# SORACOM, INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/04/01－2026/03/31) (S100YGJH)
> Page: https://vizora.meequs.com/en/company/soracom
> Retrieved: 2026-09-30T19:38:49.333Z

## Company

Soracom, founded in 2014, is a company in Telecom Carriers listed on TSE Growth. It has 201 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SORACOM, INC. |
| Ticker | 147A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/147A.T) |
| Listing | TSE Growth |
| Head office | 東京都世田谷区玉川四丁目5番6号 尾嶋ビル3階(同所は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 玉川 憲 |
| Founded | Nov 2014 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 201 |
| Average salary (parent only) | ¥11.4M |
| Fiscal year end | March |
| Website | soracom.com (https://soracom.com/) |
| Corporate number | 9011001102783 |
| EDINET | E39483 |
| Industries (Vizora) | Telecom Carriers |

> Profile source: annual securities report (S100YGJH, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 8 |
| Profitability | 13.6 | 11 |
| Cash conversion | 85 | 10 |
| Efficiency | 50 | 11 |

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)

- Soracom brought in ¥12.4B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +38.1% from the prior year, operating profit +32.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12423747000 → ¥648343000
- Net income → operating cash flow: ¥648343000 → ¥1761047000（difference ¥1112704000）
- Main uses of operating cash flow: CapEx ¥478068000 / dividends — / buybacks —
- Change in cash: ¥351611000
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 | ¥12.4B |  |
| Operating income | ¥871.3M | Margin 7.0% |
| Net income | ¥631.4M | Margin 5.1% |
| Free cash flow | ¥1.28B |  |
| Employees (consolidated) | 201 |  |
| EPS | ¥12.38 |  |
| Diluted EPS | ¥12 |  |
| Book value per share | ¥204.35 |  |
| Equity ratio | 71.1% |  |
| Shares outstanding | 45,579,505 |  |
| Average salary (parent only) | ¥11.4M | Filing company only |
| Cash ratio | 59.8% | Cash ÷ revenue 74.6% |
| Vs. industry median margin | -4.8 pp | Telecom Carriers |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, cash is 60% of total assets

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6299403000 | ¥12423747000 | +97.2% |
| Operating income | ¥101376000 | ¥871335000 | +759.5% |
| Operating margin | 1.6% | 7.0% | +5.4 pp |
| Employees | 143 people | 201 people | +40.6% |
| Cash and equivalents | ¥3532503000 | ¥9269384000 | +162.4% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,424 | 100.0% | S100YGJH |
| Cost of revenue | 6,281 | 50.6% | S100YGJH |
| Gross profit | 6,143 | 49.4% | S100YGJH |
| SG&A | 5,272 | 42.4% | S100YGJH |
| Operating income | 871 | 7.0% | S100YGJH |
| Ordinary income | 858 | 6.9% | S100YGJH |
| Pretax income | 671 | 5.4% | S100YGJH |
| Income tax | 23 | 0.2% | S100YGJH |
| Net income | 648 | 5.2% | S100YGJH |
| Net income attributable to owners | 631 | 5.1% | S100YGJH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 42 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 49.4% → Operating margin 7.0% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +38.1%; Core profit growth: +32.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.86×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,993 | 12,424 | 3,431 | +38.1% |
| Gross profit | 5,033 | 6,143 | 1,110 | +22.1% |
| Operating income | 657 | 871 | 215 | +32.7% |
| Net income attributable to owners | 353 | 631 | 279 | +79.0% |
| Operating cash flow | -729 | 1,761 | 2,490 | — |
| Free cash flow | -1,053 | 1,283 | 2,336 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 6,299 | 101 | 1.6% | 71 | -223 | -359 | S100TT1W |
| FY ending Mar 2024 | 7,929 | 727 | 9.2% | 486 | 456 | 284 | S100W2AH |
| FY ending Mar 2025 | 8,993 | 657 | 7.3% | 353 | -729 | -1,053 | S100YGJH |
| FY ending Mar 2026 | 12,424 | 871 | 7.0% | 631 | 1,761 | 1,283 | S100YGJH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 143 | 150 | 176 | 201 |
| Average salary (parent company) | — | ¥11.2M | ¥11.5M | ¥11.4M |
| Average age (parent company) | — | 41.0 years | 41.1 years | 41.9 years |
| Average tenure (parent company) | — | 3.6 years | 4.0 years | 4.8 years |

Year over year: Employees (consolidated) +14.2% · Revenue (consolidated) +38.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,761 | 14.2% | S100YGJH |
| Capital expenditure | 478 | 3.8% | S100YGJH |
| Free cash flow | 1,283 | 10.3% | 算出 |
| Investing cash flow | -1,382 | -11.1% | S100YGJH |
| Financing cash flow | -68 | -0.5% | S100YGJH |
| Change in cash | 352 | 2.8% | S100YGJH |
| Cash and equivalents | 9,269 | 74.6% | S100YGJH |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,533 | 7,697 | 8,918 | 9,269 | S100W2AH, S100YGJH |
| Total assets | 5,663 | 10,917 | 13,403 | 15,500 | S100TT1W, S100W2AH, S100YGJH |
| Net assets | 3,962 | 8,404 | 10,355 | 11,748 | S100W2AH, S100YGJH |
| Share capital | 100 | 2,005 | 2,747 | 2,852 | S100TT1W, S100W2AH, S100YGJH |
| Property, plant and equipment | 95 | 97 | 86 | 511 | S100TT1W, S100W2AH, S100YGJH |
| Intangible assets excluding goodwill | 187 | 283 | 554 | 1,732 | S100TT1W, S100W2AH, S100YGJH |
| Goodwill | — | — | 48 | 692 | S100YGJH |
| Investment securities | 198 | 198 | 162 | 50 | S100TT1W, S100W2AH, S100YGJH |
| Current assets | 5,075 | 10,094 | 12,308 | 12,800 | S100TT1W, S100W2AH, S100YGJH |
| Current liabilities | 1,649 | 2,462 | 2,320 | 3,213 | S100TT1W, S100W2AH, S100YGJH |
| Long-term borrowings | — | — | 688 | 438 | S100YGJH |
| Total liabilities | 1,701 | 2,513 | 3,048 | 3,752 | S100TT1W, S100W2AH, S100YGJH |
| Non-controlling interests | — | — | 39 | 416 | S100YGJH |
| Equity attributable to owners of parent | 3,744 | 8,039 | 9,879 | 10,721 | S100TT1W, S100W2AH, S100YGJH |
| Retained earnings | 17 | 502 | 855 | 1,965 | S100TT1W, S100W2AH, S100YGJH |
| Treasury stock | — | — | -0 | -0 | S100YGJH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100YGJH |
| Property, plant and equipment | 3% | S100YGJH |
| Intangibles and goodwill | 16% | S100YGJH |
| Investment securities | 0% | S100YGJH |
| Other assets | 21% | S100YGJH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YGJH |
| Equity | 76% | S100YGJH |
| Other liabilities | 0% | S100YGJH |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,663 | 10,917 | 13,403 | 15,500 |
| Equity | 3,962 | 8,404 | 10,355 | 11,748 |
| Interest-bearing debt | — | — | — | — |
| Cash | 3,533 | 7,697 | 8,918 | 9,269 |

## 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% | S100YGJH |
| Fixed assets ÷ total assets | 3.3% | S100YGJH |
| Goodwill ÷ parent equity | 6.5% | S100YGJH |

### 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) | 59.8% |
| Cash ÷ revenue | 74.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 202.1% |
| Cash vs. profit gap | 1,130 JPY mn (of net income 178.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 78.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 1.1% | 1.11× | 1.3% | 1.51× | 1.9% | S100TT1W |
| 2024 | 6.1% | 0.96× | 5.9% | 1.41× | 8.2% | S100W2AH |
| 2025 | 3.9% | 0.74× | 2.9% | 1.36× | 3.9% | S100YGJH |
| 2026 | 5.1% | 0.86× | 4.4% | 1.40× | 6.1% | S100YGJH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KDDI株式会社 | Major shareholder | 42.5% | 2025-03-31 |
| WiL Ventures III, L.P.（常任代理人 みずほ証券株式会社) | Major shareholder | 7.2% | 2025-03-31 |
| 玉川 憲 | Major shareholder | 6.4% | 2025-03-31 |
| 舩渡 大地（常任代理人 みずほ証券株式会社) | Major shareholder | 6.4% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 3.7% | 2025-03-31 |
| 安川 健太（常任代理人 みずほ証券株式会社) | Major shareholder | 3.1% | 2025-03-31 |
| セコム株式会社 | Major shareholder | 2.1% | 2025-03-31 |
| ソニーグループ株式会社 | Major shareholder | 2.1% | 2025-03-31 |
| 日本瓦斯株式会社 | Major shareholder | 2.1% | 2025-03-31 |
| 株式会社日立製作所 | Major shareholder | 2.1% | 2025-03-31 |
| ソースネクスト株式会社 | Major shareholder | 2.1% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YGJH | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGJH,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W2AH | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2AH,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TT1W | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT1W,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 株式会社NTTドコモ | Supply/OEM | NTTドコモが携帯電話網を卸提供（MVNO向け卸携帯電話サービス契約） | S100YGJH |

## 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).