# rakumo Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/01/01－2025/12/31) (S100XUZC)
> Page: https://vizora.meequs.com/en/company/rakumo
> Retrieved: 2026-09-30T20:18:17.420Z

## Company

rakumo, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | rakumo Inc. |
| Ticker | 4060 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4060.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区麹町三丁目2番地 |
| Representative (per filing) | 代表取締役社長グループCEO 清水 孝治 |
| Founded | Dec 2004 |
| Share capital | ¥400.6M |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | rakumo.com (https://rakumo.com/) |
| Corporate number | 2011001069625 |
| EDINET | E35930 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUZC, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.9 | 105 |
| Profitability | 76.9 | 145 |
| Cash conversion | 62.1 | 128 |
| Efficiency | 14.8 | 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)

- rakumo brought in ¥1.83B in revenue.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +26.8% from the prior year, operating profit +11.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1830057000 → ¥272306000
- Net income → operating cash flow: ¥272306000 → ¥510975000（difference ¥238669000）
- Main uses of operating cash flow: CapEx ¥114862000 / dividends ¥34856000 / buybacks —
- Change in cash: ¥-465509000
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 | ¥1.83B |  |
| Operating income | ¥428.1M | Margin 23.4% |
| Net income | ¥272.3M | Margin 14.9% |
| Free cash flow | ¥396.1M |  |
| Employees (consolidated) | 124 |  |
| EPS | ¥50.28 |  |
| Diluted EPS | ¥45.13 |  |
| Book value per share | ¥300.71 |  |
| Equity ratio | 44.8% |  |
| Shares outstanding | 5,829,500 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,551 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 42.4% | Cash ÷ revenue 96.6% |
| Vs. industry median margin | +10.9 pp | Software & SaaS |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥822422000 | ¥1830057000 | +122.5% |
| Operating income | ¥134317000 | ¥428094000 | +218.7% |
| Operating margin | 16.3% | 23.4% | +7.1 pp |
| Employees | 93 people | 124 people | +33.3% |
| Cash and equivalents | ¥987414000 | ¥1767739000 | +79.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,830 | 100.0% | S100XUZC |
| Cost of revenue | 541 | 29.6% | S100XUZC |
| Gross profit | 1,289 | 70.4% | S100XUZC |
| SG&A | 861 | 47.0% | S100XUZC |
| Operating income | 428 | 23.4% | S100XUZC |
| Ordinary income | 428 | 23.4% | S100XUZC |
| Pretax income | 428 | 23.4% | S100XUZC |
| Income tax | 156 | 8.5% | S100XUZC |
| Net income | 272 | 14.9% | S100XUZC |
| Net income attributable to owners | 272 | 14.9% | S100XUZC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 47 |
| Operating income | 23 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 70.4% → Operating margin 23.4% → Net margin 14.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.8%; Core profit growth: +11.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.43×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,443 | 1,830 | 387 | +26.8% |
| Gross profit | 951 | 1,289 | 338 | +35.5% |
| Operating income | 383 | 428 | 45 | +11.6% |
| Net income attributable to owners | 253 | 272 | 19 | +7.6% |
| Operating cash flow | 463 | 511 | 48 | +10.3% |
| Free cash flow | 398 | 396 | -2 | -0.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 665 | 25 | 3.7% | -38 | 116 | 49 | S100L1M8 |
| FY ending Dec 2020 | 822 | 134 | 16.3% | 125 | 259 | 206 | S100NQKV |
| FY ending Dec 2021 | 964 | 228 | 23.6% | 189 | 286 | 233 | S100QG2V |
| FY ending Dec 2022 | 1,097 | 232 | 21.2% | 185 | 275 | 227 | S100T4JJ |
| FY ending Dec 2023 | 1,295 | 304 | 23.5% | 196 | 352 | 293 | S100VGPW |
| FY ending Dec 2024 | 1,443 | 383 | 26.6% | 253 | 463 | 398 | S100XUZC |
| FY ending Dec 2025 | 1,830 | 428 | 23.4% | 272 | 511 | 396 | S100XUZC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 87 | 95 | 96 | 84 | 124 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.8M | ¥5.6M | ¥5.5M |
| Average age (parent company) | 36.7 years | 37.8 years | 37.4 years | 37.7 years | 37.5 years |
| Average tenure (parent company) | 5.5 years | 5.6 years | 5.2 years | 5.7 years | 5.8 years |

Year over year: Employees (consolidated) +47.6% · Revenue (consolidated) +26.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 511 | 27.9% | S100XUZC |
| Capital expenditure | 115 | 6.3% | S100XUZC |
| Free cash flow | 396 | 21.6% | 算出 |
| Investing cash flow | -1,580 | -86.3% | S100XUZC |
| Financing cash flow | 606 | 33.1% | S100XUZC |
| Dividends paid | 35 | 1.9% | S100XUZC |
| Change in cash | -466 | -25.4% | S100XUZC |
| Cash and equivalents | 1,768 | 96.6% | S100XUZC |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,240 | 1,384 | 1,838 | 2,233 | 1,768 | S100T4JJ, S100VGPW, S100XUZC |
| Total assets | 1,517 | 1,777 | 2,670 | 3,035 | 4,171 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Net assets | 948 | 1,152 | 1,365 | 1,634 | 1,887 | S100T4JJ, S100VGPW, S100XUZC |
| Share capital | 385 | 390 | 392 | 397 | 401 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Property, plant and equipment | 22 | 20 | 22 | 20 | 32 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Intangible assets excluding goodwill | 54 | 151 | 573 | 537 | 2,008 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Goodwill | — | 85 | 290 | 254 | 1,638 | S100T4JJ, S100VGPW, S100XUZC |
| Investment securities | — | 9 | 18 | 22 | 25 | S100T4JJ, S100VGPW, S100XUZC |
| Current assets | 1,371 | 1,528 | 1,986 | 2,390 | 2,014 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Current liabilities | 500 | 604 | 733 | 820 | 1,101 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Long-term borrowings | 50 | 10 | — | — | 605 | S100QG2V, S100T4JJ, S100XUZC |
| Total liabilities | 569 | 624 | 1,305 | 1,401 | 2,284 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Equity attributable to owners of parent | 942 | 1,136 | 1,337 | 1,599 | 1,844 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Retained earnings | 210 | 395 | 591 | 844 | 1,082 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QG2V, S100T4JJ, S100VGPW, S100XUZC |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,517 | 1,777 | 2,670 | 3,035 | 4,171 |
| Equity | 948 | 1,152 | 1,365 | 1,634 | 1,887 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,240 | 1,384 | 1,838 | 2,233 | 1,768 |

## 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) | 1.8% | S100XUZC |
| Fixed assets ÷ total assets | 0.8% | S100XUZC |
| Goodwill ÷ parent equity | 88.8% | S100XUZC |

### 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) | 42.4% |
| Cash ÷ revenue | 96.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.4% |
| Cash vs. profit gap | 239 JPY mn (of net income 87.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.8% |
| Shareholder payments — dividends / FCF | 8.8% |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 309.1% |

## 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 | 19.6% | 0.64× | 12.4% | 1.61× | 20.0% | S100QG2V |
| 2022 | 16.8% | 0.67× | 11.2% | 1.59× | 17.8% | S100T4JJ |
| 2023 | 15.2% | 0.58× | 8.8% | 1.80× | 15.9% | S100VGPW |
| 2024 | 17.5% | 0.51× | 8.9% | 1.94× | 17.2% | S100XUZC |
| 2025 | 14.9% | 0.51× | 7.6% | 2.09× | 15.8% | S100XUZC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 御手洗 大祐 | Major shareholder | 16.5% | 2025-12-31 |
| 平井 康博 | Major shareholder | 13.4% | 2025-12-31 |
| 田近 泰治 | Major shareholder | 9.0% | 2025-12-31 |
| 株式会社創世 | Major shareholder | 6.3% | 2025-12-31 |
| アイ・マーキュリーキャピタル株式会社 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.5% | 2025-12-31 |
| 門田 洋 | Major shareholder | 2.4% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 林 倫弘 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/01/01－2025/12/31) | S100XUZC | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUZC,, |
| 有価証券報告書－第21期(2024/01/01－2024/12/31) | S100VGPW | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGPW,, |
| 有価証券報告書－第20期(2023/01/01－2023/12/31) | S100T4JJ | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4JJ,, |
| 有価証券報告書－第19期(2022/01/01－2022/12/31) | S100QG2V | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG2V,, |
| 有価証券報告書－第18期(令和3年1月1日－令和3年12月31日) | S100NQKV | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQKV,, |
| 有価証券報告書－第17期(令和2年1月1日－令和2年12月31日) | S100L1M8 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1M8,, |

## 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).