# LaKeel, Inc.: 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9期(2025/01/01－2025/12/31) (S100XUN1)
> Page: https://vizora.meequs.com/en/company/lakeel
> Retrieved: 2026-09-30T20:25:22.951Z

## Company

LaKeel, founded in 2005, is a company in Software & SaaS listed on TSE Growth. It has 490 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LaKeel, Inc. |
| Ticker | 4074 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4074.T) |
| Listing | TSE Growth |
| Head office | 東京都港区愛宕二丁目5番1号 |
| Representative (per filing) | 代表取締役社長 久保 努 |
| Founded | Jun 2005 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 490 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.lakeel.com (https://www.lakeel.com/) |
| Corporate number | 4010401134301 |
| EDINET | E36708 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUN1, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.5 | 105 |
| Profitability | 25.9 | 145 |
| Cash conversion | 71.5 | 128 |
| Efficiency | 80.3 | 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)

- LaKeel brought in ¥7.73B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit -20.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7728364000 → ¥288366000
- Net income → operating cash flow: ¥288366000 → ¥576281000（difference ¥287915000）
- Main uses of operating cash flow: CapEx ¥518795000 / dividends — / buybacks ¥119631000
- Change in cash: ¥-201649000
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 | ¥7.73B |  |
| Operating income | ¥445.5M | Margin 5.8% |
| Net income | ¥287.6M | Margin 3.7% |
| Free cash flow | ¥57.5M |  |
| Employees (consolidated) | 490 |  |
| EPS | ¥37.29 |  |
| Diluted EPS | ¥36.33 |  |
| Book value per share | ¥509.76 |  |
| Equity ratio | 61.5% |  |
| Shares outstanding | 7,672,500 |  |
| Treasury shares | 700,700 |  |
| Shareholders | 1,930 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 38.5% | Cash ÷ revenue 30.4% |
| Vs. industry median margin | -6.7 pp | Software & SaaS |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5331307000 | ¥7728364000 | +45.0% |
| Operating income | ¥254084000 | ¥445486000 | +75.3% |
| Operating margin | 4.8% | 5.8% | +1 pp |
| Employees | 460 people | 490 people | +6.5% |
| Cash and equivalents | ¥1323648000 | ¥2345908000 | +77.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,728 | 100.0% | S100XUN1 |
| Cost of revenue | 5,141 | 66.5% | S100XUN1 |
| Gross profit | 2,587 | 33.5% | S100XUN1 |
| SG&A | 2,142 | 27.7% | S100XUN1 |
| Operating income | 445 | 5.8% | S100XUN1 |
| Ordinary income | 443 | 5.7% | S100XUN1 |
| Pretax income | 442 | 5.7% | S100XUN1 |
| Income tax | 154 | 2.0% | S100XUN1 |
| Net income | 288 | 3.7% | S100XUN1 |
| Net income attributable to owners | 288 | 3.7% | S100XUN1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 28 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 33.5% → Operating margin 5.8% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.0%; Core profit growth: -20.5%
Operating leverage (core profit growth ÷ revenue growth): 6.79×
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 | 7,969 | 7,728 | -240 | -3.0% |
| Gross profit | 2,438 | 2,587 | 149 | +6.1% |
| Operating income | 560 | 445 | -115 | -20.5% |
| Net income attributable to owners | 362 | 288 | -75 | -20.6% |
| Operating cash flow | 1,132 | 576 | -556 | -49.1% |
| Free cash flow | 614 | 57 | -556 | -90.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 5,331 | 254 | 4.8% | 140 | 486 | 149 | S100PWA1 |
| FY ending Dec 2021 | 5,830 | 549 | 9.4% | 317 | 410 | 108 | S100QGCV |
| FY ending Dec 2022 | 6,881 | 772 | 11.2% | 467 | 1,238 | 959 | S100T67K |
| FY ending Dec 2023 | 7,653 | 775 | 10.1% | 540 | 668 | 166 | S100VIRA |
| FY ending Dec 2024 | 7,969 | 560 | 7.0% | 362 | 1,132 | 614 | S100XUN1 |
| FY ending Dec 2025 | 7,728 | 445 | 5.8% | 288 | 576 | 57 | S100XUN1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.8M |
| Operating income per employee (consolidated) | ¥909.2K |
| Net income per employee (consolidated) | ¥587K |

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) | 450 | 413 | 433 | 453 | 490 |
| Average salary (parent company) | ¥5.8M | ¥5.7M | ¥5.9M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 36.1 years | 36.7 years | 36.0 years | 35.1 years | 35.0 years |
| Average tenure (parent company) | 9.3 years | 10.0 years | 9.6 years | 8.7 years | 8.3 years |

Year over year: Employees (consolidated) +8.2% · Revenue (consolidated) -3.0%

## 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 | 576 | 7.5% | S100XUN1 |
| Capital expenditure | 519 | 6.7% | S100XUN1 |
| Free cash flow | 57 | 0.7% | 算出 |
| Investing cash flow | -551 | -7.1% | S100XUN1 |
| Financing cash flow | -231 | -3.0% | S100XUN1 |
| Share buyback | 120 | 1.5% | S100XUN1 |
| Change in cash | -202 | -2.6% | S100XUN1 |
| Cash and equivalents | 2,346 | 30.4% | S100XUN1 |

## 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 | 2,571 | 3,230 | 2,704 | 2,548 | 2,346 | S100T67K, S100VIRA, S100XUN1 |
| Total assets | 5,443 | 5,788 | 6,408 | 6,001 | 6,098 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Net assets | 2,817 | 3,272 | 3,825 | 3,593 | 3,771 | S100T67K, S100VIRA, S100XUN1 |
| Share capital | 1,012 | 1,014 | 1,016 | 1,016 | 1,016 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Trade receivables | 1,187 | — | — | — | — | S100QGCV |
| Property, plant and equipment | 239 | 199 | 183 | 179 | 160 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Intangible assets excluding goodwill | 1,000 | 1,003 | 1,166 | 1,222 | 1,251 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Goodwill | 471 | 436 | 402 | 367 | 333 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Investment securities | — | 63 | 664 | 713 | 706 | S100T67K, S100VIRA, S100XUN1 |
| Current assets | 3,877 | 4,183 | 4,009 | 3,493 | 3,551 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Current liabilities | 1,948 | 2,435 | 2,113 | 2,048 | 2,070 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Short-term borrowings | 600 | 600 | 600 | 600 | 600 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Long-term borrowings | 584 | 9 | 400 | 300 | 200 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Total liabilities | 2,625 | 2,516 | 2,583 | 2,407 | 2,327 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Non-controlling interests | 18 | 17 | 18 | 20 | 21 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Equity attributable to owners of parent | 2,779 | 3,221 | 3,763 | 3,510 | 3,678 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Retained earnings | 647 | 1,085 | 1,625 | 1,987 | 2,275 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |
| Treasury stock | -0 | -0 | -0 | -618 | -737 | S100QGCV, S100T67K, S100VIRA, S100XUN1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XUN1 |
| Property, plant and equipment | 3% | S100XUN1 |
| Intangibles and goodwill | 26% | S100XUN1 |
| Investment securities | 12% | S100XUN1 |
| Other assets | 21% | S100XUN1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XUN1 |
| Equity | 62% | S100XUN1 |

### 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 | 5,443 | 5,788 | 6,408 | 6,001 | 6,098 |
| Equity | 2,817 | 3,272 | 3,825 | 3,593 | 3,771 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,571 | 3,230 | 2,704 | 2,548 | 2,346 |

## 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) | 2.1% | S100XUN1 |
| Fixed assets ÷ total assets | 2.6% | S100XUN1 |
| Goodwill ÷ parent equity | 9.0% | S100XUN1 |

Goodwill over 4 years: 471 → 333 JPY; total investing cash flow: -2,877 JPY. This does not imply causation.

### 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) | 38.5% |
| Cash ÷ revenue | 30.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.4% |
| Cash vs. profit gap | 289 JPY mn (of net income 100.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 95.7% |

## 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 | 5.4% | 1.07× | 5.8% | 1.96× | 11.4% | S100QGCV |
| 2022 | 6.8% | 1.23× | 8.3% | 1.87× | 15.6% | S100T67K |
| 2023 | 7.1% | 1.26× | 8.8% | 1.75× | 15.4% | S100VIRA |
| 2024 | 4.5% | 1.28× | 5.8% | 1.71× | 10.0% | S100XUN1 |
| 2025 | 3.7% | 1.28× | 4.8% | 1.68× | 8.0% | S100XUN1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 久保 努 | Major shareholder | 43.2% | 2025-12-31 |
| 株式会社Kコーポレーション | Major shareholder | 5.7% | 2025-12-31 |
| KST有限責任事業組合 | Major shareholder | 5.4% | 2025-12-31 |
| 平間 恒浩 | Major shareholder | 4.3% | 2025-12-31 |
| ラキール従業員持株会 | Major shareholder | 4.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-12-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.0% | 2025-12-31 |
| 川上 嘉章 | Major shareholder | 1.9% | 2025-12-31 |
| 雄谷 淳 | Major shareholder | 1.8% | 2025-12-31 |
| 上野 華 | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XUN1 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUN1,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VIRA | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIRA,, |
| 有価証券報告書－第7期(2023/01/01－2023/12/31) | S100T67K | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T67K,, |
| 有価証券報告書－第6期(2022/01/01－2022/12/31) | S100QGCV | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGCV,, |
| 訂正有価証券報告書－第5期(令和3年1月1日－令和3年12月31日) | S100PWA1 | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PWA1,, |

## 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).