# ItoKuro Inc.: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/11/01－2025/10/31) (S100XHX1)
> Page: https://vizora.meequs.com/en/company/itokuro
> Retrieved: 2026-09-30T20:24:44.924Z

## Company

ItoKuro, founded in 2006, is a company in Internet Services & Apps listed on TSE Growth. It has 96 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ItoKuro Inc. |
| Ticker | 6049 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6049.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区上大崎三丁目1番1号 |
| Representative (per filing) | 代表取締役 CEO 山木 学 代表取締役 COO 領下 崇 |
| Founded | Mar 2006 |
| Share capital | ¥30M |
| Employees (consolidated) | 96 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | October |
| Website | www.itokuro.jp (https://www.itokuro.jp/) |
| Corporate number | 4010401062386 |
| EDINET | E31424 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XHX1, filed 2026-01-30). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.3 | 40 |
| Profitability | 48 | 51 |
| Cash conversion | 94.2 | 43 |
| Efficiency | 4.8 | 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)

- ItoKuro brought in ¥3.67B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -7.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.67B |  |
| Operating income | ¥260.5M | Margin 7.1% |
| Net income | ¥169.7M | Margin 4.6% |
| Free cash flow | — |  |
| Employees (consolidated) | 96 |  |
| EPS | ¥8.36 |  |
| Diluted EPS | ¥8.33 |  |
| Book value per share | ¥447.54 |  |
| Equity ratio | 91.9% |  |
| Shares outstanding | 22,680,000 |  |
| Treasury shares | 2,392,900 |  |
| Shareholders | 2,735 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 64.2% | Cash ÷ revenue 172.7% |
| Vs. industry median margin | -0.5 pp | Internet Services & Apps |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.7× net income
- FY2025, cash is 64% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3862407000 | ¥3669622000 | -5.0% |
| Operating income | ¥1140522000 | ¥260524000 | -77.2% |
| Operating margin | 29.5% | 7.1% | -22.4 pp |
| Employees | 146 people | 96 people | -34.2% |
| Cash and equivalents | ¥3256285000 | ¥6336933000 | +94.6% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,670 | 100.0% | S100XHX1 |
| Cost of revenue | 408 | 11.1% | S100XHX1 |
| Gross profit | 3,261 | 88.9% | S100XHX1 |
| SG&A | 3,001 | 81.8% | S100XHX1 |
| Operating income | 261 | 7.1% | S100XHX1 |
| Ordinary income | 363 | 9.9% | S100XHX1 |
| Pretax income | 362 | 9.9% | S100XHX1 |
| Income tax | 192 | 5.2% | S100XHX1 |
| Net income | 170 | 4.6% | S100XHX1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 11 |
| SG&A | 82 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 88.9% → Operating margin 7.1% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,950 | 3,670 | -280 | -7.1% |
| Gross profit | 3,505 | 3,261 | -244 | -7.0% |
| Operating income | -196 | 261 | 457 | — |
| Operating cash flow | -458 | 799 | 1,258 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 4,382 | 1,436 | 32.8% | 920 | 898 | 897 | S100KLMZ |
| FY ending Oct 2020 | 3,862 | 1,141 | 29.5% | 318 | 779 | 666 | S100NACR |
| FY ending Oct 2021 | 4,268 | 1,307 | 30.6% | 825 | 1,301 | 1,263 | S100Q154 |
| FY ending Oct 2022 | 3,956 | -197 | -5.0% | -337 | -717 | -815 | S100SOJW |
| FY ending Oct 2023 | 3,941 | 387 | 9.8% | 286 | 1,092 | 1,075 | S100V5QN |
| FY ending Oct 2024 | 3,950 | -196 | -5.0% | 38 | -458 | — | S100XHX1 |
| FY ending Oct 2025 | 3,670 | 261 | 7.1% | 170 | 799 | — | S100XHX1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 153 | 137 | 124 | 109 | 96 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 31.9 years | 32.5 years | 33.2 years | 33.7 years | 34.6 years |
| Average tenure (parent company) | 3.8 years | 4.5 years | 5.0 years | 5.5 years | 6.2 years |

Year over year: Employees (consolidated) -11.9% · Revenue (consolidated) -7.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 799 | 21.8% | S100XHX1 |
| Investing cash flow | -1,323 | -36.1% | S100XHX1 |
| Financing cash flow | -3 | -0.1% | S100XHX1 |
| Change in cash | -525 | -14.3% | S100XHX1 |
| Cash and equivalents | 6,337 | 172.7% | S100XHX1 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,481 | 3,847 | 4,061 | 6,862 | 6,337 | S100SOJW, S100V5QN, S100XHX1 |
| Total assets | 10,045 | 9,030 | 9,615 | 9,290 | 9,877 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Net assets | 9,164 | 8,602 | 8,908 | 8,873 | 9,216 | S100SOJW, S100V5QN, S100XHX1 |
| Share capital | 30 | 30 | 30 | 30 | 30 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Property, plant and equipment | 219 | 187 | 164 | 146 | 120 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Intangible assets excluding goodwill | 390 | 159 | 121 | 84 | 36 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Goodwill | 363 | 125 | 81 | 37 | — | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Investment securities | — | — | 406 | 1,489 | 1,875 | S100V5QN, S100XHX1 |
| Current assets | 9,161 | 8,441 | 8,738 | 7,389 | 7,701 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Current liabilities | 811 | 378 | 659 | 362 | 612 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Total liabilities | 881 | 428 | 707 | 416 | 661 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Equity attributable to owners of parent | 9,153 | 8,516 | 8,802 | 8,840 | 9,009 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Retained earnings | 6,521 | 6,184 | 6,470 | 6,508 | 6,678 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |
| Treasury stock | -32 | -332 | -332 | -332 | -332 | S100Q154, S100SOJW, S100V5QN, S100XHX1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XHX1 |
| Property, plant and equipment | 1% | S100XHX1 |
| Intangibles and goodwill | 1% | S100XHX1 |
| Investment securities | 19% | S100XHX1 |
| Other assets | 15% | S100XHX1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 7% | S100XHX1 |
| Equity | 93% | S100XHX1 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,045 | 9,030 | 9,615 | 9,290 | 9,877 |
| Equity | 9,164 | 8,602 | 8,908 | 8,873 | 9,216 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,481 | 3,847 | 4,061 | 6,862 | 6,337 |

## 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) | 3.3% | S100XHX1 |
| Fixed assets ÷ total assets | 1.2% | S100XHX1 |
| Goodwill ÷ parent equity | — | —, S100XHX1 |

### 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 | 172.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 306.9% |
| Cash vs. profit gap | 630 JPY mn (of net income 371.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 165.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 19.3% | 0.42× | 8.2% | 1.10× | 9.0% | S100Q154 |
| 2022 | — | —× | -3.5% | —× | — | S100SOJW |
| 2023 | 7.3% | 0.42× | 3.1% | 1.08× | 3.3% | S100V5QN |
| 2024 | 1.0% | 0.42× | 0.4% | 1.07× | 0.4% | S100XHX1 |
| 2025 | 4.6% | 0.38× | 1.8% | 1.07× | 1.9% | S100XHX1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山木 学 | Major shareholder | 61.1% | 2025-10-31 |
| 株式会社SBI証券 | Major shareholder | 6.7% | 2025-10-31 |
| 阪田 和弘 | Major shareholder | 4.5% | 2025-10-31 |
| 水元 公仁 | Major shareholder | 3.1% | 2025-10-31 |
| 株式会社くふうカンパニーホールディングス | Major shareholder | 1.9% | 2025-10-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC） （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-10-31 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-10-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-10-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-10-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.7% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/11/01－2025/10/31) | S100XHX1 | 2026-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHX1,, |
| 有価証券報告書－第19期(2023/11/01－2024/10/31) | S100V5QN | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5QN,, |
| 有価証券報告書－第18期(2022/11/01－2023/10/31) | S100SOJW | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOJW,, |
| 有価証券報告書－第17期(2021/11/01－2022/10/31) | S100Q154 | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q154,, |
| 有価証券報告書－第16期(令和2年11月1日－令和3年10月31日) | S100NACR | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NACR,, |
| 有価証券報告書－第15期(令和1年11月1日－令和2年10月31日) | S100KLMZ | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLMZ,, |

## 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).