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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YEF7)
> Page: https://vizora.meequs.com/en/company/fundely
> Retrieved: 2026-09-30T19:41:57.113Z

## Company

Fundely, founded in 2000, is a company in Advertising listed on TSE Growth. It has 41 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fundely Co., Ltd. |
| Ticker | 3137 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3137.T) |
| Listing | TSE Growth |
| Head office | 東京都北区赤羽二丁目51番3号 |
| Representative (per filing) | 代表取締役 阿部 公祐 |
| Founded | Sep 2000 |
| Share capital | ¥280.7M |
| Employees (consolidated) | 41 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.fundely.co.jp (https://www.fundely.co.jp/) |
| Corporate number | 5011501004062 |
| EDINET | E31574 |
| Industries (Vizora) | Advertising, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YEF7, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 15 |
| Profitability | 84.4 | 16 |
| Cash conversion | 39.3 | 14 |
| Efficiency | 3.1 | 16 |

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 77% of Fundely's sales come from MFD, with Marketing and CID making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.5% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: MFD 77.1%、Marketing 18.3%、CID 4.5%
- Revenue → net income: ¥2624090000 → ¥72895000
- Net income → operating cash flow: ¥72895000 → ¥159487000（difference ¥86592000）
- Main uses of operating cash flow: CapEx ¥1420000 / dividends — / buybacks —
- Change in cash: ¥-212292000
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 | ¥2.62B |  |
| Operating income | ¥131.1M | Margin 5.0% |
| Net income | ¥72.9M | Margin 2.8% |
| Free cash flow | ¥158.1M |  |
| Largest business | MFD | of segment revenue 77.1% |
| Employees (consolidated) | 41 |  |
| EPS | ¥5.75 |  |
| Book value per share | ¥23.27 |  |
| Equity ratio | 7.4% |  |
| Shares outstanding | 12,940,200 |  |
| Treasury shares | 265,200 |  |
| Shareholders | 9,045 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 20.8% |
| Vs. industry median margin | +1.8 pp | Takeout & Delivery Meals |
| ROE | 28.2% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, segment profit share differs by 36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3062696000 | ¥2624090000 | -14.3% |
| Operating income | ¥-553192000 | ¥131097000 | — |
| Operating margin | -18.1% | 5.0% | +23.1 pp |
| Employees | 65 people | 41 people | -36.9% |
| Cash and equivalents | ¥668474000 | ¥546591000 | -18.2% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ＭＦＤ → ＭＦＤ | 77.1% |
| ＭＦＤ → 事業再編・廃止 | 10.1% |
| ＣＩＤ → ＣＩＤ | 1.0% |
| マーケティング → マーケティング | 11.8% |
| 新設・再編 → ＣＩＤ | 3.6% |
| 新設・再編 → マーケティング | 6.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| MFD | 5 years | -5.4% | ¥2024213000 | 15.2% | 2 |
| Marketing | 5 years | +6.0% | ¥480867000 | 75.6% | 2 |
| CID | 5 years | +32.0% | ¥119009000 | -207.3% | 2 |

## Income statement（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,624 | 100.0% | S100YEF7 |
| Cost of revenue | 1,342 | 51.1% | 算出 |
| Gross profit | 1,282 | 48.9% | S100YEF7 |
| SG&A | 1,151 | 43.9% | S100YEF7 |
| Operating income | 131 | 5.0% | S100YEF7 |
| Ordinary income | 74 | 2.8% | S100YEF7 |
| Pretax income | 74 | 2.8% | S100YEF7 |
| Income tax | 2 | 0.1% | S100YEF7 |
| Net income | 73 | 2.8% | S100YEF7 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 44 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 48.9% → Operating margin 5.0% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,464 | 2,624 | 160 | +6.5% |
| Gross profit | 1,034 | 1,282 | 248 | +24.0% |
| Operating income | -134 | 131 | 265 | — |
| Operating cash flow | 249 | 159 | -90 | -36.0% |
| Free cash flow | 248 | 158 | -90 | -36.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,348 | 540 | 16.1% | 345 | 206 | -3,887 | S100LNFC |
| FY ending Mar 2021 | 3,063 | -553 | -18.1% | -375 | -279 | -946 | S100OC32 |
| FY ending Mar 2022 | 3,124 | -177 | -5.7% | -1,949 | 738 | 690 | S100R09Y |
| FY ending Mar 2023 | 2,811 | -285 | -10.1% | -284 | 189 | 188 | S100TTEN |
| FY ending Mar 2024 | 2,647 | 59 | 2.2% | 66 | 71 | — | S100W4Y8 |
| FY ending Mar 2025 | 2,464 | -134 | -5.4% | -184 | 249 | 248 | S100YEF7 |
| FY ending Mar 2026 | 2,624 | 131 | 5.0% | 73 | 159 | 158 | S100YEF7 |

## People and productivity（FY ending Mar 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 51 | 52 | 47 | 40 | 41 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.2M | ¥4.4M | ¥4.7M |
| Average age (parent company) | 29.8 years | 29.6 years | 29.7 years | 30.6 years | 30.7 years |
| Average tenure (parent company) | 4.7 years | 4.6 years | 5.2 years | 6.3 years | 6.5 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +6.5%

## Segments（FY ending Mar 2026, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| MFD | 2,024 | 77.1% | 308 | 15.2% |
| CID | 119 | 4.5% | -247 | -207.3% |
| Marketing | 481 | 18.3% | 364 | 75.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| MFD | 77.1% | 45.9% | -31.3 | 15.2% |
| CID | 4.5% | — | — | -207.3% |
| Marketing | 18.3% | 54.1% | 35.8 | 75.6% |

Loss-making segment (excluded from profit shares): CID -247 JPY mn

Segment → industry: Marketing → Advertising / CID → Takeout & Delivery Meals / MFD → Takeout & Delivery Meals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 159 | 6.1% | S100YEF7 |
| Capital expenditure | 1 | 0.1% | S100YEF7 |
| Free cash flow | 158 | 6.0% | 算出 |
| Investing cash flow | -101 | -3.9% | S100YEF7 |
| Financing cash flow | -270 | -10.3% | S100YEF7 |
| Change in cash | -212 | -8.1% | S100YEF7 |
| Cash and equivalents | 547 | 20.8% | S100YEF7 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,067 | 976 | 782 | 759 | 547 | S100TTEN, S100W4Y8, S100YEF7 |
| Total assets | 5,463 | 4,936 | 4,629 | 4,180 | 3,981 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Net assets | 643 | 350 | 406 | 222 | 295 | S100TTEN, S100W4Y8, S100YEF7 |
| Share capital | 280 | 280 | 281 | 281 | 281 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Property, plant and equipment | 3,699 | 3,456 | 3,215 | 2,977 | 2,757 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Intangible assets excluding goodwill | 3 | 3 | 3 | 2 | 2 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Current assets | 1,718 | 1,434 | 1,372 | 1,156 | 1,080 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Current liabilities | 557 | 595 | 502 | 507 | 505 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Long-term borrowings | 4,257 | 3,986 | 3,716 | 3,445 | 3,175 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Total liabilities | 4,819 | 4,586 | 4,224 | 3,958 | 3,686 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Equity attributable to owners of parent | 631 | 338 | 406 | 222 | 295 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Retained earnings | 208 | -76 | -10 | -193 | -120 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |
| Treasury stock | -87 | -96 | -96 | -96 | -96 | S100R09Y, S100TTEN, S100W4Y8, S100YEF7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YEF7 |
| Property, plant and equipment | 69% | S100YEF7 |
| Intangibles and goodwill | 0% | S100YEF7 |
| Other assets | 17% | S100YEF7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 93% | S100YEF7 |
| Equity | 7% | S100YEF7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,463 | 4,936 | 4,629 | 4,180 | 3,981 |
| Equity | 643 | 350 | 406 | 222 | 295 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,067 | 976 | 782 | 759 | 547 |

## 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) | 105.1% | S100YEF7 |
| Fixed assets ÷ total assets | 69.3% | S100YEF7 |
| Goodwill ÷ parent equity | — | —, S100YEF7 |

### 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) | 13.7% |
| Cash ÷ revenue | 20.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.7% |
| Cash vs. profit gap | 87 JPY mn (of net income 118.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 63.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -35.7% | —× | — | S100R09Y |
| 2023 | — | —× | -5.5% | —× | — | S100TTEN |
| 2024 | 2.5% | 0.55× | 1.4% | 12.87× | 17.9% | S100W4Y8 |
| 2025 | — | —× | -4.2% | —× | — | S100YEF7 |
| 2026 | 2.8% | 0.64× | 1.8% | 15.79× | 28.2% | S100YEF7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阿部 公祐 | Major shareholder | 60.0% | 2026-03-31 |
| 阿部 ふよう | Major shareholder | 2.0% | 2026-03-31 |
| 利川 美緒 | Major shareholder | 1.2% | 2026-03-31 |
| 相田 泰道 | Major shareholder | 0.8% | 2026-03-31 |
| 阿部 美子 | Major shareholder | 0.7% | 2026-03-31 |
| 宮入 知喜 | Major shareholder | 0.5% | 2026-03-31 |
| 宇田 幹夫 | Major shareholder | 0.4% | 2026-03-31 |
| 森田 健司 | Major shareholder | 0.4% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.3% | 2026-03-31 |
| 入澤 宏 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YEF7 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEF7,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W4Y8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4Y8,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TTEN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTEN,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R09Y | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R09Y,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OC32 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC32,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LNFC | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNFC,, |

## 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).