Scala, Inc.

株式会社スカラ

Technology · Software - Application

Scala, Inc. engages DX business in Japan. It is also involved in human resources, EC business, incubation, and TCG business. The company was formerly known as Fusion Partners Co. and changed its name to Scala, Inc. in December 2016. Scala, Inc. was incorporated in 1987 and is headquartered in Tokyo, Japan.

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Price

¥337

Market Cap

¥5.9B

Ent. Value

¥4.3B

Net Cash

¥1.5B

Shares Out.

17.4M

P / E

6.0×

EV / EBIT

5.7×

P / Book

—

P / NCAV

11.40×

Div. Yield

4.90%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥8.2B	¥10.7B	¥12.6B	¥10.0B	¥8.7B
Cost of Sales	¥4.2B	¥6.2B	¥7.5B	¥5.9B	¥5.1B
Gross Profit	¥4.0B	¥4.6B	¥5.1B	¥4.1B	¥3.6B
SG&A	¥3.4B	¥4.7B	¥4.9B	¥4.1B	¥3.5B
Operating Income	¥752M	¥-2.2B	¥260M	¥-394M	¥220M
Non-Operating Income	¥28M	¥28M	¥28M	¥23M	¥19M
Non-Operating Expenses	¥55M	¥40M	¥54M	¥41M	¥51M
Pre-tax Income	¥725M	¥-2.2B	¥234M	¥-412M	¥189M
Net Income (owners)	¥982M	¥-2.9B	¥-219M	¥-523M	¥3.1B
Minority Interest	¥2M	¥11M	¥6M	¥-4M	¥161M
Comprehensive Income	¥916M	¥-2.8B	¥-119M	¥-727M	¥3.4B
EBITDA	¥1.1B	¥-1.4B	¥1.1B	¥291M	¥1.2B
EPS	¥56.58	¥-166.53	¥-12.62	¥-29.66	¥174.62
Shares Outstanding	17.4M	17.4M	17.3M	17.5M	17.6M
Shares Issued (total)	17.8M	17.8M	17.7M	17.7M	17.6M
Treasury Shares	0.4M	0.4M	0.4M	0.2M	—

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥10.2B	¥12.7B	¥18.3B	¥20.8B	¥20.3B
Current Assets	¥5.9B	¥9.1B	¥10.3B	¥12.0B	¥13.0B
Cash & Deposits	¥4.6B	¥6.8B	¥7.7B	¥9.6B	¥9.8B
Non-Current Assets	¥4.3B	¥3.6B	¥8.0B	¥8.8B	¥7.3B
PP&E	¥298M	¥302M	¥542M	¥639M	¥623M
Goodwill	¥978M	¥978M	¥2.0B	¥2.4B	¥1.9B
Intangible Assets	¥84M	¥115M	¥1.2B	¥1.2B	¥176M
Deferred Tax Assets	¥726M	¥365M	¥691M	¥690M	¥478M
Total Liabilities	¥5.4B	¥8.1B	¥10.2B	¥11.8B	¥9.9B
Current Liabilities	¥3.4B	¥5.5B	¥5.7B	¥5.9B	¥4.9B
ST Debt	¥2.0B	¥3.3B	¥3.2B	¥3.3B	¥3.4B
Non-Current Liabilities	¥2.0B	¥2.6B	¥4.5B	¥5.9B	¥4.9B
Total LT Borrowings	¥1.0B	¥2.4B	¥2.8B	¥3.6B	¥2.6B
Deferred Tax Liab.	—	—	¥256M	¥318M	¥75M
Total Equity	¥4.8B	¥4.6B	¥8.1B	¥9.0B	¥10.5B
Capital Surplus	¥529M	¥991M	¥986M	¥966M	¥935M
Retained Earnings	¥2.6B	¥1.6B	¥5.2B	¥6.0B	¥7.2B
Treasury Stock	¥-300M	¥-300M	¥-300M	¥-174M	¥-0M
AOCI	¥158M	¥225M	¥195M	¥101M	¥304M
Equity (owners)	¥4.8B	¥4.3B	¥7.8B	¥8.7B	¥10.2B
Minority Interests	¥32M	¥231M	¥257M	¥319M	¥308M

Total Interest-Bearing Debt ⓘ	¥3.0B	¥5.8B	¥6.0B	¥7.0B	¥6.0B
Net Cash ⓘ	¥1.5B	¥1.0B	¥1.7B	¥2.7B	¥3.8B
NCAV ⓘ	¥513M	¥976M	¥54M	¥220M	¥3.1B
NCAV/Share	¥30	¥56	¥3	¥13	¥178
BV/Share	¥277	¥250	¥452	¥497	¥578

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥590M	¥252M	¥601M	¥2.0B	¥721M
D&A	¥302M	¥711M	¥792M	¥684M	¥983M
Investing CF	¥779M	¥162M	¥-215M	¥-1.9B	¥4.4B
CapEx	¥78M	¥29M	¥106M	¥139M	¥138M
Purchase Investments	—	¥-33M	¥-93M	¥-392M	¥-232M
Financing CF	¥-3.6B	¥-1.3B	¥-2.3B	¥-339M	¥-3.2B
Free Cash Flow	¥512M	¥222M	¥495M	¥1.9B	¥583M
Net Change in Cash	¥-2.2B	¥-938M	¥-1.9B	¥-184M	¥2.0B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	20.9%	-45.6%	-2.6%	-5.4%	29.3%
ROA	8.6%	-18.6%	-1.1%	-2.5%	15.1%
EPS	¥56.58	¥-166.53	¥-12.62	¥-29.66	¥174.62
DPS	¥16.50	¥37.50	¥37.00	¥36.00	¥34.00
FCF/Share	¥29	¥13	¥29	¥109	¥33
NCAV/Share	¥30	¥56	¥3	¥13	¥178
Payout Ratio	29.2%	—	—	—	19.5%

No filings or capital allocation signals recorded for this company.

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）（注）	2,155,000	12.41%
2	㈱クエスト	600,000	3.46%
3	㈱IC	500,000	2.88%
4	梛野憲克	345,400	1.99%
5	スカラ従業員持株会	311,700	1.80%
6	Custody Bank of Japan, Ltd. (Trust Account) ㈱日本カストディ銀行（信託口）（注）	216,300	1.25%
7	島津英樹	200,000	1.15%
8	清見征一	181,900	1.05%
9	辰巳佳央	171,900	0.99%
10	鈴木祥二	157,000	0.90%

as of 2025-06-30 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

13.7%

+0.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

14.2%

-0.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		12.69%	11.30%	12.41% +1.11%
㈱クエスト		3.46%	3.46%	3.46%
㈱IC		—	2.88%	2.88%
梛野憲克		1.99%	1.99%	1.99%
スカラ従業員持株会		2.07%	2.17%	1.80% -0.37%
日本カストディ銀行		3.30%	1.81%	1.25% -0.56%
島津英樹		1.15%	1.15%	1.15%
清見征一		—	1.02%	1.05% +0.03%
辰巳佳央		—	0.98%	0.99% +0.01%
鈴木祥二 NEW ENTRY	—	—	—	0.90% NEW
天野謙二郎 last seen 2024	Exited Top 10	—	0.78%	—
BNY Mellon last seen 2023	Exited Top 10	1.43%	—	—
JPモルガン証券 last seen 2023	Exited Top 10	1.17%	—	—
㈱ＩＣ last seen 2023	Exited Top 10	2.88%	—	—
宮下修 last seen 2023	Exited Top 10	1.41%	—	—
Concentration (HHI) ⓘ		207	164	187

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥650M +2% since 2023

Holdings 3 +1 new 1 exited

Trend Stable vs 2023

Held Company	FY2025 ¥650M total		FY2023 ¥634M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Quest Co., Ltd. ㈱クエスト	371	254,000	390	254,000	M
IC Co., Ltd. ㈱ＩＣ	259	250,000	222	250,000	M
Cookbiz Co.,Ltd. クックビズ㈱	20	NEW New 30,000	—
繝悶Λ繝ｳ繝�繧｣繝ｳ繧ｰ繝�繧ｯ繝弱Ο繧ｸ繝ｼ譬ｪ蠑丈ｼ夂､ｾブランディングテクノロジー㈱	—	−100% Exit —	22	18,100
Portfolio total	650		634

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding