# Toyokumo, Inc.: 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16期(2025/01/01－2025/12/31) (S100XS1A)
> Page: https://vizora.meequs.com/en/company/toyokumo
> Retrieved: 2026-09-30T21:37:03.361Z

## Company

Toyokumo, founded in 2010, is a company in Software & SaaS listed on TSE Growth. It has 116 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyokumo, Inc. |
| Ticker | 4058 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4058.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区上大崎三丁目1番1号 |
| Representative (per filing) | 代表取締役社長兼マーケティング本部長 山本 裕次 |
| Founded | Aug 2010 |
| Share capital | ¥394M |
| Employees (consolidated) | 116 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | December |
| Website | toyokumo.co.jp (https://toyokumo.co.jp/) |
| Corporate number | 1010001134431 |
| EDINET | E35911 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XS1A, filed 2026-03-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 89.3 | 145 |
| Cash conversion | 69.1 | 128 |
| Efficiency | 45.2 | 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)

- Toyokumo brought in ¥4.86B in revenue.
- Out of every ¥100 of sales, about ¥33 is left as operating profit.
- Revenue changed +54.4% from the prior year, operating profit +38.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4858000000 → ¥1092000000
- Net income → operating cash flow: ¥1092000000 → ¥2020000000（difference ¥928000000）
- Main uses of operating cash flow: CapEx ¥94000000 / dividends ¥152000000 / buybacks ¥200000000
- Change in cash: ¥210000000
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 | ¥4.86B |  |
| Operating income | ¥1.6B | Margin 33.0% |
| Net income | ¥1.08B | Margin 22.3% |
| Free cash flow | ¥1.93B |  |
| Employees (consolidated) | 116 |  |
| EPS | ¥110.49 |  |
| Book value per share | ¥381.22 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 11,008,000 |  |
| Treasury shares | 56,300 |  |
| Shareholders | 2,711 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 67.4% | Cash ÷ revenue 90.7% |
| Vs. industry median margin | +20.6 pp | Software & SaaS |
| ROE | 30.6% | Derived from disclosed figures |
| ROA | 19.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, cash is 67% of total assets
- FY2025, operating income keeps 33 per ¥100 of revenue

## 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 | ¥1095565000 | ¥4858000000 | — |
| Operating income | ¥246012000 | ¥1605000000 | — |
| Operating margin | 22.5% | 33.0% | +10.6 pp |
| Employees | 33 people | 116 people | — |
| Cash and equivalents | ¥1619978000 | ¥4407000000 | — |

### 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 | 4,858 | 100.0% | S100XS1A |
| Cost of revenue | 204 | 4.2% | S100XS1A |
| Gross profit | 4,653 | 95.8% | S100XS1A |
| SG&A | 3,047 | 62.7% | S100XS1A |
| Operating income | 1,605 | 33.0% | S100XS1A |
| Ordinary income | 1,608 | 33.1% | S100XS1A |
| Pretax income | 1,608 | 33.1% | S100XS1A |
| Income tax | 516 | 10.6% | S100XS1A |
| Net income | 1,092 | 22.5% | S100XS1A |
| Net income attributable to owners | 1,085 | 22.3% | S100XS1A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 4 |
| SG&A | 63 |
| Operating income | 33 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 95.8% → Operating margin 33.0% → Net margin 22.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +54.4%; Core profit growth: +38.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.70×
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 | 3,146 | 4,858 | 1,712 | +54.4% |
| Gross profit | 3,057 | 4,653 | 1,596 | +52.2% |
| Operating income | 1,162 | 1,605 | 443 | +38.1% |
| Net income attributable to owners | 841 | 1,085 | 244 | +29.0% |
| Operating cash flow | 1,337 | 2,020 | 683 | +51.1% |
| Free cash flow | 1,268 | 1,926 | 658 | +51.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 761 | 98 | 12.8% | 72 | 180 | 176 | S100L0HT |
| FY ending Dec 2020 | 1,096 | 246 | 22.5% | 150 | 378 | 375 | S100NPJJ |
| FY ending Dec 2021 | 1,577 | 419 | 26.5% | 287 | 443 | 367 | S100QFKX |
| FY ending Dec 2022 | 1,937 | 639 | 33.0% | 427 | 650 | 645 | S100T3X0 |
| FY ending Dec 2023 | 2,434 | 875 | 35.9% | 631 | 771 | 768 | S100T3X0 |
| FY ending Dec 2024 | 3,146 | 1,162 | 36.9% | 841 | 1,337 | 1,268 | S100XS1A |
| FY ending Dec 2025 | 4,858 | 1,605 | 33.0% | 1,085 | 2,020 | 1,926 | S100XS1A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.9M |
| Operating income per employee (consolidated) | ¥13.8M |
| Net income per employee (consolidated) | ¥9.4M |

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) | 40 | 46 | 57 | 74 | 116 |
| Average salary (parent company) | ¥7.4M | ¥8.2M | ¥8.5M | ¥9M | ¥9.5M |
| Average age (parent company) | 31.6 years | 31.2 years | 32.1 years | 33.4 years | 33.2 years |
| Average tenure (parent company) | 2.6 years | 2.9 years | 3.0 years | 3.2 years | 3.2 years |

Year over year: Employees (consolidated) +56.8% · Revenue (consolidated) +54.4%

## 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 | 2,020 | 41.6% | S100XS1A |
| Capital expenditure | 94 | 1.9% | S100XS1A |
| Free cash flow | 1,926 | 39.6% | 算出 |
| Investing cash flow | -1,362 | -28.0% | S100XS1A |
| Financing cash flow | -448 | -9.2% | S100XS1A |
| Dividends paid | 152 | 3.1% | S100XS1A |
| Share buyback | 200 | 4.1% | S100XS1A |
| Change in cash | 210 | 4.3% | S100XS1A |
| Cash and equivalents | 4,407 | 90.7% | S100XS1A |

## 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 | 1,901 | 2,296 | 2,939 | 4,196 | 4,407 | S100T3X0, S100XS1A |
| Total assets | 2,205 | 2,610 | 3,346 | 4,663 | 6,538 | S100QFKX, S100T3X0, S100XS1A |
| Net assets | 1,458 | 1,635 | 2,241 | 3,056 | 4,061 | S100T3X0, S100XS1A |
| Share capital | 380 | 380 | 395 | 394 | 394 | S100QFKX, S100T3X0, S100XS1A |
| Property, plant and equipment | 74 | 67 | 60 | 56 | 51 | S100QFKX, S100T3X0, S100XS1A |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 64 | 1,375 | S100QFKX, S100T3X0, S100XS1A |
| Goodwill | — | — | — | — | 881 | S100XS1A |
| Investment securities | — | — | — | — | 29 | S100XS1A |
| Current assets | 2,001 | 2,418 | 3,079 | 4,405 | 4,802 | S100QFKX, S100T3X0, S100XS1A |
| Current liabilities | 747 | 975 | 1,105 | 1,606 | 2,373 | S100QFKX, S100T3X0, S100XS1A |
| Total liabilities | 747 | 975 | 1,105 | 1,606 | 2,477 | S100QFKX, S100T3X0, S100XS1A |
| Non-controlling interests | — | — | — | 12 | 19 | S100XS1A |
| Equity attributable to owners of parent | 1,458 | 1,635 | 2,241 | 3,043 | 4,042 | S100QFKX, S100T3X0, S100XS1A |
| Retained earnings | 728 | 1,105 | 1,666 | 2,398 | 3,330 | S100QFKX, S100T3X0, S100XS1A |
| Treasury stock | -0 | -200 | -185 | -118 | -101 | S100QFKX, S100T3X0, S100XS1A |

### 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 | 2,205 | 2,610 | 3,346 | 4,663 | 6,538 |
| Equity | 1,458 | 1,635 | 2,241 | 3,056 | 4,061 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,901 | 2,296 | 2,939 | 4,196 | 4,407 |

## 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) | 1.0% | S100XS1A |
| Fixed assets ÷ total assets | 0.8% | S100XS1A |
| Goodwill ÷ parent equity | 21.8% | S100XS1A |

### 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) | 67.4% |
| Cash ÷ revenue | 90.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.9% |
| Cash vs. profit gap | 935 JPY mn (of net income 86.2%) |
| Shareholder returns / net income | 32.4% |
| Shareholder returns / FCF | 18.3% |
| Shareholder payments — dividends / net income | 14.0% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 67.4% |

## 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 | 18.2% | 0.71× | 13.0% | 1.51× | 19.7% | S100QFKX |
| 2022 | 22.0% | 0.80× | 17.7% | 1.56× | 27.6% | S100T3X0 |
| 2023 | 25.9% | 0.82× | 21.2% | 1.54× | 32.6% | S100T3X0 |
| 2024 | 26.7% | 0.67× | 18.0% | 1.53× | 27.6% | S100XS1A |
| 2025 | 22.3% | 0.87× | 19.4% | 1.58× | 30.6% | S100XS1A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ナノバンク | Major shareholder | 45.7% | 2025-12-31 |
| サイボウズ株式会社 | Major shareholder | 7.3% | 2025-12-31 |
| 田里 友彦 | Major shareholder | 4.3% | 2025-12-31 |
| 落合 雄一 | Major shareholder | 4.1% | 2025-12-31 |
| 山本 裕次 | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社サムライキャピタル | Major shareholder | 3.0% | 2025-12-31 |
| 石井 和彦 | Major shareholder | 2.1% | 2025-12-31 |
| 木下 正則 | Major shareholder | 1.9% | 2025-12-31 |
| SIX SIS LTD. （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2025-12-31 |
| 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 | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/01/01－2025/12/31) | S100XS1A | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS1A,, |
| 有価証券報告書－第15期(2024/01/01－2024/12/31) | S100VFPA | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFPA,, |
| 有価証券報告書－第14期(2023/01/01－2023/12/31) | S100T3X0 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3X0,, |
| 有価証券報告書－第13期(2022/01/01－2022/12/31) | S100QFKX | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFKX,, |
| 有価証券報告書－第12期(令和3年1月1日－令和3年12月31日) | S100NPJJ | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPJJ,, |
| 有価証券報告書－第11期(令和2年1月1日－令和2年12月31日) | S100L0HT | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0HT,, |

## 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).