# FUNDINNO: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/11/01－2025/10/31) (S100XI5B)
> Page: https://vizora.meequs.com/en/company/fundinno
> Retrieved: 2026-09-30T21:00:48.651Z

## Company

Fundinno, founded in 2015, is a company in Securities & Asset Management listed on TSE Growth. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUNDINNO,INC. |
| Ticker | 462A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/462A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝五丁目29番11号 |
| Representative (per filing) | 代表取締役CEO 柴原 祐喜 代表取締役COO 大浦 学 |
| Founded | Nov 2015 |
| Share capital | ¥90.7M |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | October |
| Website | corp.fundinno.com (https://corp.fundinno.com/) |
| Corporate number | 7010401121809 |
| EDINET | E41081 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100XI5B, filed 2026-01-29). As of filing

## Key points (generated from figures)

- Fundinno brought in ¥2.5B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +111.1% 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: ¥2501057000 → ¥395689000
- Net income → operating cash flow: ¥395689000 → ¥402075000（difference ¥6386000）
- Main uses of operating cash flow: CapEx ¥25331000 / dividends — / buybacks —
- Change in cash: ¥545746000
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 | ¥2.5B |  |
| Operating income | ¥213.7M | Margin 8.5% |
| Net income | ¥395.7M | Margin 15.8% |
| Free cash flow | ¥376.7M |  |
| Employees (consolidated) | 124 |  |
| EPS | ¥17.28 |  |
| Book value per share | ¥210.28 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 23,009,201 |  |
| Shareholders | 243 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 82.9% | Cash ÷ revenue 179.8% |
| Vs. industry median margin | -12.2 pp | Securities & Asset Management |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 83% of total assets

## What changed in 1 years

| Metric | FY ending Oct 2024 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1184805000 | ¥2501057000 | +111.1% |
| Operating income | ¥-1059168000 | ¥213722000 | — |
| Operating margin | -89.4% | 8.5% | +97.9 pp |
| Employees | 115 people | 124 people | +7.8% |
| Cash and equivalents | ¥3951699000 | ¥4497445000 | +13.8% |

### Change in segment revenue mix

Span: FY ending Oct 2024 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,501 | 100.0% | S100XI5B |
| Cost of revenue | 241 | 9.6% | S100XI5B |
| Gross profit | 2,260 | 90.4% | 算出 |
| SG&A | 2,046 | 81.8% | S100XI5B |
| Operating income | 214 | 8.5% | S100XI5B |
| Ordinary income | 211 | 8.5% | S100XI5B |
| Pretax income | 211 | 8.5% | S100XI5B |
| Income tax | -184 | -7.4% | S100XI5B |
| Net income | 396 | 15.8% | S100XI5B |
| Net income attributable to owners | 396 | 15.8% | S100XI5B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 10 |
| SG&A | 82 |
| Operating income | 8 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 90.4% → Operating margin 8.5% → Net margin 15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,185 | 2,501 | 1,316 | +111.1% |
| Gross profit | 869 | 2,260 | 1,391 | +160.1% |
| Operating income | -1,059 | 214 | 1,273 | — |
| Net income attributable to owners | -1,422 | 396 | 1,817 | — |
| Operating cash flow | -829 | 402 | 1,231 | — |
| Free cash flow | -968 | 377 | 1,345 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2024 | 1,185 | -1,059 | -89.4% | -1,422 | -829 | -968 | S100XI5B |
| FY ending Oct 2025 | 2,501 | 214 | 8.5% | 396 | 402 | 377 | S100XI5B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 115 | 124 |
| Average salary (parent company) | — | ¥6.7M |
| Average age (parent company) | — | 39.9 years |
| Average tenure (parent company) | — | 2.8 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +111.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 402 | 16.1% | S100XI5B |
| Capital expenditure | 25 | 1.0% | S100XI5B |
| Free cash flow | 377 | 15.1% | 算出 |
| Investing cash flow | -32 | -1.3% | S100XI5B |
| Financing cash flow | 175 | 7.0% | S100XI5B |
| Change in cash | 546 | 21.8% | S100XI5B |
| Cash and equivalents | 4,497 | 179.8% | S100XI5B |

## 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 Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 3,952 | 4,497 | S100XI5B |
| Total assets | 4,610 | 5,427 | S100XI5B |
| Net assets | 4,265 | 4,842 | S100XI5B |
| Share capital | 100 | 91 | S100XI5B |
| Property, plant and equipment | 96 | 89 | S100XI5B |
| Intangible assets excluding goodwill | 1 | 20 | S100XI5B |
| Investment securities | 0 | 0 | S100XI5B |
| Current assets | 4,444 | 5,055 | S100XI5B |
| Current liabilities | 343 | 584 | S100XI5B |
| Long-term borrowings | 1 | — | S100XI5B |
| Total liabilities | 344 | 584 | S100XI5B |
| Equity attributable to owners of parent | 4,265 | 4,842 | S100XI5B |
| Retained earnings | -5,542 | -5,147 | S100XI5B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 83% | S100XI5B |
| Property, plant and equipment | 2% | S100XI5B |
| Intangibles and goodwill | 0% | S100XI5B |
| Investment securities | 0% | S100XI5B |
| Other assets | 15% | S100XI5B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XI5B |
| Equity | 89% | S100XI5B |

### Balance sheet history

| Metric | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: |
| Total assets | 4,610 | 5,427 |
| Equity | 4,265 | 4,842 |
| Interest-bearing debt | — | — |
| Cash | 3,952 | 4,497 |

## 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) | 3.6% | S100XI5B |
| Fixed assets ÷ total assets | 1.6% | S100XI5B |
| Goodwill ÷ parent equity | — | —, S100XI5B |

### 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) | 82.9% |
| Cash ÷ revenue | 179.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 188.1% |
| Cash vs. profit gap | 6 JPY mn (of net income 1.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 7.8% |

## 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 | — | —× | -30.8% | —× | — | S100XI5B |
| 2025 | 15.8% | 0.50× | 7.9% | 1.10× | 8.7% | S100XI5B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＪＣＣ | Major shareholder | 20.8% | 2025-10-31 |
| 松井 宏記 | Major shareholder | 4.9% | 2025-10-31 |
| 平石 智紀 | Major shareholder | 3.8% | 2025-10-31 |
| i-Lab５号投資事業有限責任組合 | Major shareholder | 3.6% | 2025-10-31 |
| 株式会社岡三証券グループ | Major shareholder | 2.7% | 2025-10-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.7% | 2025-10-31 |
| 松岡 司 | Major shareholder | 2.1% | 2025-10-31 |
| 藤井 優紀 | Major shareholder | 1.9% | 2025-10-31 |
| HFA７号投資事業有限責任組合 | Major shareholder | 1.3% | 2025-10-31 |
| 第一生命保険株式会社 | Major shareholder | 1.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/11/01－2025/10/31) | S100XI5B | 2026-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XI5B,, |

## 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).