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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/04/01－2026/03/31) (S100YC1L)
> Page: https://vizora.meequs.com/en/company/micreed
> Retrieved: 2026-09-30T21:31:18.019Z

## Company

Micreed, founded in 2012, is a company in E-commerce listed on TSE Growth. It has 34 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MICREED Co.,Ltd. |
| Ticker | 7687 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7687.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿二丁目3番1号 |
| Representative (per filing) | 代表取締役社長 片山 礼子 |
| Founded | Nov 2012 |
| Share capital | ¥98M |
| Employees (consolidated) | 34 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | corp.micreed.co.jp (https://corp.micreed.co.jp/) |
| Corporate number | 7011501018184 |
| EDINET | E35491 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100YC1L, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98 | 25 |
| Profitability | 54.4 | 34 |
| Cash conversion | 46.3 | 27 |
| Efficiency | 92.6 | 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)

- Micreed brought in ¥7.67B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +9.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7671000000 → ¥279000000
- Net income → operating cash flow: ¥279000000 → ¥398000000（difference ¥119000000）
- Main uses of operating cash flow: CapEx ¥86000000 / dividends ¥54000000 / buybacks —
- Change in cash: ¥250000000
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 | ¥7.67B |  |
| Operating income | ¥407M | Margin 5.3% |
| Net income | ¥279M | Margin 3.6% |
| Free cash flow | ¥312M |  |
| Employees (consolidated) | 34 |  |
| EPS | ¥42.3 |  |
| Diluted EPS | ¥42.12 |  |
| Book value per share | ¥246.08 |  |
| Equity ratio | 58.5% |  |
| Shares outstanding | 6,614,600 |  |
| Treasury shares | 400 |  |
| Shareholders | 1,586 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 42.0% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | +0.4 pp | E-commerce |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, cash is 42% of total assets
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2782000000 | ¥7671000000 | +175.7% |
| Operating income | ¥-127000000 | ¥407000000 | — |
| Operating margin | -4.6% | 5.3% | +9.9 pp |
| Employees | 17 people | 34 people | +100.0% |
| Cash and equivalents | ¥476000000 | ¥1168000000 | +145.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,671 | 100.0% | S100YC1L |
| Cost of revenue | 5,064 | 66.0% | S100YC1L |
| Gross profit | 2,606 | 34.0% | S100YC1L |
| SG&A | 2,199 | 28.7% | S100YC1L |
| Operating income | 407 | 5.3% | S100YC1L |
| Ordinary income | 410 | 5.3% | S100YC1L |
| Pretax income | 408 | 5.3% | S100YC1L |
| Income tax | 128 | 1.7% | S100YC1L |
| Net income | 279 | 3.6% | S100YC1L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 29 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 34.0% → Operating margin 5.3% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +9.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.71×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,776 | 7,671 | 895 | +13.2% |
| Gross profit | 2,324 | 2,606 | 282 | +12.1% |
| Operating income | 372 | 407 | 35 | +9.4% |
| Operating cash flow | 262 | 398 | 136 | +51.9% |
| Free cash flow | 123 | 312 | 189 | +153.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,073 | 152 | 3.7% | 105 | 187 | 157 | S100LNS3 |
| FY ending Mar 2021 | 2,782 | -127 | -4.6% | -85 | -102 | -131 | S100OCPP |
| FY ending Mar 2022 | 3,029 | -59 | -1.9% | -37 | 66 | 30 | S100R0EU |
| FY ending Mar 2023 | 4,668 | 194 | 4.2% | 134 | 174 | 109 | S100TRHK |
| FY ending Mar 2024 | 5,936 | 322 | 5.4% | 222 | 378 | 312 | S100W5G7 |
| FY ending Mar 2025 | 6,776 | 372 | 5.5% | 258 | 262 | 123 | S100YC1L |
| FY ending Mar 2026 | 7,671 | 407 | 5.3% | 279 | 398 | 312 | S100YC1L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥225.6M |
| Operating income per employee (consolidated) | ¥12M |
| Net income per employee (consolidated) | ¥8.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 18 | 19 | 26 | 28 | 34 |
| Average salary (parent company) | ¥6.4M | ¥7.5M | ¥7.7M | ¥8.3M | ¥7.9M |
| Average age (parent company) | 43.8 years | 43.6 years | 44.7 years | 45.3 years | 45.2 years |
| Average tenure (parent company) | 5.3 years | 5.5 years | 5.2 years | 5.3 years | 5.2 years |

Year over year: Employees (consolidated) +21.4% · Revenue (consolidated) +13.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 398 | 5.2% | S100YC1L |
| Capital expenditure | 86 | 1.1% | S100YC1L |
| Free cash flow | 312 | 4.1% | 算出 |
| Investing cash flow | -92 | -1.2% | S100YC1L |
| Financing cash flow | -54 | -0.7% | S100YC1L |
| Dividends paid | 54 | 0.7% | S100YC1L |
| Change in cash | 250 | 3.3% | S100YC1L |
| Cash and equivalents | 1,168 | 15.2% | S100YC1L |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 499 | 601 | 842 | 918 | 1,168 | S100TRHK, S100W5G7, S100YC1L |
| Total assets | 1,302 | 1,685 | 2,066 | 2,325 | 2,780 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Net assets | 867 | 1,002 | 1,182 | 1,393 | 1,627 | S100TRHK, S100W5G7, S100YC1L |
| Share capital | 89 | 90 | 93 | 93 | 98 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Property, plant and equipment | 12 | 22 | 40 | 122 | 108 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Intangible assets excluding goodwill | 134 | 116 | 100 | 134 | 174 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Current assets | 1,074 | 1,488 | 1,833 | 1,975 | 2,393 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Current liabilities | 418 | 662 | 853 | 858 | 1,074 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Total liabilities | 435 | 682 | 883 | 931 | 1,153 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Equity attributable to owners of parent | 867 | 1,002 | 1,182 | 1,393 | 1,627 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Retained earnings | 341 | 476 | 649 | 860 | 1,085 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R0EU, S100TRHK, S100W5G7, S100YC1L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YC1L |
| Property, plant and equipment | 4% | S100YC1L |
| Intangibles and goodwill | 6% | S100YC1L |
| Other assets | 48% | S100YC1L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YC1L |
| Equity | 59% | S100YC1L |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,302 | 1,685 | 2,066 | 2,325 | 2,780 |
| Equity | 867 | 1,002 | 1,182 | 1,393 | 1,627 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 499 | 601 | 842 | 918 | 1,168 |

## 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) | 1.4% | S100YC1L |
| Fixed assets ÷ total assets | 3.9% | S100YC1L |
| Goodwill ÷ parent equity | — | —, S100YC1L |

### 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) | 42.0% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.8% |
| Cash vs. profit gap | 119 JPY mn (of net income 42.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.4% |
| Shareholder payments — dividends / FCF | 17.3% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 23.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -2.8% | —× | — | S100R0EU |
| 2023 | 2.9% | 3.13× | 9.0% | 1.60× | 14.3% | S100TRHK |
| 2024 | 3.7% | 3.17× | 11.8% | 1.72× | 20.3% | S100W5G7 |
| 2025 | 3.8% | 3.09× | 11.8% | 1.71× | 20.0% | S100YC1L |
| 2026 | 3.6% | 3.01× | 10.9% | 1.69× | 18.5% | S100YC1L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ひとまいる | Major shareholder | 23.6% | 2026-03-31 |
| 国分グループ本社株式会社 | Major shareholder | 18.0% | 2026-03-31 |
| 株式会社トーホー | Major shareholder | 9.1% | 2026-03-31 |
| 片山 礼子 | Major shareholder | 3.6% | 2026-03-31 |
| 西村 裕二 | Major shareholder | 3.5% | 2026-03-31 |
| 石井 文範 | Major shareholder | 1.8% | 2026-03-31 |
| 出口 竜一 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 松岡 勉 | Major shareholder | 1.4% | 2026-03-31 |
| 陳 曄 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YC1L | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC1L,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W5G7 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5G7,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TRHK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRHK,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R0EU | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0EU,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100OCPP | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCPP,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LNS3 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNS3,, |

## 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).