# YRGLM Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2024/10/01－2025/09/30) (S100XAFO)
> Page: https://vizora.meequs.com/en/company/yrglm
> Retrieved: 2026-09-30T18:40:59.146Z

## Company

Yrglm, founded in 2001, is a company in IT Services & System Integration listed on TSE Standard. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YRGLM Inc. |
| Ticker | 3690 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3690.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区梅田二丁目2番22号 |
| Representative (per filing) | 代表取締役社長執行役員CEO 岩田 進 |
| Founded | Jun 2001 |
| Share capital | ¥318.1M |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | September |
| Website | www.yrglm.co.jp (https://www.yrglm.co.jp/) |
| Corporate number | 3120001104842 |
| EDINET | E30836 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Advertising |

> Profile source: annual securities report (S100XAFO, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.6 | 57 |
| Profitability | 50.6 | 86 |
| Cash conversion | 90 | 75 |
| Efficiency | 65.7 | 86 |

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 59% of Yrglm's sales come from Marketing DX support business, with Commerce Support business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +35.7% from the prior year, operating profit +69.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.93B |  |
| Operating income | ¥278.9M | Margin 5.7% |
| Net income | -¥142.2M | Margin -2.9% |
| Free cash flow | ¥422.3M |  |
| Largest business | Marketing DX support business | of segment revenue 59.1% |
| Employees (consolidated) | 334 |  |
| EPS | ¥-48.67 |  |
| Book value per share | ¥211.44 |  |
| Equity ratio | 51.8% |  |
| Shares outstanding | 6,372,415 |  |
| Treasury shares | 172,800 |  |
| Shareholders | 9,761 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 45.6% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | -6.8 pp | Software & SaaS |
| ROA | -4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, employees -10% while operating income rose 70%
- FY2025, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2618633000 | ¥4934733000 | +88.4% |
| Operating income | ¥276952000 | ¥278892000 | +0.7% |
| Operating margin | 10.6% | 5.7% | -4.9 pp |
| Employees | 167 people | 334 people | +100.0% |
| Cash and equivalents | ¥1118716000 | ¥1461669000 | +30.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| マーケティングプラットフォーム → 事業再編・廃止 | 88.5% |
| 商流プラットフォーム → 事業再編・廃止 | 11.5% |
| 新設・再編 → マーケティングDX支援事業 | 59.1% |
| 新設・再編 → コマース支援事業 | 40.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,935 | 100.0% | S100XAFO |
| Cost of revenue | 2,368 | 48.0% | S100XAFO |
| Gross profit | 2,566 | 52.0% | S100XAFO |
| SG&A | 2,287 | 46.4% | S100XAFO |
| Operating income | 279 | 5.7% | S100XAFO |
| Ordinary income | 280 | 5.7% | S100XAFO |
| Pretax income | -61 | -1.2% | S100XAFO |
| Income tax | 108 | 2.2% | S100XAFO |
| Net income | -169 | -3.4% | S100XAFO |
| Net income attributable to owners | -142 | -2.9% | S100XAFO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 46 |
| Operating income | 6 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 52.0% → Operating margin 5.7% → Net margin -2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.7%; Core profit growth: +69.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.95×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,636 | 4,935 | 1,299 | +35.7% |
| Gross profit | 2,119 | 2,566 | 447 | +21.1% |
| Operating income | 164 | 279 | 114 | +69.6% |
| Net income attributable to owners | 69 | -142 | -211 | -306.8% |
| Operating cash flow | 386 | 590 | 204 | +52.9% |
| Free cash flow | 231 | 422 | 192 | +83.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,204 | 85 | 3.9% | -35 | 208 | -115 | S100KE6O |
| FY ending Sep 2020 | 2,619 | 277 | 10.6% | 183 | 521 | 340 | S100N2Q0 |
| FY ending Sep 2021 | 2,958 | 365 | 12.4% | 240 | 573 | 460 | S100PUS9 |
| FY ending Sep 2022 | 3,334 | 393 | 11.8% | 236 | 434 | 212 | S100SMSY |
| FY ending Sep 2023 | 3,626 | 319 | 8.8% | 197 | 565 | 403 | S100UZEG |
| FY ending Sep 2024 | 3,636 | 164 | 4.5% | 69 | 386 | 231 | S100XAFO |
| FY ending Sep 2025 | 4,935 | 279 | 5.7% | -142 | 590 | 422 | S100XAFO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.8M |
| Operating income per employee (consolidated) | ¥835K |
| Net income per employee (consolidated) | -¥425.7K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 184 | 221 | 236 | 371 | 334 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.4M | ¥6.3M | ¥6.3M |
| Average age (parent company) | 32.3 years | 33.3 years | 34.3 years | 34.2 years | 34.7 years |
| Average tenure (parent company) | 4.3 years | 4.4 years | 5.0 years | 5.4 years | 5.9 years |

Year over year: Employees (consolidated) -10.0% · Revenue (consolidated) +35.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marketing DX support business | 2,919 | 59.1% | 273 | 9.3% |
| Commerce Support business | 2,016 | 40.9% | 6 | 0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marketing DX support business | 59.1% | 97.8% | 38.6 | 9.3% |
| Commerce Support business | 40.9% | 2.2% | -38.6 | 0.3% |

Segment → industry: Commerce Support business → IT Services & System Integration / Commerce Support business → Software & SaaS / Marketing DX support business → Software & SaaS / Marketing DX support business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 590 | 12.0% | S100XAFO |
| Capital expenditure | 168 | 3.4% | S100XAFO |
| Free cash flow | 422 | 8.6% | 算出 |
| Investing cash flow | -188 | -3.8% | S100XAFO |
| Financing cash flow | -264 | -5.4% | S100XAFO |
| Dividends paid | 48 | 1.0% | S100XAFO |
| Change in cash | 137 | 2.8% | S100XAFO |
| Cash and equivalents | 1,462 | 29.6% | S100XAFO |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,392 | 1,260 | 1,375 | 1,325 | 1,462 | S100SMSY, S100UZEG, S100XAFO |
| Total assets | 3,139 | 3,104 | 3,165 | 3,524 | 3,205 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Net assets | 1,648 | 1,804 | 1,983 | 1,935 | 1,685 | S100SMSY, S100UZEG, S100XAFO |
| Share capital | 318 | 318 | 318 | 318 | 318 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Trade receivables | 374 | 411 | 520 | 466 | 605 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Property, plant and equipment | 32 | 65 | 57 | 85 | 70 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Intangible assets excluding goodwill | 899 | 933 | 779 | 907 | 457 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Goodwill | 450 | 484 | 362 | 430 | 58 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Investment securities | 40 | 53 | 56 | 57 | 55 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Current assets | 1,871 | 1,834 | 2,101 | 2,240 | 2,402 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Current liabilities | 920 | 883 | 1,018 | 1,123 | 1,104 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Short-term borrowings | 200 | 250 | 250 | 250 | 250 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Long-term borrowings | 557 | 394 | 142 | 429 | 354 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Total liabilities | 1,491 | 1,299 | 1,181 | 1,589 | 1,520 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Non-controlling interests | 22 | 31 | 39 | 58 | 26 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Equity attributable to owners of parent | 1,625 | 1,753 | 1,923 | 1,862 | 1,648 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Retained earnings | 935 | 1,138 | 1,283 | 1,305 | 1,106 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |
| Treasury stock | -49 | -121 | -89 | -161 | -130 | S100PUS9, S100SMSY, S100UZEG, S100XAFO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100XAFO |
| Receivables | 19% | S100XAFO |
| Property, plant and equipment | 2% | S100XAFO |
| Intangibles and goodwill | 16% | S100XAFO |
| Investment securities | 2% | S100XAFO |
| Other assets | 15% | S100XAFO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XAFO |
| Equity | 53% | S100XAFO |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,139 | 3,104 | 3,165 | 3,524 | 3,205 |
| Equity | 1,648 | 1,804 | 1,983 | 1,935 | 1,685 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,392 | 1,260 | 1,375 | 1,325 | 1,462 |

## 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) | 1.4% | S100XAFO |
| Fixed assets ÷ total assets | 2.2% | S100XAFO |
| Goodwill ÷ parent equity | 3.5% | S100XAFO |

Goodwill over 4 years: 450 → 58 JPY; total investing cash flow: -1,373 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) | 45.6% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.7% |
| Cash vs. profit gap | 733 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 11.4% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 31.9% |

## 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 | 8.1% | 0.94× | 7.6% | 1.93× | 14.7% | S100PUS9 |
| 2022 | 7.1% | 1.07× | 7.6% | 1.85× | 14.0% | S100SMSY |
| 2023 | 5.4% | 1.16× | 6.3% | 1.71× | 10.7% | S100UZEG |
| 2024 | 1.9% | 1.09× | 2.1% | 1.77× | 3.6% | S100XAFO |
| 2025 | — | —× | -4.2% | —× | — | S100XAFO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岩田 進 | Major shareholder | 42.6% | 2025-09-30 |
| 福田 博一 | Major shareholder | 12.4% | 2025-09-30 |
| 又座 加奈子 | Major shareholder | 5.3% | 2025-09-30 |
| 山下 良久 | Major shareholder | 1.1% | 2025-09-30 |
| イルグルム従業員持株会 | Major shareholder | 1.0% | 2025-09-30 |
| ㈱博報堂 | Major shareholder | 1.0% | 2025-09-30 |
| 山田 智則 | Major shareholder | 0.9% | 2025-09-30 |
| 中川 仁 | Major shareholder | 0.5% | 2025-09-30 |
| 長野 佳代子 | Major shareholder | 0.4% | 2025-09-30 |
| ㈱アイレップ | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XAFO | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAFO,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100UZEG | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZEG,, |
| 訂正有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SMSY | 2024-01-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SMSY,, |
| 有価証券報告書－第22期(令和3年10月1日－令和4年9月30日) | S100PUS9 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUS9,, |
| 有価証券報告書－第21期(令和2年10月1日－令和3年9月30日) | S100N2Q0 | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2Q0,, |
| 有価証券報告書－第20期(令和1年10月1日－令和2年9月30日) | S100KE6O | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE6O,, |

## 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).