# LINKBAL INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBUR)
> Page: https://vizora.meequs.com/en/company/linkbal
> Retrieved: 2026-09-30T21:03:35.726Z

## Company

Linkbal, founded in 2011, is a company in Internet Services & Apps listed on TSE Growth. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LINKBAL INC. |
| Ticker | 6046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6046.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区明石町7番14号 |
| Representative (per filing) | 代表取締役社長 吉弘 和正 |
| Founded | Dec 2011 |
| Share capital | ¥50M |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | September |
| Website | linkbal.co.jp (https://linkbal.co.jp/) |
| Corporate number | 1010001143952 |
| EDINET | E31448 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XBUR, filed 2025-12-19). As of filing

## Key points (generated from figures)

- Linkbal brought in ¥906.3M in revenue.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed -6.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥906.3M |  |
| Operating income | -¥89M | Margin -9.8% |
| Net income | -¥198M | Margin -21.8% |
| Free cash flow | -¥150M |  |
| Employees (consolidated) | 58 |  |
| EPS | ¥-10.09 |  |
| Book value per share | ¥43.6 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 19,500,000 |  |
| Treasury shares | 758,500 |  |
| Shareholders | 2,804 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 81.6% | Cash ÷ revenue 100.9% |
| Vs. industry median margin | -17.5 pp | Internet Services & Apps |
| ROA | -16.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 82% of total assets
- FY2025, operating loss is 10 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1427708000 | ¥906312000 | — |
| Operating income | ¥50455000 | ¥-89033000 | — |
| Operating margin | 3.5% | -9.8% | -13.4 pp |
| Employees | 73 people | 58 people | — |
| Cash and equivalents | ¥1817576000 | ¥914254000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 906 | 100.0% | S100XBUR |
| Cost of revenue | 218 | 24.0% | S100XBUR |
| Gross profit | 689 | 76.0% | S100XBUR |
| SG&A | 778 | 85.8% | S100XBUR |
| Operating income | -89 | -9.8% | S100XBUR |
| Ordinary income | -84 | -9.2% | S100XBUR |
| Pretax income | -202 | -22.3% | S100XBUR |
| Income tax | -4 | -0.5% | S100XBUR |
| Net income | -198 | -21.8% | S100XBUR |
| Net income attributable to owners | -198 | -21.8% | S100XBUR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 24 |
| SG&A | 86 |
| Operating income | -10 |
| (Ref.) Net income | -22 |

### Margin funnel

Gross margin 76.0% → Operating margin -9.8% → Net margin -21.8%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 968 | 906 | -62 | -6.4% |
| Gross profit | 767 | 689 | -78 | -10.2% |
| Operating income | -124 | -89 | 35 | — |
| Net income attributable to owners | -125 | -198 | -73 | — |
| Operating cash flow | -112 | -122 | -9 | — |
| Free cash flow | -115 | -150 | -35 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,720 | 1,026 | 37.7% | 633 | 670 | 641 | S100KEHB |
| FY ending Sep 2020 | 1,428 | 50 | 3.5% | 6 | -432 | -466 | S100N33T |
| FY ending Sep 2021 | 670 | -317 | -47.4% | -376 | -149 | -157 | S100PTFU |
| FY ending Sep 2022 | 765 | -304 | -39.8% | -312 | -269 | -270 | S100SIZQ |
| FY ending Sep 2023 | 891 | -249 | -28.0% | -266 | -234 | -345 | S100SIZQ |
| FY ending Sep 2024 | 968 | -124 | -12.8% | -125 | -112 | -115 | S100XBUR |
| FY ending Sep 2025 | 906 | -89 | -9.8% | -198 | -122 | -150 | S100XBUR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.6M |
| Operating income per employee (consolidated) | -¥1.5M |
| Net income per employee (consolidated) | -¥3.4M |

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) | 71 | 71 | 74 | 66 | 58 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥5.6M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 34.2 years | 34.1 years | 33.1 years | 32.2 years | 32.8 years |
| Average tenure (parent company) | 3.4 years | 3.8 years | 3.8 years | 4.6 years | 5.4 years |

Year over year: Employees (consolidated) -12.1% · Revenue (consolidated) -6.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -122 | -13.4% | S100XBUR |
| Capital expenditure | 28 | 3.1% | S100XBUR |
| Free cash flow | -150 | -16.6% | 算出 |
| Investing cash flow | -33 | -3.7% | S100XBUR |
| Financing cash flow | -3 | -0.4% | S100XBUR |
| Change in cash | -158 | -17.5% | S100XBUR |
| Cash and equivalents | 914 | 100.9% | S100XBUR |

## 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 | 1,830 | 1,563 | 1,154 | 1,072 | 914 | S100SIZQ, S100XBUR |
| Total assets | 1,943 | 1,690 | 1,469 | 1,316 | 1,121 | S100PTFU, S100SIZQ, S100XBUR |
| Net assets | 1,693 | 1,393 | 1,131 | 1,007 | 810 | S100SIZQ, S100XBUR |
| Share capital | 281 | 281 | 50 | 50 | 50 | S100PTFU, S100SIZQ, S100XBUR |
| Property, plant and equipment | 13 | 11 | 116 | 103 | 0 | S100PTFU, S100SIZQ, S100XBUR |
| Intangible assets excluding goodwill | 14 | 8 | 2 | — | — | S100PTFU, S100SIZQ |
| Current assets | 1,877 | 1,639 | 1,280 | 1,175 | 1,078 | S100PTFU, S100SIZQ, S100XBUR |
| Current liabilities | 110 | 155 | 182 | 160 | 174 | S100PTFU, S100SIZQ, S100XBUR |
| Long-term borrowings | 119 | 116 | 113 | 109 | 99 | S100PTFU, S100SIZQ, S100XBUR |
| Total liabilities | 250 | 296 | 338 | 310 | 311 | S100PTFU, S100SIZQ, S100XBUR |
| Equity attributable to owners of parent | 1,693 | 1,393 | 1,130 | 1,006 | 810 | S100PTFU, S100SIZQ, S100XBUR |
| Retained earnings | 1,530 | 1,206 | 940 | 814 | 616 | S100PTFU, S100SIZQ, S100XBUR |
| Treasury stock | -394 | -370 | -363 | -357 | -350 | S100PTFU, S100SIZQ, S100XBUR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 82% | S100XBUR |
| Property, plant and equipment | 0% | S100XBUR |
| Other assets | 18% | S100XBUR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XBUR |
| Equity | 72% | S100XBUR |

### 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 | 1,943 | 1,690 | 1,469 | 1,316 | 1,121 |
| Equity | 1,693 | 1,393 | 1,131 | 1,007 | 810 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,830 | 1,563 | 1,154 | 1,072 | 914 |

## 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) | 0.0% | S100XBUR |
| Fixed assets ÷ total assets | 0.0% | S100XBUR |
| Goodwill ÷ parent equity | — | —, S100XBUR |

### 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) | 81.6% |
| Cash ÷ revenue | 100.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 76 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -19.4% | —× | — | S100PTFU |
| 2022 | — | —× | -17.2% | —× | — | S100SIZQ |
| 2023 | — | —× | -16.8% | —× | — | S100SIZQ |
| 2024 | — | —× | -9.5% | —× | — | S100XBUR |
| 2025 | — | —× | -16.2% | —× | — | S100XBUR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社Ｋａｚｙ | Major shareholder | 39.0% | 2025-09-30 |
| 吉弘 和正 | Major shareholder | 22.3% | 2025-09-30 |
| 森 亮太 | Major shareholder | 2.3% | 2025-09-30 |
| 五味 大輔 | Major shareholder | 1.9% | 2025-09-30 |
| 根本 純 | Major shareholder | 1.7% | 2025-09-30 |
| 松岡 大輔 | Major shareholder | 1.5% | 2025-09-30 |
| 田中 正人 | Major shareholder | 1.1% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2025-09-30 |
| 渡辺 文治 | Major shareholder | 0.8% | 2025-09-30 |
| ＪＰ ＪＰＭＳＥ ＬＵＸ ＲＥ ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＢＲＡＮＣＨ ＥＱ ＣＯ （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 |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBUR | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBUR,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100UZKK | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZKK,, |
| 有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SIZQ | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIZQ,, |
| 有価証券報告書－第11期(令和3年10月1日－令和4年9月30日) | S100PTFU | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTFU,, |
| 有価証券報告書－第10期(令和2年10月1日－令和3年9月30日) | S100N33T | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N33T,, |
| 有価証券報告書－第9期(令和1年10月1日－令和2年9月30日) | S100KEHB | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEHB,, |

## 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).