# RAKUMACHI,INC.: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第20期(2024/08/01－2025/07/31) (S100Y67O)
> Page: https://vizora.meequs.com/en/company/rakumachi
> Retrieved: 2026-09-30T21:38:26.100Z

## Company

Rakumachi, founded in 2005, is a company in Internet Services & Apps listed on TSE Standard. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RAKUMACHI,INC. (旧英訳名 FIRSTLOGIC,INC.) (注)2024年10月24日開催の第19回定時株主総会の決議により、2024年10月25日から会社名を上記のとおり変更いたしました。 |
| Ticker | 6037 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6037.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区八丁堀三丁目3番5号 |
| Representative (per filing) | 代表取締役社長 坂口 直大 |
| Founded | Aug 2005 |
| Share capital | ¥87.4M |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | July |
| Website | rakumachi.co.jp (https://rakumachi.co.jp/) |
| Corporate number | 4010401065075 |
| EDINET | E31248 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100Y67O, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.8 | 40 |
| Profitability | 99 | 51 |
| Cash conversion | 31.4 | 43 |
| Efficiency | 12.5 | 52 |

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)

- Rakumachi brought in ¥3.16B in revenue.
- Out of every ¥100 of sales, about ¥49 is left as operating profit.
- Revenue changed +33.6% from the prior year, operating profit +45.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3159456000 → ¥1170354000
- Net income → operating cash flow: ¥1170354000 → ¥1436997000（difference ¥266643000）
- Main uses of operating cash flow: CapEx ¥21430000 / dividends ¥277150000 / buybacks ¥1131830000
- Change in cash: ¥-30015000
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 | ¥3.16B |  |
| Operating income | ¥1.54B | Margin 48.9% |
| Net income | ¥1.17B | Margin 37.0% |
| Free cash flow | ¥1.42B |  |
| Employees (consolidated) | 80 |  |
| EPS | ¥56.09 |  |
| Book value per share | ¥263.4 |  |
| Equity ratio | 86.6% |  |
| Shares outstanding | 21,153,800 |  |
| Treasury shares | 1,014,200 |  |
| Shareholders | 4,951 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 19.5% | Cash ÷ revenue 37.7% |
| Vs. industry median margin | +41.2 pp | Internet Services & Apps |
| ROE | 21.6% | Derived from disclosed figures |
| ROA | 19.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 4.1× dividends
- FY2025, operating income keeps 49 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1671791000 | ¥3159456000 | +89.0% |
| Operating income | ¥867778000 | ¥1544823000 | +78.0% |
| Operating margin | 51.9% | 48.9% | -3 pp |
| Employees | 55 people | 80 people | +45.5% |
| Cash and equivalents | ¥3300262000 | ¥1191415000 | -63.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,159 | 100.0% | S100Y67O |
| Operating income | 1,545 | 48.9% | S100Y67O |
| Ordinary income | 1,749 | 55.4% | S100Y67O |
| Pretax income | 1,749 | 55.4% | S100Y67O |
| Income tax | 579 | 18.3% | S100Y67O |
| Net income | 1,170 | 37.0% | S100Y67O |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 51 |
| Operating income | 49 |
| (Ref.) Net income | 37 |

### Margin funnel

Operating margin 48.9% → Net margin 37.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +33.6%; Core profit growth: +45.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.36×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,364 | 3,159 | 795 | +33.6% |
| Operating income | 1,061 | 1,545 | 484 | +45.6% |
| Operating cash flow | 664 | 1,437 | 773 | +116.5% |
| Free cash flow | 650 | 1,416 | 766 | +117.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 1,707 | 866 | 50.7% | 565 | 769 | 745 | S100JYRT |
| FY ending Jul 2020 | 1,672 | 868 | 51.9% | 569 | 506 | 487 | S100MNE8 |
| FY ending Jul 2021 | 1,716 | 809 | 47.1% | 498 | 665 | 639 | S100PFAH |
| FY ending Jul 2022 | 1,876 | 1,014 | 54.0% | 686 | 672 | 608 | S100S329 |
| FY ending Jul 2023 | 2,093 | 1,125 | 53.8% | 760 | 938 | 911 | S100USNU |
| FY ending Jul 2024 | 2,364 | 1,061 | 44.9% | 808 | 664 | 650 | S100Y67O |
| FY ending Jul 2025 | 3,159 | 1,545 | 48.9% | 1,170 | 1,437 | 1,416 | S100Y67O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥19.3M |
| Net income per employee (consolidated) | ¥14.6M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 49 | 66 | 71 | 78 | 80 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥6M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 32.2 years | 31.1 years | 31.9 years | 31.2 years | 31.1 years |
| Average tenure (parent company) | 5.1 years | 4.4 years | 4.9 years | 4.5 years | 5.1 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +33.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,437 | 45.5% | S100Y67O |
| Capital expenditure | 21 | 0.7% | S100Y67O |
| Free cash flow | 1,416 | 44.8% | 算出 |
| Investing cash flow | -62 | -2.0% | S100Y67O |
| Financing cash flow | -1,409 | -44.6% | S100Y67O |
| Dividends paid | 277 | 8.8% | S100Y67O |
| Share buyback | 1,132 | 35.8% | S100Y67O |
| Change in cash | -30 | -1.0% | S100Y67O |
| Cash and equivalents | 1,191 | 37.7% | S100Y67O |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,573 | 4,101 | 4,780 | 1,221 | 1,191 | S100S329, S100USNU, S100Y67O |
| Total assets | 4,280 | 4,705 | 5,412 | 6,159 | 6,123 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Net assets | 3,910 | 4,364 | 4,914 | 5,653 | 5,305 | S100S329, S100USNU, S100Y67O |
| Share capital | 87 | 87 | 87 | 87 | 87 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Property, plant and equipment | 57 | 47 | 52 | 54 | 65 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Intangible assets excluding goodwill | 28 | 57 | 47 | 27 | 15 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Investment securities | — | — | — | 4,165 | 4,085 | S100Y67O |
| Current assets | 4,052 | 4,501 | 5,190 | 1,803 | 1,756 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Current liabilities | 370 | 341 | 499 | 506 | 818 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Total liabilities | 370 | 341 | 499 | 506 | 818 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Equity attributable to owners of parent | 3,910 | 4,364 | 4,914 | 5,574 | 5,273 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Retained earnings | 3,440 | 4,015 | 4,655 | 5,312 | 5,989 | S100PFAH, S100S329, S100USNU, S100Y67O |
| Treasury stock | -584 | -707 | -799 | -796 | -811 | S100PFAH, S100S329, S100USNU, S100Y67O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y67O |
| Property, plant and equipment | 1% | S100Y67O |
| Intangibles and goodwill | 0% | S100Y67O |
| Investment securities | 67% | S100Y67O |
| Other assets | 13% | S100Y67O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100Y67O |
| Equity | 87% | S100Y67O |
| Other liabilities | 0% | S100Y67O |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,280 | 4,705 | 5,412 | 6,159 | 6,123 |
| Equity | 3,910 | 4,364 | 4,914 | 5,653 | 5,305 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,573 | 4,101 | 4,780 | 1,221 | 1,191 |

## 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) | 2.1% | S100Y67O |
| Fixed assets ÷ total assets | 1.1% | S100Y67O |
| Goodwill ÷ parent equity | — | —, S100Y67O |

### 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) | 19.5% |
| Cash ÷ revenue | 37.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.0% |
| Cash vs. profit gap | 267 JPY mn (of net income 22.8%) |
| Shareholder returns / net income | 120.4% |
| Shareholder returns / FCF | 99.5% |
| Shareholder payments — dividends / net income | 23.7% |
| Shareholder payments — dividends / FCF | 19.6% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 4.3% |

## 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 | 29.0% | 0.40× | 11.6% | 1.09× | 12.7% | S100PFAH |
| 2022 | 36.6% | 0.42× | 15.3% | 1.09× | 16.6% | S100S329 |
| 2023 | 36.3% | 0.41× | 15.0% | 1.09× | 16.4% | S100USNU |
| 2024 | 34.2% | 0.41× | 14.0% | 1.10× | 15.4% | S100Y67O |
| 2025 | 37.0% | 0.51× | 19.1% | 1.13× | 21.6% | S100Y67O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 坂口 直大 | Major shareholder | 67.0% | 2025-07-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC/UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 2.4% | 2025-07-31 |
| SIX SIS LTD. | Major shareholder | 2.3% | 2025-07-31 |
| TAKUMI CAPITAL MANAGEMENT MASTER FUND LP （常任代理人 香港上海銀行東京支店 カストディ業務部） | Major shareholder | 2.1% | 2025-07-31 |
| 株式会社SBI証券 | Major shareholder | 1.0% | 2025-07-31 |
| 上田八木短資株式会社 | Major shareholder | 0.9% | 2025-07-31 |
| 青柳 進矢 | Major shareholder | 0.8% | 2025-07-31 |
| JPLLC-CL JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.7% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 0.7% | 2025-07-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.6% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第20期(2024/08/01－2025/07/31) | S100Y67O | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y67O,, |
| 訂正有価証券報告書－第19期(2023/08/01－2024/07/31) | S100USNU | 2024-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100USNU,, |
| 有価証券報告書－第18期(2022/08/01－2023/07/31) | S100S329 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S329,, |
| 有価証券報告書－第17期(令和3年8月1日－令和4年7月31日) | S100PFAH | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFAH,, |
| 有価証券報告書－第16期(令和2年8月1日－令和3年7月31日) | S100MNE8 | 2021-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNE8,, |
| 有価証券報告書－第15期(令和1年8月1日－令和2年7月31日) | S100JYRT | 2020-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYRT,, |

## 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).