# POPER Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/11/01－2025/10/31) (S100XH5R)
> Page: https://vizora.meequs.com/en/company/poper
> Retrieved: 2026-09-30T21:01:29.708Z

## Company

Poper, founded in 2015, is a company in Software & SaaS listed on TSE Growth. It has 85 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | POPER Co.,Ltd. |
| Ticker | 5134 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5134.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋茅場町一丁目13番21号 |
| Representative (per filing) | 代表取締役 栗原 慎吾 |
| Founded | Jan 2015 |
| Share capital | ¥279.4M |
| Employees (consolidated) | 85 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | October |
| Website | poper.co (https://poper.co/) |
| Corporate number | 8011001103683 |
| EDINET | E38036 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XH5R, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 105 |
| Profitability | 50.7 | 145 |
| Cash conversion | 66 | 128 |
| Efficiency | 76.2 | 145 |

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)

- Poper brought in ¥1.39B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +29.7% from the prior year, operating profit +138.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1389448000 → ¥138756000
- Net income → operating cash flow: ¥138756000 → ¥213213000（difference ¥74457000）
- Main uses of operating cash flow: CapEx ¥23213000 / dividends — / buybacks ¥108000
- Change in cash: ¥142942000
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 | ¥1.39B |  |
| Operating income | ¥174.4M | Margin 12.6% |
| Net income | ¥138.8M | Margin 10.0% |
| Free cash flow | ¥190M |  |
| Employees (consolidated) | 85 |  |
| EPS | ¥35.25 |  |
| Diluted EPS | ¥34.1 |  |
| Book value per share | ¥220.65 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 3,944,576 |  |
| Shareholders | 914 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 68.3% | Cash ÷ revenue 61.1% |
| Vs. industry median margin | +0.1 pp | Software & SaaS |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 12.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.1× its level five years ago
- FY2025, cash is 68% of total assets

## What changed in 4 years

| Metric | FY ending Oct 2021 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥442880000 | ¥1389448000 | +213.7% |
| Operating income | ¥-180509000 | ¥174426000 | — |
| Operating margin | -40.8% | 12.6% | +53.3 pp |
| Employees | 52 people | 85 people | +63.5% |
| Cash and equivalents | ¥213644000 | ¥848903000 | +297.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,389 | 100.0% | S100XH5R |
| Cost of revenue | 345 | 24.8% | S100XH5R |
| Gross profit | 1,044 | 75.2% | S100XH5R |
| SG&A | 870 | 62.6% | S100XH5R |
| Operating income | 174 | 12.6% | S100XH5R |
| Ordinary income | 173 | 12.4% | S100XH5R |
| Pretax income | 146 | 10.5% | S100XH5R |
| Income tax | 7 | 0.5% | S100XH5R |
| Net income | 139 | 10.0% | S100XH5R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 63 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 75.2% → Operating margin 12.6% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.7%; Core profit growth: +138.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.65×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,071 | 1,389 | 318 | +29.7% |
| Gross profit | 798 | 1,044 | 247 | +30.9% |
| Operating income | 73 | 174 | 101 | +138.2% |
| Operating cash flow | 61 | 213 | 152 | +249.5% |
| Free cash flow | 52 | 190 | 138 | +268.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2021 | 443 | -181 | -40.8% | -185 | -159 | -160 | S100Q0S0 |
| FY ending Oct 2022 | 665 | -20 | -3.1% | 8 | -13 | -15 | S100SNUG |
| FY ending Oct 2023 | 829 | 37 | 4.5% | 26 | 8 | 3 | S100V5L7 |
| FY ending Oct 2024 | 1,071 | 73 | 6.8% | 84 | 61 | 52 | S100XH5R |
| FY ending Oct 2025 | 1,389 | 174 | 12.6% | 139 | 213 | 190 | S100XH5R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.3M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 52 | 53 | 65 | 78 | 85 |
| Average salary (parent company) | — | ¥5M | ¥5.1M | ¥5.3M | ¥5.5M |
| Average age (parent company) | — | 33.1 years | 33.3 years | 34.7 years | 35.7 years |
| Average tenure (parent company) | — | 2.3 years | 2.9 years | 3.2 years | 3.7 years |

Year over year: Employees (consolidated) +9.0% · Revenue (consolidated) +29.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 213 | 15.3% | S100XH5R |
| Capital expenditure | 23 | 1.7% | S100XH5R |
| Free cash flow | 190 | 13.7% | 算出 |
| Investing cash flow | -21 | -1.5% | S100XH5R |
| Financing cash flow | -49 | -3.5% | S100XH5R |
| Share buyback | 0 | 0.0% | S100XH5R |
| Change in cash | 143 | 10.3% | S100XH5R |
| Cash and equivalents | 849 | 61.1% | S100XH5R |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 214 | 506 | 660 | 706 | 849 | S100SNUG, S100V5L7, S100XH5R |
| Total assets | 347 | 696 | 878 | 1,071 | 1,243 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Net assets | 76 | 407 | 638 | 723 | 876 | S100SNUG, S100V5L7, S100XH5R |
| Share capital | 10 | 171 | 274 | 275 | 279 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Property, plant and equipment | 16 | 14 | 13 | 11 | 8 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Intangible assets excluding goodwill | 0 | 0 | 4 | 85 | 93 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Goodwill | — | — | — | 3 | 2 | S100XH5R |
| Current assets | 299 | 602 | 772 | 853 | 999 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Current liabilities | 106 | 138 | 142 | 241 | 296 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Short-term borrowings | — | — | — | — | 23 | S100XH5R |
| Long-term borrowings | 164 | 151 | 98 | 106 | 71 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Total liabilities | 271 | 289 | 241 | 347 | 367 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Equity attributable to owners of parent | 75 | 405 | 637 | 722 | 870 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Retained earnings | -185 | -177 | -151 | -67 | 72 | S100Q0S0, S100SNUG, S100V5L7, S100XH5R |
| Treasury stock | — | — | — | — | -0 | S100XH5R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XH5R |
| Property, plant and equipment | 1% | S100XH5R |
| Intangibles and goodwill | 8% | S100XH5R |
| Other assets | 23% | S100XH5R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XH5R |
| Equity | 70% | S100XH5R |
| Other liabilities | 0% | S100XH5R |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 347 | 696 | 878 | 1,071 | 1,243 |
| Equity | 76 | 407 | 638 | 723 | 876 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 214 | 506 | 660 | 706 | 849 |

## 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% | S100XH5R |
| Fixed assets ÷ total assets | 0.7% | S100XH5R |
| Goodwill ÷ parent equity | 0.3% | S100XH5R |

### 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) | 68.3% |
| Cash ÷ revenue | 61.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.2% |
| Cash vs. profit gap | 74 JPY mn (of net income 53.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 10.1% |

## 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 | — | —× | -53.3% | —× | — | S100Q0S0 |
| 2022 | 1.2% | 1.28× | 1.5% | 2.17× | 3.3% | S100SNUG |
| 2023 | 3.2% | 1.05× | 3.4% | 1.51× | 5.1% | S100V5L7 |
| 2024 | 7.8% | 1.10× | 8.6% | 1.43× | 12.3% | S100XH5R |
| 2025 | 10.0% | 1.20× | 12.0% | 1.45× | 17.4% | S100XH5R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 栗原 慎吾 | Major shareholder | 29.4% | 2025-10-31 |
| 学校法人駿河台学園 | Major shareholder | 14.3% | 2025-10-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2025-10-31 |
| 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 | 6.1% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.0% | 2025-10-31 |
| KVPシード・イノベーション１号投資事業有限責任組合 | Major shareholder | 3.7% | 2025-10-31 |
| 繆 仁軍 | Major shareholder | 3.5% | 2025-10-31 |
| 株式会社マイナビ | Major shareholder | 3.0% | 2025-10-31 |
| 姚 志鵬 | Major shareholder | 2.1% | 2025-10-31 |
| 伊藤 恭 | Major shareholder | 2.0% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/11/01－2025/10/31) | S100XH5R | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH5R,, |
| 有価証券報告書－第10期(2023/11/01－2024/10/31) | S100V5L7 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5L7,, |
| 有価証券報告書－第9期(2022/11/01－2023/10/31) | S100SNUG | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNUG,, |
| 有価証券報告書－第8期(2021/11/01－2022/10/31) | S100Q0S0 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0S0,, |

## 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).