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3823TSE Standard

THE WHY HOW DO COMPANY,Inc.

ＴＨＥ　ＷＨＹ　ＨＯＷ　ＤＯ　ＣＯＭＰＡＮＹ Yahoo Finance

Recent & upcoming events

Sep 14
Earnings 2:00
Q1 earnings announcement (scheduled)
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Jul 28
Shareholder meeting Time TBD
Shareholders' meeting
Venue: <UNKNOWN> Details
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Jun 15
Earnings 2:00
FY earnings announcement (scheduled)
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Dec 14
Est.
Earnings 1:00 approx.
Q2 earnings
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2027
Mar 15
Est.
Earnings 2:00 approx.
Q3 earnings
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Jun 14
Est.
Earnings 2:00 approx.
Full-year earnings
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Sep 13
Est.
Earnings 2:00 approx.
Q1 earnings
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Past events
2026
Sep 14
Earnings 2:00
Q1 earnings announcement (scheduled)
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KPI highlights

FY26
Revenue ¥2.33B YoY +33.2%
Operating income ¥-502M margin -21.5%
Net income ¥-929M YoY —
EPS ¥-7 YoY —
P/E —
ROE -60.4% Equity ratio 29% Typical equity ratios vary a lot by industry. Banks, brokerages, and other financial companies tend to run lower ratios because leverage (using other people's capital) is core to their business model — a low ratio there isn't a sign of financial weakness.

Company guidance

FY2027/04 Company-issued full-year guidance (from earnings report) / %=vs prior FY
Revenue ¥6.26B +168.3%
Operating income ¥165M —
Net income — —
EPS — —

Quarterly fundamentals

Income & cash flow
Quarter FY23 Q2FY23 Q3FY23 Q4FY24 Q1FY24 Q2FY24 Q3
Revenue ¥221M¥205M¥186M¥195M¥157M¥209M
Operating income ¥-94M¥-84M¥-59M¥-67M¥-99M¥-24M
Net income ¥-110M¥-109M¥-72M¥-141M¥-149M¥-637M
Operating CF ——————

Ownership over time

Share of total shares outstanding (disclosed major holdings + undisclosed)（2021–2025）

国内機関 5.9%個人 8.5%未開示 84.3%20212022202320242025
事業法人国内機関海外機関個人未開示・浮動株

「国内機関」は信託銀行の名義口座（年金・パッシブ・一部海外資本を含む）を集計し、実質保有者へは分解していません。分類は開示名称からの推定です。

Top shareholders — rank & share

田邊　勝己 5.7%田邊　勝己楽天証券株式会社 3%楽天証券株式会社株式会社ＳＢＩ証券 1.6%株式会社ＳＢＩ証券江藤　重光 1.1%江藤　重光岩田　達也 1%岩田　達也株式会社ロビージャパン 0.7%株式会社ロビージャパン豊岡　幸治 0.7%豊岡　幸治モルガン・スタンレーМＵＦＧ証券株式 0.7%モルガン・スタンレーМＵＦＧ証券株式会社ＳМＢＣ日興証券株式会社 0.7%ＳМＢＣ日興証券株式会社ＪＰモルガン証券株式会社 0.6%ＪＰモルガン証券株式会社20212022202320242025

Top shareholders — actual figures (as of 2025)

Holder Shares held Ratio Source
田邊 勝己 6,293,500 5.7% Yuho (EDINET)
楽天証券株式会社 3,329,500 3.0% Yuho (EDINET)
株式会社SBI証券 1,740,030 1.6% Yuho (EDINET)
江藤 重光 1,200,000 1.1% Yuho (EDINET)
岩田 達也 1,070,300 1.0% Yuho (EDINET)
株式会社ロビージャパン 800,000 0.7% Yuho (EDINET)
豊岡 幸治 796,100 0.7% Yuho (EDINET)
モルガン・スタンレーМUFG証券株式会社 772,900 0.7% Yuho (EDINET)
SМBC日興証券株式会社 729,600 0.7% Yuho (EDINET)
JPモルガン証券株式会社 674,000 0.6% Yuho (EDINET)

Source：EDINET（大株主の状況）　Classification inferred from disclosed names

F-Score (Piotroski)

2/9

Checks financial health against 9 criteria and shows how many are met as a fraction (more ✓ marks is healthier). Items with no data are shown as “—” — they're simply excluded from judgment, not counted against the score.

✗ Positive ROA ROA -17.4%
✗ Positive operating cash flow ¥-717M
✗ ROA improved YoY -2.8% → -17.4%
✓ Operating CF exceeds net income (accrual quality) OCF ¥-717M / net income ¥-929M
✗ Equity ratio improved* Substitute for the original “decrease in long-term debt” 62.2% → 28.9%
✗ Current ratio improved 3.98× → 1.57×
✗ No dilution (shares outstanding did not increase) 110,420,693 → 145,416,193
✓ Gross margin improved 51.4% → 56.4%
✗ Asset turnover improved 0.71× → 0.44×

This score is reference information based on our own financial metrics. It is NOT a credit rating issued by a credit rating agency under Article 66-27 of the Financial Instruments and Exchange Act, and is NOT investment advice or a recommendation. Make investment decisions at your own responsibility.

Fact checklist

FY26
Equity ratio 28.9%
Current ratio 1.6×
Years of positive operating CF 2 of last 11 yrs
Payout ratio —
Latest fiscal year result Loss (net loss ¥929M)

Performance history

Last 10 years
0億円7億円13億円20億円27億円 FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26

Income & assets

Unit: ¥100M
Item FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Revenue 26.613.015.511.59.029.199.417.4817.523.3
Operating income -3.640.52-1.03-4.32-5.14-1.62-2.44-2.48-0.73-5.02
Ordinary income -4.020.25-0.72-4.52-4.06-1.62-2.97-2.90-7.86-8.98
Net income -8.910.06-2.78-10.5-5.81-4.03-3.48-9.62-0.69-9.29
Total assets 9.8118.521.616.214.116.713.515.324.753.3
Equity 2.8913.416.29.727.4811.08.137.7715.815.9

Indicators & cash flow

Unit: ¥100M
Item FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
EPS ¥-51¥0¥-12¥-40¥-20¥-13¥-10¥-18¥-1¥-7
ROE -291.6%0.8%-19.2%-82.5%-69.4%-45.5%-39.6%-132.1%-6.0%-60.4%
Operating CF -1.170.390.41-2.00-3.15-1.39-3.71-0.54-0.64-7.17
Investing CF -7.94-3.43-4.50-2.660.46-1.35-1.26-7.72-0.24-12.1
Financing CF 8.066.155.286.034.096.16-0.929.027.4018.8
FCF -9.10-3.04-4.08-4.65-2.69-2.74-4.96-8.26-0.89-19.3

Source: EDINET (Annual Securities Report) (fetched 2026-08-29) *Some metrics supplemented from additional sources

Sector positioning

Relative standing within the sector
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Data provided by Twelve Data