# Kudan: 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12期(2025/04/01－2026/03/31) (S100YIKS)
> Page: https://vizora.meequs.com/en/company/kudan
> Retrieved: 2026-09-30T20:48:39.389Z

## Company

Kudan, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 30 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kudan Inc. |
| Ticker | 4425 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4425.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神南一丁目23番14号 |
| Representative (per filing) | 代表取締役CEO 項 大雨 |
| Founded | Jan 2011 |
| Share capital | ¥30.1M |
| Employees (consolidated) | 30 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | japan.kudan.eu (https://japan.kudan.eu/) |
| Corporate number | 9010001164256 |
| EDINET | E34507 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YIKS, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 0.3 | 145 |
| Efficiency | 4.5 | 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)

- Kudan brought in ¥1.2B in revenue.
- It lost about ¥49 for every ¥100 of sales at the operating level.
- Revenue changed +131.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.2B |  |
| Operating income | -¥586M | Margin -49.0% |
| Net income | -¥188.3M | Margin -15.7% |
| Free cash flow | -¥644.8M |  |
| Employees (consolidated) | 30 |  |
| EPS | ¥-50.31 |  |
| Book value per share | ¥229.73 |  |
| Equity ratio | 88.2% |  |
| Shares outstanding | 11,301,267 |  |
| Treasury shares | 500 |  |
| Shareholders | 11,550 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 66.7% | Cash ÷ revenue 165.9% |
| Vs. industry median margin | -61.4 pp | Software & SaaS |
| ROA | -5.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 4.4× its level five years ago
- FY2026, cash is 67% of total assets
- FY2026, operating loss is 49 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥127864000 | ¥1196972000 | +836.1% |
| Operating income | ¥-451171000 | ¥-585955000 | — |
| Operating margin | -352.9% | -49.0% | +303.9 pp |
| Employees | 24 people | 30 people | +25.0% |
| Cash and equivalents | ¥1230979000 | ¥1986078000 | +61.3% |

### 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 | 1,197 | 100.0% | S100YIKS |
| Cost of revenue | 826 | 69.0% | S100YIKS |
| Gross profit | 371 | 31.0% | S100YIKS |
| SG&A | 957 | 79.9% | S100YIKS |
| Operating income | -586 | -49.0% | S100YIKS |
| Ordinary income | -174 | -14.6% | S100YIKS |
| Pretax income | -187 | -15.6% | S100YIKS |
| Income tax | 1 | 0.1% | S100YIKS |
| Net income | -188 | -15.7% | S100YIKS |
| Net income attributable to owners | -188 | -15.7% | S100YIKS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 80 |
| Operating income | -49 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 31.0% → Operating margin -49.0% → Net margin -15.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 518 | 1,197 | 679 | +131.3% |
| Gross profit | 340 | 371 | 30 | +8.9% |
| Operating income | -801 | -586 | 215 | — |
| Net income attributable to owners | -802 | -188 | 613 | — |
| Operating cash flow | -815 | -632 | 183 | — |
| Free cash flow | -872 | -645 | 228 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 456 | 9 | 2.1% | -29 | -131 | -138 | S100LMLU |
| FY ending Mar 2021 | 128 | -451 | -352.9% | -1,609 | -350 | -365 | S100ODJL |
| FY ending Mar 2022 | 272 | -433 | -159.2% | -2,237 | -515 | -519 | S100QZLH |
| FY ending Mar 2023 | 333 | -599 | -179.9% | -414 | -619 | -639 | S100TKFR |
| FY ending Mar 2024 | 491 | -527 | -107.4% | -70 | -491 | -509 | S100VX74 |
| FY ending Mar 2025 | 518 | -801 | -154.7% | -802 | -815 | -872 | S100YIKS |
| FY ending Mar 2026 | 1,197 | -586 | -49.0% | -188 | -632 | -645 | S100YIKS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | -¥19.5M |
| Net income per employee (consolidated) | -¥6.3M |

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) | 43 | 36 | 38 | 41 | 30 |
| Average salary (parent company) | ¥9.7M | ¥9M | ¥8M | ¥8.5M | ¥9.3M |
| Average age (parent company) | 39.9 years | 40.2 years | 40.7 years | 40.1 years | 37.6 years |
| Average tenure (parent company) | 2.3 years | 2.4 years | 3.0 years | 2.1 years | 2.2 years |

Year over year: Employees (consolidated) -26.8% · Revenue (consolidated) +131.3%

## 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 | -632 | -52.8% | S100YIKS |
| Capital expenditure | 13 | 1.1% | S100YIKS |
| Free cash flow | -645 | -53.9% | 算出 |
| Investing cash flow | -14 | -1.1% | S100YIKS |
| Financing cash flow | 18 | 1.5% | S100YIKS |
| Share buyback | 0 | 0.0% | S100YIKS |
| Change in cash | -608 | -50.8% | S100YIKS |
| Cash and equivalents | 1,986 | 165.9% | S100YIKS |

## 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 | 604 | 852 | 1,720 | 2,594 | 1,986 | S100TKFR, S100VX74, S100YIKS |
| Total assets | 770 | 1,008 | 2,378 | 3,411 | 2,978 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Net assets | 638 | 760 | 2,091 | 3,131 | 2,642 | S100TKFR, S100VX74, S100YIKS |
| Share capital | 898 | 346 | 740 | 13 | 30 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Inventories | 5 | — | 13 | 40 | 57 | S100QZLH, S100VX74, S100YIKS |
| Property, plant and equipment | 0 | 0 | 0 | 0 | 0 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Investment securities | — | — | 400 | 500 | 500 | S100VX74, S100YIKS |
| Current assets | 754 | 991 | 1,954 | 2,882 | 2,448 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Current liabilities | 125 | 242 | 281 | 273 | 336 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Short-term borrowings | — | 200 | 200 | 200 | 200 | S100TKFR, S100VX74, S100YIKS |
| Total liabilities | 132 | 248 | 288 | 280 | 336 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Equity attributable to owners of parent | 720 | 977 | 2,675 | 3,733 | 3,579 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Retained earnings | -2,383 | -333 | 160 | -205 | 415 | S100QZLH, S100TKFR, S100VX74, S100YIKS |
| Treasury stock | -1 | -2 | -2 | -2 | -2 | S100QZLH, S100TKFR, S100VX74, S100YIKS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YIKS |
| Inventories | 2% | S100YIKS |
| Investment securities | 17% | S100YIKS |
| Other assets | 14% | S100YIKS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YIKS |
| Equity | 89% | S100YIKS |
| Other liabilities | 0% | S100YIKS |

### 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 | 770 | 1,008 | 2,378 | 3,411 | 2,978 |
| Equity | 638 | 760 | 2,091 | 3,131 | 2,642 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 604 | 852 | 1,720 | 2,594 | 1,986 |

## 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) | 0.0% | S100YIKS |
| Fixed assets ÷ total assets | 0.0% | S100YIKS |
| Goodwill ÷ parent equity | — | —, S100YIKS |

### 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) | 66.7% |
| Cash ÷ revenue | 165.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -444 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -290.5% | —× | — | S100QZLH |
| 2023 | — | —× | -46.5% | —× | — | S100TKFR |
| 2024 | — | —× | -4.1% | —× | — | S100VX74 |
| 2025 | — | —× | -27.7% | —× | — | S100YIKS |
| 2026 | — | —× | -5.9% | —× | — | S100YIKS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大野 智弘 | Major shareholder | 29.3% | 2026-03-31 |
| UNION BANCAIRE PRIVEE(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 7.0% | 2026-03-31 |
| 株式会社ヘルシア | Major shareholder | 2.3% | 2026-03-31 |
| BOFAS INC SEGREGATION ACCOUNT(常任代理人 BOFA証券株式会社) | Major shareholder | 1.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| BCSL CLIENT RE BBPLC NYBR(常任代理人 バークレイズ証券株式会社) | Major shareholder | 1.5% | 2026-03-31 |
| 高橋 秀明 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社アグリ | Major shareholder | 1.3% | 2026-03-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YIKS | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKS,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100VX74 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX74,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TKFR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKFR,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100QZLH | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZLH,, |
| 有価証券報告書－第8期(令和3年4月1日－令和4年3月31日) | S100ODJL | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODJL,, |
| 有価証券報告書－第7期(令和2年4月1日－令和3年3月31日) | S100LMLU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMLU,, |

## 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).