# LANCERS,INC.: 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18期(2025/04/01－2026/03/31) (S100YFEP)
> Page: https://vizora.meequs.com/en/company/lancers
> Retrieved: 2026-09-30T19:49:55.646Z

## Company

Lancers, founded in 2008, is a company in Internet Services & Apps listed on TSE Growth. It has 150 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LANCERS,INC. |
| Ticker | 4484 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4484.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷三丁目10番13号 |
| Representative (per filing) | 代表取締役社長 CEO 秋好 陽介 |
| Founded | Apr 2008 |
| Share capital | ¥55M |
| Employees (consolidated) | 150 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.lancers.co.jp (https://www.lancers.co.jp/) |
| Corporate number | 6021001024617 |
| EDINET | E35287 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100YFEP, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.8 | 40 |
| Profitability | 32.4 | 51 |
| Cash conversion | 77.9 | 43 |
| Efficiency | 87.5 | 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)

- Lancers brought in ¥5.44B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +18.5% from the prior year, operating profit +84.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5437245000 → ¥91036000
- Net income → operating cash flow: ¥91036000 → ¥371327000（difference ¥280291000）
- Main uses of operating cash flow: CapEx ¥52843000 / dividends — / buybacks ¥58360000
- Change in cash: ¥395407000
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 | ¥5.44B |  |
| Operating income | ¥201.3M | Margin 3.7% |
| Net income | ¥91M | Margin 1.7% |
| Free cash flow | ¥318.5M |  |
| Employees (consolidated) | 150 |  |
| EPS | ¥5.09 |  |
| Diluted EPS | ¥4.71 |  |
| Book value per share | ¥92.36 |  |
| Equity ratio | 38.0% |  |
| Shares outstanding | 16,245,228 |  |
| Treasury shares | 187,200 |  |
| Shareholders | 8,768 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 59.0% | Cash ÷ revenue 39.8% |
| Vs. industry median margin | -3.9 pp | Internet Services & Apps |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.1× net income
- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3868982000 | ¥5437245000 | +40.5% |
| Operating income | ¥36722000 | ¥201278000 | +448.1% |
| Operating margin | 0.9% | 3.7% | +2.8 pp |
| Employees | 175 people | 150 people | -14.3% |
| Cash and equivalents | ¥2099531000 | ¥2162444000 | +3.0% |

### 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 | 5,437 | 100.0% | S100YFEP |
| Cost of revenue | 3,309 | 60.9% | S100YFEP |
| Gross profit | 2,129 | 39.1% | S100YFEP |
| SG&A | 1,927 | 35.4% | S100YFEP |
| Operating income | 201 | 3.7% | S100YFEP |
| Ordinary income | 207 | 3.8% | S100YFEP |
| Pretax income | 92 | 1.7% | S100YFEP |
| Income tax | 1 | 0.0% | S100YFEP |
| Net income | 91 | 1.7% | S100YFEP |
| Net income attributable to owners | 91 | 1.7% | S100YFEP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 35 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 39.1% → Operating margin 3.7% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.5%; Core profit growth: +84.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.57×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,589 | 5,437 | 848 | +18.5% |
| Gross profit | 2,055 | 2,129 | 74 | +3.6% |
| Operating income | 109 | 201 | 92 | +84.4% |
| Net income attributable to owners | 177 | 91 | -86 | -48.5% |
| Operating cash flow | -38 | 371 | 409 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,475 | -307 | -8.8% | -353 | -353 | -365 | S100LTRF |
| FY ending Mar 2021 | 3,869 | 37 | 0.9% | 37 | 241 | 146 | S100OIGK |
| FY ending Mar 2022 | 4,073 | -367 | -9.0% | -672 | -313 | -481 | S100R445 |
| FY ending Mar 2023 | 4,808 | -250 | -5.2% | -239 | -325 | — | S100TXXB |
| FY ending Mar 2024 | 4,573 | 75 | 1.7% | 111 | 316 | — | S100W9CA |
| FY ending Mar 2025 | 4,589 | 109 | 2.4% | 177 | -38 | — | S100YFEP |
| FY ending Mar 2026 | 5,437 | 201 | 3.7% | 91 | 371 | 318 | S100YFEP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥606.9K |

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) | 197 | 192 | 152 | 141 | 150 |
| Average salary (parent company) | ¥4.9M | ¥5.3M | ¥5M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 33.0 years | 34.0 years | 35.0 years | 34.0 years | 36.0 years |
| Average tenure (parent company) | 2.4 years | 3.3 years | 3.2 years | 3.4 years | 4.2 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +18.5%

## 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 | 371 | 6.8% | S100YFEP |
| Capital expenditure | 53 | 1.0% | S100YFEP |
| Free cash flow | 318 | 5.9% | 算出 |
| Investing cash flow | -116 | -2.1% | S100YFEP |
| Financing cash flow | 140 | 2.6% | S100YFEP |
| Share buyback | 58 | 1.1% | S100YFEP |
| Change in cash | 395 | 7.3% | S100YFEP |
| Cash and equivalents | 2,162 | 39.8% | S100YFEP |

## 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 | 1,654 | 1,349 | 1,924 | 1,767 | 2,162 | S100TXXB, S100W9CA, S100YFEP |
| Total assets | 2,840 | 3,074 | 3,517 | 3,281 | 3,664 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Net assets | 1,188 | 957 | 1,182 | 1,359 | 1,407 | S100TXXB, S100W9CA, S100YFEP |
| Share capital | 60 | 64 | 120 | 55 | 55 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Property, plant and equipment | 9 | 6 | 4 | 1 | 6 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Intangible assets excluding goodwill | 416 | 806 | 725 | 618 | 463 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Goodwill | 171 | 407 | 359 | 311 | 241 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Current assets | 2,360 | 2,216 | 2,676 | 2,492 | 3,007 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Current liabilities | 1,651 | 1,755 | 1,742 | 1,397 | 1,612 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Short-term borrowings | — | — | — | — | 14 | S100YFEP |
| Long-term borrowings | — | 360 | 294 | 226 | 345 | S100TXXB, S100W9CA, S100YFEP |
| Total liabilities | 1,652 | 2,116 | 2,336 | 1,922 | 2,258 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Equity attributable to owners of parent | 1,188 | 957 | 1,182 | 1,358 | 1,391 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Retained earnings | -651 | -889 | -778 | 64 | 155 | S100R445, S100TXXB, S100W9CA, S100YFEP |
| Treasury stock | -0 | -0 | -0 | -0 | -58 | S100R445, S100TXXB, S100W9CA, S100YFEP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YFEP |
| Property, plant and equipment | 0% | S100YFEP |
| Intangibles and goodwill | 19% | S100YFEP |
| Other assets | 22% | S100YFEP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YFEP |
| Equity | 38% | S100YFEP |
| Other liabilities | 0% | S100YFEP |

### 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 | 2,840 | 3,074 | 3,517 | 3,281 | 3,664 |
| Equity | 1,188 | 957 | 1,182 | 1,359 | 1,407 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,654 | 1,349 | 1,924 | 1,767 | 2,162 |

## 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) | 0.1% | S100YFEP |
| Fixed assets ÷ total assets | 0.2% | S100YFEP |
| Goodwill ÷ parent equity | 17.4% | S100YFEP |

Goodwill over 4 years: 171 → 241 JPY; total investing cash flow: -706 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) | 59.0% |
| Cash ÷ revenue | 39.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 184.5% |
| Cash vs. profit gap | 280 JPY mn (of net income 307.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 31.2% |

## 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 | — | —× | -23.7% | —× | — | S100R445 |
| 2023 | — | —× | -8.1% | —× | — | S100TXXB |
| 2024 | 2.4% | 1.39× | 3.4% | 3.08× | 10.4% | S100W9CA |
| 2025 | 3.9% | 1.35× | 5.2% | 2.68× | 13.9% | S100YFEP |
| 2026 | 1.7% | 1.57× | 2.6% | 2.53× | 6.6% | S100YFEP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 秋好 陽介 | Major shareholder | 46.0% | 2026-03-31 |
| パーソルホールディングス株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社丸井グループ | Major shareholder | 2.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.9% | 2026-03-31 |
| 水谷 桂子 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社全国個人事業主支援協会 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社SBI新生銀行 | Major shareholder | 1.0% | 2026-03-31 |
| 竹内 創哉 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社Bold Investment | Major shareholder | 0.7% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YFEP | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFEP,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W9CA | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9CA,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TXXB | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXXB,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R445 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R445,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OIGK | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIGK,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LTRF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTRF,, |

## 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).