# Rentracks 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21期(2025/04/01－2026/03/31) (S100YIBN)
> Page: https://vizora.meequs.com/en/company/rentracks
> Retrieved: 2026-09-30T21:35:21.885Z

## Company

Rentracks, founded in 2005, is a company in E-commerce listed on TSE Growth. It has 126 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rentracks CO.,LTD. |
| Ticker | 6045 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6045.T) |
| Listing | TSE Growth |
| Head office | 東京都江戸川区西葛西五丁目2番3号 |
| Representative (per filing) | 代表取締役社長 山﨑 大輔 |
| Founded | Dec 2005 |
| Share capital | ¥440.1M |
| Employees (consolidated) | 126 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.rentracks.co.jp (https://www.rentracks.co.jp/) |
| Corporate number | 6011701010603 |
| EDINET | E31446 |
| Industries (Vizora) | E-commerce, Advertising |

> Profile source: annual securities report (S100YIBN, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.9 | 57 |
| Profitability | 94.8 | 86 |
| Cash conversion | 7.3 | 75 |
| Efficiency | 2.9 | 86 |

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 51% of Rentracks's sales come from Affiliate Service Provider Business, with Used Construction Machinery Marketplace Related Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit -8.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.44B |  |
| Operating income | ¥1.05B | Margin 23.7% |
| Net income | ¥2.57B | Margin 57.9% |
| Free cash flow | -¥446.9M |  |
| Largest business | Affiliate Service Provider Business | of segment revenue 50.7% |
| Employees (consolidated) | 126 |  |
| EPS | ¥55.52 |  |
| Book value per share | ¥485.92 |  |
| Equity ratio | 36.1% |  |
| Shares outstanding | 7,975,800 |  |
| Treasury shares | 119,600 |  |
| Shareholders | 21,562 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 24.7% | Cash ÷ revenue 91.3% |
| Vs. industry median margin | +18 pp | Advertising |
| ROE | 56.5% | Derived from disclosed figures |
| ROA | 19.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12350105000 | ¥4440062000 | -64.0% |
| Operating income | ¥475839000 | ¥1051249000 | +120.9% |
| Operating margin | 3.9% | 23.7% | +19.8 pp |
| Employees | 124 people | 126 people | +1.6% |
| Cash and equivalents | ¥2600478000 | ¥4052539000 | +55.8% |

### 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 |
| --- | ---: |
| 成果報酬型広告サービス事業 → 成果報酬型広告サービス事業 | 50.7% |
| 成果報酬型広告サービス事業 → 事業再編・廃止 | 43.3% |
| 検索連動型広告代行事業 → 事業再編・廃止 | 2.1% |
| 中古建設機械マーケットプレイス関連事業 → 中古建設機械マーケットプレイス関連事業 | 1.2% |
| その他 → その他 | 2.6% |
| 新設・再編 → 運用型広告代行事業 | 3.9% |
| 新設・再編 → 中古建設機械マーケットプレイス関連事業 | 37.6% |
| 新設・再編 → その他 | 4.0% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Affiliate Service Provider Business | 5 years | -28.0% | ¥2253028000 | — | 2 |
| Used Construction Machinery Marketplace Related Business | 5 years | +62.9% | ¥1722132000 | — | 2 |
| Other | 5 years | -1.9% | ¥293560000 | — | 2 |
| Performance Marketing Agency | — | — | ¥171341000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,440 | 100.0% | S100YIBN |
| Cost of revenue | 1,709 | 38.5% | S100YIBN |
| Gross profit | 2,731 | 61.5% | S100YIBN |
| SG&A | 1,680 | 37.8% | S100YIBN |
| Operating income | 1,051 | 23.7% | S100YIBN |
| Ordinary income | 1,038 | 23.4% | S100YIBN |
| Pretax income | 2,958 | 66.6% | S100YIBN |
| Income tax | 387 | 8.7% | S100YIBN |
| Net income | 2,570 | 57.9% | S100YIBN |
| Net income attributable to owners | 2,570 | 57.9% | S100YIBN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 38 |
| Operating income | 24 |
| (Ref.) Net income | 58 |

### Margin funnel

Gross margin 61.5% → Operating margin 23.7% → Net margin 57.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.9%; Core profit growth: -8.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.53×
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 | 3,863 | 4,440 | 577 | +14.9% |
| Gross profit | 2,676 | 2,731 | 55 | +2.0% |
| Operating income | 1,142 | 1,051 | -91 | -8.0% |
| Net income attributable to owners | 668 | 2,570 | 1,902 | +284.6% |
| Operating cash flow | 1,579 | -441 | -2,020 | -127.9% |
| Free cash flow | 1,570 | -447 | -2,017 | -128.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,500 | 178 | 1.9% | 59 | -238 | -263 | S100LUSI |
| FY ending Mar 2021 | 12,350 | 476 | 3.9% | 219 | 485 | 463 | S100ORTX |
| FY ending Mar 2022 | 2,456 | 794 | 32.3% | 439 | -85 | -92 | S100R9UT |
| FY ending Mar 2023 | 3,297 | 1,096 | 33.3% | 199 | -299 | -383 | S100TWSJ |
| FY ending Mar 2024 | 3,295 | 653 | 19.8% | 340 | 626 | 620 | S100W42U |
| FY ending Mar 2025 | 3,863 | 1,142 | 29.6% | 668 | 1,579 | 1,570 | S100YIBN |
| FY ending Mar 2026 | 4,440 | 1,051 | 23.7% | 2,570 | -441 | -447 | S100YIBN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | ¥8.3M |
| Net income per employee (consolidated) | ¥20.4M |

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) | 115 | 128 | 130 | 120 | 126 |
| Average salary (parent company) | ¥4.6M | ¥5.3M | ¥5.3M | ¥5.5M | ¥5.9M |
| Average age (parent company) | 30.2 years | 31.4 years | 30.8 years | 30.5 years | 31.1 years |
| Average tenure (parent company) | 3.9 years | 4.1 years | 4.4 years | 4.8 years | 5.7 years |

Year over year: Employees (consolidated) +5.0% · Revenue (consolidated) +14.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Affiliate Service Provider Business | 2,253 | 50.7% | — | — |
| Performance Marketing Agency | 171 | 3.9% | — | — |
| Used Construction Machinery Marketplace Related Business | 1,722 | 38.8% | — | — |
| Other | 294 | 6.6% | — | — |

### 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 |
| --- | ---: |
| Affiliate Service Provider Business | 50.7% |
| Performance Marketing Agency | 3.9% |
| Used Construction Machinery Marketplace Related Business | 38.8% |
| Other | 6.6% |

Segment → industry: Used Construction Machinery Marketplace Related Business → E-commerce / Performance Marketing Agency → Advertising / Affiliate Service Provider Business → Advertising

## 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 | -441 | -9.9% | S100YIBN |
| Capital expenditure | 6 | 0.1% | S100YIBN |
| Free cash flow | -447 | -10.1% | 算出 |
| Investing cash flow | -1,928 | -43.4% | S100YIBN |
| Financing cash flow | 315 | 7.1% | S100YIBN |
| Dividends paid | 274 | 6.2% | S100YIBN |
| Change in cash | -2,045 | -46.1% | S100YIBN |
| Cash and equivalents | 4,053 | 91.3% | S100YIBN |

## 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 | 2,754 | 3,288 | 4,801 | 6,098 | 4,053 | S100TWSJ, S100W42U, S100YIBN |
| Total assets | 6,251 | 8,376 | 9,278 | 10,650 | 16,388 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Net assets | 2,692 | 2,809 | 3,098 | 3,578 | 5,910 | S100TWSJ, S100W42U, S100YIBN |
| Share capital | 440 | 440 | 440 | 440 | 440 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Trade receivables | — | — | — | 3,352 | 5,063 | S100YIBN |
| Property, plant and equipment | 5 | 72 | 55 | 48 | 800 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Intangible assets excluding goodwill | 8 | 8 | 11 | 11 | 13 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Investment securities | 516 | 498 | 574 | 600 | 1,308 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Current assets | 5,694 | 7,562 | 8,584 | 9,918 | 14,030 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Current liabilities | 3,473 | 5,445 | 5,963 | 6,978 | 7,378 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Short-term borrowings | 1,515 | 2,566 | 3,558 | 3,652 | 3,053 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Long-term borrowings | 73 | 120 | 209 | 92 | 2,294 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Total liabilities | 3,558 | 5,567 | 6,180 | 7,071 | 10,478 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Equity attributable to owners of parent | 2,614 | 2,731 | 2,906 | 3,401 | 5,697 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Retained earnings | 1,893 | 2,011 | 2,186 | 2,682 | 4,977 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |
| Treasury stock | -65 | -67 | -67 | -67 | -67 | S100R9UT, S100TWSJ, S100W42U, S100YIBN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YIBN |
| Receivables | 31% | S100YIBN |
| Property, plant and equipment | 5% | S100YIBN |
| Intangibles and goodwill | 0% | S100YIBN |
| Investment securities | 8% | S100YIBN |
| Other assets | 31% | S100YIBN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YIBN |
| Equity | 36% | S100YIBN |
| Other liabilities | 0% | S100YIBN |

### 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 | 6,251 | 8,376 | 9,278 | 10,650 | 16,388 |
| Equity | 2,692 | 2,809 | 3,098 | 3,578 | 5,910 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,754 | 3,288 | 4,801 | 6,098 | 4,053 |

## 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) | 18.0% | S100YIBN |
| Fixed assets ÷ total assets | 4.9% | S100YIBN |
| Goodwill ÷ parent equity | — | —, S100YIBN |

### 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) | 24.7% |
| Cash ÷ revenue | 91.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -41.9% |
| Cash vs. profit gap | -3,011 JPY mn (of net income -117.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | — |

## 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 | 17.9% | 0.39× | 7.0% | 2.39× | 16.8% | S100R9UT |
| 2023 | 6.0% | 0.45× | 2.7% | 2.74× | 7.4% | S100TWSJ |
| 2024 | 10.3% | 0.37× | 3.9% | 3.13× | 12.1% | S100W42U |
| 2025 | 17.3% | 0.39× | 6.7% | 3.16× | 21.2% | S100YIBN |
| 2026 | 57.9% | 0.33× | 19.0% | 2.97× | 56.5% | S100YIBN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社チーム金子 | Major shareholder | 49.9% | 2026-03-31 |
| 椙尾 幸介 | Major shareholder | 1.9% | 2026-03-31 |
| 横山 早苗 | Major shareholder | 1.7% | 2026-03-31 |
| 内木 真哉 | Major shareholder | 1.2% | 2026-03-31 |
| レントラックス役員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| 山本 賢志 | Major shareholder | 0.9% | 2026-03-31 |
| レントラックス従業員持株会 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社ウェブ・クロー | Major shareholder | 0.8% | 2026-03-31 |
| 山﨑 大輔 | Major shareholder | 0.8% | 2026-03-31 |
| 福田 秀樹 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YIBN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIBN,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W42U | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W42U,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TWSJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWSJ,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R9UT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UT,, |
| 訂正有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100ORTX | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORTX,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LUSI | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUSI,, |

## 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).