# Kokopelli Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/04/01－2026/03/31) (S100YKE7)
> Page: https://vizora.meequs.com/en/company/kokopelli
> Retrieved: 2026-09-30T20:48:51.084Z

## Company

Kokopelli, founded in 2007, is a company in Software & SaaS listed on TSE Growth. It has 118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kokopelli Inc. |
| Ticker | 4167 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4167.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区紀尾井町3番12号 |
| Representative (per filing) | 代表取締役CEO 近藤 繁 |
| Founded | Jun 2007 |
| Share capital | ¥812.4M |
| Employees (consolidated) | 118 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.kokopelli-inc.com (https://www.kokopelli-inc.com/) |
| Corporate number | 8010401088972 |
| EDINET | E36086 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YKE7, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1.7 | 145 |
| Efficiency | 39.7 | 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)

- Kokopelli brought in ¥1.76B in revenue.
- It lost about ¥23 for every ¥100 of sales at the operating level.
- Revenue changed -12.4% from the prior year, operating profit -306.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.76B |  |
| Operating income | -¥409.2M | Margin -23.3% |
| Net income | -¥414.6M | Margin -23.6% |
| Free cash flow | -¥287.9M |  |
| Employees (consolidated) | 118 |  |
| EPS | ¥-72.11 |  |
| Book value per share | ¥193.24 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 7,916,230 |  |
| Treasury shares | 302,200 |  |
| Shareholders | 3,744 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 55.3% | Cash ÷ revenue 59.4% |
| Vs. industry median margin | -35.7 pp | Software & SaaS |
| ROA | -19.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 55% of total assets
- FY2026, operating loss is 23 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1024249000 | ¥1758338000 | — |
| Operating income | ¥251652000 | ¥-409242000 | — |
| Operating margin | 24.6% | -23.3% | -47.8 pp |
| Employees | 46 people | 118 people | — |
| Cash and equivalents | ¥1547569000 | ¥1043904000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,758 | 100.0% | S100YKE7 |
| Cost of revenue | 993 | 56.5% | S100YKE7 |
| Gross profit | 765 | 43.5% | S100YKE7 |
| SG&A | 1,174 | 66.8% | S100YKE7 |
| Operating income | -409 | -23.3% | S100YKE7 |
| Ordinary income | -203 | -11.5% | S100YKE7 |
| Pretax income | -394 | -22.4% | S100YKE7 |
| Income tax | 20 | 1.2% | S100YKE7 |
| Net income | -415 | -23.6% | S100YKE7 |
| Net income attributable to owners | -415 | -23.6% | S100YKE7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 67 |
| Operating income | -23 |
| (Ref.) Net income | -24 |

### Margin funnel

Gross margin 43.5% → Operating margin -23.3% → Net margin -23.6%
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 Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,008 | 1,758 | -249 | -12.4% |
| Gross profit | 1,140 | 765 | -375 | -32.9% |
| Operating income | 198 | -409 | -607 | -306.8% |
| Net income attributable to owners | 126 | -415 | -540 | -429.4% |
| Operating cash flow | 410 | 33 | -377 | -92.1% |
| Free cash flow | 104 | -288 | -392 | -376.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 414 | -21 | -5.1% | -22 | -12 | -28 | S100LYPA |
| FY ending Mar 2021 | 1,024 | 252 | 24.6% | 254 | 296 | 278 | S100OFB9 |
| FY ending Mar 2022 | 1,643 | 358 | 21.8% | 282 | 400 | 236 | S100OFB9 |
| FY ending Mar 2023 | 1,776 | 64 | 3.6% | 21 | -25 | -149 | S100TVIA |
| FY ending Mar 2024 | 1,821 | 34 | 1.9% | 33 | 141 | -21 | S100W6I5 |
| FY ending Mar 2025 | 2,008 | 198 | 9.9% | 126 | 410 | 104 | S100YKE7 |
| FY ending Mar 2026 | 1,758 | -409 | -23.3% | -415 | 33 | -288 | S100YKE7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.9M |
| Operating income per employee (consolidated) | -¥3.5M |
| Net income per employee (consolidated) | -¥3.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 64 | 88 | 109 | 118 | 118 |
| Average salary (parent company) | ¥6.2M | ¥6M | ¥6.2M | ¥6M | ¥6.1M |
| Average age (parent company) | 36.1 years | 36.7 years | 35.9 years | 35.9 years | 36.7 years |
| Average tenure (parent company) | 1.6 years | 2.0 years | 2.0 years | 2.5 years | 3.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -12.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33 | 1.9% | S100YKE7 |
| Capital expenditure | 320 | 18.2% | S100YKE7 |
| Free cash flow | -288 | -16.4% | 算出 |
| Investing cash flow | -330 | -18.8% | S100YKE7 |
| Financing cash flow | -52 | -3.0% | S100YKE7 |
| Change in cash | -350 | -19.9% | S100YKE7 |
| Cash and equivalents | 1,044 | 59.4% | S100YKE7 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,745 | 1,490 | 1,315 | 1,394 | 1,044 | S100OFB9, S100W6I5, S100YKE7 |
| Total assets | 2,150 | 2,204 | 2,220 | 2,431 | 1,887 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Net assets | 1,873 | 1,820 | 1,767 | 1,905 | 1,514 | S100OFB9, S100W6I5, S100YKE7 |
| Share capital | 808 | 811 | 812 | 812 | 812 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Property, plant and equipment | 97 | 91 | 94 | 89 | 75 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Intangible assets excluding goodwill | 75 | 388 | 518 | 667 | 403 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Goodwill | — | 244 | 301 | 238 | 89 | S100TVIA, S100W6I5, S100YKE7 |
| Current assets | 1,888 | 1,647 | 1,512 | 1,570 | 1,317 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Current liabilities | 277 | 246 | 295 | 384 | 272 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Long-term borrowings | — | 135 | 142 | 124 | 83 | S100TVIA, S100W6I5, S100YKE7 |
| Total liabilities | 277 | 384 | 452 | 526 | 373 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Equity attributable to owners of parent | 1,858 | 1,789 | 1,729 | 1,862 | 1,464 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Retained earnings | 268 | 278 | 295 | 420 | 6 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |
| Treasury stock | -0 | -84 | -165 | -157 | -142 | S100OFB9, S100TVIA, S100W6I5, S100YKE7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YKE7 |
| Property, plant and equipment | 4% | S100YKE7 |
| Intangibles and goodwill | 26% | S100YKE7 |
| Other assets | 15% | S100YKE7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YKE7 |
| Equity | 80% | S100YKE7 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,150 | 2,204 | 2,220 | 2,431 | 1,887 |
| Equity | 1,873 | 1,820 | 1,767 | 1,905 | 1,514 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,745 | 1,490 | 1,315 | 1,394 | 1,044 |

## 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) | 4.3% | S100YKE7 |
| Fixed assets ÷ total assets | 4.0% | S100YKE7 |
| Goodwill ÷ parent equity | 6.1% | S100YKE7 |

### 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) | 55.3% |
| Cash ÷ revenue | 59.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 447 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 18.2% |
| Investing CF relative to operating CF | 1015.1% |

## 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 | 17.2% | 0.76× | 13.1% | 1.16× | 15.2% | S100OFB9 |
| 2023 | 1.2% | 0.81× | 1.0% | 1.23× | 1.2% | S100TVIA |
| 2024 | 1.8% | 0.82× | 1.5% | 1.26× | 1.9% | S100W6I5 |
| 2025 | 6.3% | 0.86× | 5.4% | 1.29× | 7.0% | S100YKE7 |
| 2026 | — | —× | -19.2% | —× | — | S100YKE7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 近藤 繁 | Major shareholder | 31.8% | 2026-03-31 |
| 森垣 昭 | Major shareholder | 5.1% | 2026-03-31 |
| 近藤 淳 | Major shareholder | 3.7% | 2026-03-31 |
| 松尾 幸一郎 | Major shareholder | 3.5% | 2026-03-31 |
| 近藤 正武 | Major shareholder | 3.3% | 2026-03-31 |
| ＴＩＳ株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 有限会社松システム | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社ＲＫＬ | Major shareholder | 1.6% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社金子事務所 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/03/31) | S100YKE7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKE7,, |
| 有価証券報告書－第18期(2024/04/01－2025/03/31) | S100W6I5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6I5,, |
| 有価証券報告書－第17期(2023/04/01－2024/03/31) | S100TVIA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVIA,, |
| 有価証券報告書－第16期(2022/04/01－2023/03/31) | S100R2S7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2S7,, |
| 有価証券報告書－第15期(令和3年4月1日－令和4年3月31日) | S100OFB9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFB9,, |
| 訂正有価証券報告書－第14期(令和2年4月1日－令和3年3月31日) | S100LYPA | 2021-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYPA,, |

## 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).