# S Crypto Energy Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/04/01－2026/03/31) (S100YNKO)
> Page: https://vizora.meequs.com/en/company/s-crypto-energy
> Retrieved: 2026-09-30T21:04:11.439Z

## Company

S Crypto Energy, founded in 1946, is a company in Crypto & Blockchain listed on TSE Standard. It has 17 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S Crypto Energy Inc.(旧英訳名 S Science Company, Ltd.) 注)2026年2月27日開催の臨時株主総会の決議により、2026年4月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 5721 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5721.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座八丁目9番13号 |
| Representative (per filing) | 代表取締役社長 久永賢剛 |
| Founded | Apr 1946 |
| Share capital | ¥2.27B |
| Employees (consolidated) | 17 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.s-science.jp (https://www.s-science.jp/) |
| Corporate number | 6010001084903 |
| EDINET | E01300 |
| Industries (Vizora) | Crypto & Blockchain, Real Estate Development & Leasing, Education, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YNKO, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 4.1 | 86 |
| Efficiency | 28.5 | 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 57% of S Crypto Energy's sales come from Real estate, with Nickel and Smart dx solution making up much of the rest.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed +127.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.44B |  |
| Operating income | -¥146.1M | Margin -10.1% |
| Net income | -¥2.53B | Margin -175.5% |
| Free cash flow | ¥88.7M |  |
| Largest business | Real estate | of segment revenue 57.2% |
| Employees (consolidated) | 17 |  |
| EPS | ¥-16.02 |  |
| Book value per share | ¥26.85 |  |
| Equity ratio | 82.6% |  |
| Shares outstanding | 175,145,749 |  |
| Treasury shares | 2,700 |  |
| Shareholders | 66,543 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 33.5% | Cash ÷ revenue 131.9% |
| Vs. industry median margin | -20.7 pp | Real Estate Development & Leasing |
| ROA | -58.3% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.6× dividends
- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, cash is 34% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1155682000 | ¥1441465000 | — |
| Operating income | ¥-259984000 | ¥-146089000 | — |
| Operating margin | -22.5% | -10.1% | +12.4 pp |
| Employees | 26 people | 17 people | — |
| Cash and equivalents | ¥1720154000 | ¥1901404000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| ニッケル事業 → ニッケル事業 | 42.8% |
| ニッケル事業 → 事業再編・廃止 | 21.7% |
| 不動産事業 → 不動産事業 | 4.5% |
| リフォーム関連事業 → 事業再編・廃止 | 25.1% |
| 教育事業 → 事業再編・廃止 | 0.1% |
| スーパーマーケット関連事業 → 事業再編・廃止 | 5.8% |
| 新設・再編 → 不動産事業 | 52.7% |
| 新設・再編 → スマートDXソリューション | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | — | — | ¥824464000 | 51.9% | 2 |
| Nickel | — | — | ¥616307000 | 5.0% | 2 |
| Smart dx solution | — | — | ¥692000 | -3671.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,441 | 100.0% | S100YNKO |
| Cost of revenue | 881 | 61.1% | S100YNKO |
| Gross profit | 560 | 38.9% | S100YNKO |
| SG&A | 706 | 49.0% | S100YNKO |
| Operating income | -146 | -10.1% | S100YNKO |
| Ordinary income | -2,524 | -175.1% | S100YNKO |
| Pretax income | -2,525 | -175.2% | S100YNKO |
| Income tax | 4 | 0.3% | S100YNKO |
| Net income | -2,530 | -175.5% | S100YNKO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 49 |
| Operating income | -10 |
| (Ref.) Net income | -175 |

### Margin funnel

Gross margin 38.9% → Operating margin -10.1% → Net margin -175.5%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 634 | 1,441 | 807 | +127.2% |
| Gross profit | 73 | 560 | 487 | +664.9% |
| Operating income | -292 | -146 | 146 | — |
| Operating cash flow | -253 | 350 | 604 | — |
| Free cash flow | -254 | 89 | 343 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 1,081 | -240 | -22.2% | -270 | -76 | — | S100OLIJ |
| FY ending Mar 2022 | 1,156 | -260 | -22.5% | -329 | -215 | -454 | S100R9L4 |
| FY ending Mar 2023 | 1,361 | -117 | -8.6% | -106 | -142 | — | S100TXGC |
| FY ending Mar 2024 | 1,544 | -279 | -18.1% | 426 | -150 | -150 | S100TXGC |
| FY ending Mar 2024 | 719 | -312 | -43.4% | 426 | -150 | — | S100W8ZY |
| FY ending Mar 2025 | 634 | -292 | -46.0% | -97 | -253 | -254 | S100YNKO |
| FY ending Mar 2026 | 1,441 | -146 | -10.1% | -2,530 | 350 | 89 | S100YNKO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.8M |
| Operating income per employee (consolidated) | -¥8.6M |
| Net income per employee (consolidated) | -¥148.8M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 25 | 27 | 16 | 16 | 17 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | — | ¥4.8M | ¥5.7M |
| Average age (parent company) | 64.9 years | 63.4 years | — | 65.6 years | 65.1 years |
| Average tenure (parent company) | 20.6 years | 18.9 years | — | 22.5 years | 17.2 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +127.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nickel | 616 | 42.8% | 31 | 5.0% |
| Real estate | 824 | 57.2% | 428 | 51.9% |
| Smart dx solution | 1 | 0.0% | -25 | -3671.8% |
| Education | — | 0.0% | -13 | — |
| Crypto Assets | — | 0.0% | -5 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Nickel | 6.7% | 5.0% |
| Real estate | 93.3% | 51.9% |
| Smart dx solution | — | -3671.8% |
| Education | — | — |
| Crypto Assets | — | — |

Loss-making segment (excluded from profit shares): Smart dx solution -25 JPY mn

Loss-making segment (excluded from profit shares): Education -13 JPY mn

Loss-making segment (excluded from profit shares): Crypto Assets -5 JPY mn

Segment → industry: Crypto Assets → Crypto & Blockchain / Real estate → Real Estate Development & Leasing / Education → Education / Nickel → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 350 | 24.3% | S100YNKO |
| Capital expenditure | 262 | 18.2% | S100YNKO |
| Free cash flow | 89 | 6.2% | 算出 |
| Investing cash flow | -5,214 | -361.7% | S100YNKO |
| Financing cash flow | 4,604 | 319.4% | S100YNKO |
| Dividends paid | 0 | 0.0% | S100YNKO |
| Share buyback | 0 | 0.0% | S100YNKO |
| Change in cash | -259 | -18.0% | S100YNKO |
| Cash and equivalents | 1,901 | 131.9% | S100YNKO |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,289 | 2,233 | 2,155 | 2,161 | 1,901 | S100TXGC, S100YNKO |
| Total assets | 2,948 | 3,275 | 3,122 | 3,007 | 5,668 | S100TXGC, S100W8ZY, S100YNKO |
| Net assets | 2,631 | 3,011 | 2,968 | 2,871 | 4,702 | S100TXGC, S100YNKO |
| Share capital | 100 | 100 | 100 | 100 | 2,269 | S100TXGC, S100W8ZY, S100YNKO |
| Property, plant and equipment | 2 | 1 | 1 | — | 261 | S100TXGC, S100W8ZY, S100YNKO |
| Intangible assets excluding goodwill | 0 | 0 | — | — | — | S100TXGC |
| Investment securities | 468 | 1 | 1 | 1 | 2 | S100TXGC, S100W8ZY, S100YNKO |
| Current assets | 2,341 | 3,127 | 2,972 | 2,913 | 2,227 | S100TXGC, S100W8ZY, S100YNKO |
| Current liabilities | 207 | 145 | 36 | 33 | 931 | S100TXGC, S100W8ZY, S100YNKO |
| Trade payables | 131 | 86 | — | — | — | S100TXGC |
| Short-term borrowings | 3 | 3 | — | — | — | S100TXGC |
| Total liabilities | 317 | 264 | 155 | 136 | 966 | S100TXGC, S100W8ZY, S100YNKO |
| Equity attributable to owners of parent | 2,584 | 3,010 | 2,967 | 2,870 | 4,680 | S100TXGC, S100W8ZY, S100YNKO |
| Retained earnings | -113 | 313 | 270 | 173 | -2,357 | S100TXGC, S100W8ZY, S100YNKO |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100TXGC, S100W8ZY, S100YNKO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YNKO |
| Property, plant and equipment | 5% | S100YNKO |
| Investment securities | 0% | S100YNKO |
| Other assets | 62% | S100YNKO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YNKO |
| Equity | 83% | S100YNKO |
| Other liabilities | 0% | S100YNKO |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,948 | 3,275 | 3,122 | 3,007 | 5,668 |
| Equity | 2,631 | 3,011 | 2,968 | 2,871 | 4,702 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,289 | 2,233 | 2,155 | 2,161 | 1,901 |

## 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) | 18.1% | S100YNKO |
| Fixed assets ÷ total assets | 4.6% | S100YNKO |
| Goodwill ÷ parent equity | — | —, S100YNKO |

### 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) | 33.5% |
| Cash ÷ revenue | 131.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,880 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 0.1% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 18.2% |
| Investing CF relative to operating CF | 1487.9% |

## 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 | — | —× | -3.6% | —× | — | S100TXGC |
| 2024 | 27.6% | 0.50× | 13.7% | 1.11× | 15.2% | S100TXGC |
| 2024 | 59.3% | 0.23× | 13.7% | 1.05× | 14.4% | S100YNKO, S100W8ZY |
| 2025 | — | —× | -3.2% | —× | — | S100YNKO |
| 2026 | — | —× | -58.3% | —× | — | S100YNKO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KAY LEO BROTHERS LIMITED（常任代理人 野田 洋一郎） | Major shareholder | 5.3% | 2026-03-31 |
| 品 田 守 敏 | Major shareholder | 1.3% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| 長 崎 裕 太 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社（常任代理人 株式会社三井住友銀行） | Major shareholder | 0.6% | 2026-03-31 |
| 石 原 慎 也 | Major shareholder | 0.6% | 2026-03-31 |
| 乾 峻 輔 | Major shareholder | 0.6% | 2026-03-31 |
| 加 藤 孝 文 | Major shareholder | 0.6% | 2026-03-31 |
| 武 市 眞 次 | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社東成工業 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/04/01－2026/03/31) | S100YNKO | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNKO,, |
| 有価証券報告書－第106期(2024/04/01－2025/03/31) | S100W8ZY | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8ZY,, |
| 有価証券報告書－第105期(2023/04/01－2024/03/31) | S100TXGC | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXGC,, |
| 有価証券報告書－第104期(2022/04/01－2023/03/31) | S100R9L4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9L4,, |
| 有価証券報告書－第103期(令和3年4月1日－令和4年3月31日) | S100OLIJ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLIJ,, |
| 有価証券報告書－第102期(令和2年4月1日－令和3年3月31日) | S100LRIQ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRIQ,, |

## 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).