# Bank of Innovation, Inc.: 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20期(2024/10/01－2025/09/30) (S100XD6Y)
> Page: https://vizora.meequs.com/en/company/bank-of-innovation
> Retrieved: 2026-09-30T23:12:30.569Z

## Company

Bank of Innovation, founded in 2006, is a company in Games listed on TSE Growth. It has 247 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Bank of Innovation, Inc. |
| Ticker | 4393 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4393.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区新宿六丁目27番30号 |
| Representative (per filing) | 代表取締役社長 樋口 智裕 |
| Founded | Jan 2006 |
| Share capital | ¥562M |
| Employees (consolidated) | 247 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | September |
| Website | boi.jp (https://boi.jp/) |
| Corporate number | 1011101050080 |
| EDINET | E34116 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XD6Y, filed 2025-12-25). As of filing

## Five-axis industry profile

Primary industry: Games (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.8 | 36 |
| Profitability | 79.3 | 41 |
| Cash conversion | 62.9 | 31 |
| Efficiency | 91.5 | 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)

- Bank of Innovation brought in ¥12.4B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -9.2% from the prior year, operating profit +62.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12366000000 → ¥1351000000
- Net income → operating cash flow: ¥1351000000 → ¥2867000000（difference ¥1516000000）
- Main uses of operating cash flow: CapEx ¥35000000 / dividends — / buybacks ¥1000000
- Change in cash: ¥2802000000
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 | ¥12.4B |  |
| Operating income | ¥2.15B | Margin 17.4% |
| Net income | ¥1.35B | Margin 10.9% |
| Free cash flow | ¥2.83B |  |
| Employees (consolidated) | 247 |  |
| EPS | ¥341.3 |  |
| Book value per share | ¥1464.82 |  |
| Equity ratio | 73.2% |  |
| Shares outstanding | 4,003,000 |  |
| Treasury shares | 28,700 |  |
| Shareholders | 2,839 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 65.6% | Cash ÷ revenue 42.1% |
| Vs. industry median margin | +12 pp | Games |
| ROE | 26.3% | Derived from disclosed figures |
| ROA | 19.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 5.8× its level five years ago
- FY2025, operating cash flow is 2.1× net income
- FY2025, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3061423000 | ¥12366000000 | +303.9% |
| Operating income | ¥-60232000 | ¥2154000000 | — |
| Operating margin | -2.0% | 17.4% | +19.4 pp |
| Employees | 183 people | 247 people | +35.0% |
| Cash and equivalents | ¥2221460000 | ¥5212000000 | +134.6% |

### 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 | 12,366 | 100.0% | S100XD6Y |
| Cost of revenue | 6,367 | 51.5% | S100XD6Y |
| Gross profit | 5,998 | 48.5% | S100XD6Y |
| SG&A | 3,844 | 31.1% | S100XD6Y |
| Operating income | 2,154 | 17.4% | S100XD6Y |
| Ordinary income | 2,185 | 17.7% | S100XD6Y |
| Pretax income | 2,185 | 17.7% | S100XD6Y |
| Income tax | 834 | 6.7% | S100XD6Y |
| Net income | 1,351 | 10.9% | S100XD6Y |
| Net income attributable to owners | 1,351 | 10.9% | S100XD6Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 31 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 48.5% → Operating margin 17.4% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -9.2%; Core profit growth: +62.1%
Operating leverage (core profit growth ÷ revenue growth): -6.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,615 | 12,366 | -1,249 | -9.2% |
| Gross profit | 6,444 | 5,998 | -446 | -6.9% |
| Operating income | 1,329 | 2,154 | 825 | +62.1% |
| Net income attributable to owners | 895 | 1,351 | 456 | +50.9% |
| Operating cash flow | -1,716 | 2,867 | 4,583 | — |
| Free cash flow | -1,740 | 2,832 | 4,572 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 3,061 | -60 | -2.0% | -75 | -247 | -252 | S100N33H |
| FY ending Sep 2021 | 2,129 | -808 | -37.9% | -542 | -730 | -735 | S100PW7J |
| FY ending Sep 2022 | 2,428 | -1,008 | -41.5% | -838 | -974 | -976 | S100SJB0 |
| FY ending Sep 2023 | 21,333 | 4,900 | 23.0% | 3,293 | 5,212 | 5,163 | S100V09K |
| FY ending Sep 2024 | 13,615 | 1,329 | 9.8% | 895 | -1,716 | -1,740 | S100XD6Y |
| FY ending Sep 2025 | 12,366 | 2,154 | 17.4% | 1,351 | 2,867 | 2,832 | S100XD6Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.1M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥5.5M |

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) | 185 | 170 | 168 | 199 | 247 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥6.7M | ¥7.4M | ¥6.8M |
| Average age (parent company) | 30.6 years | 31.7 years | 32.7 years | 32.8 years | 33.3 years |
| Average tenure (parent company) | 4.5 years | 5.4 years | 5.8 years | 5.8 years | 5.8 years |

Year over year: Employees (consolidated) +24.1% · Revenue (consolidated) -9.2%

## 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 | 2,867 | 23.2% | S100XD6Y |
| Capital expenditure | 35 | 0.3% | S100XD6Y |
| Free cash flow | 2,832 | 22.9% | 算出 |
| Investing cash flow | 123 | 1.0% | S100XD6Y |
| Financing cash flow | -188 | -1.5% | S100XD6Y |
| Share buyback | 1 | 0.0% | S100XD6Y |
| Change in cash | 2,802 | 22.7% | S100XD6Y |
| Cash and equivalents | 5,212 | 42.1% | S100XD6Y |

## 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 | 1,351 | 822 | 5,017 | 2,409 | 5,212 | S100SJB0, S100V09K, S100XD6Y |
| Total assets | 2,469 | 2,039 | 8,093 | 5,802 | 7,943 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Net assets | 722 | 399 | 3,678 | 4,466 | 5,816 | S100SJB0, S100V09K, S100XD6Y |
| Share capital | 491 | 560 | 562 | 562 | 562 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Property, plant and equipment | 8 | 5 | 58 | 58 | 81 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Intangible assets excluding goodwill | 6 | 6 | 4 | 3 | 1 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Current assets | 2,034 | 1,422 | 7,686 | 5,240 | 7,145 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Current liabilities | 766 | 1,084 | 4,087 | 1,193 | 2,027 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Short-term borrowings | — | 300 | — | — | — | S100SJB0 |
| Long-term borrowings | 981 | 555 | 181 | 13 | — | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Total liabilities | 1,747 | 1,640 | 4,415 | 1,336 | 2,127 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Equity attributable to owners of parent | 722 | 382 | 3,678 | 4,466 | 5,816 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Retained earnings | -54 | -892 | 2,400 | 3,296 | 4,647 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |
| Treasury stock | -183 | 0 | 0 | -107 | -109 | S100PW7J, S100SJB0, S100V09K, S100XD6Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100XD6Y |
| Property, plant and equipment | 1% | S100XD6Y |
| Intangibles and goodwill | 0% | S100XD6Y |
| Other assets | 33% | S100XD6Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100XD6Y |
| Equity | 73% | S100XD6Y |

### 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 | 2,469 | 2,039 | 8,093 | 5,802 | 7,943 |
| Equity | 722 | 399 | 3,678 | 4,466 | 5,816 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,351 | 822 | 5,017 | 2,409 | 5,212 |

## 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) | 0.7% | S100XD6Y |
| Fixed assets ÷ total assets | 1.0% | S100XD6Y |
| Goodwill ÷ parent equity | — | —, S100XD6Y |

### 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) | 65.6% |
| Cash ÷ revenue | 42.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.1% |
| Cash vs. profit gap | 1,516 JPY mn (of net income 112.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 4.3% |

## 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 | — | —× | -21.9% | —× | — | S100PW7J |
| 2022 | — | —× | -37.2% | —× | — | S100SJB0 |
| 2023 | 15.4% | 4.21× | 65.0% | 2.50× | 162.2% | S100V09K |
| 2024 | 6.6% | 1.96× | 12.9% | 1.71× | 22.0% | S100XD6Y |
| 2025 | 10.9% | 1.80× | 19.7% | 1.34× | 26.3% | S100XD6Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 樋口 智裕 | Major shareholder | 43.9% | 2025-09-30 |
| 田中 大介 | Major shareholder | 7.0% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 3.8% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 3.7% | 2025-09-30 |
| 株式会社Cygames | Major shareholder | 2.0% | 2025-09-30 |
| 須田 忠雄 | Major shareholder | 1.3% | 2025-09-30 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW (常任代理人 野村證券株式会社) | Major shareholder | 1.2% | 2025-09-30 |
| BOFAS INC SEGREGATION ACCOUNT (常任代理人 BOFA証券株式会社) | Major shareholder | 1.1% | 2025-09-30 |
| 森 貴義 | Major shareholder | 1.0% | 2025-09-30 |
| THE CHASE MANHATTAN BANK, N.A. LONDON (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/10/01－2025/09/30) | S100XD6Y | 2025-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XD6Y,, |
| 有価証券報告書－第19期(2023/10/01－2024/09/30) | S100V09K | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V09K,, |
| 有価証券報告書－第18期(2022/10/01－2023/09/30) | S100SJB0 | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJB0,, |
| 有価証券報告書－第17期(令和3年10月1日－令和4年9月30日) | S100PW7J | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW7J,, |
| 有価証券報告書－第16期(令和2年10月1日－令和3年9月30日) | S100N33H | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N33H,, |
| 有価証券報告書－第15期(令和1年10月1日－令和2年9月30日) | S100KEE4 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEE4,, |

## 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).