# ULURU.CO.,LTD.: 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) (S100YJOL)
> Page: https://vizora.meequs.com/en/company/uluru
> Retrieved: 2026-09-30T19:05:56.952Z

## Company

Uluru., founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 304 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ULURU.CO.,LTD. |
| Ticker | 3979 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3979.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区晴海三丁目12番1号KDX晴海ビル9F |
| Representative (per filing) | 代表取締役社長CEO 星 知也 |
| Founded | Jan 2006 |
| Share capital | ¥1.04B |
| Employees (consolidated) | 304 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.uluru.biz (https://www.uluru.biz/) |
| Corporate number | 6010001096659 |
| EDINET | E32794 |
| Industries (Vizora) | Software & SaaS, HR & Staffing, Business Process Outsourcing |

> Profile source: annual securities report (S100YJOL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.7 | 105 |
| Profitability | 47.2 | 145 |
| Cash conversion | 78.5 | 128 |
| Efficiency | 65.2 | 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)

- About 48% of Uluru.'s sales come from CGS Segment NJSS, with BPO Segment and CGS Segment fondesk making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +15.7% from the prior year, operating profit +22.2%.

## Company structure

- Segment revenue mix: CGS Segment NJSS 48.1%、BPO Segment 22.4%、CGS Segment fondesk 14.4%、CGS Segment photo 14.2%、CGS Segment others 0.6%
- Revenue → net income: ¥7751919000 → ¥737480000
- Net income → operating cash flow: ¥737480000 → ¥1496633000（difference ¥759153000）
- Main uses of operating cash flow: CapEx ¥375847000 / dividends ¥69104000 / buybacks —
- Change in cash: ¥1175657000
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 | ¥7.75B |  |
| Operating income | ¥932.3M | Margin 12.0% |
| Net income | ¥737.5M | Margin 9.5% |
| Free cash flow | ¥1.12B |  |
| Largest business | CGS Segment NJSS | of segment revenue 48.1% |
| Employees (consolidated) | 304 |  |
| EPS | ¥21.3 |  |
| Book value per share | ¥108.68 |  |
| Equity ratio | 45.9% |  |
| Shares outstanding | 27,701,600 |  |
| Treasury shares | 24,100 |  |
| Shareholders | 1,249 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 56.9% | Cash ÷ revenue 59.1% |
| Vs. industry median margin | -0.4 pp | Software & SaaS |
| ROE | 21.9% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 57% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3219978000 | ¥7751919000 | +140.7% |
| Operating income | ¥135327000 | ¥932275000 | +588.9% |
| Operating margin | 4.2% | 12.0% | +7.8 pp |
| Employees | 145 people | 304 people | +109.7% |
| Cash and equivalents | ¥3291810000 | ¥4580759000 | +39.2% |

### 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 |
| --- | ---: |
| ＣＧＳ事業 ＮＪＳＳ → ＣＧＳ事業 ＮＪＳＳ | 48.1% |
| ＣＧＳ事業 ＮＪＳＳ → 事業再編・廃止 | 3.0% |
| ＣＧＳ事業 ｆｏｎｄｅｓｋ → ＣＧＳ事業 ｆｏｎｄｅｓｋ | 8.7% |
| ＣＧＳ事業 フォト → ＣＧＳ事業 フォト | 8.3% |
| ＢＰＯ事業 → ＢＰＯ事業 | 22.4% |
| ＢＰＯ事業 → 事業再編・廃止 | 8.3% |
| クラウドソーシング事業 → クラウドソーシング事業 | 0.3% |
| クラウドソーシング事業 → 事業再編・廃止 | 0.7% |
| ＣＧＳ事業 その他 → ＣＧＳ事業 その他 | 0.3% |
| 新設・再編 → ＣＧＳ事業 ｆｏｎｄｅｓｋ | 5.7% |
| 新設・再編 → ＣＧＳ事業 フォト | 5.9% |
| 新設・再編 → ＣＧＳ事業 その他 | 0.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| CGS Segment NJSS | 5 years | +17.8% | ¥3728821000 | 44.0% | 2 |
| BPO Segment | 5 years | +11.9% | ¥1734481000 | 13.5% | 2 |
| CGS Segment fondesk | 5 years | +31.9% | ¥1117510000 | 9.1% | 2 |
| CGS Segment photo | 5 years | +32.7% | ¥1100891000 | -2.4% | 2 |
| CGS Segment others | 5 years | +39.3% | ¥48227000 | -234.1% | 2 |
| Crowdsourcing Segment | 5 years | -6.6% | ¥21987000 | -25.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,752 | 100.0% | S100YJOL |
| Cost of revenue | 2,189 | 28.2% | S100YJOL |
| Gross profit | 5,562 | 71.8% | S100YJOL |
| SG&A | 4,630 | 59.7% | S100YJOL |
| Operating income | 932 | 12.0% | S100YJOL |
| Ordinary income | 924 | 11.9% | S100YJOL |
| Pretax income | 893 | 11.5% | S100YJOL |
| Income tax | 156 | 2.0% | S100YJOL |
| Net income | 737 | 9.5% | S100YJOL |
| Net income attributable to owners | 737 | 9.5% | S100YJOL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 28 |
| SG&A | 60 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 71.8% → Operating margin 12.0% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.7%; Core profit growth: +22.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.42×
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 | 6,701 | 7,752 | 1,051 | +15.7% |
| Gross profit | 4,676 | 5,562 | 887 | +19.0% |
| Operating income | 763 | 932 | 169 | +22.2% |
| Net income attributable to owners | 458 | 737 | 279 | +61.0% |
| Operating cash flow | 652 | 1,497 | 845 | +129.6% |
| Free cash flow | 136 | 1,121 | 985 | +724.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,480 | -189 | -7.6% | -207 | -52 | -133 | S100LTDM |
| FY ending Mar 2021 | 3,220 | 135 | 4.2% | 42 | 702 | 644 | S100OK85 |
| FY ending Mar 2022 | 4,029 | -241 | -6.0% | -64 | -31 | -105 | S100R8IN |
| FY ending Mar 2023 | 4,862 | 9 | 0.2% | -46 | 329 | 42 | S100TX7K |
| FY ending Mar 2024 | 5,938 | 1,324 | 22.3% | 720 | 1,475 | 1,102 | S100W49T |
| FY ending Mar 2025 | 6,701 | 763 | 11.4% | 458 | 652 | 136 | S100YJOL |
| FY ending Mar 2026 | 7,752 | 932 | 12.0% | 737 | 1,497 | 1,121 | S100YJOL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.5M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 183 | 201 | 211 | 268 | 304 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 33.1 years | 33.6 years | 34.5 years | 34.2 years | 34.6 years |
| Average tenure (parent company) | 3.5 years | 3.7 years | 4.2 years | 3.8 years | 4.3 years |

Year over year: Employees (consolidated) +13.4% · Revenue (consolidated) +15.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CGS Segment NJSS | 3,729 | 48.1% | 1,642 | 44.0% |
| CGS Segment fondesk | 1,118 | 14.4% | 102 | 9.1% |
| CGS Segment photo | 1,101 | 14.2% | -27 | -2.4% |
| BPO Segment | 1,734 | 22.4% | 234 | 13.5% |
| Crowdsourcing Segment | 22 | 0.3% | -6 | -25.5% |
| CGS Segment others | 48 | 0.6% | -113 | -234.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CGS Segment NJSS | 48.1% | 83.0% | 34.9 | 44.0% |
| CGS Segment fondesk | 14.4% | 5.1% | -9.3 | 9.1% |
| CGS Segment photo | 14.2% | — | — | -2.4% |
| BPO Segment | 22.4% | 11.8% | -10.6 | 13.5% |
| Crowdsourcing Segment | 0.3% | — | — | -25.5% |
| CGS Segment others | 0.6% | — | — | -234.1% |

Loss-making segment (excluded from profit shares): CGS Segment photo -27 JPY mn

Loss-making segment (excluded from profit shares): Crowdsourcing Segment -6 JPY mn

Loss-making segment (excluded from profit shares): CGS Segment others -113 JPY mn

Segment → industry: CGS Segment photo → Software & SaaS / CGS Segment NJSS → Software & SaaS / Crowdsourcing Segment → HR & Staffing / BPO Segment → Business Process Outsourcing / CGS Segment fondesk → Business Process Outsourcing

## 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 | 1,497 | 19.3% | S100YJOL |
| Capital expenditure | 376 | 4.8% | S100YJOL |
| Free cash flow | 1,121 | 14.5% | 算出 |
| Investing cash flow | -682 | -8.8% | S100YJOL |
| Financing cash flow | 361 | 4.7% | S100YJOL |
| Dividends paid | 69 | 0.9% | S100YJOL |
| Change in cash | 1,176 | 15.2% | S100YJOL |
| Cash and equivalents | 4,581 | 59.1% | S100YJOL |

## 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 | 2,805 | 2,396 | 3,590 | 3,405 | 4,581 | S100TX7K, S100W49T, S100YJOL |
| Total assets | 4,338 | 4,622 | 6,051 | 6,241 | 8,050 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Net assets | 2,128 | 2,089 | 2,812 | 3,028 | 3,697 | S100TX7K, S100W49T, S100YJOL |
| Share capital | 1,033 | 1,037 | 1,038 | 1,038 | 1,038 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Property, plant and equipment | 140 | 201 | 220 | 302 | 448 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Intangible assets excluding goodwill | 244 | 680 | 686 | 827 | 1,002 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Goodwill | 192 | 434 | 226 | 181 | 215 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Investment securities | 322 | 449 | 464 | 515 | 608 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Current assets | 3,297 | 2,931 | 4,367 | 4,259 | 5,610 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Current liabilities | 2,157 | 2,520 | 3,070 | 3,044 | 3,779 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Long-term borrowings | 39 | — | 158 | 118 | 477 | S100R8IN, S100W49T, S100YJOL |
| Total liabilities | 2,210 | 2,533 | 3,239 | 3,213 | 4,353 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Equity attributable to owners of parent | 2,128 | 2,089 | 2,811 | 3,027 | 3,695 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Retained earnings | 79 | 34 | 754 | 970 | 1,638 | S100R8IN, S100TX7K, S100W49T, S100YJOL |
| Treasury stock | -0 | -0 | -0 | -1 | -1 | S100R8IN, S100TX7K, S100W49T, S100YJOL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100YJOL |
| Property, plant and equipment | 6% | S100YJOL |
| Intangibles and goodwill | 15% | S100YJOL |
| Investment securities | 7% | S100YJOL |
| Other assets | 15% | S100YJOL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YJOL |
| Equity | 46% | S100YJOL |

### 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 | 4,338 | 4,622 | 6,051 | 6,241 | 8,050 |
| Equity | 2,128 | 2,089 | 2,812 | 3,028 | 3,697 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,805 | 2,396 | 3,590 | 3,405 | 4,581 |

## 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) | 5.8% | S100YJOL |
| Fixed assets ÷ total assets | 5.6% | S100YJOL |
| Goodwill ÷ parent equity | 5.8% | S100YJOL |

Goodwill over 4 years: 192 → 215 JPY; total investing cash flow: -2,788 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) | 56.9% |
| Cash ÷ revenue | 59.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.5% |
| Cash vs. profit gap | 759 JPY mn (of net income 102.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.4% |
| Shareholder payments — dividends / FCF | 6.2% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 45.6% |

## 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 | — | —× | -1.5% | —× | — | S100R8IN |
| 2023 | — | —× | -1.0% | —× | — | S100TX7K |
| 2024 | 12.1% | 1.11× | 13.5% | 2.18× | 29.4% | S100W49T |
| 2025 | 6.8% | 1.09× | 7.5% | 2.11× | 15.7% | S100YJOL |
| 2026 | 9.5% | 1.08× | 10.3% | 2.13× | 21.9% | S100YJOL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 星 知也 | Major shareholder | 17.5% | 2026-03-31 |
| 株式会社エアーズロック | Major shareholder | 9.5% | 2026-03-31 |
| UH Partners 3投資事業有限責任組合 | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社UH5 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 桶山 雄平 | Major shareholder | 5.5% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.8% | 2026-03-31 |
| 長屋 洋介 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/04/01－2026/03/31) | S100YJOL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJOL,, |
| 有価証券報告書－第25期(2024/04/01－2025/03/31) | S100W49T | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49T,, |
| 有価証券報告書－第24期(2023/04/01－2024/03/31) | S100TX7K | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7K,, |
| 有価証券報告書－第23期(2022/04/01－2023/03/31) | S100R8IN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8IN,, |
| 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) | S100OK85 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK85,, |
| 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) | S100LTDM | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTDM,, |

## 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).