続網を卸提供 | S100WE4B |

## 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).