# Mirairo 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16期(2024/10/01－2025/09/30) (S100XCAD)
> Page: https://vizora.meequs.com/en/company/mirairo
> Retrieved: 2026-09-30T20:58:30.017Z

## Company

Mirairo, founded in 2010, is a company in Internet Services & Apps listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mirairo Inc. |
| Ticker | 335A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/335A.T) |
| Listing | TSE Growth |
| Head office | 大阪市淀川区西中島三丁目8番15号 |
| Representative (per filing) | 代表取締役社長 垣内 俊哉 |
| Founded | Jun 2010 |
| Share capital | ¥312.3M |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | September |
| Website | www.mirairo.co.jp (https://www.mirairo.co.jp/) |
| Corporate number | 4120001144623 |
| EDINET | E40477 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XCAD, filed 2025-12-22). As of filing

## Key points (generated from figures)

- Mirairo brought in ¥832.3M in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +17.3% from the prior year, operating profit +21.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥832291000 → ¥81472000
- Net income → operating cash flow: ¥81472000 → ¥179057000（difference ¥97585000）
- Main uses of operating cash flow: CapEx ¥41254000 / dividends — / buybacks —
- Change in cash: ¥482253000
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 | ¥832.3M |  |
| Operating income | ¥142.1M | Margin 17.1% |
| Net income | ¥81.5M | Margin 9.8% |
| Free cash flow | ¥137.8M |  |
| Employees (consolidated) | 50 |  |
| EPS | ¥9.15 |  |
| Diluted EPS | ¥7.85 |  |
| Book value per share | ¥80.01 |  |
| Equity ratio | 75.2% |  |
| Shares outstanding | 11,020,100 |  |
| Shareholders | 5,571 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 77.1% | Cash ÷ revenue 108.6% |
| Vs. industry median margin | +9.4 pp | Internet Services & Apps |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.2× net income
- FY2025, cash is 77% of total assets

## What changed in 1 years

| Metric | FY ending Sep 2024 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥709561000 | ¥832291000 | +17.3% |
| Operating income | ¥116861000 | ¥142125000 | +21.6% |
| Operating margin | 16.5% | 17.1% | +0.6 pp |
| Employees | 49 people | 50 people | +2.0% |
| Cash and equivalents | ¥421763000 | ¥904017000 | +114.3% |

### Change in segment revenue mix

Span: FY ending Sep 2024 → 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 | 832 | 100.0% | S100XCAD |
| Cost of revenue | 275 | 33.1% | S100XCAD |
| Gross profit | 557 | 66.9% | S100XCAD |
| SG&A | 415 | 49.9% | S100XCAD |
| Operating income | 142 | 17.1% | S100XCAD |
| Ordinary income | 123 | 14.8% | S100XCAD |
| Pretax income | 123 | 14.8% | S100XCAD |
| Income tax | 42 | 5.0% | S100XCAD |
| Net income | 81 | 9.8% | S100XCAD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 50 |
| Operating income | 17 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 66.9% → Operating margin 17.1% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.3%; Core profit growth: +21.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.25×
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 | 710 | 832 | 123 | +17.3% |
| Gross profit | 460 | 557 | 97 | +21.1% |
| Operating income | 117 | 142 | 25 | +21.6% |
| Operating cash flow | 138 | 179 | 41 | +29.9% |
| Free cash flow | 100 | 138 | 38 | +38.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2024 | 710 | 117 | 16.5% | 179 | 138 | 100 | S100XCAD |
| FY ending Sep 2025 | 832 | 142 | 17.1% | 81 | 179 | 138 | S100XCAD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.6M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 49 | 50 |
| Average salary (parent company) | — | ¥5M |
| Average age (parent company) | — | 38.3 years |
| Average tenure (parent company) | — | 5.5 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +17.3%

## 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 | 179 | 21.5% | S100XCAD |
| Capital expenditure | 41 | 5.0% | S100XCAD |
| Free cash flow | 138 | 16.6% | 算出 |
| Investing cash flow | -41 | -4.9% | S100XCAD |
| Financing cash flow | 344 | 41.4% | S100XCAD |
| Change in cash | 482 | 57.9% | S100XCAD |
| Cash and equivalents | 904 | 108.6% | S100XCAD |

## 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 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 422 | 904 | S100XCAD |
| Total assets | 701 | 1,172 | S100XCAD |
| Net assets | 337 | 882 | S100XCAD |
| Share capital | 80 | 312 | S100XCAD |
| Property, plant and equipment | 8 | 8 | S100XCAD |
| Intangible assets excluding goodwill | 77 | 89 | S100XCAD |
| Current assets | 539 | 1,025 | S100XCAD |
| Current liabilities | 233 | 238 | S100XCAD |
| Short-term borrowings | 95 | 95 | S100XCAD |
| Long-term borrowings | 130 | 51 | S100XCAD |
| Total liabilities | 364 | 290 | S100XCAD |
| Equity attributable to owners of parent | 336 | 882 | S100XCAD |
| Retained earnings | 186 | 267 | S100XCAD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100XCAD |
| Property, plant and equipment | 1% | S100XCAD |
| Intangibles and goodwill | 7% | S100XCAD |
| Other assets | 15% | S100XCAD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XCAD |
| Equity | 75% | S100XCAD |

### Balance sheet history

| Metric | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: |
| Total assets | 701 | 1,172 |
| Equity | 337 | 882 |
| Interest-bearing debt | — | — |
| Cash | 422 | 904 |

## 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) | 1.0% | S100XCAD |
| Fixed assets ÷ total assets | 0.7% | S100XCAD |
| Goodwill ÷ parent equity | — | —, S100XCAD |

### 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) | 77.1% |
| Cash ÷ revenue | 108.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.0% |
| Cash vs. profit gap | 98 JPY mn (of net income 119.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 22.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 25.2% | 1.01× | 25.5% | 2.09× | 53.3% | S100XCAD |
| 2025 | 9.8% | 0.89× | 8.7% | 1.54× | 13.4% | S100XCAD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 垣内 俊哉 | Major shareholder | 28.0% | 2025-09-30 |
| 民野 剛郎 | Major shareholder | 27.8% | 2025-09-30 |
| 谷間 真 | Major shareholder | 1.9% | 2025-09-30 |
| 大阪市高速電気軌道株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 住友林業株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| ヤマトホールディングス株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2025-09-30 |
| 株式会社日本カストディ銀行（信 託口） | Major shareholder | 1.5% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2025-09-30 |
| さくらインターネット株式会社 | Major shareholder | 1.1% | 2025-09-30 |
| 株式会社ゼンリンデータコム | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/10/01－2025/09/30) | S100XCAD | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCAD,, |

## 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).