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

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XSGJ)
> Page: https://vizora.meequs.com/en/company/marklines
> Retrieved: 2026-09-30T20:23:33.160Z

## Company

MarkLines, founded in 2001, is a company in Software & SaaS listed on TSE Prime. It has 195 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MarkLines Co., Ltd. |
| Ticker | 3901 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3901.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木7-15-9 |
| Representative (per filing) | 代表取締役社長 酒井 誠 |
| Founded | Jan 2001 |
| Share capital | ¥372.7M |
| Employees (consolidated) | 195 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Corporate number | 5010401043352 |
| EDINET | E31023 |
| Industries (Vizora) | Software & SaaS, Advertising, Consulting, Specialty Trading & Wholesale, Venture Capital, HR & Staffing |

> Profile source: annual securities report (S100XSGJ, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.1 | 105 |
| Profitability | 93.4 | 145 |
| Cash conversion | 36.3 | 128 |
| Efficiency | 24.5 | 145 |

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 69% of MarkLines's sales come from Information platform business, with Consulting Business and Vehicle and parts procurement agent services making up much of the rest.
- Out of every ¥100 of sales, about ¥38 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -5.4%.

## Company structure

- Segment revenue mix: Information platform business 68.8%、Consulting Business 8.7%、Vehicle and parts procurement agent services 8.3%、Automotive forecasting and market intelligence services 5.5%、Promotional Advertising business 2.4%
- Revenue → net income: ¥5570370000 → ¥1515061000
- Net income → operating cash flow: ¥1515061000 → ¥1809198000（difference ¥294137000）
- Main uses of operating cash flow: CapEx ¥79989000 / dividends ¥634767000 / buybacks ¥999827000
- Change in cash: ¥-2258182000
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 | ¥5.57B |  |
| Operating income | ¥2.1B | Margin 37.6% |
| Net income | ¥1.52B | Margin 27.3% |
| Free cash flow | ¥1.73B |  |
| Largest business | Information platform business | of segment revenue 68.8% |
| Employees (consolidated) | 195 |  |
| EPS | ¥116.6 |  |
| Book value per share | ¥484.68 |  |
| Equity ratio | 74.2% |  |
| Shares outstanding | 13,228,800 |  |
| Treasury shares | 482,200 |  |
| Shareholders | 3,112 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 43.2% | Cash ÷ revenue 68.3% |
| Vs. industry median margin | +25.2 pp | Software & SaaS |
| ROE | 23.5% | Derived from disclosed figures |
| ROA | 17.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.6× dividends
- FY2025, one segment accounts for 87% of positive segment profit
- FY2025, operating income keeps 38 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2663226000 | ¥5570370000 | +109.2% |
| Operating income | ¥960924000 | ¥2095573000 | +118.1% |
| Operating margin | 36.1% | 37.6% | +1.5 pp |
| Employees | 121 people | 195 people | +61.2% |
| Cash and equivalents | ¥3301979000 | ¥3802363000 | +15.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 情報プラットフォーム事業 → 情報プラットフォーム事業 | 68.8% |
| 情報プラットフォーム事業 → 事業再編・廃止 | 3.4% |
| プロモーション広告事業 → プロモーション広告事業 | 1.4% |
| ベンチマーキング関連事業 → 事業再編・廃止 | 10.4% |
| コンサルティング事業 → コンサルティング事業 | 7.2% |
| 人材紹介事業 → 人材紹介事業 | 1.6% |
| 人材紹介事業 → 事業再編・廃止 | 1.9% |
| LMC Automotive Ltd．製品(市場予測情報)販売事業 → 事業再編・廃止 | 5.2% |
| 新設・再編 → プロモーション広告事業 | 1.1% |
| 新設・再編 → 市場予測情報販売事業 | 5.5% |
| 新設・再編 → 車両・部品調達代行事業 | 8.3% |
| 新設・再編 → 分解調査データ販売事業 | 2.1% |
| 新設・再編 → 自動車ファンド事業 | 0.7% |
| 新設・再編 → コンサルティング事業 | 1.5% |
| 新設・再編 → 車両分解・計測事業 | 1.8% |

Segment revenue source references: 15 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Information platform business | 5 years | +14.8% | ¥3834884000 | 49.5% | 2 |
| Consulting Business | 5 years | +20.5% | ¥486008000 | 1.8% | 2 |
| Vehicle and parts procurement agent services | 3 years | +4.4% | ¥462186000 | 6.1% | 2 |
| Automotive forecasting and market intelligence services | 3 years | +10.5% | ¥304556000 | 30.0% | 2 |
| Promotional Advertising business | 5 years | +29.8% | ¥136015000 | 76.2% | 2 |
| Sales of teardown analysis data | 3 years | -18.0% | ¥116029000 | 24.2% | 2 |
| Vehicle Teardown and Measurement business | — | — | ¥100172000 | -36.5% | 2 |
| Recruitment Business | 5 years | -0.5% | ¥91317000 | -37.1% | 2 |
| Automotive Fund business | 4 years | -0.3% | ¥39200000 | 45.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,570 | 100.0% | S100XSGJ |
| Cost of revenue | 1,869 | 33.6% | S100XSGJ |
| Gross profit | 3,701 | 66.4% | S100XSGJ |
| SG&A | 1,606 | 28.8% | S100XSGJ |
| Operating income | 2,096 | 37.6% | S100XSGJ |
| Ordinary income | 2,147 | 38.5% | S100XSGJ |
| Pretax income | 2,147 | 38.5% | S100XSGJ |
| Income tax | 631 | 11.3% | S100XSGJ |
| Net income | 1,515 | 27.2% | S100XSGJ |
| Net income attributable to owners | 1,520 | 27.3% | S100XSGJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 29 |
| Operating income | 38 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 66.4% → Operating margin 37.6% → Net margin 27.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -5.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -36.60×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,562 | 5,570 | 8 | +0.1% |
| Gross profit | 3,619 | 3,701 | 82 | +2.3% |
| Operating income | 2,216 | 2,096 | -121 | -5.4% |
| Net income attributable to owners | 1,578 | 1,520 | -58 | -3.7% |
| Operating cash flow | 1,541 | 1,809 | 268 | +17.4% |
| Free cash flow | 906 | 1,729 | 823 | +90.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,381 | 874 | 36.7% | 612 | 780 | 754 | S100L0TS |
| FY ending Dec 2020 | 2,663 | 961 | 36.1% | 630 | 761 | 720 | S100NQT6 |
| FY ending Dec 2021 | 3,499 | 1,282 | 36.6% | 885 | 1,081 | 1,070 | S100QG42 |
| FY ending Dec 2022 | 4,125 | 1,624 | 39.4% | 1,140 | 1,388 | 1,021 | S100T45B |
| FY ending Dec 2023 | 4,845 | 1,992 | 41.1% | 1,383 | 1,785 | 1,466 | S100VG5E |
| FY ending Dec 2024 | 5,562 | 2,216 | 39.8% | 1,578 | 1,541 | 906 | S100XSGJ |
| FY ending Dec 2025 | 5,570 | 2,096 | 37.6% | 1,520 | 1,809 | 1,729 | S100XSGJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.6M |
| Operating income per employee (consolidated) | ¥10.7M |
| Net income per employee (consolidated) | ¥7.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 151 | 160 | 188 | 198 | 195 |
| Average salary (parent company) | ¥5.6M | ¥5.4M | ¥5.4M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 41.4 years | 40.6 years | 44.1 years | 41.9 years | 41.5 years |
| Average tenure (parent company) | 3.2 years | 3.2 years | 3.4 years | 3.3 years | 3.6 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information platform business | 3,835 | 68.8% | 1,897 | 49.5% |
| Promotional Advertising business | 136 | 2.4% | 104 | 76.2% |
| Automotive forecasting and market intelligence services | 305 | 5.5% | 91 | 30.0% |
| Vehicle and parts procurement agent services | 462 | 8.3% | 28 | 6.1% |
| Sales of teardown analysis data | 116 | 2.1% | 28 | 24.2% |
| Automotive Fund business | 39 | 0.7% | 18 | 45.3% |
| Consulting Business | 486 | 8.7% | 9 | 1.8% |
| Recruitment Business | 91 | 1.6% | -34 | -37.1% |
| Vehicle Teardown and Measurement business | 100 | 1.8% | -37 | -36.5% |
| Other | — | 0.0% | -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 | Profit share | Margin |
| --- | ---: | ---: |
| Information platform business | 87.2% | 49.5% |
| Promotional Advertising business | 4.8% | 76.2% |
| Automotive forecasting and market intelligence services | 4.2% | 30.0% |
| Vehicle and parts procurement agent services | 1.3% | 6.1% |
| Sales of teardown analysis data | 1.3% | 24.2% |
| Automotive Fund business | 0.8% | 45.3% |
| Consulting Business | 0.4% | 1.8% |
| Recruitment Business | — | -37.1% |
| Vehicle Teardown and Measurement business | — | -36.5% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Recruitment Business -34 JPY mn

Loss-making segment (excluded from profit shares): Vehicle Teardown and Measurement business -37 JPY mn

Loss-making segment (excluded from profit shares): Other -9 JPY mn

Segment → industry: Information platform business → Software & SaaS / Promotional Advertising business → Advertising / Automotive forecasting and market intelligence services → Consulting / Vehicle and parts procurement agent services → Specialty Trading & Wholesale / Sales of teardown analysis data → Consulting / Automotive Fund business → Venture Capital / Consulting Business → Consulting / Recruitment Business → HR & Staffing / Vehicle Teardown and Measurement business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,809 | 32.5% | S100XSGJ |
| Capital expenditure | 80 | 1.4% | S100XSGJ |
| Free cash flow | 1,729 | 31.0% | 算出 |
| Investing cash flow | -2,490 | -44.7% | S100XSGJ |
| Financing cash flow | -1,590 | -28.6% | S100XSGJ |
| Dividends paid | 635 | 11.4% | S100XSGJ |
| Share buyback | 1,000 | 17.9% | S100XSGJ |
| Change in cash | -2,258 | -40.5% | S100XSGJ |
| Cash and equivalents | 3,802 | 68.3% | S100XSGJ |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,952 | 4,695 | 5,521 | 6,061 | 3,802 | S100T45B, S100VG5E, S100XSGJ |
| Total assets | 4,992 | 6,097 | 7,484 | 8,753 | 8,809 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Net assets | 3,594 | 4,437 | 5,504 | 6,617 | 6,575 | S100T45B, S100VG5E, S100XSGJ |
| Share capital | 371 | 371 | 371 | 373 | 373 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Property, plant and equipment | 34 | 377 | 651 | 1,200 | 1,195 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Intangible assets excluding goodwill | 35 | 34 | 55 | 87 | 106 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Investment securities | 446 | 395 | 684 | 567 | 2,806 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Current assets | 4,288 | 5,144 | 5,873 | 6,661 | 4,297 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Current liabilities | 1,394 | 1,652 | 1,970 | 2,125 | 2,221 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Total liabilities | 1,399 | 1,660 | 1,980 | 2,136 | 2,234 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Non-controlling interests | — | — | — | — | 39 | S100XSGJ |
| Equity attributable to owners of parent | 3,574 | 4,411 | 5,411 | 6,516 | 6,401 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Retained earnings | 2,916 | 3,752 | 4,752 | 5,854 | 6,739 | S100QG42, S100T45B, S100VG5E, S100XSGJ |
| Treasury stock | -1 | -1 | -1 | -1 | -1,001 | S100QG42, S100T45B, S100VG5E, S100XSGJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XSGJ |
| Property, plant and equipment | 14% | S100XSGJ |
| Intangibles and goodwill | 1% | S100XSGJ |
| Investment securities | 32% | S100XSGJ |
| Other assets | 10% | S100XSGJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XSGJ |
| Equity | 75% | S100XSGJ |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,992 | 6,097 | 7,484 | 8,753 | 8,809 |
| Equity | 3,594 | 4,437 | 5,504 | 6,617 | 6,575 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,952 | 4,695 | 5,521 | 6,061 | 3,802 |

## 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) | 21.4% | S100XSGJ |
| Fixed assets ÷ total assets | 13.6% | S100XSGJ |
| Goodwill ÷ parent equity | — | —, S100XSGJ |

### 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) | 43.2% |
| Cash ÷ revenue | 68.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.3% |
| Cash vs. profit gap | 289 JPY mn (of net income 19.0%) |
| Shareholder returns / net income | 107.6% |
| Shareholder returns / FCF | 94.5% |
| Shareholder payments — dividends / net income | 41.8% |
| Shareholder payments — dividends / FCF | 36.7% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 137.6% |

## 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 | 25.3% | 0.70× | 17.7% | 1.40× | 24.8% | S100QG42 |
| 2022 | 27.6% | 0.74× | 20.6% | 1.39× | 28.5% | S100T45B |
| 2023 | 28.6% | 0.71× | 20.4% | 1.38× | 28.2% | S100VG5E |
| 2024 | 28.4% | 0.69× | 19.4% | 1.36× | 26.5% | S100XSGJ |
| 2025 | 27.3% | 0.63× | 17.3% | 1.36× | 23.5% | S100XSGJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 酒井 誠 | Major shareholder | 14.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2025-12-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.7% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505044(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.4% | 2025-12-31 |
| 早稲田成長企業支援１号投資事業有限責任組合 | Major shareholder | 2.4% | 2025-12-31 |
| GOLDMAN,SACHS & CO.REG (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 2.3% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140040 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.8% | 2025-12-31 |
| LICHFIELD LP (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XSGJ | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSGJ,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VG5E | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG5E,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T45B | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T45B,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QG42 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG42,, |
| 有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NQT6 | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQT6,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L0TS | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0TS,, |

## 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).