# ABEJA: business model and financials

> Latest period: FY ending Aug 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2024/09/01－2025/08/31) (S100X6IA)
> Page: https://vizora.meequs.com/en/company/abeja
> Retrieved: 2026-09-30T19:05:52.233Z

## Company

Abeja, founded in 2012, is a company in Software & SaaS listed on TSE Growth. It has 133 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ABEJA,Inc. |
| Ticker | 5574 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5574.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田一丁目1番14号 |
| Representative (per filing) | 代表取締役CEO 岡田 陽介 |
| Founded | Sep 2012 |
| Share capital | ¥895.9M |
| Employees (consolidated) | 133 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | August |
| Website | abejainc.com (https://abejainc.com/) |
| Corporate number | 5011001091576 |
| EDINET | E38109 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100X6IA, filed 2025-11-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.4 | 105 |
| Profitability | 49.3 | 145 |
| Cash conversion | 94.9 | 128 |
| Efficiency | 36.2 | 145 |

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)

- Abeja brought in ¥3.59B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +29.6% from the prior year, operating profit +53.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3585409000 → ¥448268000
- Net income → operating cash flow: ¥448268000 → ¥1621241000（difference ¥1172973000）
- Main uses of operating cash flow: CapEx ¥15928000 / dividends — / buybacks ¥272000
- Change in cash: ¥1717107000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.59B |  |
| Operating income | ¥445.9M | Margin 12.4% |
| Net income | ¥448.3M | Margin 12.5% |
| Free cash flow | ¥1.61B |  |
| Employees (consolidated) | 133 |  |
| EPS | ¥47.17 |  |
| Diluted EPS | ¥43.2 |  |
| Book value per share | ¥457.71 |  |
| Equity ratio | 84.0% |  |
| Shares outstanding | 9,764,800 |  |
| Treasury shares | 100 |  |
| Shareholders | 11,949 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 86.2% | Cash ÷ revenue 127.9% |
| Vs. industry median margin | 0 pp | Software & SaaS |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.6× net income
- FY2025, cash is 86% of total assets

## What changed in 3 years

| Metric | FY ending Aug 2022 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1978230000 | ¥3585409000 | +81.2% |
| Operating income | ¥-163502000 | ¥445886000 | — |
| Operating margin | -8.3% | 12.4% | +20.7 pp |
| Employees | 82 people | 133 people | +62.2% |
| Cash and equivalents | ¥1844536000 | ¥4586017000 | +148.6% |

### Change in segment revenue mix

Span: FY ending Aug 2022 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,585 | 100.0% | S100X6IA |
| Cost of revenue | 1,349 | 37.6% | S100X6IA |
| Gross profit | 2,236 | 62.4% | S100X6IA |
| SG&A | 1,790 | 49.9% | S100X6IA |
| Operating income | 446 | 12.4% | S100X6IA |
| Ordinary income | 452 | 12.6% | S100X6IA |
| Pretax income | 452 | 12.6% | S100X6IA |
| Income tax | 4 | 0.1% | S100X6IA |
| Net income | 448 | 12.5% | S100X6IA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 50 |
| Operating income | 12 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 62.4% → Operating margin 12.4% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.6%; Core profit growth: +53.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.81×
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 | 2,766 | 3,585 | 819 | +29.6% |
| Gross profit | 1,844 | 2,236 | 392 | +21.3% |
| Operating income | 290 | 446 | 156 | +53.6% |
| Operating cash flow | -760 | 1,621 | 2,381 | — |
| Free cash flow | -794 | 1,605 | 2,399 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2022 | 1,978 | -164 | -8.3% | -196 | -253 | -268 | S100SDKY |
| FY ending Aug 2023 | 2,775 | 403 | 14.5% | 422 | 461 | 460 | S100UUTT |
| FY ending Aug 2024 | 2,766 | 290 | 10.5% | 219 | -760 | -794 | S100X6IA |
| FY ending Aug 2025 | 3,585 | 446 | 12.4% | 448 | 1,621 | 1,605 | S100X6IA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3.4M |

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

| History | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 82 | 103 | 125 | 133 |
| Average salary (parent company) | — | ¥8.9M | ¥9.1M | ¥9.5M |
| Average age (parent company) | — | 36.1 years | 36.5 years | 36.7 years |
| Average tenure (parent company) | — | 2.4 years | 2.5 years | 2.7 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +29.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,621 | 45.2% | S100X6IA |
| Capital expenditure | 16 | 0.4% | S100X6IA |
| Free cash flow | 1,605 | 44.8% | 算出 |
| Investing cash flow | -28 | -0.8% | S100X6IA |
| Financing cash flow | 124 | 3.5% | S100X6IA |
| Share buyback | 0 | 0.0% | S100X6IA |
| Change in cash | 1,717 | 47.9% | S100X6IA |
| Cash and equivalents | 4,586 | 127.9% | S100X6IA |

## 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 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,845 | 3,541 | 2,869 | 4,586 | S100UUTT, S100X6IA |
| Total assets | 2,160 | 4,109 | 4,240 | 5,318 | S100SDKY, S100UUTT, S100X6IA |
| Net assets | 1,794 | 3,481 | 3,898 | 4,472 | S100UUTT, S100X6IA |
| Share capital | 100 | 733 | 832 | 896 | S100SDKY, S100UUTT, S100X6IA |
| Property, plant and equipment | — | 1 | 10 | 17 | S100UUTT, S100X6IA |
| Intangible assets excluding goodwill | — | — | 18 | 14 | S100X6IA |
| Current assets | 2,153 | 3,971 | 4,109 | 5,105 | S100SDKY, S100UUTT, S100X6IA |
| Current liabilities | 286 | 629 | 342 | 846 | S100SDKY, S100UUTT, S100X6IA |
| Long-term borrowings | 80 | — | — | — | S100SDKY |
| Total liabilities | 366 | 629 | 342 | 846 | S100SDKY, S100UUTT, S100X6IA |
| Equity attributable to owners of parent | 1,789 | 3,476 | 3,894 | 4,469 | S100SDKY, S100UUTT, S100X6IA |
| Retained earnings | -194 | 227 | 446 | 894 | S100SDKY, S100UUTT, S100X6IA |
| Treasury stock | — | — | — | -0 | S100X6IA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 86% | S100X6IA |
| Property, plant and equipment | 1% | S100X6IA |
| Intangibles and goodwill | 0% | S100X6IA |
| Other assets | 13% | S100X6IA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100X6IA |
| Equity | 84% | S100X6IA |

### Balance sheet history

| Metric | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,160 | 4,109 | 4,240 | 5,318 |
| Equity | 1,794 | 3,481 | 3,898 | 4,472 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,845 | 3,541 | 2,869 | 4,586 |

## 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) | 0.5% | S100X6IA |
| Fixed assets ÷ total assets | 0.3% | S100X6IA |
| Goodwill ÷ parent equity | — | —, S100X6IA |

### 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) | 86.2% |
| Cash ÷ revenue | 127.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 363.6% |
| Cash vs. profit gap | 1,173 JPY mn (of net income 261.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 1.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -9.1% | —× | — | S100SDKY |
| 2023 | 15.2% | 0.89× | 13.4% | 1.19× | 16.0% | S100UUTT |
| 2024 | 7.9% | 0.66× | 5.2% | 1.13× | 5.9% | S100X6IA |
| 2025 | 12.5% | 0.75× | 9.4% | 1.14× | 10.7% | S100X6IA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＯＭＰＯ Ｌｉｇｈｔ Ｖｏｒｔｅｘ株式会社 | Major shareholder | 17.3% | 2025-08-31 |
| 岡田 陽介 | Major shareholder | 13.1% | 2025-08-31 |
| ヒューリック株式会社 | Major shareholder | 4.4% | 2025-08-31 |
| 株式会社インスパイア・インベストメント | Major shareholder | 2.9% | 2025-08-31 |
| 外木 直樹 | Major shareholder | 2.5% | 2025-08-31 |
| 小間 基裕 | Major shareholder | 1.5% | 2025-08-31 |
| ＢＡＮＫ ＪＵＬＩＵＳ ＢＡＥＲ ＡＮＤ ＣＯ． ＬＴＤ． ＳＩＮＧＡＰＯＲＥ ＣＬＩＥＮＴＳ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2025-08-31 |
| ＴＢＳイノベーション・パートナーズ２号投資事業組合 | Major shareholder | 1.1% | 2025-08-31 |
| 藤井 衛 | Major shareholder | 1.0% | 2025-08-31 |
| 杉山 央 | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2024/09/01－2025/08/31) | S100X6IA | 2025-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6IA,, |
| 有価証券報告書－第12期(2023/09/01－2024/08/31) | S100UUTT | 2024-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUTT,, |
| 有価証券報告書－第11期(2022/09/01－2023/08/31) | S100SDKY | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDKY,, |

## 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).