# 株式会社くふうカンパニーホールディングス: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2024/10/01－2025/09/30) (S100XC6R)
> Page: https://vizora.meequs.com/en/company/kufu
> Retrieved: 2026-09-30T21:34:43.659Z

## Company

株式会社くふうカンパニーホールディングス, founded in 2018, is a company in Internet Services & Apps listed on TSE Growth. It has 549 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kufu Company Holdings Inc. (旧英訳名 Kufu Company Inc.) |
| Ticker | 4376 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4376.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田一丁目4番28号 |
| Representative (per filing) | 取締役兼代表執行役 穐田 誉輝 |
| Founded | Oct 2018 |
| Share capital | ¥30M |
| Employees (consolidated) | 549 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | September |
| Website | kufu.co.jp (https://kufu.co.jp/) |
| Corporate number | 5010401163051 |
| EDINET | E36733 |
| Industries (Vizora) | Internet Services & Apps, Venture Capital, Weddings |

> Profile source: annual securities report (S100XC6R, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.8 | 40 |
| Profitability | 30.4 | 51 |
| Cash conversion | 75.6 | 43 |
| Efficiency | 27.9 | 52 |

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)

- About 60% of 株式会社くふうカンパニーホールディングス's sales come from Life event business, with investment and Everyday life business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -9.2% from the prior year, operating profit -17.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.1B |  |
| Operating income | ¥522M | Margin 3.7% |
| Net income | -¥2.35B | Margin -16.6% |
| Free cash flow | ¥157M |  |
| Largest business | Life event business | of segment revenue 60.4% |
| Employees (consolidated) | 549 |  |
| EPS | ¥-20.45 |  |
| Book value per share | ¥155.95 |  |
| Equity ratio | 48.5% |  |
| Shares outstanding | 59,887,595 |  |
| Treasury shares | 8,600 |  |
| Shareholders | 8,317 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 44.9% | Cash ÷ revenue 52.5% |
| Vs. industry median margin | -3.9 pp | Internet Services & Apps |
| ROA | -13.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets
- FY2025, segment profit share differs by -20 points

## What changed in 3 years

| Metric | FY ending Sep 2022 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18625000000 | ¥14110000000 | -24.2% |
| Operating income | ¥1558000000 | ¥522000000 | -66.5% |
| Operating margin | 8.4% | 3.7% | -4.7 pp |
| Employees | 623 people | 549 people | -11.9% |
| Cash and equivalents | ¥7238000000 | ¥7404000000 | +2.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 毎日の暮らし事業 → 毎日の暮らし事業 | 19.0% |
| 毎日の暮らし事業 → 事業再編・廃止 | 4.5% |
| ライフイベント事業 → ライフイベント事業 | 60.4% |
| ライフイベント事業 → 事業再編・廃止 | 12.9% |
| 投資・インキュベーション事業 → 投資・インキュベーション事業 | 3.0% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 投資・インキュベーション事業 | 17.6% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life event business | 3 years | -14.5% | ¥8516000000 | 9.2% | 2 |
| investment | 3 years | +73.1% | ¥2905000000 | 14.5% | 2 |
| Everyday life business | 3 years | -15.0% | ¥2687000000 | 27.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,110 | 100.0% | S100XC6R |
| Cost of revenue | 6,360 | 45.1% | S100XC6R |
| Gross profit | 7,750 | 54.9% | S100XC6R |
| SG&A | 7,227 | 51.2% | S100XC6R |
| Operating income | 522 | 3.7% | S100XC6R |
| Ordinary income | 501 | 3.6% | S100XC6R |
| Pretax income | -2,059 | -14.6% | S100XC6R |
| Income tax | 145 | 1.0% | S100XC6R |
| Net income | -2,204 | -15.6% | S100XC6R |
| Net income attributable to owners | -2,347 | -16.6% | S100XC6R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 51 |
| Operating income | 4 |
| (Ref.) Net income | -17 |

### Margin funnel

Gross margin 54.9% → Operating margin 3.7% → Net margin -16.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.2%; Core profit growth: -17.3%
Operating leverage (core profit growth ÷ revenue growth): 1.87×
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 | 15,544 | 14,110 | -1,434 | -9.2% |
| Gross profit | 8,122 | 7,750 | -372 | -4.6% |
| Operating income | 631 | 522 | -109 | -17.3% |
| Net income attributable to owners | 308 | -2,347 | -2,655 | -862.0% |
| Operating cash flow | -196 | 908 | 1,104 | — |
| Free cash flow | -962 | 157 | 1,119 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2022 | 18,625 | 1,558 | 8.4% | 452 | 1,553 | 1,291 | S100SIWR |
| FY ending Sep 2023 | 20,486 | 1,882 | 9.2% | 548 | 4,754 | 4,204 | S100UYCR |
| FY ending Sep 2024 | 15,544 | 631 | 4.1% | 308 | -196 | -962 | S100XC6R |
| FY ending Sep 2025 | 14,110 | 522 | 3.7% | -2,347 | 908 | 157 | S100XC6R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.7M |
| Operating income per employee (consolidated) | ¥950.8K |
| Net income per employee (consolidated) | -¥4.3M |

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) | 623 | 688 | 592 | 549 |
| Average salary (parent company) | ¥6.3M | ¥7.1M | ¥7M | ¥6.6M |
| Average age (parent company) | 38.2 years | 38.3 years | 37.4 years | 37.2 years |
| Average tenure (parent company) | 0.9 years | 1.5 years | 2.0 years | 2.3 years |

Year over year: Employees (consolidated) -7.3% · Revenue (consolidated) -9.2%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Everyday life business | 2,687 | 19.0% | 740 | 27.5% |
| Life event business | 8,516 | 60.4% | 786 | 9.2% |
| investment | 2,905 | 20.6% | 422 | 14.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Everyday life business | 19.0% | 38.0% | 18.9 | 27.5% |
| Life event business | 60.4% | 40.3% | -20.0 | 9.2% |
| investment | 20.6% | 21.7% | 1.1 | 14.5% |

Segment → industry: Life event business → Internet Services & Apps / Everyday life business → Internet Services & Apps / investment → Venture Capital / Life event business → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 908 | 6.4% | S100XC6R |
| Capital expenditure | 751 | 5.3% | S100XC6R |
| Free cash flow | 157 | 1.1% | 算出 |
| Investing cash flow | -839 | -5.9% | S100XC6R |
| Financing cash flow | -145 | -1.0% | S100XC6R |
| Share buyback | 0 | 0.0% | S100XC6R |
| Change in cash | -71 | -0.5% | S100XC6R |
| Cash and equivalents | 7,404 | 52.5% | S100XC6R |

## 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 | 7,238 | 9,369 | 7,475 | 7,404 | S100UYCR, S100XC6R |
| Total assets | 21,329 | 20,973 | 18,875 | 16,485 | S100SIWR, S100UYCR, S100XC6R |
| Net assets | 11,663 | 11,596 | 12,169 | 9,635 | S100UYCR, S100XC6R |
| Share capital | 13 | 13 | 30 | 30 | S100SIWR, S100UYCR, S100XC6R |
| Property, plant and equipment | 397 | 669 | 472 | 535 | S100SIWR, S100UYCR, S100XC6R |
| Intangible assets excluding goodwill | 4,053 | 4,386 | 4,474 | 1,854 | S100SIWR, S100UYCR, S100XC6R |
| Goodwill | 3,526 | 3,591 | 3,459 | 739 | S100SIWR, S100UYCR, S100XC6R |
| Investment securities | 678 | 627 | 10 | 0 | S100SIWR, S100UYCR, S100XC6R |
| Current assets | 14,826 | 14,122 | 12,805 | 12,769 | S100SIWR, S100UYCR, S100XC6R |
| Current liabilities | 7,295 | 6,693 | 5,201 | 5,899 | S100SIWR, S100UYCR, S100XC6R |
| Short-term borrowings | 2,981 | 2,272 | 1,868 | 1,969 | S100SIWR, S100UYCR, S100XC6R |
| Long-term borrowings | 1,840 | 2,079 | 1,046 | 473 | S100SIWR, S100UYCR, S100XC6R |
| Bonds | 8 | — | — | — | S100SIWR |
| Interest-bearing debt | 4,829 | — | — | — | 算出 |
| Total liabilities | 9,666 | 9,376 | 6,705 | 6,849 | S100SIWR, S100UYCR, S100XC6R |
| Non-controlling interests | 1,469 | 1,517 | 1,451 | 1,631 | S100SIWR, S100UYCR, S100XC6R |
| Equity attributable to owners of parent | 9,777 | 10,073 | 10,680 | 8,318 | S100SIWR, S100UYCR, S100XC6R |
| Retained earnings | 1,191 | 1,739 | 2,047 | -299 | S100SIWR, S100UYCR, S100XC6R |
| Treasury stock | -443 | -132 | -32 | -32 | S100SIWR, S100UYCR, S100XC6R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XC6R |
| Property, plant and equipment | 3% | S100XC6R |
| Intangibles and goodwill | 16% | S100XC6R |
| Other assets | 36% | S100XC6R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XC6R |
| Equity | 58% | S100XC6R |
| Other liabilities | 0% | S100XC6R |

### Balance sheet history

| Metric | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 21,329 | 20,973 | 18,875 | 16,485 |
| Equity | 11,663 | 11,596 | 12,169 | 9,635 |
| Interest-bearing debt | 4,829 | — | — | — |
| Cash | 7,238 | 9,369 | 7,475 | 7,404 |

## 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) | 3.8% | S100XC6R |
| Fixed assets ÷ total assets | 3.2% | S100XC6R |
| Goodwill ÷ parent equity | 8.9% | S100XC6R |

### 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) | 44.9% |
| Cash ÷ revenue | 52.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.9% |
| Cash vs. profit gap | 3,255 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 92.4% |

## 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 | 2.4% | 0.87× | 2.1% | 2.18× | 4.6% | S100SIWR |
| 2023 | 2.7% | 0.97× | 2.6% | 2.13× | 5.5% | S100UYCR |
| 2024 | 2.0% | 0.78× | 1.5% | 1.92× | 3.0% | S100XC6R |
| 2025 | — | —× | -13.3% | —× | — | S100XC6R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 穐田 誉輝 | Major shareholder | 65.1% | 2025-09-30 |
| 閑歳 孝子 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社OCEAN | Major shareholder | 1.2% | 2025-09-30 |
| くふうカンパニーホールディングス 従業員持株会 | Major shareholder | 0.9% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 0.7% | 2025-09-30 |
| 東海東京証券株式会社 | Major shareholder | 0.6% | 2025-09-30 |
| 株式会社安成工務店 | Major shareholder | 0.6% | 2025-09-30 |
| 前田 卓俊 | Major shareholder | 0.6% | 2025-09-30 |
| 石渡 進介 | Major shareholder | 0.5% | 2025-09-30 |
| CACEIS BANK, LUXEMBOURG BRANCH/UCITS - FULL TAX (常任代理人 シティバンク、 エヌ・エイ東京支店) | Major shareholder | 0.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2024/10/01－2025/09/30) | S100XC6R | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC6R,, |
| 有価証券報告書－第3期(2023/10/01－2024/09/30) | S100UYCR | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYCR,, |
| 有価証券報告書－第2期(2022/10/01－2023/09/30) | S100SIWR | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIWR,, |
| 訂正有価証券報告書－第1期(2021/10/01－2022/09/30) | S100PYLV | 2023-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PYLV,, |

## 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).