Ficha Inc. FY2026 Q1 Earnings Report

Financial Highlights

• Net Sales: ¥95M
• Operating Income: ¥-29M
• Net Income: ¥-8M
• EPS: ¥-5.03

Income Statement

Balance Sheet

Profitability Ratios

Year-over-Year Comparison

Share Information

Dividend Information

Full Year Forecast

Disclaimer

This data was automatically extracted from XBRL files. Please refer to the original disclosure documents for accuracy.

AI Financial Analysis

Executive Summary

For FY2026 Q1, フィーチャ株式会社 reported revenue of ¥95.0 million, up 20.5% YoY, indicating continued topline momentum despite an ongoing loss-making profile. Operating income, ordinary income, and net income are all reported at ¥-29.0 million (flat YoY), pointing to stable but negative core profitability. The DuPont bridge shows a net margin of -30.53%, asset turnover of 0.139x, and low financial leverage of 1.03x, resulting in a calculated ROE of -4.40%, consistent with the reported figure. Liquidity appears very strong on the face of it, with current liabilities of only ¥30.2 million against large current assets reported at ¥689.1 million; this yields a current ratio of 2,279% and working capital of approximately ¥658.9 million. However, current assets exceed total assets (¥682.0 million), suggesting classification or reporting inconsistencies in the snapshot rather than actual excess liquidity; thus, liquidity strength should be interpreted with caution. The balance sheet is conservatively financed, with total liabilities of ¥30.2 million and total equity of ¥659.0 million, implying a debt-to-equity ratio around 0.05x and modest leverage. The gross profit line is reported at ¥-73.9 million versus revenue of ¥95.0 million and cost of sales of ¥46.6 million, which is internally inconsistent; the reported gross margin of -77.8% likely reflects misclassification or nonstandard presentation in the quarter’s disclosure rather than true economics. Cash flow statements show zeros, which are unreported items rather than true zeros; therefore, operating, investing, and financing cash flows cannot be assessed from this dataset. EPS is ¥-5.03, but the number of outstanding shares is unreported, preventing per-share cross-checks or book value validation. The company paid no dividend, consistent with a loss-making quarter and typical of growth-stage or reinvestment-oriented policies. Despite the headline loss, revenue growth and low leverage are constructive, but profitability normalization and clarity on cost structure are necessary. The reported effective tax rate is near zero, consistent with losses and a small tax expense of ¥0.148 million. With limited visibility on cash flow and some line-item inconsistencies (notably gross profit and current assets vs total assets), conclusions rely heavily on the DuPont and balance-sheet leverage indicators provided. Overall, the company exhibits strong apparent solvency and liquidity buffers, limited leverage risk, and improving revenue, offset by negative margins and insufficient granularity on cost and cash dynamics. Data limitations (particularly unreported cash flows, D&A, and share data) constrain the precision of this analysis.

Profitability Analysis

ROE decomposition (DuPont): ROE of -4.40% is driven primarily by a negative net margin (-30.53%), moderated by modest asset turnover (0.139x) and minimal financial leverage (1.03x). The low leverage limits both upside and downside on ROE; improvement must come from margin expansion and/or asset efficiency rather than balance-sheet gearing. Reported gross margin of -77.8% conflicts with revenue and cost of sales; this likely indicates classification issues in gross profit reporting for the quarter. Assuming cost of sales at ¥46.6 million is accurate, underlying gross economics may be better than the reported gross loss suggests, but we cannot reconstruct margins reliably from available data. Operating income of ¥-29.0 million suggests that operating expenses (including R&D and SG&A) are absorbing gross profits; operating leverage remains negative at current scale. The flat YoY operating loss, despite 20.5% revenue growth, implies cost growth roughly offsetting incremental revenue—suggesting limited near-term operating leverage or deliberate investment spending. With D&A not disclosed, EBITDA and operating cash proxies cannot be derived from this dataset, and the reported EBITDA margin of 0.0% is not decision-useful. Interest expense is unreported (zero), consistent with low leverage and removing financing costs as a driver of losses. Effective tax burden is negligible in a loss situation. To improve ROE, the company needs to restore positive gross margin (or clarify reporting) and control fixed costs to allow incremental revenue to flow through.

Growth Assessment

Revenue growth of +20.5% YoY to ¥95.0 million evidences demand traction. However, flat operating and net losses indicate growth is not yet translating into improved profitability, suggesting either continued upfront investment or cost pressure. Sustainability of revenue growth will depend on customer retention, repeat engagements, and pipeline conversion; given the low asset turnover (0.139x), scale benefits may be limited at present asset levels. The lack of disclosed segment data or backlog limits visibility on mix and durability. Profit quality is uncertain due to gross profit inconsistency; absent reliable gross margin, it is difficult to judge unit economics or pricing power. Near-term outlook hinges on achieving cost discipline while maintaining growth—if operating expenses were elevated for growth initiatives, normalization could unlock operating leverage; if structural cost inflation is present, losses may persist. No guidance is provided in the dataset; therefore, the base case is continued focus on scaling revenue while targeting breakeven through cost control and mix optimization. Ordinary income tracks operating income, indicating minimal financial income/expense influence on growth. With minimal reported taxes, there is no tax headwind as the company aims for profitability.

Financial Health

Liquidity appears ample with reported current assets of ¥689.1 million versus current liabilities of ¥30.2 million, translating to a current ratio of 2,279% and working capital of approximately ¥658.9 million. That said, current assets exceeding total assets (¥682.0 million) signals presentation inconsistency; we treat the liquidity position as strong directionally but cannot validate magnitudes. Solvency is robust: total liabilities are ¥30.2 million versus equity of ¥659.0 million, implying a debt-to-equity ratio around 0.05x and financial leverage of 1.03x. The equity base covers assets almost entirely, reducing refinancing and covenant risks. Interest expense is unreported, consistent with low leverage and negligible interest burden. Equity ratio is shown as 0.0% (likely unreported); using provided totals, an implied equity ratio would be very high (~96–97%) if figures were internally consistent. Overall capital structure is conservative, affording resilience during a period of operating losses.

Cash Flow Quality

Operating, investing, and financing cash flows are unreported (shown as zeros), so cash conversion and free cash flow (FCF) cannot be evaluated. The OCF/Net Income ratio of 0.00 and FCF of 0 in the calculated metrics are not decision-useful given non-disclosure. Without working capital detail (receivables, payables, deferred revenue), we cannot assess cash earnings quality or timing effects. Depreciation and amortization are unreported, preventing accrual-to-cash reconciliation via EBITDA. Cash and equivalents are also unreported, despite large current assets; therefore, liquidity quality (cash vs receivables) cannot be determined. In sum, earnings quality and FCF coverage cannot be assessed from this dataset; additional disclosures are required to evaluate cash burn and runway.

Dividend Sustainability

No dividend was paid (DPS ¥0.00) and payout ratio is 0.0%, appropriate given negative earnings. With FCF unreported, cash coverage of dividends cannot be analyzed, but zero payout eliminates immediate distribution risk. Given the company’s apparent focus on growth and current losses, a continuation of a no-dividend policy appears consistent with capital allocation priorities. Any future consideration of dividends would depend on achieving sustained positive net income and demonstrable free cash flow, neither of which can be confirmed from the current data.

Risk Assessment

Business Risks:

• Negative operating margin and net margin (-30.53%), indicating lack of profitability at current scale
• Potential cost inflation or elevated growth investments suppressing operating leverage
• Unclear unit economics due to gross profit reporting inconsistency
• Revenue concentration or project-based volatility risk (not disclosed but typical for early-stage tech/services models)
• Execution risk in scaling sales while controlling operating expenses

Financial Risks:

• Limited visibility on cash position and cash burn due to unreported cash flow and cash balance
• Working capital timing risk (receivables collection, deferred revenue) cannot be assessed
• Accounting presentation inconsistencies (current assets vs total assets) complicate ratio reliability
• Potential dilution risk if external financing is needed (share data unreported)

Key Concerns:

• Inconsistent gross profit vs revenue and cost of sales data affecting margin analysis
• Unreported cash flow statements and cash balance limiting assessment of runway
• Flat losses despite 20.5% revenue growth suggesting limited near-term operating leverage

Investment Implications

Key Takeaways:

• Topline grew 20.5% YoY to ¥95.0 million, but losses remained at ¥-29.0 million
• ROE of -4.40% is driven by negative margins, not leverage
• Balance sheet appears conservatively financed with liabilities of ¥30.2 million vs equity of ¥659.0 million
• Liquidity looks ample, but classification inconsistencies necessitate caution
• Cash flow and D&A are unreported, limiting earnings quality and FCF analysis

Metrics to Watch:

• Gross margin and reconciliation of revenue, cost of sales, and gross profit definitions
• Operating expense trajectory (SG&A and R&D) versus revenue growth to gauge operating leverage
• OCF, FCF, and cash balance disclosures to assess cash burn and runway
• Receivables and deferred revenue dynamics to evaluate cash conversion and sustainability
• Order backlog or bookings (if disclosed) to validate revenue visibility

Relative Positioning: Based on the provided figures, the company appears to be an early-stage or growth-oriented listed entity with improving revenue but persistent operating losses, differentiated by a very conservative balance sheet and low leverage; however, opaque cash flow disclosure and line-item inconsistencies constrain comparability with peers that provide clearer margin and cash metrics.

Disclaimer

This analysis was auto-generated by AI. Please note the following:

• No Guarantee of Accuracy: The accuracy and completeness of this analysis are not guaranteed. For accurate financial data, please refer to the original disclosure documents published on TDnet or other official sources
• Not Investment Advice: This analysis is for general informational purposes only and does not constitute investment advice under applicable securities laws. It is not a recommendation to buy or sell any specific securities
• At Your Own Risk: Investment decisions should be made at your own discretion and risk. We assume no liability for any losses incurred based on this analysis