# THECOO Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第12期(2025/01/01－2025/12/31) (S100XTKE)
> Page: https://vizora.meequs.com/en/company/thecoo
> Retrieved: 2026-09-30T20:25:12.726Z

## Company

Thecoo, founded in 2014, is a company in Internet Services & Apps listed on TSE Growth. It has 115 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THECOO Inc. |
| Ticker | 4255 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4255.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神宮前二丁目34番17号 住友不動産原宿ビル |
| Representative (per filing) | 代表取締役CEO 平良 真人 |
| Founded | Jan 2014 |
| Share capital | ¥116M |
| Employees (consolidated) | 115 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | thecoo.co.jp (https://thecoo.co.jp/) |
| Corporate number | 4010701028921 |
| EDINET | E37105 |
| Industries (Vizora) | Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100XTKE, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.8 | 40 |
| Profitability | 34.3 | 51 |
| Cash conversion | 89.5 | 43 |
| Efficiency | 91.3 | 52 |

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 78% of Thecoo's sales come from Fan business platform, with Digital marketing business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +11.5% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Fan business platform 78.0%、Digital marketing business 22.0%
- Revenue → net income: ¥4831327000 → ¥174505000
- Net income → operating cash flow: ¥174505000 → ¥549972000（difference ¥375467000）
- Main uses of operating cash flow: CapEx ¥104308000 / dividends — / buybacks ¥15000
- Change in cash: ¥443678000
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 | ¥4.83B |  |
| Operating income | ¥197.2M | Margin 4.1% |
| Net income | ¥174.5M | Margin 3.6% |
| Free cash flow | ¥445.7M |  |
| Largest business | Fan business platform | of segment revenue 78.0% |
| Employees (consolidated) | 115 |  |
| EPS | ¥83.34 |  |
| Diluted EPS | ¥82.81 |  |
| Book value per share | ¥257.62 |  |
| Equity ratio | 16.1% |  |
| Shares outstanding | 2,100,105 |  |
| Treasury shares | 600 |  |
| Shareholders | 968 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 60.5% | Cash ÷ revenue 41.9% |
| Vs. industry median margin | -3.6 pp | Internet Services & Apps |
| ROE | 39.0% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 60% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2320058000 | ¥4831327000 | +108.2% |
| Operating income | ¥-59034000 | ¥197155000 | — |
| Operating margin | -2.5% | 4.1% | +6.6 pp |
| Employees | 76 people | 115 people | +51.3% |
| Cash and equivalents | ¥599181000 | ¥2024909000 | +237.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| Fanicon事業 → 事業再編・廃止 | 47.4% |
| 法人セールス事業 → 事業再編・廃止 | 52.6% |
| 新設・再編 → ファンビジネスプラットフォーム事業 | 78.0% |
| 新設・再編 → デジタルマーケティング事業 | 22.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,831 | 100.0% | S100XTKE |
| Cost of revenue | 2,602 | 53.9% | S100XTKE |
| Gross profit | 2,230 | 46.1% | S100XTKE |
| SG&A | 2,032 | 42.1% | S100XTKE |
| Operating income | 197 | 4.1% | S100XTKE |
| Ordinary income | 216 | 4.5% | S100XTKE |
| Pretax income | 212 | 4.4% | S100XTKE |
| Income tax | 37 | 0.8% | S100XTKE |
| Net income | 175 | 3.6% | S100XTKE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 42 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 46.1% → Operating margin 4.1% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,331 | 4,831 | 500 | +11.5% |
| Gross profit | 1,832 | 2,230 | 398 | +21.7% |
| Operating income | -68 | 197 | 265 | — |
| Operating cash flow | 225 | 550 | 325 | +144.0% |
| Free cash flow | 104 | 446 | 342 | +330.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 2,320 | -59 | -2.5% | -66 | 24 | -121 | S100NS0Y |
| FY ending Dec 2021 | 3,482 | -101 | -2.9% | -109 | 275 | 148 | S100QHB7 |
| FY ending Dec 2022 | 4,280 | -213 | -5.0% | -488 | 189 | -32 | S100T51K |
| FY ending Dec 2023 | 3,807 | -544 | -14.3% | -764 | -267 | -293 | S100VHF9 |
| FY ending Dec 2024 | 4,331 | -68 | -1.6% | -69 | 225 | 104 | S100XTKE |
| FY ending Dec 2025 | 4,831 | 197 | 4.1% | 175 | 550 | 446 | S100XTKE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 95 | 115 | 142 | 124 | 115 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥6.1M | ¥6.1M | ¥5.9M |
| Average age (parent company) | 33.2 years | 33.4 years | 32.6 years | 33.1 years | 34.2 years |
| Average tenure (parent company) | 2.4 years | 2.7 years | 1.4 years | 2.9 years | 3.5 years |

Year over year: Employees (consolidated) -7.3% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fan business platform | 3,769 | 78.0% | 295 | 7.8% |
| Digital marketing business | 1,062 | 22.0% | -98 | -9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fan business platform | 78.0% | 100.0% | 22.0 | 7.8% |
| Digital marketing business | 22.0% | — | — | -9.2% |

Loss-making segment (excluded from profit shares): Digital marketing business -98 JPY mn

Segment → industry: Fan business platform → Internet Services & Apps / Digital marketing business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 550 | 11.4% | S100XTKE |
| Capital expenditure | 104 | 2.2% | S100XTKE |
| Free cash flow | 446 | 9.2% | 算出 |
| Investing cash flow | -102 | -2.1% | S100XTKE |
| Financing cash flow | -4 | -0.1% | S100XTKE |
| Share buyback | 0 | 0.0% | S100XTKE |
| Change in cash | 444 | 9.2% | S100XTKE |
| Cash and equivalents | 2,025 | 41.9% | S100XTKE |

## 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 | 2,045 | 1,833 | 1,508 | 1,581 | 2,025 | S100T51K, S100VHF9, S100XTKE |
| Total assets | 3,220 | 3,004 | 2,367 | 2,671 | 3,350 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Net assets | 1,696 | 1,189 | 423 | 354 | 541 | S100T51K, S100VHF9, S100XTKE |
| Share capital | 752 | 759 | 759 | 759 | 116 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Property, plant and equipment | 236 | 210 | 184 | 155 | 132 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Intangible assets excluding goodwill | — | — | 2 | 109 | 129 | S100VHF9, S100XTKE |
| Current assets | 2,915 | 2,624 | 2,009 | 2,236 | 2,917 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Current liabilities | 1,475 | 1,710 | 1,860 | 2,236 | 2,729 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Long-term borrowings | 40 | 17 | — | — | — | S100QHB7, S100T51K |
| Total liabilities | 1,524 | 1,815 | 1,944 | 2,316 | 2,809 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Equity attributable to owners of parent | 1,695 | 1,187 | 423 | 354 | 541 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Retained earnings | -714 | -520 | -1,285 | -1,354 | 175 | S100QHB7, S100T51K, S100VHF9, S100XTKE |
| Treasury stock | — | — | — | -0 | -0 | S100XTKE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100XTKE |
| Property, plant and equipment | 4% | S100XTKE |
| Intangibles and goodwill | 4% | S100XTKE |
| Other assets | 32% | S100XTKE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100XTKE |
| Equity | 16% | S100XTKE |

### 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 | 3,220 | 3,004 | 2,367 | 2,671 | 3,350 |
| Equity | 1,696 | 1,189 | 423 | 354 | 541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,045 | 1,833 | 1,508 | 1,581 | 2,025 |

## 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) | 2.7% | S100XTKE |
| Fixed assets ÷ total assets | 4.0% | S100XTKE |
| Goodwill ÷ parent equity | — | —, S100XTKE |

### 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) | 60.5% |
| Cash ÷ revenue | 41.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 279.0% |
| Cash vs. profit gap | 375 JPY mn (of net income 215.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 18.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -3.4% | —× | — | S100QHB7 |
| 2022 | — | —× | -15.7% | —× | — | S100T51K |
| 2023 | — | —× | -28.5% | —× | — | S100VHF9 |
| 2024 | — | —× | -2.8% | —× | — | S100XTKE |
| 2025 | 3.6% | 1.60× | 5.8% | 6.73× | 39.0% | S100XTKE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ハイアンドドライ | Major shareholder | 20.0% | 2025-12-31 |
| 平良 真人 | Major shareholder | 5.5% | 2025-12-31 |
| YJ２号投資事業組合 | Major shareholder | 5.4% | 2025-12-31 |
| NVCC８号投資事業有限責任組合 | Major shareholder | 4.3% | 2025-12-31 |
| 木原 直哉 | Major shareholder | 4.1% | 2025-12-31 |
| 桜田 光ノ丞 | Major shareholder | 4.1% | 2025-12-31 |
| 武井 哲也 | Major shareholder | 3.9% | 2025-12-31 |
| DX Ventures株式会社 | Major shareholder | 3.4% | 2025-12-31 |
| HSアセットマネジメント株式会社 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 3.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XTKE | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTKE,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VHF9 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHF9,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T51K | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T51K,, |
| 有価証券報告書－第9期(2022/01/01－2022/12/31) | S100QHB7 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHB7,, |
| 有価証券報告書－第8期(令和3年1月1日－令和3年12月31日) | S100NS0Y | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NS0Y,, |

## 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).