# Ridge-i Inc.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2024/08/01－2025/07/31) (S100WWVV)
> Page: https://vizora.meequs.com/en/company/ridge-i
> Retrieved: 2026-09-30T20:48:55.327Z

## Company

Ridge-i, founded in 2016, is a company in IT Services & System Integration listed on TSE Growth. It has 74 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ridge-i Inc. |
| Ticker | 5572 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5572.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区大手町1丁目6番1号 |
| Representative (per filing) | 代表取締役社長 柳原 尚史 |
| Founded | Jul 2016 |
| Share capital | ¥38.4M |
| Employees (consolidated) | 74 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | July |
| Website | www.ridge-i.com (https://www.ridge-i.com/) |
| Corporate number | 9010001177423 |
| EDINET | E38567 |
| Industries (Vizora) | IT Services & System Integration, Advertising |

> Profile source: annual securities report (S100WWVV, filed 2025-10-24). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79.7 | 86 |
| Cash conversion | 15.3 | 75 |
| Efficiency | 32 | 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 Ridge-i's sales come from Digital Marketing Business, with Custom AI Solution Business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +228.1% from the prior year, operating profit +302.5%.

## Company structure

- Segment revenue mix: Digital Marketing Business 50.6%、Custom AI Solution Business 49.4%
- Revenue → net income: ¥2593322000 → ¥188124000
- Net income → operating cash flow: ¥188124000 → ¥51323000（difference ¥-136801000）
- Main uses of operating cash flow: CapEx ¥58454000 / dividends — / buybacks ¥192000
- Change in cash: ¥-288210000
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 | ¥2.59B |  |
| Operating income | ¥283.1M | Margin 10.9% |
| Net income | ¥139.6M | Margin 5.4% |
| Free cash flow | -¥7.1M |  |
| Largest business | Digital Marketing Business | of segment revenue 50.6% |
| Employees (consolidated) | 74 |  |
| EPS | ¥29.95 |  |
| Diluted EPS | ¥29.01 |  |
| Book value per share | ¥584.15 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 3,909,880 |  |
| Shareholders | 3,005 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 64.2% | Cash ÷ revenue 70.5% |
| Vs. industry median margin | +5.3 pp | Advertising |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 64% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2022 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥968521000 | ¥2593322000 | — |
| Operating income | ¥56403000 | ¥283137000 | — |
| Operating margin | 5.8% | 10.9% | +5.1 pp |
| Employees | 37 people | 74 people | — |
| Cash and equivalents | ¥1383154000 | ¥1827826000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2022 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → カスタムAIソリューション事業 | 49.4% |
| 新設・再編 → デジタルマーケティング事業 | 50.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,593 | 100.0% | S100WWVV |
| Cost of revenue | 1,267 | 48.9% | S100WWVV |
| Gross profit | 1,326 | 51.1% | S100WWVV |
| SG&A | 1,043 | 40.2% | S100WWVV |
| Operating income | 283 | 10.9% | S100WWVV |
| Ordinary income | 291 | 11.2% | S100WWVV |
| Pretax income | 291 | 11.2% | S100WWVV |
| Income tax | 103 | 4.0% | S100WWVV |
| Net income | 188 | 7.3% | S100WWVV |
| Net income attributable to owners | 140 | 5.4% | S100WWVV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 40 |
| Operating income | 11 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 51.1% → Operating margin 10.9% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Jul 2023 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 790 | 2,593 | 1,803 | +228.1% |
| Gross profit | 516 | 1,326 | 810 | +157.1% |
| Operating income | 70 | 283 | 213 | +302.5% |
| Operating cash flow | -146 | 51 | 197 | — |
| Free cash flow | -185 | -7 | 178 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2022 | 969 | 56 | 5.8% | 150 | 178 | 174 | S100S254 |
| FY ending Jul 2023 | 790 | 70 | 8.9% | 45 | -146 | -185 | S100S254 |
| FY ending Jul 2025 | 2,593 | 283 | 10.9% | 140 | 51 | -7 | S100WWVV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 37 | 29 | 74 |
| Average salary (parent company) | — | ¥8.4M | ¥8.2M |
| Average age (parent company) | — | 35.2 years | 35.5 years |
| Average tenure (parent company) | — | 2.7 years | 2.5 years |

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Custom AI Solution Business | 1,280 | 49.4% | 162 | 12.6% |
| Digital Marketing Business | 1,313 | 50.6% | 121 | 9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Custom AI Solution Business | 49.4% | 57.1% | 7.7 | 12.6% |
| Digital Marketing Business | 50.6% | 42.9% | -7.7 | 9.2% |

Segment → industry: Custom AI Solution Business → IT Services & System Integration / Digital Marketing Business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 51 | 2.0% | S100WWVV |
| Capital expenditure | 58 | 2.3% | S100WWVV |
| Free cash flow | -7 | -0.3% | 算出 |
| Investing cash flow | -53 | -2.0% | S100WWVV |
| Financing cash flow | -286 | -11.0% | S100WWVV |
| Share buyback | 0 | 0.0% | S100WWVV |
| Change in cash | -288 | -11.1% | S100WWVV |
| Cash and equivalents | 1,828 | 70.5% | S100WWVV |

## 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 Jul 2022 | FY ending Jul 2023 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,383 | 1,721 | 1,828 | S100S254, S100WWVV |
| Total assets | 1,561 | 2,063 | 2,846 | S100S254, S100WWVV |
| Net assets | 1,414 | 1,989 | 2,459 | S100S254, S100WWVV |
| Share capital | 100 | 366 | 38 | S100S254, S100WWVV |
| Property, plant and equipment | 14 | 5 | 64 | S100S254, S100WWVV |
| Intangible assets excluding goodwill | 1 | 35 | 324 | S100S254, S100WWVV |
| Goodwill | — | — | 300 | S100WWVV |
| Current assets | 1,468 | 1,950 | 2,306 | S100S254, S100WWVV |
| Current liabilities | 148 | 73 | 370 | S100S254, S100WWVV |
| Total liabilities | 148 | 73 | 388 | S100S254, S100WWVV |
| Non-controlling interests | — | — | 261 | S100WWVV |
| Equity attributable to owners of parent | 1,414 | 1,989 | 2,191 | S100S254, S100WWVV |
| Retained earnings | -121 | 46 | 295 | S100S254, S100WWVV |
| Treasury stock | — | -0 | -0 | S100S254, S100WWVV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100WWVV |
| Property, plant and equipment | 2% | S100WWVV |
| Intangibles and goodwill | 22% | S100WWVV |
| Other assets | 12% | S100WWVV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100WWVV |
| Equity | 86% | S100WWVV |

### Balance sheet history

| Metric | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,561 | 2,063 | 2,846 |
| Equity | 1,414 | 1,989 | 2,459 |
| Interest-bearing debt | — | — | — |
| Cash | 1,383 | 1,721 | 1,828 |

## 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) | 2.5% | S100WWVV |
| Fixed assets ÷ total assets | 2.2% | S100WWVV |
| Goodwill ÷ parent equity | 13.7% | S100WWVV |

### 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) | 64.2% |
| Cash ÷ revenue | 70.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 18.1% |
| Cash vs. profit gap | -88 JPY mn (of net income -63.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 103.5% |

## 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 | 15.5% | 0.62× | 9.6% | 1.10× | 10.6% | S100S254 |
| 2023 | 5.6% | 0.44× | 2.5% | 1.06× | 2.6% | S100S254 |
| 2025 | 5.4% | 0.91× | 4.9% | 1.30× | 6.4% | S100WWVV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 柳原 尚史 | Major shareholder | 26.9% | 2025-07-31 |
| ㈱柳原ホールディングス | Major shareholder | 16.6% | 2025-07-31 |
| ㈱バルカー | Major shareholder | 10.7% | 2025-07-31 |
| 特定金外信託受託者 ㈱SMBC信託銀行 | Major shareholder | 5.6% | 2025-07-31 |
| 荏原環境プラント㈱ | Major shareholder | 2.1% | 2025-07-31 |
| 五味 大輔 | Major shareholder | 1.8% | 2025-07-31 |
| 小松 平佳 | Major shareholder | 1.7% | 2025-07-31 |
| 石田 健二 | Major shareholder | 1.6% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 1.5% | 2025-07-31 |
| 楽天証券㈱ | Major shareholder | 1.5% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/08/01－2025/07/31) | S100WWVV | 2025-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWVV,, |
| 有価証券報告書－第8期(2022/08/01－2023/07/31) | S100S254 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S254,, |

## 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).