# Linkers Corporation: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/08/01－2025/07/31) (S100WWJN)
> Page: https://vizora.meequs.com/en/company/linkers
> Retrieved: 2026-09-30T19:42:02.769Z

## Company

Linkers, founded in 2011, is a company in Internet Services & Apps listed on TSE Growth. It has 102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Linkers Corporation |
| Ticker | 5131 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5131.T) |
| Listing | TSE Growth |
| Head office | 東京都文京区後楽二丁目3番21号 |
| Representative (per filing) | 代表取締役社長 前田 佳宏 |
| Founded | Sep 2011 |
| Share capital | ¥249.2M |
| Employees (consolidated) | 102 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | July |
| Website | corp.linkers.net (https://corp.linkers.net/) |
| Corporate number | 1010901029020 |
| EDINET | E37987 |
| Industries (Vizora) | Internet Services & Apps, Consulting |

> Profile source: annual securities report (S100WWJN, filed 2025-10-23). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 1 | 51 |
| Efficiency | 45.2 | 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 77% of Linkers's sales come from Business matching business, with Research business making up much of the rest.
- It lost about ¥34 for every ¥100 of sales at the operating level.
- Revenue changed -7.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.36B |  |
| Operating income | -¥458M | Margin -33.7% |
| Net income | -¥548.2M | Margin -40.3% |
| Free cash flow | — |  |
| Largest business | Business matching business | of segment revenue 77.0% |
| Employees (consolidated) | 102 |  |
| EPS | ¥-27.89 |  |
| Book value per share | ¥92.89 |  |
| Equity ratio | 82.0% |  |
| Shares outstanding | 13,797,000 |  |
| Shareholders | 3,356 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 66.9% | Cash ÷ revenue 67.1% |
| Vs. industry median margin | -41.3 pp | Internet Services & Apps |
| ROA | -40.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 67% of total assets
- FY2025, operating loss is 34 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2021 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1419136000 | ¥1360735000 | — |
| Operating income | ¥246940000 | ¥-457988000 | — |
| Operating margin | 17.4% | -33.7% | -51.1 pp |
| Employees | 71 people | 102 people | — |
| Cash and equivalents | ¥1408738000 | ¥912518000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ビジネスマッチング事業 | 77.0% |
| 新設・再編 → リサーチ事業 | 23.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,361 | 100.0% | S100WWJN |
| Cost of revenue | 441 | 32.4% | S100WWJN |
| Gross profit | 920 | 67.6% | S100WWJN |
| SG&A | 1,378 | 101.3% | S100WWJN |
| Operating income | -458 | -33.7% | S100WWJN |
| Ordinary income | -428 | -31.5% | S100WWJN |
| Pretax income | -546 | -40.1% | S100WWJN |
| Income tax | 3 | 0.2% | S100WWJN |
| Net income | -548 | -40.3% | S100WWJN |
| Net income attributable to owners | -548 | -40.3% | S100WWJN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 101 |
| Operating income | -34 |
| (Ref.) Net income | -40 |

### Margin funnel

Gross margin 67.6% → Operating margin -33.7% → Net margin -40.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,465 | 1,361 | -104 | -7.1% |
| Gross profit | 955 | 920 | -35 | -3.7% |
| Operating income | -223 | -458 | -235 | — |
| Operating cash flow | 15 | -228 | -242 | -1666.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2021 | 1,419 | 247 | 17.4% | 183 | 631 | 516 | S100PFD2 |
| FY ending Jul 2022 | 1,413 | 65 | 4.6% | 49 | -63 | — | S100S35E |
| FY ending Jul 2023 | 1,608 | 86 | 5.3% | 102 | 66 | -29 | S100UL8F |
| FY ending Jul 2024 | 1,465 | -223 | -15.3% | -201 | 15 | — | S100UL8F |
| FY ending Jul 2025 | 1,361 | -458 | -33.7% | -548 | -228 | — | S100WWJN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.3M |
| Operating income per employee (consolidated) | -¥4.5M |
| Net income per employee (consolidated) | -¥5.4M |

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) | 71 | 79 | 80 | 89 | 102 |
| Average salary (parent company) | — | ¥6.6M | ¥6.3M | ¥6.6M | ¥6.5M |
| Average age (parent company) | — | 37.9 years | 38.6 years | 38.9 years | 38.9 years |
| Average tenure (parent company) | — | 2.6 years | 3.1 years | 3.1 years | 3.5 years |

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business matching business | 1,048 | 77.0% | -407 | -38.9% |
| Research business | 313 | 23.0% | -51 | -16.2% |

### 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 | Margin |
| --- | ---: | ---: |
| Business matching business | 77.0% | -38.9% |
| Research business | 23.0% | -16.2% |

Loss-making segment (excluded from profit shares): Business matching business -407 JPY mn

Loss-making segment (excluded from profit shares): Research business -51 JPY mn

Segment → industry: Business matching business → Internet Services & Apps / Research business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -228 | -16.7% | S100WWJN |
| Investing cash flow | -101 | -7.4% | S100WWJN |
| Financing cash flow | -10 | -0.7% | S100WWJN |
| Change in cash | -339 | -24.9% | S100WWJN |
| Cash and equivalents | 913 | 67.1% | S100WWJN |

## 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 | 1,409 | 1,197 | 1,403 | 1,251 | 913 | S100S35E, S100UL8F, S100WWJN |
| Total assets | 1,793 | 1,715 | 2,083 | 1,846 | 1,364 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Net assets | 1,417 | 1,466 | 1,843 | 1,658 | 1,118 | S100S35E, S100UL8F, S100WWJN |
| Share capital | 100 | 100 | 237 | 245 | 249 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Property, plant and equipment | 65 | 59 | 55 | 48 | 25 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Intangible assets excluding goodwill | 81 | 156 | 190 | 275 | 176 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Investment securities | 14 | 14 | — | — | — | S100PFD2, S100S35E |
| Current assets | 1,532 | 1,392 | 1,707 | 1,458 | 1,100 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Current liabilities | 293 | 197 | 217 | 174 | 243 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Long-term borrowings | 83 | 52 | 23 | 13 | 3 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Total liabilities | 376 | 249 | 240 | 188 | 246 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Equity attributable to owners of parent | 1,417 | 1,466 | 1,843 | 1,658 | 1,118 | S100PFD2, S100S35E, S100UL8F, S100WWJN |
| Retained earnings | 475 | 524 | 627 | 426 | -122 | S100PFD2, S100S35E, S100UL8F, S100WWJN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100WWJN |
| Property, plant and equipment | 2% | S100WWJN |
| Intangibles and goodwill | 13% | S100WWJN |
| Other assets | 18% | S100WWJN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100WWJN |
| Equity | 82% | S100WWJN |

### 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 | 1,793 | 1,715 | 2,083 | 1,846 | 1,364 |
| Equity | 1,417 | 1,466 | 1,843 | 1,658 | 1,118 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,409 | 1,197 | 1,403 | 1,251 | 913 |

## 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) | 1.8% | S100WWJN |
| Fixed assets ÷ total assets | 1.8% | S100WWJN |
| Goodwill ÷ parent equity | — | —, S100WWJN |

### 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) | 66.9% |
| Cash ÷ revenue | 67.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 320 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | 12.9% | 0.79× | 10.2% | 1.27× | 12.9% | S100PFD2 |
| 2022 | 3.5% | 0.81× | 2.8% | 1.22× | 3.4% | S100S35E |
| 2023 | 6.4% | 0.85× | 5.4% | 1.15× | 6.2% | S100UL8F |
| 2024 | — | —× | -10.2% | —× | — | S100UL8F |
| 2025 | — | —× | -40.2% | —× | — | S100WWJN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 前田 佳宏 | Major shareholder | 19.4% | 2025-07-31 |
| 合同会社SAKUNANA | Major shareholder | 18.1% | 2025-07-31 |
| SBI AI＆Blockchain投資事業有限責任組合 | Major shareholder | 9.2% | 2025-07-31 |
| 加福 秀亙 | Major shareholder | 6.0% | 2025-07-31 |
| 京侑株式会社 | Major shareholder | 4.3% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 2.0% | 2025-07-31 |
| MSCO CUSTOMER SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.4% | 2025-07-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） | Major shareholder | 1.2% | 2025-07-31 |
| 株式会社日経ビーピー | Major shareholder | 1.1% | 2025-07-31 |
| ソウルドアウト株式会社 | Major shareholder | 1.0% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/08/01－2025/07/31) | S100WWJN | 2025-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWJN,, |
| 有価証券報告書－第13期(2023/08/01－2024/07/31) | S100UL8F | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL8F,, |
| 有価証券報告書－第12期(2022/08/01－2023/07/31) | S100S35E | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S35E,, |
| 有価証券報告書－第11期(令和3年8月1日－令和4年7月31日) | S100PFD2 | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFD2,, |

## 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).