# KARADANOTE, INC.: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/08/01－2025/07/31) (S100WW86)
> Page: https://vizora.meequs.com/en/company/karadanote
> Retrieved: 2026-09-30T21:35:11.967Z

## Company

Karadanote, founded in 2008, is a company in Advertising listed on TSE Growth. It has 45 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KARADANOTE, INC. |
| Ticker | 4014 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4014.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦三丁目8番10号 |
| Representative (per filing) | 代表取締役 佐藤 竜也 |
| Founded | Dec 2008 |
| Share capital | ¥62.4M |
| Employees (consolidated) | 45 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | July |
| Website | corp.karadanote.jp (https://corp.karadanote.jp/) |
| Corporate number | 7010401079733 |
| EDINET | E35989 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100WW86, filed 2025-10-21). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 57 |
| Profitability | 8.7 | 86 |
| Efficiency | 59.9 | 86 |

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)

- Karadanote brought in ¥1.27B in revenue.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -42.1% from the prior year, operating profit -134.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.27B |  |
| Operating income | -¥34.7M | Margin -2.7% |
| Net income | -¥69.9M | Margin -5.5% |
| Free cash flow | -¥117.2M |  |
| Employees (consolidated) | 45 |  |
| EPS | ¥-11.07 |  |
| Book value per share | ¥71.85 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 6,696,900 |  |
| Treasury shares | 10,700 |  |
| Shareholders | 4,924 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 77.6% | Cash ÷ revenue 46.9% |
| Vs. industry median margin | -8.4 pp | Advertising |
| ROA | -7.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 78% of total assets
- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥732883000 | ¥1270151000 | +73.3% |
| Operating income | ¥123201000 | ¥-34721000 | -128.2% |
| Operating margin | 16.8% | -2.7% | -19.5 pp |
| Employees | 30 people | 45 people | +50.0% |
| Cash and equivalents | ¥314987000 | ¥596082000 | +89.2% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,270 | 100.0% | S100WW86 |
| Cost of revenue | 651 | 51.2% | S100WW86 |
| Gross profit | 619 | 48.8% | S100WW86 |
| SG&A | 654 | 51.5% | S100WW86 |
| Operating income | -35 | -2.7% | S100WW86 |
| Ordinary income | -44 | -3.5% | S100WW86 |
| Pretax income | -54 | -4.3% | S100WW86 |
| Income tax | 16 | 1.2% | S100WW86 |
| Net income | -70 | -5.5% | S100WW86 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 52 |
| Operating income | -3 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 48.8% → Operating margin -2.7% → Net margin -5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,194 | 1,270 | -924 | -42.1% |
| Gross profit | 1,483 | 619 | -863 | -58.2% |
| Operating income | 101 | -35 | -135 | -134.5% |
| Operating cash flow | -107 | -115 | -8 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 638 | 90 | 14.0% | 63 | 63 | — | S100JZZO |
| FY ending Jul 2020 | 733 | 123 | 16.8% | 84 | 144 | 142 | S100MNUQ |
| FY ending Jul 2021 | 1,002 | 223 | 22.3% | 139 | 185 | 164 | S100PEPA |
| FY ending Jul 2022 | 1,306 | -260 | -19.9% | -327 | -347 | -349 | S100TM8O |
| FY ending Jul 2023 | 2,056 | -238 | -11.6% | -372 | -255 | -258 | S100UL6P |
| FY ending Jul 2024 | 2,194 | 101 | 4.6% | 115 | -107 | — | S100WW86 |
| FY ending Jul 2025 | 1,270 | -35 | -2.7% | -70 | -115 | -117 | S100WW86 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.2M |
| Operating income per employee (consolidated) | -¥771.6K |
| Net income per employee (consolidated) | -¥1.6M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 40 | 43 | 41 | 45 | 45 |
| Average salary (parent company) | ¥4.5M | ¥4.3M | ¥4.6M | ¥5M | ¥5.4M |
| Average age (parent company) | 32.5 years | 32.3 years | 32.8 years | 31.7 years | 33.2 years |
| Average tenure (parent company) | 1.9 years | 2.1 years | 2.3 years | 2.7 years | 3.2 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -42.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -115 | -9.1% | S100WW86 |
| Capital expenditure | 2 | 0.1% | S100WW86 |
| Free cash flow | -117 | -9.2% | 算出 |
| Investing cash flow | 143 | 11.3% | S100WW86 |
| Financing cash flow | 85 | 6.7% | S100WW86 |
| Share buyback | 0 | 0.0% | S100WW86 |
| Change in cash | 113 | 8.9% | S100WW86 |
| Cash and equivalents | 596 | 46.9% | S100WW86 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 965 | 1,038 | 687 | 483 | 596 | S100TM8O, S100UL6P, S100WW86 |
| Total assets | 1,138 | 1,375 | 1,088 | 1,036 | 769 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Net assets | 968 | 574 | 222 | 353 | 480 | S100TM8O, S100UL6P, S100WW86 |
| Share capital | 286 | 299 | 309 | 58 | 62 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Property, plant and equipment | 16 | — | — | — | 2 | S100PEPA, S100WW86 |
| Intangible assets excluding goodwill | 7 | — | — | 3 | 2 | S100PEPA, S100WW86 |
| Current assets | 1,091 | 1,357 | 1,069 | 926 | 744 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Current liabilities | 166 | 395 | 561 | 478 | 184 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Long-term borrowings | — | 400 | 300 | 200 | 100 | S100TM8O, S100UL6P, S100WW86 |
| Total liabilities | 170 | 801 | 866 | 683 | 288 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Equity attributable to owners of parent | 968 | 574 | 222 | 353 | 480 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Retained earnings | 406 | 79 | -293 | -40 | -110 | S100PEPA, S100TM8O, S100UL6P, S100WW86 |
| Treasury stock | — | -94 | -94 | -94 | -9 | S100TM8O, S100UL6P, S100WW86 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 78% | S100WW86 |
| Property, plant and equipment | 0% | S100WW86 |
| Intangibles and goodwill | 0% | S100WW86 |
| Other assets | 22% | S100WW86 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100WW86 |
| Equity | 63% | S100WW86 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,138 | 1,375 | 1,088 | 1,036 | 769 |
| Equity | 968 | 574 | 222 | 353 | 480 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 965 | 1,038 | 687 | 483 | 596 |

## 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) | 0.1% | S100WW86 |
| Fixed assets ÷ total assets | 0.2% | S100WW86 |
| Goodwill ÷ parent equity | — | —, S100WW86 |

### 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) | 77.6% |
| Cash ÷ revenue | 46.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -45 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 13.9% | 0.88× | 12.2% | 1.18× | 14.4% | S100PEPA |
| 2022 | — | —× | -26.0% | —× | — | S100TM8O |
| 2023 | — | —× | -30.2% | —× | — | S100UL6P |
| 2024 | 5.2% | 2.07× | 10.8% | 3.70× | 40.0% | S100WW86 |
| 2025 | — | —× | -7.8% | —× | — | S100WW86 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐藤 竜也 | Major shareholder | 44.1% | 2025-07-31 |
| 住友生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 9.7% | 2025-07-31 |
| 中部電力株式会社 | Major shareholder | 4.5% | 2025-07-31 |
| 清板 大亮 | Major shareholder | 2.4% | 2025-07-31 |
| 株式会社ハッピークローバー | Major shareholder | 2.2% | 2025-07-31 |
| 東京短資株式会社 | Major shareholder | 1.4% | 2025-07-31 |
| 穐田 誉輝 | Major shareholder | 1.0% | 2025-07-31 |
| 大久 望 | Major shareholder | 0.7% | 2025-07-31 |
| J.P. Morgan Securities plc（常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.6% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 0.5% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/08/01－2025/07/31) | S100WW86 | 2025-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW86,, |
| 有価証券報告書－第16期(2023/08/01－2024/07/31) | S100UL6P | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL6P,, |
| 訂正有価証券報告書－第15期(2022/08/01－2023/07/31) | S100TM8O | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM8O,, |
| 有価証券報告書－第14期(令和3年8月1日－令和4年7月31日) | S100PEPA | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEPA,, |
| 有価証券報告書－第13期(令和2年8月1日－令和3年7月31日) | S100MNUQ | 2021-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNUQ,, |
| 有価証券報告書－第12期(令和1年8月1日－令和2年7月31日) | S100JZZO | 2020-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZZO,, |

## 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).