# stream co.,ltd: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2025/02/01－2026/01/31) (S100Y025)
> Page: https://vizora.meequs.com/en/company/stream
> Retrieved: 2026-09-30T20:23:21.500Z

## Company

stream, founded in 1999, is a company in E-commerce listed on TSE Standard. It has 74 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Stream Co.,Ltd. |
| Ticker | 3071 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3071.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋六丁目17番21号 |
| Representative (per filing) | 代表取締役社長 市村智樹 |
| Founded | Jul 1999 |
| Share capital | ¥924.4M |
| Employees (consolidated) | 74 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | January |
| Website | www.stream-jp.com (https://www.stream-jp.com/) |
| Corporate number | 5010001065326 |
| EDINET | E03506 |
| Industries (Vizora) | E-commerce, Cosmetics |

> Profile source: annual securities report (S100Y025, filed 2026-04-22). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26 | 25 |
| Profitability | 30.9 | 34 |
| Cash conversion | 87 | 27 |
| Efficiency | 98.5 | 34 |

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 97% of stream's sales come from Internet shopping business, with Beauty and health care business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +8.1%.

## Company structure

- Segment revenue mix: Internet shopping business 97.5%、Beauty and health care business 2.5%
- Revenue → net income: ¥32774910000 → ¥148643000
- Net income → operating cash flow: ¥148643000 → ¥914498000（difference ¥765855000）
- Main uses of operating cash flow: CapEx ¥156796000 / dividends ¥83197000 / buybacks —
- Change in cash: ¥471890000
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 | ¥32.8B |  |
| Operating income | ¥281.8M | Margin 0.9% |
| Net income | ¥150.7M | Margin 0.5% |
| Free cash flow | ¥757.7M |  |
| Largest business | Internet shopping business | of segment revenue 97.5% |
| Employees (consolidated) | 74 |  |
| EPS | ¥6.47 |  |
| Book value per share | ¥106.83 |  |
| Equity ratio | 43.8% |  |
| Shares outstanding | 28,525,000 |  |
| Treasury shares | 888,500 |  |
| Shareholders | 28,583 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 20.3% | Cash ÷ revenue 4.2% |
| Vs. industry median margin | -4.1 pp | E-commerce |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.1× net income
- FY2026, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28067466000 | ¥32774910000 | +16.8% |
| Operating income | ¥661572000 | ¥281785000 | -57.4% |
| Operating margin | 2.4% | 0.9% | -1.5 pp |
| Employees | 91 people | 74 people | -18.7% |
| Cash and equivalents | ¥1394259000 | ¥1367033000 | -2.0% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インターネット通販事業 → インターネット通販事業 | 95.8% |
| ビューティー＆ヘルスケア事業 → ビューティー＆ヘルスケア事業 | 2.5% |
| ビューティー＆ヘルスケア事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → インターネット通販事業 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,775 | 100.0% | S100Y025 |
| Cost of revenue | 27,548 | 84.1% | S100Y025 |
| Gross profit | 5,227 | 15.9% | S100Y025 |
| SG&A | 4,945 | 15.1% | S100Y025 |
| Operating income | 282 | 0.9% | S100Y025 |
| Ordinary income | 281 | 0.9% | S100Y025 |
| Pretax income | 229 | 0.7% | S100Y025 |
| Income tax | 81 | 0.2% | S100Y025 |
| Net income | 149 | 0.5% | S100Y025 |
| Net income attributable to owners | 151 | 0.5% | S100Y025 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 15 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 15.9% → Operating margin 0.9% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +8.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.99×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,297 | 32,775 | 2,478 | +8.2% |
| Gross profit | 5,006 | 5,227 | 221 | +4.4% |
| Operating income | 261 | 282 | 21 | +8.1% |
| Net income attributable to owners | 4 | 151 | 147 | +3518.1% |
| Operating cash flow | 943 | 914 | -29 | -3.0% |
| Free cash flow | 782 | 758 | -24 | -3.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 23,409 | 162 | 0.7% | 71 | 275 | 161 | S100L8N4 |
| FY ending Jan 2021 | 28,067 | 662 | 2.4% | 571 | 614 | 461 | S100NYHZ |
| FY ending Jan 2022 | 30,315 | 696 | 2.3% | 519 | 718 | 513 | S100QNF1 |
| FY ending Jan 2023 | 30,213 | 383 | 1.3% | 218 | 147 | -6 | S100TBVH |
| FY ending Jan 2024 | 27,451 | 183 | 0.7% | 30 | -578 | -805 | S100VOTD |
| FY ending Jan 2025 | 30,297 | 261 | 0.9% | 4 | 943 | 782 | S100Y025 |
| FY ending Jan 2026 | 32,775 | 282 | 0.9% | 151 | 914 | 758 | S100Y025 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥442.9M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 90 | 75 | 69 | 74 |
| Average salary (parent company) | ¥6.3M | ¥5.8M | ¥5.3M | ¥5.7M | ¥6.1M |
| Average age (parent company) | 45.6 years | 45.7 years | 45.1 years | 46.1 years | 45.1 years |
| Average tenure (parent company) | 8.9 years | 8.9 years | 9.6 years | 10.5 years | 6.4 years |

Year over year: Employees (consolidated) +7.2% · Revenue (consolidated) +8.2%

## Segments（FY ending Jan 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet shopping business | 31,583 | 97.5% | 639 | 2.0% |
| Beauty and health care business | 823 | 2.5% | 27 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Internet shopping business | 97.5% | 96.0% | -1.4 | 2.0% |
| Beauty and health care business | 2.5% | 4.0% | 1.4 | 3.2% |

Segment → industry: Internet shopping business → E-commerce / Beauty and health care business → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 914 | 2.8% | S100Y025 |
| Capital expenditure | 157 | 0.5% | S100Y025 |
| Free cash flow | 758 | 2.3% | 算出 |
| Investing cash flow | -186 | -0.6% | S100Y025 |
| Financing cash flow | -256 | -0.8% | S100Y025 |
| Dividends paid | 83 | 0.3% | S100Y025 |
| Change in cash | 472 | 1.4% | S100Y025 |
| Cash and equivalents | 1,367 | 4.2% | S100Y025 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,793 | 1,134 | 649 | 895 | 1,367 | S100TBVH, S100VOTD, S100Y025 |
| Total assets | 7,641 | 6,361 | 6,203 | 6,305 | 6,726 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Net assets | 2,886 | 2,998 | 2,989 | 2,913 | 2,981 | S100TBVH, S100VOTD, S100Y025 |
| Share capital | 924 | 924 | 924 | 924 | 924 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Trade receivables | 1,909 | — | — | — | — | S100NYHZ |
| Property, plant and equipment | 166 | 146 | 200 | 174 | 153 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Intangible assets excluding goodwill | 364 | 347 | 349 | 361 | 368 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Investment securities | 1 | 1 | 0 | 10 | 10 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Current assets | 6,664 | 5,459 | 5,158 | 5,352 | 5,793 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Current liabilities | 4,435 | 3,114 | 3,042 | 3,246 | 3,584 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Short-term borrowings | 865 | 400 | 1,000 | 733 | 600 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Long-term borrowings | 254 | 182 | 110 | 73 | 57 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Total liabilities | 4,755 | 3,362 | 3,214 | 3,392 | 3,744 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Non-controlling interests | 67 | 32 | 27 | 20 | 18 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Equity attributable to owners of parent | 2,818 | 2,966 | 2,955 | 2,876 | 2,944 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Retained earnings | 1,170 | 1,306 | 1,255 | 1,176 | 1,244 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |
| Treasury stock | -153 | -153 | -110 | -110 | -110 | S100QNF1, S100TBVH, S100VOTD, S100Y025 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Y025 |
| Property, plant and equipment | 2% | S100Y025 |
| Intangibles and goodwill | 6% | S100Y025 |
| Investment securities | 0% | S100Y025 |
| Other assets | 72% | S100Y025 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y025 |
| Equity | 44% | S100Y025 |
| Other liabilities | 0% | S100Y025 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,641 | 6,361 | 6,203 | 6,305 | 6,726 |
| Equity | 2,886 | 2,998 | 2,989 | 2,913 | 2,981 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,793 | 1,134 | 649 | 895 | 1,367 |

## 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) | 0.5% | S100Y025 |
| Fixed assets ÷ total assets | 2.3% | S100Y025 |
| Goodwill ÷ parent equity | — | —, S100Y025 |

### 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) | 20.3% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 324.5% |
| Cash vs. profit gap | 764 JPY mn (of net income 506.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 55.2% |
| Shareholder payments — dividends / FCF | 11.0% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 20.4% |

## 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 | 1.7% | 3.97× | 6.8% | 2.71× | 18.4% | S100QNF1 |
| 2023 | 0.7% | 4.32× | 3.1% | 2.42× | 7.5% | S100TBVH |
| 2024 | 0.1% | 4.37× | 0.5% | 2.12× | 1.0% | S100VOTD |
| 2025 | 0.0% | 4.84× | 0.1% | 2.15× | 0.1% | S100Y025 |
| 2026 | 0.5% | 5.03× | 2.3% | 2.24× | 5.2% | S100Y025 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ヤマダデンキ | Major shareholder | 20.5% | 2026-01-31 |
| 劉 海涛 | Major shareholder | 20.1% | 2026-01-31 |
| ㈱ラッキー | Major shareholder | 2.3% | 2026-01-31 |
| 水谷 智 | Major shareholder | 2.3% | 2026-01-31 |
| 金室 貴久 | Major shareholder | 1.2% | 2026-01-31 |
| 安田 勝彦 | Major shareholder | 0.9% | 2026-01-31 |
| 黄 俊利 | Major shareholder | 0.9% | 2026-01-31 |
| 日本システム開発㈱ | Major shareholder | 0.8% | 2026-01-31 |
| シュレスタ アミル | Major shareholder | 0.8% | 2026-01-31 |
| 武藤 優 | Major shareholder | 0.7% | 2026-01-31 |
| 竹下産業㈱ | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/02/01－2026/01/31) | S100Y025 | 2026-04-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y025,, |
| 有価証券報告書－第26期(2024/02/01－2025/01/31) | S100VOTD | 2025-04-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOTD,, |
| 有価証券報告書－第25期(2023/02/01－2024/01/31) | S100TBVH | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBVH,, |
| 有価証券報告書－第24期(2022/02/01－2023/01/31) | S100QNF1 | 2023-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNF1,, |
| 有価証券報告書－第23期(令和3年2月1日－令和4年1月31日) | S100NYHZ | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYHZ,, |
| 有価証券報告書－第22期(令和2年2月1日－令和3年1月31日) | S100L8N4 | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8N4,, |

## 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).