# AltPlusInc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/10/01－2025/09/30) (S100XCNH)
> Page: https://vizora.meequs.com/en/company/altplusinc
> Retrieved: 2026-09-30T21:31:00.277Z

## Company

AltPlusInc., founded in 2010, is a company in Games listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AltPlusInc. |
| Ticker | 3672 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3672.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区東池袋三丁目1番1号 |
| Representative (per filing) | 代表取締役 石井 武 |
| Founded | May 2010 |
| Share capital | ¥184.5M |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Website | www.altplus.co.jp (https://www.altplus.co.jp/) |
| Corporate number | 6011001065018 |
| EDINET | E27280 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XCNH, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Games (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.7 | 36 |
| Profitability | 8.5 | 41 |
| Efficiency | 89 | 41 |

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)

- AltPlusInc. brought in ¥2.9B in revenue.
- It lost about ¥16 for every ¥100 of sales at the operating level.
- Revenue changed -17.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.9B |  |
| Operating income | -¥467.3M | Margin -16.1% |
| Net income | -¥434.7M | Margin -15.0% |
| Free cash flow | -¥575.3M |  |
| Employees (consolidated) | 199 |  |
| EPS | ¥-14.17 |  |
| Book value per share | ¥18.35 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 59,402,033 |  |
| Treasury shares | 9,200 |  |
| Shareholders | 14,797 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 49.4% | Cash ÷ revenue 29.8% |
| Vs. industry median margin | -21.5 pp | Games |
| ROA | -26.4% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.4× its level five years ago
- FY2025, cash is 49% of total assets
- FY2025, operating loss is 16 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5949016000 | ¥2897753000 | -51.3% |
| Operating income | ¥-292286000 | ¥-467294000 | — |
| Operating margin | -4.9% | -16.1% | -11.2 pp |
| Employees | 218 people | 199 people | -8.7% |
| Cash and equivalents | ¥1582299000 | ¥863507000 | -45.4% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,898 | 100.0% | S100XCNH |
| Cost of revenue | 2,724 | 94.0% | S100XCNH |
| Gross profit | 174 | 6.0% | S100XCNH |
| SG&A | 641 | 22.1% | S100XCNH |
| Operating income | -467 | -16.1% | S100XCNH |
| Ordinary income | -442 | -15.3% | S100XCNH |
| Pretax income | -442 | -15.3% | S100XCNH |
| Income tax | -8 | -0.3% | S100XCNH |
| Net income | -435 | -15.0% | S100XCNH |
| Net income attributable to owners | -435 | -15.0% | S100XCNH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 22 |
| Operating income | -16 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 6.0% → Operating margin -16.1% → Net margin -15.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,516 | 2,898 | -619 | -17.6% |
| Gross profit | 215 | 174 | -41 | -19.0% |
| Operating income | -453 | -467 | -15 | — |
| Net income attributable to owners | -452 | -435 | 18 | — |
| Operating cash flow | -411 | -573 | -162 | — |
| Free cash flow | -411 | -575 | -164 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,198 | -924 | -22.0% | -1,079 | -444 | -447 | S100KEEZ |
| FY ending Sep 2020 | 5,949 | -292 | -4.9% | -139 | -146 | -147 | S100N4JZ |
| FY ending Sep 2021 | 7,291 | -555 | -7.6% | -389 | -64 | -64 | S100PV7V |
| FY ending Sep 2022 | 6,004 | -802 | -13.4% | -780 | -711 | -731 | S100SIJM |
| FY ending Sep 2023 | 4,388 | -539 | -12.3% | -421 | -437 | -441 | S100V05N |
| FY ending Sep 2024 | 3,516 | -453 | -12.9% | -452 | -411 | -411 | S100XCNH |
| FY ending Sep 2025 | 2,898 | -467 | -16.1% | -435 | -573 | -575 | S100XCNH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.6M |
| Operating income per employee (consolidated) | -¥2.3M |
| Net income per employee (consolidated) | -¥2.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 236 | 235 | 231 | 217 | 199 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥6.1M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 36.0 years | 38.5 years | 38.2 years | 38.9 years | 39.1 years |
| Average tenure (parent company) | 2.8 years | 3.6 years | 3.4 years | 4.1 years | 4.5 years |

Year over year: Employees (consolidated) -8.3% · Revenue (consolidated) -17.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -573 | -19.8% | S100XCNH |
| Capital expenditure | 2 | 0.1% | S100XCNH |
| Free cash flow | -575 | -19.9% | 算出 |
| Investing cash flow | 19 | 0.7% | S100XCNH |
| Financing cash flow | 651 | 22.5% | S100XCNH |
| Change in cash | 97 | 3.4% | S100XCNH |
| Cash and equivalents | 864 | 29.8% | S100XCNH |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,328 | 664 | 847 | 766 | 864 | S100SIJM, S100V05N, S100XCNH |
| Total assets | 2,923 | 1,970 | 1,898 | 1,542 | 1,747 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Net assets | 1,699 | 932 | 954 | 778 | 1,013 | S100SIJM, S100V05N, S100XCNH |
| Share capital | 1,000 | 10 | 230 | 68 | 184 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Property, plant and equipment | 1 | 1 | 1 | 1 | 2 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Intangible assets excluding goodwill | 0 | 0 | — | — | — | S100PV7V, S100SIJM |
| Investment securities | 16 | 0 | 0 | 5 | 5 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Current assets | 2,419 | 1,605 | 1,658 | 1,422 | 1,623 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Current liabilities | 1,105 | 958 | 941 | 760 | 732 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Long-term borrowings | 117 | 77 | — | — | — | S100PV7V, S100SIJM |
| Total liabilities | 1,224 | 1,038 | 944 | 764 | 734 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Non-controlling interests | 4 | 4 | 4 | 4 | 4 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Equity attributable to owners of parent | 1,694 | 928 | 947 | 772 | 1,010 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Retained earnings | -393 | -1,159 | -1,580 | -547 | -565 | S100PV7V, S100SIJM, S100V05N, S100XCNH |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100PV7V, S100SIJM, S100V05N, S100XCNH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XCNH |
| Property, plant and equipment | 0% | S100XCNH |
| Investment securities | 0% | S100XCNH |
| Other assets | 50% | S100XCNH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XCNH |
| Equity | 58% | S100XCNH |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,923 | 1,970 | 1,898 | 1,542 | 1,747 |
| Equity | 1,699 | 932 | 954 | 778 | 1,013 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,328 | 664 | 847 | 766 | 864 |

## 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) | 0.1% | S100XCNH |
| Fixed assets ÷ total assets | 0.1% | S100XCNH |
| Goodwill ÷ parent equity | — | —, S100XCNH |

### 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) | 49.4% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -138 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | — | —× | -13.3% | —× | — | S100PV7V |
| 2022 | — | —× | -31.9% | —× | — | S100SIJM |
| 2023 | — | —× | -21.8% | —× | — | S100V05N |
| 2024 | — | —× | -26.3% | —× | — | S100XCNH |
| 2025 | — | —× | -26.4% | —× | — | S100XCNH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| G Future Fund１号投資事業有限責任組合 | Major shareholder | 36.5% | 2025-09-30 |
| 石井 武 | Major shareholder | 3.0% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 2.6% | 2025-09-30 |
| ＮＨＮテコラス株式会社 | Major shareholder | 1.9% | 2025-09-30 |
| 佐藤 敬 | Major shareholder | 1.9% | 2025-09-30 |
| GMOクリック証券株式会社 | Major shareholder | 1.4% | 2025-09-30 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2025-09-30 |
| BNYM SA/NV FOR BNYM FOR BNYM CGM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2025-09-30 |
| XPEC Entertainment Inc.（常任代理人 みずほ証券株式会社） | Major shareholder | 0.9% | 2025-09-30 |
| 原 征弘 | Major shareholder | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/10/01－2025/09/30) | S100XCNH | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCNH,, |
| 有価証券報告書－第15期(2023/10/01－2024/09/30) | S100V05N | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V05N,, |
| 有価証券報告書－第14期(2022/10/01－2023/09/30) | S100SIJM | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIJM,, |
| 有価証券報告書－第13期(令和3年10月1日－令和4年9月30日) | S100PV7V | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV7V,, |
| 有価証券報告書－第12期(令和2年10月1日－令和3年9月30日) | S100N4JZ | 2021-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4JZ,, |
| 有価証券報告書－第11期(令和1年10月1日－令和2年9月30日) | S100KEEZ | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEEZ,, |

## 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).