# I-FREEK MOBILE 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26期(2025/04/01－2026/03/31) (S100YJ02)
> Page: https://vizora.meequs.com/en/company/i-freek-mobile
> Retrieved: 2026-09-30T22:07:19.597Z

## Company

I-Freek Mobile, founded in 2000, is a company in IT Services & System Integration listed on TSE Standard. It has 354 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | I-FREEK MOBILE INC. |
| Ticker | 3845 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3845.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿二丁目1番11号 |
| Representative (per filing) | 代表取締役社長 吉田 邦臣 |
| Founded | Jun 2000 |
| Share capital | ¥45.1M |
| Employees (consolidated) | 354 |
| Average salary (parent only) | ¥3.7M |
| Fiscal year end | March |
| Website | www.i-freek.co.jp (https://www.i-freek.co.jp/) |
| Corporate number | 2290001021923 |
| EDINET | E05682 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Streaming |

> Profile source: annual securities report (S100YJ02, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.1 | 88 |
| Cash conversion | 26.9 | 80 |
| Efficiency | 55.1 | 88 |

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 98% of I-Freek Mobile's sales come from DX business, with contents making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -6.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: DX business 98.1%、contents 1.9%
- Revenue → net income: ¥1865469000 → ¥43203000
- Net income → operating cash flow: ¥43203000 → ¥22841000（difference ¥-20362000）
- Main uses of operating cash flow: CapEx ¥239000 / dividends — / buybacks —
- Change in cash: ¥37984000
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 | ¥1.87B |  |
| Operating income | ¥29.9M | Margin 1.6% |
| Net income | ¥43.2M | Margin 2.3% |
| Free cash flow | ¥22.6M |  |
| Largest business | DX business | of segment revenue 98.1% |
| Employees (consolidated) | 354 |  |
| EPS | ¥1.97 |  |
| Diluted EPS | ¥1.96 |  |
| Book value per share | ¥43.56 |  |
| Equity ratio | 70.8% |  |
| Shares outstanding | 22,239,641 |  |
| Shareholders | 2,421 |  |
| Average salary (parent only) | ¥3.7M | Filing company only |
| Cash ratio | 76.1% | Cash ÷ revenue 55.8% |
| Vs. industry median margin | -7.3 pp | IT Services & System Integration |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 76% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2627011000 | ¥1865469000 | — |
| Operating income | ¥162166000 | ¥29932000 | — |
| Operating margin | 6.2% | 1.6% | -4.6 pp |
| Employees | 562 people | 354 people | — |
| Cash and equivalents | ¥635310000 | ¥1041600000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンテンツ事業 → コンテンツ事業 | 1.9% |
| コンテンツ事業 → 事業再編・廃止 | 9.5% |
| コンテンツクリエイターサービス事業 → 事業再編・廃止 | 88.5% |
| 新設・再編 → DX事業 | 98.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,865 | 100.0% | S100YJ02 |
| Cost of revenue | 1,399 | 75.0% | S100YJ02 |
| Gross profit | 466 | 25.0% | S100YJ02 |
| SG&A | 436 | 23.4% | S100YJ02 |
| Operating income | 30 | 1.6% | S100YJ02 |
| Ordinary income | 32 | 1.7% | S100YJ02 |
| Pretax income | 44 | 2.3% | S100YJ02 |
| Income tax | 1 | 0.0% | S100YJ02 |
| Net income | 43 | 2.3% | S100YJ02 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.0% → Operating margin 1.6% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 2,005 | 1,865 | -139 | -6.9% |
| Gross profit | 509 | 466 | -43 | -8.5% |
| Operating income | -62 | 30 | 92 | — |
| Operating cash flow | 27 | 23 | -4 | -14.3% |
| Free cash flow | 17 | 23 | 5 | +30.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,666 | -236 | -14.2% | -215 | -197 | -208 | S100LSZR |
| FY ending Mar 2021 | 3,091 | -152 | -4.9% | -73 | 2 | -3 | S100OKHQ |
| FY ending Mar 2022 | 2,627 | 162 | 6.2% | 253 | 129 | 118 | S100R7HY |
| FY ending Mar 2023 | 2,605 | 84 | 3.2% | 149 | 164 | 159 | S100TVTY |
| FY ending Mar 2024 | 2,571 | -95 | -3.7% | -100 | -4 | -19 | S100TVTY |
| FY ending Mar 2024 | 1,510 | -7 | -0.5% | -100 | -4 | — | S100W5CN |
| FY ending Mar 2025 | 2,005 | -62 | -3.1% | -111 | 27 | 17 | S100YJ02 |
| FY ending Mar 2026 | 1,865 | 30 | 1.6% | 43 | 23 | 23 | S100YJ02 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥5.3M |
| Operating income per employee (consolidated) | ¥84.6K |
| Net income per employee (consolidated) | ¥122K |

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 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 575 | 569 | 260 | 459 | 354 |
| Average salary (parent company) | ¥3.1M | ¥3.3M | — | ¥3.5M | ¥3.7M |
| Average age (parent company) | 30.4 years | 31.0 years | — | 32.2 years | 31.9 years |
| Average tenure (parent company) | 2.8 years | 3.9 years | — | 4.0 years | 5.0 years |

Year over year: Employees (consolidated) -22.9% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| contents | 36 | 1.9% | -7 | -19.3% |
| DX business | 1,829 | 98.1% | 262 | 14.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| contents | 1.9% | — | — | -19.3% |
| DX business | 98.1% | 100.0% | 1.9 | 14.3% |

Loss-making segment (excluded from profit shares): contents -7 JPY mn

Segment → industry: DX business → IT Services & System Integration / DX business → HR & Staffing / contents → Streaming

## 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 | 23 | 1.2% | S100YJ02 |
| Capital expenditure | 0 | 0.0% | S100YJ02 |
| Free cash flow | 23 | 1.2% | 算出 |
| Investing cash flow | 23 | 1.2% | S100YJ02 |
| Financing cash flow | -8 | -0.4% | S100YJ02 |
| Change in cash | 38 | 2.0% | S100YJ02 |
| Cash and equivalents | 1,042 | 55.8% | S100YJ02 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 676 | 718 | 522 | 1,004 | 1,042 | S100TVTY, S100YJ02 |
| Total assets | 1,195 | 1,287 | 1,104 | 1,392 | 1,368 | S100TVTY, S100W5CN, S100YJ02 |
| Net assets | 826 | 672 | 702 | 860 | 973 | S100TVTY, S100YJ02 |
| Share capital | 10 | 10 | 10 | 145 | 45 | S100TVTY, S100W5CN, S100YJ02 |
| Property, plant and equipment | 11 | 24 | 11 | — | 2 | S100TVTY, S100W5CN, S100YJ02 |
| Intangible assets excluding goodwill | 40 | 19 | 1 | — | — | S100TVTY, S100W5CN |
| Goodwill | 39 | 18 | — | — | — | S100TVTY |
| Investment securities | 0 | 16 | 16 | — | — | S100TVTY, S100W5CN |
| Current assets | 1,135 | 1,211 | 791 | 1,384 | 1,360 | S100TVTY, S100W5CN, S100YJ02 |
| Current liabilities | 289 | 415 | 206 | 315 | 251 | S100TVTY, S100W5CN, S100YJ02 |
| Long-term borrowings | 77 | 193 | 193 | 214 | 141 | S100TVTY, S100W5CN, S100YJ02 |
| Total liabilities | 369 | 615 | 403 | 532 | 395 | S100TVTY, S100W5CN, S100YJ02 |
| Equity attributable to owners of parent | 820 | 667 | 696 | 855 | 969 | S100TVTY, S100W5CN, S100YJ02 |
| Retained earnings | 348 | 195 | 232 | 122 | 165 | S100TVTY, S100W5CN, S100YJ02 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100YJ02 |
| Property, plant and equipment | 0% | S100YJ02 |
| Other assets | 24% | S100YJ02 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YJ02 |
| Equity | 71% | S100YJ02 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,195 | 1,287 | 1,104 | 1,392 | 1,368 |
| Equity | 826 | 672 | 702 | 860 | 973 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 676 | 718 | 522 | 1,004 | 1,042 |

## 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) | 0.1% | S100YJ02 |
| Fixed assets ÷ total assets | 0.2% | S100YJ02 |
| Goodwill ÷ parent equity | — | —, S100YJ02 |

### 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) | 76.1% |
| Cash ÷ revenue | 55.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.3% |
| Cash vs. profit gap | -20 JPY mn (of net income -47.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 99.2% |

## 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 | 5.7% | 2.18× | 12.4% | 1.46× | 18.1% | S100TVTY |
| 2024 | — | —× | -8.0% | —× | — | S100TVTY |
| 2024 | — | —× | -9.0% | —× | — | S100YJ02, S100W5CN |
| 2025 | — | —× | -8.9% | —× | — | S100YJ02 |
| 2026 | 2.3% | 1.35× | 3.1% | 1.51× | 4.7% | S100YJ02 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 22.8% | 2026-03-31 |
| 辛 澤 | Major shareholder | 19.7% | 2026-03-31 |
| 株式会社ランニング | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.9% | 2026-03-31 |
| 永田 浩一 | Major shareholder | 2.8% | 2026-03-31 |
| 梁 振豪 | Major shareholder | 2.7% | 2026-03-31 |
| みずほ証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 1.6% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 松本 真也 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YJ02 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ02,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W5CN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5CN,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TVTY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVTY,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R7HY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7HY,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OKHQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKHQ,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LSZR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSZR,, |

## 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).