# Last One Mile Co.,Ltd.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/09/01－2025/08/31) (S100X7D0)
> Page: https://vizora.meequs.com/en/company/last-one-mile
> Retrieved: 2026-09-30T20:31:17.008Z

## Company

Last One Mile, founded in 2012, is a company in Broadband & ISPs listed on TSE Growth. It has 313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Last One Mile Co.,Ltd. |
| Ticker | 9252 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9252.T) |
| Listing | TSE Growth |
| Head office | 東京都豊島区東池袋四丁目21番1号アウルタワー3階 |
| Representative (per filing) | 代表取締役会長 兼 CEO 渡辺 誠 |
| Founded | Jun 2012 |
| Share capital | ¥102.6M |
| Employees (consolidated) | 313 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | August |
| Website | lomgrp.co.jp (https://lomgrp.co.jp/) |
| Corporate number | 2010001147267 |
| EDINET | E37098 |
| Industries (Vizora) | Broadband & ISPs |

> Profile source: annual securities report (S100X7D0, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 27.8 | 9 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 72.2 | 9 |

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)

- Last One Mile brought in ¥15.5B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +31.8% from the prior year, operating profit +22.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15510418000 → ¥674026000
- Net income → operating cash flow: ¥674026000 → ¥1387649000（difference ¥713623000）
- Main uses of operating cash flow: CapEx ¥63820000 / dividends ¥31383000 / buybacks ¥85641000
- Change in cash: ¥539540000
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 | ¥15.5B |  |
| Operating income | ¥1.15B | Margin 7.4% |
| Net income | ¥674M | Margin 4.3% |
| Free cash flow | ¥1.32B |  |
| Employees (consolidated) | 313 |  |
| EPS | ¥252.16 |  |
| Diluted EPS | ¥241.51 |  |
| Book value per share | ¥1263.54 |  |
| Equity ratio | 38.9% | Derived from disclosed figures |
| Shares outstanding | 2,762,891 |  |
| Treasury shares | 69,000 |  |
| Shareholders | 475 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 27.4% | Cash ÷ revenue 19.8% |
| Vs. industry median margin | -3.3 pp | Broadband & ISPs |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.7× dividends
- FY2025, operating cash flow is 2.1× net income
- FY2025, employees -5% while operating income rose 22%

## What changed in 4 years

Accounting standard changed in FY2022; percentage changes are omitted.

| Metric | FY ending Nov 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8318439000 | ¥15510418000 | — |
| Operating income | ¥216818000 | ¥1149747000 | — |
| Operating margin | 2.6% | 7.4% | +4.8 pp |
| Employees | 229 people | 313 people | — |
| Cash and equivalents | ¥1241406000 | ¥3063874000 | — |

### Change in segment revenue mix

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

## Income statement（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,510 | 100.0% | S100X7D0 |
| Cost of revenue | 4,488 | 28.9% | S100X7D0 |
| Gross profit | 11,023 | 71.1% | S100X7D0 |
| SG&A | 9,980 | 64.3% | S100X7D0 |
| Operating income | 1,150 | 7.4% | S100X7D0 |
| Pretax income | 1,126 | 7.3% | S100X7D0 |
| Income tax | 452 | 2.9% | S100X7D0 |
| Net income | 674 | 4.3% | S100X7D0 |
| Net income attributable to owners | 674 | 4.3% | S100X7D0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 64 |
| Other operating | -1 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 71.1% → Operating margin 7.4% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.8%; Core profit growth: +22.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.70×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,771 | 15,510 | 3,739 | +31.8% |
| Gross profit | 7,763 | 11,023 | 3,259 | +42.0% |
| Operating income | 941 | 1,150 | 209 | +22.2% |
| Net income attributable to owners | 825 | 674 | -151 | -18.3% |
| Operating cash flow | 1,650 | 1,388 | -262 | -15.9% |
| Free cash flow | 1,549 | 1,324 | -225 | -14.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 8,318 | 217 | 2.6% | 159 | 298 | 294 | S100PP9Z |
| FY ending Aug 2022 | 6,544 | -32 | -0.5% | -54 | -284 | -286 | S100SD3V |
| FY ending Aug 2023 | 9,350 | 258 | 2.8% | 317 | 460 | 427 | S100UV2Y |
| FY ending Aug 2024 | 11,771 | 941 | 8.0% | 825 | 1,650 | 1,549 | S100X7D0 |
| FY ending Aug 2025 | 15,510 | 1,150 | 7.4% | 674 | 1,388 | 1,324 | S100X7D0 |

## People and productivity（FY ending Aug 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.6M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Nov 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 229 | 225 | 199 | 329 | 313 |
| Average salary (parent company) | — | ¥4.5M | ¥5M | ¥5.4M | ¥4.8M |
| Average age (parent company) | — | 38.9 years | 32.9 years | 33.4 years | 34.6 years |
| Average tenure (parent company) | — | 4.5 years | 4.5 years | 5.6 years | 6.3 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +31.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,388 | 8.9% | S100X7D0 |
| Capital expenditure | 64 | 0.4% | S100X7D0 |
| Free cash flow | 1,324 | 8.5% | 算出 |
| Investing cash flow | 234 | 1.5% | S100X7D0 |
| Financing cash flow | -1,082 | -7.0% | S100X7D0 |
| Dividends paid | 31 | 0.2% | S100X7D0 |
| Share buyback | 86 | 0.6% | S100X7D0 |
| Change in cash | 540 | 3.5% | S100X7D0 |
| Cash and equivalents | 3,064 | 19.8% | S100X7D0 |

## 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 Nov 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,241 | 1,202 | 1,265 | 2,524 | 3,064 | S100SD3V, S100UV2Y, S100X7D0 |
| Total assets | 2,786 | 3,690 | 3,904 | 9,781 | 11,187 | S100PP9Z, S100UV2Y, S100X7D0 |
| Net assets | 1,237 | 1,112 | 1,450 | 3,350 | 4,354 | S100SD3V, S100UV2Y, S100X7D0 |
| Share capital | 339 | 341 | 354 | 416 | 103 | S100PP9Z, S100UV2Y, S100X7D0 |
| Property, plant and equipment | 75 | 70 | 82 | 199 | 253 | S100PP9Z, S100UV2Y, S100X7D0 |
| Intangible assets excluding goodwill | 162 | 157 | 111 | — | — | S100PP9Z, S100SD3V |
| Goodwill | 34 | 36 | 36 | 1,887 | 2,047 | S100PP9Z, S100UV2Y, S100X7D0 |
| Investment securities | — | — | 64 | — | — | S100SD3V |
| Current assets | 2,454 | 2,723 | 2,741 | 4,843 | 5,635 | S100PP9Z, S100UV2Y, S100X7D0 |
| Current liabilities | 1,340 | 1,550 | 1,447 | — | — | S100PP9Z, S100SD3V |
| Short-term borrowings | 125 | 200 | 55 | — | — | S100PP9Z, S100SD3V |
| Long-term borrowings | 177 | 335 | 404 | — | — | S100PP9Z, S100SD3V |
| Total liabilities | 1,549 | 2,578 | 2,454 | 6,431 | 6,832 | S100PP9Z, S100UV2Y, S100X7D0 |
| Equity attributable to owners of parent | 1,237 | 1,112 | 1,450 | 3,350 | 4,354 | S100PP9Z, S100UV2Y, S100X7D0 |
| Retained earnings | 585 | 541 | 848 | 1,673 | 2,315 | S100PP9Z, S100UV2Y, S100X7D0 |
| Treasury stock | — | -66 | -91 | -249 | -229 | S100UV2Y, S100X7D0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100X7D0 |
| Property, plant and equipment | 2% | S100X7D0 |
| Intangibles and goodwill | 18% | — |
| Other assets | 52% | S100X7D0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100X7D0 |
| Equity | 39% | S100X7D0 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,786 | 3,690 | 3,904 | 9,781 | 11,187 |
| Equity | 1,237 | 1,112 | 1,450 | 3,350 | 4,354 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,241 | 1,202 | 1,265 | 2,524 | 3,064 |

## 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) | 1.6% | S100X7D0 |
| Fixed assets ÷ total assets | 2.3% | S100X7D0 |
| Goodwill ÷ parent equity | 47.0% | S100X7D0 |

Goodwill over 4 years: 34 → 2,047 JPY; total investing cash flow: -450 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) | 27.4% |
| Cash ÷ revenue | 19.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.7% |
| Cash vs. profit gap | 714 JPY mn (of net income 105.9%) |
| Shareholder returns / net income | 17.4% |
| Shareholder returns / FCF | 8.8% |
| Shareholder payments — dividends / net income | 4.7% |
| Shareholder payments — dividends / FCF | 2.4% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 16.9% |

## 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 | 1.9% | 2.99× | 5.7% | 2.25× | 12.9% | S100PP9Z |
| 2022 | — | —× | -1.7% | —× | — | S100SD3V, S100UV2Y |
| 2023 | 3.4% | 2.46× | 8.4% | 2.96× | 24.8% | S100UV2Y |
| 2024 | 7.0% | 1.72× | 12.1% | 2.85× | 34.4% | S100X7D0 |
| 2025 | 4.3% | 1.48× | 6.4% | 2.72× | 17.5% | S100X7D0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社プレミアムウォーターホールディングス | Major shareholder | 34.4% | 2025-08-31 |
| 渡 辺 誠 | Major shareholder | 8.8% | 2025-08-31 |
| 多 田 敬 祐 | Major shareholder | 4.0% | 2025-08-31 |
| 倉 住 強 一 郎 | Major shareholder | 3.1% | 2025-08-31 |
| 三 好 伸 和 | Major shareholder | 2.8% | 2025-08-31 |
| 米 田 和 史 | Major shareholder | 2.5% | 2025-08-31 |
| 深 井 伸 吾 | Major shareholder | 2.4% | 2025-08-31 |
| 清 坂 大 亮 | Major shareholder | 2.3% | 2025-08-31 |
| 株式会社光通信 | Major shareholder | 2.3% | 2025-08-31 |
| 須 田 宗 樹 | Major shareholder | 1.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/09/01－2025/08/31) | S100X7D0 | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X7D0,, |
| 有価証券報告書－第13期(2023/09/01－2024/08/31) | S100UV2Y | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV2Y,, |
| 有価証券報告書－第12期(2022/09/01－2023/08/31) | S100SD3V | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD3V,, |
| 有価証券報告書－第11期(令和3年12月1日－令和4年8月31日) | S100PP9Z | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP9Z,, |

## 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).