# NIHON FALCOM CORPORATION: 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24期(2024/10/01－2025/09/30) (S100XBL7)
> Page: https://vizora.meequs.com/en/company/nihon-falcom
> Retrieved: 2026-09-30T22:08:13.099Z

## Company

Nihon Falcom, founded in 2001, is a company in Games listed on TSE Growth. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON FALCOM CORPORATION |
| Ticker | 3723 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3723.T) |
| Listing | TSE Growth |
| Head office | 東京都立川市曙町二丁目8番18号 |
| Representative (per filing) | 代表取締役社長 近藤 季洋 |
| Founded | Nov 2001 |
| Share capital | ¥164.1M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.falcom.co.jp (https://www.falcom.co.jp/) |
| Corporate number | 2012801004044 |
| EDINET | E05360 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XBL7, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Games (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.6 | 36 |
| Profitability | 98.8 | 41 |
| Cash conversion | 33.9 | 31 |
| Efficiency | 1.2 | 41 |

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)

- Nihon Falcom brought in ¥2.61B in revenue.
- Out of every ¥100 of sales, about ¥51 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2612982000 → ¥903682000
- Net income → operating cash flow: ¥903682000 → ¥1013181000（difference ¥109499000）
- Main uses of operating cash flow: CapEx ¥742000 / dividends ¥204862000 / buybacks ¥35000
- Change in cash: ¥807541000
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 | ¥2.61B |  |
| Operating income | ¥1.34B | Margin 51.3% |
| Net income | ¥903.7M | Margin 34.6% |
| Free cash flow | ¥1.01B |  |
| Employees (consolidated) | 69 |  |
| EPS | ¥87.91 |  |
| Book value per share | ¥1058.13 |  |
| Equity ratio | 94.6% |  |
| Shares outstanding | 10,280,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 3,414 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 90.0% | Cash ÷ revenue 396.1% |
| Vs. industry median margin | +45.9 pp | Games |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 90% of total assets
- FY2025, operating income keeps 51 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2496586000 | ¥2612982000 | +4.7% |
| Operating income | ¥1349985000 | ¥1340777000 | -0.7% |
| Operating margin | 54.1% | 51.3% | -2.8 pp |
| Employees | 60 people | 69 people | +15.0% |
| Cash and equivalents | ¥7142256000 | ¥10350569000 | +44.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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 | 2,613 | 100.0% | S100XBL7 |
| Cost of revenue | 311 | 11.9% | S100XBL7 |
| Gross profit | 2,302 | 88.1% | S100XBL7 |
| SG&A | 961 | 36.8% | S100XBL7 |
| Operating income | 1,341 | 51.3% | S100XBL7 |
| Ordinary income | 1,365 | 52.2% | S100XBL7 |
| Pretax income | 1,339 | 51.2% | S100XBL7 |
| Income tax | 435 | 16.6% | S100XBL7 |
| Net income | 904 | 34.6% | S100XBL7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 12 |
| SG&A | 37 |
| Operating income | 51 |
| (Ref.) Net income | 35 |

### Margin funnel

Gross margin 88.1% → Operating margin 51.3% → Net margin 34.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +8.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.32×
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 | 2,525 | 2,613 | 88 | +3.5% |
| Gross profit | 2,272 | 2,302 | 30 | +1.3% |
| Operating income | 1,240 | 1,341 | 101 | +8.1% |
| Operating cash flow | 848 | 1,013 | 165 | +19.4% |
| Free cash flow | 846 | 1,012 | 166 | +19.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,454 | 1,470 | 59.9% | 1,006 | 1,131 | 1,130 | S100KDW6 |
| FY ending Sep 2020 | 2,497 | 1,350 | 54.1% | 876 | 1,707 | 1,699 | S100N2VD |
| FY ending Sep 2021 | 2,478 | 1,410 | 56.9% | 1,000 | 102 | 39 | S100PSVL |
| FY ending Sep 2022 | 2,534 | 1,461 | 57.6% | 1,028 | 1,240 | 1,238 | S100SGQH |
| FY ending Sep 2023 | 2,474 | 1,329 | 53.7% | 911 | 904 | 898 | S100UZ3K |
| FY ending Sep 2024 | 2,525 | 1,240 | 49.1% | 852 | 848 | 846 | S100XBL7 |
| FY ending Sep 2025 | 2,613 | 1,341 | 51.3% | 904 | 1,013 | 1,012 | S100XBL7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.9M |
| Operating income per employee (consolidated) | ¥19.4M |
| Net income per employee (consolidated) | ¥13.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 63 | 62 | 65 | 66 | 69 |
| Average salary (parent company) | ¥5.4M | ¥5.2M | ¥5.7M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 37.4 years | 37.6 years | 38.8 years | 39.4 years | 39.3 years |
| Average tenure (parent company) | 13.1 years | 13.3 years | 14.0 years | 14.6 years | 14.8 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +3.5%

## 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 | 1,013 | 38.8% | S100XBL7 |
| Capital expenditure | 1 | 0.0% | S100XBL7 |
| Free cash flow | 1,012 | 38.7% | 算出 |
| Investing cash flow | -1 | -0.0% | S100XBL7 |
| Financing cash flow | -205 | -7.8% | S100XBL7 |
| Dividends paid | 205 | 7.8% | S100XBL7 |
| Share buyback | 0 | 0.0% | S100XBL7 |
| Change in cash | 808 | 30.9% | S100XBL7 |
| Cash and equivalents | 10,351 | 396.1% | S100XBL7 |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,175 | 8,208 | 8,901 | 9,543 | 10,351 | S100SGQH, S100UZ3K, S100XBL7 |
| Total assets | 8,292 | 9,690 | 10,128 | 10,703 | 11,495 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Net assets | 7,698 | 8,827 | 9,533 | 10,179 | 10,877 | S100SGQH, S100UZ3K, S100XBL7 |
| Share capital | 164 | 164 | 164 | 164 | 164 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Property, plant and equipment | 67 | 58 | 49 | 40 | 34 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Intangible assets excluding goodwill | 1 | 1 | 1 | 1 | 1 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Current assets | 8,022 | 9,516 | 9,953 | 10,548 | 11,332 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Current liabilities | 594 | 863 | 596 | 524 | 618 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Total liabilities | 594 | 863 | 596 | 524 | 618 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Equity attributable to owners of parent | 7,698 | 8,827 | 9,533 | 10,179 | 10,877 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Retained earnings | 7,215 | 8,344 | 9,049 | 9,696 | 10,394 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PSVL, S100SGQH, S100UZ3K, S100XBL7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 90% | S100XBL7 |
| Property, plant and equipment | 0% | S100XBL7 |
| Intangibles and goodwill | 0% | S100XBL7 |
| Other assets | 10% | S100XBL7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 5% | S100XBL7 |
| Equity | 95% | S100XBL7 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,292 | 9,690 | 10,128 | 10,703 | 11,495 |
| Equity | 7,698 | 8,827 | 9,533 | 10,179 | 10,877 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,175 | 8,208 | 8,901 | 9,543 | 10,351 |

## 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) | 1.3% | S100XBL7 |
| Fixed assets ÷ total assets | 0.3% | S100XBL7 |
| Goodwill ÷ parent equity | — | —, S100XBL7 |

### 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) | 90.0% |
| Cash ÷ revenue | 396.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.6% |
| Cash vs. profit gap | 109 JPY mn (of net income 12.1%) |
| Shareholder returns / net income | 22.7% |
| Shareholder returns / FCF | 20.2% |
| Shareholder payments — dividends / net income | 22.7% |
| Shareholder payments — dividends / FCF | 20.2% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 40.4% | 0.30× | 12.1% | 1.08× | 13.0% | S100PSVL |
| 2022 | 40.6% | 0.28× | 11.4% | 1.09× | 12.4% | S100SGQH |
| 2023 | 36.8% | 0.25× | 9.2% | 1.08× | 9.9% | S100UZ3K |
| 2024 | 33.8% | 0.24× | 8.2% | 1.06× | 8.6% | S100XBL7 |
| 2025 | 34.6% | 0.24× | 8.1% | 1.05× | 8.6% | S100XBL7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本ファルコムホールディングス | Major shareholder | 40.5% | 2025-09-30 |
| 加藤圭 | Major shareholder | 10.4% | 2025-09-30 |
| 加藤翔 | Major shareholder | 10.4% | 2025-09-30 |
| 五味大輔 | Major shareholder | 4.5% | 2025-09-30 |
| KOREA SECURITIES DEPOSITORY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.0% | 2025-09-30 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.0% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-09-30 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2025-09-30 |
| NATIONAL FINANCIAL SERVICES LLC（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-09-30 |
| 石川三恵子 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/10/01－2025/09/30) | S100XBL7 | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBL7,, |
| 有価証券報告書－第23期(2023/10/01－2024/09/30) | S100UZ3K | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ3K,, |
| 有価証券報告書－第22期(2022/10/01－2023/09/30) | S100SGQH | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SGQH,, |
| 有価証券報告書－第21期(令和3年10月1日－令和4年9月30日) | S100PSVL | 2022-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PSVL,, |
| 有価証券報告書－第20期(令和2年10月1日－令和3年9月30日) | S100N2VD | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2VD,, |
| 有価証券報告書－第19期(令和1年10月1日－令和2年9月30日) | S100KDW6 | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDW6,, |

## 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).