# Smaregi,Inc.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/05/01－2026/04/30) (S100YSPI)
> Page: https://vizora.meequs.com/en/company/smaregi
> Retrieved: 2026-09-30T20:18:12.021Z

## Company

Smaregi, founded in 2005, is a company in Software & SaaS listed on TSE Growth. It has 477 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Smaregi,Inc. |
| Ticker | 4431 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4431.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市中央区本町四丁目2番12号 |
| Representative (per filing) | 代表取締役 宮﨑 龍平 |
| Founded | May 2005 |
| Share capital | ¥1.16B |
| Employees (consolidated) | 477 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | April |
| Website | corp.smaregi.jp (https://corp.smaregi.jp/) |
| Corporate number | 3120002064771 |
| EDINET | E34643 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YSPI, filed 2026-07-28). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 79 | 145 |
| Cash conversion | 44.1 | 128 |
| Efficiency | 63.1 | 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)

- Smaregi brought in ¥13.3B in revenue.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +20.6% from the prior year, operating profit +35.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥13345406000 → ¥2228796000
- Net income → operating cash flow: ¥2228796000 → ¥3120719000（difference ¥891923000）
- Main uses of operating cash flow: CapEx ¥697484000 / dividends ¥288547000 / buybacks ¥61000
- Change in cash: ¥2225603000
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 | ¥13.3B |  |
| Operating income | ¥3.22B | Margin 24.1% |
| Net income | ¥2.23B | Margin 16.7% |
| Free cash flow | ¥2.42B |  |
| Employees (consolidated) | 477 |  |
| EPS | ¥116.96 |  |
| Diluted EPS | ¥116.8 |  |
| Book value per share | ¥500.5 |  |
| Equity ratio | 68.3% |  |
| Shares outstanding | 19,693,800 |  |
| Treasury shares | 431,500 |  |
| Shareholders | 5,555 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 57.8% | Cash ÷ revenue 61.0% |
| Vs. industry median margin | +11.7 pp | Software & SaaS |
| ROE | 25.8% | Derived from disclosed figures |
| ROA | 17.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 58% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Apr 2022 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4296845000 | ¥13345406000 | — |
| Operating income | ¥636845000 | ¥3216948000 | — |
| Operating margin | 14.8% | 24.1% | +9.3 pp |
| Employees | 210 people | 477 people | — |
| Cash and equivalents | ¥3766812000 | ¥8138218000 | — |

### Change in segment revenue mix

Span: FY ending Apr 2022 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,345 | 100.0% | S100YSPI |
| Cost of revenue | 4,572 | 34.3% | S100YSPI |
| Gross profit | 8,773 | 65.7% | S100YSPI |
| SG&A | 5,556 | 41.6% | S100YSPI |
| Operating income | 3,217 | 24.1% | S100YSPI |
| Ordinary income | 3,186 | 23.9% | S100YSPI |
| Pretax income | 3,186 | 23.9% | S100YSPI |
| Income tax | 957 | 7.2% | S100YSPI |
| Net income | 2,229 | 16.7% | S100YSPI |
| Net income attributable to owners | 2,229 | 16.7% | S100YSPI |

## Per ¥100 of revenue（FY ending Apr 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 42 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 65.7% → Operating margin 24.1% → Net margin 16.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.6%; Core profit growth: +35.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.71×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Apr 2025 → FY ending Apr 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,066 | 13,345 | 2,279 | +20.6% |
| Gross profit | 6,761 | 8,773 | 2,012 | +29.8% |
| Operating income | 2,380 | 3,217 | 837 | +35.2% |
| Net income attributable to owners | 1,645 | 2,229 | 584 | +35.5% |
| Operating cash flow | 2,466 | 3,121 | 655 | +26.6% |
| Free cash flow | 1,790 | 2,423 | 633 | +35.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 3,250 | 751 | 23.1% | 547 | 730 | 668 | S100M2AT |
| FY ending Apr 2021 | 3,324 | 845 | 25.4% | 584 | 773 | — | S100M2AT |
| FY ending Apr 2022 | 4,297 | 637 | 14.8% | 558 | 223 | 117 | S100OTG9 |
| FY ending Apr 2022 | 4,149 | 683 | 16.5% | 558 | 223 | — | S100RGW7 |
| FY ending Apr 2023 | 5,914 | 894 | 15.1% | 888 | 986 | 807 | S100U4JO |
| FY ending Apr 2024 | 8,386 | 1,735 | 20.7% | 1,213 | 1,711 | 1,346 | S100U4JO |
| FY ending Apr 2025 | 11,066 | 2,380 | 21.5% | 1,645 | 2,466 | 1,790 | S100YSPI |
| FY ending Apr 2026 | 13,345 | 3,217 | 24.1% | 2,229 | 3,121 | 2,423 | S100YSPI |

## People and productivity（FY ending Apr 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 180 | 262 | 322 | 435 | 477 |
| Average salary (parent company) | — | ¥5.1M | ¥5.4M | ¥5.4M | ¥5.4M |
| Average age (parent company) | — | 34.5 years | 34.0 years | 34.0 years | 33.8 years |
| Average tenure (parent company) | — | 2.5 years | 2.6 years | 3.0 years | 3.3 years |

Year over year: Employees (consolidated) +9.7% · Revenue (consolidated) +20.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Apr 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,121 | 23.4% | S100YSPI |
| Capital expenditure | 697 | 5.2% | S100YSPI |
| Free cash flow | 2,423 | 18.2% | 算出 |
| Investing cash flow | -607 | -4.5% | S100YSPI |
| Financing cash flow | -288 | -2.2% | S100YSPI |
| Dividends paid | 289 | 2.2% | S100YSPI |
| Share buyback | 0 | 0.0% | S100YSPI |
| Change in cash | 2,226 | 16.7% | S100YSPI |
| Cash and equivalents | 8,138 | 61.0% | S100YSPI |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,511 | 3,957 | 5,285 | 5,913 | 8,138 | S100U4JO, S100YSPI |
| Total assets | 5,190 | 6,157 | 7,953 | 10,918 | 14,081 | S100RGW7, S100U4JO, S100YSPI |
| Net assets | 4,197 | 4,681 | 5,969 | 7,673 | 9,613 | S100U4JO, S100YSPI |
| Share capital | 1,150 | 1,151 | 1,155 | 1,156 | 1,156 | S100RGW7, S100U4JO, S100YSPI |
| Property, plant and equipment | 113 | 128 | 309 | 756 | 841 | S100RGW7, S100U4JO, S100YSPI |
| Intangible assets excluding goodwill | 221 | 333 | 248 | 1,628 | 1,614 | S100RGW7, S100U4JO, S100YSPI |
| Goodwill | — | 16 | — | 433 | 366 | S100U4JO, S100YSPI |
| Investment securities | 10 | 30 | 42 | — | — | S100RGW7, S100U4JO |
| Current assets | 4,598 | 5,160 | 6,903 | 7,825 | 11,020 | S100RGW7, S100U4JO, S100YSPI |
| Current liabilities | 909 | 1,389 | 1,879 | 2,806 | 4,034 | S100RGW7, S100U4JO, S100YSPI |
| Short-term borrowings | — | — | — | 100 | 100 | S100YSPI |
| Total liabilities | 993 | 1,476 | 1,984 | 3,245 | 4,468 | S100RGW7, S100U4JO, S100YSPI |
| Equity attributable to owners of parent | 4,197 | 4,681 | 5,969 | 7,673 | 9,613 | S100RGW7, S100U4JO, S100YSPI |
| Retained earnings | 2,184 | 3,072 | 4,285 | 5,930 | 7,870 | S100RGW7, S100U4JO, S100YSPI |
| Treasury stock | -277 | -675 | -631 | -598 | -598 | S100RGW7, S100U4JO, S100YSPI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 58% | S100YSPI |
| Property, plant and equipment | 6% | S100YSPI |
| Intangibles and goodwill | 14% | S100YSPI |
| Other assets | 22% | S100YSPI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YSPI |
| Equity | 68% | S100YSPI |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,190 | 6,157 | 7,953 | 10,918 | 14,081 |
| Equity | 4,197 | 4,681 | 5,969 | 7,673 | 9,613 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,511 | 3,957 | 5,285 | 5,913 | 8,138 |

## 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) | 6.3% | S100YSPI |
| Fixed assets ÷ total assets | 6.0% | S100YSPI |
| Goodwill ÷ parent equity | 3.8% | S100YSPI |

### 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) | 57.8% |
| Cash ÷ revenue | 61.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.0% |
| Cash vs. profit gap | 892 JPY mn (of net income 40.0%) |
| Shareholder returns / net income | 12.9% |
| Shareholder returns / FCF | 11.9% |
| Shareholder payments — dividends / net income | 12.9% |
| Shareholder payments — dividends / FCF | 11.9% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 19.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.4% | 0.80× | 10.8% | 1.24× | 13.3% | S100U4JO, S100RGW7 |
| 2023 | 15.0% | 1.04× | 15.6% | 1.28× | 20.0% | S100U4JO |
| 2024 | 14.5% | 1.19× | 17.2% | 1.32× | 22.8% | S100U4JO |
| 2025 | 14.9% | 1.01× | 15.1% | 1.42× | 21.4% | S100YSPI |
| 2026 | 16.7% | 1.07× | 17.8% | 1.45× | 25.8% | S100YSPI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社山本博士事務所 | Major shareholder | 17.1% | 2026-04-30 |
| 徳田 誠 | Major shareholder | 15.2% | 2026-04-30 |
| 株式会社徳田 | Major shareholder | 10.4% | 2026-04-30 |
| PERSHING-DIV. OF DLJ SECS. CORP.(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 8.3% | 2026-04-30 |
| 株式会社日本カストディ銀行 (信託口） | Major shareholder | 6.4% | 2026-04-30 |
| 株式会社MINATO | Major shareholder | 6.0% | 2026-04-30 |
| 株式会社MOCCI | Major shareholder | 5.8% | 2026-04-30 |
| 山本 博士 | Major shareholder | 2.8% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.5% | 2026-04-30 |
| 湊 隆太朗 | Major shareholder | 2.1% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/05/01－2026/04/30) | S100YSPI | 2026-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSPI,, |
| 有価証券報告書－第20期(2024/05/01－2025/04/30) | S100WFK1 | 2025-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFK1,, |
| 有価証券報告書－第19期(2023/05/01－2024/04/30) | S100U4JO | 2024-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U4JO,, |
| 有価証券報告書－第18期(2022/05/01－2023/04/30) | S100RGW7 | 2023-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGW7,, |
| 有価証券報告書－第17期(令和3年5月1日－令和4年4月30日) | S100OTG9 | 2022-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OTG9,, |
| 有価証券報告書－第16期(令和2年5月1日－令和3年4月30日) | S100M2AT | 2021-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2AT,, |

## 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).