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9211TSE Growth

f-code Inc.

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Recent & upcoming events

Aug 14
Earnings 2:00
Q2 earnings announcement (scheduled)
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May 15
Earnings 2:00
Q1 earnings announcement (scheduled)
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Mar 26
Shareholder meeting Time TBD
Shareholders' meeting
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Feb 13
Earnings 1:00
FY earnings announcement (scheduled)
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Nov 13
Est.
Earnings 1:00 approx.
Q3 earnings
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2027
Feb 12
Est.
Earnings 1:00 approx.
Full-year earnings
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May 14
Est.
Earnings 2:00 approx.
Q1 earnings
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Aug 13
Est.
Earnings 2:00 approx.
Q2 earnings
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KPI highlights

FY25
Revenue ¥11.94B YoY +132.7%
Operating income ¥2.31B margin 19.3%
Net income ¥1.45B YoY +60.1%
EPS ¥118 YoY +52.0%
P/E —
ROE 20.4% Equity ratio 28% 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

FY2026/12 Company-issued full-year guidance (from earnings report) / %=vs prior FY
Revenue ¥14.50B +21.5%
Operating income ¥3.30B +42.9%
Net income ¥1.90B +31.0%
EPS ¥156 +31.4%

Quarterly fundamentals

Income & cash flow
Quarter FY23 Q3FY23 Q4FY24 Q1FY24 Q2FY25 Q1FY26 Q1
Revenue ¥716M¥902M¥1.04B¥1.00B——
Operating income ¥193M¥231M¥337M¥307M——
Net income ¥146M¥198M¥204M¥181M——
Operating CF ¥299M¥230M¥203M¥216M——

Ownership over time

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

事業法人 6.4%国内機関 9.6%海外機関 4.7%個人 45.5%未開示 33.8%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

工藤　勉 39.3%工藤　勉株式会社ＳＢＩ証券 4.3%株式会社ＳＢＩ証券梅澤　康二 3.7%梅澤　康二株式会社マイナビ 3.3%株式会社マイナビ株式会社日本カストディ銀行（信託口） 3.2%株式会社日本カストディ銀行（信託口）株式会社リヴァンプ 3.1%株式会社リヴァンプＢＮＹ　ＧＣＭ　ＣＬＩＥＮＴ　ＡＣＣ 2.9%ＢＮＹ　ＧＣＭ　ＣＬＩＥＮＴ　ＡＣＣＯＵＮＴ　ＪＰＲＤ　ＡＣ　ＩＳＧ　（ＦＥ－ＡＣ）荒井　裕希 2.5%荒井　裕希楽天証券株式会社共有口 2.2%楽天証券株式会社共有口ＢＢＨ　ＣＯ　ＦＯＲ　ＡＲＣＵＳ　Ｊ 1.8%ＢＢＨ　ＣＯ　ＦＯＲ　ＡＲＣＵＳ　ＪＡＰＡＮ　ＶＡＬＵＥ　ＦＵＮＤ20212022202320242025

Top shareholders — actual figures (as of 2025)

Holder Shares held Ratio Source
工藤 勉 4,792,600 39.3% Yuho (EDINET)
株式会社SBI証券 520,300 4.3% Yuho (EDINET)
梅澤 康二 448,800 3.7% Yuho (EDINET)
株式会社マイナビ 403,200 3.3% Yuho (EDINET)
株式会社日本カストディ銀行（信託口） 388,700 3.2% Yuho (EDINET)
株式会社リヴァンプ 380,400 3.1% Yuho (EDINET)
BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC） 350,501 2.9% Yuho (EDINET)
荒井 裕希 309,000 2.5% Yuho (EDINET)
楽天証券株式会社共有口 267,200 2.2% Yuho (EDINET)
BBH CO FOR ARCUS JAPAN VALUE FUND 224,000 1.8% Yuho (EDINET)

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

F-Score (Piotroski)

6/9

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 5.5%
✓ Positive operating cash flow ¥1.17B
✓ ROA improved YoY 4.2% → 5.5%
✗ Operating CF exceeds net income (accrual quality) OCF ¥1.17B / net income ¥1.45B
✗ Equity ratio improved* Substitute for the original “decrease in long-term debt” 30.9% → 28.5%
✓ Current ratio improved 1.43× → 1.47×
✗ No dilution (shares outstanding did not increase) 12,260,600 → 12,409,400
✓ Gross margin improved 55.4% → 59.7%
✓ Asset turnover improved 0.24× → 0.45×

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

FY25
Equity ratio 28.5%
Current ratio 1.5×
Years of positive operating CF 6 of last 6 yrs
Payout ratio 0%
Latest fiscal year result Profit (net income ¥1.45B)

Performance history

Last 10 years
0億円30億円60億円90億円119億円 FY20FY21FY22FY23FY24FY25

Income & assets

Unit: ¥100M
Item FY20FY21FY22FY23FY24FY25
Revenue 5.326.6110.724.851.3119
Operating income 0.321.602.316.5214.323.1
Ordinary income —1.492.263.79——
Net income 0.411.521.942.459.0614.5
Total assets 5.188.4328.694.1217265
Equity 0.574.927.3031.367.375.4

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

Indicators & cash flow

*Split-adjustedUnit: ¥100M
Item FY20FY21FY22FY23FY24FY25
EPS ¥5¥18¥8¥24¥78¥118
ROE 71.5%——25.0%18.3%20.4%
Operating CF 0.431.470.518.489.1611.7
Investing CF 0.030.04-14.3-33.0-30.9-34.5
Financing CF 0.871.9317.556.243.741.3
FCF 0.470.790.86-24.6-21.7-22.8

A “—” means data wasn't available for that period — it's not a display error or an unusual value.

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

Key financial metrics

High ROE ✓ 3-year revenue growth ✓

Sector positioning

Relative standing within the sector

IR disclosure history

Timely disclosures & annual reports
Is this information incorrect?

Data provided by Twelve Data