# MEEQ Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YKM2)
> Page: https://vizora.meequs.com/en/company/meeq
> Retrieved: 2026-09-30T22:00:59.017Z

## Company

Meeq, founded in 2019, is a company in Telecom Carriers listed on TSE Growth. It has 77 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEEQ Inc. |
| Ticker | 332A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/332A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷三丁目10番13号 |
| Representative (per filing) | 代表取締役 執行役員社長 峯村 竜太 |
| Founded | Mar 2019 |
| Share capital | ¥652.3M |
| Employees (consolidated) | 77 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.meeq.com (https://www.meeq.com/) |
| Corporate number | 5010701037252 |
| EDINET | E40400 |
| Industries (Vizora) | Telecom Carriers |

> Profile source: annual securities report (S100YKM2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.4 | 11 |
| Cash conversion | 55 | 10 |
| Efficiency | 59.1 | 11 |

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)

- Meeq brought in ¥7.15B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +19.7% from the prior year, operating profit +39.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7150453000 → ¥879446000
- Net income → operating cash flow: ¥879446000 → ¥1517433000（difference ¥637987000）
- Main uses of operating cash flow: CapEx ¥636006000 / dividends — / buybacks —
- Change in cash: ¥-1629406000
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 | ¥7.15B |  |
| Operating income | ¥1.3B | Margin 18.1% |
| Net income | ¥879.4M | Margin 12.3% |
| Free cash flow | ¥881.4M |  |
| Employees (consolidated) | 77 |  |
| EPS | ¥76.92 |  |
| Diluted EPS | ¥68.37 |  |
| Book value per share | ¥514.75 |  |
| Equity ratio | 73.1% |  |
| Shares outstanding | 11,480,200 |  |
| Shareholders | 4,060 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 29.7% | Cash ÷ revenue 33.6% |
| Vs. industry median margin | +6.3 pp | Telecom Carriers |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 30% of total assets

## What changed in 2 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5375659000 | ¥7150453000 | — |
| Operating income | ¥785394000 | ¥1296145000 | — |
| Operating margin | 14.6% | 18.1% | +3.5 pp |
| Employees | 59 people | 77 people | — |
| Cash and equivalents | ¥2260226000 | ¥2402655000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2024 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,150 | 100.0% | S100YKM2 |
| Cost of revenue | 4,455 | 62.3% | S100YKM2 |
| Gross profit | 2,696 | 37.7% | S100YKM2 |
| SG&A | 1,400 | 19.6% | S100YKM2 |
| Operating income | 1,296 | 18.1% | S100YKM2 |
| Ordinary income | 1,305 | 18.3% | S100YKM2 |
| Pretax income | 1,274 | 17.8% | S100YKM2 |
| Income tax | 395 | 5.5% | S100YKM2 |
| Net income | 879 | 12.3% | S100YKM2 |
| Net income attributable to owners | 879 | 12.3% | S100YKM2 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 20 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 37.7% → Operating margin 18.1% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,974 | 7,150 | 1,176 | +19.7% |
| Gross profit | 2,156 | 2,696 | 540 | +25.1% |
| Operating income | 930 | 1,296 | 367 | +39.4% |
| Operating cash flow | 898 | 1,517 | 620 | +69.0% |
| Free cash flow | 580 | 881 | 301 | +52.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 5,376 | 785 | 14.6% | 543 | 523 | 275 | S100W8RB |
| FY ending Mar 2025 | 5,974 | 930 | 15.6% | 634 | 898 | 580 | S100W8RB |
| FY ending Mar 2026 | 7,150 | 1,296 | 18.1% | 879 | 1,517 | 881 | S100YKM2 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.9M |
| Operating income per employee (consolidated) | ¥16.8M |
| Net income per employee (consolidated) | ¥11.4M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 59 | 74 | 77 |
| Average salary (parent company) | — | ¥7.5M | ¥8M |
| Average age (parent company) | — | 37.7 years | 37.3 years |
| Average tenure (parent company) | — | 2.6 years | 2.7 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,517 | 21.2% | S100YKM2 |
| Capital expenditure | 636 | 8.9% | S100YKM2 |
| Free cash flow | 881 | 12.3% | 算出 |
| Investing cash flow | -3,136 | -43.9% | S100YKM2 |
| Financing cash flow | -11 | -0.2% | S100YKM2 |
| Change in cash | -1,629 | -22.8% | S100YKM2 |
| Cash and equivalents | 2,403 | 33.6% | S100YKM2 |

## 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 Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,260 | 4,032 | 2,403 | S100W8RB, S100YKM2 |
| Total assets | 4,276 | 6,775 | 8,085 | S100W8RB, S100YKM2 |
| Net assets | 3,120 | 5,043 | 6,094 | S100W8RB, S100YKM2 |
| Share capital | 10 | 624 | 652 | S100W8RB, S100YKM2 |
| Property, plant and equipment | 383 | 353 | 446 | S100W8RB, S100YKM2 |
| Intangible assets excluding goodwill | 255 | 409 | 760 | S100W8RB, S100YKM2 |
| Current assets | 3,556 | 5,932 | 6,774 | S100W8RB, S100YKM2 |
| Current liabilities | 1,055 | 1,652 | 1,905 | S100W8RB, S100YKM2 |
| Total liabilities | 1,156 | 1,732 | 1,991 | S100W8RB, S100YKM2 |
| Equity attributable to owners of parent | 3,110 | 4,972 | 5,908 | S100W8RB, S100YKM2 |
| Retained earnings | 2,120 | 2,754 | 3,633 | S100W8RB, S100YKM2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YKM2 |
| Property, plant and equipment | 6% | S100YKM2 |
| Intangibles and goodwill | 9% | S100YKM2 |
| Other assets | 55% | S100YKM2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YKM2 |
| Equity | 75% | S100YKM2 |
| Other liabilities | 0% | S100YKM2 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 4,276 | 6,775 | 8,085 |
| Equity | 3,120 | 5,043 | 6,094 |
| Interest-bearing debt | — | — | — |
| Cash | 2,260 | 4,032 | 2,403 |

## 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) | 6.2% | S100YKM2 |
| Fixed assets ÷ total assets | 5.5% | S100YKM2 |
| Goodwill ÷ parent equity | — | —, S100YKM2 |

### 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) | 29.7% |
| Cash ÷ revenue | 33.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.1% |
| Cash vs. profit gap | 638 JPY mn (of net income 72.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.9% |
| Investing CF relative to operating CF | 206.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 10.1% | 1.26× | 12.7% | 1.37× | 17.5% | S100W8RB |
| 2025 | 10.6% | 1.08× | 11.5% | 1.37× | 15.7% | S100W8RB |
| 2026 | 12.3% | 0.88× | 10.9% | 1.37× | 14.9% | S100YKM2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ソニーネットワークコミュニケーションズ株式会社 | Major shareholder | 29.1% | 2026-03-31 |
| ソニーセミコンダクタソリューションズ株式会社 | Major shareholder | 11.1% | 2026-03-31 |
| 東京センチュリー株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社ファミリーマート | Major shareholder | 5.8% | 2026-03-31 |
| エムエスアイピ－クライアントセキユリテイ－ズ (常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 加賀電子株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2026-03-31 |
| ＴＩＳ株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YKM2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKM2,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W8RB | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8RB,, |

## 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).