# SHARINGTECHNOLOGY INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/10/01－2025/09/30) (S100XC4O)
> Page: https://vizora.meequs.com/en/company/sharingtechnology
> Retrieved: 2026-09-30T20:56:31.644Z

## Company

Sharingtechnology, founded in 2006, is a company in Internet Services & Apps listed on TSE Growth. It has 229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHARINGTECHNOLOGY INC. |
| Ticker | 3989 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3989.T) |
| Listing | TSE Growth |
| Head office | 愛知県名古屋市中村区名駅一丁目1番1号JPタワー名古屋19F |
| Representative (per filing) | 代表取締役 CEO 片山 善隆 |
| Founded | Nov 2006 |
| Share capital | ¥716.4M |
| Employees (consolidated) | 229 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | September |
| Website | www.sharing-tech.jp (https://www.sharing-tech.jp/) |
| Corporate number | 2180001061708 |
| EDINET | E33242 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XC4O, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 40 |
| Profitability | 91.2 | 51 |
| Cash conversion | 43 | 43 |
| Efficiency | 72.1 | 52 |

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)

- Sharingtechnology brought in ¥8.58B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +14.4% from the prior year, operating profit +15.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8579864000 → ¥1438445000
- Net income → operating cash flow: ¥1438445000 → ¥1981550000（difference ¥543105000）
- Main uses of operating cash flow: CapEx ¥350321000 / dividends ¥348655000 / buybacks ¥503637000
- Change in cash: ¥1321406000
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 | ¥8.58B |  |
| Operating income | ¥2.07B | Margin 24.2% |
| Net income | ¥1.41B | Margin 16.5% |
| Free cash flow | ¥1.63B |  |
| Employees (consolidated) | 229 |  |
| EPS | ¥60.3 |  |
| Diluted EPS | ¥59.16 |  |
| Book value per share | ¥205.25 |  |
| Equity ratio | 69.3% | Derived from disclosed figures |
| Shares outstanding | 24,429,800 |  |
| Treasury shares | 498,500 |  |
| Shareholders | 6,295 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 73.0% | Cash ÷ revenue 63.3% |
| Vs. industry median margin | +16.5 pp | Internet Services & Apps |
| ROE | 31.2% | Derived from disclosed figures |
| ROA | 20.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends
- FY2025, revenue is 2.4× its level five years ago
- FY2025, cash is 73% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3987105000 | ¥8579864000 | +115.2% |
| Operating income | ¥364793000 | ¥2074042000 | +468.6% |
| Operating margin | 9.1% | 24.2% | +15 pp |
| Employees | 189 people | 229 people | +21.2% |
| Cash and equivalents | ¥2190375000 | ¥5431008000 | +147.9% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,580 | 100.0% | S100XC4O |
| Cost of revenue | 729 | 8.5% | S100XC4O |
| Gross profit | 7,851 | 91.5% | S100XC4O |
| SG&A | 5,874 | 68.5% | S100XC4O |
| Operating income | 2,074 | 24.2% | S100XC4O |
| Pretax income | 2,072 | 24.2% | S100XC4O |
| Income tax | 634 | 7.4% | S100XC4O |
| Net income | 1,438 | 16.8% | S100XC4O |
| Net income attributable to owners | 1,413 | 16.5% | S100XC4O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 68 |
| Other operating | -1 |
| Operating income | 24 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 91.5% → Operating margin 24.2% → Net margin 16.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.4%; Core profit growth: +15.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.10×
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 | 7,503 | 8,580 | 1,077 | +14.4% |
| Gross profit | 6,871 | 7,851 | 980 | +14.3% |
| Operating income | 1,790 | 2,074 | 284 | +15.9% |
| Net income attributable to owners | 1,467 | 1,413 | -54 | -3.7% |
| Operating cash flow | 2,271 | 1,982 | -290 | -12.8% |
| Free cash flow | 2,258 | 1,631 | -627 | -27.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2017 | 1,754 | — | — | 268 | 376 | — | S100N67V |
| FY ending Sep 2018 | 4,728 | — | — | 697 | -942 | — | S100PUQD |
| FY ending Sep 2019 | 3,892 | -268 | -6.9% | -559 | -695 | -1,160 | S100KGLM |
| FY ending Sep 2020 | 3,987 | 365 | 9.1% | -1,182 | 1,298 | 765 | S100N67V |
| FY ending Sep 2021 | 3,532 | — | — | -1,119 | 449 | — | S100XC4O |
| FY ending Sep 2022 | 4,429 | 402 | 9.1% | 473 | 725 | 705 | S100SIZ1 |
| FY ending Sep 2023 | 6,229 | 1,241 | 19.9% | 1,321 | 1,476 | 1,466 | S100UZB8 |
| FY ending Sep 2024 | 7,503 | 1,790 | 23.9% | 1,467 | 2,271 | 2,258 | S100XC4O |
| FY ending Sep 2025 | 8,580 | 2,074 | 24.2% | 1,413 | 1,982 | 1,631 | S100XC4O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥9.1M |
| Net income per employee (consolidated) | ¥6.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 191 | 164 | 168 | 173 | 229 |
| Average salary (parent company) | — | ¥4M | ¥3.9M | ¥4.3M | ¥5M |
| Average age (parent company) | — | 29.6 years | 29.8 years | 31.8 years | 31.0 years |
| Average tenure (parent company) | — | 3.3 years | 3.7 years | 4.3 years | 4.3 years |

Year over year: Employees (consolidated) +32.4% · Revenue (consolidated) +14.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,982 | 23.1% | S100XC4O |
| Capital expenditure | 350 | 4.1% | S100XC4O |
| Free cash flow | 1,631 | 19.0% | 算出 |
| Investing cash flow | -366 | -4.3% | S100XC4O |
| Financing cash flow | -294 | -3.4% | S100XC4O |
| Dividends paid | 349 | 4.1% | S100XC4O |
| Share buyback | 504 | 5.9% | S100XC4O |
| Change in cash | 1,321 | 15.4% | S100XC4O |
| Cash and equivalents | 5,431 | 63.3% | S100XC4O |

## 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 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,742 | 958 | 1,852 | 4,110 | 5,431 | S100XC4O, S100UZB8 |
| Total assets | 3,080 | 2,329 | 4,126 | 6,319 | 7,438 | S100XC4O, S100SIZ1, S100UZB8 |
| Net assets | — | 670 | 2,189 | 3,908 | 5,200 | S100UZB8, S100XC4O |
| Share capital | — | 1,309 | 74 | 191 | 716 | S100SIZ1, S100UZB8, S100XC4O |
| Property, plant and equipment | — | 36 | 32 | 24 | 348 | S100SIZ1, S100UZB8, S100XC4O |
| Goodwill | — | — | 117 | 117 | 134 | S100UZB8, S100XC4O |
| Current assets | — | 1,706 | 2,842 | 5,274 | 6,397 | S100SIZ1, S100UZB8, S100XC4O |
| Total liabilities | — | 1,659 | 1,937 | 2,411 | 2,237 | S100SIZ1, S100UZB8, S100XC4O |
| Equity attributable to owners of parent | — | 670 | 2,183 | 3,890 | 5,157 | S100SIZ1, S100UZB8, S100XC4O |
| Retained earnings | — | -1,441 | 937 | 2,404 | 3,469 | S100SIZ1, S100UZB8, S100XC4O |
| Treasury stock | — | -290 | -0 | -0 | -500 | S100SIZ1, S100UZB8, S100XC4O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100XC4O |
| Property, plant and equipment | 5% | S100XC4O |
| Intangibles and goodwill | 2% | — |
| Other assets | 20% | S100XC4O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XC4O |
| Equity | 70% | S100XC4O |
| Other liabilities | 0% | S100XC4O |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,080 | 2,329 | 4,126 | 6,319 | 7,438 |
| Equity | — | 670 | 2,189 | 3,908 | 5,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,742 | 958 | 1,852 | 4,110 | 5,431 |

## 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) | 4.1% | S100XC4O |
| Fixed assets ÷ total assets | 4.7% | S100XC4O |
| Goodwill ÷ parent equity | 2.6% | S100XC4O |

### 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) | 73.0% |
| Cash ÷ revenue | 63.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.5% |
| Cash vs. profit gap | 568 JPY mn (of net income 40.2%) |
| Shareholder returns / net income | 60.3% |
| Shareholder returns / FCF | 52.2% |
| Shareholder payments — dividends / net income | 24.7% |
| Shareholder payments — dividends / FCF | 21.4% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 18.5% |

## 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 | — | —× | -36.3% | —× | — | S100XC4O |
| 2022 | 10.7% | 1.64× | 17.5% | 4.04× | 70.6% | S100SIZ1 |
| 2023 | 21.2% | 1.93× | 40.9% | 2.26× | 92.6% | S100UZB8 |
| 2024 | 19.6% | 1.44× | 28.1% | 1.72× | 48.3% | S100XC4O |
| 2025 | 16.5% | 1.25× | 20.5% | 1.52× | 31.2% | S100XC4O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| AVI JAPAN OPPORTUNITY TRUST PLC(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 14.8% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.9% | 2025-09-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.6% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 4.7% | 2025-09-30 |
| 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 | 3.1% | 2025-09-30 |
| 和田 修治 | Major shareholder | 2.8% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| SG/UCITS V/INV(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.6% | 2025-09-30 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XC4O | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC4O,, |
| 有価証券報告書－第18期(2023/10/01－2024/09/30) | S100UZB8 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZB8,, |
| 有価証券報告書－第17期(2022/10/01－2023/09/30) | S100SIZ1 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIZ1,, |
| 有価証券報告書－第16期(令和3年10月1日－令和4年9月30日) | S100PUQD | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUQD,, |
| 訂正有価証券報告書－第15期(令和2年10月1日－令和3年9月30日) | S100N67V | 2022-01-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N67V,, |
| 有価証券報告書－第14期(令和1年10月1日－令和2年9月30日) | S100KGLM | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KGLM,, |

## 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).