# TRIPLEIZE CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/09/01－2025/08/31) (S100X79V)
> Page: https://vizora.meequs.com/en/company/3-ize
> Retrieved: 2026-09-30T18:18:09.448Z

## Company

Tripleize, founded in 2008, is a company in PCs & Peripherals listed on TSE Growth. It has 449 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRIPLEIZE CO.,LTD. |
| Ticker | 5026 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5026.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝浦三丁目4番1号 グランパークタワー32階 |
| Representative (per filing) | 代表取締役 山田 雄一郎 |
| Founded | Sep 2008 |
| Share capital | ¥22.1M |
| Employees (consolidated) | 449 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | August |
| Website | www.3-ize.jp (https://www.3-ize.jp/) |
| Corporate number | 3011001072652 |
| EDINET | E37458 |
| Industries (Vizora) | PCs & Peripherals, Cloud & Data Centers, IT Services & System Integration |

> Profile source: annual securities report (S100X79V, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.9 | 157 |
| Profitability | 4.8 | 196 |
| Efficiency | 41.6 | 196 |
| Financial strength | 21.4 | 7 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 81% of Tripleize's sales come from AI solution business, with GPU server business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +29.6% from the prior year, operating profit -260.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.71B |  |
| Operating income | -¥61.8M | Margin -1.1% |
| Net income | -¥344M | Margin -6.0% |
| Free cash flow | -¥174M |  |
| Largest business | AI solution business | of segment revenue 80.7% |
| Employees (consolidated) | 449 |  |
| EPS | ¥1.23 |  |
| Diluted EPS | ¥1.22 |  |
| Book value per share | ¥246.24 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 8,388,100 |  |
| Shareholders | 3,203 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 36.2% | Net cash ¥508.1M · Cash ÷ revenue 30.7% |
| Vs. industry median margin | -10 pp | IT Services & System Integration |
| ROA | -7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.7× its level five years ago
- FY2025, cash is 36% of total assets

## What changed in 4 years

| Metric | FY ending Aug 2021 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2122308000 | ¥5714030000 | +169.2% |
| Operating income | ¥60511000 | ¥-61846000 | -202.2% |
| Operating margin | 2.9% | -1.1% | -3.9 pp |
| Employees | 201 people | 449 people | +123.4% |
| Cash and equivalents | ¥617610000 | ¥1754139000 | +184.0% |

### Change in segment revenue mix

Span: FY ending Aug 2021 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| AIソリューション事業 → AIソリューション事業 | 80.7% |
| AIソリューション事業 → 事業再編・廃止 | 17.3% |
| 研修事業 → 事業再編・廃止 | 1.5% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → GPUサーバー事業 | 19.3% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,714 | 100.0% | S100X79V |
| Cost of revenue | 3,982 | 69.7% | S100X79V |
| Gross profit | 1,732 | 30.3% | S100X79V |
| SG&A | 1,794 | 31.4% | S100X79V |
| Operating income | -62 | -1.1% | S100X79V |
| Ordinary income | 60 | 1.0% | S100X79V |
| Pretax income | -250 | -4.4% | S100X79V |
| Income tax | 94 | 1.7% | S100X79V |
| Net income | -344 | -6.0% | S100X79V |
| Net income attributable to owners | -344 | -6.0% | S100X79V |

## Per ¥100 of revenue（FY ending Aug 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 31 |
| Operating income | -1 |
| (Ref.) Net income | -6 |

### Margin funnel

Gross margin 30.3% → Operating margin -1.1% → Net margin -6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Aug 2024 → FY ending Aug 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,411 | 5,714 | 1,303 | +29.6% |
| Gross profit | 1,475 | 1,732 | 257 | +17.5% |
| Operating income | 39 | -62 | -100 | -260.5% |
| Net income attributable to owners | 77 | -344 | -421 | -547.0% |
| Operating cash flow | 3 | -69 | -71 | -2768.3% |
| Free cash flow | -17 | -174 | -157 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2021 | 2,122 | 61 | 2.9% | 38 | 164 | 30 | S100PPBS |
| FY ending Aug 2022 | 2,425 | 133 | 5.5% | 112 | 34 | -171 | S100SDFA |
| FY ending Aug 2023 | 2,346 | -270 | -11.5% | -825 | -241 | -388 | S100UVBA |
| FY ending Aug 2024 | 4,411 | 39 | 0.9% | 77 | 3 | -17 | S100X79V |
| FY ending Aug 2025 | 5,714 | -62 | -1.1% | -344 | -69 | -174 | S100X79V |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.7M |
| Operating income per employee (consolidated) | -¥137.7K |
| Net income per employee (consolidated) | -¥766.1K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 201 | 224 | 242 | 465 | 449 |
| Average salary (parent company) | — | ¥4.5M | ¥4.6M | ¥4.7M | ¥4.9M |
| Average age (parent company) | — | 34.5 years | 34.4 years | 35.3 years | 35.8 years |
| Average tenure (parent company) | — | 3.5 years | 3.9 years | 4.3 years | 4.7 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +29.6%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AI solution business | 4,613 | 80.7% | 60 | 1.3% |
| GPU server business | 1,101 | 19.3% | -0 | -0.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| AI solution business | 80.7% |
| GPU server business | 19.3% |

Segment → industry: GPU server business → PCs & Peripherals / GPU server business → Cloud & Data Centers / AI solution business → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -69 | -1.2% | S100X79V |
| Capital expenditure | 105 | 1.8% | S100X79V |
| Free cash flow | -174 | -3.0% | 算出 |
| Investing cash flow | -78 | -1.4% | S100X79V |
| Financing cash flow | 447 | 7.8% | S100X79V |
| Change in cash | 300 | 5.3% | S100X79V |
| Cash and equivalents | 1,754 | 30.7% | S100X79V |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 618 | 1,080 | 1,755 | 1,454 | 1,754 | S100SDFA, S100UVBA, S100X79V |
| Total assets | 1,114 | 1,788 | 2,303 | 4,918 | 4,845 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Net assets | 442 | 1,157 | 332 | 851 | 1,665 | S100SDFA, S100UVBA, S100X79V |
| Share capital | 415 | 720 | 720 | 57 | 22 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Property, plant and equipment | 10 | 13 | 16 | 420 | 391 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Intangible assets excluding goodwill | 76 | 244 | 14 | 1,108 | 1,010 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Goodwill | 11 | 5 | 3 | 645 | 549 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Investment securities | 11 | — | 93 | 10 | 0 | S100PPBS, S100UVBA, S100X79V |
| Current assets | 985 | 1,485 | 2,153 | 3,028 | 3,056 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Current liabilities | 523 | 482 | 847 | 2,347 | 1,819 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Short-term borrowings | 60 | 79 | 240 | 490 | 190 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Long-term borrowings | 148 | 149 | 1,124 | 1,391 | 1,026 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Bonds | — | — | — | 40 | 30 | S100X79V |
| Interest-bearing debt | — | — | — | 1,921 | 1,246 | 算出 |
| Total liabilities | 671 | 631 | 1,971 | 4,068 | 3,180 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Equity attributable to owners of parent | 442 | 1,157 | 332 | 851 | 1,633 | S100PPBS, S100SDFA, S100UVBA, S100X79V |
| Retained earnings | -338 | -233 | -1,058 | -981 | -423 | S100PPBS, S100SDFA, S100UVBA, S100X79V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100X79V |
| Property, plant and equipment | 8% | S100X79V |
| Intangibles and goodwill | 32% | S100X79V |
| Investment securities | 0% | S100X79V |
| Other assets | 24% | S100X79V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 26% | 算出 |
| Other liabilities | 40% | S100X79V |
| Equity | 34% | S100X79V |
| Other liabilities | 0% | S100X79V |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,114 | 1,788 | 2,303 | 4,918 | 4,845 |
| Equity | 442 | 1,157 | 332 | 851 | 1,665 |
| Interest-bearing debt | — | — | — | 1,921 | 1,246 |
| Cash | 618 | 1,080 | 1,755 | 1,454 | 1,754 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 6.8% | S100X79V |
| Fixed assets ÷ total assets | 8.1% | S100X79V |
| Goodwill ÷ parent equity | 33.6% | S100X79V |

Goodwill over 4 years: 11 → 549 JPY; total investing cash flow: -1,872 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 36.2% |
| Cash ÷ revenue | 30.7% |
| Net cash (cash − interest-bearing debt) | ¥508.1M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 275 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | — |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.8% | 1.91× | 3.4% | 2.52× | 8.6% | S100PPBS |
| 2022 | 4.6% | 1.67× | 7.7% | 1.81× | 14.0% | S100SDFA |
| 2023 | — | —× | -40.4% | —× | — | S100UVBA |
| 2024 | 1.7% | 1.22× | 2.1% | 6.10× | 13.0% | S100X79V |
| 2025 | — | —× | -7.0% | —× | — | S100X79V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 福原 聖子 | Major shareholder | 27.3% | 2025-08-31 |
| 株式会社コスモウエア | Major shareholder | 21.4% | 2025-08-31 |
| 株式会社ゲームカード・ジョイコホールディングス | Major shareholder | 4.8% | 2025-08-31 |
| 一般社団法人恵那会 | Major shareholder | 4.4% | 2025-08-31 |
| ＪＰＥ第１号株式会社 | Major shareholder | 4.1% | 2025-08-31 |
| 株式会社キューブシステム | Major shareholder | 3.6% | 2025-08-31 |
| PROCESS UNIT FUND投資事業有限責任組合 | Major shareholder | 3.4% | 2025-08-31 |
| 株式会社ＴＯＫＡＩコミュニケーションズ | Major shareholder | 3.0% | 2025-08-31 |
| 間中 啓次 | Major shareholder | 1.9% | 2025-08-31 |
| 井口 邦 | Major shareholder | 1.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/09/01－2025/08/31) | S100X79V | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X79V,, |
| 有価証券報告書－第16期(2023/09/01－2024/08/31) | S100UVBA | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVBA,, |
| 有価証券報告書－第15期(2022/09/01－2023/08/31) | S100SDFA | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDFA,, |
| 有価証券報告書－第14期(令和3年9月1日－令和4年8月31日) | S100PPBS | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPBS,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).