# Hammock Inc.: 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32期(2025/04/01－2026/03/31) (S100YEGK)
> Page: https://vizora.meequs.com/en/company/hammock
> Retrieved: 2026-09-30T21:31:01.349Z

## Company

Hammock, founded in 1994, is a company in Software & SaaS listed on TSE Growth. It has 218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hammock Inc. |
| Ticker | 173A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/173A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区大久保一丁目3番21号 |
| Representative (per filing) | 代表取締役社長 若山 大典 |
| Founded | Apr 1994 |
| Share capital | ¥83.9M |
| Employees (consolidated) | 218 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.hammock.jp (https://www.hammock.jp/) |
| Corporate number | 7013301029898 |
| EDINET | E39460 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YEGK, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 105 |
| Profitability | 65.2 | 145 |
| Cash conversion | 84 | 128 |
| Efficiency | 34.8 | 145 |

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)

- Hammock brought in ¥4.89B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +5.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4889796000 → ¥685532000
- Net income → operating cash flow: ¥685532000 → ¥1619457000（difference ¥933925000）
- Main uses of operating cash flow: CapEx ¥696941000 / dividends ¥124872000 / buybacks —
- Change in cash: ¥1574890000
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 | ¥4.89B |  |
| Operating income | ¥834.7M | Margin 17.1% |
| Net income | ¥685.5M | Margin 14.0% |
| Free cash flow | ¥922.5M |  |
| Employees (consolidated) | 218 |  |
| EPS | ¥162.93 |  |
| Diluted EPS | ¥160.44 |  |
| Book value per share | ¥762.31 |  |
| Equity ratio | 45.1% |  |
| Shares outstanding | 4,360,000 |  |
| Treasury shares | 145,300 |  |
| Shareholders | 2,039 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 66.6% | Cash ÷ revenue 97.0% |
| Vs. industry median margin | +4.6 pp | Software & SaaS |
| ROE | 23.4% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, cash is 67% of total assets
- FY2026, employees -1% while operating income rose 5%

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3993779000 | ¥4889796000 | +22.4% |
| Operating income | ¥508053000 | ¥834695000 | +64.3% |
| Operating margin | 12.7% | 17.1% | +4.3 pp |
| Employees | 205 people | 218 people | +6.3% |
| Cash and equivalents | ¥2034877000 | ¥4740874000 | +133.0% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,890 | 100.0% | S100YEGK |
| Cost of revenue | 2,774 | 56.7% | S100YEGK |
| Gross profit | 2,116 | 43.3% | S100YEGK |
| SG&A | 1,281 | 26.2% | S100YEGK |
| Operating income | 835 | 17.1% | S100YEGK |
| Ordinary income | 868 | 17.7% | S100YEGK |
| Pretax income | 1,046 | 21.4% | S100YEGK |
| Income tax | 360 | 7.4% | S100YEGK |
| Net income | 686 | 14.0% | S100YEGK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 26 |
| Operating income | 17 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 43.3% → Operating margin 17.1% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +5.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 4,708 | 4,890 | 182 | +3.9% |
| Gross profit | 2,063 | 2,116 | 53 | +2.6% |
| Operating income | 792 | 835 | 43 | +5.5% |
| Operating cash flow | 923 | 1,619 | 696 | +75.4% |
| Free cash flow | 347 | 923 | 576 | +166.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 3,994 | 508 | 12.7% | 417 | -252 | -673 | S100TNKM |
| FY ending Mar 2024 | 4,283 | 670 | 15.6% | 648 | 1,064 | 475 | S100W2JH |
| FY ending Mar 2025 | 4,708 | 792 | 16.8% | 618 | 923 | 347 | S100YEGK |
| FY ending Mar 2026 | 4,890 | 835 | 17.1% | 686 | 1,619 | 923 | S100YEGK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.4M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 205 | 222 | 220 | 218 |
| Average salary (parent company) | — | ¥5.8M | ¥6M | ¥5.9M |
| Average age (parent company) | — | 35.9 years | 36.2 years | 36.5 years |
| Average tenure (parent company) | — | 5.8 years | 6.1 years | 6.4 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +3.9%

## 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 | 1,619 | 33.1% | S100YEGK |
| Capital expenditure | 697 | 14.3% | S100YEGK |
| Free cash flow | 923 | 18.9% | 算出 |
| Investing cash flow | 58 | 1.2% | S100YEGK |
| Financing cash flow | -124 | -2.5% | S100YEGK |
| Dividends paid | 125 | 2.6% | S100YEGK |
| Change in cash | 1,575 | 32.2% | S100YEGK |
| Cash and equivalents | 4,741 | 97.0% | S100YEGK |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,035 | 2,640 | 3,166 | 4,741 | S100W2JH, S100YEGK |
| Total assets | 4,583 | 5,571 | 6,136 | 7,115 | S100TNKM, S100W2JH, S100YEGK |
| Net assets | 1,506 | 2,161 | 2,726 | 3,213 | S100W2JH, S100YEGK |
| Share capital | 36 | 36 | 84 | 84 | S100TNKM, S100W2JH, S100YEGK |
| Property, plant and equipment | 90 | 82 | 78 | 78 | S100TNKM, S100W2JH, S100YEGK |
| Intangible assets excluding goodwill | 712 | 1,071 | 1,191 | 1,237 | S100TNKM, S100W2JH, S100YEGK |
| Investment securities | 792 | 723 | 674 | — | S100TNKM, S100W2JH, S100YEGK |
| Current assets | 2,773 | 3,420 | 3,885 | 5,346 | S100TNKM, S100W2JH, S100YEGK |
| Current liabilities | 1,958 | 2,344 | 2,260 | 2,555 | S100TNKM, S100W2JH, S100YEGK |
| Total liabilities | 3,077 | 3,410 | 3,410 | 3,902 | S100TNKM, S100W2JH, S100YEGK |
| Equity attributable to owners of parent | 1,491 | 2,064 | 2,653 | 3,213 | S100TNKM, S100W2JH, S100YEGK |
| Retained earnings | 1,378 | 1,952 | 2,445 | 3,004 | S100TNKM, S100W2JH, S100YEGK |
| Treasury stock | -1 | -1 | -1 | -1 | S100TNKM, S100W2JH, S100YEGK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YEGK |
| Property, plant and equipment | 1% | S100YEGK |
| Intangibles and goodwill | 17% | S100YEGK |
| Other assets | 15% | S100YEGK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YEGK |
| Equity | 45% | S100YEGK |
| Other liabilities | 0% | S100YEGK |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 4,583 | 5,571 | 6,136 | 7,115 |
| Equity | 1,506 | 2,161 | 2,726 | 3,213 |
| Interest-bearing debt | — | — | — | — |
| Cash | 2,035 | 2,640 | 3,166 | 4,741 |

## 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) | 1.6% | S100YEGK |
| Fixed assets ÷ total assets | 1.1% | S100YEGK |
| Goodwill ÷ parent equity | — | —, S100YEGK |

### 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) | 66.6% |
| Cash ÷ revenue | 97.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.0% |
| Cash vs. profit gap | 934 JPY mn (of net income 136.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.2% |
| Shareholder payments — dividends / FCF | 13.5% |
| CapEx intensity (capex ÷ revenue) | 14.3% |
| Investing CF relative to operating CF | 3.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 10.4% | 0.87× | 9.1% | 3.07× | 28.0% | S100TNKM |
| 2024 | 15.1% | 0.84× | 12.8% | 2.86× | 36.5% | S100W2JH |
| 2025 | 13.1% | 0.80× | 10.6% | 2.48× | 26.2% | S100YEGK |
| 2026 | 14.0% | 0.74× | 10.3% | 2.26× | 23.4% | S100YEGK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 若山 大典 | Major shareholder | 35.4% | 2026-03-31 |
| 若山 正美 | Major shareholder | 9.5% | 2026-03-31 |
| 若山 悠 | Major shareholder | 8.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 高野 紀子 | Major shareholder | 6.4% | 2026-03-31 |
| UHPartners2投資事業有限責任組合 | Major shareholder | 4.1% | 2026-03-31 |
| 若山 知子 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| BBH LUX／BROWN BROTHERS HARRIMAN （LUXEMBOURG） SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE | Major shareholder | 2.1% | 2026-03-31 |
| 水元 敬也 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YEGK | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEGK,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W2JH | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2JH,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TNKM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNKM,, |

## 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).