# Rococo Co. Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/01/01－2025/12/31) (S100XSJ5)
> Page: https://vizora.meequs.com/en/company/rococo
> Retrieved: 2026-09-30T20:57:52.829Z

## Company

Rococo is a company in IT Services & System Integration listed on TSE Standard. It has 712 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rococo Co. Ltd. |
| Ticker | 5868 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5868.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市中央区西心斎橋二丁目1番5号日本生命御堂筋八幡町ビル3階 |
| Representative (per filing) | 代表取締役社長 長谷川 一彦 |
| Share capital | ¥642.6M |
| Employees (consolidated) | 712 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | December |
| Website | www.rococo.co.jp (https://www.rococo.co.jp/) |
| Corporate number | 5120001092383 |
| EDINET | E39136 |
| Industries (Vizora) | IT Services & System Integration, Business Process Outsourcing |

> Profile source: annual securities report (S100XSJ5, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.5 | 157 |
| Profitability | 26.3 | 196 |
| Cash conversion | 83.5 | 185 |
| Efficiency | 89 | 196 |

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 67% of Rococo's sales come from ITO and BPO business, with Cloud and solution business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit +23.0%.

## Company structure

- Segment revenue mix: ITO and BPO business 67.1%、Cloud and solution business 31.5%、Other 1.4%
- Revenue → net income: ¥9189733000 → ¥317730000
- Net income → operating cash flow: ¥317730000 → ¥665987000（difference ¥348257000）
- Main uses of operating cash flow: CapEx ¥49459000 / dividends ¥111178000 / buybacks —
- Change in cash: ¥-14161000
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 | ¥9.19B |  |
| Operating income | ¥525.2M | Margin 5.7% |
| Net income | ¥317.7M | Margin 3.5% |
| Free cash flow | ¥616.5M |  |
| Largest business | ITO and BPO business | of segment revenue 67.1% |
| Employees (consolidated) | 712 |  |
| EPS | ¥87.98 |  |
| Diluted EPS | ¥86.66 |  |
| Book value per share | ¥745.09 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 3,727,100 |  |
| Shareholders | 2,115 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 31.8% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | -3.2 pp | IT Services & System Integration |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, one segment accounts for 64% of positive segment profit
- FY2025, cash is 32% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6929026000 | ¥9189733000 | +32.6% |
| Operating income | ¥691769000 | ¥525174000 | -24.1% |
| Operating margin | 10.0% | 5.7% | -4.3 pp |
| Employees | 582 people | 712 people | +22.3% |
| Cash and equivalents | ¥1024777000 | ¥1586975000 | +54.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ITO＆BPO事業 → ITO＆BPO事業 | 67.1% |
| ITO＆BPO事業 → 事業再編・廃止 | 1.2% |
| クラウドソリューション事業 → クラウドソリューション事業 | 30.2% |
| その他 → その他 | 1.4% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → クラウドソリューション事業 | 1.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| ITO and BPO business | 3 years | +9.2% | ¥6166120000 | 5.5% | 2 |
| Cloud and solution business | 3 years | +11.4% | ¥2897155000 | 5.9% | 2 |
| Other | 3 years | +7.3% | ¥126457000 | 12.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,190 | 100.0% | S100XSJ5 |
| Cost of revenue | 6,050 | 65.8% | S100XSJ5 |
| Gross profit | 3,140 | 34.2% | S100XSJ5 |
| SG&A | 2,615 | 28.5% | S100XSJ5 |
| Operating income | 525 | 5.7% | S100XSJ5 |
| Ordinary income | 505 | 5.5% | S100XSJ5 |
| Pretax income | 505 | 5.5% | S100XSJ5 |
| Income tax | 187 | 2.0% | S100XSJ5 |
| Net income | 318 | 3.5% | S100XSJ5 |
| Net income attributable to owners | 318 | 3.5% | S100XSJ5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 28 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 34.2% → Operating margin 5.7% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.8%; Core profit growth: +23.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.29×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,803 | 9,190 | 1,387 | +17.8% |
| Gross profit | 2,843 | 3,140 | 297 | +10.5% |
| Operating income | 427 | 525 | 98 | +23.0% |
| Net income attributable to owners | 278 | 318 | 40 | +14.3% |
| Operating cash flow | 342 | 666 | 324 | +95.0% |
| Free cash flow | 319 | 617 | 297 | +93.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 6,929 | 692 | 10.0% | 453 | 443 | 415 | S100T8Z2 |
| FY ending Dec 2023 | 7,175 | 480 | 6.7% | 289 | 185 | 167 | S100VICQ |
| FY ending Dec 2024 | 7,803 | 427 | 5.5% | 278 | 342 | 319 | S100XSJ5 |
| FY ending Dec 2025 | 9,190 | 525 | 5.7% | 318 | 666 | 617 | S100XSJ5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.9M |
| Operating income per employee (consolidated) | ¥737.6K |
| Net income per employee (consolidated) | ¥446.2K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 582 | 642 | 677 | 712 |
| Average salary (parent company) | — | ¥5M | ¥5.3M | ¥5.7M |
| Average age (parent company) | — | 37.6 years | 37.9 years | 38.7 years |
| Average tenure (parent company) | — | 7.3 years | 7.4 years | 7.7 years |

Year over year: Employees (consolidated) +5.2% · Revenue (consolidated) +17.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| ITO and BPO business | 6,166 | 67.1% | 338 | 5.5% |
| Cloud and solution business | 2,897 | 31.5% | 171 | 5.9% |
| Other | 126 | 1.4% | 16 | 12.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| ITO and BPO business | 67.1% | 64.4% | -2.7 | 5.5% |
| Cloud and solution business | 31.5% | 32.6% | 1.1 | 5.9% |
| Other | 1.4% | 3.0% | 1.6 | 12.4% |

Segment → industry: Other → IT Services & System Integration / Cloud and solution business → IT Services & System Integration / ITO and BPO business → IT Services & System Integration / ITO and BPO business → Business Process Outsourcing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 666 | 7.2% | S100XSJ5 |
| Capital expenditure | 49 | 0.5% | S100XSJ5 |
| Free cash flow | 617 | 6.7% | 算出 |
| Investing cash flow | -615 | -6.7% | S100XSJ5 |
| Financing cash flow | -70 | -0.8% | S100XSJ5 |
| Dividends paid | 111 | 1.2% | S100XSJ5 |
| Change in cash | -14 | -0.2% | S100XSJ5 |
| Cash and equivalents | 1,587 | 17.3% | S100XSJ5 |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,025 | 1,848 | 1,601 | 1,587 | S100VICQ, S100XSJ5 |
| Total assets | 3,261 | 4,379 | 4,342 | 4,998 | S100T8Z2, S100VICQ, S100XSJ5 |
| Net assets | 1,074 | 2,313 | 2,750 | 2,960 | S100VICQ, S100XSJ5 |
| Share capital | 67 | 536 | 642 | 643 | S100T8Z2, S100VICQ, S100XSJ5 |
| Property, plant and equipment | 227 | 212 | 195 | 229 | S100T8Z2, S100VICQ, S100XSJ5 |
| Intangible assets excluding goodwill | 39 | 64 | 74 | 437 | S100T8Z2, S100VICQ, S100XSJ5 |
| Goodwill | — | 40 | 45 | 389 | S100VICQ, S100XSJ5 |
| Investment securities | 19 | 19 | 48 | 261 | S100T8Z2, S100VICQ, S100XSJ5 |
| Current assets | 2,446 | 3,519 | 3,443 | 3,477 | S100T8Z2, S100VICQ, S100XSJ5 |
| Current liabilities | 1,382 | 1,328 | 1,136 | 1,421 | S100T8Z2, S100VICQ, S100XSJ5 |
| Short-term borrowings | 90 | 90 | — | 9 | S100T8Z2, S100VICQ, S100XSJ5 |
| Long-term borrowings | 625 | 602 | 285 | 419 | S100T8Z2, S100VICQ, S100XSJ5 |
| Bonds | 75 | 35 | 15 | — | S100T8Z2, S100VICQ, S100XSJ5 |
| Interest-bearing debt | 790 | 727 | — | — | 算出 |
| Total liabilities | 2,187 | 2,066 | 1,591 | 2,037 | S100T8Z2, S100VICQ, S100XSJ5 |
| Non-controlling interests | 0 | 0 | 0 | 0 | S100T8Z2, S100VICQ, S100XSJ5 |
| Equity attributable to owners of parent | 1,046 | 2,274 | 2,695 | 2,901 | S100T8Z2, S100VICQ, S100XSJ5 |
| Retained earnings | 979 | 1,268 | 1,476 | 1,682 | S100T8Z2, S100VICQ, S100XSJ5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XSJ5 |
| Property, plant and equipment | 5% | S100XSJ5 |
| Intangibles and goodwill | 16% | S100XSJ5 |
| Investment securities | 5% | S100XSJ5 |
| Other assets | 42% | S100XSJ5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XSJ5 |
| Equity | 59% | S100XSJ5 |
| Other liabilities | 0% | S100XSJ5 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 3,261 | 4,379 | 4,342 | 4,998 |
| Equity | 1,074 | 2,313 | 2,750 | 2,960 |
| Interest-bearing debt | 790 | 727 | — | — |
| Cash | 1,025 | 1,848 | 1,601 | 1,587 |

## 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% | S100XSJ5 |
| Fixed assets ÷ total assets | 4.6% | S100XSJ5 |
| Goodwill ÷ parent equity | 13.4% | S100XSJ5 |

### 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) | 31.8% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.8% |
| Cash vs. profit gap | 348 JPY mn (of net income 109.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 18.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 92.3% |

## 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 | 6.5% | 2.12× | 13.9% | 3.12× | 43.3% | S100T8Z2 |
| 2023 | 4.0% | 1.88× | 7.6% | 2.30× | 17.4% | S100VICQ |
| 2024 | 3.6% | 1.79× | 6.4% | 1.76× | 11.2% | S100XSJ5 |
| 2025 | 3.5% | 1.97× | 6.8% | 1.67× | 11.4% | S100XSJ5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イッシン | Major shareholder | 28.8% | 2025-12-31 |
| 長谷川 一彦 | Major shareholder | 11.1% | 2025-12-31 |
| ロココ社員持株会 | Major shareholder | 4.0% | 2025-12-31 |
| 長谷川 裕美 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| 吉原 美智代 | Major shareholder | 2.1% | 2025-12-31 |
| 外池 榮一郎 | Major shareholder | 1.5% | 2025-12-31 |
| 大川 真美 | Major shareholder | 1.3% | 2025-12-31 |
| 加藤 芳男 | Major shareholder | 1.3% | 2025-12-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN(LUXEMBOURG)SCA CUSTODIAN FOR SMD-AM FUNDS-DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE（常任代理人 株式会社三井住友銀行デットファイナンス営業部長） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/01/01－2025/12/31) | S100XSJ5 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSJ5,, |
| 有価証券報告書－第31期(2024/01/01－2024/12/31) | S100VICQ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VICQ,, |
| 訂正有価証券報告書－第30期(2023/01/01－2023/12/31) | S100T8Z2 | 2024-04-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8Z2,, |

## 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).