# Thinca Co.,Ltd.: 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) (S100XUGX)
> Page: https://vizora.meequs.com/en/company/thinca
> Retrieved: 2026-09-30T19:05:56.817Z

## Company

Thinca, founded in 2014, is a company in Software & SaaS listed on TSE Growth. It has 75 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Thinca Co.,Ltd. |
| Ticker | 149A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/149A.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田錦町三丁目17番地 |
| Representative (per filing) | 代表取締役社長 江尻 高宏 |
| Founded | Jan 2014 |
| Share capital | ¥397.2M |
| Employees (consolidated) | 75 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.thinca.co.jp (https://www.thinca.co.jp/) |
| Corporate number | 5010001158006 |
| EDINET | E39161 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XUGX, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.8 | 105 |
| Profitability | 17.6 | 145 |
| Cash conversion | 72.3 | 128 |
| Efficiency | 72.8 | 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)

- Thinca brought in ¥1.46B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +18.8% from the prior year, operating profit -23.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1464358000 → ¥42955000
- Net income → operating cash flow: ¥42955000 → ¥79336000（difference ¥36381000）
- Main uses of operating cash flow: CapEx ¥48450000 / dividends — / buybacks —
- Change in cash: ¥12449000
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 | ¥1.46B |  |
| Operating income | ¥60.1M | Margin 4.1% |
| Net income | ¥43M | Margin 2.9% |
| Free cash flow | ¥30.9M |  |
| Employees (consolidated) | 75 |  |
| EPS | ¥13.48 |  |
| Diluted EPS | ¥13.02 |  |
| Book value per share | ¥326.69 |  |
| Equity ratio | 81.9% |  |
| Shares outstanding | 3,206,320 |  |
| Shareholders | 973 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 76.9% | Cash ÷ revenue 67.2% |
| Vs. industry median margin | -8.3 pp | Software & SaaS |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 77% of total assets

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥768268000 | ¥1464358000 | +90.6% |
| Operating income | ¥-150966000 | ¥60108000 | — |
| Operating margin | -19.7% | 4.1% | +23.8 pp |
| Employees | 53 people | 75 people | +41.5% |
| Cash and equivalents | ¥218516000 | ¥984502000 | +350.5% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,464 | 100.0% | S100XUGX |
| Cost of revenue | 265 | 18.1% | S100XUGX |
| Gross profit | 1,200 | 81.9% | S100XUGX |
| SG&A | 1,139 | 77.8% | S100XUGX |
| Operating income | 60 | 4.1% | S100XUGX |
| Ordinary income | 62 | 4.2% | S100XUGX |
| Pretax income | 62 | 4.2% | S100XUGX |
| Income tax | 19 | 1.3% | S100XUGX |
| Net income | 43 | 2.9% | S100XUGX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 18 |
| SG&A | 78 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 81.9% → Operating margin 4.1% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.8%; Core profit growth: -23.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.22×
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 | 1,232 | 1,464 | 232 | +18.8% |
| Gross profit | 1,016 | 1,200 | 184 | +18.1% |
| Operating income | 78 | 60 | -18 | -23.0% |
| Operating cash flow | 102 | 79 | -22 | -21.9% |
| Free cash flow | 17 | 31 | 14 | +79.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 768 | -151 | -19.7% | -136 | -186 | -194 | S100T6SY |
| FY ending Dec 2023 | 1,040 | 101 | 9.7% | 109 | 147 | 130 | S100VII7 |
| FY ending Dec 2024 | 1,232 | 78 | 6.3% | 16 | 102 | 17 | S100XUGX |
| FY ending Dec 2025 | 1,464 | 60 | 4.1% | 43 | 79 | 31 | S100XUGX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.5M |
| Operating income per employee (consolidated) | ¥801.4K |
| Net income per employee (consolidated) | ¥572.7K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 53 | 55 | 64 | 75 |
| Average salary (parent company) | — | ¥5.8M | ¥6.5M | ¥6.6M |
| Average age (parent company) | — | 37.9 years | 38.3 years | 38.3 years |
| Average tenure (parent company) | — | 2.8 years | 3.2 years | 2.9 years |

Year over year: Employees (consolidated) +17.2% · Revenue (consolidated) +18.8%

## 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 | 79 | 5.4% | S100XUGX |
| Capital expenditure | 48 | 3.3% | S100XUGX |
| Free cash flow | 31 | 2.1% | 算出 |
| Investing cash flow | -63 | -4.3% | S100XUGX |
| Financing cash flow | -4 | -0.2% | S100XUGX |
| Change in cash | 12 | 0.9% | S100XUGX |
| Cash and equivalents | 985 | 67.2% | S100XUGX |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 219 | 320 | 972 | 985 | S100VII7, S100XUGX |
| Total assets | 400 | 537 | 1,229 | 1,280 | S100T6SY, S100VII7, S100XUGX |
| Net assets | 283 | 392 | 978 | 1,047 | S100VII7, S100XUGX |
| Share capital | 99 | 99 | 384 | 397 | S100T6SY, S100VII7, S100XUGX |
| Property, plant and equipment | 22 | 16 | 42 | 43 | S100T6SY, S100VII7, S100XUGX |
| Intangible assets excluding goodwill | 9 | 20 | 55 | 80 | S100T6SY, S100VII7, S100XUGX |
| Current assets | 333 | 439 | 1,106 | 1,126 | S100T6SY, S100VII7, S100XUGX |
| Current liabilities | 87 | 123 | 251 | 232 | S100T6SY, S100VII7, S100XUGX |
| Short-term borrowings | — | — | 90 | 60 | S100XUGX |
| Long-term borrowings | 30 | 22 | — | — | S100T6SY, S100VII7 |
| Total liabilities | 117 | 145 | 251 | 232 | S100T6SY, S100VII7, S100XUGX |
| Equity attributable to owners of parent | 283 | 392 | 978 | 1,047 | S100T6SY, S100VII7, S100XUGX |
| Retained earnings | -229 | -120 | -104 | -61 | S100T6SY, S100VII7, S100XUGX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 77% | S100XUGX |
| Property, plant and equipment | 3% | S100XUGX |
| Intangibles and goodwill | 6% | S100XUGX |
| Other assets | 14% | S100XUGX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100XUGX |
| Equity | 82% | S100XUGX |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 400 | 537 | 1,229 | 1,280 |
| Equity | 283 | 392 | 978 | 1,047 |
| Interest-bearing debt | — | — | — | — |
| Cash | 219 | 320 | 972 | 985 |

## 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) | 2.9% | S100XUGX |
| Fixed assets ÷ total assets | 3.4% | S100XUGX |
| Goodwill ÷ parent equity | — | —, S100XUGX |

### 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) | 76.9% |
| Cash ÷ revenue | 67.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.0% |
| Cash vs. profit gap | 36 JPY mn (of net income 84.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 79.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -34.1% | —× | — | S100T6SY |
| 2023 | 10.5% | 2.22× | 23.3% | 1.39× | 32.3% | S100VII7 |
| 2024 | 1.3% | 1.40× | 1.8% | 1.29× | 2.3% | S100XUGX |
| 2025 | 2.9% | 1.17× | 3.4% | 1.24× | 4.2% | S100XUGX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 20.9% | 2025-12-31 |
| 江尻 高宏 | Major shareholder | 12.2% | 2025-12-31 |
| DCIベンチャー成長支援投資事業有限責任組合 | Major shareholder | 9.3% | 2025-12-31 |
| 株式会社ナンディ | Major shareholder | 8.7% | 2025-12-31 |
| SBI AI＆Blockchain投資事業有限責任組合 | Major shareholder | 7.8% | 2025-12-31 |
| 東京神奈川イノベーション応援１号投資事業有限責任組合 | Major shareholder | 4.3% | 2025-12-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 4.0% | 2025-12-31 |
| NVCC８号投資事業有限責任組合 | Major shareholder | 3.6% | 2025-12-31 |
| スターティアレイズ株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第12期(2025/01/01－2025/12/31) | S100XUGX | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUGX,, |
| 有価証券報告書－第11期(2024/01/01－2024/12/31) | S100VII7 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VII7,, |
| 有価証券報告書－第10期(2023/01/01－2023/12/31) | S100T6SY | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6SY,, |

## 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).