# i-mobile Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2024/08/01－2025/07/31) (S100WW4T)
> Page: https://vizora.meequs.com/en/company/i-mobile
> Retrieved: 2026-09-30T21:33:04.280Z

## Company

i-mobile, founded in 2007, is a company in Internet Services & Apps listed on TSE Prime. It has 215 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | i-mobile Co.,Ltd. |
| Ticker | 6535 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6535.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷三丁目26番20号 |
| Representative (per filing) | 代表取締役社長 野口 哲也 |
| Founded | Aug 2007 |
| Share capital | ¥152M |
| Employees (consolidated) | 215 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | July |
| Website | www.i-mobile.co.jp (https://www.i-mobile.co.jp/) |
| Corporate number | 4011001059087 |
| EDINET | E32687 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100WW4T, filed 2025-10-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.3 | 40 |
| Profitability | 75.5 | 51 |
| Cash conversion | 52.3 | 43 |
| Efficiency | 31.7 | 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)

- About 89% of i-mobile's sales come from Consumer, with Internet advertising business making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +16.5%.

## Company structure

- Segment revenue mix: Consumer 88.8%、Internet advertising business 11.2%
- Revenue → net income: ¥21528000000 → ¥2957000000
- Net income → operating cash flow: ¥2957000000 → ¥4816000000（difference ¥1859000000）
- Main uses of operating cash flow: CapEx ¥918000000 / dividends ¥1268000000 / buybacks ¥1124000000
- Change in cash: ¥-1106000000
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 | ¥21.5B |  |
| Operating income | ¥4.13B | Margin 19.2% |
| Net income | ¥2.96B | Margin 13.7% |
| Free cash flow | ¥3.9B |  |
| Largest business | Consumer | of segment revenue 88.8% |
| Employees (consolidated) | 215 |  |
| EPS | ¥53.13 |  |
| Diluted EPS | ¥53.08 |  |
| Book value per share | ¥268.06 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 58,147,188 |  |
| Treasury shares | 2,100,000 |  |
| Shareholders | 11,927 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 64.2% | Cash ÷ revenue 81.3% |
| Vs. industry median margin | +11.5 pp | Internet Services & Apps |
| ROE | 18.7% | Derived from disclosed figures |
| ROA | 11.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 96% of positive segment profit
- FY2025, cash is 64% of total assets
- FY2025, employees -2% while operating income rose 16%

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14901589000 | ¥21528000000 | +44.5% |
| Operating income | ¥2246107000 | ¥4133000000 | +84.0% |
| Operating margin | 15.1% | 19.2% | +4.1 pp |
| Employees | 224 people | 215 people | -4.0% |
| Cash and equivalents | ¥12363000000 | ¥17496000000 | +41.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| コンシューマ事業 → コンシューマ事業 | 30.3% |
| インターネット広告事業 → インターネット広告事業 | 11.2% |
| インターネット広告事業 → 事業再編・廃止 | 58.5% |
| 新設・再編 → コンシューマ事業 | 58.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,528 | 100.0% | S100WW4T |
| Cost of revenue | 28 | 0.1% | S100WW4T |
| Gross profit | 21,500 | 99.9% | S100WW4T |
| SG&A | 17,367 | 80.7% | S100WW4T |
| Operating income | 4,133 | 19.2% | S100WW4T |
| Ordinary income | 4,069 | 18.9% | S100WW4T |
| Pretax income | 4,124 | 19.2% | S100WW4T |
| Income tax | 1,167 | 5.4% | S100WW4T |
| Net income | 2,957 | 13.7% | S100WW4T |
| Net income attributable to owners | 2,957 | 13.7% | S100WW4T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 0 |
| SG&A | 81 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 99.9% → Operating margin 19.2% → Net margin 13.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +16.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.10×
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 | 18,735 | 21,528 | 2,793 | +14.9% |
| Gross profit | 18,702 | 21,500 | 2,798 | +15.0% |
| Operating income | 3,549 | 4,133 | 584 | +16.5% |
| Net income attributable to owners | 2,420 | 2,957 | 537 | +22.2% |
| Operating cash flow | 3,793 | 4,816 | 1,023 | +27.0% |
| Free cash flow | 3,333 | 3,898 | 565 | +17.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 21,139 | 3,161 | 15.0% | 1,368 | 3,261 | 3,166 | S100JYZR |
| FY ending Jul 2020 | 14,902 | 2,246 | 15.1% | 1,728 | 440 | 357 | S100MN8C |
| FY ending Jul 2021 | 11,592 | 3,382 | 29.2% | 2,299 | 3,959 | 3,895 | S100PF2T |
| FY ending Jul 2022 | 13,933 | 3,793 | 27.2% | 2,678 | 3,225 | 3,107 | S100S2J3 |
| FY ending Jul 2023 | 16,426 | 3,525 | 21.5% | 2,404 | 4,388 | 4,045 | S100UKZW |
| FY ending Jul 2024 | 18,735 | 3,549 | 18.9% | 2,420 | 3,793 | 3,333 | S100WW4T |
| FY ending Jul 2025 | 21,528 | 4,133 | 19.2% | 2,957 | 4,816 | 3,898 | S100WW4T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.1M |
| Operating income per employee (consolidated) | ¥19.2M |
| Net income per employee (consolidated) | ¥13.8M |

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) | 204 | 200 | 208 | 219 | 215 |
| Average salary (parent company) | ¥5.9M | ¥6.3M | ¥6.5M | ¥6.7M | ¥7M |
| Average age (parent company) | 32.5 years | 33.5 years | 34.3 years | 35.2 years | 36.0 years |
| Average tenure (parent company) | 4.7 years | 5.4 years | 5.6 years | 5.9 years | 6.4 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +14.9%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consumer | 19,059 | 88.8% | 4,021 | 21.1% |
| Internet advertising business | 2,406 | 11.2% | 153 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consumer | 88.8% | 96.3% | 7.5 | 21.1% |
| Internet advertising business | 11.2% | 3.7% | -7.5 | 6.4% |

Segment → industry: Consumer → Internet Services & Apps / Internet advertising business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,816 | 22.4% | S100WW4T |
| Capital expenditure | 918 | 4.3% | S100WW4T |
| Free cash flow | 3,898 | 18.1% | 算出 |
| Investing cash flow | -3,619 | -16.8% | S100WW4T |
| Financing cash flow | -2,303 | -10.7% | S100WW4T |
| Dividends paid | 1,268 | 5.9% | S100WW4T |
| Share buyback | 1,124 | 5.2% | S100WW4T |
| Change in cash | -1,106 | -5.1% | S100WW4T |
| Cash and equivalents | 17,496 | 81.3% | S100WW4T |

## 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 | 15,422 | 14,268 | 16,218 | 18,602 | 17,496 | S100S2J3, S100UKZW, S100WW4T |
| Total assets | 18,992 | 18,193 | 21,721 | 24,488 | 27,264 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Net assets | 14,720 | 13,406 | 14,079 | 15,633 | 16,221 | S100S2J3, S100UKZW, S100WW4T |
| Share capital | 152 | 152 | 152 | 152 | 152 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Property, plant and equipment | 150 | 166 | 396 | 1,048 | 1,084 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Intangible assets excluding goodwill | 370 | 338 | 272 | 279 | 380 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Goodwill | 215 | 172 | 75 | 5 | — | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Investment securities | 383 | 528 | 502 | 477 | 462 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Current assets | 17,627 | 16,684 | 19,613 | 21,383 | 23,835 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Current liabilities | 4,208 | 4,723 | 7,582 | 8,730 | 10,912 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Total liabilities | 4,272 | 4,787 | 7,642 | 8,855 | 11,043 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Equity attributable to owners of parent | 14,712 | 13,303 | 13,938 | 15,445 | 16,112 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Retained earnings | 13,422 | 13,432 | 15,071 | 15,446 | 17,134 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |
| Treasury stock | -523 | -354 | -1,387 | -227 | -1,248 | S100PF2T, S100S2J3, S100UKZW, S100WW4T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100WW4T |
| Property, plant and equipment | 4% | S100WW4T |
| Intangibles and goodwill | 1% | S100WW4T |
| Investment securities | 2% | S100WW4T |
| Other assets | 29% | S100WW4T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100WW4T |
| Equity | 59% | S100WW4T |

### 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 | 18,992 | 18,193 | 21,721 | 24,488 | 27,264 |
| Equity | 14,720 | 13,406 | 14,079 | 15,633 | 16,221 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,422 | 14,268 | 16,218 | 18,602 | 17,496 |

## 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) | 5.0% | S100WW4T |
| Fixed assets ÷ total assets | 4.0% | S100WW4T |
| Goodwill ÷ parent equity | — | —, S100WW4T |

### 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) | 64.2% |
| Cash ÷ revenue | 81.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.5% |
| Cash vs. profit gap | 1,859 JPY mn (of net income 62.9%) |
| Shareholder returns / net income | 80.9% |
| Shareholder returns / FCF | 61.4% |
| Shareholder payments — dividends / net income | 42.9% |
| Shareholder payments — dividends / FCF | 32.5% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 75.1% |

## 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 | 19.8% | 0.61× | 12.1% | 1.29× | 15.6% | S100PF2T |
| 2022 | 19.2% | 0.75× | 14.4% | 1.33× | 19.1% | S100S2J3 |
| 2023 | 14.6% | 0.82× | 12.0% | 1.47× | 17.6% | S100UKZW |
| 2024 | 12.9% | 0.81× | 10.5% | 1.57× | 16.5% | S100WW4T |
| 2025 | 13.7% | 0.83× | 11.4% | 1.64× | 18.7% | S100WW4T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ティーネット | Major shareholder | 22.3% | 2025-07-31 |
| 株式会社あさひ | Major shareholder | 21.4% | 2025-07-31 |
| 田中 俊彦 | Major shareholder | 6.8% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2025-07-31 |
| 野口 哲也 | Major shareholder | 6.5% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2025-07-31 |
| 山下 良久 | Major shareholder | 0.9% | 2025-07-31 |
| バークレイズ証券株式会社 | Major shareholder | 0.9% | 2025-07-31 |
| THE BANK OF NEWYORK MELLON 140044 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2025-07-31 |
| 中村 英生 | Major shareholder | 0.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/08/01－2025/07/31) | S100WW4T | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW4T,, |
| 有価証券報告書－第17期(2023/08/01－2024/07/31) | S100UKZW | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UKZW,, |
| 有価証券報告書－第16期(2022/08/01－2023/07/31) | S100S2J3 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2J3,, |
| 有価証券報告書－第15期(令和3年8月1日－令和4年7月31日) | S100PF2T | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF2T,, |
| 有価証券報告書－第14期(令和2年8月1日－令和3年7月31日) | S100MN8C | 2021-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MN8C,, |
| 有価証券報告書－第13期(令和1年8月1日－令和2年7月31日) | S100JYZR | 2020-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYZR,, |

## 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).