# Inbound Platform Corp.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/10/01－2025/09/30) (S100XBLH)
> Page: https://vizora.meequs.com/en/company/inbound-platform
> Retrieved: 2026-09-30T18:18:15.900Z

## Company

Inbound Platform, founded in 2015, is a company in Telecom Carriers listed on TSE Growth. It has 63 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Inbound Platform Corp. |
| Ticker | 5587 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5587.T) |
| Listing | TSE Growth |
| Head office | 東京都港区新橋六丁目14番5号 |
| Representative (per filing) | 代表取締役社長 王伸 |
| Founded | Oct 2015 |
| Share capital | ¥351.6M |
| Employees (consolidated) | 63 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Website | www.inbound-platform.com (https://www.inbound-platform.com/) |
| Corporate number | 2011001107558 |
| EDINET | E38864 |
| Industries (Vizora) | Telecom Carriers, Internet Services & Apps, Travel Agencies |

> Profile source: annual securities report (S100XBLH, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 40.9 | 11 |
| Cash conversion | 95 | 10 |
| Efficiency | 68.2 | 11 |

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 55% of Inbound Platform's sales come from Mobile network business, with Life media tech business and Camping car business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +28.8% from the prior year, operating profit +64.9%.

## Company structure

- Segment revenue mix: Mobile network business 54.7%、Life media tech business 41.1%、Camping car business 4.1%、Other 0.2%
- Revenue → net income: ¥3006963000 → ¥202149000
- Net income → operating cash flow: ¥202149000 → ¥616024000（difference ¥413875000）
- Main uses of operating cash flow: CapEx ¥301639000 / dividends — / buybacks ¥33000
- Change in cash: ¥310900000
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 | ¥3.01B |  |
| Operating income | ¥296.7M | Margin 9.9% |
| Net income | ¥202.8M | Margin 6.7% |
| Free cash flow | ¥314.4M |  |
| Largest business | Mobile network business | of segment revenue 54.7% |
| Employees (consolidated) | 63 |  |
| EPS | ¥59.75 |  |
| Diluted EPS | ¥58.14 |  |
| Book value per share | ¥412.52 |  |
| Equity ratio | 52.5% |  |
| Shares outstanding | 3,449,600 |  |
| Shareholders | 1,306 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 34.0% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | -2 pp | Telecom Carriers |
| ROE | 14.4% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income
- FY2025, cash is 34% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1138803000 | ¥3006963000 | — |
| Operating income | ¥130931000 | ¥296720000 | — |
| Operating margin | 11.5% | 9.9% | -1.6 pp |
| Employees | 41 people | 63 people | — |
| Cash and equivalents | ¥521446000 | ¥920874000 | — |

### Change in segment revenue mix

Span: FY ending Sep 2022 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Wi-Fi事業 → 事業再編・廃止 | 62.2% |
| ライフメディアテック事業 → ライフメディアテック事業 | 33.9% |
| キャンピングカー事業 → キャンピングカー事業 | 3.6% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → モバイルネットワーク事業 | 54.7% |
| 新設・再編 → ライフメディアテック事業 | 7.2% |
| 新設・再編 → キャンピングカー事業 | 0.5% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile network business | — | — | ¥1643545000 | 5.9% | 2 |
| Life media tech business | — | — | ¥1236154000 | 15.6% | 2 |
| Camping car business | — | — | ¥122725000 | 5.0% | 2 |
| Other | — | — | ¥4538000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,007 | 100.0% | S100XBLH |
| Cost of revenue | 742 | 24.7% | S100XBLH |
| Gross profit | 2,265 | 75.3% | S100XBLH |
| SG&A | 1,968 | 65.4% | S100XBLH |
| Operating income | 297 | 9.9% | S100XBLH |
| Ordinary income | 291 | 9.7% | S100XBLH |
| Pretax income | 286 | 9.5% | S100XBLH |
| Income tax | 84 | 2.8% | S100XBLH |
| Net income | 202 | 6.7% | S100XBLH |
| Net income attributable to owners | 203 | 6.7% | S100XBLH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 65 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 75.3% → Operating margin 9.9% → Net margin 6.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,334 | 3,007 | 673 | +28.8% |
| Gross profit | 1,409 | 2,265 | 856 | +60.7% |
| Operating income | 180 | 297 | 117 | +64.9% |
| Operating cash flow | 200 | 616 | 416 | +208.1% |
| Free cash flow | -129 | 314 | 443 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 1,139 | 131 | 11.5% | 97 | 121 | -24 | S100SIPM |
| FY ending Sep 2023 | 2,077 | 335 | 16.1% | 252 | 643 | 341 | S100UZQA |
| FY ending Sep 2024 | 2,334 | 180 | 7.7% | 127 | 200 | -129 | S100UZQA |
| FY ending Sep 2025 | 3,007 | 297 | 9.9% | 203 | 616 | 314 | S100XBLH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.7M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 41 | 61 | 61 | 63 |
| Average salary (parent company) | — | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | — | 35.2 years | 35.2 years | 37.7 years |
| Average tenure (parent company) | — | 2.3 years | 2.6 years | 3.0 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile network business | 1,644 | 54.7% | 98 | 5.9% |
| Life media tech business | 1,236 | 41.1% | 193 | 15.6% |
| Camping car business | 123 | 4.1% | 6 | 5.0% |
| Other | 5 | 0.2% | — | — |

### 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 |
| --- | ---: |
| Mobile network business | 54.7% |
| Life media tech business | 41.1% |
| Camping car business | 4.1% |
| Other | 0.2% |

Segment → industry: Mobile network business → Telecom Carriers / Life media tech business → Internet Services & Apps / Camping car business → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 616 | 20.5% | S100XBLH |
| Capital expenditure | 302 | 10.0% | S100XBLH |
| Free cash flow | 314 | 10.5% | 算出 |
| Investing cash flow | -360 | -12.0% | S100XBLH |
| Financing cash flow | 55 | 1.8% | S100XBLH |
| Share buyback | 0 | 0.0% | S100XBLH |
| Change in cash | 311 | 10.3% | S100XBLH |
| Cash and equivalents | 921 | 30.6% | S100XBLH |

## 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 Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 521 | 1,204 | 610 | 921 | S100UZQA, S100XBLH |
| Total assets | 919 | 1,821 | 1,958 | 2,706 | S100SIPM, S100UZQA, S100XBLH |
| Net assets | 365 | 1,049 | 1,205 | 1,424 | S100UZQA, S100XBLH |
| Share capital | 121 | 337 | 352 | 352 | S100SIPM, S100UZQA, S100XBLH |
| Property, plant and equipment | 187 | 293 | 309 | 339 | S100SIPM, S100UZQA, S100XBLH |
| Intangible assets excluding goodwill | 130 | 191 | 310 | 420 | S100SIPM, S100UZQA, S100XBLH |
| Investment securities | — | — | 30 | 48 | S100UZQA, S100XBLH |
| Current assets | 570 | 1,281 | 846 | 1,379 | S100SIPM, S100UZQA, S100XBLH |
| Current liabilities | 283 | 558 | 578 | 1,066 | S100SIPM, S100UZQA, S100XBLH |
| Long-term borrowings | 265 | 204 | 165 | 205 | S100SIPM, S100UZQA, S100XBLH |
| Total liabilities | 555 | 773 | 753 | 1,282 | S100SIPM, S100UZQA, S100XBLH |
| Non-controlling interests | — | — | — | 4 | S100XBLH |
| Equity attributable to owners of parent | 365 | 1,049 | 1,205 | 1,407 | S100SIPM, S100UZQA, S100XBLH |
| Retained earnings | -37 | 215 | 342 | 545 | S100SIPM, S100UZQA, S100XBLH |
| Treasury stock | — | — | — | -0 | S100XBLH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100XBLH |
| Property, plant and equipment | 13% | S100XBLH |
| Intangibles and goodwill | 15% | S100XBLH |
| Investment securities | 2% | S100XBLH |
| Other assets | 36% | S100XBLH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XBLH |
| Equity | 53% | S100XBLH |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 919 | 1,821 | 1,958 | 2,706 |
| Equity | 365 | 1,049 | 1,205 | 1,424 |
| Interest-bearing debt | — | — | — | — |
| Cash | 521 | 1,204 | 610 | 921 |

## 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) | 11.3% | S100XBLH |
| Fixed assets ÷ total assets | 12.5% | S100XBLH |
| Goodwill ÷ parent equity | — | —, S100XBLH |

### 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) | 34.0% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 207.6% |
| Cash vs. profit gap | 413 JPY mn (of net income 203.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.0% |
| Investing CF relative to operating CF | 58.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.5% | 1.24× | 10.5% | 2.52× | 26.6% | S100SIPM |
| 2023 | 12.1% | 1.52× | 18.4% | 1.94× | 35.7% | S100UZQA |
| 2024 | 5.4% | 1.24× | 6.7% | 1.68× | 11.3% | S100UZQA |
| 2025 | 6.7% | 1.11× | 7.5% | 1.92× | 14.4% | S100XBLH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エアトリ | Major shareholder | 65.1% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 8.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| クールジャパン投資事業有限責任組合 | Major shareholder | 2.5% | 2025-09-30 |
| 菅原 洋 | Major shareholder | 1.4% | 2025-09-30 |
| 山口 憲一 | Major shareholder | 0.9% | 2025-09-30 |
| 広田証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 王 伸 | Major shareholder | 0.8% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2025-09-30 |
| Ｊ．Ｐ．ＭＯＲＧＡＮ ＳＥ | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/10/01－2025/09/30) | S100XBLH | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBLH,, |
| 有価証券報告書－第9期(2023/10/01－2024/09/30) | S100UZQA | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZQA,, |
| 有価証券報告書－第8期(2022/10/01－2023/09/30) | S100SIPM | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIPM,, |

## 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).