# Kurashicom Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/08/01－2025/07/31) (S100WWW2)
> Page: https://vizora.meequs.com/en/company/kurashi
> Retrieved: 2026-09-30T21:36:35.417Z

## Company

Kurashicom, founded in 2006, is a company in E-commerce listed on TSE Growth. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kurashicom Inc. |
| Ticker | 7110 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7110.T) |
| Listing | TSE Growth |
| Head office | 東京都国立市中一丁目1番地52 |
| Representative (per filing) | 代表取締役社長 青木 耕平 |
| Founded | Sep 2006 |
| Share capital | ¥100M |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | July |
| Website | kurashi.com (https://kurashi.com/) |
| Corporate number | 6012401017913 |
| EDINET | E37848 |
| Industries (Vizora) | E-commerce, Apparel |

> Profile source: annual securities report (S100WWW2, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 80.9 | 34 |
| Cash conversion | 20.4 | 27 |
| Efficiency | 54.4 | 34 |

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 97% of Kurashicom's sales come from Hokuoh, Kurashi no douguten, with Foufou making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +21.1% from the prior year, operating profit +0.7%.

## Company structure

- Segment revenue mix: Hokuoh, Kurashi no douguten 97.4%、Foufou 2.6%
- Revenue → net income: ¥8490727000 → ¥716164000
- Net income → operating cash flow: ¥716164000 → ¥729486000（difference ¥13322000）
- Main uses of operating cash flow: CapEx ¥15866000 / dividends ¥125296000 / buybacks ¥76000
- Change in cash: ¥532711000
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 | ¥8.49B |  |
| Operating income | ¥1.09B | Margin 12.8% |
| Net income | ¥716.2M | Margin 8.4% |
| Free cash flow | ¥713.6M |  |
| Largest business | Hokuoh, Kurashi no douguten | of segment revenue 97.4% |
| Employees (consolidated) | 100 |  |
| EPS | ¥103.55 |  |
| Book value per share | ¥728.08 |  |
| Equity ratio | 84.4% |  |
| Shares outstanding | 7,370,400 |  |
| Shareholders | 2,031 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 75.1% | Cash ÷ revenue 55.7% |
| Vs. industry median margin | +7.9 pp | E-commerce |
| ROE | 14.3% | Derived from disclosed figures |
| ROA | 12.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 75% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2021 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4532154000 | ¥8490727000 | — |
| Operating income | ¥779552000 | ¥1090997000 | — |
| Operating margin | 17.2% | 12.8% | -4.4 pp |
| Employees | 72 people | 100 people | — |
| Cash and equivalents | ¥2019559000 | ¥4728421000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2021 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 北欧、暮らしの道具店 | 97.4% |
| 新設・再編 → foufou | 2.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,491 | 100.0% | S100WWW2 |
| Cost of revenue | 4,678 | 55.1% | S100WWW2 |
| Gross profit | 3,813 | 44.9% | S100WWW2 |
| SG&A | 2,722 | 32.1% | S100WWW2 |
| Operating income | 1,091 | 12.8% | S100WWW2 |
| Ordinary income | 1,112 | 13.1% | S100WWW2 |
| Pretax income | 1,106 | 13.0% | S100WWW2 |
| Income tax | 390 | 4.6% | S100WWW2 |
| Net income | 716 | 8.4% | S100WWW2 |
| Net income attributable to owners | 716 | 8.4% | S100WWW2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 32 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 44.9% → Operating margin 12.8% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.1%; Core profit growth: +0.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.03×
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 | 7,013 | 8,491 | 1,478 | +21.1% |
| Gross profit | 3,073 | 3,813 | 740 | +24.1% |
| Operating income | 1,084 | 1,091 | 7 | +0.7% |
| Net income attributable to owners | 786 | 716 | -70 | -8.9% |
| Operating cash flow | 784 | 729 | -55 | -7.0% |
| Free cash flow | 579 | 714 | 135 | +23.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2021 | 4,532 | 780 | 17.2% | 571 | 444 | 440 | S100PFFF |
| FY ending Jul 2022 | 5,163 | 842 | 16.3% | 561 | 536 | 436 | S100S38R |
| FY ending Jul 2023 | 6,061 | 966 | 15.9% | 695 | 733 | 692 | S100S38R |
| FY ending Jul 2024 | 7,013 | 1,084 | 15.5% | 786 | 784 | 579 | S100WWW2 |
| FY ending Jul 2025 | 8,491 | 1,091 | 12.8% | 716 | 729 | 714 | S100WWW2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.9M |
| Operating income per employee (consolidated) | ¥10.9M |
| Net income per employee (consolidated) | ¥7.2M |

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) | 72 | 79 | 87 | 100 | 100 |
| Average salary (parent company) | — | ¥5.8M | ¥6.5M | ¥6.7M | ¥6.5M |
| Average age (parent company) | — | 34.2 years | 34.9 years | 35.5 years | 36.6 years |
| Average tenure (parent company) | — | 4.1 years | 4.6 years | 5.1 years | 5.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +21.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hokuoh, Kurashi no douguten | 8,269 | 97.4% | 1,129 | 13.7% |
| Foufou | 221 | 2.6% | -38 | -17.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hokuoh, Kurashi no douguten | 97.4% | 100.0% | 2.6 | 13.7% |
| Foufou | 2.6% | — | — | -17.1% |

Loss-making segment (excluded from profit shares): Foufou -38 JPY mn

Segment → industry: Hokuoh, Kurashi no douguten → E-commerce / Foufou → Apparel

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 729 | 8.6% | S100WWW2 |
| Capital expenditure | 16 | 0.2% | S100WWW2 |
| Free cash flow | 714 | 8.4% | 算出 |
| Investing cash flow | -22 | -0.3% | S100WWW2 |
| Financing cash flow | -175 | -2.1% | S100WWW2 |
| Dividends paid | 125 | 1.5% | S100WWW2 |
| Share buyback | 0 | 0.0% | S100WWW2 |
| Change in cash | 533 | 6.3% | S100WWW2 |
| Cash and equivalents | 4,728 | 55.7% | S100WWW2 |

## 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 | 2,020 | 2,385 | 4,337 | 4,196 | 4,728 | S100S38R, S100WWW2 |
| Total assets | 2,481 | 2,987 | 5,020 | 5,597 | 6,297 | S100PFFF, S100S38R, S100WWW2 |
| Net assets | 1,753 | 2,315 | 4,278 | 4,727 | 5,318 | S100S38R, S100WWW2 |
| Share capital | 8 | 8 | 433 | 100 | 100 | S100PFFF, S100S38R, S100WWW2 |
| Property, plant and equipment | 24 | 68 | 63 | 251 | 223 | S100PFFF, S100S38R, S100WWW2 |
| Intangible assets excluding goodwill | 7 | 59 | 74 | 258 | 221 | S100PFFF, S100S38R, S100WWW2 |
| Goodwill | — | — | — | 194 | 172 | S100WWW2 |
| Current assets | 2,403 | 2,831 | 4,829 | 4,890 | 5,655 | S100PFFF, S100S38R, S100WWW2 |
| Current liabilities | 557 | 570 | 590 | 767 | 916 | S100PFFF, S100S38R, S100WWW2 |
| Long-term borrowings | 171 | 103 | 153 | 103 | 63 | S100PFFF, S100S38R, S100WWW2 |
| Total liabilities | 727 | 673 | 743 | 870 | 979 | S100PFFF, S100S38R, S100WWW2 |
| Equity attributable to owners of parent | 1,753 | 2,315 | 4,278 | 4,727 | 5,318 | S100PFFF, S100S38R, S100WWW2 |
| Retained earnings | 1,745 | 2,307 | 3,002 | 3,451 | 4,042 | S100PFFF, S100S38R, S100WWW2 |
| Treasury stock | -137 | -137 | -0 | -0 | -0 | S100PFFF, S100S38R, S100WWW2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 75% | S100WWW2 |
| Property, plant and equipment | 4% | S100WWW2 |
| Intangibles and goodwill | 6% | S100WWW2 |
| Other assets | 15% | S100WWW2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100WWW2 |
| Equity | 84% | S100WWW2 |

### 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 | 2,481 | 2,987 | 5,020 | 5,597 | 6,297 |
| Equity | 1,753 | 2,315 | 4,278 | 4,727 | 5,318 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,020 | 2,385 | 4,337 | 4,196 | 4,728 |

## 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) | 2.6% | S100WWW2 |
| Fixed assets ÷ total assets | 3.5% | S100WWW2 |
| Goodwill ÷ parent equity | 3.2% | S100WWW2 |

### 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) | 75.1% |
| Cash ÷ revenue | 55.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.9% |
| Cash vs. profit gap | 13 JPY mn (of net income 1.9%) |
| Shareholder returns / net income | 17.5% |
| Shareholder returns / FCF | 17.6% |
| Shareholder payments — dividends / net income | 17.5% |
| Shareholder payments — dividends / FCF | 17.6% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 3.0% |

## 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 | 12.6% | 1.83× | 23.0% | 1.41× | 32.6% | S100PFFF |
| 2022 | 10.9% | 1.89× | 20.5% | 1.34× | 27.6% | S100S38R |
| 2023 | 11.5% | 1.51× | 17.4% | 1.21× | 21.1% | S100S38R |
| 2024 | 11.2% | 1.25× | 14.0% | 1.18× | 16.6% | S100WWW2 |
| 2025 | 8.4% | 1.43× | 12.0% | 1.18× | 14.3% | S100WWW2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 青木 耕平 | Major shareholder | 54.9% | 2025-07-31 |
| 佐藤 友子 | Major shareholder | 12.0% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2025-07-31 |
| GOLDMAN,SACHS & CO.REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.3% | 2025-07-31 |
| 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 | 3.4% | 2025-07-31 |
| NORTHERN TRUST CO.(AVFC)RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 2.1% | 2025-07-31 |
| 深井 大 | Major shareholder | 0.9% | 2025-07-31 |
| 上田八木短資株式会社 | Major shareholder | 0.7% | 2025-07-31 |
| 清板 大亮 | Major shareholder | 0.6% | 2025-07-31 |
| 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 | 0.5% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/08/01－2025/07/31) | S100WWW2 | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWW2,, |
| 有価証券報告書－第18期(2023/08/01－2024/07/31) | S100UL42 | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL42,, |
| 有価証券報告書－第17期(2022/08/01－2023/07/31) | S100S38R | 2023-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S38R,, |
| 有価証券報告書－第16期(令和3年8月1日－令和4年7月31日) | S100PFFF | 2022-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFFF,, |

## 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).