# kubell Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/01/01－2025/12/31) (S100XSJP)
> Page: https://vizora.meequs.com/en/company/kubell
> Retrieved: 2026-09-30T20:25:13.116Z

## Company

kubell, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 658 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | kubell Co., Ltd. |
| Ticker | 4448 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4448.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山一丁目24番3号 |
| Representative (per filing) | 代表取締役兼社長上級執行役員CEO 山本 正喜 |
| Founded | Nov 2004 |
| Share capital | ¥3.01B |
| Employees (consolidated) | 658 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.kubell.com (https://www.kubell.com/) |
| Corporate number | 9120901014004 |
| EDINET | E35124 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XSJP, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 22.4 | 145 |
| Cash conversion | 83.2 | 128 |
| Efficiency | 90 | 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)

- kubell brought in ¥9.53B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +400.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9529226000 → ¥215051000
- Net income → operating cash flow: ¥215051000 → ¥937856000（difference ¥722805000）
- Main uses of operating cash flow: CapEx ¥479714000 / dividends — / buybacks ¥0
- Change in cash: ¥192307000
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 | ¥9.53B |  |
| Operating income | ¥485.1M | Margin 5.1% |
| Net income | ¥215.1M | Margin 2.3% |
| Free cash flow | ¥458.1M |  |
| Employees (consolidated) | 658 |  |
| EPS | ¥5.14 |  |
| Diluted EPS | ¥5.05 |  |
| Book value per share | ¥47.55 |  |
| Equity ratio | 29.9% |  |
| Shares outstanding | 42,261,383 |  |
| Treasury shares | 208,000 |  |
| Shareholders | 9,447 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 32.6% |
| Vs. industry median margin | -7.4 pp | Software & SaaS |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.4× net income
- FY2025, revenue is 2.8× its level five years ago
- FY2025, cash is 46% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2424339000 | ¥9529226000 | — |
| Operating income | ¥327164000 | ¥485065000 | — |
| Operating margin | 13.5% | 5.1% | -8.4 pp |
| Employees | 162 people | 658 people | — |
| Cash and equivalents | ¥1847288000 | ¥3105235000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| Chatwork事業 → 事業再編・廃止 | 87.9% |
| セキュリティ事業 → 事業再編・廃止 | 12.1% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,529 | 100.0% | S100XSJP |
| Cost of revenue | 2,926 | 30.7% | S100XSJP |
| Gross profit | 6,604 | 69.3% | S100XSJP |
| SG&A | 6,119 | 64.2% | S100XSJP |
| Operating income | 485 | 5.1% | S100XSJP |
| Ordinary income | 458 | 4.8% | S100XSJP |
| Pretax income | 458 | 4.8% | S100XSJP |
| Income tax | 243 | 2.6% | S100XSJP |
| Net income | 215 | 2.3% | S100XSJP |
| Net income attributable to owners | 215 | 2.3% | S100XSJP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 64 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 69.3% → Operating margin 5.1% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +400.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 32.07×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,471 | 9,529 | 1,059 | +12.5% |
| Gross profit | 5,843 | 6,604 | 760 | +13.0% |
| Operating income | 97 | 485 | 388 | +400.8% |
| Net income attributable to owners | -1,172 | 215 | 1,388 | — |
| Operating cash flow | 1,477 | 938 | -539 | -36.5% |
| Free cash flow | 887 | 458 | -429 | -48.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,815 | 78 | 4.3% | 61 | 98 | 56 | S100L27A |
| FY ending Dec 2020 | 2,424 | 327 | 13.5% | 208 | 445 | 238 | S100L27A |
| FY ending Dec 2021 | 3,372 | -688 | -20.4% | -696 | -475 | -785 | S100QHCS |
| FY ending Dec 2022 | 4,593 | -711 | -15.5% | -679 | -284 | -692 | S100U7UX |
| FY ending Dec 2023 | 6,485 | -677 | -10.4% | -620 | 470 | -11 | S100VHVX |
| FY ending Dec 2024 | 8,471 | 97 | 1.1% | -1,172 | 1,477 | 887 | S100XSJP |
| FY ending Dec 2025 | 9,529 | 485 | 5.1% | 215 | 938 | 458 | S100XSJP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.5M |
| Operating income per employee (consolidated) | ¥737.2K |
| Net income per employee (consolidated) | ¥326.8K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 251 | 314 | 459 | 582 | 658 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.7M | ¥6.8M | ¥7.6M |
| Average age (parent company) | 33.8 years | 34.4 years | 35.2 years | 35.5 years | 34.8 years |
| Average tenure (parent company) | 2.8 years | 2.9 years | 2.6 years | 2.7 years | 2.7 years |

Year over year: Employees (consolidated) +13.1% · Revenue (consolidated) +12.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 938 | 9.8% | S100XSJP |
| Capital expenditure | 480 | 5.0% | S100XSJP |
| Free cash flow | 458 | 4.8% | 算出 |
| Investing cash flow | -586 | -6.1% | S100XSJP |
| Financing cash flow | -157 | -1.6% | S100XSJP |
| Share buyback | 0 | 0.0% | S100XSJP |
| Change in cash | 192 | 2.0% | S100XSJP |
| Cash and equivalents | 3,105 | 32.6% | S100XSJP |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,200 | 2,850 | 2,102 | 2,913 | 3,105 | S100U7UX, S100VHVX, S100XSJP |
| Total assets | 5,168 | 5,387 | 6,273 | 6,114 | 6,683 | S100QHCS, S100U7UX, S100VHVX, S100XSJP |
| Net assets | 3,380 | 2,856 | 2,422 | 1,599 | 2,000 | S100U7UX, S100VHVX, S100XSJP |
| Share capital | 2,526 | 2,622 | 2,748 | 2,922 | 3,008 | S100QHCS, S100U7UX, S100VHVX, S100XSJP |
| Property, plant and equipment | — | 30 | 11 | 3 | 39 | S100U7UX, S100VHVX, S100XSJP |
| Intangible assets excluding goodwill | — | 1,147 | 2,199 | 1,094 | 1,092 | S100U7UX, S100VHVX, S100XSJP |
| Goodwill | — | 285 | 1,029 | — | 89 | S100U7UX, S100VHVX, S100XSJP |
| Investment securities | — | 183 | 190 | 184 | 163 | S100U7UX, S100VHVX, S100XSJP |
| Current assets | — | 3,920 | 3,217 | 4,026 | 4,830 | S100U7UX, S100VHVX, S100XSJP |
| Current liabilities | — | 1,732 | 2,547 | 3,826 | 3,821 | S100U7UX, S100VHVX, S100XSJP |
| Short-term borrowings | — | — | 1 | — | — | S100VHVX |
| Long-term borrowings | — | 764 | 1,115 | 457 | 542 | S100U7UX, S100VHVX, S100XSJP |
| Total liabilities | — | 2,531 | 3,851 | 4,515 | 4,683 | S100U7UX, S100VHVX, S100XSJP |
| Non-controlling interests | — | 66 | — | — | — | S100U7UX |
| Equity attributable to owners of parent | — | 2,790 | 2,422 | 1,598 | 1,985 | S100U7UX, S100VHVX, S100XSJP |
| Retained earnings | — | -2,440 | -3,060 | -4,233 | -4,017 | S100U7UX, S100VHVX, S100XSJP |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100U7UX, S100VHVX, S100XSJP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100XSJP |
| Property, plant and equipment | 1% | S100XSJP |
| Intangibles and goodwill | 18% | S100XSJP |
| Investment securities | 2% | S100XSJP |
| Other assets | 33% | S100XSJP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100XSJP |
| Equity | 30% | S100XSJP |
| Other liabilities | 0% | S100XSJP |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,168 | 5,387 | 6,273 | 6,114 | 6,683 |
| Equity | 3,380 | 2,856 | 2,422 | 1,599 | 2,000 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,200 | 2,850 | 2,102 | 2,913 | 3,105 |

## 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) | 0.4% | S100XSJP |
| Fixed assets ÷ total assets | 0.6% | S100XSJP |
| Goodwill ÷ parent equity | 4.5% | S100XSJP |

### 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) | 46.5% |
| Cash ÷ revenue | 32.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.3% |
| Cash vs. profit gap | 723 JPY mn (of net income 336.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 62.5% |

## 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 | — | —× | -13.5% | —× | — | S100QHCS, S100U7UX |
| 2022 | — | —× | -12.9% | —× | — | S100U7UX |
| 2023 | — | —× | -10.6% | —× | — | S100VHVX |
| 2024 | — | —× | -18.9% | —× | — | S100XSJP |
| 2025 | 2.3% | 1.49× | 3.4% | 3.57× | 12.0% | S100XSJP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Fun&Creative | Major shareholder | 48.8% | 2025-12-31 |
| 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 | 4.3% | 2025-12-31 |
| 山 本 正 喜 | Major shareholder | 4.2% | 2025-12-31 |
| 山 口 勝 幸 | Major shareholder | 2.8% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2025-12-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.7% | 2025-12-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD − SINGAPORE BRANCH PRIVATE BANKING DIVISION A/C CLIENTS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2025-12-31 |
| 井 上 直 樹 | Major shareholder | 1.4% | 2025-12-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCT E PSMPJ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XSJP | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSJP,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VHVX | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHVX,, |
| 訂正有価証券報告書－第20期(2023/01/01－2023/12/31) | S100U7UX | 2024-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U7UX,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QHCS | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHCS,, |
| 有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100NRCM | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRCM,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L27A | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L27A,, |

## 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).