# Showcase Inc.: business model and financials

> Latest period: FY ending Dec 2024, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第30期(2025/01/01－2026/03/31) (S100YMC0)
> Page: https://vizora.meequs.com/en/company/showcase
> Retrieved: 2026-09-30T20:58:25.330Z

## Company

Showcase, founded in 2025, is a company in Software & SaaS listed on TSE Standard. It has 120 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Showcase Inc. |
| Ticker | 3909 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3909.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木一丁目9番9号 |
| Representative (per filing) | 代表取締役社長 松本 高一 |
| Founded | Mar 2025 |
| Share capital | ¥389M |
| Employees (consolidated) | 120 |
| Fiscal year end | March |
| Website | www.showcase-tv.com (https://www.showcase-tv.com/) |
| Corporate number | 2010401036607 |
| EDINET | E27894 |
| Industries (Vizora) | Software & SaaS, Cybersecurity, Advertising, Venture Capital, Secondhand Retail |

> Profile source: annual securities report (S100YMC0, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2024-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 12.5 | 20 |
| Efficiency | 52.5 | 20 |

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 43% of Showcase's sales come from Telecommunications, with Reuse mobile related business and DXcloud making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.21B |  |
| Operating income | -¥165.8M | Margin -2.7% |
| Net income | -¥742.8M | Margin -12.0% |
| Free cash flow | -¥902.3M |  |
| Largest business | Telecommunications | of segment revenue 43.1% |
| Employees (consolidated) | 120 |  |
| EPS | ¥-89.68 |  |
| Book value per share | ¥140.3 |  |
| Equity ratio | 22.8% |  |
| Shares outstanding | 10,185,600 |  |
| Cash ratio | 35.4% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | -6 pp | Secondhand Retail |
| ROA | -21.3% | Derived from disclosed figures |

## Notable figures

- FY2024, cash is 35% of total assets

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Telecommunications | — | — | ¥4718874000 | -2.5% | 2 |
| Reuse mobile related business | — | — | ¥4664515000 | — | 2 |
| DXcloud | — | — | ¥1154944000 | 29.8% | 2 |
| AdMediaService | — | — | ¥308052000 | 19.5% | 2 |
| Other business | — | — | ¥54358000 | — | 2 |
| Other | — | — | ¥29583000 | 100.0% | 2 |
| Investment business | — | — | ¥29550000 | -56.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,211 | 100.0% | S100YMC0 |
| Cost of revenue | 4,705 | 75.7% | S100YMC0 |
| Gross profit | 1,507 | 24.3% | S100YMC0 |
| SG&A | 1,673 | 26.9% | S100YMC0 |
| Operating income | -166 | -2.7% | S100YMC0 |
| Ordinary income | -244 | -3.9% | S100YMC0 |
| Pretax income | -773 | -12.4% | S100YMC0 |
| Income tax | 20 | 0.3% | S100YMC0 |
| Net income | -793 | -12.8% | S100YMC0 |
| Net income attributable to owners | -743 | -12.0% | S100YMC0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 27 |
| Operating income | -3 |
| (Ref.) Net income | -12 |

### Margin funnel

Gross margin 24.3% → Operating margin -2.7% → Net margin -12.0%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.8M |
| Operating income per employee (consolidated) | -¥1.4M |
| 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 Dec 2024 |
| --- | ---: |
| Employees (consolidated) | 120 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| DXcloud | 1,155 | 10.5% | 344 | 29.8% |
| AdMediaService | 308 | 2.8% | 60 | 19.5% |
| Investment business | 30 | 0.3% | -17 | -56.8% |
| Telecommunications | 4,719 | 43.1% | -117 | -2.5% |
| Reuse mobile related business | 4,665 | 42.6% | — | — |
| Other business | 54 | 0.5% | — | — |
| Other | 30 | 0.3% | 30 | 100.0% |

### 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 |
| --- | ---: |
| DXcloud | 10.5% |
| AdMediaService | 2.8% |
| Investment business | 0.3% |
| Telecommunications | 43.1% |
| Reuse mobile related business | 42.6% |
| Other business | 0.5% |
| Other | 0.3% |

Segment → industry: DXcloud → Software & SaaS / DXcloud → Cybersecurity / AdMediaService → Advertising / Investment business → Venture Capital / Telecommunications → Secondhand Retail / Reuse mobile related business → Secondhand Retail

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -673 | -10.8% | S100YMC0 |
| Capital expenditure | 229 | 3.7% | S100YMC0 |
| Free cash flow | -902 | -14.5% | 算出 |
| Investing cash flow | -193 | -3.1% | S100YMC0 |
| Financing cash flow | 811 | 13.1% | S100YMC0 |
| Change in cash | -55 | -0.9% | S100YMC0 |
| Cash and equivalents | 1,234 | 19.9% | S100YMC0 |

## 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 Dec 2024 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 1,234 | S100YMC0 |
| Total assets | 3,486 | S100YMC0 |
| Net assets | 1,295 | S100YMC0 |
| Share capital | 389 | S100YMC0 |
| Property, plant and equipment | 114 | S100YMC0 |
| Intangible assets excluding goodwill | 224 | S100YMC0 |
| Goodwill | 123 | S100YMC0 |
| Investment securities | 42 | S100YMC0 |
| Current assets | 2,994 | S100YMC0 |
| Current liabilities | 1,405 | S100YMC0 |
| Short-term borrowings | 900 | S100YMC0 |
| Long-term borrowings | 722 | S100YMC0 |
| Total liabilities | 2,191 | S100YMC0 |
| Non-controlling interests | 499 | S100YMC0 |
| Equity attributable to owners of parent | 796 | S100YMC0 |
| Retained earnings | -932 | S100YMC0 |
| Treasury stock | -600 | S100YMC0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YMC0 |
| Property, plant and equipment | 3% | S100YMC0 |
| Intangibles and goodwill | 10% | S100YMC0 |
| Investment securities | 1% | S100YMC0 |
| Other assets | 50% | S100YMC0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YMC0 |
| Equity | 37% | S100YMC0 |
| Other liabilities | 0% | S100YMC0 |

## 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) | 1.8% | S100YMC0 |
| Fixed assets ÷ total assets | 3.3% | S100YMC0 |
| Goodwill ÷ parent equity | 15.4% | S100YMC0 |

### 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) | 35.4% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 70 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -21.3% | —× | — | S100YMC0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| AIフュージョンキャピタルグループ株式会社 | Major shareholder | 51.0% | 2026-03-31 |
| 森 雅弘 | Major shareholder | 4.0% | 2026-03-31 |
| 倉員 伸夫 | Major shareholder | 3.1% | 2026-03-31 |
| PHILLIP SECURITIES CLIENTS（RETAIL） （常任代理人 フィリップ証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |
| 鈴木 智博 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2026-03-31 |
| 中山 玉栄 | Major shareholder | 0.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 中谷 安男 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/01/01－2026/03/31) | S100YMC0 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMC0,, |

## 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).