# Link-U Group Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2024/08/01－2025/07/31) (S100WXDJ)
> Page: https://vizora.meequs.com/en/company/link-u-group
> Retrieved: 2026-09-30T21:31:15.744Z

## Company

Link-U Group, founded in 2013, is a company in Cloud & Data Centers listed on TSE Prime. It has 193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Link-U Group Inc. |
| Ticker | 4446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4446.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田二丁目2番3号 |
| Representative (per filing) | 代表取締役グループCEO 松原 裕樹 |
| Founded | Aug 2013 |
| Share capital | ¥477.1M |
| Employees (consolidated) | 193 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | July |
| Website | link-u.group (https://link-u.group/) |
| Corporate number | 6010701028399 |
| EDINET | E34853 |
| Industries (Vizora) | Cloud & Data Centers |

> Profile source: annual securities report (S100WXDJ, filed 2025-10-29). As of filing

## Five-axis industry profile

Primary industry: Cloud & Data Centers (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 70 | 5 |
| Cash conversion | 12.5 | 4 |
| Efficiency | 50 | 5 |

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)

- Link-U Group brought in ¥4.84B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +31.7% from the prior year, operating profit +4.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4835406000 → ¥224924000
- Net income → operating cash flow: ¥224924000 → ¥222561000（difference ¥-2363000）
- Main uses of operating cash flow: CapEx ¥318929000 / dividends — / buybacks —
- Change in cash: ¥-252423000
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 | ¥4.84B |  |
| Operating income | ¥327M | Margin 6.8% |
| Net income | ¥148M | Margin 3.1% |
| Free cash flow | -¥96.4M |  |
| Employees (consolidated) | 193 |  |
| EPS | ¥10.44 |  |
| Diluted EPS | ¥10.41 |  |
| Book value per share | ¥169.46 |  |
| Equity ratio | 45.3% | Derived from disclosed figures |
| Shares outstanding | 14,172,900 |  |
| Shareholders | 3,422 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 34.2% |
| Vs. industry median margin | +1.5 pp | Cloud & Data Centers |
| ROE | 5.7% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 29% of total assets

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1338420000 | ¥4835406000 | — |
| Operating income | ¥433727000 | ¥326968000 | — |
| Operating margin | 32.4% | 6.8% | -25.6 pp |
| Employees | 58 people | 193 people | — |
| Cash and equivalents | ¥1433859000 | ¥1654662000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,835 | 100.0% | S100WXDJ |
| Cost of revenue | 2,526 | 52.2% | S100WXDJ |
| Gross profit | 2,310 | 47.8% | S100WXDJ |
| SG&A | 2,062 | 42.6% | S100WXDJ |
| Operating income | 327 | 6.8% | S100WXDJ |
| Pretax income | 309 | 6.4% | S100WXDJ |
| Income tax | 84 | 1.7% | S100WXDJ |
| Net income | 225 | 4.7% | S100WXDJ |
| Net income attributable to owners | 148 | 3.1% | S100WXDJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 43 |
| Other operating | -2 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 47.8% → Operating margin 6.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.7%; Core profit growth: +4.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.15×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,672 | 4,835 | 1,164 | +31.7% |
| Gross profit | 2,107 | 2,310 | 202 | +9.6% |
| Operating income | 312 | 327 | 15 | +4.7% |
| Net income attributable to owners | 157 | 148 | -9 | -6.0% |
| Operating cash flow | 264 | 223 | -42 | -15.8% |
| Free cash flow | 186 | -96 | -282 | -151.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 1,086 | 399 | 36.7% | 272 | 443 | 326 | S100JZT2 |
| FY ending Jul 2020 | 1,338 | 434 | 32.4% | 296 | 223 | 208 | S100JZT2 |
| FY ending Jul 2021 | 1,635 | 226 | 13.8% | 157 | 256 | 83 | S100PF38 |
| FY ending Jul 2022 | 2,276 | 118 | 5.2% | 34 | 74 | 24 | S100S2UO |
| FY ending Jul 2023 | 3,130 | 434 | 13.9% | 204 | 401 | 364 | S100ULQY |
| FY ending Jul 2024 | 3,672 | 312 | 8.5% | 157 | 264 | 186 | S100WXDJ |
| FY ending Jul 2025 | 4,835 | 327 | 6.8% | 148 | 223 | -96 | S100WXDJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥766.8K |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 83 | 109 | 136 | 192 | 193 |
| Average salary (parent company) | ¥6M | ¥5.3M | ¥5.1M | ¥4.3M | ¥5.2M |
| Average age (parent company) | 29.3 years | 28.5 years | 29.5 years | 32.4 years | 32.8 years |
| Average tenure (parent company) | 2.4 years | 2.2 years | 2.6 years | 2.0 years | 2.1 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +31.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 223 | 4.6% | S100WXDJ |
| Capital expenditure | 319 | 6.6% | S100WXDJ |
| Free cash flow | -96 | -2.0% | 算出 |
| Investing cash flow | -113 | -2.3% | S100WXDJ |
| Financing cash flow | -362 | -7.5% | S100WXDJ |
| Change in cash | -252 | -5.2% | S100WXDJ |
| Cash and equivalents | 1,655 | 34.2% | S100WXDJ |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,042 | 924 | 1,757 | 1,907 | 1,655 | S100S2UO, S100ULQY, S100WXDJ |
| Total assets | 2,622 | 2,860 | 4,440 | 5,041 | 5,721 | S100PF38, S100S2UO, S100WXDJ |
| Net assets | 2,184 | 2,131 | 2,362 | 2,886 | 2,629 | S100S2UO, S100ULQY, S100WXDJ |
| Share capital | 476 | 477 | 477 | 477 | 477 | S100PF38, S100S2UO, S100WXDJ |
| Property, plant and equipment | 194 | 175 | 168 | 165 | 198 | S100PF38, S100S2UO, S100WXDJ |
| Intangible assets excluding goodwill | 271 | 291 | 280 | 657 | — | S100PF38, S100S2UO, S100ULQY |
| Goodwill | 268 | 239 | 241 | 580 | 1,107 | S100PF38, S100S2UO, S100WXDJ |
| Investment securities | 456 | 452 | 524 | 176 | — | S100PF38, S100S2UO, S100ULQY |
| Current assets | 1,550 | 1,783 | 2,992 | 3,416 | 3,262 | S100PF38, S100S2UO, S100WXDJ |
| Current liabilities | 438 | 730 | 1,144 | 1,106 | — | S100PF38, S100S2UO, S100ULQY |
| Long-term borrowings | — | — | 641 | 757 | — | S100ULQY |
| Total liabilities | 438 | 730 | 2,077 | 2,155 | 3,091 | S100PF38, S100S2UO, S100WXDJ |
| Non-controlling interests | 69 | 73 | 44 | 290 | — | S100PF38, S100S2UO, S100ULQY |
| Equity attributable to owners of parent | 2,114 | 2,036 | 2,321 | 2,589 | 2,589 | S100PF38, S100S2UO, S100WXDJ |
| Retained earnings | 1,163 | 1,197 | 1,408 | 1,617 | 1,765 | S100PF38, S100S2UO, S100WXDJ |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PF38, S100S2UO, S100WXDJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100WXDJ |
| Property, plant and equipment | 4% | S100WXDJ |
| Intangibles and goodwill | 19% | — |
| Other assets | 48% | S100WXDJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100WXDJ |
| Equity | 46% | S100WXDJ |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,622 | 2,860 | 4,440 | 5,041 | 5,721 |
| Equity | 2,184 | 2,131 | 2,362 | 2,886 | 2,629 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,042 | 924 | 1,757 | 1,907 | 1,655 |

## 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) | 4.1% | S100WXDJ |
| Fixed assets ÷ total assets | 3.5% | S100WXDJ |
| Goodwill ÷ parent equity | 42.8% | S100WXDJ |

Goodwill over 4 years: 268 → 1,107 JPY; total investing cash flow: -1,081 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) | 28.9% |
| Cash ÷ revenue | 34.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.1% |
| Cash vs. profit gap | 75 JPY mn (of net income 50.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 50.7% |

## 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 | 9.6% | 0.62× | 6.0% | 1.24× | 7.4% | S100PF38 |
| 2022 | 1.5% | 0.83× | 1.2% | 1.32× | 1.6% | S100S2UO |
| 2023 | 6.5% | 0.86× | 5.6% | 1.68× | 9.4% | S100ULQY, S100WXDJ |
| 2024 | 4.3% | 0.77× | 3.3% | 1.93× | 6.4% | S100WXDJ |
| 2025 | 3.1% | 0.90× | 2.8% | 2.08× | 5.7% | S100WXDJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松原 裕樹 | Major shareholder | 31.3% | 2025-07-31 |
| 山田 剛史 | Major shareholder | 29.3% | 2025-07-31 |
| 株式会社メディアシーク | Major shareholder | 7.8% | 2025-07-31 |
| 小宮 健司 | Major shareholder | 3.3% | 2025-07-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 1.8% | 2025-07-31 |
| 前田 有幾 | Major shareholder | 1.3% | 2025-07-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2025-07-31 |
| 株式会社セレス | Major shareholder | 0.9% | 2025-07-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＦＩＮＡＮＣＩＡＬ ＭＡＲＫＥＴＳ （常任代理人ＢＮＰパリバ証券株式会社） | Major shareholder | 0.8% | 2025-07-31 |
| ＧＭＯクリック証券株式会社 | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/08/01－2025/07/31) | S100WXDJ | 2025-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXDJ,, |
| 有価証券報告書－第11期(2023/08/01－2024/07/31) | S100ULQY | 2024-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULQY,, |
| 有価証券報告書－第10期(2022/08/01－2023/07/31) | S100S2UO | 2023-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2UO,, |
| 有価証券報告書－第9期(令和3年8月1日－令和4年7月31日) | S100PF38 | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF38,, |
| 有価証券報告書－第8期(令和2年8月1日－令和3年7月31日) | S100MO13 | 2021-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO13,, |
| 有価証券報告書－第7期(令和1年8月1日－令和2年7月31日) | S100JZT2 | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZT2,, |

## 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).