# JENOBA CO.,LTD.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XC8W)
> Page: https://vizora.meequs.com/en/company/jenoba
> Retrieved: 2026-09-30T21:02:12.113Z

## Company

Jenoba, founded in 2002, is a company in Software & SaaS listed on TSE Growth. It has 17 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JENOBA CO.,LTD. |
| Ticker | 5570 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5570.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田須田町一丁目34番地4 |
| Representative (per filing) | 代表取締役社長 戸上 敏 |
| Founded | Jan 2002 |
| Share capital | ¥510.8M |
| Employees (consolidated) | 17 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | September |
| Website | www.jenoba.jp (https://www.jenoba.jp/) |
| Corporate number | 2010001077613 |
| EDINET | E38541 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XC8W, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 105 |
| Profitability | 98.3 | 145 |
| Cash conversion | 19.9 | 128 |
| Efficiency | 3.1 | 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)

- Jenoba brought in ¥1.37B in revenue.
- Out of every ¥100 of sales, about ¥57 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +11.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1366994000 → ¥542549000
- Net income → operating cash flow: ¥542549000 → ¥588906000（difference ¥46357000）
- Main uses of operating cash flow: CapEx ¥91829000 / dividends ¥68392000 / buybacks ¥740000000
- Change in cash: ¥-445305000
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 | ¥1.37B |  |
| Operating income | ¥774M | Margin 56.6% |
| Net income | ¥542.5M | Margin 39.7% |
| Free cash flow | ¥497.1M |  |
| Employees (consolidated) | 17 |  |
| EPS | ¥40.83 |  |
| Diluted EPS | ¥37.16 |  |
| Book value per share | ¥251.32 |  |
| Equity ratio | 88.2% |  |
| Shares outstanding | 14,839,000 |  |
| Treasury shares | 1,607,000 |  |
| Shareholders | 4,296 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 81.3% | Cash ÷ revenue 224.3% |
| Vs. industry median margin | +44.2 pp | Software & SaaS |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 14.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 10.8× dividends
- FY2025, cash is 81% of total assets
- FY2025, operating income keeps 57 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1162160000 | ¥1366994000 | +17.6% |
| Operating income | ¥596240000 | ¥773994000 | +29.8% |
| Operating margin | 51.3% | 56.6% | +5.3 pp |
| Employees | 15 people | 17 people | +13.3% |
| Cash and equivalents | ¥2295403000 | ¥3065522000 | +33.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,367 | 100.0% | S100XC8W |
| Cost of revenue | 244 | 17.9% | S100XC8W |
| Gross profit | 1,123 | 82.1% | S100XC8W |
| SG&A | 349 | 25.5% | S100XC8W |
| Operating income | 774 | 56.6% | S100XC8W |
| Ordinary income | 783 | 57.3% | S100XC8W |
| Pretax income | 783 | 57.3% | S100XC8W |
| Income tax | 240 | 17.6% | S100XC8W |
| Net income | 543 | 39.7% | S100XC8W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 25 |
| Operating income | 57 |
| (Ref.) Net income | 40 |

### Margin funnel

Gross margin 82.1% → Operating margin 56.6% → Net margin 39.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +11.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,265 | 1,367 | 102 | +8.0% |
| Gross profit | 1,034 | 1,123 | 89 | +8.6% |
| Operating income | 695 | 774 | 79 | +11.4% |
| Operating cash flow | 572 | 589 | 16 | +2.9% |
| Free cash flow | 562 | 497 | -65 | -11.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 1,162 | 596 | 51.3% | 412 | 563 | 546 | S100SIYK |
| FY ending Sep 2023 | 1,206 | 651 | 54.0% | 444 | 537 | 530 | S100V07B |
| FY ending Sep 2024 | 1,265 | 695 | 54.9% | 482 | 572 | 562 | S100XC8W |
| FY ending Sep 2025 | 1,367 | 774 | 56.6% | 543 | 589 | 497 | S100XC8W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.4M |
| Operating income per employee (consolidated) | ¥45.5M |
| Net income per employee (consolidated) | ¥31.9M |

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) | 15 | 16 | 17 | 17 |
| Average salary (parent company) | — | ¥7.4M | ¥7.5M | ¥7.8M |
| Average age (parent company) | — | 47.8 years | 48.9 years | 45.5 years |
| Average tenure (parent company) | — | 9.5 years | 9.9 years | 9.6 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +8.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 589 | 43.1% | S100XC8W |
| Capital expenditure | 92 | 6.7% | S100XC8W |
| Free cash flow | 497 | 36.4% | 算出 |
| Investing cash flow | -272 | -19.9% | S100XC8W |
| Financing cash flow | -762 | -55.8% | S100XC8W |
| Dividends paid | 68 | 5.0% | S100XC8W |
| Share buyback | 740 | 54.1% | S100XC8W |
| Change in cash | -445 | -32.6% | S100XC8W |
| Cash and equivalents | 3,066 | 224.3% | S100XC8W |

## 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 | 2,295 | 3,172 | 3,511 | 3,066 | S100V07B, S100XC8W |
| Total assets | 2,685 | 3,492 | 3,984 | 3,770 | S100SIYK, S100V07B, S100XC8W |
| Net assets | 2,288 | 3,092 | 3,548 | 3,326 | S100V07B, S100XC8W |
| Share capital | 474 | 474 | 488 | 511 | S100SIYK, S100V07B, S100XC8W |
| Property, plant and equipment | 119 | 75 | 45 | 40 | S100SIYK, S100V07B, S100XC8W |
| Intangible assets excluding goodwill | 13 | 8 | 6 | 61 | S100SIYK, S100V07B, S100XC8W |
| Investment securities | — | — | 100 | 297 | S100XC8W |
| Current assets | 2,506 | 3,367 | 3,699 | 3,232 | S100SIYK, S100V07B, S100XC8W |
| Current liabilities | 354 | 347 | 374 | 391 | S100SIYK, S100V07B, S100XC8W |
| Total liabilities | 397 | 400 | 436 | 445 | S100SIYK, S100V07B, S100XC8W |
| Equity attributable to owners of parent | 2,288 | 3,092 | 3,548 | 3,327 | S100SIYK, S100V07B, S100XC8W |
| Retained earnings | 1,869 | 2,275 | 2,703 | 3,176 | S100SIYK, S100V07B, S100XC8W |
| Treasury stock | -233 | -93 | -93 | -833 | S100SIYK, S100V07B, S100XC8W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 81% | S100XC8W |
| Property, plant and equipment | 1% | S100XC8W |
| Intangibles and goodwill | 2% | S100XC8W |
| Investment securities | 8% | S100XC8W |
| Other assets | 8% | S100XC8W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 12% | S100XC8W |
| Equity | 88% | S100XC8W |
| Other liabilities | 0% | S100XC8W |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,685 | 3,492 | 3,984 | 3,770 |
| Equity | 2,288 | 3,092 | 3,548 | 3,326 |
| Interest-bearing debt | — | — | — | — |
| Cash | 2,295 | 3,172 | 3,511 | 3,066 |

## 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) | 2.9% | S100XC8W |
| Fixed assets ÷ total assets | 1.0% | S100XC8W |
| Goodwill ÷ parent equity | — | —, S100XC8W |

### 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) | 81.3% |
| Cash ÷ revenue | 224.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.1% |
| Cash vs. profit gap | 46 JPY mn (of net income 8.5%) |
| Shareholder returns / net income | 149.0% |
| Shareholder returns / FCF | 162.6% |
| Shareholder payments — dividends / net income | 12.6% |
| Shareholder payments — dividends / FCF | 13.8% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 46.2% |

## 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 | 35.5% | 0.43× | 15.4% | 1.17× | 18.0% | S100SIYK |
| 2023 | 36.8% | 0.39× | 14.4% | 1.15× | 16.5% | S100V07B |
| 2024 | 38.1% | 0.34× | 12.9% | 1.13× | 14.5% | S100XC8W |
| 2025 | 39.7% | 0.35× | 14.0% | 1.13× | 15.8% | S100XC8W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 南 安子 | Major shareholder | 19.8% | 2025-09-30 |
| 南 尚子 | Major shareholder | 19.7% | 2025-09-30 |
| 株式会社トプコン | Major shareholder | 11.3% | 2025-09-30 |
| 株式会社パスコ | Major shareholder | 6.6% | 2025-09-30 |
| 戸上 敏 | Major shareholder | 2.9% | 2025-09-30 |
| 菅原 光一 | Major shareholder | 1.9% | 2025-09-30 |
| 小曽根 毅 | Major shareholder | 1.5% | 2025-09-30 |
| 中村 敏英 | Major shareholder | 1.5% | 2025-09-30 |
| 有限会社ゼンショウ | Major shareholder | 1.2% | 2025-09-30 |
| 河野 芳道 | Major shareholder | 1.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XC8W | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC8W,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100V07B | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V07B,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SIYK | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIYK,, |

## 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).