# Makuake, Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/10/01－2025/09/30) (S100X9BR)
> Page: https://vizora.meequs.com/en/company/makuake
> Retrieved: 2026-09-30T20:30:42.207Z

## Company

Makuake, founded in 2013, is a company in E-commerce listed on TSE Growth. It has 152 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Makuake,Inc. |
| Ticker | 4479 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4479.T) |
| Listing | TSE Growth |
| Head office | 東京都目黒区青葉台三丁目1番12号 (2025年1月1日から本店所在地 東京都渋谷区渋谷二丁目16番1号が上記のように移転しています。) |
| Representative (per filing) | 代表取締役社長 中山 亮太郎 |
| Founded | May 2013 |
| Share capital | ¥3.14B |
| Employees (consolidated) | 152 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | www.makuake.co.jp (https://www.makuake.co.jp/) |
| Corporate number | 5011001094810 |
| EDINET | E34557 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100X9BR, filed 2025-12-10). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 25 |
| Profitability | 72.1 | 34 |
| Cash conversion | 79.6 | 27 |
| Efficiency | 22.1 | 34 |

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)

- Makuake brought in ¥4.58B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +25.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4577997000 → ¥407256000
- Net income → operating cash flow: ¥407256000 → ¥985077000（difference ¥577821000）
- Main uses of operating cash flow: CapEx ¥152385000 / dividends — / buybacks ¥33000
- Change in cash: ¥908154000
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 | ¥4.58B |  |
| Operating income | ¥447.3M | Margin 9.8% |
| Net income | ¥407.3M | Margin 8.9% |
| Free cash flow | ¥832.7M |  |
| Employees (consolidated) | 152 |  |
| EPS | ¥31.95 |  |
| Diluted EPS | ¥31.87 |  |
| Book value per share | ¥421.84 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 12,748,700 |  |
| Treasury shares | 200 |  |
| Shareholders | 7,998 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 80.1% | Cash ÷ revenue 130.4% |
| Vs. industry median margin | +4.8 pp | E-commerce |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.4× net income
- FY2025, cash is 80% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3225281000 | ¥4577997000 | +41.9% |
| Operating income | ¥510249000 | ¥447263000 | -12.3% |
| Operating margin | 15.8% | 9.8% | -6.1 pp |
| Employees | 92 people | 152 people | +65.2% |
| Cash and equivalents | ¥5109351000 | ¥5969707000 | +16.8% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,578 | 100.0% | S100X9BR |
| Cost of revenue | 1,142 | 25.0% | S100X9BR |
| Gross profit | 3,436 | 75.0% | S100X9BR |
| SG&A | 2,988 | 65.3% | S100X9BR |
| Operating income | 447 | 9.8% | S100X9BR |
| Ordinary income | 475 | 10.4% | S100X9BR |
| Pretax income | 425 | 9.3% | S100X9BR |
| Income tax | 18 | 0.4% | S100X9BR |
| Net income | 407 | 8.9% | S100X9BR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 65 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 75.0% → Operating margin 9.8% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,653 | 4,578 | 925 | +25.3% |
| Gross profit | 2,777 | 3,436 | 658 | +23.7% |
| Operating income | -63 | 447 | 510 | — |
| Operating cash flow | -1,095 | 985 | 2,080 | — |
| Free cash flow | -1,481 | 833 | 2,314 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,344 | 125 | 9.3% | 89 | 388 | 165 | S100KD5Y |
| FY ending Sep 2020 | 3,225 | 510 | 15.8% | 370 | 2,564 | 2,344 | S100N1HA |
| FY ending Sep 2021 | 4,621 | 329 | 7.1% | 247 | 151 | -162 | S100PS2X |
| FY ending Sep 2022 | 4,207 | -324 | -7.7% | -1,347 | -827 | -1,336 | S100SFMW |
| FY ending Sep 2023 | 3,810 | -489 | -12.8% | -491 | -339 | -922 | S100UY2S |
| FY ending Sep 2024 | 3,653 | -63 | -1.7% | -104 | -1,095 | -1,481 | S100X9BR |
| FY ending Sep 2025 | 4,578 | 447 | 9.8% | 407 | 985 | 833 | S100X9BR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 152 | 192 | 191 | 165 | 152 |
| Average salary (parent company) | ¥6.4M | ¥6.2M | ¥6.4M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 31.7 years | 33.3 years | 33.5 years | 34.6 years | 35.6 years |
| Average tenure (parent company) | 1.8 years | 2.1 years | 2.7 years | 3.6 years | 4.2 years |

Year over year: Employees (consolidated) -7.9% · Revenue (consolidated) +25.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 985 | 21.5% | S100X9BR |
| Capital expenditure | 152 | 3.3% | S100X9BR |
| Free cash flow | 833 | 18.2% | 算出 |
| Investing cash flow | -81 | -1.8% | S100X9BR |
| Financing cash flow | 4 | 0.1% | S100X9BR |
| Share buyback | 0 | 0.0% | S100X9BR |
| Change in cash | 908 | 19.8% | S100X9BR |
| Cash and equivalents | 5,970 | 130.4% | S100X9BR |

## 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 | 8,591 | 7,322 | 6,414 | 5,062 | 5,970 | S100SFMW, S100UY2S, S100X9BR |
| Total assets | 10,332 | 8,255 | 7,955 | 6,646 | 7,450 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Net assets | 6,873 | 5,576 | 5,106 | 5,015 | 5,417 | S100SFMW, S100UY2S, S100X9BR |
| Share capital | 3,103 | 3,120 | 3,127 | 3,137 | 3,139 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Property, plant and equipment | 43 | — | 5 | 4 | 13 | S100PS2X, S100UY2S, S100X9BR |
| Intangible assets excluding goodwill | 594 | — | 542 | 800 | 730 | S100PS2X, S100UY2S, S100X9BR |
| Goodwill | 17 | — | — | — | — | S100PS2X |
| Investment securities | 139 | 154 | 130 | 51 | 0 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Current assets | 9,270 | 7,893 | 7,061 | 5,646 | 6,590 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Current liabilities | 3,415 | 2,616 | 2,791 | 1,582 | 1,979 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Total liabilities | 3,458 | 2,679 | 2,849 | 1,631 | 2,033 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Equity attributable to owners of parent | 6,842 | 5,528 | 5,051 | 4,966 | 5,378 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Retained earnings | 636 | -712 | -1,203 | -1,306 | 407 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |
| Treasury stock | -0 | -1 | -1 | -1 | -1 | S100PS2X, S100SFMW, S100UY2S, S100X9BR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 80% | S100X9BR |
| Property, plant and equipment | 0% | S100X9BR |
| Intangibles and goodwill | 10% | S100X9BR |
| Other assets | 10% | S100X9BR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100X9BR |
| Equity | 73% | S100X9BR |

### 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 | 10,332 | 8,255 | 7,955 | 6,646 | 7,450 |
| Equity | 6,873 | 5,576 | 5,106 | 5,015 | 5,417 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,591 | 7,322 | 6,414 | 5,062 | 5,970 |

## 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) | 0.3% | S100X9BR |
| Fixed assets ÷ total assets | 0.2% | S100X9BR |
| Goodwill ÷ parent equity | — | —, S100X9BR |

### 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) | 80.1% |
| Cash ÷ revenue | 130.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 220.2% |
| Cash vs. profit gap | 578 JPY mn (of net income 141.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 8.3% |

## 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 | 5.3% | 0.45× | 2.4% | 1.51× | 3.6% | S100PS2X |
| 2022 | — | —× | -14.5% | —× | — | S100SFMW |
| 2023 | — | —× | -6.1% | —× | — | S100UY2S |
| 2024 | — | —× | -1.4% | —× | — | S100X9BR |
| 2025 | 8.9% | 0.65× | 5.8% | 1.36× | 7.9% | S100X9BR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サイバーエージェント | Major shareholder | 50.9% | 2025-09-30 |
| 中山 亮太郎 | Major shareholder | 3.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.4% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 2.1% | 2025-09-30 |
| 木内 文昭 | Major shareholder | 2.0% | 2025-09-30 |
| 長谷川 佳奈 | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2025-09-30 |
| KSK ANGEL FUND, LLC(常任代理人 大和証券株式会社) | Major shareholder | 1.8% | 2025-09-30 |
| 平田 智秋 | Major shareholder | 1.4% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/10/01－2025/09/30) | S100X9BR | 2025-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9BR,, |
| 有価証券報告書－第12期(2023/10/01－2024/09/30) | S100UY2S | 2024-12-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UY2S,, |
| 有価証券報告書－第11期(2022/10/01－2023/09/30) | S100SFMW | 2023-12-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SFMW,, |
| 有価証券報告書－第10期(令和3年10月1日－令和4年9月30日) | S100PS2X | 2022-12-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PS2X,, |
| 有価証券報告書－第9期(令和2年10月1日－令和3年9月30日) | S100N1HA | 2021-12-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N1HA,, |
| 有価証券報告書－第8期(令和1年10月1日－令和2年9月30日) | S100KD5Y | 2020-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KD5Y,, |

## 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).