# Paycloud Holdings Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2024/09/01－2025/08/31) (S100X5MX)
> Page: https://vizora.meequs.com/en/company/paycloud-holdings
> Retrieved: 2026-09-30T19:50:54.578Z

## Company

Paycloud Holdings, founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 301 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Paycloud Holdings Inc. |
| Ticker | 4015 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4015.T) |
| Listing | TSE Growth |
| Head office | 東京都港区南青山二丁目24番15号 |
| Representative (per filing) | 代表取締役社長 尾上 徹 |
| Founded | Aug 2006 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 301 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | August |
| Website | www.paycloud.inc (https://www.paycloud.inc/) |
| Corporate number | 7010401068488 |
| EDINET | E36070 |
| Industries (Vizora) | Software & SaaS, Cashless Payments, Advertising |

> Profile source: annual securities report (S100X5MX, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 59.9 | 86 |
| Cash conversion | 88.7 | 75 |
| Efficiency | 41.3 | 86 |

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 56% of Paycloud Holdings's sales come from Digital signage related, with Cashless service and Solution making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +49.3% from the prior year, operating profit +116.4%.

## Company structure

- Segment revenue mix: Digital signage related 55.6%、Cashless service 36.8%、Solution 7.4%、Other services 0.1%
- Revenue → net income: ¥10234033000 → ¥143755000
- Net income → operating cash flow: ¥143755000 → ¥1408641000（difference ¥1264886000）
- Main uses of operating cash flow: CapEx ¥293357000 / dividends — / buybacks ¥27000
- Change in cash: ¥1145374000
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 | ¥10.2B |  |
| Operating income | ¥731.4M | Margin 7.1% |
| Net income | ¥143.8M | Margin 1.4% |
| Free cash flow | ¥1.12B |  |
| Largest business | Digital signage related | of segment revenue 55.6% |
| Employees (consolidated) | 301 |  |
| EPS | ¥23.18 |  |
| Diluted EPS | ¥22.71 |  |
| Book value per share | ¥279.18 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 15,907,408 |  |
| Treasury shares | 700 |  |
| Shareholders | 8,521 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 42.7% |
| Vs. industry median margin | +1.5 pp | Advertising |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.8× net income
- FY2025, cash is 46% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1201078000 | ¥10234033000 | — |
| Operating income | ¥136893000 | ¥731430000 | — |
| Operating margin | 11.4% | 7.1% | -4.3 pp |
| Employees | 84 people | 301 people | — |
| Cash and equivalents | ¥700347000 | ¥4373643000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| キャッシュレスサービス事業 → 事業再編・廃止 | 40.6% |
| メッセージングサービス事業 → 事業再編・廃止 | 44.0% |
| データセキュリティサービス事業 → 事業再編・廃止 | 11.4% |
| その他の事業(ＡＲサービス) → 事業再編・廃止 | 3.9% |
| 新設・再編 → キャッシュレスサービス事業 | 36.8% |
| 新設・再編 → デジタルサイネージ関連事業 | 55.6% |
| 新設・再編 → ソリューション事業 | 7.4% |
| 新設・再編 → その他の事業 | 0.1% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital signage related | — | — | ¥5690126000 | 14.2% | 2 |
| Cashless service | 3 years | +97.8% | ¥3768534000 | 21.3% | 2 |
| Solution | 3 years | +3.9% | ¥761521000 | 39.2% | 2 |
| Other services | — | — | ¥13851000 | -482.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,234 | 100.0% | S100X5MX |
| Cost of revenue | 6,229 | 60.9% | S100X5MX |
| Gross profit | 4,005 | 39.1% | S100X5MX |
| SG&A | 3,273 | 32.0% | S100X5MX |
| Operating income | 731 | 7.1% | S100X5MX |
| Ordinary income | 714 | 7.0% | S100X5MX |
| Pretax income | 393 | 3.8% | S100X5MX |
| Income tax | 250 | 2.4% | S100X5MX |
| Net income | 144 | 1.4% | S100X5MX |
| Net income attributable to owners | 144 | 1.4% | S100X5MX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 32 |
| Operating income | 7 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 39.1% → Operating margin 7.1% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +49.3%; Core profit growth: +116.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,853 | 10,234 | 3,381 | +49.3% |
| Gross profit | 3,008 | 4,005 | 996 | +33.1% |
| Operating income | 338 | 731 | 393 | +116.4% |
| Net income attributable to owners | 74 | 144 | 70 | +93.9% |
| Operating cash flow | 1,164 | 1,409 | 245 | +21.0% |
| Free cash flow | 990 | 1,115 | 125 | +12.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 1,043 | 106 | 10.2% | 115 | 146 | 91 | S100KA5C |
| FY ending Aug 2020 | 1,201 | 137 | 11.4% | 144 | 417 | 368 | S100MYQQ |
| FY ending Aug 2021 | 1,461 | 306 | 20.9% | 229 | 47 | -133 | S100MYQQ |
| FY ending Aug 2022 | 1,165 | -161 | -13.8% | -1,834 | -218 | -408 | S100SD98 |
| FY ending Aug 2023 | 4,476 | 164 | 3.7% | 114 | 562 | 431 | S100UMXJ |
| FY ending Aug 2024 | 6,853 | 338 | 4.9% | 74 | 1,164 | 990 | S100X5MX |
| FY ending Aug 2025 | 10,234 | 731 | 7.1% | 144 | 1,409 | 1,115 | S100X5MX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥477.6K |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 96 | 182 | 173 | 276 | 301 |
| Average salary (parent company) | ¥6.2M | ¥6.7M | ¥5.3M | ¥7.1M | ¥7M |
| Average age (parent company) | 33.5 years | 34.1 years | 34.9 years | 38.9 years | 40.8 years |
| Average tenure (parent company) | 4.1 years | 4.8 years | 5.0 years | 4.8 years | 5.8 years |

Year over year: Employees (consolidated) +9.1% · Revenue (consolidated) +49.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cashless service | 3,769 | 36.8% | 802 | 21.3% |
| Digital signage related | 5,690 | 55.6% | 806 | 14.2% |
| Solution | 762 | 7.4% | 298 | 39.2% |
| Other services | 14 | 0.1% | -67 | -482.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cashless service | 36.8% | 42.1% | 5.3 | 21.3% |
| Digital signage related | 55.6% | 42.3% | -13.3 | 14.2% |
| Solution | 7.4% | 15.6% | 8.2 | 39.2% |
| Other services | 0.1% | — | — | -482.1% |

Loss-making segment (excluded from profit shares): Other services -67 JPY mn

Segment → industry: Solution → Software & SaaS / Cashless service → Cashless Payments / Digital signage related → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,409 | 13.8% | S100X5MX |
| Capital expenditure | 293 | 2.9% | S100X5MX |
| Free cash flow | 1,115 | 10.9% | 算出 |
| Investing cash flow | -273 | -2.7% | S100X5MX |
| Financing cash flow | 11 | 0.1% | S100X5MX |
| Share buyback | 0 | 0.0% | S100X5MX |
| Change in cash | 1,145 | 11.2% | S100X5MX |
| Cash and equivalents | 4,374 | 42.7% | S100X5MX |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 561 | 1,094 | 1,491 | 3,228 | 4,374 | S100MYQQ, S100UMXJ, S100X5MX |
| Total assets | 3,387 | 4,041 | 4,402 | 8,263 | 9,410 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Net assets | 1,310 | 1,431 | 2,163 | 4,215 | 4,530 | S100MYQQ, S100UMXJ, S100X5MX |
| Share capital | 662 | 695 | 1,002 | 1,022 | 1,054 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Inventories | — | 150 | 88 | 375 | 426 | S100SD98, S100UMXJ, S100X5MX |
| Property, plant and equipment | 25 | 92 | 68 | 62 | 59 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Intangible assets excluding goodwill | 250 | 2,062 | 1,897 | 3,159 | 2,956 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Goodwill | — | 1,183 | 1,045 | 2,259 | 2,001 | S100SD98, S100UMXJ, S100X5MX |
| Investment securities | 0 | 0 | 0 | 33 | 32 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Current assets | 707 | 1,777 | 2,350 | 4,834 | 6,144 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Current liabilities | 577 | 2,162 | 1,135 | 2,803 | 3,874 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Short-term borrowings | 100 | 50 | — | 317 | 675 | S100MYQQ, S100SD98, S100X5MX |
| Long-term borrowings | 1,500 | 192 | 898 | 1,096 | 766 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Bonds | — | 68 | 36 | — | — | S100SD98, S100UMXJ |
| Interest-bearing debt | — | 310 | — | — | — | 算出 |
| Total liabilities | 2,077 | 2,610 | 2,238 | 4,047 | 4,879 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Equity attributable to owners of parent | 1,310 | 1,406 | 2,134 | 4,154 | 4,381 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Retained earnings | -13 | -1,848 | -1,733 | -1,659 | 303 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |
| Treasury stock | -0 | -0 | -0 | -13 | -0 | S100MYQQ, S100SD98, S100UMXJ, S100X5MX |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,387 | 4,041 | 4,402 | 8,263 | 9,410 |
| Equity | 1,310 | 1,431 | 2,163 | 4,215 | 4,530 |
| Interest-bearing debt | — | 310 | — | — | — |
| Cash | 561 | 1,094 | 1,491 | 3,228 | 4,374 |

## 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) | 0.6% | S100X5MX |
| Fixed assets ÷ total assets | 0.6% | S100X5MX |
| Goodwill ÷ parent equity | 45.7% | S100X5MX |

### 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) | 46.5% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.6% |
| Cash vs. profit gap | 1,265 JPY mn (of net income 879.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 19.4% |

## 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 | 15.7% | 0.43× | 6.8% | 2.59× | 17.5% | S100MYQQ |
| 2022 | — | —× | -45.4% | —× | — | S100SD98 |
| 2023 | 2.5% | 1.06× | 2.7% | 2.38× | 6.4% | S100UMXJ |
| 2024 | 1.1% | 1.08× | 1.2% | 2.01× | 2.4% | S100X5MX |
| 2025 | 1.4% | 1.16× | 1.6% | 2.07× | 3.4% | S100X5MX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三浦 嚴嗣 | Major shareholder | 15.8% | 2025-08-31 |
| 岩井 陽介 | Major shareholder | 9.4% | 2025-08-31 |
| 株式会社CARTA HOLDINGS | Major shareholder | 5.8% | 2025-08-31 |
| 尾上 徹 | Major shareholder | 3.6% | 2025-08-31 |
| 株式会社マーフコーポレーション | Major shareholder | 2.9% | 2025-08-31 |
| 株式会社カストディ銀行（信託口） | Major shareholder | 2.8% | 2025-08-31 |
| 大日本印刷株式会社 | Major shareholder | 2.8% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-08-31 |
| IWAI GROUP PTE. LTD.(常任代理人 SMBC日興証券株式会社) | Major shareholder | 1.6% | 2025-08-31 |
| テクミラホールディングス株式会社 | Major shareholder | 1.6% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/09/01－2025/08/31) | S100X5MX | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X5MX,, |
| 有価証券報告書－第19期(2023/09/01－2024/08/31) | S100UMXJ | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UMXJ,, |
| 有価証券報告書－第18期(2022/09/01－2023/08/31) | S100SD98 | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD98,, |
| 有価証券報告書－第17期(令和3年9月1日－令和4年8月31日) | S100PP9X | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP9X,, |
| 有価証券報告書－第16期(令和2年9月1日－令和3年8月31日) | S100MYQQ | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYQQ,, |
| 有価証券報告書－第15期(令和1年9月1日－令和2年8月31日) | S100KA5C | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KA5C,, |

## 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).