# TEMONA.inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/10/01－2025/09/30) (S100XBTL)
> Page: https://vizora.meequs.com/en/company/temona
> Retrieved: 2026-09-30T20:24:57.999Z

## Company

Temona., founded in 2008, is a company in IT Services & System Integration listed on TSE Standard. It has 115 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEMONA.inc. |
| Ticker | 3985 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3985.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷三丁目2番3号 |
| Representative (per filing) | 代表取締役社長 本多 渉 |
| Founded | Oct 2008 |
| Share capital | ¥386.9M |
| Employees (consolidated) | 115 |
| Fiscal year end | September |
| Website | temona.co.jp (https://temona.co.jp/) |
| Corporate number | 4010601036512 |
| EDINET | E33040 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Cashless Payments |

> Profile source: annual securities report (S100XBTL, filed 2025-12-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 39 | 145 |
| Cash conversion | 73.8 | 128 |
| Efficiency | 67.9 | 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)

- About 77% of Temona.'s sales come from E-Commerce Support Business, with Engineering Business and Fintech Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.4% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: E-Commerce Support Business 77.1%、Engineering Business 22.5%、Fintech Business 0.4%
- Revenue → net income: ¥1832558000 → ¥74349000
- Net income → operating cash flow: ¥74349000 → ¥223962000（difference ¥149613000）
- Main uses of operating cash flow: CapEx ¥45487000 / dividends — / buybacks —
- Change in cash: ¥321083000
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 | ¥1.83B |  |
| Operating income | ¥155.9M | Margin 8.5% |
| Net income | ¥73.5M | Margin 4.0% |
| Free cash flow | ¥178.5M |  |
| Largest business | E-Commerce Support Business | of segment revenue 77.1% |
| Employees (consolidated) | 115 |  |
| EPS | ¥7.99 |  |
| Diluted EPS | ¥7.98 |  |
| Book value per share | ¥77.72 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 11,438,920 |  |
| Treasury shares | 800 |  |
| Shareholders | 8,884 |  |
| Cash ratio | 69.7% | Cash ÷ revenue 67.2% |
| Vs. industry median margin | -3.9 pp | Software & SaaS |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income
- FY2025, one segment accounts for 87% of positive segment profit
- FY2025, cash is 70% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2301573000 | ¥1832558000 | — |
| Operating income | ¥166488000 | ¥155918000 | — |
| Operating margin | 7.2% | 8.5% | +1.3 pp |
| Employees | 113 people | 115 people | — |
| Cash and equivalents | ¥1241983000 | ¥1231502000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → EC支援事業 | 77.1% |
| 新設・再編 → エンジニアリング事業 | 22.5% |
| 新設・再編 → フィンテック事業 | 0.4% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| E-Commerce Support Business | 3 years | -9.8% | ¥1412980000 | 11.4% | 2 |
| Engineering Business | 3 years | +7.5% | ¥411999000 | 5.7% | 2 |
| Fintech Business | — | — | ¥7579000 | -433.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,833 | 100.0% | S100XBTL |
| Cost of revenue | 856 | 46.7% | S100XBTL |
| Gross profit | 976 | 53.3% | S100XBTL |
| SG&A | 821 | 44.8% | S100XBTL |
| Operating income | 156 | 8.5% | S100XBTL |
| Ordinary income | 153 | 8.4% | S100XBTL |
| Pretax income | 158 | 8.6% | S100XBTL |
| Income tax | 84 | 4.6% | S100XBTL |
| Net income | 74 | 4.1% | S100XBTL |
| Net income attributable to owners | 73 | 4.0% | S100XBTL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 45 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 53.3% → Operating margin 8.5% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 1,826 | 1,833 | 7 | +0.4% |
| Gross profit | 937 | 976 | 39 | +4.2% |
| Operating income | -56 | 156 | 212 | — |
| Net income attributable to owners | -394 | 73 | 467 | — |
| Operating cash flow | 30 | 224 | 194 | +657.2% |
| Free cash flow | -88 | 178 | 267 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 2,302 | 178 | 7.7% | 99 | 159 | 19 | S100KFQ4 |
| FY ending Sep 2020 | 2,302 | 166 | 7.2% | 99 | 159 | — | S100N4F0 |
| FY ending Sep 2021 | 2,405 | 458 | 19.1% | 290 | 471 | 338 | S100N4F0 |
| FY ending Sep 2022 | 2,254 | -196 | -8.7% | -176 | -128 | -303 | S100SIPE |
| FY ending Sep 2023 | 2,341 | -84 | -3.6% | -128 | 230 | 81 | S100UZW2 |
| FY ending Sep 2024 | 1,826 | -56 | -3.1% | -394 | 30 | -88 | S100XBTL |
| FY ending Sep 2025 | 1,833 | 156 | 8.5% | 73 | 224 | 178 | S100XBTL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.9M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥638.8K |

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) | 110 | 173 | 160 | 129 | 115 |
| Average salary (parent company) | ¥5.9M | — | — | — | — |
| Average age (parent company) | 32.1 years | — | — | — | 33.1 years |
| Average tenure (parent company) | 2.7 years | — | — | — | 4.4 years |

Year over year: Employees (consolidated) -10.9% · Revenue (consolidated) +0.4%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| E-Commerce Support Business | 1,413 | 77.1% | 161 | 11.4% |
| Engineering Business | 412 | 22.5% | 23 | 5.7% |
| Fintech Business | 8 | 0.4% | -33 | -433.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| E-Commerce Support Business | 77.1% | 87.3% | 10.2 | 11.4% |
| Engineering Business | 22.5% | 12.7% | -9.8 | 5.7% |
| Fintech Business | 0.4% | — | — | -433.9% |

Loss-making segment (excluded from profit shares): Fintech Business -33 JPY mn

Segment → industry: Engineering Business → IT Services & System Integration / E-Commerce Support Business → Software & SaaS / Fintech Business → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 224 | 12.2% | S100XBTL |
| Capital expenditure | 45 | 2.5% | S100XBTL |
| Free cash flow | 178 | 9.7% | 算出 |
| Investing cash flow | 7 | 0.4% | S100XBTL |
| Financing cash flow | 91 | 4.9% | S100XBTL |
| Change in cash | 321 | 17.5% | S100XBTL |
| Cash and equivalents | 1,232 | 67.2% | S100XBTL |

## 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 | 1,447 | 995 | 1,201 | 910 | 1,232 | S100N4F0, S100UZW2, S100XBTL |
| Total assets | 2,189 | 2,306 | 2,255 | 1,542 | 1,766 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Net assets | 1,361 | 1,201 | 1,091 | 701 | 768 | S100N4F0, S100UZW2, S100XBTL |
| Share capital | 385 | 386 | 386 | 386 | 387 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Property, plant and equipment | 52 | 69 | 47 | 27 | 57 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Intangible assets excluding goodwill | 179 | 507 | 487 | 207 | 164 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Goodwill | — | 276 | 232 | 201 | 162 | S100SIPE, S100UZW2, S100XBTL |
| Investment securities | 15 | 52 | 17 | 2 | 2 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Current assets | 1,787 | 1,486 | 1,494 | 1,177 | 1,502 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Current liabilities | 604 | 846 | 726 | 540 | 606 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Short-term borrowings | 100 | 300 | 200 | 200 | 200 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Long-term borrowings | 217 | 248 | 425 | 295 | 385 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Total liabilities | 828 | 1,105 | 1,163 | 841 | 999 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Non-controlling interests | — | — | — | 2 | 3 | S100XBTL |
| Equity attributable to owners of parent | 1,355 | 1,181 | 1,054 | 664 | 741 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Retained earnings | 1,179 | 1,003 | 875 | 482 | 555 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |
| Treasury stock | -584 | -584 | -584 | -582 | -579 | S100N4F0, S100SIPE, S100UZW2, S100XBTL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100XBTL |
| Property, plant and equipment | 3% | S100XBTL |
| Intangibles and goodwill | 19% | S100XBTL |
| Investment securities | 0% | S100XBTL |
| Other assets | 8% | S100XBTL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XBTL |
| Equity | 43% | S100XBTL |

### 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 | 2,189 | 2,306 | 2,255 | 1,542 | 1,766 |
| Equity | 1,361 | 1,201 | 1,091 | 701 | 768 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,447 | 995 | 1,201 | 910 | 1,232 |

## 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) | 3.1% | S100XBTL |
| Fixed assets ÷ total assets | 3.3% | S100XBTL |
| Goodwill ÷ parent equity | 21.8% | S100XBTL |

### 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) | 69.7% |
| Cash ÷ revenue | 67.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.6% |
| Cash vs. profit gap | 150 JPY mn (of net income 204.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 2.9% |

## 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 | 12.1% | 1.10× | 13.3% | 1.62× | 21.4% | S100N4F0 |
| 2022 | — | —× | -7.6% | —× | — | S100SIPE |
| 2023 | — | —× | -5.6% | —× | — | S100UZW2 |
| 2024 | — | —× | -20.7% | —× | — | S100XBTL |
| 2025 | 4.0% | 1.11× | 4.4% | 2.35× | 10.5% | S100XBTL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社gatz | Major shareholder | 35.0% | 2025-09-30 |
| 佐川隼人 | Major shareholder | 23.0% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| 株式会社ファインドスター | Major shareholder | 0.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 0.5% | 2025-09-30 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW（常任代理人 野村證券株式会社） | Major shareholder | 0.5% | 2025-09-30 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.4% | 2025-09-30 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.4% | 2025-09-30 |
| テモナ従業員持株会 | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/10/01－2025/09/30) | S100XBTL | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBTL,, |
| 有価証券報告書－第16期(2023/10/01－2024/09/30) | S100UZW2 | 2024-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZW2,, |
| 有価証券報告書－第15期(2022/10/01－2023/09/30) | S100SIPE | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIPE,, |
| 訂正有価証券報告書－第14期(2021/10/01－2022/09/30) | S100Q0IB | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0IB,, |
| 有価証券報告書－第14期(令和3年10月1日－令和4年9月30日) | S100PV25 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV25,, |
| 有価証券報告書－第13期(令和2年10月1日－令和3年9月30日) | S100N4F0 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4F0,, |
| 有価証券報告書－第12期(令和1年10月1日－令和2年9月30日) | S100KFQ4 | 2020-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFQ4,, |

## 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).