# Sapeet: 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10期(2024/10/01－2025/09/30) (S100XBWT)
> Page: https://vizora.meequs.com/en/company/sapeet
> Retrieved: 2026-09-30T20:18:14.007Z

## Company

Sapeet, founded in 2016, is a company in Software & SaaS listed on TSE Growth. It has 53 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sapeet Inc. |
| Ticker | 269A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/269A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝五丁目13番18号 |
| Representative (per filing) | 代表取締役社長 築山 英治 |
| Founded | Mar 2016 |
| Share capital | ¥10M |
| Employees (consolidated) | 53 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | September |
| Website | sapeet.com (https://sapeet.com/) |
| Corporate number | 5010001174267 |
| EDINET | E39968 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XBWT, filed 2025-12-19). As of filing

## Key points (generated from figures)

- Sapeet brought in ¥996.3M in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +56.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥996301000 → ¥70543000
- Net income → operating cash flow: ¥70543000 → ¥45896000（difference ¥-24647000）
- Main uses of operating cash flow: CapEx ¥102535000 / dividends — / buybacks —
- Change in cash: ¥-6900000
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 | ¥996.3M |  |
| Operating income | ¥55.2M | Margin 5.5% |
| Net income | ¥70.5M | Margin 7.1% |
| Free cash flow | -¥56.6M |  |
| Employees (consolidated) | 53 |  |
| EPS | ¥45.25 |  |
| Diluted EPS | ¥42.96 |  |
| Book value per share | ¥315.95 |  |
| Equity ratio | 83.4% |  |
| Shares outstanding | 1,577,100 |  |
| Shareholders | 1,119 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 35.7% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | -6.9 pp | Software & SaaS |
| ROE | 21.2% | Derived from disclosed figures |
| ROA | 13.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 36% of total assets

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥421163000 | ¥996301000 | +136.6% |
| Operating income | ¥-147761000 | ¥55166000 | — |
| Operating margin | -35.1% | 5.5% | +40.6 pp |
| Employees | 36 people | 53 people | +47.2% |
| Cash and equivalents | ¥156352000 | ¥213327000 | +36.4% |

### 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 | 996 | 100.0% | S100XBWT |
| Cost of revenue | 495 | 49.7% | S100XBWT |
| Gross profit | 501 | 50.3% | S100XBWT |
| SG&A | 446 | 44.8% | S100XBWT |
| Operating income | 55 | 5.5% | S100XBWT |
| Ordinary income | 45 | 4.5% | S100XBWT |
| Pretax income | 42 | 4.2% | S100XBWT |
| Income tax | -28 | -2.8% | S100XBWT |
| Net income | 71 | 7.1% | S100XBWT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 45 |
| Operating income | 5 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 50.3% → Operating margin 5.5% → Net margin 7.1%
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 | 635 | 996 | 361 | +56.9% |
| Gross profit | 382 | 501 | 119 | +31.0% |
| Operating income | -19 | 55 | 74 | — |
| Operating cash flow | -32 | 46 | 78 | — |
| Free cash flow | -132 | -57 | 75 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 421 | -148 | -35.1% | -147 | -177 | -184 | S100UZO5 |
| FY ending Sep 2024 | 635 | -19 | -3.0% | -29 | -32 | -132 | S100XBWT |
| FY ending Sep 2025 | 996 | 55 | 5.5% | 71 | 46 | -57 | S100XBWT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.8M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 36 | 41 | 53 |
| Average salary (parent company) | — | ¥6.5M | ¥6.9M |
| Average age (parent company) | — | 35.0 years | 35.6 years |
| Average tenure (parent company) | — | 2.3 years | 2.5 years |

Year over year: Employees (consolidated) +29.3% · Revenue (consolidated) +56.9%

## 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 | 46 | 4.6% | S100XBWT |
| Capital expenditure | 103 | 10.3% | S100XBWT |
| Free cash flow | -57 | -5.7% | 算出 |
| Investing cash flow | -103 | -10.3% | S100XBWT |
| Financing cash flow | 50 | 5.0% | S100XBWT |
| Change in cash | -7 | -0.7% | S100XBWT |
| Cash and equivalents | 213 | 21.4% | S100XBWT |

## 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 | 156 | 220 | 213 | S100XBWT |
| Total assets | 265 | 452 | 598 | S100UZO5, S100XBWT |
| Net assets | -253 | 168 | 498 | S100XBWT |
| Share capital | 8 | 233 | 10 | S100UZO5, S100XBWT |
| Property, plant and equipment | 7 | 15 | 21 | S100UZO5, S100XBWT |
| Intangible assets excluding goodwill | — | 82 | 147 | S100XBWT |
| Current assets | 234 | 330 | 378 | S100UZO5, S100XBWT |
| Current liabilities | 518 | 284 | 99 | S100UZO5, S100XBWT |
| Short-term borrowings | — | 200 | — | S100XBWT |
| Total liabilities | 518 | 284 | 99 | S100UZO5, S100XBWT |
| Equity attributable to owners of parent | -253 | 168 | 498 | S100UZO5, S100XBWT |
| Retained earnings | -268 | -298 | -227 | S100UZO5, S100XBWT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100XBWT |
| Property, plant and equipment | 3% | S100XBWT |
| Intangibles and goodwill | 25% | S100XBWT |
| Other assets | 36% | S100XBWT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100XBWT |
| Equity | 83% | S100XBWT |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 265 | 452 | 598 |
| Equity | -253 | 168 | 498 |
| Interest-bearing debt | — | — | — |
| Cash | 156 | 220 | 213 |

## 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) | 2.1% | S100XBWT |
| Fixed assets ÷ total assets | 3.5% | S100XBWT |
| Goodwill ÷ parent equity | — | —, S100XBWT |

### 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) | 35.7% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.2% |
| Cash vs. profit gap | -25 JPY mn (of net income -34.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.3% |
| Investing CF relative to operating CF | 223.4% |

## 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 | — | —× | -55.5% | —× | — | S100UZO5 |
| 2024 | — | —× | -8.1% | —× | — | S100XBWT |
| 2025 | 7.1% | 1.90× | 13.4% | 1.58× | 21.2% | S100XBWT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社PKSHA Technology | Major shareholder | 36.0% | 2025-09-30 |
| 築 山 英 治 | Major shareholder | 19.7% | 2025-09-30 |
| 日本テレビホールディングス株式会社 | Major shareholder | 13.7% | 2025-09-30 |
| 村 上 大 昌 | Major shareholder | 2.1% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.4% | 2025-09-30 |
| 三菱ＵＦＪキャピタル９号投資事業有限責任組合 | Major shareholder | 1.3% | 2025-09-30 |
| 松 島 陽 介 | Major shareholder | 1.0% | 2025-09-30 |
| 山 元 雄 太 | Major shareholder | 1.0% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 0.8% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2024/10/01－2025/09/30) | S100XBWT | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBWT,, |
| 有価証券報告書－第9期(2023/10/01－2024/09/30) | S100UZO5 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZO5,, |

## 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).