MUSCAT GROUP Inc. provides marketing support services using SNS data analysis tools in Japan. It company develops and operates community data management tool CCXcloud, a platform for managing and analysis of community data from market research. The company also provides marketing solutions using community data; beauty products under the MiiS brand, fashion products under the RiLi Store name, energy drink under the HICAT Hi-Energy brand name, clothing products under the RANCLIC brand name, and sleep interior products under the SUYALI brand name. In addition, it offers MiiLabo, a review-based real life beauty information media community; Honeycomb-KOREA, a Korean information media community; mochimochi Jpn, a Japanese culture information community for Korean girls; Simple Home, a housing and living media community; RiLi.tokyo, a media community that provides information on fashion, beauty, spots, etc.; RINNEKO, a virtual paradise; and CCProduction, a production company. The company was formerly known as Ricecurry Inc. and changed its name to MUSCAT GROUP Inc. in July 2025. MUSCAT GROUP Inc. was incorporated in 2016 and is headquartered in Shibuya, Japan.
Read more
Financials
Ownership
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
Net Sales
ยฅ4.1B
ยฅ3.0B
ยฅ2.4B
Cost of Sales
ยฅ1.9B
ยฅ1.4B
ยฅ1.1B
Gross Profit
ยฅ2.2B
ยฅ1.6B
ยฅ1.3B
SG&A
ยฅ2.6B
ยฅ1.5B
ยฅ1.2B
Operating Income
ยฅ-399M
ยฅ88M
ยฅ88M
Non-Operating Income
ยฅ23M
ยฅ59M
ยฅ7M
Dividend Income
โ
โ
ยฅ0M
Interest Income
โ
โ
ยฅ0M
Non-Operating Expenses
โ
ยฅ52M
ยฅ6M
Interest Expense
โ
ยฅ21M
ยฅ5M
Ordinary Income
ยฅ-451M
ยฅ95M
ยฅ90M
Pre-tax Income
ยฅ-87M
ยฅ115M
ยฅ89M
Income Taxes
ยฅ308M
ยฅ2M
ยฅ-21M
Current Tax
โ
ยฅ63M
ยฅ1M
Deferred Tax
โ
ยฅ-61M
ยฅ-21M
Net Income (owners)
ยฅ-369M
ยฅ113M
ยฅ110M
Comprehensive Income
โ
ยฅ113M
ยฅ110M
EBITDA
ยฅ-348M
ยฅ166M
ยฅ144M
Goodwill Amort. (J-GAAP)
โ
ยฅ54M
ยฅ39M
EPS
ยฅ-121.46
ยฅ38.68
ยฅ40.15
Shares Outstanding
โ
3.0M
2.7M
Shares Issued (total)
โ
3.0M
2.7M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
Total Assets
ยฅ5.6B
ยฅ3.6B
ยฅ1.8B
Current Assets
ยฅ2.6B
ยฅ1.9B
ยฅ1.1B
Cash & Deposits
ยฅ690M
ยฅ544M
ยฅ638M
Trade Receivables
โ
ยฅ504M
ยฅ256M
Inventories
โ
ยฅ285M
ยฅ182M
Non-Current Assets
ยฅ3.0B
ยฅ1.7B
ยฅ691M
PP&E
ยฅ317M
ยฅ565M
ยฅ17M
Goodwill
โ
ยฅ762M
ยฅ497M
Intangible Assets
โ
ยฅ825M
ยฅ551M
Investment Securities
ยฅ188M
โ
โ
Deferred Tax Assets
โ
ยฅ143M
ยฅ70M
Total Liabilities
ยฅ4.6B
ยฅ2.4B
ยฅ1.0B
Current Liabilities
ยฅ2.8B
ยฅ970M
ยฅ590M
ST Debt
ยฅ1.8B
ยฅ531M
ยฅ232M
Taxes Payable
โ
ยฅ69M
ยฅ1M
Non-Current Liabilities
ยฅ1.7B
ยฅ1.4B
ยฅ453M
Total LT Borrowings
ยฅ1.7B
ยฅ1.4B
ยฅ450M
Deferred Tax Liab.
โ
ยฅ4M
โ
Total Equity
ยฅ1.1B
ยฅ1.2B
ยฅ752M
Capital Stock
โ
ยฅ250M
ยฅ100M
Capital Surplus
โ
ยฅ813M
ยฅ663M
Retained Earnings
ยฅ-268M
ยฅ101M
ยฅ-12M
Equity (owners)
ยฅ1.1B
ยฅ1.2B
ยฅ751M
Total Interest-Bearing Debt โ
ยฅ3.5B
ยฅ1.9B
ยฅ682M
Net Cash โ
ยฅ-2.8B
ยฅ-1.4B
ยฅ-44M
NCAV โ
ยฅ-1.9B
ยฅ-534M
ยฅ61M
NCAV/Share
โ
ยฅ-180
ยฅ22
BV/Share
โ
ยฅ392
ยฅ274
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
Operating CF
ยฅ-676M
ยฅ-408M
ยฅ92M
Interest Paid
โ
ยฅ-22M
ยฅ-5M
Interest Received
โ
ยฅ0M
ยฅ0M
D&A
ยฅ51M
ยฅ25M
ยฅ17M
Goodwill Amort.
โ
ยฅ54M
ยฅ39M
Investing CF
ยฅ-484M
ยฅ-966M
ยฅ-28M
CapEx
ยฅ9M
ยฅ27M
ยฅ4M
Proceeds from Invest.
โ
ยฅ30M
โ
Financing CF
ยฅ1.3B
ยฅ1.3B
ยฅ353M
LT Debt Repaid
โ
ยฅ-237M
ยฅ-106M
Free Cash Flow
ยฅ-685M
ยฅ-435M
ยฅ88M
Net Change in Cash
โ
ยฅ-69M
ยฅ417M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
Return on Equity (ROE) โ
-32.7%
11.8%
14.6%
Return on Assets (ROA) โ
-8.0%
4.2%
6.1%
Gross Margin โ
53.6%
53.9%
54.2%
Operating Margin โ
-9.7%
2.9%
3.7%
Net Margin โ
-8.9%
3.8%
4.6%
Current Ratio โ
0.93x
1.91x
1.87x
Quick Ratio โ
0.93x
1.62x
1.56x
Revenue / Share โ
โ
ยฅ1,006
ยฅ867
BV/Share โ
โ
ยฅ392
ยฅ274
NCAV/Share โ
โ
ยฅ-180
ยฅ22
EPS โ
ยฅ-121.46
ยฅ38.68
ยฅ40.15
DPS โ
ยฅ0.00
ยฅ0.00
ยฅ0.00
Payout Ratio โ
โ
0.0%
0.0%
FCF/Share โ
โ
ยฅ-146.63
ยฅ32.05
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2024
CY2025
Avg P/E โ
24.2ร
EPS from 2024-03
23.0ร
EPS from 2025-03
Avg Div Yield โ
0.00%
DPS from 2024-03
0.00%
DPS from 2025-03
Avg Daily Close
ยฅ972
ยฅ890
Growth Rates (CAGR)
Metric
3yr CAGR
5yr CAGR
Stock Price
โ
โ
Sales
โ
โ
FCF/Share
โ
โ
EPS
โ
โ
DPS
โ
โ
BV/Share
โ
โ
NCAV/Share
โ
โ
No capital allocation signals recorded for this company.
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 6
#
Shareholder
Shares (thou.)
% of Total
1
ๅคงไน
ไฟ ้ผ
1,057,330
2
ๆ ชๅผไผ็คพไธธไบใฐใซใผใ
94,000
3
GMOใกใคใฏใทใงใใๆ ชๅผไผ็คพ
87,260
4
ๆฃฎๅฒก ็ฅๅนณ
75,000
5
GMOใใณใใฃใผ้ไฟกในใฟใผใใขใใๆฏๆดๆ ชๅผไผ็คพ
72,320
6
ใทใใใฃใขใณใปใขใณใใฌใใฌใใผใบใใกใณใๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
58,180
7
Rakuten Securities, Inc.
ๆฅฝๅคฉ่จผๅธๆ ชๅผไผ็คพ
57,600
8
ๆ ชๅผไผ็คพใฏใใฟใคใน
54,000
9
SBI Securities Co., Ltd.
ๆ ชๅผไผ็คพSBI่จผๅธ
52,191
10
BNY GCM CLIENT ACCOUNT JPRD AC ISG๏ผๅธธไปปไปฃ็ไบบ ๆ ชๅผไผ็คพไธ่ฑUFJ้่ก๏ผ
46,700
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
55.3%
-19.9% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2024
2025
ๅคงไน
ไฟ ้ผ
46.60%
35.60%
-11.00%
ๅผไผ็คพไธธไบใฐใซใผใ
3.40%
3.10%
-0.30%
GMOใกใคใฏใทใงใใ
โ
3.10%
2.90%
-0.20%
ๆฃฎๅฒก ็ฅๅนณ
3.20%
2.50%
-0.70%
GMOใใณใใฃใผ้ไฟกในใฟใผใใขใใๆฏๆด
5.20%
2.40%
-2.80%
Rakuten Securities, Inc.
NEW ENTRY
ๆฅฝๅคฉ่จผๅธ
โ
โ
1.90%
NEW
ใทใใใฃใขใณใปใขใณใใฌใใฌใใผใบใใกใณใๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
NEW ENTRY
โ
โ
1.90%
NEW
ๅผไผ็คพใฏใใฟใคใน
2.10%
1.80%
-0.30%
SBI Securities Co., Ltd.
NEW ENTRY
SBI่จผๅธ
โ
โ
1.70%
NEW
BNY GCM CLIENT ACCOUNT JPRD AC ISG
NEW ENTRY
โ
โ
1.50%
NEW
ๅทไธ ๆ
ถๅฃซ
last seen 2024
Exited Top 10
3.60%
โ
ใฟใใปๆ้ทๆฏๆด็ฌฌ3ๅทๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
last seen 2024
Exited Top 10
3.20%
โ
ๅฒฉ็ ้บป็ฟ
last seen 2024
Exited Top 10
2.70%
โ
ไธญไบ ๅฒๅธ
last seen 2024
Exited Top 10
2.10%
โ
Concentration (HHI)
โ
2269
1313
2 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2026-04-06
ULTIMATE CLASSIC INVESTMENT LLC
10.94%
-0.09%
correction
Passive
โ
2026-04-03
ULTIMATE CLASSIC INVESTMENT LLC
11.03%
initial_5pct
Passive
โ
2025-08-14
Ryo Okubo
36.84%
change
Passive
โ
2025-08-14
Ryo Okubo
37.46%
+0.62%
correction
Passive
โ
2024-06-25
GMO Venture Tsushin Startup Support Co.,Ltd.
5.38%
initial_5pct
Passive
โ
2024-06-20
Ryo Okubo
36.84%
initial_5pct
Passive
โ
Date
Category
Summary
Amount
2026-03-05
๐ฐ Capital Raise
Equity
The company issued new shares through a third-party allocation to ULTIMATE CLASSIC INVESTMENT LLC on March 5, 2026, resulting in this entity becoming a major shareholder with 11.03% voting rights (373,500 shares). This is a material event disclosed under the Financial Instruments and Exchange Act Article 24-5(4) due to the change in major shareholders.
โ
โบ
Summary
The company issued new shares through a third-party allocation to ULTIMATE CLASSIC INVESTMENT LLC on March 5, 2026, resulting in this entity becoming a major shareholder with 11.03% voting rights (373,500 shares). This is a material event disclosed under the Financial Instruments and Exchange Act Article 24-5(4) due to the change in major shareholders.
Counterparty: ULTIMATE CLASSIC INVESTMENT LLC
2026ๅนด๏ผๆ๏ผๆฅไปใฎ็ฌฌไธ่
ๅฒๅฝใซใใๆฐๆ ชๅผใฎ็บ่กใซใใๅขๅ ใใ่ญฐๆฑบๆจฉใฎๆฐ3,735ๅใๅ ็ฎใใ33,856ๅใซๅฏพใใๅฒๅใ็ฎๅบใใฆใใใพใใ
โ