# Yappli, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/01/01－2025/12/31) (S100XVB7)
> Page: https://vizora.meequs.com/en/company/yappli
> Retrieved: 2026-09-30T21:33:20.581Z

## Company

Yappli, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 294 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yappli, Inc. |
| Ticker | 4168 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4168.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 住友不動産六本木グランドタワー41階 |
| Representative (per filing) | 代表取締役社長CEO 庵原 保文 |
| Founded | Feb 2013 |
| Share capital | ¥58.9M |
| Employees (consolidated) | 294 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | yappli.co.jp (https://yappli.co.jp/) |
| Corporate number | 6010401104203 |
| EDINET | E36107 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XVB7, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 58.3 | 145 |
| Cash conversion | 37.9 | 128 |
| Efficiency | 81.7 | 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)

- Yappli brought in ¥6.06B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +60.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6056126000 → ¥920605000
- Net income → operating cash flow: ¥920605000 → ¥776575000（difference ¥-144030000）
- Main uses of operating cash flow: CapEx ¥581000 / dividends ¥76360000 / buybacks ¥150726000
- Change in cash: ¥244676000
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 | ¥6.06B |  |
| Operating income | ¥882.8M | Margin 14.6% |
| Net income | ¥920.6M | Margin 15.2% |
| Free cash flow | ¥776M |  |
| Employees (consolidated) | 294 |  |
| EPS | ¥72.81 |  |
| Diluted EPS | ¥72.55 |  |
| Book value per share | ¥221.5 |  |
| Equity ratio | 59.5% |  |
| Shares outstanding | 12,984,800 |  |
| Treasury shares | 209,000 |  |
| Shareholders | 7,735 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 46.5% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +2.1 pp | Software & SaaS |
| ROE | 32.7% | Derived from disclosed figures |
| ROA | 19.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 2.0× dividends
- FY2025, cash is 47% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2390870000 | ¥6056126000 | — |
| Operating income | ¥-590038000 | ¥882764000 | — |
| Operating margin | -24.7% | 14.6% | +39.3 pp |
| Employees | 169 people | 294 people | — |
| Cash and equivalents | ¥2024672000 | ¥2204480000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,056 | 100.0% | S100XVB7 |
| Cost of revenue | 2,030 | 33.5% | S100XVB7 |
| Gross profit | 4,026 | 66.5% | S100XVB7 |
| SG&A | 3,144 | 51.9% | S100XVB7 |
| Operating income | 883 | 14.6% | S100XVB7 |
| Ordinary income | 878 | 14.5% | S100XVB7 |
| Pretax income | 877 | 14.5% | S100XVB7 |
| Income tax | -43 | -0.7% | S100XVB7 |
| Net income | 921 | 15.2% | S100XVB7 |
| Net income attributable to owners | 921 | 15.2% | S100XVB7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 52 |
| Operating income | 15 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 66.5% → Operating margin 14.6% → Net margin 15.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,511 | 6,056 | 545 | +9.9% |
| Gross profit | 3,644 | 4,026 | 382 | +10.5% |
| Operating income | 551 | 883 | 332 | +60.2% |
| Operating cash flow | 367 | 777 | 410 | +111.8% |
| Free cash flow | 352 | 776 | 424 | +120.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,721 | -789 | -45.8% | -790 | -699 | -924 | S100L3D4 |
| FY ending Dec 2020 | 2,391 | -590 | -24.7% | -633 | -569 | -579 | S100NSGA |
| FY ending Dec 2021 | 3,264 | -929 | -28.4% | -940 | -904 | -929 | S100QIQB |
| FY ending Dec 2022 | 4,142 | -819 | -19.8% | -941 | -927 | -948 | S100T6RK |
| FY ending Dec 2023 | 4,864 | 265 | 5.4% | -74 | -161 | -162 | S100VIGX |
| FY ending Dec 2024 | 5,511 | 551 | 10.0% | 749 | 367 | 352 | S100VIGX |
| FY ending Dec 2025 | 6,056 | 883 | 14.6% | 921 | 777 | 776 | S100XVB7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 215 | 249 | 256 | 268 | 294 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.6M | ¥6.7M | ¥7M |
| Average age (parent company) | 34.3 years | 34.2 years | 34.5 years | 35.2 years | 35.5 years |
| Average tenure (parent company) | 2.3 years | 2.7 years | 3.2 years | 3.6 years | 3.8 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 777 | 12.8% | S100XVB7 |
| Capital expenditure | 1 | 0.0% | S100XVB7 |
| Free cash flow | 776 | 12.8% | 算出 |
| Investing cash flow | -87 | -1.4% | S100XVB7 |
| Financing cash flow | -445 | -7.4% | S100XVB7 |
| Dividends paid | 76 | 1.3% | S100XVB7 |
| Share buyback | 151 | 2.5% | S100XVB7 |
| Change in cash | 245 | 4.0% | S100XVB7 |
| Cash and equivalents | 2,204 | 36.4% | S100XVB7 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,868 | 1,651 | 1,508 | 1,960 | 2,204 | S100T6RK, S100VIGX, S100XVB7 |
| Total assets | 2,995 | 2,844 | 2,814 | 4,067 | 4,737 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Net assets | 2,252 | 1,344 | 1,360 | 2,188 | 2,961 | S100T6RK, S100VIGX, S100XVB7 |
| Share capital | 2,545 | 2,561 | 2,606 | 51 | 59 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Property, plant and equipment | 182 | 136 | 122 | 116 | 103 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Intangible assets excluding goodwill | 62 | 33 | 5 | — | 113 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Goodwill | 61 | 33 | 5 | — | 113 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Investment securities | — | — | — | — | 499 | S100XVB7 |
| Current assets | 2,466 | 2,444 | 2,230 | 2,812 | 3,284 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Current liabilities | 624 | 706 | 779 | 744 | 842 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Long-term borrowings | 119 | 794 | 675 | 1,135 | 931 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Total liabilities | 743 | 1,500 | 1,454 | 1,879 | 1,775 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Non-controlling interests | — | — | — | — | 16 | S100XVB7 |
| Equity attributable to owners of parent | 2,250 | 1,342 | 1,358 | 2,109 | 2,819 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Retained earnings | -2,839 | -3,781 | -3,855 | 749 | 1,594 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |
| Treasury stock | -0 | -0 | -0 | -0 | -150 | S100QIQB, S100T6RK, S100VIGX, S100XVB7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XVB7 |
| Property, plant and equipment | 2% | S100XVB7 |
| Intangibles and goodwill | 5% | S100XVB7 |
| Investment securities | 10% | S100XVB7 |
| Other assets | 36% | S100XVB7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XVB7 |
| Equity | 63% | S100XVB7 |
| Other liabilities | 0% | S100XVB7 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,995 | 2,844 | 2,814 | 4,067 | 4,737 |
| Equity | 2,252 | 1,344 | 1,360 | 2,188 | 2,961 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,868 | 1,651 | 1,508 | 1,960 | 2,204 |

## 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) | 1.7% | S100XVB7 |
| Fixed assets ÷ total assets | 2.2% | S100XVB7 |
| Goodwill ÷ parent equity | 4.0% | S100XVB7 |

### 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) | 46.5% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.0% |
| Cash vs. profit gap | -144 JPY mn (of net income -15.6%) |
| Shareholder returns / net income | 24.7% |
| Shareholder returns / FCF | 29.3% |
| Shareholder payments — dividends / net income | 8.3% |
| Shareholder payments — dividends / FCF | 9.8% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 11.2% |

## 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 | — | —× | -31.4% | —× | — | S100QIQB |
| 2022 | — | —× | -32.2% | —× | — | S100T6RK |
| 2023 | — | —× | -2.6% | —× | — | S100VIGX |
| 2024 | 13.6% | 1.60× | 21.8% | 1.99× | 43.2% | S100VIGX |
| 2025 | 15.2% | 1.28× | 19.4% | 1.68× | 32.7% | S100XVB7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐野 将史 | Major shareholder | 16.2% | 2025-12-31 |
| 庵原 保文 | Major shareholder | 16.2% | 2025-12-31 |
| 黒田 真澄 | Major shareholder | 5.1% | 2025-12-31 |
| 木下 圭一郎 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社ばんせい総合研究所 | Major shareholder | 1.2% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/01/01－2025/12/31) | S100XVB7 | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVB7,, |
| 有価証券報告書－第12期(2024/01/01－2024/12/31) | S100VIGX | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIGX,, |
| 有価証券報告書－第11期(2023/01/01－2023/12/31) | S100T6RK | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6RK,, |
| 有価証券報告書－第10期(2022/01/01－2022/12/31) | S100QIQB | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIQB,, |
| 有価証券報告書－第9期(令和3年1月1日－令和3年12月31日) | S100NSGA | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSGA,, |
| 有価証券報告書－第8期(令和2年1月1日－令和2年12月31日) | S100L3D4 | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3D4,, |

## 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).