# Future Link Network Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/09/01－2025/08/31) (S100X7HS)
> Page: https://vizora.meequs.com/en/company/future-link-network
> Retrieved: 2026-09-30T21:26:19.542Z

## Company

Future Link Network, founded in 2000, is a company in Internet Services & Apps listed on TSE Growth. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Future Link Network Co., Ltd. |
| Ticker | 9241 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9241.T) |
| Listing | TSE Growth |
| Head office | 千葉県船橋市西船四丁目19番3号 |
| Representative (per filing) | 代表取締役社長 石井 丈晴 |
| Founded | Mar 2000 |
| Share capital | ¥282.9M |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | August |
| Website | www.futurelink.co.jp (https://www.futurelink.co.jp/) |
| Corporate number | 7040001019632 |
| EDINET | E36801 |
| Industries (Vizora) | Internet Services & Apps, Business Process Outsourcing |

> Profile source: annual securities report (S100X7HS, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 11.9 | 21 |
| Efficiency | 64.3 | 21 |

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 50% of Future Link Network's sales come from Public solutions business, with Community information distribution business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +1.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.54B |  |
| Operating income | -¥17.7M | Margin -1.1% |
| Net income | ¥28.6M | Margin 1.8% |
| Free cash flow | ¥91.2M |  |
| Largest business | Public solutions business | of segment revenue 50.4% |
| Employees (consolidated) | 116 |  |
| EPS | ¥-27.51 |  |
| Diluted EPS | ¥32.7 |  |
| Book value per share | ¥263.59 |  |
| Equity ratio | 28.0% |  |
| Shares outstanding | 851,328 |  |
| Shareholders | 1,044 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 49.2% | Cash ÷ revenue 31.7% |
| Vs. industry median margin | -5.1 pp | Business Process Outsourcing |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.6× net income
- FY2025, cash is 49% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1134818000 | ¥1544788000 | — |
| Operating income | ¥44111000 | ¥-17686000 | — |
| Operating margin | 3.9% | -1.1% | -5 pp |
| Employees | 78 people | 116 people | — |
| Cash and equivalents | ¥166608000 | ¥489447000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 地域情報流通事業 → 地域情報流通事業 | 34.7% |
| 公共ソリューション事業 → 公共ソリューション事業 | 41.3% |
| マーケティング支援事業 → 事業再編・廃止 | 24.1% |
| 新設・再編 → 地域情報流通事業 | 15.0% |
| 新設・再編 → 公共ソリューション事業 | 9.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,545 | 100.0% | S100X7HS |
| Cost of revenue | 557 | 36.1% | S100X7HS |
| Gross profit | 988 | 63.9% | S100X7HS |
| SG&A | 1,005 | 65.1% | S100X7HS |
| Operating income | -18 | -1.1% | S100X7HS |
| Ordinary income | -21 | -1.3% | S100X7HS |
| Pretax income | 62 | 4.0% | S100X7HS |
| Income tax | 29 | 1.9% | S100X7HS |
| Net income | 33 | 2.1% | S100X7HS |
| Net income attributable to owners | 29 | 1.8% | S100X7HS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 65 |
| Operating income | -1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 63.9% → Operating margin -1.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,515 | 1,545 | 30 | +1.9% |
| Gross profit | 953 | 988 | 35 | +3.6% |
| Operating income | -39 | -18 | 21 | — |
| Net income attributable to owners | 2 | 29 | 26 | +1107.0% |
| Operating cash flow | -38 | 132 | 170 | — |
| Free cash flow | -105 | 91 | 197 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 1,135 | 44 | 3.9% | 39 | 72 | 64 | S100MXW3 |
| FY ending Aug 2021 | 1,349 | 101 | 7.5% | 80 | 175 | 165 | S100PPAG |
| FY ending Aug 2022 | 1,255 | -55 | -4.4% | -72 | -56 | -83 | S100PPAG |
| FY ending Aug 2023 | 1,383 | -68 | -4.9% | -67 | 27 | -32 | S100UVHG |
| FY ending Aug 2024 | 1,515 | -39 | -2.5% | 2 | -38 | -105 | S100X7HS |
| FY ending Aug 2025 | 1,545 | -18 | -1.1% | 29 | 132 | 91 | S100X7HS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.3M |
| Operating income per employee (consolidated) | -¥152.5K |
| Net income per employee (consolidated) | ¥246.2K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 101 | 107 | 123 | 116 |
| Average salary (parent company) | ¥4.3M | ¥4M | ¥4.2M | ¥4.1M | ¥5.3M |
| Average age (parent company) | 34.8 years | 34.1 years | 34.2 years | 34.0 years | 35.7 years |
| Average tenure (parent company) | 6.4 years | 6.3 years | 6.3 years | 6.2 years | 7.2 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Community information distribution business | 767 | 49.6% | 180 | 23.5% |
| Public solutions business | 778 | 50.4% | 222 | 28.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Community information distribution business | 49.6% | 44.8% | -4.8 | 23.5% |
| Public solutions business | 50.4% | 55.2% | 4.8 | 28.5% |

Segment → industry: Community information distribution business → Internet Services & Apps / Public solutions business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 132 | 8.5% | S100X7HS |
| Capital expenditure | 40 | 2.6% | S100X7HS |
| Free cash flow | 91 | 5.9% | 算出 |
| Investing cash flow | -36 | -2.4% | S100X7HS |
| Financing cash flow | -44 | -2.9% | S100X7HS |
| Share buyback | 0 | 0.0% | S100X7HS |
| Change in cash | 51 | 3.3% | S100X7HS |
| Cash and equivalents | 489 | 31.7% | S100X7HS |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 570 | 408 | 368 | 439 | 489 | S100PPAG, S100X7HS |
| Total assets | 845 | 714 | 747 | 904 | 994 | S100PPAG, S100UVHG, S100X7HS |
| Net assets | 353 | 283 | 243 | 256 | 300 | S100PPAG, S100X7HS |
| Share capital | 267 | 267 | 272 | 277 | 283 | S100PPAG, S100UVHG, S100X7HS |
| Property, plant and equipment | 30 | 32 | 84 | 109 | 103 | S100PPAG, S100UVHG, S100X7HS |
| Intangible assets excluding goodwill | 22 | 31 | 34 | 45 | 68 | S100PPAG, S100UVHG, S100X7HS |
| Goodwill | — | — | — | — | 5 | S100X7HS |
| Investment securities | 0 | 53 | 53 | 53 | 53 | S100PPAG, S100UVHG, S100X7HS |
| Current assets | 754 | 579 | 545 | 660 | 739 | S100PPAG, S100UVHG, S100X7HS |
| Current liabilities | 375 | 347 | 447 | 448 | 552 | S100PPAG, S100UVHG, S100X7HS |
| Short-term borrowings | 50 | 50 | 75 | 50 | 50 | S100PPAG, S100UVHG, S100X7HS |
| Long-term borrowings | 101 | 72 | 45 | 190 | 129 | S100PPAG, S100UVHG, S100X7HS |
| Total liabilities | 492 | 431 | 504 | 649 | 694 | S100PPAG, S100UVHG, S100X7HS |
| Non-controlling interests | — | — | 17 | 17 | 22 | S100UVHG, S100X7HS |
| Equity attributable to owners of parent | 353 | 283 | 226 | 238 | 278 | S100PPAG, S100UVHG, S100X7HS |
| Retained earnings | -95 | -166 | -233 | -230 | -202 | S100PPAG, S100UVHG, S100X7HS |
| Treasury stock | — | — | — | — | -0 | S100X7HS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 49% | S100X7HS |
| Property, plant and equipment | 10% | S100X7HS |
| Intangibles and goodwill | 7% | S100X7HS |
| Investment securities | 6% | S100X7HS |
| Other assets | 28% | S100X7HS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100X7HS |
| Equity | 30% | S100X7HS |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 845 | 714 | 747 | 904 | 994 |
| Equity | 353 | 283 | 243 | 256 | 300 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 570 | 408 | 368 | 439 | 489 |

## 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) | 6.6% | S100X7HS |
| Fixed assets ÷ total assets | 10.3% | S100X7HS |
| Goodwill ÷ parent equity | 1.6% | S100X7HS |

### 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) | 49.2% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 103 JPY mn (of net income 361.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 27.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.9% | 1.60× | 9.4% | 2.39× | 22.6% | S100PPAG |
| 2022 | — | —× | -9.2% | —× | — | S100PPAG |
| 2023 | — | —× | -8.9% | —× | — | S100UVHG |
| 2024 | 0.2% | 1.84× | 0.3% | 3.55× | 1.0% | S100X7HS |
| 2025 | 1.8% | 1.63× | 3.0% | 3.67× | 11.1% | S100X7HS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社石井本店 | Major shareholder | 35.2% | 2025-08-31 |
| 石井 丈晴 | Major shareholder | 9.4% | 2025-08-31 |
| 岡田 亮介 | Major shareholder | 5.4% | 2025-08-31 |
| 板倉 正弘 | Major shareholder | 4.6% | 2025-08-31 |
| 片町 吉男 | Major shareholder | 4.2% | 2025-08-31 |
| 室川 敏治 | Major shareholder | 3.5% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.1% | 2025-08-31 |
| 谷川 昭雄 | Major shareholder | 1.8% | 2025-08-31 |
| 品川 和史 | Major shareholder | 1.6% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/09/01－2025/08/31) | S100X7HS | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7HS,, |
| 有価証券報告書－第25期(2023/09/01－2024/08/31) | S100UVHG | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVHG,, |
| 有価証券報告書－第24期(2022/09/01－2023/08/31) | S100SDJ5 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDJ5,, |
| 有価証券報告書－第23期(令和3年9月1日－令和4年8月31日) | S100PPAG | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPAG,, |
| 有価証券報告書－第22期(令和2年9月1日－令和3年8月31日) | S100MXW3 | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXW3,, |

## 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).