# Interfactory,Inc.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/06/01－2026/05/31) (S100YXG0)
> Page: https://vizora.meequs.com/en/company/interfactory
> Retrieved: 2026-09-30T21:03:25.982Z

## Company

Interfactory, founded in 2025, is a company in Software & SaaS listed on TSE Growth. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Interfactory, Inc. |
| Ticker | 4057 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4057.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区富士見二丁目10番2号 |
| Representative (per filing) | 代表取締役社長兼CEO 蕪木 登 |
| Founded | Aug 2025 |
| Share capital | ¥435.7M |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | May |
| Website | www.interfactory.co.jp (https://www.interfactory.co.jp/) |
| Corporate number | 9011601012325 |
| EDINET | E35765 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YXG0, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31 | 105 |
| Profitability | 14.1 | 145 |
| Cash conversion | 86.3 | 128 |
| Efficiency | 86.6 | 145 |

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 95% of Interfactory's sales come from CloudCommercePlatform, with EcBusinessGrowth and datautillization making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -67.0%.

## Company structure

- Segment revenue mix: CloudCommercePlatform 95.4%、EcBusinessGrowth 4.5%、datautillization 0.0%
- Revenue → net income: ¥2862170000 → ¥34345000
- Net income → operating cash flow: ¥34345000 → ¥145496000（difference ¥111151000）
- Main uses of operating cash flow: CapEx ¥206882000 / dividends — / buybacks ¥11000
- Change in cash: ¥-90647000
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 | ¥2.86B |  |
| Operating income | ¥64.7M | Margin 2.3% |
| Net income | ¥34.3M | Margin 1.2% |
| Free cash flow | -¥61.4M |  |
| Largest business | CloudCommercePlatform | of segment revenue 95.4% |
| Employees (consolidated) | 163 |  |
| EPS | ¥8.51 |  |
| Diluted EPS | ¥8.48 |  |
| Book value per share | ¥300.29 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 4,125,700 |  |
| Treasury shares | 90,000 |  |
| Shareholders | 1,952 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | -10.2 pp | Software & SaaS |
| ROE | 2.9% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.2× net income
- FY2026, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2170319000 | ¥2862170000 | +31.9% |
| Operating income | ¥208550000 | ¥64721000 | -69.0% |
| Operating margin | 9.6% | 2.3% | -7.3 pp |
| Employees | 133 people | 163 people | +22.6% |
| Cash and equivalents | ¥686552000 | ¥386660000 | -43.7% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. 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 → クラウドコマースプラットフォーム事業 | 95.4% |
| 新設・再編 → ＥＣビジネス成長支援事業 | 4.5% |
| 新設・再編 → データ利活用プラットフォーム事業 | 0.0% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CloudCommercePlatform | 3 years | +3.2% | ¥2731745000 | 30.8% | 2 |
| EcBusinessGrowth | 2 years | +12.6% | ¥129725000 | 3.4% | 2 |
| datautillization | — | — | ¥698000 | -8449.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,862 | 100.0% | S100YXG0 |
| Cost of revenue | 1,685 | 58.9% | S100YXG0 |
| Gross profit | 1,177 | 41.1% | S100YXG0 |
| SG&A | 1,112 | 38.9% | S100YXG0 |
| Operating income | 65 | 2.3% | S100YXG0 |
| Ordinary income | 54 | 1.9% | S100YXG0 |
| Pretax income | 54 | 1.9% | S100YXG0 |
| Income tax | 20 | 0.7% | S100YXG0 |
| Net income | 34 | 1.2% | S100YXG0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 39 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 41.1% → Operating margin 2.3% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -67.0%
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,865 | 2,862 | -3 | -0.1% |
| Gross profit | 1,221 | 1,177 | -44 | -3.6% |
| Operating income | 196 | 65 | -132 | -67.0% |
| Operating cash flow | 376 | 145 | -231 | -61.3% |
| Free cash flow | 201 | -61 | -262 | -130.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,830 | 171 | 9.4% | 104 | 138 | 77 | S100MCMC |
| FY ending May 2021 | 2,170 | 209 | 9.6% | 131 | 179 | 59 | S100PUHJ |
| FY ending May 2022 | 2,283 | 36 | 1.6% | 20 | -85 | -352 | S100RRA3 |
| FY ending May 2023 | 2,487 | 53 | 2.1% | 22 | 130 | -262 | S100U9QV |
| FY ending May 2024 | 2,595 | -25 | -1.0% | -32 | 50 | -98 | S100WK01 |
| FY ending May 2025 | 2,865 | 196 | 6.9% | 138 | 376 | 201 | S100YXG0 |
| FY ending May 2026 | 2,862 | 65 | 2.3% | 34 | 145 | -61 | S100YXG0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.6M |
| Operating income per employee (consolidated) | ¥397.1K |
| Net income per employee (consolidated) | ¥210.7K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 144 | 151 | 157 | 157 | 163 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.2M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 32.8 years | 33.7 years | 34.5 years | 34.8 years | 35.6 years |
| Average tenure (parent company) | 4.0 years | 4.7 years | 5.4 years | 6.1 years | 6.6 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CloudCommercePlatform | 2,732 | 95.4% | 841 | 30.8% |
| EcBusinessGrowth | 130 | 4.5% | 4 | 3.4% |
| datautillization | 1 | 0.0% | -59 | -8449.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CloudCommercePlatform | 95.4% | 99.5% | 4.0 | 30.8% |
| EcBusinessGrowth | 4.5% | 0.5% | -4.0 | 3.4% |
| datautillization | 0.0% | — | — | -8449.7% |

Loss-making segment (excluded from profit shares): datautillization -59 JPY mn

Segment → industry: datautillization → Software & SaaS / EcBusinessGrowth → Software & SaaS / CloudCommercePlatform → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 145 | 5.1% | S100YXG0 |
| Capital expenditure | 207 | 7.2% | S100YXG0 |
| Free cash flow | -61 | -2.1% | 算出 |
| Investing cash flow | -216 | -7.6% | S100YXG0 |
| Financing cash flow | -20 | -0.7% | S100YXG0 |
| Share buyback | 0 | 0.0% | S100YXG0 |
| Change in cash | -91 | -3.2% | S100YXG0 |
| Cash and equivalents | 387 | 13.5% | S100YXG0 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 376 | 302 | 306 | 477 | 387 | S100U9QV, S100WK01, S100YXG0 |
| Total assets | 1,500 | 1,705 | 1,800 | 2,113 | 1,994 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Net assets | 1,008 | 1,119 | 1,036 | 1,182 | 1,212 | S100U9QV, S100WK01, S100YXG0 |
| Share capital | 394 | 436 | 436 | 436 | 436 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Property, plant and equipment | 27 | 26 | 18 | 18 | 27 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Intangible assets excluding goodwill | 412 | 719 | 691 | 665 | 644 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Investment securities | 10 | 1 | 1 | 9 | 5 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Current assets | 971 | 878 | 1,015 | 1,331 | 1,233 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Current liabilities | 476 | 571 | 751 | 918 | 758 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Short-term borrowings | 150 | 250 | 400 | 370 | 350 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Total liabilities | 491 | 586 | 764 | 932 | 782 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Equity attributable to owners of parent | 1,008 | 1,115 | 1,036 | 1,173 | 1,208 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Retained earnings | 338 | 360 | 328 | 466 | 500 | S100RRA3, S100U9QV, S100WK01, S100YXG0 |
| Treasury stock | — | — | -47 | -47 | -47 | S100WK01, S100YXG0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YXG0 |
| Property, plant and equipment | 1% | S100YXG0 |
| Intangibles and goodwill | 32% | S100YXG0 |
| Investment securities | 0% | S100YXG0 |
| Other assets | 47% | S100YXG0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YXG0 |
| Equity | 61% | S100YXG0 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,500 | 1,705 | 1,800 | 2,113 | 1,994 |
| Equity | 1,008 | 1,119 | 1,036 | 1,182 | 1,212 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 376 | 302 | 306 | 477 | 387 |

## 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) | 0.9% | S100YXG0 |
| Fixed assets ÷ total assets | 1.3% | S100YXG0 |
| Goodwill ÷ parent equity | — | —, S100YXG0 |

### 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) | 19.4% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 224.8% |
| Cash vs. profit gap | 111 JPY mn (of net income 323.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 148.7% |

## 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 | 0.9% | 1.52× | 1.3% | 1.49× | 2.0% | S100RRA3 |
| 2023 | 0.9% | 1.55× | 1.4% | 1.51× | 2.1% | S100U9QV |
| 2024 | — | —× | -1.8% | —× | — | S100WK01 |
| 2025 | 4.8% | 1.46× | 7.0% | 1.77× | 12.5% | S100YXG0 |
| 2026 | 1.2% | 1.39× | 1.7% | 1.72× | 2.9% | S100YXG0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 蕪木 登 | Major shareholder | 34.2% | 2026-05-31 |
| 株式会社ケイエイビー | Major shareholder | 5.5% | 2026-05-31 |
| 蕪木 有紀 | Major shareholder | 5.0% | 2026-05-31 |
| 株式会社森本本店 | Major shareholder | 3.5% | 2026-05-31 |
| インターファクトリー従業員持株会 | Major shareholder | 3.2% | 2026-05-31 |
| 松本 栄治 | Major shareholder | 2.2% | 2026-05-31 |
| 楽天証券株式会社 | Major shareholder | 2.0% | 2026-05-31 |
| 兼井 聡 | Major shareholder | 1.9% | 2026-05-31 |
| 川端 修三 | Major shareholder | 1.5% | 2026-05-31 |
| 三石 祐輔 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/06/01－2026/05/31) | S100YXG0 | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXG0,, |
| 有価証券報告書－第22期(2024/06/01－2025/05/31) | S100WK01 | 2025-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WK01,, |
| 有価証券報告書－第21期(2023/06/01－2024/05/31) | S100U9QV | 2024-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9QV,, |
| 有価証券報告書－第20期(2022/06/01－2023/05/31) | S100RRA3 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRA3,, |
| 訂正有価証券報告書－第19期(令和3年6月1日－令和4年5月31日) | S100PUHJ | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUHJ,, |
| 有価証券報告書－第18期(令和2年6月1日－令和3年5月31日) | S100MCMC | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCMC,, |

## 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).