# Hamee Corp.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/05/01－2026/04/30) (S100YS4J)
> Page: https://vizora.meequs.com/en/company/hamee
> Retrieved: 2026-09-30T21:00:33.244Z

## Company

Hamee, founded in 1998, is a company in PCs & Peripherals listed on TSE Standard. It has 368 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hamee Corp. |
| Ticker | 3134 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3134.T) |
| Listing | TSE Standard |
| Head office | 神奈川県小田原市栄町二丁目12番10号 Square O2 |
| Representative (per filing) | 代表取締役社長 水島 育大 |
| Founded | May 1998 |
| Share capital | ¥635.6M |
| Employees (consolidated) | 368 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | April |
| Website | hamee.co.jp (https://hamee.co.jp/) |
| Corporate number | 9021001033474 |
| EDINET | E31386 |
| Industries (Vizora) | PCs & Peripherals, Software & SaaS, E-commerce |

> Profile source: annual securities report (S100YS4J, filed 2026-07-24). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 11 |
| Profitability | 53.6 | 14 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 46.4 | 14 |

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 91% of Hamee's sales come from Commerce, with Platform making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.6% from the prior year, operating profit -58.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.1B |  |
| Operating income | ¥984M | Margin 4.5% |
| Net income | ¥541.3M | Margin 2.5% |
| Free cash flow | -¥529.6M |  |
| Largest business | Commerce | of segment revenue 91.0% |
| Employees (consolidated) | 368 |  |
| EPS | ¥38.92 |  |
| Diluted EPS | ¥38.9 |  |
| Book value per share | ¥242.32 |  |
| Equity ratio | 53.5% |  |
| Shares outstanding | 16,328,100 |  |
| Treasury shares | 327,000 |  |
| Shareholders | 17,501 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 8.2% |
| Vs. industry median margin | +0.8 pp | PCs & Peripherals |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -33 points

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12363688000 | ¥22073528000 | +78.5% |
| Operating income | ¥2179708000 | ¥983957000 | -54.9% |
| Operating margin | 17.6% | 4.5% | -13.2 pp |
| Employees | 387 people | 368 people | -4.9% |
| Cash and equivalents | ¥3354616000 | ¥1812064000 | -46.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| コマース事業 → コマース事業 | 78.7% |
| プラットフォーム事業 → プラットフォーム事業 | 9.0% |
| プラットフォーム事業 → 事業再編・廃止 | 9.7% |
| その他 → 事業再編・廃止 | 2.7% |
| 新設・再編 → コマース事業 | 12.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,074 | 100.0% | S100YS4J |
| Cost of revenue | 9,143 | 41.4% | S100YS4J |
| Gross profit | 12,931 | 58.6% | S100YS4J |
| SG&A | 11,947 | 54.1% | S100YS4J |
| Operating income | 984 | 4.5% | S100YS4J |
| Ordinary income | 762 | 3.5% | S100YS4J |
| Pretax income | 733 | 3.3% | S100YS4J |
| Income tax | 192 | 0.9% | S100YS4J |
| Net income | 541 | 2.5% | S100YS4J |
| Net income attributable to owners | 541 | 2.5% | S100YS4J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 54 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 58.6% → Operating margin 4.5% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.6%; Core profit growth: -58.2%
Operating leverage (core profit growth ÷ revenue growth): 16.21×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,895 | 22,074 | -822 | -3.6% |
| Gross profit | 13,497 | 12,931 | -566 | -4.2% |
| Operating income | 2,354 | 984 | -1,370 | -58.2% |
| Net income attributable to owners | 1,278 | 541 | -737 | -57.6% |
| Operating cash flow | 860 | -107 | -968 | -112.5% |
| Free cash flow | 77 | -530 | -607 | -787.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 11,325 | 1,745 | 15.4% | 1,069 | 1,934 | 1,285 | S100M2V5 |
| FY ending Apr 2021 | 12,364 | 2,180 | 17.6% | 1,556 | 1,941 | 1,590 | S100OSP0 |
| FY ending Apr 2022 | 13,413 | 2,202 | 16.4% | 1,744 | 1,186 | 169 | S100RH1Z |
| FY ending Apr 2023 | 14,038 | 1,271 | 9.1% | 945 | 695 | 209 | S100U3YP |
| FY ending Apr 2024 | 17,612 | 1,917 | 10.9% | 1,122 | 886 | 409 | S100WEGF |
| FY ending Apr 2025 | 22,895 | 2,354 | 10.3% | 1,278 | 860 | 77 | S100YS4J |
| FY ending Apr 2026 | 22,074 | 984 | 4.5% | 541 | -107 | -530 | S100YS4J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 403 | 428 | 463 | 489 | 368 |
| Average salary (parent company) | ¥6.2M | ¥6.1M | ¥5.9M | ¥5.8M | ¥6.4M |
| Average age (parent company) | 35.2 years | 37.2 years | 37.8 years | 36.9 years | 38.1 years |
| Average tenure (parent company) | 6.1 years | 6.7 years | 6.8 years | 7.2 years | 7.6 years |

Year over year: Employees (consolidated) -24.7% · Revenue (consolidated) -3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commerce | 20,095 | 91.0% | 1,386 | 6.9% |
| Platform | 1,978 | 9.0% | 1,014 | 51.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commerce | 91.0% | 57.8% | -33.3 | 6.9% |
| Platform | 9.0% | 42.2% | 33.3 | 51.2% |

Segment → industry: Commerce → PCs & Peripherals / Platform → Software & SaaS / Commerce → E-commerce

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -107 | -0.5% | S100YS4J |
| Capital expenditure | 422 | 1.9% | S100YS4J |
| Free cash flow | -530 | -2.4% | 算出 |
| Investing cash flow | -479 | -2.2% | S100YS4J |
| Financing cash flow | 107 | 0.5% | S100YS4J |
| Dividends paid | 359 | 1.6% | S100YS4J |
| Share buyback | 0 | 0.0% | S100YS4J |
| Change in cash | -402 | -1.8% | S100YS4J |
| Cash and equivalents | 1,812 | 8.2% | S100YS4J |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,026 | 3,536 | 4,022 | 4,994 | 1,812 | S100U3YP, S100WEGF, S100YS4J |
| Total assets | 10,518 | 12,320 | 14,512 | 16,973 | 13,574 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Net assets | 8,253 | 8,961 | 10,157 | 10,570 | 7,320 | S100U3YP, S100WEGF, S100YS4J |
| Share capital | 598 | 598 | 599 | 607 | 636 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Trade receivables | 1,667 | 1,797 | 2,368 | — | — | S100RH1Z, S100U3YP |
| Property, plant and equipment | 1,213 | 1,508 | 1,450 | 1,628 | 1,838 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Intangible assets excluding goodwill | 457 | 826 | 831 | 608 | 324 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Goodwill | 136 | 491 | 496 | 280 | 184 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Investment securities | 32 | 550 | 644 | 11 | 11 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Current assets | 8,158 | 8,582 | 10,632 | 13,422 | 10,176 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Current liabilities | 2,232 | 3,236 | 3,513 | 6,258 | 5,600 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Short-term borrowings | 500 | 1,300 | 1,200 | 3,850 | 4,100 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Long-term borrowings | — | — | 775 | — | — | S100WEGF |
| Total liabilities | 2,265 | 3,360 | 4,355 | 6,402 | 6,255 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Equity attributable to owners of parent | 7,982 | 8,627 | 9,401 | 10,351 | 6,884 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Retained earnings | 7,198 | 7,834 | 8,600 | 9,519 | 5,974 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |
| Treasury stock | -356 | -350 | -342 | -331 | -315 | S100RH1Z, S100U3YP, S100WEGF, S100YS4J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YS4J |
| Property, plant and equipment | 14% | S100YS4J |
| Intangibles and goodwill | 4% | S100YS4J |
| Investment securities | 0% | S100YS4J |
| Other assets | 69% | S100YS4J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YS4J |
| Equity | 54% | S100YS4J |
| Other liabilities | 0% | S100YS4J |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,518 | 12,320 | 14,512 | 16,973 | 13,574 |
| Equity | 8,253 | 8,961 | 10,157 | 10,570 | 7,320 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,026 | 3,536 | 4,022 | 4,994 | 1,812 |

## 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) | 8.3% | S100YS4J |
| Fixed assets ÷ total assets | 13.5% | S100YS4J |
| Goodwill ÷ parent equity | 2.7% | S100YS4J |

Goodwill over 4 years: 136 → 184 JPY; total investing cash flow: -4,671 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) | 13.3% |
| Cash ÷ revenue | 8.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -10.9% |
| Cash vs. profit gap | -649 JPY mn (of net income -119.8%) |
| Shareholder returns / net income | 66.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | — |

## 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 | 13.0% | 1.28× | 16.6% | 1.32× | 21.8% | S100RH1Z |
| 2023 | 6.7% | 1.23× | 8.3% | 1.38× | 11.4% | S100U3YP |
| 2024 | 6.4% | 1.31× | 8.4% | 1.49× | 12.4% | S100WEGF |
| 2025 | 5.6% | 1.45× | 8.1% | 1.59× | 12.9% | S100YS4J |
| 2026 | 2.5% | 1.45× | 3.5% | 1.77× | 6.3% | S100YS4J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＯＩ株式会社 | Major shareholder | 33.5% | 2026-04-30 |
| 樋口 敦士 | Major shareholder | 15.1% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.5% | 2026-04-30 |
| 北村 和順 | Major shareholder | 3.0% | 2026-04-30 |
| 鈴木 淳也 | Major shareholder | 0.9% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2026-04-30 |
| 水島 育大 | Major shareholder | 0.8% | 2026-04-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.7% | 2026-04-30 |
| 和田 孝行 | Major shareholder | 0.7% | 2026-04-30 |
| Ｂｏｏｍ Ｓｅｃｕｒｉｔｉｅｓ （Ｈ．Ｋ．） Ｌｉｍｉｔｅｄ － Ｃｌｉｅｎｔｓ’ Ａｃｃｏｕｎｔ（常任代理人 マネックス証券株式会社） | Major shareholder | 0.6% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/05/01－2026/04/30) | S100YS4J | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS4J,, |
| 有価証券報告書－第27期(2024/05/01－2025/04/30) | S100WEGF | 2025-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEGF,, |
| 有価証券報告書－第26期(2023/05/01－2024/04/30) | S100U3YP | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3YP,, |
| 有価証券報告書－第25期(2022/05/01－2023/04/30) | S100RH1Z | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH1Z,, |
| 有価証券報告書－第24期(令和3年5月1日－令和4年4月30日) | S100OSP0 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSP0,, |
| 有価証券報告書－第23期(令和2年5月1日－令和3年4月30日) | S100M2V5 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2V5,, |

## 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).