# LIFULL Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第31期(2024/10/01－2025/09/30) (S100XD4M)
> Page: https://vizora.meequs.com/en/company/lifull
> Retrieved: 2026-09-30T19:05:58.380Z

## Company

Lifull, founded in 1997, is a company in Internet Services & Apps listed on TSE Prime. It has 918 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LIFULL Co., Ltd. |
| Ticker | 2120 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2120.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町一丁目4番地4 |
| Representative (per filing) | 代表取締役社長執行役員 伊東祐司 |
| Founded | Mar 1997 |
| Share capital | ¥9.73B |
| Employees (consolidated) | 918 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | September |
| Website | lifull.com (https://lifull.com/) |
| Corporate number | 1010401091628 |
| EDINET | E05624 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XD4M, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.8 | 40 |
| Profitability | 61.8 | 51 |
| Cash conversion | 57 | 43 |
| Efficiency | 22.1 | 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)

- About 91% of Lifull's sales come from LIFULL HOME'S business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +26.0%.

## Company structure

- Segment revenue mix: LIFULL HOME'S business 90.8%、Other 9.2%
- Revenue → net income: ¥28127000000 → ¥5310000000
- Net income → operating cash flow: ¥5310000000 → ¥4808000000（difference ¥-502000000）
- Main uses of operating cash flow: CapEx ¥8320000000 / dividends ¥93000000 / buybacks —
- Change in cash: ¥-3040000000
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 | ¥28.1B |  |
| Operating income | ¥3.81B | Margin 13.6% |
| Net income | ¥5.32B | Margin 18.9% |
| Free cash flow | -¥3.51B |  |
| Largest business | LIFULL HOME'S business | of segment revenue 90.8% |
| Employees (consolidated) | 918 |  |
| EPS | ¥41.51 |  |
| Diluted EPS | ¥41.49 |  |
| Book value per share | ¥212.09 |  |
| Equity ratio | 63.6% | Derived from disclosed figures |
| Shares outstanding | 134,380 |  |
| Treasury shares | 6,245,400 |  |
| Shareholders | 13,763 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 38.0% |
| Vs. industry median margin | +5.9 pp | Internet Services & Apps |
| ROE | 21.2% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, employees -48% while operating income rose 26%
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35402758000 | ¥28127000000 | -20.6% |
| Operating income | ¥2485203000 | ¥3815000000 | +53.5% |
| Operating margin | 7.0% | 13.6% | +6.5 pp |
| Employees | 1,268 people | 918 people | -27.6% |
| Cash and equivalents | ¥15962746000 | ¥10702000000 | -33.0% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| HOME’S関連事業 → HOME’S関連事業 | 76.7% |
| 海外事業 → 事業再編・廃止 | 18.0% |
| その他 → その他 | 5.3% |
| 新設・再編 → HOME’S関連事業 | 14.1% |
| 新設・再編 → その他 | 3.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,127 | 100.0% | S100XD4M |
| Cost of revenue | 1,460 | 5.2% | S100XD4M |
| Gross profit | 26,667 | 94.8% | S100XD4M |
| SG&A | 22,693 | 80.7% | S100XD4M |
| Operating income | 3,815 | 13.6% | S100XD4M |
| Pretax income | 3,805 | 13.5% | S100XD4M |
| Income tax | 1,322 | 4.7% | S100XD4M |
| Net income | 5,310 | 18.9% | S100XD4M |
| Net income attributable to owners | 5,317 | 18.9% | S100XD4M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 5 |
| SG&A | 81 |
| Other operating | 1 |
| Operating income | 13 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 94.8% → Operating margin 13.6% → Net margin 18.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +26.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,312 | 28,127 | 1,815 | +6.9% |
| Gross profit | 24,948 | 26,667 | 1,719 | +6.9% |
| Operating income | 3,027 | 3,815 | 788 | +26.0% |
| Net income attributable to owners | -8,463 | 5,317 | 13,780 | — |
| Operating cash flow | 1,671 | 4,808 | 3,137 | +187.7% |
| Free cash flow | 1,273 | -3,512 | -4,785 | -375.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 29,920 | — | — | 2,766 | 3,164 | — | S100KFPH |
| FY ending Sep 2017 | 15,949 | — | — | 489 | 1,910 | — | S100N4YX |
| FY ending Sep 2018 | 34,565 | — | — | 2,860 | 4,671 | — | S100PV5T |
| FY ending Sep 2019 | 39,297 | 4,185 | 10.6% | 2,407 | 2,166 | 1,612 | S100KFPH |
| FY ending Sep 2020 | 35,403 | 2,485 | 7.0% | 1,163 | 4,884 | 3,827 | S100N4YX |
| FY ending Sep 2021 | 35,857 | — | — | -5,901 | 1,287 | — | S100XD4M |
| FY ending Sep 2022 | 35,730 | 1,672 | 4.7% | 1,180 | 2,697 | 2,019 | S100SJ17 |
| FY ending Sep 2023 | 36,405 | 1,842 | 5.1% | 939 | 6,233 | 5,714 | S100UXMP |
| FY ending Sep 2024 | 26,312 | 3,027 | 11.5% | -8,463 | 1,671 | 1,273 | S100XD4M |
| FY ending Sep 2025 | 28,127 | 3,815 | 13.6% | 5,317 | 4,808 | -3,512 | S100XD4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.6M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥5.8M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,300 | 1,291 | 1,504 | 1,758 | 918 |
| Average salary (parent company) | — | ¥6.2M | — | — | ¥7.1M |
| Average age (parent company) | — | 35.9 years | 36.8 years | 37.1 years | 37.4 years |
| Average tenure (parent company) | — | 7.0 years | 7.8 years | 8.0 years | 8.4 years |

Year over year: Employees (consolidated) -47.8% · Revenue (consolidated) +6.9%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| LIFULL HOME'S business | 25,530 | 90.8% | 4,322 | 16.9% |
| Other | 2,596 | 9.2% | -361 | -13.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| LIFULL HOME'S business | 90.8% | 100.0% | 9.2 | 16.9% |
| Other | 9.2% | — | — | -13.9% |

Loss-making segment (excluded from profit shares): Other -361 JPY mn

Segment → industry: Other → Internet Services & Apps / LIFULL HOME'S business → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,808 | 17.1% | S100XD4M |
| Capital expenditure | 8,320 | 29.6% | S100XD4M |
| Free cash flow | -3,512 | -12.5% | 算出 |
| Investing cash flow | -11,852 | -42.1% | S100XD4M |
| Financing cash flow | 3,890 | 13.8% | S100XD4M |
| Dividends paid | 93 | 0.3% | S100XD4M |
| Change in cash | -3,040 | -10.8% | S100XD4M |
| Cash and equivalents | 10,702 | 38.0% | S100XD4M |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,145 | 16,521 | 16,510 | 14,633 | 10,702 | S100XD4M, S100UXMP |
| Total assets | 45,887 | 48,727 | 51,166 | 41,191 | 40,915 | S100XD4M, S100SJ17, S100UXMP |
| Net assets | — | 31,123 | 32,554 | 24,202 | 26,223 | S100UXMP, S100XD4M |
| Share capital | — | 9,716 | 9,716 | 9,716 | 9,726 | S100SJ17, S100UXMP, S100XD4M |
| Property, plant and equipment | — | 1,191 | 1,045 | 950 | 3,184 | S100SJ17, S100UXMP, S100XD4M |
| Goodwill | — | 11,499 | 16,349 | 9,954 | 385 | S100SJ17, S100UXMP, S100XD4M |
| Current assets | — | 25,011 | 23,064 | 21,589 | 18,522 | S100SJ17, S100UXMP, S100XD4M |
| Total liabilities | — | 17,603 | 18,612 | 16,989 | 14,691 | S100SJ17, S100UXMP, S100XD4M |
| Equity attributable to owners of parent | — | 30,991 | 32,456 | 24,105 | 26,022 | S100SJ17, S100UXMP, S100XD4M |
| Retained earnings | — | 11,018 | 11,662 | 2,639 | 7,863 | S100SJ17, S100UXMP, S100XD4M |
| Treasury stock | — | -1,009 | -2,009 | -2,009 | -2,009 | S100SJ17, S100UXMP, S100XD4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XD4M |
| Property, plant and equipment | 8% | S100XD4M |
| Intangibles and goodwill | 1% | — |
| Other assets | 65% | S100XD4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XD4M |
| Equity | 64% | S100XD4M |
| Other liabilities | 0% | S100XD4M |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 45,887 | 48,727 | 51,166 | 41,191 | 40,915 |
| Equity | — | 31,123 | 32,554 | 24,202 | 26,223 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,145 | 16,521 | 16,510 | 14,633 | 10,702 |

## 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) | 11.3% | S100XD4M |
| Fixed assets ÷ total assets | 7.8% | S100XD4M |
| Goodwill ÷ parent equity | 1.5% | S100XD4M |

### 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) | 26.2% |
| Cash ÷ revenue | 38.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.0% |
| Cash vs. profit gap | -509 JPY mn (of net income -9.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 1.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.6% |
| Investing CF relative to operating CF | 246.5% |

## 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 | — | —× | -12.9% | —× | — | S100XD4M |
| 2022 | 3.3% | 0.76× | 2.5% | 1.53× | 3.8% | S100SJ17 |
| 2023 | 2.6% | 0.73× | 1.9% | 1.57× | 3.0% | S100UXMP |
| 2024 | — | —× | -18.3% | —× | — | S100XD4M |
| 2025 | 18.9% | 0.69× | 13.0% | 1.64× | 21.2% | S100XD4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 高志 | Major shareholder | 33.2% | 2025-09-30 |
| 楽天グループ株式会社 | Major shareholder | 18.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2025-09-30 |
| CACEIS BK ES DCV CLIENTS（常任代理人 香港上海銀行） | Major shareholder | 1.7% | 2025-09-30 |
| LIFULL 従業員持株会 | Major shareholder | 1.2% | 2025-09-30 |
| 伊東 祐司 | Major shareholder | 1.2% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.2% | 2025-09-30 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 0.8% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCTS M ILM FE (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第31期(2024/10/01－2025/09/30) | S100XD4M | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD4M,, |
| 有価証券報告書－第30期(2023/10/01－2024/09/30) | S100UXMP | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UXMP,, |
| 有価証券報告書－第29期(2022/10/01－2023/09/30) | S100SJ17 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ17,, |
| 有価証券報告書－第28期(令和3年10月1日－令和4年9月30日) | S100PV5T | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV5T,, |
| 有価証券報告書－第27期(令和2年10月1日－令和3年9月30日) | S100N4YX | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4YX,, |
| 有価証券報告書－第26期(令和1年10月1日－令和2年9月30日) | S100KFPH | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFPH,, |

## 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).