# abc Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2025/08/31) (S100X79I)
> Page: https://vizora.meequs.com/en/company/abc
> Retrieved: 2026-09-30T20:58:19.879Z

## Company

abc, founded in 2002, is a company in Cybersecurity listed on TSE Standard. It has 88 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | abc Co., Ltd.(旧英訳名 GFA Co.,Ltd.)(注)2025年6月30日開催の第24回定時株主総会の決議により、2025年9月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 8783 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8783.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂四丁目9番17号(2025年9月1日から本店所在地 東京都港区南青山二丁目2番15号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 松田 元 |
| Founded | Jan 2002 |
| Share capital | ¥5.05B |
| Employees (consolidated) | 88 |
| Fiscal year end | August |
| Website | www.gfa.co.jp (https://www.gfa.co.jp/) |
| Corporate number | 9010401047481 |
| EDINET | E03740 |
| Industries (Vizora) | Cybersecurity, Investment Funds, Games, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100X79I, filed 2025-11-27). As of filing

## Key points (generated from figures)

- About 34% of abc's sales come from Space produce business, with Financial service and Cyber security business making up much of the rest.
- It lost about ¥79 for every ¥100 of sales at the operating level.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.31B |  |
| Operating income | -¥2.62B | Margin -79.0% |
| Net income | -¥4.41B | Margin -133.2% |
| Free cash flow | -¥2.57B |  |
| Largest business | Space produce business | of segment revenue 34.4% |
| Employees (consolidated) | 88 |  |
| EPS | ¥-347.49 |  |
| Book value per share | ¥98.4 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 25,970,219 |  |
| Cash ratio | 4.9% | Cash ÷ revenue 11.5% |
| Vs. industry median margin | -93.4 pp | Cybersecurity |
| ROA | -56.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 82 points
- FY2025, operating loss is 79 per ¥100 of revenue

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Space produce business | — | — | ¥1140610000 | -7.5% | 2 |
| Financial service | — | — | ¥757613000 | -316.7% | 2 |
| Cyber security business | — | — | ¥606785000 | 8.9% | 2 |
| Game business | — | — | ¥543799000 | -33.5% | 2 |
| Transportation business | — | — | ¥263031000 | -1.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,312 | 100.0% | S100X79I |
| Cost of revenue | 1,618 | 48.9% | S100X79I |
| Gross profit | 1,694 | 51.1% | S100X79I |
| SG&A | 4,310 | 130.2% | S100X79I |
| Operating income | -2,617 | -79.0% | S100X79I |
| Ordinary income | -3,401 | -102.7% | S100X79I |
| Pretax income | -3,627 | -109.5% | S100X79I |
| Income tax | 732 | 22.1% | S100X79I |
| Net income | -4,360 | -131.6% | S100X79I |
| Net income attributable to owners | -4,412 | -133.2% | S100X79I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 130 |
| Operating income | -79 |
| (Ref.) Net income | -133 |

### Margin funnel

Gross margin 51.1% → Operating margin -79.0% → Net margin -133.2%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.6M |
| Operating income per employee (consolidated) | -¥29.7M |
| Net income per employee (consolidated) | -¥50.1M |

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

| History | FY ending Mar 2025 |
| --- | ---: |
| Employees (consolidated) | 88 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial service | 758 | 22.9% | -2,399 | -316.7% |
| Cyber security business | 607 | 18.3% | 54 | 8.9% |
| Space produce business | 1,141 | 34.4% | -85 | -7.5% |
| Game business | 544 | 16.4% | -182 | -33.5% |
| Transportation business | 263 | 7.9% | -4 | -1.5% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Financial service | 22.9% | — | — | -316.7% |
| Cyber security business | 18.3% | 100.0% | 81.7 | 8.9% |
| Space produce business | 34.4% | — | — | -7.5% |
| Game business | 16.4% | — | — | -33.5% |
| Transportation business | 7.9% | — | — | -1.5% |

Loss-making segment (excluded from profit shares): Financial service -2,399 JPY mn

Loss-making segment (excluded from profit shares): Space produce business -85 JPY mn

Loss-making segment (excluded from profit shares): Game business -182 JPY mn

Loss-making segment (excluded from profit shares): Transportation business -4 JPY mn

Segment → industry: Cyber security business → Cybersecurity / Financial service → Investment Funds / Game business → Games / Transportation business → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -2,420 | -73.1% | S100X79I |
| Capital expenditure | 153 | 4.6% | S100X79I |
| Free cash flow | -2,574 | -77.7% | 算出 |
| Investing cash flow | -3,425 | -103.4% | S100X79I |
| Financing cash flow | 5,944 | 179.5% | S100X79I |
| Share buyback | 9 | 0.3% | S100X79I |
| Change in cash | 99 | 3.0% | S100X79I |
| Cash and equivalents | 380 | 11.5% | S100X79I |

## 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 Mar 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 380 | S100X79I |
| Total assets | 7,785 | S100X79I |
| Net assets | 2,795 | S100X79I |
| Share capital | 5,049 | S100X79I |
| Trade receivables | 125 | S100X79I |
| Property, plant and equipment | 29 | S100X79I |
| Intangible assets excluding goodwill | 413 | S100X79I |
| Goodwill | 198 | S100X79I |
| Investment securities | 1,764 | S100X79I |
| Current assets | 4,415 | S100X79I |
| Current liabilities | 4,642 | S100X79I |
| Short-term borrowings | 1,862 | S100X79I |
| Long-term borrowings | 331 | S100X79I |
| Total liabilities | 4,990 | S100X79I |
| Non-controlling interests | 37 | S100X79I |
| Equity attributable to owners of parent | 2,681 | S100X79I |
| Retained earnings | -7,715 | S100X79I |
| Treasury stock | -34 | S100X79I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100X79I |
| Receivables | 1% | S100X79I |
| Property, plant and equipment | 0% | S100X79I |
| Intangibles and goodwill | 8% | S100X79I |
| Investment securities | 23% | S100X79I |
| Other assets | 63% | S100X79I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100X79I |
| Equity | 36% | S100X79I |
| Other liabilities | 0% | S100X79I |

## 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) | 0.9% | S100X79I |
| Fixed assets ÷ total assets | 0.4% | S100X79I |
| Goodwill ÷ parent equity | 7.4% | S100X79I |

### 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) | 4.9% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,992 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | — | —× | -56.7% | —× | — | S100X79I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 楽天証券株式会社 | Major shareholder | 1.9% | 2025-08-31 |
| GCMホールディングス株式会社 | Major shareholder | 1.7% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 1.5% | 2025-08-31 |
| 藤見 幸雄 | Major shareholder | 1.1% | 2025-08-31 |
| SEACASTLE SINGAPORE PTE. LTD.（常任代理人 松尾 聖海） | Major shareholder | 0.9% | 2025-08-31 |
| 山岸 透 | Major shareholder | 0.7% | 2025-08-31 |
| 滝野 一征 | Major shareholder | 0.7% | 2025-08-31 |
| 片田 朋希 | Major shareholder | 0.6% | 2025-08-31 |
| 合同会社トリコロール２ | Major shareholder | 0.5% | 2025-08-31 |
| 竹村 滋幸 | Major shareholder | 0.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2025/08/31) | S100X79I | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X79I,, |

## 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).