# Fuller, Inc.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2024/07/01－2025/06/30) (S100WQUS)
> Page: https://vizora.meequs.com/en/company/fuller
> Retrieved: 2026-09-30T18:34:43.955Z

## Company

Fuller is a company in IT Services & System Integration listed on TSE Growth. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fuller, Inc. |
| Ticker | 387A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/387A.T) |
| Listing | TSE Growth |
| Head office | 新潟県新潟市中央区笹口一丁目2番地(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っています) |
| Representative (per filing) | 代表取締役社長 山﨑 将司 |
| Share capital | ¥50.4M |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | June |
| Website | www.fuller-inc.com (https://www.fuller-inc.com/) |
| Corporate number | 7050001033574 |
| EDINET | E38722 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100WQUS, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.5 | 157 |
| Profitability | 53.8 | 196 |
| Cash conversion | 88.9 | 185 |
| Efficiency | 52.8 | 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)

- Fuller brought in ¥2.01B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +32.4% from the prior year, operating profit +1363.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2008991000 → ¥197123000
- Net income → operating cash flow: ¥197123000 → ¥274445000（difference ¥77322000）
- Main uses of operating cash flow: CapEx ¥17955000 / dividends — / buybacks —
- Change in cash: ¥469490000
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 | ¥2.01B |  |
| Operating income | ¥189.7M | Margin 9.4% |
| Net income | ¥197.1M | Margin 9.8% |
| Free cash flow | ¥256.5M |  |
| Employees (consolidated) | 190 |  |
| EPS | ¥121.98 |  |
| Book value per share | ¥605.18 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 1,635,520 |  |
| Shareholders | 48 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 73.9% | Cash ÷ revenue 67.5% |
| Vs. industry median margin | +0.5 pp | IT Services & System Integration |
| ROE | 22.4% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 74% of total assets

## What changed in 1 years

| Metric | FY ending Jun 2024 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1517907000 | ¥2008991000 | +32.4% |
| Operating income | ¥12962000 | ¥189734000 | +1363.8% |
| Operating margin | 0.9% | 9.4% | +8.6 pp |
| Employees | 175 people | 190 people | +8.6% |
| Cash and equivalents | ¥886065000 | ¥1355555000 | +53.0% |

### Change in segment revenue mix

Span: FY ending Jun 2024 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,009 | 100.0% | S100WQUS |
| Cost of revenue | 1,155 | 57.5% | S100WQUS |
| Gross profit | 854 | 42.5% | S100WQUS |
| SG&A | 664 | 33.1% | S100WQUS |
| Operating income | 190 | 9.4% | S100WQUS |
| Ordinary income | 186 | 9.2% | S100WQUS |
| Pretax income | 186 | 9.2% | S100WQUS |
| Income tax | -11 | -0.6% | S100WQUS |
| Net income | 197 | 9.8% | S100WQUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 33 |
| Operating income | 9 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 42.5% → Operating margin 9.4% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.4%; Core profit growth: +1363.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 42.15×
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 | 1,518 | 2,009 | 491 | +32.4% |
| Gross profit | 628 | 854 | 226 | +36.0% |
| Operating income | 13 | 190 | 177 | +1363.8% |
| Operating cash flow | 6 | 274 | 269 | +4808.7% |
| Free cash flow | -0 | 256 | 257 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2024 | 1,518 | 13 | 0.9% | 29 | 6 | -0 | S100WQUS |
| FY ending Jun 2025 | 2,009 | 190 | 9.4% | 197 | 274 | 256 | S100WQUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.6M |
| Operating income per employee (consolidated) | ¥998.6K |
| Net income per employee (consolidated) | ¥1M |

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

| History | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 175 | 190 |
| Average salary (parent company) | — | ¥6M |
| Average age (parent company) | — | 31.4 years |
| Average tenure (parent company) | — | 3.6 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +32.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 274 | 13.7% | S100WQUS |
| Capital expenditure | 18 | 0.9% | S100WQUS |
| Free cash flow | 256 | 12.8% | 算出 |
| Investing cash flow | -32 | -1.6% | S100WQUS |
| Financing cash flow | 227 | 11.3% | S100WQUS |
| Change in cash | 469 | 23.4% | S100WQUS |
| Cash and equivalents | 1,356 | 67.5% | S100WQUS |

## 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 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 886 | 1,356 | S100WQUS |
| Total assets | 1,288 | 1,835 | S100WQUS |
| Net assets | 768 | 990 | S100WQUS |
| Share capital | 38 | 50 | S100WQUS |
| Property, plant and equipment | 38 | 43 | S100WQUS |
| Current assets | 1,138 | 1,653 | S100WQUS |
| Current liabilities | 295 | 456 | S100WQUS |
| Long-term borrowings | 168 | 332 | S100WQUS |
| Total liabilities | 521 | 845 | S100WQUS |
| Equity attributable to owners of parent | 768 | 990 | S100WQUS |
| Retained earnings | 376 | 573 | S100WQUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 74% | S100WQUS |
| Property, plant and equipment | 2% | S100WQUS |
| Other assets | 24% | S100WQUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100WQUS |
| Equity | 54% | S100WQUS |
| Other liabilities | 0% | S100WQUS |

### Balance sheet history

| Metric | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: |
| Total assets | 1,288 | 1,835 |
| Equity | 768 | 990 |
| Interest-bearing debt | — | — |
| Cash | 886 | 1,356 |

## 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) | 2.1% | S100WQUS |
| Fixed assets ÷ total assets | 2.3% | S100WQUS |
| Goodwill ÷ parent equity | — | —, S100WQUS |

### 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) | 73.9% |
| Cash ÷ revenue | 67.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.6% |
| Cash vs. profit gap | 77 JPY mn (of net income 39.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 11.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 1.9% | 1.18× | 2.2% | 1.68× | 3.7% | S100WQUS |
| 2025 | 9.8% | 1.29× | 12.6% | 1.78× | 22.4% | S100WQUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヤプリ | Major shareholder | 21.6% | 2025-06-30 |
| 株式会社電通グループ | Major shareholder | 21.2% | 2025-06-30 |
| 渋谷 修太 | Major shareholder | 11.6% | 2025-06-30 |
| B Dash Fund４号投資事業有限責任組合 | Major shareholder | 9.0% | 2025-06-30 |
| いばらき新産業創出ファンド投資事業有限責任組合 | Major shareholder | 5.5% | 2025-06-30 |
| 地方創生新潟１号投資事業有限責任組合 | Major shareholder | 3.6% | 2025-06-30 |
| 山本 公哉 | Major shareholder | 2.4% | 2025-06-30 |
| 朝日メディアラボベンチャーズ株式会社 | Major shareholder | 2.3% | 2025-06-30 |
| 山﨑 将司 | Major shareholder | 2.3% | 2025-06-30 |
| 櫻井 裕基 | Major shareholder | 2.0% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/07/01－2025/06/30) | S100WQUS | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQUS,, |

## 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).