Four-Part Revenue Model for Initial Stock Fee Spread
First written in FY2020. 9 of 20 entries say "Restated". Latest entry: 2026-09-10.
No other company in this theme has enough history to compare yet.
- FY2026-H1AdvancedAnnual report
「Recurring 4,025,838 5,228,728 29.9; stock (986,580) (1,195,982) (21.2); fee (2,301,558) (3,120,885) (35.6); spread (737,699) (911,860) (23.6); initial 5,020,358 5,286,708 5.3; total 9,046,196 10,515,437 16.2」
Recurring revenue increased 29.9% year on year to ¥5,228.728 million, with stock, fee and spread revenue each increasing. Initial revenue also increased 5.3%, indicating expansion across the overall revenue model. - FY2025AdvancedAnnual report
「Meanwhile, the steady accumulation of active IDs among merchants in everyday-use industries and business formats, together with increased use of cashless payments, led to significant growth in the number of payment transactions and GMV (payment processing volume). As a result, recurring revenue comprising stock, fee and spread revenue significantly exceeded the previous year, and its share of revenue rose from 36.3% in the previous consolidated fiscal year to 49.9%.」
While initial revenue declined, recurring revenue comprising stock, fee and spread revenue increased its share of the total from 36.3% to 49.9%. - FY2025-H1AdvancedAnnual report
「Initial 6,059,085 5,020,358 △17.1 Recurring 3,185,062 4,025,838 26.4 Stock (818,678) (986,580) (20.5) Fee (1,695,922) (2,301,558) (35.7) Spread (670,462) (737,699) (10.0) Total 9,244,148 9,046,196 △2.1」
Initial revenue decreased 17.1% year on year, while recurring revenue increased 26.4%. Stock, fee and spread revenue each increased, indicating continued expansion of recurring revenue within the overall revenue mix. - FY2024-Q2AdvancedAnnual report
「Initial 5,125,787 6,059,085 18.2 Recurring 2,139,025 3,185,062 48.9 Stock (543,371) (818,678) (50.7) Fee (1,059,585) (1,695,922) (60.1) Spread (536,069) (670,462) (25.1) Total 7,264,812 9,244,148 27.2」
Recurring revenue for the six months ended the second quarter was ¥3,185.062 million, up 48.9% year on year, with each of stock, fee and spread revenue also increasing. - FY2024-Q1AdvancedAnnual report
「Recurring 1,047,530 1,581,544 51.0」
The company continued to disclose the breakdown between initial revenue and recurring revenue comprising stock, fee and spread. Recurring revenue increased from ¥1,047.530 million in the previous year to ¥1,581.544 million, up 51.0% year on year. - FY2023RestatedAnnual report
「Recurring revenue, comprising stock, fee and spread revenue, also built steadily on growth in initial revenue and the smooth activation of terminals sold.」
The company continued to use the name “recurring revenue,” introduced in the previous quarter, in its annual report, again confirming the revenue structure in which stock, fee and spread revenue accumulates in line with terminal sales and activation. - FY2023-Q3ReframedAnnual report
「Beginning in the third quarter, the aggregate of stock, fee and spread revenue, previously described as recurring-type revenue, has been renamed recurring revenue.」
The aggregate of stock, fee and spread revenue was renamed from the former “recurring-type” to “recurring.” The change concerns the name, not the substance of the revenue composition. - FY2023-Q2RestatedAnnual report
「Recurring revenue, comprising stock, fee and spread revenue, tends to grow more slowly in the second quarter, which includes the seasonal lull in January and February, than in the first quarter, which includes the busy year-end shopping season, although」
The four-category revenue model comprising initial revenue and recurring revenue consisting of stock, fee and spread was reconfirmed. Recurring revenue was ¥2,139.025 million, up 56.1% year on year. - FY2023-Q1RestatedAnnual report
「Initial 2,220,189 67.9; recurring (total of stock, fee and spread) 1,047,530 32.1; stock (259,777) (8.0); fee (519,736) (15.9); spread (268,016) (8.2); total 3,267,719 100.0」
The four-category revenue model comprising initial, stock, fee and spread was reconfirmed. Recurring revenue was ¥1,047.530 million, accounting for 32.1% of revenue. - FY2022-Q3RestatedAnnual report
「Initial (initial revenue) 5,234,799 70.3 Stock (fixed-charge revenue) 621,446 8.3 Fee (processing-fee revenue) 882,183 11.9 Spread (merchant revenue) 707,934 9.5 Total 7,446,363 100.0」
The revenue model comprising the four categories of initial, stock, fee and spread was reconfirmed in the revenue composition for the nine months ended the third quarter. - FY2022-Q2RestatedAnnual report
「Initial (initial revenue) 3,098,100; stock (fixed-charge revenue) 392,376; fee (processing-fee revenue) 520,919; spread (merchant revenue) 456,938; total 4,468,335」
The revenue model comprising the four categories of initial, stock, fee and spread was reconfirmed in the revenue composition for the six months ended the second quarter. - FY2022-Q1RestatedAnnual report
「Initial (initial revenue) 1,454,700; stock (fixed-charge revenue) 185,910; fee (processing-fee revenue) 261,648; spread (merchant revenue) 239,222; total 2,141,482」
The company's revenue model comprising the four categories of initial, stock, fee and spread was reconfirmed in the quarterly revenue breakdown. - FY2021RestatedAnnual report
「Payment terminals are the starting point for all of the Group's businesses. In payment processing services, initial revenue is recorded from payment terminal sales, while stock and fee revenue increase as the number of active payment terminals grows. In payment acquiring services, initial revenue is also recorded from payment terminal sales, while acquiring merchants leads to increases in stock and fee revenue as well as spread revenue.」
The company again provided a detailed explanation of its revenue model, in which terminal sales are the starting point and active terminals, merchants, and the number and value of transactions drive the four revenue categories. - FY2021-Q3RestatedAnnual report
「Recurring revenue also grew steadily as merchant development expanded the number of active terminals and the volume and value of payment transactions.」
The company again confirmed its revenue structure comprising initial revenue and recurring revenue linked to the number of active terminals and the number and value of payment transactions in its explanation of revenue trends. - FY2021-Q2RestatedAnnual report
「Recurring revenue, the aggregate of revenue categories excluding initial revenue, also increased steadily in both fixed-charge revenue and processing-fee revenue as the number of active terminals expanded through continued merchant acquisition across multiple industries.」
The company again confirmed its revenue structure comprising initial revenue and recurring revenue, including fixed-charge and processing-fee revenue, in its explanation of quarterly revenue trends. - FY2020First statedAnnual report
「For the face-to-face payment services it provides, the Group classifies revenue into four categories according to the nature of the service: initial, stock, fee and spread.」
The company described a structure in which revenue originates from payment terminals, comprising initial revenue from terminal sales and other sources, stock revenue from fixed charges, fee revenue from processing charges and spread revenue linked to payment volume.