# tripla: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/11/01－2025/10/31) (S100XH92)
> Page: https://vizora.meequs.com/en/company/tripla
> Retrieved: 2026-09-30T21:31:00.251Z

## Company

tripla, founded in 2015, is a company in Software & SaaS listed on TSE Growth. It has 190 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | tripla Co., Ltd. |
| Ticker | 5136 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5136.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿四丁目15番3号 |
| Representative (per filing) | 代表取締役CEO 高橋 和久代表取締役CPO 鳥生 格 |
| Founded | Apr 2015 |
| Share capital | ¥869.7M |
| Employees (consolidated) | 190 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | October |
| Website | tripla.io (https://tripla.io/) |
| Corporate number | 8012701013115 |
| EDINET | E38072 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XH92, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 73.4 | 145 |
| Cash conversion | 99.6 | 128 |
| Efficiency | 0.3 | 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)

- tripla brought in ¥2.57B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +37.8% from the prior year, operating profit +93.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2573543000 → ¥505441000
- Net income → operating cash flow: ¥505441000 → ¥8493145000（difference ¥7987704000）
- Main uses of operating cash flow: CapEx ¥9348000 / dividends — / buybacks —
- Change in cash: ¥8357421000
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 | ¥2.57B |  |
| Operating income | ¥519.8M | Margin 20.2% |
| Net income | ¥501.8M | Margin 19.5% |
| Free cash flow | ¥8.48B |  |
| Employees (consolidated) | 190 |  |
| EPS | ¥80.45 |  |
| Diluted EPS | ¥78.01 |  |
| Book value per share | ¥353.45 |  |
| Equity ratio | 8.3% |  |
| Shares outstanding | 5,912,462 |  |
| Shareholders | 3,452 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 90.8% | Cash ÷ revenue 696.0% |
| Vs. industry median margin | +7.8 pp | Software & SaaS |
| ROE | 37.6% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 16.9× net income
- FY2025, cash is 91% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Oct 2021 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥506037000 | ¥2573543000 | — |
| Operating income | ¥-136239000 | ¥519841000 | — |
| Operating margin | -26.9% | 20.2% | +47.1 pp |
| Employees | 65 people | 190 people | — |
| Cash and equivalents | ¥778048000 | ¥17912598000 | — |

### Change in segment revenue mix

Span: FY ending Oct 2021 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,574 | 100.0% | S100XH92 |
| Operating income | 520 | 20.2% | S100XH92 |
| Ordinary income | 584 | 22.7% | S100XH92 |
| Pretax income | 533 | 20.7% | S100XH92 |
| Income tax | 28 | 1.1% | S100XH92 |
| Net income | 505 | 19.6% | S100XH92 |
| Net income attributable to owners | 502 | 19.5% | S100XH92 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 80 |
| Operating income | 20 |
| (Ref.) Net income | 19 |

### Margin funnel

Operating margin 20.2% → Net margin 19.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +37.8%; Core profit growth: +93.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.48×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,867 | 2,574 | 706 | +37.8% |
| Operating income | 268 | 520 | 251 | +93.6% |
| Net income attributable to owners | 209 | 502 | 292 | +139.7% |
| Operating cash flow | 3,985 | 8,493 | 4,508 | +113.1% |
| Free cash flow | 3,953 | 8,484 | 4,531 | +114.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2021 | 506 | -136 | -26.9% | -129 | 167 | 162 | S100Q1EB |
| FY ending Oct 2022 | 818 | 84 | 10.2% | 75 | 944 | 940 | S100SOST |
| FY ending Oct 2023 | 1,176 | 177 | 15.1% | 166 | 3,191 | 3,186 | S100SOST |
| FY ending Oct 2024 | 1,867 | 268 | 14.4% | 209 | 3,985 | 3,953 | S100XH92 |
| FY ending Oct 2025 | 2,574 | 520 | 20.2% | 502 | 8,493 | 8,484 | S100XH92 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 65 | 70 | 90 | 158 | 190 |
| Average salary (parent company) | — | ¥5.7M | ¥5.4M | ¥6.3M | ¥6.6M |
| Average age (parent company) | — | 34.5 years | 34.4 years | 35.3 years | 35.7 years |
| Average tenure (parent company) | — | 3.4 years | 2.7 years | 3.8 years | 4.2 years |

Year over year: Employees (consolidated) +20.3% · Revenue (consolidated) +37.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,493 | 330.0% | S100XH92 |
| Capital expenditure | 9 | 0.4% | S100XH92 |
| Free cash flow | 8,484 | 329.7% | 算出 |
| Investing cash flow | 56 | 2.2% | S100XH92 |
| Financing cash flow | -208 | -8.1% | S100XH92 |
| Change in cash | 8,357 | 324.7% | S100XH92 |
| Cash and equivalents | 17,913 | 696.0% | S100XH92 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 778 | 1,677 | 5,468 | 9,555 | 17,913 | S100SOST, S100XH92 |
| Total assets | 911 | 1,881 | 5,805 | 10,995 | 19,730 | S100Q1EB, S100SOST, S100XH92 |
| Net assets | 150 | 225 | 1,036 | 1,109 | 1,690 | S100SOST, S100XH92 |
| Share capital | 389 | 389 | 711 | 859 | 870 | S100Q1EB, S100SOST, S100XH92 |
| Inventories | 1 | 0 | 0 | — | — | S100Q1EB, S100SOST |
| Property, plant and equipment | 5 | 7 | 6 | — | — | S100Q1EB, S100SOST |
| Intangible assets excluding goodwill | 0 | — | — | 676 | 665 | S100Q1EB, S100XH92 |
| Goodwill | — | — | — | 484 | 498 | S100XH92 |
| Current assets | 896 | 1,849 | 5,737 | 10,166 | 18,804 | S100Q1EB, S100SOST, S100XH92 |
| Current liabilities | 528 | 1,449 | 4,593 | 8,805 | 17,194 | S100Q1EB, S100SOST, S100XH92 |
| Short-term borrowings | 36 | — | — | — | — | S100Q1EB |
| Long-term borrowings | 234 | 207 | 177 | 1,018 | 790 | S100Q1EB, S100SOST, S100XH92 |
| Total liabilities | 761 | 1,656 | 4,770 | 9,886 | 18,040 | S100Q1EB, S100SOST, S100XH92 |
| Non-controlling interests | — | — | — | 30 | 35 | S100XH92 |
| Equity attributable to owners of parent | 150 | 225 | 1,036 | 1,072 | 1,595 | S100Q1EB, S100SOST, S100XH92 |
| Retained earnings | -1,008 | -933 | -767 | -583 | -81 | S100Q1EB, S100SOST, S100XH92 |
| Treasury stock | — | — | -0 | -0 | -0 | S100SOST, S100XH92 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 91% | S100XH92 |
| Intangibles and goodwill | 6% | S100XH92 |
| Other assets | 3% | S100XH92 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 91% | S100XH92 |
| Equity | 9% | S100XH92 |
| Other liabilities | 0% | S100XH92 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 911 | 1,881 | 5,805 | 10,995 | 19,730 |
| Equity | 150 | 225 | 1,036 | 1,109 | 1,690 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 778 | 1,677 | 5,468 | 9,555 | 17,913 |

## 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) | — | —, S100XH92 |
| Fixed assets ÷ total assets | — | —, S100XH92 |
| Goodwill ÷ parent equity | 31.2% | S100XH92 |

### 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) | 90.8% |
| Cash ÷ revenue | 696.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1633.8% |
| Cash vs. profit gap | 7,991 JPY mn (of net income 1592.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 0.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -14.1% | —× | — | S100Q1EB |
| 2022 | 9.2% | 0.59× | 5.4% | 7.45× | 40.0% | S100SOST |
| 2023 | 14.1% | 0.31× | 4.3% | 6.10× | 26.3% | S100SOST |
| 2024 | 11.2% | 0.17× | 1.9% | 10.25× | 19.5% | S100XH92 |
| 2025 | 19.5% | 0.17× | 3.3% | 11.52× | 37.6% | S100XH92 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鳥生 格 | Major shareholder | 19.2% | 2025-10-31 |
| 高橋 和久 | Major shareholder | 13.3% | 2025-10-31 |
| 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 | 5.4% | 2025-10-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.4% | 2025-10-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2025-10-31 |
| 山田 裕一 | Major shareholder | 2.6% | 2025-10-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.3% | 2025-10-31 |
| SCBHK AC SINGAPORE CLIENT(常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.3% | 2025-10-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)(常任代理人 野村證券株式会社) | Major shareholder | 2.0% | 2025-10-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/11/01－2025/10/31) | S100XH92 | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH92,, |
| 有価証券報告書－第10期(2023/11/01－2024/10/31) | S100V5C6 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5C6,, |
| 有価証券報告書－第9期(2022/11/01－2023/10/31) | S100SOST | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOST,, |
| 有価証券報告書－第8期(2021/11/01－2022/10/31) | S100Q1EB | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1EB,, |

## 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).