# Retty Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2024/10/01－2025/09/30) (S100XBJI)
> Page: https://vizora.meequs.com/en/company/retty
> Retrieved: 2026-09-30T19:42:05.997Z

## Company

Retty, founded in 2010, is a company in Internet Services & Apps listed on TSE Growth. It has 87 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Retty Inc. |
| Ticker | 7356 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7356.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝公園2丁目10番1号 住友不動産芝園ビル2階 |
| Representative (per filing) | 代表取締役 執行役員CEO 武田 和也 |
| Founded | Nov 2010 |
| Share capital | ¥39.3M |
| Employees (consolidated) | 87 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | September |
| Website | corp.retty.me (https://corp.retty.me/) |
| Corporate number | 7010401090888 |
| EDINET | E35993 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XBJI, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.8 | 40 |
| Profitability | 16.7 | 51 |
| Cash conversion | 1.2 | 43 |
| Efficiency | 93.3 | 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)

- Retty brought in ¥1.63B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +4.4% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.63B |  |
| Operating income | ¥19.5M | Margin 1.2% |
| Net income | ¥11.7M | Margin 0.7% |
| Free cash flow | -¥150.6M |  |
| Employees (consolidated) | 87 |  |
| EPS | ¥0.79 |  |
| Diluted EPS | ¥0.79 |  |
| Book value per share | ¥22.46 |  |
| Equity ratio | 36.0% |  |
| Shares outstanding | 14,981,674 |  |
| Treasury shares | 19,500 |  |
| Shareholders | 3,957 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 39.5% | Cash ÷ revenue 22.6% |
| Vs. industry median margin | -6.5 pp | Internet Services & Apps |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2215551000 | ¥1630179000 | -26.4% |
| Operating income | ¥-283474000 | ¥19464000 | — |
| Operating margin | -12.8% | 1.2% | +14 pp |
| Employees | 131 people | 87 people | -33.6% |
| Cash and equivalents | ¥459205000 | ¥367807000 | -19.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,630 | 100.0% | S100XBJI |
| Cost of revenue | 487 | 29.9% | S100XBJI |
| Gross profit | 1,143 | 70.1% | S100XBJI |
| SG&A | 1,123 | 68.9% | S100XBJI |
| Operating income | 19 | 1.2% | S100XBJI |
| Ordinary income | 13 | 0.8% | S100XBJI |
| Pretax income | 13 | 0.8% | S100XBJI |
| Income tax | 1 | 0.1% | S100XBJI |
| Net income | 12 | 0.7% | S100XBJI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 69 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 70.1% → Operating margin 1.2% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,562 | 1,630 | 68 | +4.4% |
| Gross profit | 1,096 | 1,143 | 47 | +4.2% |
| Operating income | -91 | 19 | 111 | — |
| Operating cash flow | -106 | -41 | 65 | — |
| Free cash flow | -107 | -151 | -44 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,268 | 100 | 4.4% | 156 | 46 | 41 | S100KFZ4 |
| FY ending Sep 2020 | 2,216 | -283 | -12.8% | -324 | -626 | -660 | S100PEH3 |
| FY ending Sep 2021 | 1,938 | -283 | -14.6% | -359 | -440 | -445 | S100PVEC |
| FY ending Sep 2022 | 1,715 | -752 | -43.8% | -860 | -558 | -571 | S100SI6D |
| FY ending Sep 2023 | 1,556 | -525 | -33.7% | -612 | -284 | -290 | S100UZZX |
| FY ending Sep 2024 | 1,562 | -91 | -5.8% | -80 | -106 | -107 | S100XBJI |
| FY ending Sep 2025 | 1,630 | 19 | 1.2% | 12 | -41 | -151 | S100XBJI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.7M |
| Operating income per employee (consolidated) | ¥223.7K |
| Net income per employee (consolidated) | ¥134.9K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 136 | 147 | 125 | 96 | 87 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥5.8M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 31.3 years | 30.6 years | 30.9 years | 31.9 years | 32.8 years |
| Average tenure (parent company) | 3.4 years | 3.1 years | 3.7 years | 4.5 years | 5.1 years |

Year over year: Employees (consolidated) -9.4% · Revenue (consolidated) +4.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -41 | -2.5% | S100XBJI |
| Capital expenditure | 110 | 6.7% | S100XBJI |
| Free cash flow | -151 | -9.2% | 算出 |
| Investing cash flow | -110 | -6.7% | S100XBJI |
| Financing cash flow | -142 | -8.7% | S100XBJI |
| Change in cash | -293 | -17.9% | S100XBJI |
| Cash and equivalents | 368 | 22.6% | S100XBJI |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 629 | 895 | 873 | 660 | 368 | S100SI6D, S100UZZX, S100XBJI |
| Total assets | 1,728 | 1,673 | 1,271 | 1,068 | 932 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Net assets | 1,114 | 305 | 393 | 315 | 339 | S100SI6D, S100UZZX, S100XBJI |
| Share capital | 617 | 41 | 34 | 34 | 39 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Property, plant and equipment | 102 | — | — | 1 | 2 | S100PVEC, S100XBJI |
| Intangible assets excluding goodwill | 2 | — | — | — | 100 | S100PVEC, S100XBJI |
| Current assets | 1,423 | 1,466 | 1,224 | 992 | 764 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Current liabilities | 334 | 858 | 326 | 331 | 264 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Short-term borrowings | 30 | 603 | 8 | 45 | 32 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Long-term borrowings | 279 | 510 | 552 | 423 | 329 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Total liabilities | 614 | 1,368 | 878 | 753 | 593 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Equity attributable to owners of parent | 1,114 | 305 | 393 | 313 | 336 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Retained earnings | -683 | -860 | -612 | -692 | -680 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVEC, S100SI6D, S100UZZX, S100XBJI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XBJI |
| Property, plant and equipment | 0% | S100XBJI |
| Intangibles and goodwill | 11% | S100XBJI |
| Other assets | 50% | S100XBJI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100XBJI |
| Equity | 36% | S100XBJI |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,728 | 1,673 | 1,271 | 1,068 | 932 |
| Equity | 1,114 | 305 | 393 | 315 | 339 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 629 | 895 | 873 | 660 | 368 |

## 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) | 0.1% | S100XBJI |
| Fixed assets ÷ total assets | 0.2% | S100XBJI |
| Goodwill ÷ parent equity | — | —, S100XBJI |

### 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) | 39.5% |
| Cash ÷ revenue | 22.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -210.9% |
| Cash vs. profit gap | -53 JPY mn (of net income -449.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -20.8% | —× | — | S100PVEC |
| 2022 | — | —× | -50.6% | —× | — | S100SI6D |
| 2023 | — | —× | -41.6% | —× | — | S100UZZX |
| 2024 | — | —× | -6.8% | —× | — | S100XBJI |
| 2025 | 0.7% | 1.63× | 1.2% | 3.08× | 3.6% | S100XBJI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 武田 和也 | Major shareholder | 22.5% | 2025-09-30 |
| 平尾 丈 | Major shareholder | 19.0% | 2025-09-30 |
| YJ２号投資事業組合 | Major shareholder | 10.6% | 2025-09-30 |
| 山田 典明 | Major shareholder | 4.0% | 2025-09-30 |
| LINEヤフー株式会社 | Major shareholder | 2.7% | 2025-09-30 |
| 菊池 三郎 | Major shareholder | 2.6% | 2025-09-30 |
| 長束 鉄也 | Major shareholder | 2.4% | 2025-09-30 |
| 浅田 篤 | Major shareholder | 2.1% | 2025-09-30 |
| 林 正栄 | Major shareholder | 1.9% | 2025-09-30 |
| 株式会社じげん | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2024/10/01－2025/09/30) | S100XBJI | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBJI,, |
| 有価証券報告書 | S100UZZX | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZZX,, |
| 有価証券報告書－第13期(2022/10/01－2023/09/30) | S100SI6D | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI6D,, |
| 有価証券報告書－第12期(令和3年10月1日－令和4年9月30日) | S100PVEC | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVEC,, |
| 訂正有価証券報告書－第11期(令和2年10月1日－令和3年9月30日) | S100PEH3 | 2022-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEH3,, |
| 有価証券報告書－第10期(令和1年10月1日－令和2年9月30日) | S100KFZ4 | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFZ4,, |

## 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).