# freee K.K.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/07/01－2025/06/30) (S100WQR3)
> Page: https://vizora.meequs.com/en/company/freee
> Retrieved: 2026-09-30T21:31:18.750Z

## Company

freee, founded in 2012, is a company in Software & SaaS listed on TSE Growth. It has 1,901 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | freee K.K. |
| Ticker | 4478 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4478.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区大崎一丁目2番2号 |
| Representative (per filing) | 代表取締役CEO 佐々木 大輔 |
| Founded | Jul 2012 |
| Share capital | ¥27B |
| Employees (consolidated) | 1,901 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | June |
| Website | announce.freee.co.jp (https://announce.freee.co.jp/) |
| Corporate number | 7010401100770 |
| EDINET | E35325 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WQR3, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.7 | 105 |
| Profitability | 12.8 | 145 |
| Cash conversion | 98 | 128 |
| Efficiency | 34.1 | 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)

- freee brought in ¥33.3B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +30.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥33270601000 → ¥1370024000
- Net income → operating cash flow: ¥1370024000 → ¥3661980000（difference ¥2291956000）
- Main uses of operating cash flow: CapEx ¥3878325000 / dividends — / buybacks ¥650000
- Change in cash: ¥4038735000
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 | ¥33.3B |  |
| Operating income | ¥611M | Margin 1.8% |
| Net income | ¥1.37B | Margin 4.1% |
| Free cash flow | -¥216.3M |  |
| Employees (consolidated) | 1,901 |  |
| EPS | ¥24.48 |  |
| Diluted EPS | ¥24.29 |  |
| Book value per share | ¥330.89 |  |
| Equity ratio | 37.1% |  |
| Shares outstanding | 59,221,680 |  |
| Treasury shares | 62,500 |  |
| Shareholders | 6,768 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 68.0% | Cash ÷ revenue 107.6% |
| Vs. industry median margin | -10.6 pp | Software & SaaS |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.7× net income
- FY2025, revenue is 3.2× its level five years ago
- FY2025, cash is 68% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6895240000 | ¥33270601000 | +382.5% |
| Operating income | ¥-2681097000 | ¥610972000 | — |
| Operating margin | -38.9% | 1.8% | +40.7 pp |
| Employees | 481 people | 1,901 people | +295.2% |
| Cash and equivalents | ¥15136430000 | ¥35789632000 | +136.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,271 | 100.0% | S100WQR3 |
| Cost of revenue | 5,910 | 17.8% | S100WQR3 |
| Gross profit | 27,361 | 82.2% | S100WQR3 |
| SG&A | 26,750 | 80.4% | S100WQR3 |
| Operating income | 611 | 1.8% | S100WQR3 |
| Ordinary income | 413 | 1.2% | S100WQR3 |
| Pretax income | 416 | 1.3% | S100WQR3 |
| Income tax | -954 | -2.9% | S100WQR3 |
| Net income | 1,370 | 4.1% | S100WQR3 |
| Net income attributable to owners | 1,370 | 4.1% | S100WQR3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 80 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 82.2% → Operating margin 1.8% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 25,431 | 33,271 | 7,840 | +30.8% |
| Gross profit | 20,992 | 27,361 | 6,369 | +30.3% |
| Operating income | -8,387 | 611 | 8,998 | — |
| Net income attributable to owners | -10,151 | 1,370 | 11,521 | — |
| Operating cash flow | -6,768 | 3,662 | 10,430 | — |
| Free cash flow | -7,430 | -216 | 7,214 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 4,517 | -2,831 | -62.7% | -2,778 | -1,726 | -2,206 | S100JRSR |
| FY ending Jun 2020 | 6,895 | -2,681 | -38.9% | -2,973 | -1,380 | -2,105 | S100MI56 |
| FY ending Jun 2021 | 10,258 | -2,442 | -23.8% | -2,756 | -193 | -656 | S100P90B |
| FY ending Jun 2022 | 14,380 | -3,043 | -21.2% | -11,609 | -1,070 | -3,169 | S100RX5A |
| FY ending Jun 2023 | 19,220 | -7,919 | -41.2% | -12,338 | -4,754 | -5,484 | S100UFI8 |
| FY ending Jun 2024 | 25,431 | -8,387 | -33.0% | -10,151 | -6,768 | -7,430 | S100WQR3 |
| FY ending Jun 2025 | 33,271 | 611 | 1.8% | 1,370 | 3,662 | -216 | S100WQR3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥321.4K |
| Net income per employee (consolidated) | ¥720.7K |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 656 | 916 | 1,299 | 1,722 | 1,901 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥6.8M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 32.9 years | 33.0 years | 33.1 years | 32.7 years | 33.1 years |
| Average tenure (parent company) | 2.4 years | 2.4 years | 1.8 years | 1.7 years | 2.2 years |

Year over year: Employees (consolidated) +10.4% · Revenue (consolidated) +30.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,662 | 11.0% | S100WQR3 |
| Capital expenditure | 3,878 | 11.7% | S100WQR3 |
| Free cash flow | -216 | -0.7% | 算出 |
| Investing cash flow | -4,601 | -13.8% | S100WQR3 |
| Financing cash flow | 4,978 | 15.0% | S100WQR3 |
| Share buyback | 1 | 0.0% | S100WQR3 |
| Change in cash | 4,039 | 12.1% | S100WQR3 |
| Cash and equivalents | 35,790 | 107.6% | S100WQR3 |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 47,143 | 42,047 | 35,906 | 31,751 | 35,790 | S100RX5A, S100UFI8, S100WQR3 |
| Total assets | 55,286 | 47,413 | 42,787 | 39,953 | 52,596 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Net assets | 46,872 | 36,429 | 27,059 | 16,952 | 19,663 | S100RX5A, S100UFI8, S100WQR3 |
| Share capital | 24,151 | 24,724 | 25,641 | 26,348 | 27,044 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Property, plant and equipment | 269 | — | — | — | 68 | S100P90B, S100WQR3 |
| Intangible assets excluding goodwill | 5,033 | — | — | — | 4,116 | S100P90B, S100WQR3 |
| Goodwill | 3,886 | — | — | — | 591 | S100P90B, S100WQR3 |
| Investment securities | 340 | 519 | 530 | 362 | 424 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Current assets | 49,388 | 45,718 | 41,210 | 38,432 | 45,875 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Current liabilities | 7,705 | 10,766 | 14,054 | 21,386 | 31,311 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Short-term borrowings | — | 550 | — | 4,700 | 9,600 | S100RX5A, S100WQR3 |
| Long-term borrowings | 229 | — | — | — | — | S100P90B |
| Bonds | — | 26 | — | — | — | S100RX5A |
| Total liabilities | 8,415 | 10,984 | 15,728 | 23,001 | 32,932 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Non-controlling interests | — | — | 1,001 | — | — | S100UFI8 |
| Equity attributable to owners of parent | 46,563 | 36,086 | 25,590 | 16,724 | 19,484 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Retained earnings | -17,645 | -29,268 | -41,607 | -51,757 | -8,134 | S100P90B, S100RX5A, S100UFI8, S100WQR3 |
| Treasury stock | — | — | -0 | -0 | -1 | S100UFI8, S100WQR3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100WQR3 |
| Property, plant and equipment | 0% | S100WQR3 |
| Intangibles and goodwill | 9% | S100WQR3 |
| Investment securities | 1% | S100WQR3 |
| Other assets | 22% | S100WQR3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100WQR3 |
| Equity | 37% | S100WQR3 |
| Other liabilities | 0% | S100WQR3 |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 55,286 | 47,413 | 42,787 | 39,953 | 52,596 |
| Equity | 46,872 | 36,429 | 27,059 | 16,952 | 19,663 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 47,143 | 42,047 | 35,906 | 31,751 | 35,790 |

## 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) | 0.2% | S100WQR3 |
| Fixed assets ÷ total assets | 0.1% | S100WQR3 |
| Goodwill ÷ parent equity | 3.0% | S100WQR3 |

Goodwill over 4 years: 3,886 → 591 JPY; total investing cash flow: -15,289 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) | 68.0% |
| Cash ÷ revenue | 107.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 599.4% |
| Cash vs. profit gap | 2,292 JPY mn (of net income 167.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.7% |
| Investing CF relative to operating CF | 125.6% |

## 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 | — | —× | -5.0% | —× | — | S100P90B |
| 2022 | — | —× | -22.6% | —× | — | S100RX5A |
| 2023 | — | —× | -27.4% | —× | — | S100UFI8 |
| 2024 | — | —× | -24.5% | —× | — | S100WQR3 |
| 2025 | 4.1% | 0.72× | 3.0% | 2.56× | 7.6% | S100WQR3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐々木 大輔 | Major shareholder | 18.6% | 2025-06-30 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 9.9% | 2025-06-30 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 8.4% | 2025-06-30 |
| GOLDMAN SACHS & CO.REG（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 7.8% | 2025-06-30 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.3% | 2025-06-30 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.9% | 2025-06-30 |
| 株式会社リクルート | Major shareholder | 3.9% | 2025-06-30 |
| 横路 隆 | Major shareholder | 3.5% | 2025-06-30 |
| 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 | 2.4% | 2025-06-30 |
| NOMURA PB NOMINEES LIMITED OMNIBUS−MARGIN (CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 2.1% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/07/01－2025/06/30) | S100WQR3 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQR3,, |
| 有価証券報告書－第12期(2023/07/01－2024/06/30) | S100UFI8 | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFI8,, |
| 有価証券報告書－第11期(2022/07/01－2023/06/30) | S100RX5A | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX5A,, |
| 有価証券報告書－第10期(令和3年7月1日－令和4年6月30日) | S100P90B | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P90B,, |
| 有価証券報告書－第9期(令和2年7月1日－令和3年6月30日) | S100MI56 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI56,, |
| 有価証券報告書－第8期(令和1年7月1日－令和2年6月30日) | S100JRSR | 2020-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRSR,, |

## 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).