# Scroll Corporation: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2024/04/01－2025/03/31) (S100VULR)
> Page: https://vizora.meequs.com/en/company/scroll
> Retrieved: 2026-09-30T20:55:07.272Z

## Company

Scroll, founded in 1943, is a company in E-commerce listed on TSE Prime. It has 920 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Scroll Corporation |
| Ticker | 8005 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8005.T) |
| Listing | TSE Prime |
| Head office | 静岡県浜松市中央区佐藤二丁目24番1号 |
| Representative (per filing) | 代表取締役社長 鶴見 知久 |
| Founded | Oct 1943 |
| Share capital | ¥6.12B |
| Employees (consolidated) | 920 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 9080401005367 |
| EDINET | E03054 |
| Industries (Vizora) | E-commerce, Business Process Outsourcing, Catalog & TV Shopping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100VULR, filed 2025-05-30). As of filing

## Five-axis industry profile

Primary industry: Catalog & TV Shopping (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.9 | 9 |
| Profitability | 65 | 10 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 55 | 10 |

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 46% of Scroll's sales come from Mail-order Business, with Business Solutions and E-commerce Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: Mail-order Business 46.4%、Business Solutions 35.6%、E-commerce Business 17.9%、Group Jurisdiction Business 0.0%
- Revenue → net income: ¥84030000000 → ¥4267000000
- Net income → operating cash flow: ¥4267000000 → ¥6124000000（difference ¥1857000000）
- Main uses of operating cash flow: CapEx ¥313000000 / dividends ¥1439000000 / buybacks ¥0
- Change in cash: ¥-1790000000
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 | ¥84B |  |
| Operating income | ¥6.05B | Margin 7.2% |
| Net income | ¥4.27B | Margin 5.1% |
| Free cash flow | ¥5.81B |  |
| Largest business | Mail-order Business | of segment revenue 46.4% |
| Employees (consolidated) | 920 |  |
| EPS | ¥104 |  |
| Book value per share | ¥940.66 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 34,415,000 |  |
| Treasury shares | 1,200 |  |
| Shareholders | 47,056 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | +2.6 pp | Catalog & TV Shopping |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Mar 2021 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85195000000 | ¥84030000000 | -1.4% |
| Operating income | ¥7385000000 | ¥6052000000 | -18.1% |
| Operating margin | 8.7% | 7.2% | -1.5 pp |
| Employees | 866 people | 920 people | +6.2% |
| Cash and equivalents | ¥8084000000 | ¥5625000000 | -30.4% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソリューション事業 → ソリューション事業 | 20.1% |
| 通販事業 → 通販事業 | 46.4% |
| 通販事業 → 事業再編・廃止 | 3.0% |
| ｅコマース事業 → ｅコマース事業 | 17.9% |
| ｅコマース事業 → 事業再編・廃止 | 9.0% |
| 健粧品事業 → 事業再編・廃止 | 3.2% |
| グループ管轄事業 → グループ管轄事業 | 0.0% |
| 旅行事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → ソリューション事業 | 15.5% |
| 新設・再編 → グループ管轄事業 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mail-order Business | 4 years | -1.9% | ¥38993000000 | 13.3% | 2 |
| Business Solutions | 4 years | +15.0% | ¥29942000000 | 3.0% | 2 |
| E-commerce Business | 4 years | -10.0% | ¥15057000000 | 1.1% | 2 |
| Group Jurisdiction Business | 4 years | +46.6% | ¥37000000 | 473.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 84,030 | 100.0% | S100VULR |
| Cost of revenue | 49,397 | 58.8% | S100VULR |
| Gross profit | 34,632 | 41.2% | S100VULR |
| SG&A | 28,580 | 34.0% | S100VULR |
| Operating income | 6,052 | 7.2% | S100VULR |
| Ordinary income | 6,424 | 7.6% | S100VULR |
| Pretax income | 6,346 | 7.6% | S100VULR |
| Income tax | 2,079 | 2.5% | S100VULR |
| Net income | 4,267 | 5.1% | S100VULR |
| Net income attributable to owners | 4,267 | 5.1% | S100VULR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 34 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 41.2% → Operating margin 7.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +13.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 79,826 | 84,030 | 4,204 | +5.3% |
| Gross profit | 31,486 | 34,632 | 3,146 | +10.0% |
| Operating income | 5,313 | 6,052 | 739 | +13.9% |
| Net income attributable to owners | 3,649 | 4,267 | 618 | +16.9% |
| Operating cash flow | 3,434 | 6,124 | 2,690 | +78.3% |
| Free cash flow | 2,981 | 5,811 | 2,830 | +94.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 85,195 | 7,385 | 8.7% | 5,183 | 3,956 | 547 | S100O54H |
| FY ending Mar 2022 | 81,391 | 7,000 | 8.6% | 5,585 | 3,711 | 2,840 | S100QUW2 |
| FY ending Mar 2023 | 81,018 | 6,121 | 7.6% | 4,170 | 5,853 | 5,503 | S100TIOO |
| FY ending Mar 2024 | 79,826 | 5,313 | 6.7% | 3,649 | 3,434 | 2,981 | S100VULR |
| FY ending Mar 2025 | 84,030 | 6,052 | 7.2% | 4,267 | 6,124 | 5,811 | S100VULR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.3M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 866 | 866 | 893 | 886 | 920 |
| Average salary (parent company) | — | ¥5.4M | ¥5.4M | ¥5.5M | ¥5.7M |
| Average age (parent company) | — | 42.2 years | 42.6 years | 41.9 years | 41.6 years |
| Average tenure (parent company) | — | 13.0 years | 13.0 years | 12.3 years | 12.5 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business Solutions | 29,942 | 35.6% | 889 | 3.0% |
| Mail-order Business | 38,993 | 46.4% | 5,200 | 13.3% |
| E-commerce Business | 15,057 | 17.9% | 163 | 1.1% |
| Group Jurisdiction Business | 37 | 0.0% | 175 | 473.0% |

### 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 |
| --- | ---: |
| Business Solutions | 35.6% |
| Mail-order Business | 46.4% |
| E-commerce Business | 17.9% |
| Group Jurisdiction Business | 0.0% |

Segment → industry: E-commerce Business → E-commerce / Business Solutions → Business Process Outsourcing / Mail-order Business → Catalog & TV Shopping / Business Solutions → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,124 | 7.3% | S100VULR |
| Capital expenditure | 313 | 0.4% | S100VULR |
| Free cash flow | 5,811 | 6.9% | 算出 |
| Investing cash flow | -3,298 | -3.9% | S100VULR |
| Financing cash flow | -4,632 | -5.5% | S100VULR |
| Dividends paid | 1,439 | 1.7% | S100VULR |
| Share buyback | 0 | 0.0% | S100VULR |
| Change in cash | -1,790 | -2.1% | S100VULR |
| Cash and equivalents | 5,625 | 6.7% | S100VULR |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,084 | 7,142 | 10,267 | 7,396 | 5,625 | S100QUW2, S100TIOO, S100VULR |
| Total assets | 49,903 | 49,711 | 53,200 | 53,258 | 56,032 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Net assets | 26,648 | 30,037 | 31,997 | 33,383 | 36,470 | S100QUW2, S100TIOO, S100VULR |
| Share capital | 6,018 | 6,018 | 6,064 | 6,116 | 6,116 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Property, plant and equipment | 13,728 | 13,537 | 12,928 | 12,469 | 11,881 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Intangible assets excluding goodwill | 913 | 892 | 770 | 691 | 1,106 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Goodwill | 128 | 85 | 42 | — | 504 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Investment securities | 1,310 | 1,355 | 1,481 | 2,198 | 2,368 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Current assets | 32,241 | 32,233 | 36,149 | 36,212 | 38,679 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Current liabilities | 18,651 | 12,051 | 16,529 | 18,195 | 17,903 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Short-term borrowings | 4,300 | 75 | 3,000 | 3,000 | — | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Long-term borrowings | 3,075 | 6,000 | 3,000 | — | — | S100O54H, S100QUW2, S100TIOO |
| Total liabilities | 23,255 | 19,673 | 21,203 | 19,874 | 19,561 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Equity attributable to owners of parent | 26,074 | 29,385 | 31,396 | 32,176 | 35,180 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Retained earnings | 13,414 | 16,726 | 18,344 | 19,829 | 22,019 | S100O54H, S100QUW2, S100TIOO, S100VULR |
| Treasury stock | -3 | -4 | -4 | -815 | -1 | S100O54H, S100QUW2, S100TIOO, S100VULR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100VULR |
| Property, plant and equipment | 21% | S100VULR |
| Intangibles and goodwill | 3% | S100VULR |
| Investment securities | 4% | S100VULR |
| Other assets | 62% | S100VULR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100VULR |
| Equity | 65% | S100VULR |
| Other liabilities | 0% | S100VULR |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 49,903 | 49,711 | 53,200 | 53,258 | 56,032 |
| Equity | 26,648 | 30,037 | 31,997 | 33,383 | 36,470 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,084 | 7,142 | 10,267 | 7,396 | 5,625 |

## 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) | 14.1% | S100VULR |
| Fixed assets ÷ total assets | 21.2% | S100VULR |
| Goodwill ÷ parent equity | 1.4% | S100VULR |

Goodwill over 4 years: 128 → 504 JPY; total investing cash flow: -8,564 JPY. This does not imply causation.

### 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) | 10.0% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.2% |
| Cash vs. profit gap | 1,857 JPY mn (of net income 43.5%) |
| Shareholder returns / net income | 33.7% |
| Shareholder returns / FCF | 24.8% |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 24.8% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 53.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.1% | 1.71× | 10.4% | 1.91× | 19.9% | S100O54H |
| 2022 | 6.9% | 1.63× | 11.2% | 1.80× | 20.1% | S100QUW2 |
| 2023 | 5.1% | 1.57× | 8.1% | 1.69× | 13.7% | S100TIOO |
| 2024 | 4.6% | 1.50× | 6.9% | 1.67× | 11.5% | S100VULR |
| 2025 | 5.1% | 1.54× | 7.8% | 1.62× | 12.7% | S100VULR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.2% | 2025-03-31 |
| 丸紅株式会社 | Major shareholder | 8.3% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2025-03-31 |
| スクロール従業員持株会 | Major shareholder | 1.9% | 2025-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 2025-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2025-03-31 |
| モリリン株式会社 | Major shareholder | 1.2% | 2025-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2025-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.8% | 2025-03-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.7% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100VULR | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VULR,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TIOO | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIOO,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100QUW2 | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUW2,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100O54H | 2022-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O54H,, |

## 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).