# Hotto Link Inc.: business model and financials

> Latest period: FY ending Dec 2023, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/01/01－2025/12/31) (S100XTX2), 有価証券報告書－第26期(2024/01/01－2024/12/31) (S100VIJ4), 有価証券報告書－第25期(2023/01/01－2023/12/31) (S100T5RQ)
> Page: https://vizora.meequs.com/en/company/hotto-link
> Retrieved: 2026-09-30T20:26:04.220Z

## Company

Hotto Link, founded in 2000, is a company in Advertising listed on TSE Growth. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hotto Link Inc. |
| Ticker | 3680 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3680.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区富士見一丁目3番11号 |
| Representative (per filing) | 代表取締役 檜野 安弘 |
| Founded | Jun 2000 |
| Share capital | ¥2.44B |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.hottolink.co.jp (https://www.hottolink.co.jp/) |
| Corporate number | 6010001104149 |
| EDINET | E30091 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XTX2, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2023-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 41.3 | 86 |
| Cash conversion | 95.3 | 75 |
| Efficiency | 12.2 | 86 |

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)

- Hotto Link brought in ¥4.74B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -40.1% from the prior year.

## Company structure

- Segment revenue mix: Social media marketing support business 100.0%
- Revenue → net income: ¥4739514000 → ¥226603000
- Net income → operating cash flow: ¥226603000 → ¥698108000（difference ¥471505000）
- Main uses of operating cash flow: CapEx ¥382832000 / dividends — / buybacks —
- Change in cash: ¥-101276000
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 | ¥4.74B |  |
| Operating income | ¥220.4M | Margin 4.7% |
| Net income | ¥226.6M | Margin 4.8% |
| Free cash flow | ¥315.3M |  |
| Largest business | Social media marketing support business | of segment revenue 100.0% |
| Employees (consolidated) | 118 |  |
| EPS | ¥14.47 |  |
| Diluted EPS | ¥14.46 |  |
| Book value per share | ¥305.48 |  |
| Equity ratio | 72.3% | Derived from disclosed figures |
| Shares outstanding | 15,965,800 |  |
| Treasury shares | 280,200 |  |
| Shareholders | 7,830 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 41.2% | Cash ÷ revenue 73.8% |
| Vs. industry median margin | -1 pp | Advertising |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2023, operating cash flow is 3.1× net income
- FY2023, one segment accounts for 100% of positive segment profit
- FY2023, cash is 41% of total assets

## What changed in 6 years

| Metric | FY ending Dec 2017 | FY ending Dec 2023 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2583084000 | ¥4739514000 | +83.5% |
| Employees | 87 people | 118 people | +35.6% |
| Cash and equivalents | ¥1074751000 | ¥3495505000 | +225.2% |

### Change in segment revenue mix

Span: FY ending Dec 2017 → FY ending Dec 2023. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ソーシャルメディアマーケティング支援事業 | 100.0% |

Segment revenue source references: 1 (derived)

## Income statement（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,740 | 100.0% | S100VIJ4 |
| Cost of revenue | 3,173 | 67.0% | S100VIJ4 |
| Gross profit | 1,566 | 33.0% | S100VIJ4 |
| SG&A | 1,324 | 27.9% | S100VIJ4 |
| Operating income | 220 | 4.7% | S100VIJ4 |
| Pretax income | 287 | 6.1% | S100VIJ4 |
| Income tax | 61 | 1.3% | S100VIJ4 |
| Net income | 227 | 4.8% | S100VIJ4 |
| Net income attributable to owners | 227 | 4.8% | S100VIJ4 |

## Per ¥100 of revenue（FY ending Dec 2023）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.0% → Operating margin 4.7% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2022 → FY ending Dec 2023、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,907 | 4,740 | -3,167 | -40.1% |
| Net income attributable to owners | 1,819 | 227 | -1,592 | -87.5% |
| Operating cash flow | 794 | 698 | -95 | -12.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 2,187 | — | — | -640 | 309 | — | S100L1ZW |
| FY ending Dec 2017 | 2,583 | — | — | 141 | 470 | — | S100NQY4 |
| FY ending Dec 2018 | 3,241 | — | — | 111 | 222 | — | S100QH3U |
| FY ending Dec 2020 | 4,385 | -26 | -0.6% | 19 | 466 | 181 | S100NQY4 |
| FY ending Dec 2021 | 6,571 | 356 | 5.4% | 764 | 679 | 404 | S100QH3U |
| FY ending Dec 2022 | 7,907 | — | — | 1,819 | 794 | — | S100XTX2 |
| FY ending Dec 2023 | 4,740 | 220 | 4.7% | 227 | 698 | 315 | S100VIJ4 |

## People and productivity（FY ending Dec 2023, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.2M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Dec 2018 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 100 | 116 | 130 | 103 | 118 |
| Average salary (parent company) | — | ¥6.3M | ¥6.1M | — | ¥6.1M |
| Average age (parent company) | — | 34.9 years | 35.7 years | — | 33.6 years |
| Average tenure (parent company) | — | 2.6 years | 3.2 years | — | 2.7 years |

Year over year: Employees (consolidated) +14.6% · Revenue (consolidated) -40.1%

## Segments（FY ending Dec 2023, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Social media marketing support business | 4,740 | 100.0% | 280 | 5.9% |
| Web3 related business | — | 0.0% | -59 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Social media marketing support business | 100.0% | 5.9% |
| Web3 related business | — | — |

Loss-making segment (excluded from profit shares): Web3 related business -59 JPY mn

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2023, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 698 | 14.7% | S100VIJ4 |
| Capital expenditure | 383 | 8.1% | S100VIJ4 |
| Free cash flow | 315 | 6.7% | 算出 |
| Investing cash flow | -716 | -15.1% | S100VIJ4 |
| Financing cash flow | -155 | -3.3% | S100VIJ4 |
| Change in cash | -101 | -2.1% | S100VIJ4 |
| Cash and equivalents | 3,496 | 73.8% | S100XTX2 |

## 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 Dec 2018 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,976 | 2,067 | 2,599 | 3,597 | 3,496 | S100L1ZW, S100QH3U, S100T5RQ, S100XTX2 |
| Total assets | 5,815 | 5,768 | 7,315 | 8,471 | 8,490 | S100QH3U, S100NQY4, S100XTX2, S100VIJ4 |
| Net assets | 4,638 | 2,972 | 4,131 | — | 6,137 | S100L1ZW, S100QH3U, S100T5RQ, S100XTX2 |
| Share capital | — | 2,360 | 2,428 | — | 2,439 | S100NQY4, S100QH3U, S100VIJ4 |
| Property, plant and equipment | — | 31 | 27 | — | 29 | S100NQY4, S100QH3U, S100VIJ4 |
| Goodwill | — | 1,368 | 1,531 | — | 1,616 | S100NQY4, S100QH3U, S100VIJ4 |
| Current assets | — | 2,710 | 3,444 | — | 4,240 | S100NQY4, S100QH3U, S100VIJ4 |
| Total liabilities | — | 2,796 | 3,183 | — | 2,353 | S100NQY4, S100QH3U, S100VIJ4 |
| Equity attributable to owners of parent | — | 2,794 | 3,867 | — | 6,137 | S100NQY4, S100QH3U, S100VIJ4 |
| Retained earnings | — | -2,006 | -1,241 | — | 804 | S100NQY4, S100QH3U, S100VIJ4 |
| Treasury stock | — | -140 | -140 | — | -140 | S100NQY4, S100QH3U, S100VIJ4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XTX2 |
| Property, plant and equipment | 0% | S100VIJ4 |
| Intangibles and goodwill | 19% | — |
| Other assets | 40% | S100VIJ4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100VIJ4 |
| Equity | 72% | S100XTX2 |

### Balance sheet history

| Metric | FY ending Dec 2018 | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,815 | 5,768 | 7,315 | 8,471 | 8,490 |
| Equity | 4,638 | 2,972 | 4,131 | — | 6,137 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,976 | 2,067 | 2,599 | 3,597 | 3,496 |

## 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) | 0.6% | S100VIJ4 |
| Fixed assets ÷ total assets | 0.3% | S100VIJ4 |
| Goodwill ÷ parent equity | 26.3% | S100VIJ4 |

### 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) | 41.2% |
| Cash ÷ revenue | 73.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 316.7% |
| Cash vs. profit gap | 472 JPY mn (of net income 208.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 102.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2018 | 3.4% | 0.56× | 1.9% | 1.25× | 2.4% | S100QH3U, S100L1ZW |
| 2020 | 0.4% | 0.76× | 0.3% | 2.06× | 0.7% | S100NQY4 |
| 2021 | 11.6% | 1.00× | 11.7% | 1.96× | 23.0% | S100QH3U |
| 2022 | — | —× | 23.0% | —× | — | S100XTX2 |
| 2023 | 4.8% | 0.56× | 2.7% | 1.38× | 3.7% | S100VIJ4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 内山 幸樹 | Major shareholder | 18.3% | 2025-12-31 |
| 株式会社Ｆａｂｅｒ Ｃｏｍｐａｎｙ | Major shareholder | 6.3% | 2025-12-31 |
| 鈴木 智博 | Major shareholder | 3.1% | 2025-12-31 |
| 水元 公仁 | Major shareholder | 2.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.8% | 2025-12-31 |
| 檜野 安弘 | Major shareholder | 1.2% | 2025-12-31 |
| 合同会社ＵＫ | Major shareholder | 1.2% | 2025-12-31 |
| 小池 秀之 | Major shareholder | 1.1% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 渡部 和幸 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XTX2 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTX2,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VIJ4 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIJ4,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T5RQ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5RQ,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QH3U | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH3U,, |
| 有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100NQY4 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQY4,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100L1ZW | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1ZW,, |

## 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).