# SHANON Inc.: business model and financials

> Latest period: FY ending Oct 2024, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/11/01－2025/12/31) (S100XV3B)
> Page: https://vizora.meequs.com/en/company/shanon
> Retrieved: 2026-09-30T19:42:04.407Z

## Company

Shanon, founded in 2000, is a company in Software & SaaS listed on TSE Growth. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHANON Inc. |
| Ticker | 3976 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3976.T) |
| Listing | TSE Growth |
| Head office | 東京都港区浜松町二丁目2番12号 |
| Representative (per filing) | 代表取締役CEO 山﨑 浩史 |
| Founded | Aug 2000 |
| Share capital | ¥550M |
| Employees (consolidated) | 254 |
| Fiscal year end | December |
| Website | www.shanon.co.jp (https://www.shanon.co.jp/) |
| Corporate number | 1010401052638 |
| EDINET | E32855 |
| Industries (Vizora) | Software & SaaS, Events & Ticketing |

> Profile source: annual securities report (S100XV3B, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2024-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 9.3 | 145 |
| Efficiency | 89.3 | 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 85% of Shanon's sales come from Marketing cloud, with Event Cloud Business making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.21B |  |
| Operating income | -¥51.6M | Margin -1.6% |
| Net income | -¥101.6M | Margin -3.2% |
| Free cash flow | ¥81.1M |  |
| Largest business | Marketing cloud | of segment revenue 84.9% |
| Employees (consolidated) | 254 |  |
| EPS | ¥-60.71 |  |
| Book value per share | ¥-18.76 |  |
| Shares outstanding | 3,180,700 |  |
| Cash ratio | 35.2% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | -14.1 pp | Software & SaaS |
| ROA | -4.7% | Derived from disclosed figures |

## Notable figures

- FY2024, one segment accounts for 83% of positive segment profit
- FY2024, cash is 35% of total assets

## Income statement（FY ending Oct 2024, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,207 | 100.0% | S100XV3B |
| Cost of revenue | 1,275 | 39.8% | S100XV3B |
| Gross profit | 1,932 | 60.2% | S100XV3B |
| SG&A | 1,984 | 61.9% | S100XV3B |
| Operating income | -52 | -1.6% | S100XV3B |
| Ordinary income | -53 | -1.7% | S100XV3B |
| Pretax income | -95 | -3.0% | S100XV3B |
| Income tax | 6 | 0.2% | S100XV3B |
| Net income | -102 | -3.2% | S100XV3B |
| Net income attributable to owners | -102 | -3.2% | S100XV3B |

## Per ¥100 of revenue（FY ending Oct 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 62 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 60.2% → Operating margin -1.6% → Net margin -3.2%
Derived from reported figures (DERIVED).

## People and productivity（FY ending Oct 2024, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.6M |
| Operating income per employee (consolidated) | -¥203.2K |
| Net income per employee (consolidated) | -¥400.1K |

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

| History | FY ending Oct 2024 |
| --- | ---: |
| Employees (consolidated) | 254 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

## Segments（FY ending Oct 2024, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing cloud | 2,724 | 84.9% | 211 | 7.7% |
| Event Cloud Business | 483 | 15.1% | 43 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing cloud | 84.9% | 82.9% | -2.0 | 7.7% |
| Event Cloud Business | 15.1% | 17.1% | 2.0 | 9.0% |

Segment → industry: Event Cloud Business → Software & SaaS / Marketing cloud → Software & SaaS / Event Cloud Business → Events & Ticketing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2024, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 227 | 7.1% | S100XV3B |
| Capital expenditure | 146 | 4.5% | S100XV3B |
| Free cash flow | 81 | 2.5% | 算出 |
| Investing cash flow | -161 | -5.0% | S100XV3B |
| Financing cash flow | 295 | 9.2% | S100XV3B |
| Change in cash | 362 | 11.3% | S100XV3B |
| Cash and equivalents | 763 | 23.8% | S100XV3B |

## 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 Oct 2024 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 763 | S100XV3B |
| Total assets | 2,169 | S100XV3B |
| Net assets | -53 | S100XV3B |
| Share capital | 550 | S100XV3B |
| Property, plant and equipment | 27 | S100XV3B |
| Intangible assets excluding goodwill | 401 | S100XV3B |
| Goodwill | 79 | S100XV3B |
| Current assets | 1,376 | S100XV3B |
| Current liabilities | 987 | S100XV3B |
| Trade payables | 61 | S100XV3B |
| Long-term borrowings | 61 | S100XV3B |
| Bonds | 1,174 | S100XV3B |
| Total liabilities | 2,222 | S100XV3B |
| Equity attributable to owners of parent | -68 | S100XV3B |
| Retained earnings | -813 | S100XV3B |
| Treasury stock | -0 | S100XV3B |

## 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% | S100XV3B |
| Fixed assets ÷ total assets | 1.3% | S100XV3B |
| Goodwill ÷ parent equity | — | S100XV3B |

### 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) | 35.2% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 328 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 70.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | — | —× | -4.7% | —× | — | S100XV3B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社イノベーション | Major shareholder | 56.7% | 2025-12-31 |
| 中村 健一郎 | Major shareholder | 5.9% | 2025-12-31 |
| 永島 毅一郎 | Major shareholder | 4.7% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.0% | 2025-12-31 |
| 引字 圭祐 | Major shareholder | 1.8% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 堀 譲治 | Major shareholder | 1.3% | 2025-12-31 |
| 武田 隆志 | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社サンブリッジコーポレーション | Major shareholder | 0.9% | 2025-12-31 |
| 東野 誠 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/11/01－2025/12/31) | S100XV3B | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV3B,, |

## 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).