# RAKUS Co.,Ltd: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YL65)
> Page: https://vizora.meequs.com/en/company/rakus
> Retrieved: 2026-09-30T19:42:02.932Z

## Company

Rakus, founded in 2000, is a company in Software & SaaS listed on TSE Prime. It has 3,569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RAKUS Co., Ltd. |
| Ticker | 3923 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3923.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区鶴野町1番9号 |
| Representative (per filing) | 代表取締役社長 中村 崇則 |
| Founded | Nov 2000 |
| Share capital | ¥378M |
| Employees (consolidated) | 3,569 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.rakus.co.jp (https://www.rakus.co.jp/) |
| Corporate number | 9120001097305 |
| EDINET | E31878 |
| Industries (Vizora) | Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100YL65, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.9 | 105 |
| Profitability | 83.8 | 145 |
| Cash conversion | 23 | 128 |
| Efficiency | 96.9 | 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)

- About 86% of Rakus's sales come from Cloud service, with Human resource making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +23.3% from the prior year, operating profit +70.2%.

## Company structure

- Segment revenue mix: Cloud service 85.9%、Human resource 14.1%
- Revenue → net income: ¥60286000000 → ¥13293000000
- Net income → operating cash flow: ¥13293000000 → ¥13391000000（difference ¥98000000）
- Main uses of operating cash flow: CapEx ¥1049000000 / dividends ¥815000000 / buybacks ¥7011000000
- Change in cash: ¥2524000000
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 | ¥60.3B |  |
| Operating income | ¥17.3B | Margin 28.8% |
| Net income | ¥13.3B | Margin 22.0% |
| Free cash flow | ¥12.3B |  |
| Largest business | Cloud service | of segment revenue 85.9% |
| Employees (consolidated) | 3,569 |  |
| EPS | ¥39.21 |  |
| Book value per share | ¥72.89 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 354,391,000 |  |
| Treasury shares | 281,600 |  |
| Shareholders | 24,787 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 38.0% | Cash ÷ revenue 23.0% |
| Vs. industry median margin | +16.3 pp | Software & SaaS |
| ROE | 56.1% | Derived from disclosed figures |
| ROA | 39.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 8.6× dividends
- FY2026, revenue is 2.9× its level five years ago
- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15387000000 | ¥60286000000 | +291.8% |
| Operating income | ¥3898000000 | ¥17345000000 | +345.0% |
| Operating margin | 25.3% | 28.8% | +3.4 pp |
| Employees | 1,230 people | 3,569 people | +190.2% |
| Cash and equivalents | ¥6035000000 | ¥13891000000 | +130.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| クラウド事業 → クラウド事業 | 79.9% |
| IT人材事業 → IT人材事業 | 14.1% |
| IT人材事業 → 事業再編・廃止 | 5.9% |
| 新設・再編 → クラウド事業 | 5.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 60,286 | 100.0% | S100YL65 |
| Cost of revenue | 14,865 | 24.7% | S100YL65 |
| Gross profit | 45,420 | 75.3% | S100YL65 |
| SG&A | 28,075 | 46.6% | S100YL65 |
| Operating income | 17,345 | 28.8% | S100YL65 |
| Ordinary income | 17,440 | 28.9% | S100YL65 |
| Pretax income | 18,939 | 31.4% | S100YL65 |
| Income tax | 5,646 | 9.4% | S100YL65 |
| Net income | 13,293 | 22.0% | S100YL65 |
| Net income attributable to owners | 13,293 | 22.0% | S100YL65 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 46 |
| Operating income | 29 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 75.3% → Operating margin 28.8% → Net margin 22.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.3%; Core profit growth: +70.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 48,904 | 60,286 | 11,382 | +23.3% |
| Gross profit | 36,310 | 45,420 | 9,110 | +25.1% |
| Operating income | 10,192 | 17,345 | 7,153 | +70.2% |
| Net income attributable to owners | 8,003 | 13,293 | 5,290 | +66.1% |
| Operating cash flow | 9,006 | 13,391 | 4,385 | +48.7% |
| Free cash flow | 7,645 | 12,342 | 4,697 | +61.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,608 | 1,174 | 10.1% | 800 | 940 | 489 | S100LS9P |
| FY ending Mar 2021 | 15,387 | 3,898 | 25.3% | 2,936 | 4,271 | 3,944 | S100OHBV |
| FY ending Mar 2022 | 20,629 | 1,578 | 7.6% | 1,078 | -11 | -436 | S100R4DC |
| FY ending Mar 2023 | 27,399 | 1,656 | 6.0% | 1,274 | 2,170 | 1,536 | S100TZI7 |
| FY ending Mar 2024 | 38,408 | 5,559 | 14.5% | 4,185 | 5,288 | 4,434 | S100W0FR |
| FY ending Mar 2025 | 48,904 | 10,192 | 20.8% | 8,003 | 9,006 | 7,645 | S100YL65 |
| FY ending Mar 2026 | 60,286 | 17,345 | 28.8% | 13,293 | 13,391 | 12,342 | S100YL65 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,720 | 2,197 | 2,561 | 3,086 | 3,569 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.6M |
| Average age (parent company) | 32.6 years | 32.3 years | 32.3 years | 32.5 years | 32.7 years |
| Average tenure (parent company) | 2.7 years | 2.7 years | 2.8 years | 3.0 years | 3.2 years |

Year over year: Employees (consolidated) +15.7% · Revenue (consolidated) +23.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cloud service | 51,770 | 85.9% | 16,027 | 31.0% |
| Human resource | 8,516 | 14.1% | 1,318 | 15.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cloud service | 85.9% | 92.4% | 6.5 | 31.0% |
| Human resource | 14.1% | 7.6% | -6.5 | 15.5% |

Segment → industry: Cloud service → Software & SaaS / Human resource → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 13,391 | 22.2% | S100YL65 |
| Capital expenditure | 1,049 | 1.7% | S100YL65 |
| Free cash flow | 12,342 | 20.5% | 算出 |
| Investing cash flow | -2,831 | -4.7% | S100YL65 |
| Financing cash flow | -8,048 | -13.3% | S100YL65 |
| Dividends paid | 815 | 1.4% | S100YL65 |
| Share buyback | 7,011 | 11.6% | S100YL65 |
| Change in cash | 2,524 | 4.2% | S100YL65 |
| Cash and equivalents | 13,891 | 23.0% | S100YL65 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,861 | 5,990 | 7,008 | 11,366 | 13,891 | S100TZI7, S100W0FR, S100YL65 |
| Total assets | 11,700 | 14,073 | 21,234 | 31,654 | 36,581 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Net assets | 8,617 | 9,548 | 13,347 | 21,977 | 26,034 | S100TZI7, S100W0FR, S100YL65 |
| Share capital | 378 | 378 | 378 | 378 | 378 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Property, plant and equipment | 886 | 1,091 | 1,461 | 2,095 | 2,374 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Intangible assets excluding goodwill | 723 | 494 | 3,810 | 3,405 | 2,924 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Goodwill | 627 | 464 | 1,696 | 1,363 | 1,057 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Investment securities | 0 | — | 429 | 3,877 | 4,904 | S100R4DC, S100W0FR, S100YL65 |
| Current assets | 8,419 | 10,479 | 13,145 | 19,296 | 23,399 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Current liabilities | 2,977 | 4,347 | 7,372 | 9,462 | 10,386 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Long-term borrowings | 36 | 32 | 216 | — | — | S100R4DC, S100TZI7, S100W0FR |
| Total liabilities | 3,083 | 4,525 | 7,886 | 9,676 | 10,547 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Equity attributable to owners of parent | 8,604 | 9,534 | 13,365 | 20,949 | 26,430 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Retained earnings | 7,918 | 8,848 | 12,681 | 20,259 | 25,963 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |
| Treasury stock | 0 | 0 | -1 | -2 | -219 | S100R4DC, S100TZI7, S100W0FR, S100YL65 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YL65 |
| Property, plant and equipment | 7% | S100YL65 |
| Intangibles and goodwill | 11% | S100YL65 |
| Investment securities | 13% | S100YL65 |
| Other assets | 31% | S100YL65 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YL65 |
| Equity | 71% | S100YL65 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,700 | 14,073 | 21,234 | 31,654 | 36,581 |
| Equity | 8,617 | 9,548 | 13,347 | 21,977 | 26,034 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,861 | 5,990 | 7,008 | 11,366 | 13,891 |

## 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) | 3.9% | S100YL65 |
| Fixed assets ÷ total assets | 6.5% | S100YL65 |
| Goodwill ÷ parent equity | 4.0% | S100YL65 |

Goodwill over 4 years: 627 → 1,057 JPY; total investing cash flow: -12,732 JPY. This does not imply causation.

### 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) | 38.0% |
| Cash ÷ revenue | 23.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.2% |
| Cash vs. profit gap | 98 JPY mn (of net income 0.7%) |
| Shareholder returns / net income | 58.9% |
| Shareholder returns / FCF | 63.4% |
| Shareholder payments — dividends / net income | 6.1% |
| Shareholder payments — dividends / FCF | 6.6% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 21.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.2% | 1.76× | 9.2% | 1.36× | 12.5% | S100R4DC |
| 2023 | 4.6% | 2.13× | 9.9% | 1.42× | 14.0% | S100TZI7 |
| 2024 | 10.9% | 2.18× | 23.7% | 1.54× | 36.6% | S100W0FR |
| 2025 | 16.4% | 1.85× | 30.3% | 1.54× | 46.6% | S100YL65 |
| 2026 | 22.0% | 1.77× | 39.0% | 1.44× | 56.1% | S100YL65 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村崇則 | Major shareholder | 34.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| 本松慎一郎 | Major shareholder | 5.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.4% | 2026-03-31 |
| 松嶋祥文 | Major shareholder | 4.2% | 2026-03-31 |
| 井上英輔 | Major shareholder | 4.1% | 2026-03-31 |
| 浅野史彦 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| SSBTC CLIENT OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 公手真之 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YL65 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL65,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W0FR | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0FR,, |
| 訂正有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TZI7 | 2024-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TZI7,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R4DC | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4DC,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OHBV | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHBV,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LS9P | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS9P,, |

## 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).