# ONDECK Co., Ltd.: 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18期(2024/12/01－2025/11/30) (S100XMTU)
> Page: https://vizora.meequs.com/en/company/ondeck
> Retrieved: 2026-09-30T20:24:26.674Z

## Company

Ondeck, founded in 2007, is a company in M&A Advisory listed on TSE Growth. It has 57 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ONDECK Co., Ltd. |
| Ticker | 7360 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7360.T) |
| Listing | TSE Growth |
| Head office | 大阪市中央区備後町三丁目4番1号 |
| Representative (per filing) | 代表取締役社長 久保 良介 |
| Founded | Dec 2007 |
| Share capital | ¥372.7M |
| Employees (consolidated) | 57 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | November |
| Website | www.ondeck.jp (https://www.ondeck.jp/) |
| Corporate number | 3120001128528 |
| EDINET | E36132 |
| Industries (Vizora) | M&A Advisory |

> Profile source: annual securities report (S100XMTU, filed 2026-02-24). As of filing

## Key points (generated from figures)

- Ondeck brought in ¥864.4M in revenue.
- It lost about ¥26 for every ¥100 of sales at the operating level.
- Revenue changed -48.1% from the prior year, operating profit -160.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥864.4M |  |
| Operating income | -¥221.6M | Margin -25.6% |
| Net income | -¥151.6M | Margin -17.5% |
| Free cash flow | — |  |
| Employees (consolidated) | 57 |  |
| EPS | ¥-57.84 |  |
| Book value per share | ¥364.65 |  |
| Equity ratio | 82.3% |  |
| Shares outstanding | 2,863,500 |  |
| Treasury shares | 249,900 |  |
| Shareholders | 813 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 57.4% | Cash ÷ revenue 76.9% |
| Vs. industry median margin | -43.8 pp | M&A Advisory |
| ROA | -13.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 57% of total assets
- FY2025, operating loss is 26 per ¥100 of revenue

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥811815000 | ¥864425000 | — |
| Operating income | ¥149468000 | ¥-221613000 | — |
| Operating margin | 18.4% | -25.6% | -44 pp |
| Employees | 37 people | 57 people | — |
| Cash and equivalents | ¥594273000 | ¥664465000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 864 | 100.0% | S100XMTU |
| Cost of revenue | 540 | 62.5% | S100XMTU |
| Gross profit | 324 | 37.5% | S100XMTU |
| SG&A | 546 | 63.1% | S100XMTU |
| Operating income | -222 | -25.6% | S100XMTU |
| Ordinary income | -219 | -25.4% | S100XMTU |
| Pretax income | -219 | -25.4% | S100XMTU |
| Income tax | -68 | -7.8% | S100XMTU |
| Net income | -152 | -17.6% | S100XMTU |
| Net income attributable to owners | -152 | -17.5% | S100XMTU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 63 |
| Operating income | -26 |
| (Ref.) Net income | -18 |

### Margin funnel

Gross margin 37.5% → Operating margin -25.6% → Net margin -17.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,665 | 864 | -801 | -48.1% |
| Gross profit | 960 | 324 | -636 | -66.2% |
| Operating income | 367 | -222 | -589 | -160.4% |
| Operating cash flow | 411 | -218 | -629 | -153.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 648 | 121 | 18.8% | 78 | 238 | 233 | S100KUJZ |
| FY ending Nov 2020 | 812 | 149 | 18.4% | 89 | -25 | -27 | S100NKLQ |
| FY ending Nov 2021 | 779 | 43 | 5.5% | 23 | -8 | -23 | S100QB9S |
| FY ending Nov 2022 | 1,339 | 213 | 15.9% | 151 | 347 | 338 | S100SYAM |
| FY ending Nov 2023 | 827 | -201 | -24.3% | -153 | -509 | -536 | S100VB73 |
| FY ending Nov 2024 | 1,665 | 367 | 22.0% | 239 | 411 | 411 | S100VB73 |
| FY ending Nov 2025 | 864 | -222 | -25.6% | -152 | -218 | — | S100XMTU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.2M |
| Operating income per employee (consolidated) | -¥3.9M |
| Net income per employee (consolidated) | -¥2.7M |

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) | 38 | 50 | 59 | 55 | 57 |
| Average salary (parent company) | ¥7.2M | ¥9.1M | ¥7M | ¥8.8M | ¥7.3M |
| Average age (parent company) | 35.7 years | 35.9 years | 35.8 years | 36.3 years | 36.6 years |
| Average tenure (parent company) | 2.8 years | 2.6 years | 2.9 years | 3.5 years | 4.0 years |

## 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 | -218 | -25.2% | S100XMTU |
| Investing cash flow | 1 | 0.1% | S100XMTU |
| Financing cash flow | -7 | -0.8% | S100XMTU |
| Change in cash | -224 | -25.9% | S100XMTU |
| Cash and equivalents | 664 | 76.9% | S100XMTU |

## 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 | 1,067 | 1,376 | 521 | 889 | 664 | S100SYAM, S100VB73, S100XMTU |
| Total assets | 1,330 | 1,775 | 1,024 | 1,680 | 1,158 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Net assets | 1,120 | 1,271 | 865 | 1,104 | 955 | S100SYAM, S100VB73, S100XMTU |
| Share capital | 373 | 373 | 373 | 373 | 373 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Property, plant and equipment | 29 | 29 | 60 | 52 | 45 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Intangible assets excluding goodwill | 3 | 1 | 0 | 0 | 1 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Investment securities | — | — | — | 103 | 103 | S100VB73, S100XMTU |
| Current assets | 1,230 | 1,652 | 799 | 1,402 | 819 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Current liabilities | 186 | 494 | 137 | 517 | 153 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Long-term borrowings | 14 | — | — | 37 | 27 | S100QB9S, S100VB73, S100XMTU |
| Total liabilities | 210 | 504 | 159 | 576 | 203 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Non-controlling interests | — | — | — | — | 3 | S100XMTU |
| Equity attributable to owners of parent | 1,120 | 1,271 | 865 | 1,104 | 953 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Retained earnings | 467 | 618 | 465 | 704 | 553 | S100QB9S, S100SYAM, S100VB73, S100XMTU |
| Treasury stock | — | -0 | -253 | -254 | -254 | S100SYAM, S100VB73, S100XMTU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100XMTU |
| Property, plant and equipment | 4% | S100XMTU |
| Intangibles and goodwill | 0% | S100XMTU |
| Investment securities | 9% | S100XMTU |
| Other assets | 30% | S100XMTU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XMTU |
| Equity | 82% | S100XMTU |

### 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 | 1,330 | 1,775 | 1,024 | 1,680 | 1,158 |
| Equity | 1,120 | 1,271 | 865 | 1,104 | 955 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,067 | 1,376 | 521 | 889 | 664 |

## 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) | 5.2% | S100XMTU |
| Fixed assets ÷ total assets | 3.9% | S100XMTU |
| Goodwill ÷ parent equity | — | —, S100XMTU |

### 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) | 57.4% |
| Cash ÷ revenue | 76.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -67 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 | — |

## 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 | 2.9% | 0.59× | 1.7% | 1.19× | 2.0% | S100QB9S |
| 2022 | 11.3% | 0.86× | 9.7% | 1.30× | 12.7% | S100SYAM |
| 2023 | — | —× | -10.9% | —× | — | S100VB73 |
| 2024 | 14.4% | 1.23× | 17.7% | 1.37× | 24.3% | S100VB73 |
| 2025 | — | —× | -13.1% | —× | — | S100XMTU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 舩戸 雅夫 | Major shareholder | 29.8% | 2025-11-30 |
| 久保 良介 | Major shareholder | 29.8% | 2025-11-30 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.4% | 2025-11-30 |
| 株式会社ペイフォワード | Major shareholder | 5.7% | 2025-11-30 |
| 株式会社タケオホールディングス | Major shareholder | 3.1% | 2025-11-30 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 2.1% | 2025-11-30 |
| オンデック従業員持株会 | Major shareholder | 1.9% | 2025-11-30 |
| 8G HOLDINGS株式会社 | Major shareholder | 1.2% | 2025-11-30 |
| 光通信株式会社 | Major shareholder | 1.1% | 2025-11-30 |
| 株式会社SBI証券 | Major shareholder | 1.0% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2024/12/01－2025/11/30) | S100XMTU | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMTU,, |
| 有価証券報告書－第17期(2023/12/01－2024/11/30) | S100VB73 | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB73,, |
| 有価証券報告書－第16期(2022/12/01－2023/11/30) | S100SYAM | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYAM,, |
| 訂正有価証券報告書－第15期(2021/12/01－2022/11/30) | S100QB9S | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QB9S,, |
| 有価証券報告書－第14期(令和2年12月1日－令和3年11月30日) | S100NKLQ | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKLQ,, |
| 有価証券報告書－第13期(令和1年12月1日－令和2年11月30日) | S100KUJZ | 2021-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUJZ,, |

## 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).