# istyle Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/07/01－2026/06/30) (S100Z3T5)
> Page: https://vizora.meequs.com/en/company/istyle
> Retrieved: 2026-09-30T17:49:00.239Z

## Company

istyle, founded in 1999, is a company in Internet Services & Apps listed on TSE Prime. It has 1,395 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | istyle Inc. |
| Ticker | 3660 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3660.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂一丁目 12 番 32 号 |
| Representative (per filing) | 代表取締役会長CEO 吉松 徹郎 |
| Founded | Jul 1999 |
| Share capital | ¥8.99B |
| Employees (consolidated) | 1,395 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | June |
| Website | www.istyle.co.jp (https://www.istyle.co.jp/) |
| Corporate number | 1010401057595 |
| EDINET | E26301 |
| Industries (Vizora) | Internet Services & Apps, E-commerce, HR & Staffing, Advertising |

> Profile source: annual securities report (S100Z3T5, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94 | 25 |
| Profitability | 51.5 | 34 |
| Cash conversion | 64.8 | 27 |
| Efficiency | 80.9 | 34 |

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 75% of istyle's sales come from Retail business, with Marketing Solution business and Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +19.0% from the prior year, operating profit +29.1%.

## Company structure

- Segment revenue mix: Retail business 75.4%、Marketing Solution business 14.8%、Global business 7.0%、Other business 2.8%
- Revenue → net income: ¥81807000000 → ¥3029000000
- Net income → operating cash flow: ¥3029000000 → ¥5959000000（difference ¥2930000000）
- Main uses of operating cash flow: CapEx ¥3427000000 / dividends ¥89000000 / buybacks —
- Change in cash: ¥2607000000
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 | ¥81.8B |  |
| Operating income | ¥4.08B | Margin 5.0% |
| Net income | ¥3.01B | Margin 3.7% |
| Free cash flow | ¥2.53B |  |
| Largest business | Retail business | of segment revenue 75.4% |
| Employees (consolidated) | 1,395 |  |
| EPS | ¥13.75 |  |
| Diluted EPS | ¥11.05 |  |
| Book value per share | ¥179.32 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 102,661,967 |  |
| Treasury shares | 2,632,700 |  |
| Shareholders | 43,516 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 24.3% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | +0.1 pp | E-commerce |
| ROE | 16.6% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, segment profit share differs by 33 points
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30950000000 | ¥81807000000 | +164.3% |
| Operating income | ¥-604000000 | ¥4085000000 | — |
| Operating margin | -2.0% | 5.0% | +6.9 pp |
| Employees | 1,009 people | 1,395 people | +38.3% |
| Cash and equivalents | ¥7094000000 | ¥9806000000 | +38.2% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| On Platform事業 → 事業再編・廃止 | 22.6% |
| Beauty Service事業 → 事業再編・廃止 | 59.0% |
| グローバル事業 → グローバル事業 | 7.0% |
| グローバル事業 → 事業再編・廃止 | 8.0% |
| その他事業 → その他事業 | 2.8% |
| その他事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → マーケティング支援事業 | 14.8% |
| 新設・再編 → リテール事業 | 75.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail business | 3 years | +28.3% | ¥61695000000 | 5.8% | 2 |
| Marketing Solution business | 3 years | +17.5% | ¥12083000000 | 29.1% | 2 |
| Global business | 5 years | +4.3% | ¥5757000000 | -6.2% | 2 |
| Other business | 5 years | +16.7% | ¥2272000000 | 8.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 81,807 | 100.0% | S100Z3T5 |
| Cost of revenue | 47,222 | 57.7% | S100Z3T5 |
| Gross profit | 34,585 | 42.3% | S100Z3T5 |
| SG&A | 30,500 | 37.3% | S100Z3T5 |
| Operating income | 4,085 | 5.0% | S100Z3T5 |
| Ordinary income | 4,244 | 5.2% | S100Z3T5 |
| Pretax income | 4,285 | 5.2% | S100Z3T5 |
| Income tax | 1,256 | 1.5% | S100Z3T5 |
| Net income | 3,029 | 3.7% | S100Z3T5 |
| Net income attributable to owners | 3,011 | 3.7% | S100Z3T5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 37 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 42.3% → Operating margin 5.0% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.0%; Core profit growth: +29.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 68,768 | 81,807 | 13,039 | +19.0% |
| Gross profit | 29,634 | 34,585 | 4,951 | +16.7% |
| Operating income | 3,164 | 4,085 | 921 | +29.1% |
| Net income attributable to owners | 2,327 | 3,011 | 684 | +29.4% |
| Operating cash flow | 3,139 | 5,959 | 2,820 | +89.8% |
| Free cash flow | 572 | 2,532 | 1,960 | +342.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 30,564 | -2,325 | -7.6% | -5,020 | -202 | -3,184 | S100MIG0 |
| FY ending Jun 2021 | 30,950 | -604 | -2.0% | 379 | 1,553 | 113 | S100P8IY |
| FY ending Jun 2022 | 34,401 | -453 | -1.3% | -571 | 1,276 | 71 | S100RXIZ |
| FY ending Jun 2023 | 42,890 | 817 | 1.9% | 275 | 2,942 | 1,677 | S100UEZC |
| FY ending Jun 2024 | 56,085 | 1,940 | 3.5% | 1,214 | 3,336 | 1,564 | S100WRCU |
| FY ending Jun 2025 | 68,768 | 3,164 | 4.6% | 2,327 | 3,139 | 572 | S100Z3T5 |
| FY ending Jun 2026 | 81,807 | 4,085 | 5.0% | 3,011 | 5,959 | 2,532 | S100Z3T5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58.6M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 967 | 996 | 1,079 | 1,210 | 1,395 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.7M | ¥6.8M | ¥7.1M |
| Average age (parent company) | 35.4 years | 35.0 years | 35.0 years | 35.7 years | 35.7 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +15.3% · Revenue (consolidated) +19.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing Solution business | 12,083 | 14.8% | 3,516 | 29.1% |
| Retail business | 61,695 | 75.4% | 3,599 | 5.8% |
| Global business | 5,757 | 7.0% | -356 | -6.2% |
| Other business | 2,272 | 2.8% | 191 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing Solution business | 14.8% | 48.1% | 33.4 | 29.1% |
| Retail business | 75.4% | 49.3% | -26.2 | 5.8% |
| Global business | 7.0% | — | — | -6.2% |
| Other business | 2.8% | 2.6% | -0.2 | 8.4% |

Loss-making segment (excluded from profit shares): Global business -356 JPY mn

Segment → industry: Marketing Solution business → Internet Services & Apps / Global business → E-commerce / Retail business → E-commerce / Other business → HR & Staffing / Marketing Solution business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,959 | 7.3% | S100Z3T5 |
| Capital expenditure | 3,427 | 4.2% | S100Z3T5 |
| Free cash flow | 2,532 | 3.1% | 算出 |
| Investing cash flow | -3,324 | -4.1% | S100Z3T5 |
| Financing cash flow | -120 | -0.1% | S100Z3T5 |
| Dividends paid | 89 | 0.1% | S100Z3T5 |
| Change in cash | 2,607 | 3.2% | S100Z3T5 |
| Cash and equivalents | 9,806 | 12.0% | S100Z3T5 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,690 | 6,759 | 5,787 | 7,199 | 9,806 | S100UEZC, S100WRCU, S100Z3T5 |
| Total assets | 22,168 | 24,301 | 28,141 | 34,601 | 40,385 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Net assets | 8,652 | 10,690 | 12,187 | 17,007 | 23,780 | S100UEZC, S100WRCU, S100Z3T5 |
| Share capital | 4,756 | 5,467 | 5,719 | 7,179 | 8,990 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Property, plant and equipment | 1,367 | 1,588 | 1,762 | 3,589 | 4,525 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Intangible assets excluding goodwill | 4,277 | 3,849 | 3,572 | 3,630 | 4,205 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Goodwill | 1,488 | 1,361 | 1,223 | 937 | 745 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Investment securities | 1,371 | 999 | 3,557 | 3,511 | 3,386 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Current assets | 12,928 | 15,231 | 16,484 | 21,041 | 24,746 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Current liabilities | 11,686 | 6,371 | 8,237 | 12,692 | 11,464 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Trade payables | 1,419 | 2,043 | 2,711 | 3,409 | 4,139 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Short-term borrowings | 1,500 | 500 | 450 | 1,000 | — | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Long-term borrowings | 1,728 | 2,906 | 3,185 | 3,857 | 3,242 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Total liabilities | 13,516 | 13,611 | 15,953 | 17,594 | 16,605 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Non-controlling interests | 198 | 155 | 198 | 151 | 143 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Equity attributable to owners of parent | 7,430 | 9,038 | 9,607 | 14,858 | 21,422 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Retained earnings | -983 | -708 | 507 | 5,645 | 8,566 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |
| Treasury stock | -280 | -280 | -280 | -280 | -273 | S100RXIZ, S100UEZC, S100WRCU, S100Z3T5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Z3T5 |
| Property, plant and equipment | 11% | S100Z3T5 |
| Intangibles and goodwill | 12% | S100Z3T5 |
| Investment securities | 9% | S100Z3T5 |
| Other assets | 44% | S100Z3T5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100Z3T5 |
| Other liabilities | 31% | S100Z3T5 |
| Equity | 59% | S100Z3T5 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,168 | 24,301 | 28,141 | 34,601 | 40,385 |
| Equity | 8,652 | 10,690 | 12,187 | 17,007 | 23,780 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,690 | 6,759 | 5,787 | 7,199 | 9,806 |

## 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) | 5.5% | S100Z3T5 |
| Fixed assets ÷ total assets | 11.2% | S100Z3T5 |
| Goodwill ÷ parent equity | 3.5% | S100Z3T5 |

Goodwill over 4 years: 1,488 → 745 JPY; total investing cash flow: -13,327 JPY. This does not imply causation.

### 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) | 24.3% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.9% |
| Cash vs. profit gap | 2,948 JPY mn (of net income 97.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 3.0% |
| Shareholder payments — dividends / FCF | 3.5% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 55.8% |

## 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 | — | —× | -2.6% | —× | — | S100RXIZ |
| 2023 | 0.6% | 1.85× | 1.2% | 2.82× | 3.3% | S100UEZC |
| 2024 | 2.2% | 2.14× | 4.6% | 2.81× | 13.0% | S100WRCU |
| 2025 | 3.4% | 2.19× | 7.4% | 2.56× | 19.0% | S100Z3T5 |
| 2026 | 3.7% | 2.18× | 8.0% | 2.07× | 16.6% | S100Z3T5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 9.6% | 2026-06-30 |
| 株式会社ワイ | Major shareholder | 8.7% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.7% | 2026-06-30 |
| 吉松 徹郎 | Major shareholder | 6.7% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-06-30 |
| 三井物産株式会社 | Major shareholder | 5.7% | 2026-06-30 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.7% | 2026-06-30 |
| JPモルガン証券株式会社 | Major shareholder | 2.0% | 2026-06-30 |
| 一般財団法人都築国際育英財団 | Major shareholder | 1.9% | 2026-06-30 |
| 飛鳥開発合同会社 | Major shareholder | 1.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/07/01－2026/06/30) | S100Z3T5 | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3T5,, |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WRCU | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRCU,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UEZC | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEZC,, |
| 有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RXIZ | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXIZ,, |
| 有価証券報告書－第23期(令和3年7月1日－令和4年6月30日) | S100P8IY | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8IY,, |
| 有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100MIG0 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIG0,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Amazon.com, Inc. | Capital alliance | 資本業務提携（株主であるアマゾンとの Capital and Business Alliance Agreement） | S100Z3T5 |
| 三井物産 | Capital alliance | 業務資本提携（株主である三井物産との引受契約） | S100Z3T5 |

## 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).