# unbanked 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54期(2025/04/01－2026/03/31) (S100YNMZ)
> Page: https://vizora.meequs.com/en/company/unbanked
> Retrieved: 2026-09-30T18:09:01.602Z

## Company

unbanked, founded in 2022, is a company in Consumer Finance listed on TSE Standard. It has 31 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | unbanked inc. |
| Ticker | 8746 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8746.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿1丁目18番14号 |
| Representative (per filing) | 代表取締役社長 胡燕 |
| Founded | Nov 2022 |
| Share capital | ¥100M |
| Employees (consolidated) | 31 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | unbanked.jp (https://unbanked.jp/) |
| Corporate number | 2011001013038 |
| EDINET | E03717 |
| Industries (Vizora) | Consumer Finance, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YNMZ, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.1 | 179 |
| Profitability | 0.3 | 185 |
| Efficiency | 1.9 | 185 |

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 86% of unbanked's sales come from Gold Ingod, with NonBank making up much of the rest.
- It lost about ¥30 for every ¥100 of sales at the operating level.
- Revenue changed -1.0% from the prior year, operating profit -1593.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.39B |  |
| Operating income | -¥2.79B | Margin -29.7% |
| Net income | -¥3.81B | Margin -40.5% |
| Free cash flow | -¥4.04B |  |
| Largest business | Gold Ingod | of segment revenue 85.6% |
| Employees (consolidated) | 31 |  |
| EPS | ¥-313.39 |  |
| Book value per share | ¥215.4 |  |
| Equity ratio | 11.3% |  |
| Shares outstanding | 13,570,000 |  |
| Treasury shares | 9,442 |  |
| Shareholders | 5,232 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 21.9% |
| Vs. industry median margin | -32.6 pp | Specialty Trading & Wholesale |
| ROA | -22.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 30 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6901538000 | ¥9394000000 | +36.1% |
| Operating income | ¥-1369447000 | ¥-2792000000 | — |
| Operating margin | -19.8% | -29.7% | -9.9 pp |
| Employees | 73 people | 31 people | -57.5% |
| Cash and equivalents | ¥1888940000 | ¥2059000000 | +9.0% |

### 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 |
| --- | ---: |
| 金地金 → 金地金 | 85.6% |
| 金地金 → 事業再編・廃止 | 4.3% |
| 投資・金融サービス → 事業再編・廃止 | 10.1% |
| 新設・再編 → ノンバンク | 14.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,394 | 100.0% | S100YNMZ |
| Cost of revenue | 8,169 | 87.0% | S100YNMZ |
| Gross profit | 1,225 | 13.0% | S100YNMZ |
| SG&A | 4,017 | 42.8% | S100YNMZ |
| Operating income | -2,792 | -29.7% | S100YNMZ |
| Ordinary income | -2,827 | -30.1% | S100YNMZ |
| Pretax income | -3,779 | -40.2% | S100YNMZ |
| Income tax | 123 | 1.3% | S100YNMZ |
| Net income | -3,903 | -41.5% | S100YNMZ |
| Net income attributable to owners | -3,808 | -40.5% | S100YNMZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 43 |
| Operating income | -30 |
| (Ref.) Net income | -41 |

### Margin funnel

Gross margin 13.0% → Operating margin -29.7% → Net margin -40.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 9,489 | 9,394 | -95 | -1.0% |
| Gross profit | 495 | 1,225 | 730 | +147.5% |
| Operating income | 187 | -2,792 | -2,979 | -1593.0% |
| Net income attributable to owners | 236 | -3,808 | -4,044 | -1713.6% |
| Operating cash flow | -72 | -4,041 | -3,969 | — |
| Free cash flow | -105 | -4,043 | -3,938 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 6,902 | -1,369 | -19.8% | -996 | -2,205 | -2,210 | S100OLG5 |
| FY ending Mar 2022 | 5,153 | -587 | -11.4% | -1,707 | -512 | -516 | S100RAV5 |
| FY ending Mar 2023 | 4,638 | -244 | -5.3% | -370 | 39 | 12 | S100TY5B |
| FY ending Mar 2024 | 5,310 | -150 | -2.8% | 391 | -1,009 | -1,010 | S100WEZ8 |
| FY ending Mar 2025 | 9,489 | 187 | 2.0% | 236 | -72 | -105 | S100YNMZ |
| FY ending Mar 2026 | 9,394 | -2,792 | -29.7% | -3,808 | -4,041 | -4,043 | S100YNMZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥303M |
| Operating income per employee (consolidated) | -¥90.1M |
| Net income per employee (consolidated) | -¥122.8M |

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) | 48 | 43 | 10 | 8 | 31 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥5.5M | ¥6.1M | ¥5.8M |
| Average age (parent company) | 48.2 years | 51.5 years | 49.9 years | 49.7 years | 47.5 years |
| Average tenure (parent company) | 23.2 years | 20.1 years | 13.0 years | 16.5 years | 14.9 years |

Year over year: Employees (consolidated) +287.5% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gold Ingod | 8,043 | 85.6% | -1,067 | -13.3% |
| NonBank | 1,351 | 14.4% | -1,416 | -104.8% |

### 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 | Margin |
| --- | ---: | ---: |
| Gold Ingod | 85.6% | -13.3% |
| NonBank | 14.4% | -104.8% |

Loss-making segment (excluded from profit shares): Gold Ingod -1,067 JPY mn

Loss-making segment (excluded from profit shares): NonBank -1,416 JPY mn

Segment → industry: NonBank → Consumer Finance / Gold Ingod → Specialty Trading & Wholesale

## 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 | -4,041 | -43.0% | S100YNMZ |
| Capital expenditure | 2 | 0.0% | S100YNMZ |
| Free cash flow | -4,043 | -43.0% | 算出 |
| Investing cash flow | -246 | -2.6% | S100YNMZ |
| Financing cash flow | 375 | 4.0% | S100YNMZ |
| Share buyback | 0 | 0.0% | S100YNMZ |
| Change in cash | -3,912 | -41.6% | S100YNMZ |
| Cash and equivalents | 2,059 | 21.9% | S100YNMZ |

## 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 | 2,340 | 2,741 | 2,393 | 3,280 | 2,059 | S100TY5B, S100WEZ8, S100YNMZ |
| Total assets | 10,033 | 9,440 | 5,826 | 7,392 | 26,883 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Net assets | 4,974 | 4,654 | 5,569 | 5,752 | 3,300 | S100TY5B, S100WEZ8, S100YNMZ |
| Share capital | 3,662 | 100 | 100 | 100 | 100 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Property, plant and equipment | 6 | 4 | 10 | 112 | 993 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Intangible assets excluding goodwill | 0 | 0 | 59 | 0 | 14 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Goodwill | — | — | 59 | — | — | S100WEZ8 |
| Investment securities | 1,634 | 1,166 | 1,426 | 397 | 75 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Current assets | 8,189 | 8,216 | 4,250 | 6,833 | 25,443 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Current liabilities | 5,056 | 4,766 | 125 | 1,608 | 23,469 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Trade payables | 42 | — | — | — | — | S100RAV5 |
| Total liabilities | 5,059 | 4,786 | 257 | 1,640 | 23,582 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Non-controlling interests | — | — | — | 219 | 254 | S100YNMZ |
| Equity attributable to owners of parent | 5,057 | 4,687 | 5,281 | 5,514 | 3,024 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Retained earnings | -1,969 | -393 | -2 | 377 | -3,414 | S100RAV5, S100TY5B, S100WEZ8, S100YNMZ |
| Treasury stock | -246 | -246 | — | -2 | -3 | S100RAV5, S100TY5B, S100YNMZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YNMZ |
| Property, plant and equipment | 4% | S100YNMZ |
| Intangibles and goodwill | 0% | S100YNMZ |
| Investment securities | 0% | S100YNMZ |
| Other assets | 88% | S100YNMZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100YNMZ |
| Equity | 12% | S100YNMZ |
| Other liabilities | 0% | S100YNMZ |

### 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 | 10,033 | 9,440 | 5,826 | 7,392 | 26,883 |
| Equity | 4,974 | 4,654 | 5,569 | 5,752 | 3,300 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,340 | 2,741 | 2,393 | 3,280 | 2,059 |

## 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) | 10.6% | S100YNMZ |
| Fixed assets ÷ total assets | 3.7% | S100YNMZ |
| Goodwill ÷ parent equity | — | —, S100YNMZ |

### 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) | 7.7% |
| Cash ÷ revenue | 21.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -233 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -17.0% | —× | — | S100RAV5 |
| 2023 | — | —× | -3.8% | —× | — | S100TY5B |
| 2024 | 7.4% | 0.70× | 5.1% | 1.53× | 7.8% | S100WEZ8 |
| 2025 | 2.5% | 1.44× | 3.6% | 1.22× | 4.4% | S100YNMZ |
| 2026 | — | —× | -22.2% | —× | — | S100YNMZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＭａａａａＲｕホールディングス 株式会社 | Major shareholder | 16.5% | 2026-03-31 |
| Ａｋａｔｓｕｋｉ Ｃａｐｉｔａｌ Ｗｏｒｋｓ株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社ＴＭフィナンシャルストラテジー | Major shareholder | 3.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.5% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社証券ジャパン | Major shareholder | 2.4% | 2026-03-31 |
| 勝 えり子 | Major shareholder | 2.4% | 2026-03-31 |
| 河合 マーロン | Major shareholder | 2.2% | 2026-03-31 |
| 本田 求 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YNMZ | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNMZ,, |
| 訂正有価証券報告書－第53期(2024/04/01－2025/03/31) | S100WEZ8 | 2025-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEZ8,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TY5B | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY5B,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100RAV5 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAV5,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OLG5 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLG5,, |
| 訂正有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100M1B4 | 2021-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1B4,, |

## 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).