# uridoki Inc.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2024/12/01－2025/11/30) (S100XN60)
> Page: https://vizora.meequs.com/en/company/uridoki
> Retrieved: 2026-09-30T19:05:51.729Z

## Company

uridoki, founded in 2014, is a company in Internet Services & Apps listed on Nagoya. It has 16 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | uridoki Inc. |
| Ticker | 418A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/418A.T) |
| Listing | Nagoya |
| Head office | 東京都新宿区新宿一丁目6番3号 |
| Representative (per filing) | 代表取締役 木暮 康雄 |
| Founded | Dec 2014 |
| Share capital | ¥105.2M |
| Employees (consolidated) | 16 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | November |
| Website | uridoki.co.jp (https://uridoki.co.jp/) |
| Corporate number | 5010701030190 |
| EDINET | E40919 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XN60, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 59.8 | 51 |
| Cash conversion | 66.3 | 43 |
| Efficiency | 99 | 52 |

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)

- uridoki brought in ¥1.52B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +153.8% from the prior year, operating profit +262.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1519616000 → ¥215820000
- Net income → operating cash flow: ¥215820000 → ¥252198000（difference ¥36378000）
- Main uses of operating cash flow: CapEx ¥941000 / dividends — / buybacks —
- Change in cash: ¥279362000
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 | ¥1.52B |  |
| Operating income | ¥175.6M | Margin 11.6% |
| Net income | ¥215.8M | Margin 14.2% |
| Free cash flow | ¥251.3M |  |
| Employees (consolidated) | 16 |  |
| EPS | ¥52.17 |  |
| Diluted EPS | ¥46.58 |  |
| Book value per share | ¥95.24 |  |
| Equity ratio | 58.7% |  |
| Shares outstanding | 2,140,770 |  |
| Shareholders | 699 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 62.1% | Cash ÷ revenue 28.4% |
| Vs. industry median margin | +3.9 pp | Internet Services & Apps |
| ROE | 84.4% | Derived from disclosed figures |
| ROA | 43.8% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -16% while operating income rose 263%
- FY2025, cash is 62% of total assets

## What changed in 1 years

| Metric | FY ending Nov 2024 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥598639000 | ¥1519616000 | +153.8% |
| Operating income | ¥48420000 | ¥175560000 | +262.6% |
| Operating margin | 8.1% | 11.6% | +3.5 pp |
| Employees | 19 people | 16 people | -15.8% |
| Cash and equivalents | ¥152612000 | ¥431974000 | +183.1% |

### Change in segment revenue mix

Span: FY ending Nov 2024 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,520 | 100.0% | S100XN60 |
| Operating income | 176 | 11.6% | S100XN60 |
| Ordinary income | 202 | 13.3% | S100XN60 |
| Pretax income | 202 | 13.3% | S100XN60 |
| Income tax | -14 | -0.9% | S100XN60 |
| Net income | 216 | 14.2% | S100XN60 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 14 |

### Margin funnel

Operating margin 11.6% → Net margin 14.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +153.8%; Core profit growth: +262.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.71×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 599 | 1,520 | 921 | +153.8% |
| Operating income | 48 | 176 | 127 | +262.6% |
| Operating cash flow | 44 | 252 | 208 | +476.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2024 | 599 | 48 | 8.1% | 65 | 44 | — | S100XN60 |
| FY ending Nov 2025 | 1,520 | 176 | 11.6% | 216 | 252 | 251 | S100XN60 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95M |
| Operating income per employee (consolidated) | ¥11M |
| Net income per employee (consolidated) | ¥13.5M |

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

| History | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 19 | 16 |
| Average salary (parent company) | — | ¥4.9M |
| Average age (parent company) | — | 32.7 years |
| Average tenure (parent company) | — | 1.8 years |

Year over year: Employees (consolidated) -15.8% · Revenue (consolidated) +153.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 252 | 16.6% | S100XN60 |
| Capital expenditure | 1 | 0.1% | S100XN60 |
| Free cash flow | 251 | 16.5% | 算出 |
| Investing cash flow | -1 | -0.1% | S100XN60 |
| Financing cash flow | 28 | 1.8% | S100XN60 |
| Change in cash | 279 | 18.4% | S100XN60 |
| Cash and equivalents | 432 | 28.4% | S100XN60 |

## 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 Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 153 | 432 | S100XN60 |
| Total assets | 290 | 695 | S100XN60 |
| Net assets | 104 | 408 | S100XN60 |
| Share capital | 61 | 105 | S100XN60 |
| Property, plant and equipment | 2 | 2 | S100XN60 |
| Current assets | 265 | 628 | S100XN60 |
| Current liabilities | 158 | 267 | S100XN60 |
| Long-term borrowings | 27 | 20 | S100XN60 |
| Total liabilities | 186 | 287 | S100XN60 |
| Equity attributable to owners of parent | 104 | 408 | S100XN60 |
| Retained earnings | 32 | 247 | S100XN60 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100XN60 |
| Property, plant and equipment | 0% | S100XN60 |
| Other assets | 38% | S100XN60 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XN60 |
| Equity | 59% | S100XN60 |
| Other liabilities | 0% | S100XN60 |

### Balance sheet history

| Metric | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: |
| Total assets | 290 | 695 |
| Equity | 104 | 408 |
| Interest-bearing debt | — | — |
| Cash | 153 | 432 |

## 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) | 0.2% | S100XN60 |
| Fixed assets ÷ total assets | 0.3% | S100XN60 |
| Goodwill ÷ parent equity | — | —, S100XN60 |

### 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) | 62.1% |
| Cash ÷ revenue | 28.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.7% |
| Cash vs. profit gap | 36 JPY mn (of net income 16.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 0.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 10.8% | 2.07× | 22.4% | 2.79× | 62.5% | S100XN60 |
| 2025 | 14.2% | 3.09× | 43.8% | 1.93× | 84.4% | S100XN60 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| パズー株式会社 | Major shareholder | 23.4% | 2025-11-30 |
| 木暮 康雄 | Major shareholder | 21.2% | 2025-11-30 |
| 株式会社ニキティス | Major shareholder | 9.0% | 2025-11-30 |
| 渡辺 毅 | Major shareholder | 4.5% | 2025-11-30 |
| 株式会社ラサ | Major shareholder | 2.8% | 2025-11-30 |
| 和田 亨 | Major shareholder | 2.4% | 2025-11-30 |
| 松井証券株式会社 | Major shareholder | 2.3% | 2025-11-30 |
| ディップ株式会社 | Major shareholder | 1.9% | 2025-11-30 |
| 木暮 正彦 | Major shareholder | 1.9% | 2025-11-30 |
| 株式会社丸喜堂 | Major shareholder | 1.6% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2024/12/01－2025/11/30) | S100XN60 | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN60,, |

## 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).