# Hatena Co., Ltd: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/08/01－2025/07/31) (S100WX9N)
> Page: https://vizora.meequs.com/en/company/hatena
> Retrieved: 2026-09-30T19:41:57.836Z

## Company

Hatena, founded in 2001, is a company in Internet Services & Apps listed on TSE Growth. It has 217 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hatena Co., Ltd. |
| Ticker | 3930 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3930.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山六丁目5番55号 |
| Representative (per filing) | 代表取締役社長 栗栖 義臣 |
| Founded | Jul 2001 |
| Share capital | ¥250.6M |
| Employees (consolidated) | 217 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | July |
| Website | hatena.co.jp (https://hatena.co.jp/) |
| Corporate number | 1013201014709 |
| EDINET | E32141 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100WX9N, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.3 | 40 |
| Profitability | 52 | 51 |
| Cash conversion | 84.9 | 43 |
| Efficiency | 66.3 | 52 |

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)

- Hatena brought in ¥3.79B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +14.7% from the prior year, operating profit +398.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3794875000 → ¥230882000
- Net income → operating cash flow: ¥230882000 → ¥711577000（difference ¥480695000）
- Main uses of operating cash flow: CapEx ¥177697000 / dividends — / buybacks ¥138000
- Change in cash: ¥677961000
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 | ¥3.79B |  |
| Operating income | ¥339.5M | Margin 8.9% |
| Net income | ¥230.9M | Margin 6.1% |
| Free cash flow | ¥533.9M |  |
| Employees (consolidated) | 217 |  |
| EPS | ¥77.61 |  |
| Diluted EPS | ¥77.54 |  |
| Book value per share | ¥945.11 |  |
| Equity ratio | 81.6% |  |
| Shares outstanding | 3,075,200 |  |
| Treasury shares | 95,400 |  |
| Shareholders | 1,595 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 61.5% | Cash ÷ revenue 55.9% |
| Vs. industry median margin | +1.3 pp | Internet Services & Apps |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, cash is 61% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2542737000 | ¥3794875000 | +49.2% |
| Operating income | ¥276811000 | ¥339492000 | +22.6% |
| Operating margin | 10.9% | 8.9% | -1.9 pp |
| Employees | 161 people | 217 people | +34.8% |
| Cash and equivalents | ¥1204593000 | ¥2121864000 | +76.1% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,795 | 100.0% | S100WX9N |
| Cost of revenue | 548 | 14.4% | S100WX9N |
| Gross profit | 3,247 | 85.6% | S100WX9N |
| SG&A | 2,908 | 76.6% | S100WX9N |
| Operating income | 339 | 8.9% | S100WX9N |
| Ordinary income | 340 | 8.9% | S100WX9N |
| Pretax income | 342 | 9.0% | S100WX9N |
| Income tax | 112 | 2.9% | S100WX9N |
| Net income | 231 | 6.1% | S100WX9N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 14 |
| SG&A | 77 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 85.6% → Operating margin 8.9% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.7%; Core profit growth: +398.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 27.13×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,309 | 3,795 | 485 | +14.7% |
| Gross profit | 2,713 | 3,247 | 534 | +19.7% |
| Operating income | 68 | 339 | 271 | +398.0% |
| Operating cash flow | 147 | 712 | 565 | +384.0% |
| Free cash flow | -2 | 534 | 536 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 2,520 | 452 | 18.0% | 328 | 497 | 378 | S100JY2W |
| FY ending Jul 2020 | 2,543 | 277 | 10.9% | 191 | 116 | -50 | S100MOAO |
| FY ending Jul 2021 | 2,621 | 249 | 9.5% | 173 | 296 | 175 | S100PFDL |
| FY ending Jul 2022 | 3,063 | 325 | 10.6% | 240 | 327 | 227 | S100S3DD |
| FY ending Jul 2023 | 3,150 | 173 | 5.5% | 100 | 3 | -112 | S100UL9N |
| FY ending Jul 2024 | 3,309 | 68 | 2.1% | 62 | 147 | -2 | S100WX9N |
| FY ending Jul 2025 | 3,795 | 339 | 8.9% | 231 | 712 | 534 | S100WX9N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.1M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 167 | 170 | 193 | 207 | 217 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.2M | ¥6.4M | ¥6.1M |
| Average age (parent company) | 34.3 years | 34.6 years | 34.4 years | 35.4 years | 36.1 years |
| Average tenure (parent company) | 4.2 years | 4.4 years | 4.4 years | 4.8 years | 4.8 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +14.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 712 | 18.8% | S100WX9N |
| Capital expenditure | 178 | 4.7% | S100WX9N |
| Free cash flow | 534 | 14.1% | 算出 |
| Investing cash flow | -38 | -1.0% | S100WX9N |
| Financing cash flow | 2 | 0.1% | S100WX9N |
| Share buyback | 0 | 0.0% | S100WX9N |
| Change in cash | 678 | 17.9% | S100WX9N |
| Cash and equivalents | 2,122 | 55.9% | S100WX9N |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,403 | 1,636 | 1,391 | 1,444 | 2,122 | S100S3DD, S100UL9N, S100WX9N |
| Total assets | 2,610 | 2,973 | 2,881 | 2,909 | 3,451 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Net assets | 2,291 | 2,445 | 2,489 | 2,559 | 2,816 | S100S3DD, S100UL9N, S100WX9N |
| Share capital | 235 | 239 | 249 | 250 | 251 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Property, plant and equipment | 53 | 108 | 92 | 82 | 74 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Intangible assets excluding goodwill | 274 | 221 | 220 | 264 | 313 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Investment securities | 171 | 140 | 174 | 194 | 100 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Current assets | 1,986 | 2,383 | 2,283 | 2,279 | 2,850 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Current liabilities | 285 | 478 | 353 | 310 | 595 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Total liabilities | 318 | 529 | 393 | 350 | 635 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Equity attributable to owners of parent | 2,287 | 2,428 | 2,479 | 2,546 | 2,809 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Retained earnings | 1,851 | 2,044 | 2,143 | 2,206 | 2,437 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |
| Treasury stock | -1 | -61 | -123 | -119 | -85 | S100PFDL, S100S3DD, S100UL9N, S100WX9N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100WX9N |
| Property, plant and equipment | 2% | S100WX9N |
| Intangibles and goodwill | 9% | S100WX9N |
| Investment securities | 3% | S100WX9N |
| Other assets | 24% | S100WX9N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100WX9N |
| Equity | 82% | S100WX9N |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,610 | 2,973 | 2,881 | 2,909 | 3,451 |
| Equity | 2,291 | 2,445 | 2,489 | 2,559 | 2,816 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,403 | 1,636 | 1,391 | 1,444 | 2,122 |

## 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) | 1.9% | S100WX9N |
| Fixed assets ÷ total assets | 2.1% | S100WX9N |
| Goodwill ÷ parent equity | — | —, S100WX9N |

### 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) | 61.5% |
| Cash ÷ revenue | 55.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 209.6% |
| Cash vs. profit gap | 481 JPY mn (of net income 208.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 5.4% |

## 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 | 6.6% | 1.00× | 6.6% | 1.14× | 7.5% | S100PFDL |
| 2022 | 7.8% | 1.10× | 8.6% | 1.18× | 10.2% | S100S3DD |
| 2023 | 3.2% | 1.08× | 3.4% | 1.19× | 4.1% | S100UL9N |
| 2024 | 1.9% | 1.14× | 2.2% | 1.15× | 2.5% | S100WX9N |
| 2025 | 6.1% | 1.19× | 7.3% | 1.19× | 8.6% | S100WX9N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 近藤 淳也 | Major shareholder | 32.7% | 2025-07-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.6% | 2025-07-31 |
| 新村 健造 | Major shareholder | 4.8% | 2025-07-31 |
| 中村 剛 | Major shareholder | 2.9% | 2025-07-31 |
| 栗栖 義臣 | Major shareholder | 2.6% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 2.5% | 2025-07-31 |
| 西村 裕二 | Major shareholder | 1.7% | 2025-07-31 |
| 鈴政 一夫 | Major shareholder | 1.7% | 2025-07-31 |
| 田中 慎樹 | Major shareholder | 1.5% | 2025-07-31 |
| JP JPMSE LUX RE J.P. MORGAN SEC PLC EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/08/01－2025/07/31) | S100WX9N | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX9N,, |
| 有価証券報告書－第24期(2023/08/01－2024/07/31) | S100UL9N | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL9N,, |
| 有価証券報告書－第23期(2022/08/01－2023/07/31) | S100S3DD | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3DD,, |
| 有価証券報告書－第22期(令和3年8月1日－令和4年7月31日) | S100PFDL | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFDL,, |
| 有価証券報告書－第21期(令和2年8月1日－令和3年7月31日) | S100MOAO | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOAO,, |
| 有価証券報告書－第20期(令和1年8月1日－令和2年7月31日) | S100JY2W | 2020-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JY2W,, |

## 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).