# Science Arts, Inc.: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/09/01－2025/08/31) (S100X6RV)
> Page: https://vizora.meequs.com/en/company/science-arts
> Retrieved: 2026-09-30T19:49:58.969Z

## Company

Science Arts, founded in 2003, is a company in Software & SaaS listed on TSE Growth. It has 58 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Science Arts, Inc. |
| Ticker | 4412 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4412.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷一丁目2番5号 MFPR渋谷ビル5階 |
| Representative (per filing) | 代表取締役社長 平岡 竜太朗 |
| Founded | Sep 2003 |
| Share capital | ¥450.9M |
| Employees (consolidated) | 58 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | August |
| Website | science-arts.com (https://science-arts.com/) |
| Corporate number | 3010001129272 |
| EDINET | E37095 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100X6RV, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.7 | 105 |
| Profitability | 29.3 | 145 |
| Cash conversion | 91 | 128 |
| Efficiency | 65.9 | 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)

- About 100% of Science Arts's sales come from Buddycom business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +39.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Buddycom business 99.9%、Other 0.1%
- Revenue → net income: ¥1654620000 → ¥112172000
- Net income → operating cash flow: ¥112172000 → ¥290705000（difference ¥178533000）
- Main uses of operating cash flow: CapEx ¥18939000 / dividends — / buybacks ¥11000
- Change in cash: ¥1016928000
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 | ¥1.65B |  |
| Operating income | ¥107.3M | Margin 6.5% |
| Net income | ¥112.2M | Margin 6.8% |
| Free cash flow | ¥271.8M |  |
| Largest business | Buddycom business | of segment revenue 99.9% |
| Employees (consolidated) | 58 |  |
| EPS | ¥14.32 |  |
| Diluted EPS | ¥14.3 |  |
| Book value per share | ¥172.17 |  |
| Equity ratio | 67.1% |  |
| Shares outstanding | 8,219,500 |  |
| Treasury shares | 123,000 |  |
| Shareholders | 3,444 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 75.8% | Cash ÷ revenue 95.1% |
| Vs. industry median margin | -6 pp | Software & SaaS |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, revenue is 4.5× its level five years ago
- FY2025, one segment accounts for 99% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥222760000 | ¥1654620000 | +642.8% |
| Operating income | ¥-93298000 | ¥107256000 | — |
| Operating margin | -41.9% | 6.5% | +48.4 pp |
| Employees | 17 people | 58 people | +241.2% |
| Cash and equivalents | ¥368587000 | ¥1574273000 | +327.1% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Buddycom事業 → Buddycom事業 | 90.8% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 9.1% |
| 新設・再編 → Buddycom事業 | 9.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,655 | 100.0% | S100X6RV |
| Cost of revenue | 645 | 39.0% | S100X6RV |
| Gross profit | 1,010 | 61.0% | S100X6RV |
| SG&A | 903 | 54.6% | S100X6RV |
| Operating income | 107 | 6.5% | S100X6RV |
| Ordinary income | 93 | 5.6% | S100X6RV |
| Pretax income | 93 | 5.6% | S100X6RV |
| Income tax | -19 | -1.2% | S100X6RV |
| Net income | 112 | 6.8% | S100X6RV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 55 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 61.0% → Operating margin 6.5% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,185 | 1,655 | 470 | +39.7% |
| Gross profit | 678 | 1,010 | 332 | +49.0% |
| Operating income | -31 | 107 | 139 | — |
| Operating cash flow | 1 | 291 | 290 | +25200.7% |
| Free cash flow | -46 | 272 | 318 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2020 | 223 | -93 | -41.9% | -92 | -92 | -93 | S100MYMM |
| FY ending Aug 2021 | 366 | -97 | -26.6% | -95 | -98 | -98 | S100PPEK |
| FY ending Aug 2022 | 660 | 11 | 1.7% | 9 | 114 | 96 | S100SD1O |
| FY ending Aug 2023 | 772 | -67 | -8.7% | -81 | -67 | -88 | S100UUH1 |
| FY ending Aug 2024 | 1,185 | -31 | -2.6% | -32 | 1 | -46 | S100X6RV |
| FY ending Aug 2025 | 1,655 | 107 | 6.5% | 112 | 291 | 272 | S100X6RV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.5M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 22 | 29 | 38 | 46 | 58 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.3M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 31.7 years | 31.5 years | 31.5 years | 31.3 years | 31.0 years |
| Average tenure (parent company) | 2.9 years | 2.8 years | 2.9 years | 3.0 years | 2.8 years |

Year over year: Employees (consolidated) +26.1% · Revenue (consolidated) +39.7%

## Segments（FY ending Aug 2025, non-consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Buddycom business | 1,653 | 99.9% | 106 | 6.4% |
| Other | 2 | 0.1% | 1 | 85.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Buddycom business | 99.9% | 98.8% | -1.1 | 6.4% |
| Other | 0.1% | 1.2% | 1.1 | 85.0% |

Segment → industry: Buddycom business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 291 | 17.6% | S100X6RV |
| Capital expenditure | 19 | 1.1% | S100X6RV |
| Free cash flow | 272 | 16.4% | 算出 |
| Investing cash flow | -27 | -1.6% | S100X6RV |
| Financing cash flow | 753 | 45.5% | S100X6RV |
| Share buyback | 0 | 0.0% | S100X6RV |
| Change in cash | 1,017 | 61.5% | S100X6RV |
| Cash and equivalents | 1,574 | 95.1% | S100X6RV |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 256 | 659 | 500 | 557 | 1,574 | S100SD1O, S100UUH1, S100X6RV |
| Total assets | 351 | 801 | 894 | 953 | 2,078 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Net assets | 233 | 571 | 508 | 477 | 1,394 | S100SD1O, S100UUH1, S100X6RV |
| Share capital | 50 | 50 | 52 | 52 | 451 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Property, plant and equipment | 13 | 30 | 113 | 109 | 110 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Investment securities | — | 5 | 10 | 10 | 10 | S100SD1O, S100UUH1, S100X6RV |
| Current assets | 324 | 739 | 668 | 752 | 1,835 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Current liabilities | 113 | 206 | 315 | 384 | 611 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Long-term borrowings | — | — | — | 40 | 27 | S100X6RV |
| Total liabilities | 118 | 231 | 386 | 477 | 684 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Equity attributable to owners of parent | 233 | 571 | 508 | 477 | 1,394 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Retained earnings | -250 | -241 | -322 | -354 | -242 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |
| Treasury stock | -18 | -4 | -4 | -4 | -3 | S100PPEK, S100SD1O, S100UUH1, S100X6RV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100X6RV |
| Property, plant and equipment | 5% | S100X6RV |
| Investment securities | 1% | S100X6RV |
| Other assets | 18% | S100X6RV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100X6RV |
| Equity | 67% | S100X6RV |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 351 | 801 | 894 | 953 | 2,078 |
| Equity | 233 | 571 | 508 | 477 | 1,394 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 256 | 659 | 500 | 557 | 1,574 |

## 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) | 6.6% | S100X6RV |
| Fixed assets ÷ total assets | 5.3% | S100X6RV |
| Goodwill ÷ parent equity | — | —, S100X6RV |

### 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) | 75.8% |
| Cash ÷ revenue | 95.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 271.0% |
| Cash vs. profit gap | 179 JPY mn (of net income 159.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 9.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -27.1% | —× | — | S100PPEK |
| 2022 | 1.4% | 1.15× | 1.6% | 1.43× | 2.2% | S100SD1O |
| 2023 | — | —× | -9.6% | —× | — | S100UUH1 |
| 2024 | — | —× | -3.4% | —× | — | S100X6RV |
| 2025 | 6.8% | 1.09× | 7.4% | 1.62× | 12.0% | S100X6RV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社平岡秀一事務所 | Major shareholder | 37.0% | 2025-08-31 |
| 楽天グループ株式会社 | Major shareholder | 10.1% | 2025-08-31 |
| 平岡 秀一 | Major shareholder | 9.5% | 2025-08-31 |
| 株式会社ＪＶＣケンウッド | Major shareholder | 8.1% | 2025-08-31 |
| 芹澤 圭二 | Major shareholder | 4.6% | 2025-08-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-08-31 |
| ＪＰＥ第２号株式会社 | Major shareholder | 1.5% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 0.9% | 2025-08-31 |
| 横道 克己 | Major shareholder | 0.9% | 2025-08-31 |
| 渡辺 修身 | Major shareholder | 0.7% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/09/01－2025/08/31) | S100X6RV | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6RV,, |
| 有価証券報告書－第21期(2023/09/01－2024/08/31) | S100UUH1 | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUH1,, |
| 有価証券報告書－第20期(2022/09/01－2023/08/31) | S100SD1O | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD1O,, |
| 有価証券報告書－第19期(令和3年9月1日－令和4年8月31日) | S100PPEK | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPEK,, |
| 有価証券報告書－第18期(令和2年9月1日－令和3年8月31日) | S100MYMM | 2021-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYMM,, |

## 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).