# Scala, Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/07/01－2025/06/30) (S100WPSD)
> Page: https://vizora.meequs.com/en/company/scala
> Retrieved: 2026-09-30T20:24:16.320Z

## Company

Scala, founded in 2004, is a company in IT Services & System Integration listed on TSE Prime. It has 408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Scala, Inc. |
| Ticker | 4845 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4845.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷二丁目21番1号 |
| Representative (per filing) | 取締役 代表執行役社長 新田 英明 |
| Founded | Sep 2004 |
| Share capital | ¥1.79B |
| Employees (consolidated) | 408 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | June |
| Website | scalagrp.jp (https://scalagrp.jp/) |
| Corporate number | 4011001027663 |
| EDINET | E05187 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, E-commerce, Investment Funds, HR & Staffing, Secondhand Retail |

> Profile source: annual securities report (S100WPSD, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 52.8 | 196 |
| Cash conversion | 45.1 | 185 |
| Efficiency | 14 | 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 56% of Scala's sales come from DX, with EC and Human resources making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -30.9% from the prior year, operating profit +89.3%.

## Company structure

- Segment revenue mix: DX 56.4%、EC 27.9%、Human resources 12.4%、Incubation 3.3%
- Revenue → net income: ¥8179945000 → ¥984324000
- Net income → operating cash flow: ¥984324000 → ¥589800000（difference ¥-394524000）
- Main uses of operating cash flow: CapEx ¥94472000 / dividends ¥465899000 / buybacks ¥2000
- Change in cash: ¥-2230575000
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 | ¥8.18B |  |
| Operating income | ¥751.8M | Margin 9.2% |
| Net income | ¥982.1M | Margin 12.0% |
| Free cash flow | ¥495.3M |  |
| Largest business | DX | of segment revenue 56.4% |
| Employees (consolidated) | 408 |  |
| EPS | ¥56.58 |  |
| Diluted EPS | ¥56.58 |  |
| Book value per share | ¥169.03 |  |
| Equity ratio | 47.0% | Derived from disclosed figures |
| Shares outstanding | 17,761,859 |  |
| Treasury shares | 400,000 |  |
| Shareholders | 16,274 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 44.9% | Cash ÷ revenue 56.1% |
| Vs. industry median margin | +0.3 pp | IT Services & System Integration |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 65% of positive segment profit
- FY2025, cash is 45% of total assets

## What changed in 6 years

| Metric | FY ending Jun 2019 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17112193000 | ¥8179945000 | -52.2% |
| Operating income | ¥2153470000 | ¥751766000 | -65.1% |
| Operating margin | 12.6% | 9.2% | -3.4 pp |
| Employees | 519 people | 408 people | -21.4% |
| Cash and equivalents | ¥6393530000 | ¥4586809000 | -28.3% |

### Change in segment revenue mix

Span: FY ending Jun 2019 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| SaaS／ASP事業 → 事業再編・廃止 | 23.3% |
| SFA事業 → 事業再編・廃止 | 28.3% |
| カスタマーサポート事業 → 事業再編・廃止 | 16.0% |
| フィールドマーケティング事業 → 事業再編・廃止 | 23.1% |
| その他 → 事業再編・廃止 | 9.3% |
| 新設・再編 → DX事業 | 56.4% |
| 新設・再編 → 人材事業 | 12.4% |
| 新設・再編 → EC事業 | 27.9% |
| 新設・再編 → インキュベーション事業 | 3.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| DX | 2 years | -20.0% | ¥4616226000 | 16.8% | 2 |
| EC | 2 years | +3.2% | ¥2277988000 | 11.6% | 2 |
| Human resources | 2 years | +2.5% | ¥1011757000 | 14.7% | 2 |
| Incubation | 2 years | +0.8% | ¥273163000 | -6.2% | 2 |

## Income statement（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,180 | 100.0% | S100WPSD |
| Cost of revenue | 4,228 | 51.7% | S100WPSD |
| Gross profit | 3,952 | 48.3% | S100WPSD |
| SG&A | 3,401 | 41.6% | S100WPSD |
| Operating income | 752 | 9.2% | S100WPSD |
| Pretax income | 725 | 8.9% | S100WPSD |
| Income tax | -198 | -2.4% | S100WPSD |
| Net income | 984 | 12.0% | S100WPSD |
| Net income attributable to owners | 982 | 12.0% | S100WPSD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 42 |
| Other operating | -3 |
| Operating income | 9 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 48.3% → Operating margin 9.2% → Net margin 12.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,838 | 8,180 | -3,658 | -30.9% |
| Gross profit | 4,928 | 3,952 | -975 | -19.8% |
| Operating income | 397 | 752 | 355 | +89.3% |
| Net income attributable to owners | -219 | 982 | 1,201 | — |
| Operating cash flow | 601 | 590 | -12 | -1.9% |
| Free cash flow | 393 | 495 | 103 | +26.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2016 | 2,694 | 617 | 22.9% | 828 | 414 | — | S100JRFI |
| FY ending Jun 2017 | 10,664 | 3,737 | 35.0% | 2,988 | 755 | — | S100MHC9 |
| FY ending Jun 2018 | 12,829 | 1,547 | 12.1% | 707 | 1,390 | — | S100P8FL |
| FY ending Jun 2019 | 17,112 | 2,153 | 12.6% | 946 | 1,922 | 1,502 | S100JRFI |
| FY ending Jun 2020 | 7,625 | 227 | 3.0% | 321 | 1,131 | 259 | S100MHC9 |
| FY ending Jun 2021 | 8,713 | 413 | 4.7% | 3,065 | 721 | -50 | S100P8FL |
| FY ending Jun 2022 | 9,569 | -192 | -2.0% | -523 | 2,049 | 1,850 | S100RW3B |
| FY ending Jun 2023 | 11,838 | 397 | 3.4% | -219 | 601 | 393 | S100UENW |
| FY ending Jun 2025 | 8,180 | 752 | 9.2% | 982 | 590 | 495 | S100WPSD |

## People and productivity（FY ending Jun 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Jun 2020 | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 738 | 478 | 588 | 648 | 408 |
| Average salary (parent company) | ¥7.2M | ¥8.9M | ¥8.5M | ¥8.5M | ¥6.8M |
| Average age (parent company) | 34.8 years | 36.4 years | 38.2 years | 38.6 years | 40.1 years |
| Average tenure (parent company) | 5.0 years | 5.1 years | 5.2 years | 5.7 years | 7.2 years |

## Segments（FY ending Jun 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DX | 4,616 | 56.4% | 777 | 16.8% |
| Human resources | 1,012 | 12.4% | 149 | 14.7% |
| EC | 2,278 | 27.9% | 265 | 11.6% |
| Incubation | 273 | 3.3% | -17 | -6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| DX | 56.4% | 65.3% | 8.8 | 16.8% |
| Human resources | 12.4% | 12.5% | 0.1 | 14.7% |
| EC | 27.9% | 22.2% | -5.6 | 11.6% |
| Incubation | 3.3% | — | — | -6.2% |

Loss-making segment (excluded from profit shares): Incubation -17 JPY mn

Segment → industry: DX → IT Services & System Integration / DX → Software & SaaS / EC → E-commerce / Incubation → Investment Funds / Human resources → HR & Staffing / EC → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 590 | 7.2% | S100WPSD |
| Capital expenditure | 94 | 1.2% | S100WPSD |
| Free cash flow | 495 | 6.1% | 算出 |
| Investing cash flow | 779 | 9.5% | S100WPSD |
| Financing cash flow | -3,599 | -44.0% | S100WPSD |
| Dividends paid | 466 | 5.7% | S100WPSD |
| Share buyback | 0 | 0.0% | S100WPSD |
| Change in cash | -2,231 | -27.3% | S100WPSD |
| Cash and equivalents | 4,587 | 56.1% | S100WPSD |

## 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 Jun 2020 | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,823 | 9,810 | 9,625 | 7,740 | 4,587 | S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Total assets | 24,913 | 20,330 | 20,816 | 18,317 | 10,223 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Net assets | 10,343 | 10,471 | 9,006 | 8,089 | 4,836 | S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Share capital | 1,721 | 1,750 | 1,779 | 1,788 | 1,795 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Property, plant and equipment | 706 | 623 | 639 | 542 | 298 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Goodwill | 7,086 | 1,950 | 2,356 | 1,991 | 978 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Current assets | 11,781 | 12,991 | 12,030 | 10,281 | 5,900 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Total liabilities | 14,570 | 9,859 | 11,810 | 10,227 | 5,387 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Equity attributable to owners of parent | 7,403 | 10,163 | 8,687 | 7,832 | 4,804 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Retained earnings | 4,635 | 7,174 | 6,016 | 5,163 | 2,622 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |
| Treasury stock | -0 | -0 | -174 | -300 | -300 | S100MHC9, S100P8FL, S100RW3B, S100UENW, S100WPSD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100WPSD |
| Property, plant and equipment | 3% | S100WPSD |
| Intangibles and goodwill | 9% | — |
| Other assets | 43% | S100WPSD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100WPSD |
| Equity | 47% | S100WPSD |
| Other liabilities | 0% | S100WPSD |

### Balance sheet history

| Metric | FY ending Jun 2020 | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 24,913 | 20,330 | 20,816 | 18,317 | 10,223 |
| Equity | 10,343 | 10,471 | 9,006 | 8,089 | 4,836 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,823 | 9,810 | 9,625 | 7,740 | 4,587 |

## 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) | 3.6% | S100WPSD |
| Fixed assets ÷ total assets | 2.9% | S100WPSD |
| Goodwill ÷ parent equity | 20.4% | S100WPSD |

### 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) | 44.9% |
| Cash ÷ revenue | 56.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.5% |
| Cash vs. profit gap | -392 JPY mn (of net income -39.9%) |
| Shareholder returns / net income | 47.4% |
| Shareholder returns / FCF | 94.1% |
| Shareholder payments — dividends / net income | 47.4% |
| Shareholder payments — dividends / FCF | 94.1% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 132.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 4.2% | 0.31× | 1.3% | 3.37× | 4.3% | S100MHC9 |
| 2021 | 35.2% | 0.39× | 13.5% | 2.58× | 34.9% | S100P8FL |
| 2022 | — | —× | -2.5% | —× | — | S100RW3B |
| 2023 | — | —× | -1.1% | —× | — | S100UENW |
| 2025 | 12.0% | 0.80× | 9.6% | 2.13× | 20.4% | S100WPSD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱ （信託口）（注） | Major shareholder | 12.4% | 2025-06-30 |
| ㈱クエスト | Major shareholder | 3.5% | 2025-06-30 |
| ㈱IC | Major shareholder | 2.9% | 2025-06-30 |
| 梛野 憲克 | Major shareholder | 2.0% | 2025-06-30 |
| スカラ従業員持株会 | Major shareholder | 1.8% | 2025-06-30 |
| ㈱日本カストディ銀行 （信託口）（注） | Major shareholder | 1.3% | 2025-06-30 |
| 島津 英樹 | Major shareholder | 1.1% | 2025-06-30 |
| 清見 征一 | Major shareholder | 1.1% | 2025-06-30 |
| 辰巳 佳央 | Major shareholder | 1.0% | 2025-06-30 |
| 鈴木 祥二 | Major shareholder | 0.9% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/07/01－2025/06/30) | S100WPSD | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPSD,, |
| 有価証券報告書－第38期(2023/07/01－2024/06/30) | S100UENW | 2024-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UENW,, |
| 有価証券報告書－第37期(2022/07/01－2023/06/30) | S100RW3B | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RW3B,, |
| 有価証券報告書－第36期(令和3年7月1日－令和4年6月30日) | S100P8FL | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8FL,, |
| 有価証券報告書－第35期(令和2年7月1日－令和3年6月30日) | S100MHC9 | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHC9,, |
| 有価証券報告書－第34期(令和1年7月1日－令和2年6月30日) | S100JRFI | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRFI,, |

## 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).