# User Local, Inc.: business model and financials

> Latest period: FY ending Jun 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/07/01－2026/06/30) (S100Z2OT)
> Page: https://vizora.meequs.com/en/company/user-local
> Retrieved: 2026-09-30T19:40:00.606Z

## Company

User Local, founded in 2005, is a company in Software & SaaS listed on TSE Prime. It has 121 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | User Local, Inc. |
| Ticker | 3984 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3984.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番21号 |
| Representative (per filing) | 代表取締役社長 伊藤 将雄 |
| Founded | Sep 2005 |
| Share capital | ¥1.22B |
| Employees (consolidated) | 121 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | June |
| Website | www.userlocal.jp (https://www.userlocal.jp/) |
| Corporate number | 9011001069346 |
| EDINET | E33026 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100Z2OT, filed 2026-09-16). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.5 | 105 |
| Profitability | 94.8 | 145 |
| Cash conversion | 48 | 128 |
| Efficiency | 14.1 | 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)

- User Local brought in ¥5.34B in revenue.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed +16.6% from the prior year, operating profit +11.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5343213000 → ¥1634794000
- Net income → operating cash flow: ¥1634794000 → ¥2238224000（difference ¥603430000）
- Main uses of operating cash flow: CapEx ¥58919000 / dividends ¥383857000 / buybacks ¥760361000
- Change in cash: ¥1203493000
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 | ¥5.34B |  |
| Operating income | ¥2.2B | Margin 41.1% |
| Net income | ¥1.63B | Margin 30.6% |
| Free cash flow | ¥2.18B |  |
| Employees (consolidated) | 121 |  |
| EPS | ¥102.63 |  |
| Diluted EPS | ¥102.53 |  |
| Book value per share | ¥600.51 |  |
| Equity ratio | 84.5% |  |
| Shares outstanding | 16,161,800 |  |
| Treasury shares | 431,500 |  |
| Shareholders | 13,179 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 87.2% | Cash ÷ revenue 182.5% |
| Vs. industry median margin | +28.7 pp | Software & SaaS |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 15.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.0× dividends
- FY2026, cash is 87% of total assets
- FY2026, operating income keeps 41 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2088190000 | ¥5343213000 | +155.9% |
| Operating income | ¥854751000 | ¥2196146000 | +156.9% |
| Operating margin | 40.9% | 41.1% | +0.2 pp |
| Employees | 76 people | 121 people | +59.2% |
| Cash and equivalents | ¥4695872000 | ¥9749289000 | +107.6% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,343 | 100.0% | S100Z2OT |
| Cost of revenue | 587 | 11.0% | S100Z2OT |
| Gross profit | 4,756 | 89.0% | S100Z2OT |
| SG&A | 2,560 | 47.9% | S100Z2OT |
| Operating income | 2,196 | 41.1% | S100Z2OT |
| Ordinary income | 2,212 | 41.4% | S100Z2OT |
| Pretax income | 2,312 | 43.3% | S100Z2OT |
| Income tax | 678 | 12.7% | S100Z2OT |
| Net income | 1,635 | 30.6% | S100Z2OT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 11 |
| SG&A | 48 |
| Operating income | 41 |
| (Ref.) Net income | 31 |

### Margin funnel

Gross margin 89.0% → Operating margin 41.1% → Net margin 30.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.6%; Core profit growth: +11.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,582 | 5,343 | 761 | +16.6% |
| Gross profit | 4,120 | 4,756 | 636 | +15.4% |
| Operating income | 1,971 | 2,196 | 225 | +11.4% |
| Operating cash flow | 1,806 | 2,238 | 432 | +23.9% |
| Free cash flow | 1,547 | 2,179 | 633 | +40.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 1,667 | 687 | 41.2% | 420 | 622 | 603 | S100MH6F |
| FY ending Jun 2021 | 2,088 | 855 | 40.9% | 615 | 697 | 677 | S100P86Q |
| FY ending Jun 2022 | 2,684 | 1,025 | 38.2% | 722 | 912 | 869 | S100RWAW |
| FY ending Jun 2023 | 3,289 | 1,372 | 41.7% | 954 | 1,313 | 1,290 | S100UEMA |
| FY ending Jun 2024 | 3,908 | 1,728 | 44.2% | 1,186 | 1,545 | 1,528 | S100WPIP |
| FY ending Jun 2025 | 4,582 | 1,971 | 43.0% | 1,429 | 1,806 | 1,547 | S100Z2OT |
| FY ending Jun 2026 | 5,343 | 2,196 | 41.1% | 1,635 | 2,238 | 2,179 | S100Z2OT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.2M |
| Operating income per employee (consolidated) | ¥18.1M |
| 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 85 | 93 | 102 | 112 | 121 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.2M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 28.6 years | 28.7 years | 28.9 years | 28.7 years | 28.7 years |
| Average tenure (parent company) | 3.8 years | 4.1 years | 4.4 years | 4.5 years | 4.8 years |

Year over year: Employees (consolidated) +8.0% · Revenue (consolidated) +16.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,238 | 41.9% | S100Z2OT |
| Capital expenditure | 59 | 1.1% | S100Z2OT |
| Free cash flow | 2,179 | 40.8% | 算出 |
| Investing cash flow | 37 | 0.7% | S100Z2OT |
| Financing cash flow | -1,072 | -20.1% | S100Z2OT |
| Dividends paid | 384 | 7.2% | S100Z2OT |
| Share buyback | 760 | 14.2% | S100Z2OT |
| Change in cash | 1,203 | 22.5% | S100Z2OT |
| Cash and equivalents | 9,749 | 182.5% | S100Z2OT |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,320 | 6,367 | 7,677 | 8,546 | 9,749 | S100UEMA, S100WPIP, S100Z2OT |
| Total assets | 6,239 | 7,212 | 8,835 | 9,971 | 11,181 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Net assets | 5,538 | 6,340 | 7,725 | 8,699 | 9,446 | S100UEMA, S100WPIP, S100Z2OT |
| Share capital | 1,185 | 1,199 | 1,212 | 1,214 | 1,221 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Property, plant and equipment | 51 | 50 | 40 | 258 | 230 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Intangible assets excluding goodwill | — | — | — | — | 13 | S100Z2OT |
| Investment securities | 100 | 0 | 0 | 0 | 0 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Current assets | 5,722 | 6,810 | 8,210 | 9,232 | 10,453 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Current liabilities | 700 | 872 | 1,110 | 1,269 | 1,734 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Total liabilities | 700 | 872 | 1,110 | 1,272 | 1,734 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Equity attributable to owners of parent | 5,538 | 6,340 | 7,725 | 8,699 | 9,446 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Retained earnings | 3,151 | 4,057 | 5,179 | 6,479 | 7,730 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |
| Treasury stock | -39 | -194 | -52 | -373 | -724 | S100RWAW, S100UEMA, S100WPIP, S100Z2OT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 87% | S100Z2OT |
| Property, plant and equipment | 2% | S100Z2OT |
| Intangibles and goodwill | 0% | S100Z2OT |
| Other assets | 11% | S100Z2OT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100Z2OT |
| Equity | 84% | S100Z2OT |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,239 | 7,212 | 8,835 | 9,971 | 11,181 |
| Equity | 5,538 | 6,340 | 7,725 | 8,699 | 9,446 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,320 | 6,367 | 7,677 | 8,546 | 9,749 |

## 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) | 4.3% | S100Z2OT |
| Fixed assets ÷ total assets | 2.1% | S100Z2OT |
| Goodwill ÷ parent equity | — | —, S100Z2OT |

### 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) | 87.2% |
| Cash ÷ revenue | 182.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.9% |
| Cash vs. profit gap | 603 JPY mn (of net income 36.9%) |
| Shareholder returns / net income | 70.0% |
| Shareholder returns / FCF | 52.5% |
| Shareholder payments — dividends / net income | 23.5% |
| Shareholder payments — dividends / FCF | 17.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 1.7% |

## 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 | 26.9% | 0.43× | 11.6% | 1.13× | 13.0% | S100RWAW |
| 2023 | 29.0% | 0.49× | 14.2% | 1.13× | 16.1% | S100UEMA |
| 2024 | 30.3% | 0.49× | 14.8% | 1.14× | 16.9% | S100WPIP |
| 2025 | 31.2% | 0.49× | 15.2% | 1.15× | 17.4% | S100Z2OT |
| 2026 | 30.6% | 0.51× | 15.5% | 1.17× | 18.0% | S100Z2OT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤 将雄 | Major shareholder | 38.6% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.5% | 2026-06-30 |
| 渡邊 和行 | Major shareholder | 4.8% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2026-06-30 |
| 三上 俊輔 | Major shareholder | 2.1% | 2026-06-30 |
| 株式会社キーバリュー | Major shareholder | 1.3% | 2026-06-30 |
| 中村 賀一 | Major shareholder | 1.2% | 2026-06-30 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-06-30 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS-DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.9% | 2026-06-30 |
| 本郷 寛 | Major shareholder | 0.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/07/01－2026/06/30) | S100Z2OT | 2026-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2OT,, |
| 有価証券報告書－第20期(2024/07/01－2025/06/30) | S100WPIP | 2025-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WPIP,, |
| 有価証券報告書－第19期(2023/07/01－2024/06/30) | S100UEMA | 2024-09-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEMA,, |
| 有価証券報告書－第18期(2022/07/01－2023/06/30) | S100RWAW | 2023-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWAW,, |
| 有価証券報告書－第17期(令和3年7月1日－令和4年6月30日) | S100P86Q | 2022-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P86Q,, |
| 有価証券報告書－第16期(令和2年7月1日－令和3年6月30日) | S100MH6F | 2021-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MH6F,, |

## 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).