# OKWEB, Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/07/01－2025/06/30) (S100WS3E)
> Page: https://vizora.meequs.com/en/company/okweb
> Retrieved: 2026-09-30T20:25:03.986Z

## Company

Okweb, founded in 1999, is a company in Internet Services & Apps listed on Nagoya. It has 13 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OKWAVE, Inc. |
| Ticker | 3808 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3808.T) |
| Listing | Nagoya |
| Head office | 東京都港区新橋3丁目11-8 |
| Representative (per filing) | 代表取締役社長 杉浦 元 |
| Founded | Jul 1999 |
| Share capital | ¥150.9M |
| Employees (consolidated) | 13 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | June |
| Website | www.okwave.co.jp (https://www.okwave.co.jp/) |
| Corporate number | 2011001041781 |
| EDINET | E05587 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100WS3E, filed 2025-09-29). As of filing

## Key points (generated from figures)

- Okweb brought in ¥234.7M in revenue.
- It lost about ¥49 for every ¥100 of sales at the operating level.
- Revenue changed +53.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥234.7M |  |
| Operating income | -¥114.7M | Margin -48.9% |
| Net income | -¥135.3M | Margin -57.7% |
| Free cash flow | — |  |
| Employees (consolidated) | 13 |  |
| EPS | ¥-3.09 |  |
| Book value per share | ¥6.82 |  |
| Equity ratio | 18.9% |  |
| Shares outstanding | 46,034,804 |  |
| Shareholders | 6,527 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 31.4% | Cash ÷ revenue 231.1% |
| Vs. industry median margin | -56.5 pp | Internet Services & Apps |
| ROA | -8.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.1× its level five years ago
- FY2025, operating loss is 49 per ¥100 of revenue
- FY2025, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4795518000 | ¥234701000 | -95.1% |
| Operating income | ¥-926613000 | ¥-114741000 | — |
| Operating margin | -19.3% | -48.9% | -29.6 pp |
| Employees | 288 people | 13 people | -95.5% |
| Cash and equivalents | ¥883966000 | ¥542309000 | -38.7% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソリューション事業 → 事業再編・廃止 | 29.5% |
| プラットフォーム事業 → 事業再編・廃止 | 36.4% |
| インバウンド・ソリューション事業 → 事業再編・廃止 | 12.8% |
| フィンテック事業 → 事業再編・廃止 | 21.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 235 | 100.0% | S100WS3E |
| Cost of revenue | 131 | 55.8% | S100WS3E |
| Gross profit | 104 | 44.2% | S100WS3E |
| SG&A | 218 | 93.0% | S100WS3E |
| Operating income | -115 | -48.9% | S100WS3E |
| Ordinary income | -160 | -68.3% | S100WS3E |
| Pretax income | -142 | -60.6% | S100WS3E |
| Income tax | -7 | -3.0% | S100WS3E |
| Net income | -135 | -57.7% | S100WS3E |
| Net income attributable to owners | -135 | -57.7% | S100WS3E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 93 |
| Operating income | -49 |
| (Ref.) Net income | -58 |

### Margin funnel

Gross margin 44.2% → Operating margin -48.9% → Net margin -57.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 153 | 235 | 82 | +53.6% |
| Gross profit | 2 | 104 | 102 | +6344.1% |
| Operating income | -286 | -115 | 171 | — |
| Net income attributable to owners | -280 | -135 | 145 | — |
| Operating cash flow | -368 | 64 | 432 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 4,892 | 1,071 | 21.9% | 629 | 82 | -2,464 | S100JSIG |
| FY ending Jun 2020 | 4,796 | -927 | -19.3% | -2,952 | 865 | 529 | S100OHF0 |
| FY ending Jun 2021 | 2,197 | -517 | -23.5% | 3,948 | -414 | -552 | S100QAER |
| FY ending Jun 2022 | 832 | -1,298 | -156.0% | -5,121 | -2,994 | -3,016 | S100RX6B |
| FY ending Jun 2023 | 147 | -710 | -484.4% | -1,066 | -523 | -535 | S100UFOA |
| FY ending Jun 2024 | 153 | -286 | -186.9% | -280 | -368 | — | S100WS3E |
| FY ending Jun 2025 | 235 | -115 | -48.9% | -135 | 64 | — | S100WS3E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.1M |
| Operating income per employee (consolidated) | -¥8.8M |
| Net income per employee (consolidated) | -¥10.4M |

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

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 109 | 96 | 31 | 15 | 13 |
| Average salary (parent company) | ¥6.3M | ¥6.1M | ¥6.1M | ¥6M | ¥6.1M |
| Average age (parent company) | 37.6 years | 38.0 years | 39.2 years | 39.5 years | 40.2 years |
| Average tenure (parent company) | 7.0 years | 6.0 years | 9.0 years | 9.0 years | 10.0 years |

Year over year: Employees (consolidated) -13.3% · Revenue (consolidated) +53.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 64 | 27.5% | S100WS3E |
| Investing cash flow | -83 | -35.4% | S100WS3E |
| Financing cash flow | 288 | 122.6% | S100WS3E |
| Dividends paid | 0 | 0.0% | S100WS3E |
| Change in cash | 269 | 114.7% | S100WS3E |
| Cash and equivalents | 542 | 231.1% | S100WS3E |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,154 | 461 | 156 | 273 | 542 | S100RX6B, S100UFOA, S100WS3E |
| Total assets | 9,541 | 2,859 | 1,744 | 1,430 | 1,725 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Net assets | 5,603 | 860 | -99 | 186 | 373 | S100RX6B, S100UFOA, S100WS3E |
| Share capital | 1,734 | 1,934 | 2,138 | 10 | 151 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Trade receivables | 22 | 237 | — | — | — | S100QAER |
| Property, plant and equipment | 0 | 11 | 0 | 0 | 0 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Intangible assets excluding goodwill | 0 | 23 | 0 | 0 | 76 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Goodwill | — | — | — | — | 74 | S100WS3E |
| Investment securities | 149 | 67 | 43 | 44 | 43 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Current assets | 9,233 | 1,124 | 675 | 368 | 580 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Current liabilities | 2,919 | 1,958 | 1,843 | 1,244 | 1,325 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Short-term borrowings | — | — | 460 | — | — | S100UFOA |
| Long-term borrowings | — | 40 | — | — | — | S100RX6B |
| Total liabilities | 3,938 | 2,000 | 1,843 | 1,244 | 1,353 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Non-controlling interests | — | 287 | — | — | — | S100RX6B |
| Equity attributable to owners of parent | 5,660 | 588 | -71 | 190 | 337 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Retained earnings | 2,747 | -2,726 | -3,792 | -1,674 | -1,809 | S100QAER, S100RX6B, S100UFOA, S100WS3E |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QAER, S100RX6B, S100UFOA, S100WS3E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100WS3E |
| Intangibles and goodwill | 9% | S100WS3E |
| Investment securities | 3% | S100WS3E |
| Other assets | 57% | S100WS3E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100WS3E |
| Equity | 22% | S100WS3E |
| Other liabilities | 0% | S100WS3E |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,541 | 2,859 | 1,744 | 1,430 | 1,725 |
| Equity | 5,603 | 860 | -99 | 186 | 373 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,154 | 461 | 156 | 273 | 542 |

## 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) | 0.0% | S100WS3E |
| Fixed assets ÷ total assets | 0.0% | S100WS3E |
| Goodwill ÷ parent equity | 21.9% | S100WS3E |

### 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) | 31.4% |
| Cash ÷ revenue | 231.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 200 JPY mn |
| 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 | 128.7% |

## 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 | 179.7% | 0.23× | 41.4% | 1.69× | 69.7% | S100QAER |
| 2022 | — | —× | -82.6% | —× | — | S100RX6B |
| 2023 | — | —× | -46.3% | —× | — | S100UFOA |
| 2024 | — | —× | -17.7% | —× | — | S100WS3E |
| 2025 | — | —× | -8.6% | —× | — | S100WS3E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ブイ・シー・エヌ | Major shareholder | 7.6% | 2025-06-30 |
| 公益財団法人こどもの未来創造基金 | Major shareholder | 6.5% | 2025-06-30 |
| ＧＦＡ株式会社 | Major shareholder | 5.3% | 2025-06-30 |
| 奈良 邦一 | Major shareholder | 4.7% | 2025-06-30 |
| 赤岡 卓哉 | Major shareholder | 2.3% | 2025-06-30 |
| 大島 豊子 | Major shareholder | 2.0% | 2025-06-30 |
| 星山 崇行 | Major shareholder | 1.9% | 2025-06-30 |
| 渡邊 秀和 | Major shareholder | 1.8% | 2025-06-30 |
| 杉浦 元 | Major shareholder | 1.7% | 2025-06-30 |
| 佐藤 悠大 | Major shareholder | 1.5% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/07/01－2025/06/30) | S100WS3E | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WS3E,, |
| 有価証券報告書－第25期(2023/07/01－2024/06/30) | S100UFOA | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFOA,, |
| 有価証券報告書－第24期(2022/07/01－2023/06/30) | S100RX6B | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX6B,, |
| 訂正有価証券報告書－第23期(2021/07/01－2022/06/30) | S100QAER | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAER,, |
| 訂正有価証券報告書－第22期(令和2年7月1日－令和3年6月30日) | S100OHF0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHF0,, |
| 有価証券報告書－第21期(令和1年7月1日－令和2年6月30日) | S100JSIG | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JSIG,, |

## 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).