# SuRaLa Net Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第18期(2025/01/01－2025/12/31) (S100XUP0)
> Page: https://vizora.meequs.com/en/company/surala
> Retrieved: 2026-09-30T20:48:11.200Z

## Company

SuRaLa Net, founded in 2008, is a company in Education listed on TSE Growth. It has 104 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SuRaLa Net Co.,Ltd. |
| Ticker | 3998 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3998.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区内神田一丁目14番10号 |
| Representative (per filing) | 代表取締役社長 湯野川 孝彦 |
| Founded | Aug 2008 |
| Share capital | ¥298.4M |
| Employees (consolidated) | 104 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | surala.co.jp (https://surala.co.jp/) |
| Corporate number | 7010001136802 |
| EDINET | E33626 |
| Industries (Vizora) | Education |

> Profile source: annual securities report (S100XUP0, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Education (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 18.3 | 30 |
| Cash conversion | 98.2 | 28 |
| Efficiency | 21.7 | 30 |

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)

- SuRaLa Net brought in ¥1.93B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit -69.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.93B |  |
| Operating income | ¥65.6M | Margin 3.4% |
| Net income | -¥3.8M | Margin -0.2% |
| Free cash flow | -¥244.7M |  |
| Employees (consolidated) | 104 |  |
| EPS | ¥0.31 |  |
| Book value per share | ¥354.28 |  |
| Equity ratio | 88.3% |  |
| Shares outstanding | 6,694,764 |  |
| Treasury shares | 385,000 |  |
| Shareholders | 5,875 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 30.9% | Cash ÷ revenue 39.7% |
| Vs. industry median margin | -4 pp | Education |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1649465000 | ¥1932007000 | — |
| Operating income | ¥540482000 | ¥65621000 | — |
| Operating margin | 32.8% | 3.4% | -29.4 pp |
| Employees | 49 people | 104 people | — |
| Cash and equivalents | ¥953129000 | ¥767888000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,932 | 100.0% | S100XUP0 |
| Cost of revenue | 751 | 38.9% | S100XUP0 |
| Gross profit | 1,181 | 61.1% | S100XUP0 |
| SG&A | 1,116 | 57.7% | S100XUP0 |
| Operating income | 66 | 3.4% | S100XUP0 |
| Ordinary income | 73 | 3.8% | S100XUP0 |
| Pretax income | -43 | -2.2% | S100XUP0 |
| Income tax | -34 | -1.8% | S100XUP0 |
| Net income | -9 | -0.5% | S100XUP0 |
| Net income attributable to owners | -4 | -0.2% | S100XUP0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 58 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 61.1% → Operating margin 3.4% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.8%; Core profit growth: -69.0%
Operating leverage (core profit growth ÷ revenue growth): 84.10×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,948 | 1,932 | -16 | -0.8% |
| Gross profit | 1,260 | 1,181 | -79 | -6.2% |
| Operating income | 212 | 66 | -146 | -69.0% |
| Net income attributable to owners | 73 | -4 | -77 | -105.2% |
| Operating cash flow | 373 | 240 | -133 | -35.7% |
| Free cash flow | -42 | -245 | -202 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,141 | 64 | 5.7% | 44 | 51 | -80 | S100L1CC |
| FY ending Dec 2020 | 1,649 | 540 | 32.8% | 380 | 600 | — | S100NU01 |
| FY ending Dec 2021 | 1,953 | 521 | 26.7% | 400 | 503 | — | S100NU01 |
| FY ending Dec 2022 | 2,148 | 475 | 22.1% | 355 | 543 | 173 | S100T8LP |
| FY ending Dec 2023 | 2,146 | 387 | 18.1% | 304 | 476 | 49 | S100VHUL |
| FY ending Dec 2024 | 1,948 | 212 | 10.9% | 73 | 373 | -42 | S100XUP0 |
| FY ending Dec 2025 | 1,932 | 66 | 3.4% | -4 | 240 | -245 | S100XUP0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.6M |
| Operating income per employee (consolidated) | ¥631K |
| Net income per employee (consolidated) | -¥36.3K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 68 | 90 | 100 | 104 | 104 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.2M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 36.2 years | 36.9 years | 37.2 years | 36.7 years | 38.4 years |
| Average tenure (parent company) | 2.4 years | 2.7 years | 3.1 years | 3.5 years | 3.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -0.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 240 | 12.4% | S100XUP0 |
| Capital expenditure | 484 | 25.1% | S100XUP0 |
| Free cash flow | -245 | -12.7% | 算出 |
| Investing cash flow | -484 | -25.1% | S100XUP0 |
| Financing cash flow | -48 | -2.5% | S100XUP0 |
| Share buyback | 48 | 2.5% | S100XUP0 |
| Change in cash | -293 | -15.2% | S100XUP0 |
| Cash and equivalents | 768 | 39.7% | S100XUP0 |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,245 | 1,333 | 1,155 | 1,061 | 768 | S100NU01, S100VHUL, S100XUP0 |
| Total assets | 2,128 | 2,670 | 2,709 | 2,637 | 2,481 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Net assets | 1,713 | 2,069 | 2,252 | 2,263 | 2,206 | S100NU01, S100VHUL, S100XUP0 |
| Share capital | 298 | 298 | 298 | 298 | 298 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Property, plant and equipment | 6 | 31 | 27 | 25 | 23 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Intangible assets excluding goodwill | 481 | 816 | 975 | 1,058 | 1,168 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Goodwill | — | 118 | 90 | — | — | S100T8LP, S100VHUL |
| Current assets | 1,609 | 1,738 | 1,591 | 1,447 | 1,156 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Current liabilities | 415 | 499 | 446 | 362 | 264 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Long-term borrowings | — | 102 | — | — | — | S100T8LP |
| Total liabilities | 415 | 601 | 457 | 374 | 275 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Non-controlling interests | — | 39 | 32 | 21 | 15 | S100T8LP, S100VHUL, S100XUP0 |
| Equity attributable to owners of parent | 1,713 | 2,030 | 2,220 | 2,243 | 2,191 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Retained earnings | 1,120 | 1,476 | 1,746 | 1,819 | 1,815 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |
| Treasury stock | -1 | -1 | -82 | -132 | -180 | S100NU01, S100T8LP, S100VHUL, S100XUP0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XUP0 |
| Property, plant and equipment | 1% | S100XUP0 |
| Intangibles and goodwill | 47% | S100XUP0 |
| Other assets | 21% | S100XUP0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XUP0 |
| Equity | 89% | S100XUP0 |
| Other liabilities | 0% | S100XUP0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,128 | 2,670 | 2,709 | 2,637 | 2,481 |
| Equity | 1,713 | 2,069 | 2,252 | 2,263 | 2,206 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,245 | 1,333 | 1,155 | 1,061 | 768 |

## 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) | 1.2% | S100XUP0 |
| Fixed assets ÷ total assets | 0.9% | S100XUP0 |
| Goodwill ÷ parent equity | — | —, S100XUP0 |

### 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) | 30.9% |
| Cash ÷ revenue | 39.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 365.2% |
| Cash vs. profit gap | 243 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.1% |
| Investing CF relative to operating CF | 202.1% |

## 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 | 20.5% | 0.92× | 18.8% | 1.24× | 23.3% | S100NU01 |
| 2022 | 16.5% | 0.80× | 13.3% | 1.32× | 17.5% | S100T8LP |
| 2023 | 14.2% | 0.80× | 11.3% | 1.27× | 14.3% | S100VHUL |
| 2024 | 3.7% | 0.73× | 2.7% | 1.20× | 3.3% | S100XUP0 |
| 2025 | — | —× | -0.1% | —× | — | S100XUP0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 湯野川 孝彦 | Major shareholder | 20.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2025-12-31 |
| 柿内 美樹 | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社マイナビ | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.6% | 2025-12-31 |
| 竹内 淳子 | Major shareholder | 1.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-12-31 |
| 植田 祐丞 | Major shareholder | 1.1% | 2025-12-31 |
| 安田 文直 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/01/01－2025/12/31) | S100XUP0 | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUP0,, |
| 有価証券報告書－第17期(2024/01/01－2024/12/31) | S100VHUL | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHUL,, |
| 訂正有価証券報告書－第16期(2023/01/01－2023/12/31) | S100T8LP | 2024-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8LP,, |
| 有価証券報告書－第15期(2022/01/01－2022/12/31) | S100QGQ4 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGQ4,, |
| 訂正有価証券報告書－第14期(令和3年1月1日－令和3年12月31日) | S100NU01 | 2022-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NU01,, |
| 有価証券報告書－第13期(令和2年1月1日－令和2年12月31日) | S100L1CC | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1CC,, |

## 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).