# MINKABU THE INFONOID, 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20期(2025/04/01－2026/03/31) (S100YJON)
> Page: https://vizora.meequs.com/en/company/minkabu-the-infonoid
> Retrieved: 2026-09-30T20:00:08.960Z

## Company

Minkabu the Infonoid, founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 236 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MINKABU THE INFONOID, Inc. |
| Ticker | 4436 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4436.T) |
| Listing | TSE Growth |
| Head office | 東京都港区東新橋一丁目9番1号 |
| Representative (per filing) | 代表取締役社長 伴 将行 |
| Founded | Jul 2006 |
| Share capital | ¥421.2M |
| Employees (consolidated) | 236 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | kmasterplus.pronexus.co.jp (https://kmasterplus.pronexus.co.jp/) |
| Corporate number | 4010401098942 |
| EDINET | E34754 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps |

> Profile source: annual securities report (S100YJON, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.3 | 40 |
| Profitability | 46.1 | 51 |
| Cash conversion | 82.6 | 43 |
| Efficiency | 37.5 | 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 58% of Minkabu the Infonoid's sales come from Media business, with Solutions business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -16.8% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Media business 58.2%、Solutions business 41.8%
- Revenue → net income: ¥8780577000 → ¥741645000
- Net income → operating cash flow: ¥741645000 → ¥1065767000（difference ¥324122000）
- Main uses of operating cash flow: CapEx ¥626445000 / dividends ¥126000 / buybacks ¥4000
- Change in cash: ¥760458000
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 | ¥8.78B |  |
| Operating income | ¥549.8M | Margin 6.3% |
| Net income | ¥742.9M | Margin 8.5% |
| Free cash flow | ¥439.3M |  |
| Largest business | Media business | of segment revenue 58.2% |
| Employees (consolidated) | 236 |  |
| EPS | ¥-251.32 |  |
| Book value per share | ¥56.4 |  |
| Equity ratio | 14.5% |  |
| Shares outstanding | 15,369,700 |  |
| Shareholders | 8,772 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -1.4 pp | Internet Services & Apps |
| ROE | 106.1% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, segment profit share differs by -43 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4158862000 | ¥8780577000 | +111.1% |
| Operating income | ¥759502000 | ¥549766000 | -27.6% |
| Operating margin | 18.3% | 6.3% | -12 pp |
| Employees | 163 people | 236 people | +44.8% |
| Cash and equivalents | ¥1847041000 | ¥1303068000 | -29.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| メディア事業 → メディア事業 | 36.9% |
| ソリューション事業 → ソリューション事業 | 41.8% |
| ソリューション事業 → 事業再編・廃止 | 21.3% |
| 新設・再編 → メディア事業 | 21.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,781 | 100.0% | S100YJON |
| Cost of revenue | 4,852 | 55.3% | S100YJON |
| Gross profit | 3,928 | 44.7% | S100YJON |
| SG&A | 3,378 | 38.5% | S100YJON |
| Operating income | 550 | 6.3% | S100YJON |
| Ordinary income | 413 | 4.7% | S100YJON |
| Pretax income | 581 | 6.6% | S100YJON |
| Income tax | -160 | -1.8% | S100YJON |
| Net income | 742 | 8.4% | S100YJON |
| Net income attributable to owners | 743 | 8.5% | S100YJON |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 39 |
| Operating income | 6 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 44.7% → Operating margin 6.3% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 10,549 | 8,781 | -1,768 | -16.8% |
| Gross profit | 2,887 | 3,928 | 1,041 | +36.1% |
| Operating income | -1,911 | 550 | 2,461 | — |
| Net income attributable to owners | -5,526 | 743 | 6,269 | — |
| Operating cash flow | -656 | 1,066 | 1,722 | — |
| Free cash flow | -2,040 | 439 | 2,479 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,791 | 523 | 18.8% | 448 | 715 | 109 | S100LPGG |
| FY ending Mar 2021 | 4,159 | 760 | 18.3% | 564 | 914 | 246 | S100PDRV |
| FY ending Mar 2022 | 5,482 | 875 | 16.0% | 696 | 1,290 | 318 | S100RV8V |
| FY ending Mar 2023 | 6,836 | 112 | 1.6% | 726 | 772 | -342 | S100TY7D |
| FY ending Mar 2024 | 9,920 | -700 | -7.1% | -1,181 | 91 | -1,151 | S100W2TP |
| FY ending Mar 2025 | 10,549 | -1,911 | -18.1% | -5,526 | -656 | -2,040 | S100YJON |
| FY ending Mar 2026 | 8,781 | 550 | 6.3% | 743 | 1,066 | 439 | S100YJON |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 184 | 188 | 239 | 241 | 236 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 41.5 years | 41.5 years | 41.9 years | 40.1 years | 36.2 years |
| Average tenure (parent company) | 4.9 years | 4.8 years | 5.4 years | 6.7 years | 7.3 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -16.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media business | 5,111 | 58.2% | 83 | 1.6% |
| Solutions business | 3,669 | 41.8% | 477 | 13.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Media business | 58.2% | 14.9% | -43.3 | 1.6% |
| Solutions business | 41.8% | 85.1% | 43.3 | 13.0% |

Segment → industry: Solutions business → Software & SaaS / Solutions business → Internet Services & Apps / Media business → Internet Services & Apps

## 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 | 1,066 | 12.1% | S100YJON |
| Capital expenditure | 626 | 7.1% | S100YJON |
| Free cash flow | 439 | 5.0% | 算出 |
| Investing cash flow | -73 | -0.8% | S100YJON |
| Financing cash flow | -232 | -2.6% | S100YJON |
| Dividends paid | 0 | 0.0% | S100YJON |
| Share buyback | 0 | 0.0% | S100YJON |
| Change in cash | 760 | 8.7% | S100YJON |
| Cash and equivalents | 1,303 | 14.8% | S100YJON |

## 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 | 3,526 | 4,464 | 2,048 | 543 | 1,303 | S100TY7D, S100W2TP, S100YJON |
| Total assets | 9,758 | 16,535 | 14,839 | 9,982 | 9,997 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Net assets | 7,444 | 7,856 | 6,185 | 320 | 1,445 | S100TY7D, S100W2TP, S100YJON |
| Share capital | 3,514 | 3,533 | 3,535 | 321 | 421 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Property, plant and equipment | 87 | 98 | 825 | 521 | 445 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Intangible assets excluding goodwill | 3,445 | 8,825 | 8,589 | 6,244 | 6,031 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Goodwill | 932 | 3,564 | 3,497 | 2,913 | 2,710 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Investment securities | 1,107 | 774 | 561 | 439 | 615 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Current assets | 4,826 | 6,568 | 4,132 | 2,039 | 2,452 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Current liabilities | 942 | 1,926 | 2,734 | 4,376 | 8,196 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Short-term borrowings | — | 200 | 608 | 2,100 | 7,490 | S100TY7D, S100W2TP, S100YJON |
| Long-term borrowings | 1,296 | 6,753 | 5,640 | 4,793 | — | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Total liabilities | 2,314 | 8,679 | 8,654 | 9,662 | 8,552 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Non-controlling interests | 101 | 92 | 15 | 11 | — | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Equity attributable to owners of parent | 7,303 | 7,709 | 6,142 | 228 | 1,172 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Retained earnings | -745 | -19 | -1,200 | -6,725 | -5,983 | S100RV8V, S100TY7D, S100W2TP, S100YJON |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RV8V, S100TY7D, S100W2TP, S100YJON |

### 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 | 9,758 | 16,535 | 14,839 | 9,982 | 9,997 |
| Equity | 7,444 | 7,856 | 6,185 | 320 | 1,445 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,526 | 4,464 | 2,048 | 543 | 1,303 |

## 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) | 5.1% | S100YJON |
| Fixed assets ÷ total assets | 4.5% | S100YJON |
| Goodwill ÷ parent equity | 231.3% | S100YJON |

Goodwill over 4 years: 932 → 2,710 JPY; total investing cash flow: -9,686 JPY. This does not imply causation.

### 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) | 13.0% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.9% |
| Cash vs. profit gap | 323 JPY mn (of net income 43.5%) |
| Shareholder returns / net income | 0.0% |
| Shareholder returns / FCF | 0.0% |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 6.9% |

## 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 | 12.7% | 0.56× | 7.1% | 1.34× | 9.5% | S100RV8V |
| 2023 | 10.6% | 0.52× | 5.5% | 1.75× | 9.7% | S100TY7D |
| 2024 | — | —× | -7.5% | —× | — | S100W2TP |
| 2025 | — | —× | -44.5% | —× | — | S100YJON |
| 2026 | 8.5% | 0.88× | 7.4% | 14.27× | 106.1% | S100YJON |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 瓜生 憲 | Major shareholder | 10.6% | 2026-03-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| 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 | 6.4% | 2026-03-31 |
| ＦｉｎＴｅｃｈビジネスイノベーション投資事業有限責任組合 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社ＱＵＩＣＫ | Major shareholder | 4.0% | 2026-03-31 |
| ＳＢＩ Ｖｅｎｔｕｒｅｓ Ｔｈｒｅｅ合同会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本経済新聞社政策投資口 | Major shareholder | 3.0% | 2026-03-31 |
| 大野 寿美 | Major shareholder | 2.3% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 髙田 隆太郎 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100YJON | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJON,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W2TP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2TP,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TY7D | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY7D,, |
| 訂正有価証券報告書－第17期(2022/04/01－2023/03/31) | S100RV8V | 2023-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV8V,, |
| 訂正有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100PDRV | 2022-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PDRV,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LPGG | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPGG,, |

## 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).