# クラシル株式会社: 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13期(2025/04/01－2026/03/31) (S100YH46)
> Page: https://vizora.meequs.com/en/company/kurashiru
> Retrieved: 2026-09-30T21:33:33.951Z

## Company

クラシル株式会社, founded in 2014, is a company in Internet Services & Apps listed on TSE Growth. It has 221 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kurashiru, Inc.(旧英訳名 dely inc.)(注)2025年6月27日開催の株主総会の決議により、2025年10月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 299A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/299A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦三丁目1番1号msb Tamachi 田町ステーションタワーN 23階 |
| Representative (per filing) | 代表取締役社長 堀江 裕介 |
| Founded | Apr 2014 |
| Share capital | ¥190.8M |
| Employees (consolidated) | 221 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | kurashiru.co.jp (https://kurashiru.co.jp/) |
| Corporate number | 2011001099829 |
| EDINET | E40236 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100YH46, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 77.5 | 51 |
| Cash conversion | 26.7 | 43 |
| Efficiency | 47.1 | 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)

- クラシル株式会社 brought in ¥17B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +29.8% from the prior year, operating profit +30.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17001320000 → ¥2461113000
- Net income → operating cash flow: ¥2461113000 → ¥2869146000（difference ¥408033000）
- Main uses of operating cash flow: CapEx ¥38557000 / dividends — / buybacks —
- Change in cash: ¥2711225000
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 | ¥17B |  |
| Operating income | ¥3.46B | Margin 20.4% |
| Net income | ¥2.46B | Margin 14.5% |
| Free cash flow | ¥2.83B |  |
| Employees (consolidated) | 221 |  |
| EPS | ¥58.49 |  |
| Diluted EPS | ¥54.84 |  |
| Book value per share | ¥310.48 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 42,618,560 |  |
| Shareholders | 6,903 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 68.6% | Cash ÷ revenue 68.2% |
| Vs. industry median margin | +12.7 pp | Internet Services & Apps |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 69% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9897633000 | ¥17001320000 | — |
| Operating income | ¥2340427000 | ¥3463148000 | — |
| Operating margin | 23.6% | 20.4% | -3.3 pp |
| Employees | 189 people | 221 people | — |
| Cash and equivalents | ¥7087352000 | ¥11599617000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 | 17,001 | 100.0% | S100YH46 |
| Cost of revenue | 8,946 | 52.6% | S100YH46 |
| Gross profit | 8,055 | 47.4% | S100YH46 |
| SG&A | 4,592 | 27.0% | S100YH46 |
| Operating income | 3,463 | 20.4% | S100YH46 |
| Ordinary income | 3,507 | 20.6% | S100YH46 |
| Pretax income | 3,506 | 20.6% | S100YH46 |
| Income tax | 1,045 | 6.1% | S100YH46 |
| Net income | 2,461 | 14.5% | S100YH46 |
| Net income attributable to owners | 2,461 | 14.5% | S100YH46 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 27 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 47.4% → Operating margin 20.4% → Net margin 14.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,102 | 17,001 | 3,900 | +29.8% |
| Gross profit | 6,495 | 8,055 | 1,561 | +24.0% |
| Operating income | 2,663 | 3,463 | 800 | +30.1% |
| Operating cash flow | 2,114 | 2,869 | 755 | +35.7% |
| Free cash flow | 2,041 | 2,831 | 790 | +38.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 9,898 | 2,340 | 23.6% | 1,483 | 1,406 | 1,375 | S100W7EY |
| FY ending Mar 2025 | 13,102 | 2,663 | 20.3% | 1,692 | 2,114 | 2,041 | S100W7EY |
| FY ending Mar 2026 | 17,001 | 3,463 | 20.4% | 2,461 | 2,869 | 2,831 | S100YH46 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76.9M |
| Operating income per employee (consolidated) | ¥15.7M |
| Net income per employee (consolidated) | ¥11.1M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 189 | 204 | 221 |
| Average salary (parent company) | — | ¥6.3M | ¥6.4M |
| Average age (parent company) | — | 31.9 years | 31.8 years |
| Average tenure (parent company) | — | 2.7 years | 2.8 years |

## 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 | 2,869 | 16.9% | S100YH46 |
| Capital expenditure | 39 | 0.2% | S100YH46 |
| Free cash flow | 2,831 | 16.6% | 算出 |
| Investing cash flow | -356 | -2.1% | S100YH46 |
| Financing cash flow | 177 | 1.0% | S100YH46 |
| Change in cash | 2,711 | 15.9% | S100YH46 |
| Cash and equivalents | 11,600 | 68.2% | S100YH46 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,087 | 8,888 | 11,600 | S100W7EY, S100YH46 |
| Total assets | 10,535 | 13,156 | 16,920 | S100W7EY, S100YH46 |
| Net assets | 8,907 | 10,594 | 13,246 | S100W7EY, S100YH46 |
| Share capital | 100 | 100 | 191 | S100W7EY, S100YH46 |
| Property, plant and equipment | 177 | 233 | 218 | S100W7EY, S100YH46 |
| Intangible assets excluding goodwill | 837 | 685 | 654 | S100W7EY, S100YH46 |
| Goodwill | 771 | 642 | 621 | S100W7EY, S100YH46 |
| Investment securities | — | 172 | 287 | S100W7EY, S100YH46 |
| Current assets | 8,591 | 11,027 | 14,371 | S100W7EY, S100YH46 |
| Current liabilities | 1,628 | 2,561 | 3,674 | S100W7EY, S100YH46 |
| Total liabilities | 1,628 | 2,561 | 3,674 | S100W7EY, S100YH46 |
| Equity attributable to owners of parent | 8,899 | 10,592 | 13,234 | S100W7EY, S100YH46 |
| Retained earnings | 5,092 | 6,784 | 9,245 | S100W7EY, S100YH46 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100YH46 |
| Property, plant and equipment | 1% | S100YH46 |
| Intangibles and goodwill | 7% | S100YH46 |
| Investment securities | 2% | S100YH46 |
| Other assets | 21% | S100YH46 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YH46 |
| Equity | 78% | S100YH46 |
| Other liabilities | 0% | S100YH46 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 10,535 | 13,156 | 16,920 |
| Equity | 8,907 | 10,594 | 13,246 |
| Interest-bearing debt | — | — | — |
| Cash | 7,087 | 8,888 | 11,600 |

## 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) | 1.3% | S100YH46 |
| Fixed assets ÷ total assets | 1.3% | S100YH46 |
| Goodwill ÷ parent equity | 4.7% | S100YH46 |

### 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) | 68.6% |
| Cash ÷ revenue | 68.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.8% |
| Cash vs. profit gap | 408 JPY mn (of net income 16.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 12.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 15.0% | 0.94× | 14.1% | 1.18× | 16.7% | S100W7EY |
| 2025 | 12.9% | 1.11× | 14.3% | 1.22× | 17.4% | S100W7EY |
| 2026 | 14.5% | 1.00× | 14.5% | 1.28× | 18.6% | S100YH46 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LINEヤフー株式会社 | Major shareholder | 39.1% | 2026-03-31 |
| 堀江裕介 | Major shareholder | 17.1% | 2026-03-31 |
| YJ2号投資事業組合 | Major shareholder | 15.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 鈴木 祐人 | Major shareholder | 2.3% | 2026-03-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.5% | 2026-03-31 |
| Kepple Liquidity1号投資事業有限責任組合 | Major shareholder | 1.5% | 2026-03-31 |
| CACEIS BANK | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YH46 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH46,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W7EY | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7EY,, |

## 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).