# Sumasapo Inc.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/10/01－2025/09/30) (S100XBCH)
> Page: https://vizora.meequs.com/en/company/sumasapo
> Retrieved: 2026-09-30T20:17:41.559Z

## Company

Sumasapo is a company in Software & SaaS listed on TSE Growth. It has 70 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumasapo Inc. |
| Ticker | 9342 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9342.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区日本橋三丁目6番2号 |
| Representative (per filing) | 代表取締役社長 小田 慎三 |
| Share capital | ¥213.7M |
| Employees (consolidated) | 70 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | September |
| Website | www.sumasapo.co.jp (https://www.sumasapo.co.jp/) |
| Corporate number | 1120001170275 |
| EDINET | E38200 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XBCH, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.2 | 105 |
| Profitability | 30.7 | 145 |
| Cash conversion | 48.8 | 128 |
| Efficiency | 99.7 | 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)

- Sumasapo brought in ¥2.82B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +75.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2816558000 → ¥130228000
- Net income → operating cash flow: ¥130228000 → ¥194153000（difference ¥63925000）
- Main uses of operating cash flow: CapEx ¥105410000 / dividends — / buybacks ¥46000
- Change in cash: ¥86894000
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 | ¥2.82B |  |
| Operating income | ¥190.3M | Margin 6.8% |
| Net income | ¥130.2M | Margin 4.6% |
| Free cash flow | ¥88.7M |  |
| Employees (consolidated) | 70 |  |
| EPS | ¥54.15 |  |
| Diluted EPS | ¥53.87 |  |
| Book value per share | ¥237.61 |  |
| Equity ratio | 68.8% |  |
| Shares outstanding | 2,405,200 |  |
| Shareholders | 1,000 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 44.8% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -5.7 pp | Software & SaaS |
| ROE | 25.7% | Derived from disclosed figures |
| ROA | 17.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets

## What changed in 4 years

| Metric | FY ending Sep 2021 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2029085000 | ¥2816558000 | +38.8% |
| Operating income | ¥-70207000 | ¥190339000 | — |
| Operating margin | -3.5% | 6.8% | +10.2 pp |
| Employees | 56 people | 70 people | +25.0% |
| Cash and equivalents | ¥158442000 | ¥372651000 | +135.2% |

### Change in segment revenue mix

Span: FY ending Sep 2021 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,817 | 100.0% | S100XBCH |
| Cost of revenue | 1,787 | 63.4% | S100XBCH |
| Gross profit | 1,030 | 36.6% | S100XBCH |
| SG&A | 840 | 29.8% | S100XBCH |
| Operating income | 190 | 6.8% | S100XBCH |
| Ordinary income | 191 | 6.8% | S100XBCH |
| Pretax income | 191 | 6.8% | S100XBCH |
| Income tax | 61 | 2.2% | S100XBCH |
| Net income | 130 | 4.6% | S100XBCH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 30 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 36.6% → Operating margin 6.8% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +75.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.28×
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 | 2,675 | 2,817 | 142 | +5.3% |
| Gross profit | 883 | 1,030 | 147 | +16.7% |
| Operating income | 108 | 190 | 82 | +75.6% |
| Operating cash flow | 202 | 194 | -7 | -3.7% |
| Free cash flow | 117 | 89 | -28 | -24.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2021 | 2,029 | -70 | -3.5% | -50 | -107 | -110 | S100PW3K |
| FY ending Sep 2022 | 2,042 | 77 | 3.8% | 74 | 150 | 75 | S100SJF2 |
| FY ending Sep 2023 | 1,950 | -133 | -6.8% | -148 | -188 | -262 | S100V0N0 |
| FY ending Sep 2024 | 2,675 | 108 | 4.1% | 106 | 202 | 117 | S100XBCH |
| FY ending Sep 2025 | 2,817 | 190 | 6.8% | 130 | 194 | 89 | S100XBCH |

## People and productivity（FY ending Sep 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.2M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 56 | 63 | 67 | 62 | 70 |
| Average salary (parent company) | — | ¥4.3M | ¥4.5M | ¥4.7M | ¥5M |
| Average age (parent company) | — | 33.7 years | 34.9 years | 34.9 years | 35.8 years |
| Average tenure (parent company) | — | 2.4 years | 2.9 years | 3.7 years | 3.9 years |

Year over year: Employees (consolidated) +12.9% · Revenue (consolidated) +5.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 194 | 6.9% | S100XBCH |
| Capital expenditure | 105 | 3.7% | S100XBCH |
| Free cash flow | 89 | 3.2% | 算出 |
| Investing cash flow | -107 | -3.8% | S100XBCH |
| Financing cash flow | -0 | -0.0% | S100XBCH |
| Share buyback | 0 | 0.0% | S100XBCH |
| Change in cash | 87 | 3.1% | S100XBCH |
| Cash and equivalents | 373 | 13.2% | S100XBCH |

## 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 | 158 | 303 | 169 | 286 | 373 | S100SJF2, S100V0N0, S100XBCH |
| Total assets | 384 | 563 | 537 | 690 | 831 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Net assets | 184 | 341 | 335 | 441 | 571 | S100SJF2, S100V0N0, S100XBCH |
| Share capital | 93 | 142 | 214 | 214 | 214 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Property, plant and equipment | 13 | 9 | 14 | 6 | 2 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Intangible assets excluding goodwill | 77 | 124 | 148 | 183 | 253 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Current assets | 256 | 396 | 329 | 439 | 528 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Current liabilities | 190 | 217 | 195 | 244 | 256 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Short-term borrowings | 30 | — | — | — | — | S100PW3K |
| Total liabilities | 200 | 223 | 202 | 248 | 260 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Equity attributable to owners of parent | 184 | 341 | 335 | 441 | 571 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Retained earnings | 9 | 66 | -82 | 24 | 154 | S100PW3K, S100SJF2, S100V0N0, S100XBCH |
| Treasury stock | — | — | — | — | -0 | S100XBCH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XBCH |
| Property, plant and equipment | 0% | S100XBCH |
| Intangibles and goodwill | 31% | S100XBCH |
| Other assets | 24% | S100XBCH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XBCH |
| Equity | 69% | S100XBCH |

### 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 | 384 | 563 | 537 | 690 | 831 |
| Equity | 184 | 341 | 335 | 441 | 571 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 158 | 303 | 169 | 286 | 373 |

## 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) | 0.1% | S100XBCH |
| Fixed assets ÷ total assets | 0.3% | S100XBCH |
| Goodwill ÷ parent equity | — | —, S100XBCH |

### 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) | 44.8% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.0% |
| Cash vs. profit gap | 64 JPY mn (of net income 49.1%) |
| 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 | 55.1% |

## 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 | — | —× | -13.1% | —× | — | S100PW3K |
| 2022 | 3.6% | 4.31× | 15.6% | 1.81× | 28.1% | S100SJF2 |
| 2023 | — | —× | -26.9% | —× | — | S100V0N0 |
| 2024 | 4.0% | 4.36× | 17.3% | 1.58× | 27.3% | S100XBCH |
| 2025 | 4.6% | 3.70× | 17.1% | 1.50× | 25.7% | S100XBCH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社CABO DA ROCA | Major shareholder | 32.9% | 2025-09-30 |
| 太田 卓利 | Major shareholder | 18.4% | 2025-09-30 |
| 大東建託パートナーズ株式会社 | Major shareholder | 5.8% | 2025-09-30 |
| Hamagin DG Innovation投資事業有限責任組合 | Major shareholder | 4.9% | 2025-09-30 |
| 太田 玲 | Major shareholder | 2.6% | 2025-09-30 |
| 株式会社三好不動産 | Major shareholder | 2.1% | 2025-09-30 |
| ENECHANGE株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| 小田 慎三 | Major shareholder | 1.3% | 2025-09-30 |
| 衣笠 賢二 | Major shareholder | 1.3% | 2025-09-30 |
| 地域とトモニ１号投資事業有限責任組合 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/10/01－2025/09/30) | S100XBCH | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBCH,, |
| 有価証券報告書－第13期(2023/10/01－2024/09/30) | S100V0N0 | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0N0,, |
| 有価証券報告書－第12期(2022/10/01－2023/09/30) | S100SJF2 | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJF2,, |
| 有価証券報告書－第11期(2021/10/01－2022/09/30) | S100PW3K | 2023-01-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW3K,, |

## 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).