# ROXX, 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12期(2024/10/01－2025/09/30) (S100XCWL)
> Page: https://vizora.meequs.com/en/company/roxx
> Retrieved: 2026-09-30T20:18:12.266Z

## Company

Roxx, founded in 2013, is a company in HR & Staffing listed on TSE Growth. It has 305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROXX,inc. |
| Ticker | 241A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/241A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿六丁目27番30号 |
| Representative (per filing) | 代表取締役社長 中嶋 汰朗 |
| Founded | Nov 2013 |
| Share capital | ¥644.4M |
| Employees (consolidated) | 305 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | roxx.co.jp (https://roxx.co.jp/) |
| Corporate number | 4011001097376 |
| EDINET | E39906 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XCWL, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.9 | 68 |
| Profitability | 0.6 | 88 |
| Efficiency | 19.9 | 88 |

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)

- Roxx brought in ¥4.51B in revenue.
- It lost about ¥16 for every ¥100 of sales at the operating level.
- Revenue changed +29.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.51B |  |
| Operating income | -¥721.9M | Margin -16.0% |
| Net income | ¥1.05B | Margin 23.3% |
| Free cash flow | -¥1.04B |  |
| Employees (consolidated) | 305 |  |
| EPS | ¥144.55 |  |
| Diluted EPS | ¥141.56 |  |
| Book value per share | ¥268.68 |  |
| Equity ratio | 34.7% |  |
| Shareholders | 2,699 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 71.6% | Cash ÷ revenue 89.3% |
| Vs. industry median margin | -24.6 pp | HR & Staffing |
| ROE | 73.6% | Derived from disclosed figures |
| ROA | 22.6% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 72% of total assets
- FY2025, operating loss is 16 per ¥100 of revenue

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2075781000 | ¥4513177000 | +117.4% |
| Operating income | ¥-746113000 | ¥-721927000 | — |
| Operating margin | -35.9% | -16.0% | +19.9 pp |
| Employees | 212 people | 305 people | +43.9% |
| Cash and equivalents | ¥781584000 | ¥4030176000 | +415.6% |

### Change in segment revenue mix

Span: FY ending Sep 2023 → 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 | 4,513 | 100.0% | S100XCWL |
| Cost of revenue | 760 | 16.8% | S100XCWL |
| Gross profit | 3,753 | 83.2% | S100XCWL |
| SG&A | 4,475 | 99.2% | S100XCWL |
| Operating income | -722 | -16.0% | S100XCWL |
| Ordinary income | -767 | -17.0% | S100XCWL |
| Pretax income | 1,141 | 25.3% | S100XCWL |
| Income tax | 90 | 2.0% | S100XCWL |
| Net income | 1,051 | 23.3% | S100XCWL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 99 |
| Operating income | -16 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 83.2% → Operating margin -16.0% → Net margin 23.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,477 | 4,513 | 1,036 | +29.8% |
| Gross profit | 2,981 | 3,753 | 772 | +25.9% |
| Operating income | -470 | -722 | -252 | — |
| Operating cash flow | -607 | -1,024 | -417 | — |
| Free cash flow | -614 | -1,039 | -425 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 2,076 | -746 | -35.9% | -746 | -488 | -536 | S100UYEK |
| FY ending Sep 2024 | 3,477 | -470 | -13.5% | -500 | -607 | -614 | S100XCWL |
| FY ending Sep 2025 | 4,513 | -722 | -16.0% | 1,051 | -1,024 | -1,039 | S100XCWL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | -¥2.4M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 212 | 285 | 305 |
| Average salary (parent company) | — | ¥6.1M | ¥5.6M |
| Average age (parent company) | — | 31.1 years | 29.7 years |
| Average tenure (parent company) | — | 1.9 years | 2.0 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +29.8%

## 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 | -1,024 | -22.7% | S100XCWL |
| Capital expenditure | 15 | 0.3% | S100XCWL |
| Free cash flow | -1,039 | -23.0% | 算出 |
| Investing cash flow | 1,670 | 37.0% | S100XCWL |
| Financing cash flow | 789 | 17.5% | S100XCWL |
| Change in cash | 1,435 | 31.8% | S100XCWL |
| Cash and equivalents | 4,030 | 89.3% | S100XCWL |

## 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 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 782 | 2,595 | 4,030 | S100XCWL |
| Total assets | 1,485 | 3,696 | 5,625 | S100UYEK, S100XCWL |
| Net assets | 313 | 904 | 1,955 | S100XCWL |
| Share capital | 99 | 644 | 644 | S100UYEK, S100XCWL |
| Property, plant and equipment | 47 | 38 | — | S100UYEK, S100XCWL |
| Investment securities | 1 | 1 | 1 | S100UYEK, S100XCWL |
| Current assets | 1,368 | 3,559 | 5,278 | S100UYEK, S100XCWL |
| Current liabilities | 1,088 | 1,837 | 2,689 | S100UYEK, S100XCWL |
| Short-term borrowings | 50 | — | — | S100UYEK |
| Long-term borrowings | 83 | 955 | 981 | S100UYEK, S100XCWL |
| Total liabilities | 1,172 | 2,792 | 3,670 | S100UYEK, S100XCWL |
| Equity attributable to owners of parent | 312 | 903 | 1,954 | S100UYEK, S100XCWL |
| Retained earnings | -2,068 | -2,568 | -1,516 | S100UYEK, S100XCWL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100XCWL |
| Investment securities | 0% | S100XCWL |
| Other assets | 28% | S100XCWL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XCWL |
| Equity | 35% | S100XCWL |
| Other liabilities | 0% | S100XCWL |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,485 | 3,696 | 5,625 |
| Equity | 313 | 904 | 1,955 |
| Interest-bearing debt | — | — | — |
| Cash | 782 | 2,595 | 4,030 |

### 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) | 71.6% |
| Cash ÷ revenue | 89.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -2,075 JPY mn (of net income -197.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -50.3% | —× | — | S100UYEK |
| 2024 | — | —× | -19.3% | —× | — | S100XCWL |
| 2025 | 23.3% | 0.97× | 22.6% | 3.26× | 73.6% | S100XCWL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中嶋 汰朗 | Major shareholder | 16.6% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2025-09-30 |
| パーソルキャリア株式会社 | Major shareholder | 6.0% | 2025-09-30 |
| 山田 浩輝 | Major shareholder | 4.9% | 2025-09-30 |
| KxShareHW投資事業有限責任組合 | Major shareholder | 4.3% | 2025-09-30 |
| NY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） | Major shareholder | 4.0% | 2025-09-30 |
| 株式会社サイバーエージェント | Major shareholder | 2.8% | 2025-09-30 |
| グローバル・ブレイン7号投資事業有限責任組合 | Major shareholder | 2.5% | 2025-09-30 |
| OneCapital1号投資事業有限責任組合 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社ウィルグループ | Major shareholder | 2.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2024/10/01－2025/09/30) | S100XCWL | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCWL,, |
| 有価証券報告書－第11期(2023/10/01－2024/09/30) | S100UYEK | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYEK,, |

## 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).