# Rebase, Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/04/01－2026/03/31) (S100YGUZ)
> Page: https://vizora.meequs.com/en/company/rebase
> Retrieved: 2026-09-30T20:58:27.281Z

## Company

Rebase, founded in 2014, is a company in Internet Services & Apps listed on TSE Growth. It has 50 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rebase, Inc. |
| Ticker | 5138 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5138.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神宮前五丁目52番2号(2026年4月1日から本店所在地 東京都渋谷区神宮前四丁目26番18号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役 佐藤 海 |
| Founded | Apr 2014 |
| Share capital | ¥191.7M |
| Employees (consolidated) | 50 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.rebase.co.jp (https://www.rebase.co.jp/) |
| Corporate number | 1010901034004 |
| EDINET | E38171 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100YGUZ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.3 | 40 |
| Profitability | 36.3 | 51 |
| Cash conversion | 12.8 | 43 |
| Efficiency | 52.9 | 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)

- Rebase brought in ¥2.18B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit -80.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2181050000 → ¥74488000
- Net income → operating cash flow: ¥74488000 → ¥53510000（difference ¥-20978000）
- Main uses of operating cash flow: CapEx ¥163007000 / dividends ¥171920000 / buybacks —
- Change in cash: ¥-348772000
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 | ¥2.18B |  |
| Operating income | ¥97.2M | Margin 4.5% |
| Net income | ¥74.5M | Margin 3.4% |
| Free cash flow | -¥109.5M |  |
| Employees (consolidated) | 50 |  |
| EPS | ¥15.16 |  |
| Diluted EPS | ¥15 |  |
| Book value per share | ¥261.13 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 4,916,000 |  |
| Shareholders | 1,226 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 52.5% | Cash ÷ revenue 54.7% |
| Vs. industry median margin | -3.2 pp | Internet Services & Apps |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, cash is 52% of total assets

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥890244000 | ¥2181050000 | +145.0% |
| Operating income | ¥211618000 | ¥97173000 | -54.1% |
| Operating margin | 23.8% | 4.5% | -19.3 pp |
| Employees | 27 people | 50 people | +85.2% |
| Cash and equivalents | ¥553476000 | ¥1192810000 | +115.5% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,181 | 100.0% | S100YGUZ |
| Cost of revenue | 84 | 3.8% | S100YGUZ |
| Gross profit | 2,097 | 96.2% | S100YGUZ |
| SG&A | 2,000 | 91.7% | S100YGUZ |
| Operating income | 97 | 4.5% | S100YGUZ |
| Ordinary income | 100 | 4.6% | S100YGUZ |
| Pretax income | 100 | 4.6% | S100YGUZ |
| Income tax | 25 | 1.1% | S100YGUZ |
| Net income | 74 | 3.4% | S100YGUZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 4 |
| SG&A | 92 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 96.2% → Operating margin 4.5% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.2%; Core profit growth: -80.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.07×
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 | 1,927 | 2,181 | 254 | +13.2% |
| Gross profit | 1,864 | 2,097 | 233 | +12.5% |
| Operating income | 487 | 97 | -390 | -80.0% |
| Operating cash flow | 461 | 54 | -408 | -88.4% |
| Free cash flow | 443 | -109 | -552 | -124.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 890 | 212 | 23.8% | 140 | 249 | 172 | S100R6IQ |
| FY ending Mar 2023 | 1,161 | 255 | 22.0% | 158 | 222 | 174 | S100TTDK |
| FY ending Mar 2024 | 1,490 | 335 | 22.5% | 229 | 375 | 334 | S100W25W |
| FY ending Mar 2025 | 1,927 | 487 | 25.3% | 363 | 461 | 443 | S100YGUZ |
| FY ending Mar 2026 | 2,181 | 97 | 4.5% | 74 | 54 | -109 | S100YGUZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.6M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 27 | 30 | 36 | 45 | 50 |
| Average salary (parent company) | — | ¥6.1M | ¥6.5M | ¥6.9M | ¥7.3M |
| Average age (parent company) | — | 32.4 years | 33.1 years | 34.7 years | 36.3 years |
| Average tenure (parent company) | — | 2.3 years | 2.6 years | 2.8 years | 3.0 years |

Year over year: Employees (consolidated) +11.1% · Revenue (consolidated) +13.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 54 | 2.5% | S100YGUZ |
| Capital expenditure | 163 | 7.5% | S100YGUZ |
| Free cash flow | -109 | -5.0% | 算出 |
| Investing cash flow | -332 | -15.2% | S100YGUZ |
| Financing cash flow | -71 | -3.2% | S100YGUZ |
| Dividends paid | 172 | 7.9% | S100YGUZ |
| Change in cash | -349 | -16.0% | S100YGUZ |
| Cash and equivalents | 1,193 | 54.7% | S100YGUZ |

## 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 | 553 | 793 | 1,125 | 1,542 | 1,193 | S100TTDK, S100W25W, S100YGUZ |
| Total assets | 796 | 1,080 | 1,466 | 1,962 | 2,273 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Net assets | 413 | 741 | 971 | 1,380 | 1,284 | S100TTDK, S100W25W, S100YGUZ |
| Share capital | 83 | 167 | 168 | 191 | 192 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Property, plant and equipment | 58 | 51 | 61 | 52 | 412 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Intangible assets excluding goodwill | 30 | 50 | 59 | 52 | 91 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Current assets | 642 | 920 | 1,279 | 1,720 | 1,463 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Current liabilities | 308 | 339 | 491 | 578 | 972 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Short-term borrowings | 12 | — | — | — | 100 | S100R6IQ, S100YGUZ |
| Long-term borrowings | 75 | — | — | — | — | S100R6IQ |
| Total liabilities | 383 | 339 | 496 | 582 | 989 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Equity attributable to owners of parent | 413 | 741 | 971 | 1,380 | 1,284 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Retained earnings | 248 | 406 | 635 | 998 | 901 | S100R6IQ, S100TTDK, S100W25W, S100YGUZ |
| Treasury stock | — | — | -0 | -0 | -0 | S100W25W, S100YGUZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 53% | S100YGUZ |
| Property, plant and equipment | 18% | S100YGUZ |
| Intangibles and goodwill | 4% | S100YGUZ |
| Other assets | 25% | S100YGUZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YGUZ |
| Equity | 56% | S100YGUZ |
| Other liabilities | 0% | S100YGUZ |

### 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 | 796 | 1,080 | 1,466 | 1,962 | 2,273 |
| Equity | 413 | 741 | 971 | 1,380 | 1,284 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 553 | 793 | 1,125 | 1,542 | 1,193 |

## 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) | 18.9% | S100YGUZ |
| Fixed assets ÷ total assets | 18.1% | S100YGUZ |
| Goodwill ÷ parent equity | — | —, S100YGUZ |

### 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) | 52.5% |
| Cash ÷ revenue | 54.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.1% |
| Cash vs. profit gap | -21 JPY mn (of net income -28.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 230.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 619.6% |

## 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 | 15.7% | 1.12× | 17.5% | 1.93× | 33.8% | S100R6IQ |
| 2023 | 13.7% | 1.24× | 16.9% | 1.63× | 27.5% | S100TTDK |
| 2024 | 15.4% | 1.17× | 18.0% | 1.49× | 26.7% | S100W25W |
| 2025 | 18.8% | 1.12× | 21.2% | 1.46× | 30.9% | S100YGUZ |
| 2026 | 3.4% | 1.03× | 3.5% | 1.59× | 5.6% | S100YGUZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社elpido（注）2 | Major shareholder | 31.3% | 2026-03-31 |
| 佐藤 海 | Major shareholder | 16.6% | 2026-03-31 |
| 株式会社El Monte Garage（注）3 | Major shareholder | 8.1% | 2026-03-31 |
| 髙畠 裕二 | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社リバーフィールド | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社大正スカイビル | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 吉田 士陽 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.3% | 2026-03-31 |
| 赤木 賢敏 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/04/01－2026/03/31) | S100YGUZ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGUZ,, |
| 有価証券報告書－第11期(2024/04/01－2025/03/31) | S100W25W | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W25W,, |
| 有価証券報告書－第10期(2023/04/01－2024/03/31) | S100TTDK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTDK,, |
| 有価証券報告書－第9期(2022/04/01－2023/03/31) | S100R6IQ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6IQ,, |

## 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).