# note inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/12/01－2025/11/30) (S100XMWX)
> Page: https://vizora.meequs.com/en/company/note
> Retrieved: 2026-09-30T20:55:07.196Z

## Company

note, founded in 2011, is a company in Internet Services & Apps listed on TSE Growth. It has 158 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | note inc. |
| Ticker | 5243 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5243.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町六丁目6番2号 |
| Representative (per filing) | 代表取締役CEO 加藤 貞顕 |
| Founded | Dec 2011 |
| Share capital | ¥84.9M |
| Employees (consolidated) | 158 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | November |
| Website | note.jp (https://note.jp/) |
| Corporate number | 3011001071811 |
| EDINET | E38043 |
| Industries (Vizora) | Internet Services & Apps, Publishing & Bookstores |

> Profile source: annual securities report (S100XMWX, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 44.1 | 51 |
| Cash conversion | 68.6 | 43 |
| Efficiency | 33.7 | 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 99% of note's sales come from Media platform, with IP and Content Creation making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +25.0% from the prior year, operating profit +384.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.14B |  |
| Operating income | ¥256.1M | Margin 6.2% |
| Net income | ¥440.6M | Margin 10.6% |
| Free cash flow | — |  |
| Largest business | Media platform | of segment revenue 98.5% |
| Employees (consolidated) | 158 |  |
| EPS | ¥25.94 |  |
| Diluted EPS | ¥24.92 |  |
| Book value per share | ¥168.13 |  |
| Equity ratio | 45.9% |  |
| Shares outstanding | 16,748,700 |  |
| Treasury shares | 100 |  |
| Shareholders | 12,514 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 49.7% | Cash ÷ revenue 73.8% |
| Vs. industry median margin | -1.5 pp | Internet Services & Apps |
| ROE | 19.6% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 50% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1884149000 | ¥4141280000 | — |
| Operating income | ¥-456540000 | ¥256142000 | — |
| Operating margin | -24.2% | 6.2% | +30.4 pp |
| Employees | 151 people | 158 people | — |
| Cash and equivalents | ¥872084000 | ¥3056361000 | — |

### Change in segment revenue mix

Span: FY ending Nov 2021 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → メディアプラットフォーム事業 | 98.5% |
| 新設・再編 → IP・コンテンツクリエーション事業 | 1.5% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,141 | 100.0% | S100XMWX |
| Cost of revenue | 265 | 6.4% | S100XMWX |
| Gross profit | 3,877 | 93.6% | S100XMWX |
| SG&A | 3,620 | 87.4% | S100XMWX |
| Operating income | 256 | 6.2% | S100XMWX |
| Ordinary income | 263 | 6.3% | S100XMWX |
| Pretax income | 263 | 6.3% | S100XMWX |
| Income tax | -178 | -4.3% | S100XMWX |
| Net income | 441 | 10.6% | S100XMWX |
| Net income attributable to owners | 441 | 10.6% | S100XMWX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 6 |
| SG&A | 88 |
| Operating income | 6 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 93.6% → Operating margin 6.2% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.0%; Core profit growth: +384.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.37×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,312 | 4,141 | 829 | +25.0% |
| Gross profit | 3,110 | 3,877 | 766 | +24.6% |
| Operating income | 53 | 256 | 203 | +384.7% |
| Net income attributable to owners | 99 | 441 | 342 | +345.4% |
| Operating cash flow | 226 | 393 | 168 | +74.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 1,884 | -457 | -24.2% | -436 | -647 | -652 | S100R3D5 |
| FY ending Nov 2022 | 2,317 | -732 | -31.6% | -756 | -660 | -683 | S100SY1F |
| FY ending Nov 2023 | 2,777 | -380 | -13.7% | -415 | -347 | -359 | S100SY1F |
| FY ending Nov 2024 | 3,312 | 53 | 1.6% | 99 | 226 | 224 | S100XMWX |
| FY ending Nov 2025 | 4,141 | 256 | 6.2% | 441 | 393 | — | S100XMWX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.2M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 151 | 183 | 163 | 151 | 158 |
| Average salary (parent company) | — | ¥6.8M | ¥7M | ¥7M | ¥7.6M |
| Average age (parent company) | — | 35.5 years | 36.4 years | 37.7 years | 39.4 years |
| Average tenure (parent company) | — | 2.2 years | 3.1 years | 3.7 years | 3.9 years |

Year over year: Employees (consolidated) +4.6% · Revenue (consolidated) +25.0%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media platform | 4,080 | 98.5% | 326 | 8.0% |
| IP and Content Creation | 62 | 1.5% | -14 | -22.6% |

### 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 platform | 98.5% | 100.0% | 1.5 | 8.0% |
| IP and Content Creation | 1.5% | — | — | -22.6% |

Loss-making segment (excluded from profit shares): IP and Content Creation -14 JPY mn

Segment → industry: Media platform → Internet Services & Apps / IP and Content Creation → Publishing & Bookstores

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 393 | 9.5% | S100XMWX |
| Investing cash flow | -748 | -18.1% | S100XMWX |
| Financing cash flow | 1,245 | 30.1% | S100XMWX |
| Change in cash | 890 | 21.5% | S100XMWX |
| Cash and equivalents | 3,056 | 73.8% | S100XMWX |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 872 | 2,189 | 1,988 | 2,166 | 3,056 | S100SY1F, S100XMWX |
| Total assets | 1,751 | 3,303 | 3,313 | 3,769 | 6,145 | S100R3D5, S100SY1F, S100XMWX |
| Net assets | 574 | 1,818 | 1,562 | 1,722 | 2,879 | S100SY1F, S100XMWX |
| Share capital | 100 | 100 | 10 | 31 | 85 | S100R3D5, S100SY1F, S100XMWX |
| Property, plant and equipment | 23 | 19 | 18 | 10 | 3 | S100R3D5, S100SY1F, S100XMWX |
| Intangible assets excluding goodwill | 1 | 0 | — | — | — | S100R3D5, S100SY1F |
| Investment securities | — | — | — | — | 769 | S100XMWX |
| Current assets | 1,632 | 3,196 | 3,242 | 3,671 | 5,100 | S100R3D5, S100SY1F, S100XMWX |
| Current liabilities | 1,017 | 1,325 | 1,671 | 2,047 | 2,654 | S100R3D5, S100SY1F, S100XMWX |
| Long-term borrowings | 160 | 160 | 80 | — | 613 | S100R3D5, S100SY1F, S100XMWX |
| Total liabilities | 1,177 | 1,485 | 1,751 | 2,047 | 3,267 | S100R3D5, S100SY1F, S100XMWX |
| Equity attributable to owners of parent | 574 | 1,818 | 1,562 | 1,703 | 2,795 | S100R3D5, S100SY1F, S100XMWX |
| Retained earnings | -1,088 | -844 | -415 | -316 | 432 | S100R3D5, S100SY1F, S100XMWX |
| Treasury stock | — | — | — | -0 | -0 | S100XMWX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XMWX |
| Property, plant and equipment | 0% | S100XMWX |
| Investment securities | 12% | S100XMWX |
| Other assets | 38% | S100XMWX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XMWX |
| Equity | 47% | S100XMWX |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,751 | 3,303 | 3,313 | 3,769 | 6,145 |
| Equity | 574 | 1,818 | 1,562 | 1,722 | 2,879 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 872 | 2,189 | 1,988 | 2,166 | 3,056 |

## 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) | 0.1% | S100XMWX |
| Fixed assets ÷ total assets | 0.1% | S100XMWX |
| Goodwill ÷ parent equity | — | —, S100XMWX |

### 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) | 49.7% |
| Cash ÷ revenue | 73.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.5% |
| Cash vs. profit gap | -47 JPY mn (of net income -10.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 190.1% |

## 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 | — | —× | -24.9% | —× | — | S100R3D5 |
| 2022 | — | —× | -29.9% | —× | — | S100SY1F |
| 2023 | — | —× | -12.5% | —× | — | S100SY1F |
| 2024 | 3.0% | 0.88× | 2.6% | 2.21× | 5.8% | S100XMWX |
| 2025 | 10.6% | 0.84× | 8.9% | 2.20× | 19.6% | S100XMWX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 加藤 貞顕 | Major shareholder | 33.7% | 2025-11-30 |
| Google International LLC（常任代理人 みずほ証券株式会社） | Major shareholder | 5.9% | 2025-11-30 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 5.8% | 2025-11-30 |
| 株式会社日本経済新聞社 | Major shareholder | 4.0% | 2025-11-30 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW（常任代理人 野村證券株式会社） | Major shareholder | 2.1% | 2025-11-30 |
| 株式会社マイナビ | Major shareholder | 1.8% | 2025-11-30 |
| 株式会社イード | Major shareholder | 1.7% | 2025-11-30 |
| 株式会社テレビ東京ホールディングス | Major shareholder | 1.6% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-11-30 |
| JP JPMSE LUX RE UBSAG LONDON BRANCH EQCO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/12/01－2025/11/30) | S100XMWX | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMWX,, |
| 有価証券報告書－第13期(2023/12/01－2024/11/30) | S100VAPS | 2025-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAPS,, |
| 有価証券報告書－第12期(2022/12/01－2023/11/30) | S100SY1F | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SY1F,, |
| 訂正有価証券報告書－第11期(2021/12/01－2022/11/30) | S100R3D5 | 2023-07-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3D5,, |

## 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).