# RACCOON HOLDINGS, Inc.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/05/01－2026/04/30) (S100YRIV)
> Page: https://vizora.meequs.com/en/company/raccoon-holdings
> Retrieved: 2026-09-30T19:58:24.856Z

## Company

Raccoon Holdings, founded in 1995, is a company in E-commerce listed on TSE Prime. It has 243 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RACCOON HOLDINGS, Inc. |
| Ticker | 3031 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3031.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋蛎殻町一丁目14番14号 |
| Representative (per filing) | 代表取締役社長 小方 功 |
| Founded | Sep 1995 |
| Share capital | ¥1.88B |
| Employees (consolidated) | 243 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | April |
| Website | www.raccoon.ne.jp (https://www.raccoon.ne.jp/) |
| Corporate number | 8010001076972 |
| EDINET | E05563 |
| Industries (Vizora) | E-commerce, Credit Cards & Consumer Credit, Cashless Payments |

> Profile source: annual securities report (S100YRIV, filed 2026-07-22). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54 | 25 |
| Profitability | 92.6 | 34 |
| Cash conversion | 16.7 | 27 |
| Efficiency | 7.4 | 34 |

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 59% of Raccoon Holdings's sales come from E-commerce business, with Financial business making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +5.3%.

## Company structure

- Segment revenue mix: E-commerce business 59.3%、Financial business 40.7%
- Revenue → net income: ¥6574265000 → ¥804224000
- Net income → operating cash flow: ¥804224000 → ¥692280000（difference ¥-111944000）
- Main uses of operating cash flow: CapEx ¥207247000 / dividends ¥470574000 / buybacks ¥648921000
- Change in cash: ¥905945000
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 | ¥6.57B |  |
| Operating income | ¥1.32B | Margin 20.1% |
| Net income | ¥804.2M | Margin 12.2% |
| Free cash flow | ¥485M |  |
| Largest business | E-commerce business | of segment revenue 59.3% |
| Employees (consolidated) | 243 |  |
| EPS | ¥27.64 |  |
| Diluted EPS | ¥27.35 |  |
| Book value per share | ¥101.16 |  |
| Equity ratio | 21.6% |  |
| Shares outstanding | 21,262,043 |  |
| Treasury shares | 800,600 |  |
| Shareholders | 16,708 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 27.0% | Cash ÷ revenue 79.7% |
| Vs. industry median margin | +15.1 pp | E-commerce |
| ROE | 18.9% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4364721000 | ¥6574265000 | +50.6% |
| Operating income | ¥1196169000 | ¥1320744000 | +10.4% |
| Operating margin | 27.4% | 20.1% | -7.3 pp |
| Employees | 189 people | 243 people | +28.6% |
| Cash and equivalents | ¥4802869000 | ¥5236486000 | +9.0% |

### Change in segment revenue mix

Span: FY ending Apr 2021 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| EC事業 → 事業再編・廃止 | 62.3% |
| フィナンシャル事業 → 事業再編・廃止 | 37.7% |
| 新設・再編 → EC事業 | 59.3% |
| 新設・再編 → フィナンシャル事業 | 40.7% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,574 | 100.0% | S100YRIV |
| Cost of revenue | 1,103 | 16.8% | S100YRIV |
| Gross profit | 5,471 | 83.2% | S100YRIV |
| SG&A | 4,150 | 63.1% | S100YRIV |
| Operating income | 1,321 | 20.1% | S100YRIV |
| Ordinary income | 1,240 | 18.9% | S100YRIV |
| Pretax income | 1,240 | 18.9% | S100YRIV |
| Income tax | 436 | 6.6% | S100YRIV |
| Net income | 804 | 12.2% | S100YRIV |
| Net income attributable to owners | 804 | 12.2% | S100YRIV |

## Per ¥100 of revenue（FY ending Apr 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 63 |
| Operating income | 20 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 83.2% → Operating margin 20.1% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +5.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.67×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,098 | 6,574 | 476 | +7.8% |
| Gross profit | 4,936 | 5,471 | 535 | +10.8% |
| Operating income | 1,255 | 1,321 | 66 | +5.3% |
| Net income attributable to owners | 837 | 804 | -33 | -3.9% |
| Operating cash flow | 1,050 | 692 | -357 | -34.1% |
| Free cash flow | 862 | 485 | -377 | -43.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 3,478 | 706 | 20.3% | 451 | 1,768 | 1,646 | S100M2D6 |
| FY ending Apr 2021 | 4,365 | 1,196 | 27.4% | 801 | 185 | 103 | S100OSKK |
| FY ending Apr 2022 | 4,790 | 1,126 | 23.5% | 355 | 1,857 | 1,726 | S100RH58 |
| FY ending Apr 2023 | 5,321 | 1,193 | 22.4% | 669 | 1,122 | 963 | S100U4EY |
| FY ending Apr 2024 | 5,808 | 567 | 9.8% | 326 | 661 | — | S100WE54 |
| FY ending Apr 2025 | 6,098 | 1,255 | 20.6% | 837 | 1,050 | 862 | S100YRIV |
| FY ending Apr 2026 | 6,574 | 1,321 | 20.1% | 804 | 692 | 485 | S100YRIV |

## People and productivity（FY ending Apr 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.1M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 203 | 214 | 226 | 224 | 243 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.3M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 33.1 years | 33.3 years | 33.9 years | 34.9 years | 34.4 years |
| Average tenure (parent company) | 6.8 years | 6.9 years | 7.0 years | 7.7 years | 7.6 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +7.8%

## Segments（FY ending Apr 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| E-commerce business | 3,900 | 59.3% | 1,273 | 32.6% |
| Financial business | 2,674 | 40.7% | 833 | 31.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| E-commerce business | 59.3% | 60.5% | 1.1 | 32.6% |
| Financial business | 40.7% | 39.5% | -1.1 | 31.1% |

Segment → industry: E-commerce business → E-commerce / Financial business → Credit Cards & Consumer Credit / Financial business → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 692 | 10.5% | S100YRIV |
| Capital expenditure | 207 | 3.2% | S100YRIV |
| Free cash flow | 485 | 7.4% | 算出 |
| Investing cash flow | -305 | -4.6% | S100YRIV |
| Financing cash flow | 519 | 7.9% | S100YRIV |
| Dividends paid | 471 | 7.2% | S100YRIV |
| Share buyback | 649 | 9.9% | S100YRIV |
| Change in cash | 906 | 13.8% | S100YRIV |
| Cash and equivalents | 5,236 | 79.7% | S100YRIV |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,334 | 5,428 | 4,613 | 4,331 | 5,236 | S100U4EY, S100WE54, S100YRIV |
| Total assets | 14,061 | 15,179 | 15,382 | 16,218 | 19,380 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Net assets | 5,365 | 5,429 | 4,933 | 4,584 | 4,377 | S100U4EY, S100WE54, S100YRIV |
| Share capital | 1,852 | 1,860 | 1,864 | 1,877 | 1,879 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Property, plant and equipment | 1,437 | 1,420 | 1,412 | 1,393 | 1,367 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Intangible assets excluding goodwill | 337 | 275 | 415 | 441 | 509 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Goodwill | 63 | — | — | — | — | S100RH58 |
| Investment securities | 190 | 215 | 462 | 682 | 823 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Current assets | 11,796 | 12,980 | 12,718 | 13,313 | 16,311 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Current liabilities | 7,630 | 9,703 | 9,461 | 10,694 | 12,117 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Short-term borrowings | — | — | — | 300 | — | S100YRIV |
| Long-term borrowings | 1,020 | — | 926 | 881 | 836 | S100RH58, S100WE54, S100YRIV |
| Total liabilities | 8,696 | 9,750 | 10,449 | 11,634 | 15,003 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Equity attributable to owners of parent | 5,289 | 5,316 | 4,778 | 4,410 | 4,098 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Retained earnings | 2,373 | 2,618 | 2,550 | 3,065 | 3,398 | S100RH58, S100U4EY, S100WE54, S100YRIV |
| Treasury stock | -450 | -423 | -900 | -1,809 | -1,673 | S100RH58, S100U4EY, S100WE54, S100YRIV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YRIV |
| Property, plant and equipment | 7% | S100YRIV |
| Intangibles and goodwill | 3% | S100YRIV |
| Investment securities | 4% | S100YRIV |
| Other assets | 59% | S100YRIV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 77% | S100YRIV |
| Equity | 23% | S100YRIV |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,061 | 15,179 | 15,382 | 16,218 | 19,380 |
| Equity | 5,365 | 5,429 | 4,933 | 4,584 | 4,377 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,334 | 5,428 | 4,613 | 4,331 | 5,236 |

## 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) | 20.8% | S100YRIV |
| Fixed assets ÷ total assets | 7.1% | S100YRIV |
| Goodwill ÷ parent equity | — | —, S100YRIV |

### 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) | 27.0% |
| Cash ÷ revenue | 79.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.4% |
| Cash vs. profit gap | -112 JPY mn (of net income -13.9%) |
| Shareholder returns / net income | 139.2% |
| Shareholder returns / FCF | 230.8% |
| Shareholder payments — dividends / net income | 58.5% |
| Shareholder payments — dividends / FCF | 97.0% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 44.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.4% | 0.34× | 2.5% | 2.66× | 6.7% | S100RH58 |
| 2023 | 12.6% | 0.36× | 4.6% | 2.76× | 12.6% | S100U4EY |
| 2024 | 5.6% | 0.38× | 2.1% | 3.03× | 6.5% | S100WE54 |
| 2025 | 13.7% | 0.39× | 5.3% | 3.44× | 18.2% | S100YRIV |
| 2026 | 12.2% | 0.37× | 4.5% | 4.18× | 18.9% | S100YRIV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小方 功 | Major shareholder | 14.9% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.9% | 2026-04-30 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 5.2% | 2026-04-30 |
| 石井 俊之 | Major shareholder | 1.8% | 2026-04-30 |
| 今野 智 | Major shareholder | 1.8% | 2026-04-30 |
| CGMI PB CUSTOMER ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.3% | 2026-04-30 |
| BCSL CLIENT RE BBPLC NYBR(常任代理人 バークレイズ証券株式会社) | Major shareholder | 0.9% | 2026-04-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 0.7% | 2026-04-30 |
| ラクーン社員持株会 | Major shareholder | 0.7% | 2026-04-30 |
| 藤巻 修 | Major shareholder | 0.6% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/05/01－2026/04/30) | S100YRIV | 2026-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRIV,, |
| 有価証券報告書－第29期(2024/05/01－2025/04/30) | S100WE54 | 2025-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WE54,, |
| 有価証券報告書－第28期(2023/05/01－2024/04/30) | S100U4EY | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4EY,, |
| 有価証券報告書－第27期(2022/05/01－2023/04/30) | S100RH58 | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH58,, |
| 有価証券報告書－第26期(令和3年5月1日－令和4年4月30日) | S100OSKK | 2022-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSKK,, |
| 有価証券報告書－第25期(令和2年5月1日－令和3年4月30日) | S100M2D6 | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2D6,, |

## 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).