Commerce One Holdings Inc. provides solutions for e-commerce business operators to start and operate their businesses in Japan. The company provides futureshop, a SaaS e-commerce platform that includes commerce creator. It also offers package software that allows for unified management of order and inventory for multiple e-commerce stores. In addition, the company provides ECnote, a self-developed EC order status bulletin viewer tool; Fast Connector, a middle software tool, that solves database-related issues; and CREAD, a solution that offers video and still image creative for a variety of platforms, including e-commerce sites, SNS, advertising, and web media. Additionally, it offers influencer marketing and social commerce services. Commerce One Holdings Inc. was incorporated in 2006 and is based in Chiyoda, Japan.
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Financials
Ownership
Capital Allocation Signals 2
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Net Sales
ยฅ3.9B
ยฅ3.7B
ยฅ3.6B
ยฅ3.2B
ยฅ2.9B
ยฅ2.5B
Cost of Sales
ยฅ1.8B
ยฅ1.6B
ยฅ1.5B
ยฅ1.4B
ยฅ1.2B
ยฅ1.0B
Gross Profit
ยฅ2.1B
ยฅ2.1B
ยฅ2.0B
ยฅ1.8B
ยฅ1.7B
ยฅ1.5B
SG&A
ยฅ1.8B
ยฅ1.5B
ยฅ1.4B
ยฅ1.2B
ยฅ1.0B
ยฅ902M
Operating Income
ยฅ381M
ยฅ638M
ยฅ644M
ยฅ580M
ยฅ677M
ยฅ572M
Non-Operating Income
ยฅ93M
ยฅ44M
ยฅ60M
ยฅ28M
ยฅ40M
ยฅ26M
Dividend Income
โ
ยฅ24M
ยฅ23M
ยฅ26M
ยฅ26M
ยฅ17M
Interest Income
โ
ยฅ1M
ยฅ0M
ยฅ0M
ยฅ0M
ยฅ0M
Non-Operating Expenses
โ
ยฅ259M
ยฅ1M
ยฅ0M
ยฅ0M
ยฅ10M
Interest Expense
โ
ยฅ0M
ยฅ0M
โ
โ
ยฅ1M
Ordinary Income
ยฅ472M
ยฅ423M
ยฅ702M
ยฅ608M
ยฅ717M
ยฅ588M
Pre-tax Income
ยฅ481M
ยฅ354M
ยฅ696M
ยฅ680M
ยฅ733M
ยฅ603M
Income Taxes
ยฅ183M
ยฅ263M
ยฅ281M
ยฅ238M
ยฅ237M
ยฅ209M
Current Tax
โ
ยฅ268M
ยฅ289M
ยฅ236M
ยฅ256M
ยฅ222M
Deferred Tax
โ
ยฅ-5M
ยฅ-8M
ยฅ3M
ยฅ-19M
ยฅ-13M
Net Income (owners)
ยฅ302M
ยฅ92M
ยฅ415M
ยฅ441M
ยฅ496M
ยฅ393M
Minority Interest
โ
ยฅ-1M
โ
โ
โ
โ
Comprehensive Income
โ
ยฅ-115M
ยฅ533M
ยฅ469M
ยฅ475M
ยฅ561M
EBITDA
ยฅ504M
ยฅ768M
ยฅ794M
ยฅ699M
ยฅ752M
ยฅ639M
Goodwill Amort. (J-GAAP)
โ
ยฅ1M
ยฅ31M
ยฅ1M
โ
โ
EPS
ยฅ42.80
ยฅ12.78
ยฅ57.53
ยฅ58.78
ยฅ65.93
ยฅ52.77
Shares Outstanding
โ
7.1M
7.2M
7.3M
7.5M
3.8M
Shares Issued (total)
โ
7.2M
7.2M
7.5M
7.5M
3.8M
Treasury Shares
โ
0.1M
โ
0.2M
โ
โ
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Total Assets
ยฅ3.6B
ยฅ3.5B
ยฅ3.9B
ยฅ3.5B
ยฅ3.1B
ยฅ2.6B
Current Assets
ยฅ2.5B
ยฅ2.4B
ยฅ2.3B
ยฅ2.3B
ยฅ2.0B
ยฅ1.5B
Cash & Deposits
ยฅ1.9B
ยฅ1.9B
ยฅ1.7B
ยฅ1.6B
ยฅ1.6B
ยฅ1.2B
Trade Receivables
โ
โ
โ
โ
โ
ยฅ216M
Non-Current Assets
ยฅ1.2B
ยฅ1.1B
ยฅ1.6B
ยฅ1.2B
ยฅ1.1B
ยฅ1.1B
PP&E
ยฅ118M
ยฅ130M
ยฅ78M
ยฅ91M
ยฅ75M
ยฅ88M
Goodwill
โ
ยฅ12M
โ
ยฅ61M
โ
โ
Intangible Assets
โ
ยฅ293M
ยฅ329M
ยฅ383M
ยฅ316M
ยฅ257M
Investment Securities
ยฅ434M
ยฅ444M
ยฅ1.0B
ยฅ563M
ยฅ548M
ยฅ590M
Deferred Tax Assets
โ
ยฅ89M
ยฅ47M
ยฅ47M
ยฅ56M
ยฅ39M
Total Liabilities
ยฅ1.0B
ยฅ948M
ยฅ1.0B
ยฅ890M
ยฅ822M
ยฅ781M
Current Liabilities
ยฅ911M
ยฅ853M
ยฅ916M
ยฅ808M
ยฅ753M
ยฅ697M
ST Debt
ยฅ48M
ยฅ49M
ยฅ47M
ยฅ47M
ยฅ0M
ยฅ0M
Taxes Payable
โ
ยฅ120M
ยฅ176M
ยฅ105M
ยฅ77M
ยฅ98M
Non-Current Liabilities
ยฅ91M
ยฅ96M
ยฅ122M
ยฅ81M
ยฅ70M
ยฅ84M
Total LT Borrowings
ยฅ3M
ยฅ6M
โ
โ
ยฅ0M
ยฅ0M
Deferred Tax Liab.
โ
ยฅ15M
ยฅ65M
ยฅ22M
ยฅ20M
ยฅ31M
Total Equity
ยฅ2.6B
ยฅ2.5B
ยฅ2.8B
ยฅ2.6B
ยฅ2.3B
ยฅ1.8B
Capital Stock
โ
ยฅ210M
ยฅ210M
ยฅ210M
ยฅ210M
ยฅ210M
Capital Surplus
โ
ยฅ160M
ยฅ160M
ยฅ160M
ยฅ160M
ยฅ160M
Retained Earnings
ยฅ2.2B
ยฅ2.0B
ยฅ2.1B
ยฅ2.1B
ยฅ1.7B
ยฅ1.2B
Treasury Stock
โ
ยฅ-57M
ยฅ-0M
ยฅ-139M
ยฅ-0M
โ
AOCI
โ
ยฅ174M
ยฅ379M
ยฅ261M
ยฅ234M
ยฅ255M
Equity (owners)
ยฅ2.4B
ยฅ2.3B
ยฅ2.5B
ยฅ2.4B
ยฅ2.1B
ยฅ1.6B
Total Interest-Bearing Debt โ
ยฅ50M
ยฅ54M
ยฅ47M
ยฅ47M
ยฅ0M
ยฅ0M
Net Cash โ
ยฅ1.8B
ยฅ1.8B
ยฅ1.7B
ยฅ1.6B
ยฅ1.6B
ยฅ1.2B
NCAV โ
ยฅ1.5B
ยฅ1.4B
ยฅ1.3B
ยฅ1.4B
ยฅ1.2B
ยฅ748M
NCAV/Share
โ
ยฅ201
ยฅ176
ยฅ193
ยฅ157
ยฅ199
BV/Share
โ
ยฅ330
ยฅ343
ยฅ321
ยฅ273
ยฅ414
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Operating CF
ยฅ313M
ยฅ533M
ยฅ779M
ยฅ164M
ยฅ516M
ยฅ467M
Interest Paid
โ
ยฅ-0M
ยฅ-0M
โ
โ
ยฅ-1M
Interest Received
โ
ยฅ25M
ยฅ23M
ยฅ26M
ยฅ27M
ยฅ17M
D&A
ยฅ124M
ยฅ128M
ยฅ120M
ยฅ118M
ยฅ76M
ยฅ66M
Goodwill Amort.
โ
ยฅ1M
ยฅ31M
ยฅ1M
โ
โ
Investing CF
ยฅ-83M
ยฅ-182M
ยฅ-368M
ยฅ-56M
ยฅ-111M
ยฅ-102M
CapEx
ยฅ9M
ยฅ53M
ยฅ3M
ยฅ8M
ยฅ1M
ยฅ3M
Purchase Investments
โ
ยฅ-26M
ยฅ-279M
ยฅ-10M
โ
ยฅ-27M
Proceeds from Invest.
โ
ยฅ48M
ยฅ33M
ยฅ106M
ยฅ27M
ยฅ28M
Financing CF
ยฅ-237M
ยฅ-213M
ยฅ-307M
ยฅ-143M
ยฅ-4M
ยฅ93M
Dividends Paid
โ
ยฅ-151M
ยฅ-194M
โ
โ
โ
Share Buybacks
โ
ยฅ-58M
ยฅ-110M
ยฅ-139M
ยฅ-0M
โ
LT Debt Repaid
โ
ยฅ-1M
โ
โ
โ
โ
Free Cash Flow
ยฅ303M
ยฅ479M
ยฅ775M
ยฅ156M
ยฅ514M
ยฅ464M
Net Change in Cash
โ
ยฅ130M
ยฅ125M
ยฅ-35M
ยฅ412M
ยฅ462M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Return on Equity (ROE) โ
11.7%
3.4%
15.2%
18.0%
24.2%
21.7%
Return on Assets (ROA) โ
8.5%
2.5%
11.2%
13.3%
17.4%
15.2%
Gross Margin โ
54.8%
56.9%
56.6%
56.4%
58.0%
58.5%
Operating Margin โ
9.8%
17.3%
18.1%
18.2%
23.0%
22.7%
Net Margin โ
7.8%
2.5%
11.7%
13.8%
16.9%
15.6%
Current Ratio โ
2.71x
2.79x
2.52x
2.85x
2.67x
2.19x
Quick Ratio โ
2.71x
2.79x
2.52x
2.85x
2.67x
2.19x
Revenue / Share โ
โ
ยฅ519
ยฅ495
ยฅ435
ยฅ391
ยฅ670
BV/Share โ
โ
ยฅ330
ยฅ343
ยฅ321
ยฅ273
ยฅ414
NCAV/Share โ
โ
ยฅ201
ยฅ176
ยฅ193
ยฅ157
ยฅ199
EPS โ
ยฅ42.80
ยฅ12.78
ยฅ57.53
ยฅ58.78
ยฅ65.93
ยฅ52.77
DPS โ
ยฅ10.00
ยฅ20.00
ยฅ38.00
ยฅ0.00
ยฅ0.00
ยฅ0.00
Payout Ratio โ
23.4%
156.5%
66.1%
0.0%
0.0%
0.0%
FCF/Share โ
โ
ยฅ67.34
ยฅ107.79
ยฅ21.28
ยฅ68.36
ยฅ123.29
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
11.0ร
EPS from 2023-03
12.5ร
EPS from 2024-03
61.0ร
EPS from 2025-03
Avg Div Yield โ
0.00%
DPS from 2023-03
5.28%
DPS from 2024-03
2.56%
DPS from 2025-03
Avg Daily Close
ยฅ648
ยฅ720
ยฅ780
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR (FY2020โ2025)
Stock Price
+7.9%
-19.0%
Sales
+6.8%
+9.1%
FCF/Share
-0.5%
โ
EPS
-10.0%
-4.1%
DPS
โ
โ
BV/Share
+6.6%
โ
NCAV/Share
+8.5%
โ
Capital Allocation Signals 2
Date
Type
Amount
Summary
2026-06-12
16:00
Buyback
ยฅ45M
Board resolved to repurchase up to ยฅ45M, by 2026-11-12.
Summary
Board resolved to repurchase up to ยฅ45M, by 2026-11-12.
Deadline: 2026-11-12
Source (JP)
ใซๅฏพใใๅฒๅ0.7๏ผ
๏ผ
๏ผ๏ผ๏ผ ๆ ชๅผใฎๅๅพไพก้กใฎ็ท้ก
45,000,000ๅ๏ผไธ้๏ผ
๏ผ๏ผ๏ผ ๅๅพๆ้
๏ผ๏ผ๏ผ ๅๅพๆนๆณ
2026ๅนด๏ผๆ22ๆฅ๏ฝ2026ๅนด11ๆ12ๆฅ
ๅๅผไธไปปๅฅ็ดใซๅบใฅใๅธๅ ด่ฒทไป
๏ผใๅ่๏ผ2026ๅนด๏ผๆ12ๆฅๆ็นใฎ่ชๅทฑๆ ชๅผใฎไฟๆ็ถๆณ
็บ่กๆธๆ ชๅผ็ทๆฐ
๏ผ่ชๅทฑๆ ชๅผใ
่ชๅทฑๆ ชๅผๅๅพใซไฟใไบ้
ใฎๆฑบๅฎใซ้ขใใใ็ฅใใ
TDnet PDF
2026-05-14
16:00
Buyback
ยฅ45M
Board resolved to repurchase up to ยฅ45M, by 2026-11-12.
Summary
Board resolved to repurchase up to ยฅ45M, by 2026-11-12.
Deadline: 2026-11-12
Source (JP)
ใใๅฒๅ0.7๏ผ
๏ผ
๏ผ๏ผ๏ผ ๆ ชๅผใฎๅๅพไพก้กใฎ็ท้ก
45,000,000ๅ๏ผไธ้๏ผ
๏ผ๏ผ๏ผ ๅๅพๆ้
๏ผ๏ผ๏ผ ๅๅพๆนๆณ
2026ๅนด๏ผๆ25ๆฅ๏ฝ2026ๅนด11ๆ12ๆฅ
ๅๅผไธไปปๅฅ็ดใซๅบใฅใๅธๅ ด่ฒทไป
๏ผใๅ่๏ผ2026ๅนด๏ผๆ14ๆฅๆ็นใฎ่ชๅทฑๆ ชๅผใฎไฟๆ็ถๆณ
็บ่กๆธๆ ชๅผ็ท
่ชๅทฑๆ ชๅผๅๅพใซไฟใไบ้
ใฎๆฑบๅฎใซ้ขใใใ็ฅใใ
TDnet PDF
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 2
Large Shareholder Reports 9
#
Shareholder
Shares (thou.)
% of Total
1
ๅฒกๆฌ ้ซๅฝฐ
2,162,000
2
Citibank, N.A.
UBS AG HONG KONG๏ผๅธธไปปไปฃ็ไบบ ใทใใฃใใณใฏใใจใใปใจใคๆฑไบฌๆฏๅบ๏ผ
1,708,000
3
Hikari Tsushin, Inc.
ๅ
้ไฟกๆ ชๅผไผ็คพ
468,800
4
ๆ ชๅผไผ็คพใคใผใปใจใผใธใงใณใทใผ
300,000
5
ๆ ชๅผไผ็คพใใฅใผใใฃใผในใใชใใ
264,400
6
ไผ่ฆ ่ฃๅญ
261,600
7
ๆจไธ ๅญไธ้
214,400
8
ๅๅท ่ผไฟก
150,000
9
Custody Bank of Japan, Ltd. (Trust Account)
ๆ ชๅผไผ็คพๆฅๆฌใซในใใใฃ้่ก๏ผไฟก่จๅฃ๏ผ
147,500
10
Northern Trust Company
NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT ๏ผๅธธไปปไปฃ็ไบบ ้ฆๆธฏไธๆตท้่กๆฑไบฌๆฏๅบ๏ผ
103,300
Domestic Nominees
2.1%
+0.4% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
1.4%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
77.7%
+4.7% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2022
2023
2024
2025
ๅฒกๆฌ ้ซๅฝฐ
28.74%
29.44%
30.06%
30.38%
+0.32%
โ
โ
โ
โ
24.00%
NEW
Hikari Tsushin, Inc.
NEW ENTRY
ๅ
้ไฟก
โ
โ
โ
โ
6.59%
NEW
ๅผไผ็คพใคใผใปใจใผใธใงใณใทใผ
NEW ENTRY
โ
โ
โ
โ
4.22%
NEW
ๅผไผ็คพใใฅใผใใฃใผในใใชใใ
7.50%
7.69%
7.85%
3.72%
-4.13%
ไผ่ฆ ่ฃๅญ
3.48%
3.56%
3.64%
3.68%
+0.04%
ๆจไธ ๅญไธ้
โ
2.28%
2.98%
3.01%
+0.03%
ๅๅท ่ผไฟก
1.99%
2.04%
2.09%
2.11%
+0.02%
Custody Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใซในใใใฃ้่ก
7.23%
3.13%
1.64%
2.07%
+0.43%
Northern Trust Company
Northern Trust
โ
1.37%
1.44%
1.45%
+0.01%
ASIAN ASSET ACQUISITION PTE. LTD.
last seen 2024
Exited Top 10
22.70%
23.26%
23.74%
โ
CACEIS BANK FOR (EQUITIES) NON TREATY UCITS CLIENTS
last seen 2024
Exited Top 10
3.15%
2.27%
1.82%
โ
ใชใชใใฏใน
last seen 2024
Exited Top 10
โ
โ
0.83%
โ
FCP SEXTANT GRAND LARGE
last seen 2023
Exited Top 10
โ
1.08%
โ
โ
RE FUND 107-CLIENT AC
last seen 2022
Exited Top 10
1.22%
โ
โ
โ
The Master Trust Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใในใฟใผใใฉในใไฟก่จ้่ก
last seen 2022
Exited Top 10
2.28%
โ
โ
โ
Concentration (HHI)
โ
1482
1507
1564
1607
4 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Portfolio Book Value
ยฅ418M
Holdings
2
Held Company
FY2025
ยฅ418M total
Book Val ยฅM
Shares
Wistron Information Technology Services Corporation
408
948,353
9
4,410
Portfolio total
418
Book value in ยฅM ยท โ reduced ยท โ increased vs prior year ยท M = mutual holding
ยท Only one fiscal year available
โ CSV
Date Shareholder Stake Event Flag Demands Source
2026-05-26
Hikari Tsushin K.K.
7.52%
+0.05%
increase
Passive
โ
2025-09-26
Hikari Tsushin K.K.
7.47%
+0.38%
change
Passive
โ
2025-07-07
Hikari Tsushin K.K.
7.09%
+1.07%
change
Passive
โ
2025-01-30
Future Spirits Co., Ltd.
3.68%
correction
Passive
โ
2025-01-14
Hikari Tsushin K.K.
6.02%
+1.01%
change
Passive
โ
2024-12-18
Future Spirits Co., Ltd.
3.68%
change
Passive
โ
2024-09-12
Hikari Tsushin K.K.
5.01%
initial_5pct
Passive
โ
2024-06-03
Asian Asset Acquisition Pte. Ltd.
22.7%
change
Passive
โ
2024-03-12
AMIRAL GESTION
4.06%
change
Passive
โ
Date
Category
Summary
Amount
2026-02-19
๐๏ธ Operational
Asset Sale
The company sold a portion of its investment securities (one security) between December 19-31, 2025, to improve asset efficiency and strengthen financial position in accordance with Corporate Governance Code requirements regarding policy-held stocks. The sale generated an investment securities gain of 75,326 thousand yen, which will be recorded in the third quarter of fiscal year ending March 2026.
ยฅ75M
โบ
Summary
The company sold a portion of its investment securities (one security) between December 19-31, 2025, to improve asset efficiency and strengthen financial position in accordance with Corporate Governance Code requirements regarding policy-held stocks. The sale generated an investment securities gain of 75,326 thousand yen, which will be recorded in the third quarter of fiscal year ending March 2026.
ใณใผใใฌใผใใฌใใใณในใปใณใผใใซๅบใฅใๆฟ็ญไฟๆๆ ชๅผใฎ่ฆ็ดใใซใใไฟๆใใ่ณ็ฃๅน็ใฎๅไธใใใณ่ฒกๅไฝ่ณชใฎๅผทๅใๅณใใใใๅฝ็คพใไฟๆใใๆ่ณๆไพก่จผๅธใฎไธ้จ๏ผ๏ผ้ๆ๏ผใๅฃฒๅดใใใใพใใใ
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