# Trenders, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2025/04/01－2026/03/31) (S100YNGH)
> Page: https://vizora.meequs.com/en/company/trenders
> Retrieved: 2026-09-30T21:00:05.211Z

## Company

Trenders, founded in 2000, is a company in Venture Capital listed on TSE Growth. It has 277 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Trenders, Inc. |
| Ticker | 6069 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6069.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区東三丁目16番3号 |
| Representative (per filing) | 代表取締役社長 黒川 涼子 |
| Founded | Apr 2000 |
| Share capital | ¥648M |
| Employees (consolidated) | 277 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.trenders.co.jp (https://www.trenders.co.jp/) |
| Corporate number | 7011001034194 |
| EDINET | E26933 |
| Industries (Vizora) | Venture Capital, Consulting, Advertising |

> Profile source: annual securities report (S100YNGH, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.8 | 57 |
| Profitability | 71.5 | 86 |
| Cash conversion | 94 | 75 |
| Efficiency | 23.8 | 86 |

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 93% of Trenders's sales come from Marketing Business, with Electronic Commerce Consulting Business and Investment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +33.7% from the prior year, operating profit -26.5%.

## Company structure

- Segment revenue mix: Marketing Business 92.9%、Electronic Commerce Consulting Business 5.5%、Investment Business 1.6%
- Revenue → net income: ¥8278331000 → ¥216811000
- Net income → operating cash flow: ¥216811000 → ¥2298877000（difference ¥2082066000）
- Main uses of operating cash flow: CapEx ¥44031000 / dividends ¥212007000 / buybacks ¥99978000
- Change in cash: ¥2414744000
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 | ¥8.28B |  |
| Operating income | ¥727.2M | Margin 8.8% |
| Net income | ¥216.8M | Margin 2.6% |
| Free cash flow | ¥2.25B |  |
| Largest business | Marketing Business | of segment revenue 92.9% |
| Employees (consolidated) | 277 |  |
| EPS | ¥-24.5 |  |
| Diluted EPS | ¥27.75 |  |
| Book value per share | ¥519.14 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 8,101,000 |  |
| Treasury shares | 341,400 |  |
| Shareholders | 2,950 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 38.2% | Cash ÷ revenue 57.7% |
| Vs. industry median margin | +3.1 pp | Advertising |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 10.6× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by -26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3333434000 | ¥8278331000 | +148.3% |
| Operating income | ¥457562000 | ¥727155000 | +58.9% |
| Operating margin | 13.7% | 8.8% | -4.9 pp |
| Employees | 117 people | 277 people | +136.8% |
| Cash and equivalents | ¥1408919000 | ¥4777491000 | +239.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| マーケティング事業 → マーケティング事業 | 86.0% |
| インベストメント事業 → インベストメント事業 | 1.6% |
| インベストメント事業 → 事業再編・廃止 | 12.5% |
| 新設・再編 → マーケティング事業 | 6.9% |
| 新設・再編 → ECコンサルティング事業 | 5.5% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marketing Business | 5 years | +21.8% | ¥7690089000 | 7.3% | 2 |
| Electronic Commerce Consulting Business | — | — | ¥456988000 | 31.2% | 2 |
| Investment Business | 5 years | -22.5% | ¥131254000 | 97.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,278 | 100.0% | S100YNGH |
| Cost of revenue | 4,211 | 50.9% | S100YNGH |
| Gross profit | 4,068 | 49.1% | S100YNGH |
| SG&A | 3,341 | 40.4% | S100YNGH |
| Operating income | 727 | 8.8% | S100YNGH |
| Ordinary income | 725 | 8.8% | S100YNGH |
| Pretax income | 558 | 6.7% | S100YNGH |
| Income tax | 341 | 4.1% | S100YNGH |
| Net income | 217 | 2.6% | S100YNGH |
| Net income attributable to owners | 217 | 2.6% | S100YNGH |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 40 |
| Operating income | 9 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 49.1% → Operating margin 8.8% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +33.7%; Core profit growth: -26.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,192 | 8,278 | 2,087 | +33.7% |
| Gross profit | 3,269 | 4,068 | 799 | +24.5% |
| Operating income | 989 | 727 | -262 | -26.5% |
| Net income attributable to owners | 601 | 217 | -384 | -63.9% |
| Operating cash flow | -191 | 2,299 | 2,490 | — |
| Free cash flow | -211 | 2,255 | 2,466 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,080 | 227 | 7.4% | 331 | -438 | — | S100LVLZ |
| FY ending Mar 2021 | 3,333 | 458 | 13.7% | 312 | 542 | 506 | S100OKV0 |
| FY ending Mar 2022 | 6,558 | 593 | 9.0% | 400 | 343 | 314 | S100R4DE |
| FY ending Mar 2023 | 9,089 | 1,011 | 11.1% | 709 | -0 | -59 | S100TT6R |
| FY ending Mar 2024 | 5,674 | 789 | 13.9% | 480 | 916 | 820 | S100WGMM |
| FY ending Mar 2025 | 6,192 | 989 | 16.0% | 601 | -191 | -211 | S100YNGH |
| FY ending Mar 2026 | 8,278 | 727 | 8.8% | 217 | 2,299 | 2,255 | S100YNGH |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥782.7K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 138 | 162 | 215 | 243 | 277 |
| Average salary (parent company) | ¥5.3M | ¥5.1M | ¥5.3M | ¥5.5M | ¥5.8M |
| Average age (parent company) | 31.8 years | 31.3 years | 31.7 years | 32.5 years | 33.3 years |
| Average tenure (parent company) | 4.2 years | 4.2 years | 4.5 years | 5.1 years | 5.5 years |

Year over year: Employees (consolidated) +14.0% · Revenue (consolidated) +33.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing Business | 7,690 | 92.9% | 560 | 7.3% |
| Investment Business | 131 | 1.6% | 128 | 97.9% |
| Electronic Commerce Consulting Business | 457 | 5.5% | 142 | 31.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing Business | 92.9% | 67.4% | -25.5 | 7.3% |
| Investment Business | 1.6% | 15.5% | 13.9 | 97.9% |
| Electronic Commerce Consulting Business | 5.5% | 17.1% | 11.6 | 31.2% |

Segment → industry: Investment Business → Venture Capital / Electronic Commerce Consulting Business → Consulting / Electronic Commerce Consulting Business → Advertising / Marketing Business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,299 | 27.8% | S100YNGH |
| Capital expenditure | 44 | 0.5% | S100YNGH |
| Free cash flow | 2,255 | 27.2% | 算出 |
| Investing cash flow | -3,027 | -36.6% | S100YNGH |
| Financing cash flow | 3,143 | 38.0% | S100YNGH |
| Dividends paid | 212 | 2.6% | S100YNGH |
| Share buyback | 100 | 1.2% | S100YNGH |
| Change in cash | 2,415 | 29.2% | S100YNGH |
| Cash and equivalents | 4,777 | 57.7% | S100YNGH |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,608 | 1,514 | 3,209 | 2,377 | 4,777 | S100TT6R, S100WGMM, S100YNGH |
| Total assets | 4,712 | 5,429 | 6,788 | 8,509 | 12,512 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Net assets | 2,792 | 3,378 | 4,137 | 4,363 | 4,287 | S100TT6R, S100WGMM, S100YNGH |
| Share capital | 565 | 568 | 630 | 648 | 648 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Property, plant and equipment | 60 | 53 | 117 | 154 | 121 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Intangible assets excluding goodwill | 103 | 73 | 124 | 707 | 3,644 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Goodwill | 25 | 20 | 67 | 681 | 3,618 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Current assets | 4,461 | 5,166 | 6,398 | 7,391 | 8,480 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Current liabilities | 1,900 | 2,031 | 2,616 | 3,403 | 5,002 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Short-term borrowings | 700 | 800 | 1,502 | 1,314 | 1,900 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Long-term borrowings | — | — | 8 | 705 | 3,162 | S100WGMM, S100YNGH |
| Total liabilities | 1,919 | 2,051 | 2,651 | 4,146 | 8,225 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Equity attributable to owners of parent | 2,790 | 3,391 | 4,133 | 4,362 | 4,269 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Retained earnings | 1,977 | 2,571 | 2,738 | 3,131 | 3,137 | S100R4DE, S100TT6R, S100WGMM, S100YNGH |
| Treasury stock | -298 | -298 | — | -200 | -300 | S100R4DE, S100TT6R, S100YNGH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YNGH |
| Property, plant and equipment | 1% | S100YNGH |
| Intangibles and goodwill | 58% | S100YNGH |
| Other assets | 3% | S100YNGH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YNGH |
| Equity | 34% | S100YNGH |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,712 | 5,429 | 6,788 | 8,509 | 12,512 |
| Equity | 2,792 | 3,378 | 4,137 | 4,363 | 4,287 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,608 | 1,514 | 3,209 | 2,377 | 4,777 |

## 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) | 1.5% | S100YNGH |
| Fixed assets ÷ total assets | 1.0% | S100YNGH |
| Goodwill ÷ parent equity | 84.7% | S100YNGH |

Goodwill over 4 years: 25 → 3,618 JPY; total investing cash flow: -4,158 JPY. This does not imply causation.

### 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) | 38.2% |
| Cash ÷ revenue | 57.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 316.1% |
| Cash vs. profit gap | 2,082 JPY mn (of net income 960.3%) |
| Shareholder returns / net income | 143.9% |
| Shareholder returns / FCF | 13.8% |
| Shareholder payments — dividends / net income | 97.8% |
| Shareholder payments — dividends / FCF | 9.4% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 131.7% |

## 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 | 6.1% | 1.39× | 8.5% | 1.69× | 14.3% | S100R4DE |
| 2023 | 7.8% | 1.79× | 14.0% | 1.64× | 22.9% | S100TT6R |
| 2024 | 8.5% | 0.93× | 7.9% | 1.62× | 12.8% | S100WGMM |
| 2025 | 9.7% | 0.81× | 7.9% | 1.80× | 14.1% | S100YNGH |
| 2026 | 2.6% | 0.79× | 2.1% | 2.44× | 5.0% | S100YNGH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱アイスタイル | Major shareholder | 31.6% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券㈱） | Major shareholder | 3.2% | 2026-03-31 |
| ㈱プレミアム・キャピタル・マネジメント | Major shareholder | 2.3% | 2026-03-31 |
| 上田八木短資㈱ | Major shareholder | 1.8% | 2026-03-31 |
| ベル投資事業有限責任組合１ | Major shareholder | 1.7% | 2026-03-31 |
| 吉川 崇伸 | Major shareholder | 1.6% | 2026-03-31 |
| 大和証券㈱ | Major shareholder | 1.6% | 2026-03-31 |
| ㈲福田商事 | Major shareholder | 1.6% | 2026-03-31 |
| 郭 翔愛 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YNGH | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNGH,, |
| 訂正有価証券報告書－第25期(2024/04/01－2025/03/31) | S100WGMM | 2025-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WGMM,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TT6R | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT6R,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R4DE | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4DE,, |
| 有価証券報告書－第22期(令和3年4月1日－令和4年3月31日) | S100OKV0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKV0,, |
| 有価証券報告書－第21期(令和2年4月1日－令和3年3月31日) | S100LVLZ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVLZ,, |

## 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).