# Schoo,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14期(2024/10/01－2025/09/30) (S100XCX0)
> Page: https://vizora.meequs.com/en/company/schoo
> Retrieved: 2026-09-30T19:49:31.052Z

## Company

Schoo, founded in 2011, is a company in Software & SaaS listed on TSE Growth. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Schoo,inc. |
| Ticker | 264A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/264A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区鶯谷町2番7号 |
| Representative (per filing) | 代表取締役社長 森 健志郎 |
| Founded | Oct 2011 |
| Share capital | ¥684.2M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | corp.schoo.jp (https://corp.schoo.jp/) |
| Corporate number | 3011001071002 |
| EDINET | E40018 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XCX0, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89 | 105 |
| Profitability | 39.7 | 145 |
| Cash conversion | 34.8 | 128 |
| Efficiency | 71.4 | 145 |

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)

- Schoo brought in ¥3.36B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit +149.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3360107000 → ¥175311000
- Net income → operating cash flow: ¥175311000 → ¥249386000（difference ¥74075000）
- Main uses of operating cash flow: CapEx ¥132379000 / dividends — / buybacks ¥139304000
- Change in cash: ¥901263000
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 | ¥3.36B |  |
| Operating income | ¥290.4M | Margin 8.6% |
| Net income | ¥175.3M | Margin 5.2% |
| Free cash flow | ¥117M |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥14.31 |  |
| Diluted EPS | ¥13.44 |  |
| Book value per share | ¥150.23 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 12,534,780 |  |
| Treasury shares | 186,000 |  |
| Shareholders | 5,733 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 85.6% | Cash ÷ revenue 87.7% |
| Vs. industry median margin | -3.8 pp | Software & SaaS |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 86% of total assets

## What changed in 2 years

| Metric | FY ending Sep 2023 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2007927000 | ¥3360107000 | +67.3% |
| Operating income | ¥-623721000 | ¥290402000 | — |
| Operating margin | -31.1% | 8.6% | +39.7 pp |
| Employees | 139 people | 191 people | +37.4% |
| Cash and equivalents | ¥1922842000 | ¥2946270000 | +53.2% |

### 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 | 3,360 | 100.0% | S100XCX0 |
| Cost of revenue | 830 | 24.7% | S100XCX0 |
| Gross profit | 2,530 | 75.3% | S100XCX0 |
| SG&A | 2,240 | 66.7% | S100XCX0 |
| Operating income | 290 | 8.6% | S100XCX0 |
| Ordinary income | 258 | 7.7% | S100XCX0 |
| Pretax income | 259 | 7.7% | S100XCX0 |
| Income tax | 83 | 2.5% | S100XCX0 |
| Net income | 175 | 5.2% | S100XCX0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 67 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 75.3% → Operating margin 8.6% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.8%; Core profit growth: +149.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.42×
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 | 2,853 | 3,360 | 507 | +17.8% |
| Gross profit | 1,958 | 2,530 | 573 | +29.3% |
| Operating income | 116 | 290 | 174 | +149.8% |
| Operating cash flow | 115 | 249 | 134 | +116.5% |
| Free cash flow | 95 | 117 | 22 | +23.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2023 | 2,008 | -624 | -31.1% | -680 | -453 | -464 | S100V0PZ |
| FY ending Sep 2024 | 2,853 | 116 | 4.1% | 184 | 115 | 95 | S100XCX0 |
| FY ending Sep 2025 | 3,360 | 290 | 8.6% | 175 | 249 | 117 | S100XCX0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.6M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥917.9K |

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) | 139 | 167 | 191 |
| Average salary (parent company) | — | ¥6.1M | ¥6.5M |
| Average age (parent company) | — | 35.3 years | 36.2 years |
| Average tenure (parent company) | — | 2.7 years | 2.8 years |

Year over year: Employees (consolidated) +14.4% · Revenue (consolidated) +17.8%

## 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 | 249 | 7.4% | S100XCX0 |
| Capital expenditure | 132 | 3.9% | S100XCX0 |
| Free cash flow | 117 | 3.5% | 算出 |
| Investing cash flow | -135 | -4.0% | S100XCX0 |
| Financing cash flow | 787 | 23.4% | S100XCX0 |
| Share buyback | 139 | 4.1% | S100XCX0 |
| Change in cash | 901 | 26.8% | S100XCX0 |
| Cash and equivalents | 2,946 | 87.7% | S100XCX0 |

## 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 | 1,923 | 2,045 | 2,946 | S100XCX0 |
| Total assets | 2,098 | 2,415 | 3,442 | S100V0PZ, S100XCX0 |
| Net assets | 165 | 650 | 1,855 | S100XCX0 |
| Share capital | 100 | 100 | 684 | S100V0PZ, S100XCX0 |
| Inventories | 5 | 2 | — | S100V0PZ |
| Property, plant and equipment | 0 | 6 | 29 | S100V0PZ, S100XCX0 |
| Intangible assets excluding goodwill | — | 14 | 109 | S100XCX0 |
| Current assets | 2,083 | 2,283 | 3,230 | S100V0PZ, S100XCX0 |
| Current liabilities | 853 | 1,101 | 1,187 | S100V0PZ, S100XCX0 |
| Long-term borrowings | 880 | 664 | 400 | S100V0PZ, S100XCX0 |
| Total liabilities | 1,933 | 1,765 | 1,587 | S100V0PZ, S100XCX0 |
| Equity attributable to owners of parent | 165 | 650 | 1,855 | S100V0PZ, S100XCX0 |
| Retained earnings | -680 | 184 | 360 | S100V0PZ, S100XCX0 |
| Treasury stock | — | — | -138 | S100XCX0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 86% | S100XCX0 |
| Property, plant and equipment | 1% | S100XCX0 |
| Intangibles and goodwill | 3% | S100XCX0 |
| Other assets | 10% | S100XCX0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100XCX0 |
| Equity | 54% | S100XCX0 |
| Other liabilities | 0% | S100XCX0 |

### Balance sheet history

| Metric | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,098 | 2,415 | 3,442 |
| Equity | 165 | 650 | 1,855 |
| Interest-bearing debt | — | — | — |
| Cash | 1,923 | 2,045 | 2,946 |

## 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) | 0.9% | S100XCX0 |
| Fixed assets ÷ total assets | 0.9% | S100XCX0 |
| Goodwill ÷ parent equity | — | —, S100XCX0 |

### 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) | 85.6% |
| Cash ÷ revenue | 87.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 85.9% |
| Cash vs. profit gap | 74 JPY mn (of net income 42.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 54.2% |

## 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 | — | —× | -32.4% | —× | — | S100V0PZ |
| 2024 | 6.5% | 1.26× | 8.2% | 5.54× | 45.2% | S100XCX0 |
| 2025 | 5.2% | 1.15× | 6.0% | 2.34× | 14.0% | S100XCX0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森 健志郎 | Major shareholder | 19.3% | 2025-09-30 |
| 池原 諒平 | Major shareholder | 13.5% | 2025-09-30 |
| IF GROWTH OPPORTUNITY FUND 1 , L.P （常任代理人：ＳＭＢＣ日興証券株式会社） | Major shareholder | 6.9% | 2025-09-30 |
| BIG２号投資事業有限責任組合 | Major shareholder | 5.9% | 2025-09-30 |
| あおぞらHYBRID2号投資事業有限責任組合 | Major shareholder | 3.9% | 2025-09-30 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.4% | 2025-09-30 |
| 中西 孝之 | Major shareholder | 2.4% | 2025-09-30 |
| 第一生命保険株式会社 (常任代理人：株式会社日本カストディ銀行) | Major shareholder | 2.1% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.7% | 2025-09-30 |
| 創発の莟１号投資事業有限責任組合 | Major shareholder | 1.6% | 2025-09-30 |
| ＵＮＩＣＯＲＮファンド投資事業有限責任組合 | Major shareholder | 1.6% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XCX0 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCX0,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100V0PZ | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0PZ,, |

## 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).