# Brains Technology,Inc.: business model and financials

> Latest period: FY ending Jul 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第17期(2024/08/01－2025/07/31) (S100WX5A)
> Page: https://vizora.meequs.com/en/company/brains-tech
> Retrieved: 2026-09-30T20:48:05.759Z

## Company

Brains Technology, founded in 2008, is a company in Software & SaaS listed on TSE Growth. It has 73 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Brains Technology,Inc. |
| Ticker | 4075 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4075.T) |
| Listing | TSE Growth |
| Head office | 東京都港区高輪三丁目23番17号 |
| Representative (per filing) | 代表取締役社長 齋藤 佐和子 |
| Founded | Aug 2008 |
| Share capital | ¥618.5M |
| Employees (consolidated) | 73 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | July |
| Website | www.brains-tech.co.jp (https://www.brains-tech.co.jp/) |
| Corporate number | 3010601036265 |
| EDINET | E36722 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100WX5A, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.9 | 105 |
| Profitability | 53.4 | 145 |
| Cash conversion | 89.5 | 128 |
| Efficiency | 26.6 | 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)

- Brains Technology brought in ¥1.26B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +25.0% from the prior year, operating profit +126.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1255876000 → ¥133691000
- Net income → operating cash flow: ¥133691000 → ¥420532000（difference ¥286841000）
- Main uses of operating cash flow: CapEx ¥194662000 / dividends — / buybacks ¥85800000
- Change in cash: ¥172568000
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 | ¥1.26B |  |
| Operating income | ¥165.8M | Margin 13.2% |
| Net income | ¥133.7M | Margin 10.6% |
| Free cash flow | ¥225.9M |  |
| Employees (consolidated) | 73 |  |
| EPS | ¥23.95 |  |
| Diluted EPS | ¥22.54 |  |
| Book value per share | ¥282.09 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 5,945,600 |  |
| Treasury shares | 120,000 |  |
| Shareholders | 2,993 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 72.1% | Cash ÷ revenue 118.0% |
| Vs. industry median margin | +0.8 pp | Software & SaaS |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, cash is 72% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥631597000 | ¥1255876000 | +98.8% |
| Operating income | ¥69487000 | ¥165849000 | +138.7% |
| Operating margin | 11.0% | 13.2% | +2.2 pp |
| Employees | 38 people | 73 people | +92.1% |
| Cash and equivalents | ¥319818000 | ¥1482430000 | +363.5% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,256 | 100.0% | S100WX5A |
| Cost of revenue | 504 | 40.1% | S100WX5A |
| Gross profit | 752 | 59.9% | S100WX5A |
| SG&A | 586 | 46.7% | S100WX5A |
| Operating income | 166 | 13.2% | S100WX5A |
| Ordinary income | 167 | 13.3% | S100WX5A |
| Pretax income | 167 | 13.3% | S100WX5A |
| Income tax | 33 | 2.6% | S100WX5A |
| Net income | 134 | 10.6% | S100WX5A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 47 |
| Operating income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 59.9% → Operating margin 13.2% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.0%; Core profit growth: +126.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,005 | 1,256 | 251 | +25.0% |
| Gross profit | 566 | 752 | 186 | +33.0% |
| Operating income | 73 | 166 | 93 | +126.4% |
| Operating cash flow | 230 | 421 | 190 | +82.8% |
| Free cash flow | -8 | 226 | 234 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2020 | 632 | 69 | 11.0% | 79 | 185 | 128 | S100MOIQ |
| FY ending Jul 2021 | 855 | 158 | 18.5% | 110 | 222 | 152 | S100PFBH |
| FY ending Jul 2022 | 934 | 174 | 18.6% | 141 | 135 | -55 | S100S346 |
| FY ending Jul 2023 | 1,054 | 163 | 15.5% | 123 | 275 | 56 | S100ULG1 |
| FY ending Jul 2024 | 1,005 | 73 | 7.3% | 49 | 230 | -8 | S100WX5A |
| FY ending Jul 2025 | 1,256 | 166 | 13.2% | 134 | 421 | 226 | S100WX5A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.8M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 45 | 55 | 66 | 70 | 73 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6.9M | ¥6.6M | ¥7.5M |
| Average age (parent company) | 32.8 years | 32.4 years | 33.0 years | 33.9 years | 34.1 years |
| Average tenure (parent company) | 3.2 years | 3.4 years | 3.8 years | 4.3 years | 4.6 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +25.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 421 | 33.5% | S100WX5A |
| Capital expenditure | 195 | 15.5% | S100WX5A |
| Free cash flow | 226 | 18.0% | 算出 |
| Investing cash flow | -195 | -15.5% | S100WX5A |
| Financing cash flow | -53 | -4.2% | S100WX5A |
| Share buyback | 86 | 6.8% | S100WX5A |
| Change in cash | 173 | 13.7% | S100WX5A |
| Cash and equivalents | 1,482 | 118.0% | S100WX5A |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,405 | 1,300 | 1,307 | 1,310 | 1,482 | S100S346, S100ULG1, S100WX5A |
| Total assets | 1,640 | 1,713 | 1,836 | 1,861 | 2,057 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Net assets | 1,206 | 1,349 | 1,489 | 1,557 | 1,643 | S100S346, S100ULG1, S100WX5A |
| Share capital | 580 | 581 | 590 | 599 | 619 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Property, plant and equipment | 4 | 8 | 10 | 9 | 9 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Intangible assets excluding goodwill | 108 | 215 | 302 | 351 | 328 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Current assets | 1,507 | 1,461 | 1,484 | 1,449 | 1,653 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Current liabilities | 331 | 326 | 305 | 278 | 357 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Long-term borrowings | 77 | 14 | 6 | — | — | S100PFBH, S100S346, S100ULG1 |
| Total liabilities | 434 | 365 | 347 | 304 | 414 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Equity attributable to owners of parent | 1,206 | 1,349 | 1,489 | 1,557 | 1,643 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Retained earnings | 81 | 222 | 345 | 393 | 527 | S100PFBH, S100S346, S100ULG1, S100WX5A |
| Treasury stock | — | — | — | — | -86 | S100WX5A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100WX5A |
| Property, plant and equipment | 0% | S100WX5A |
| Intangibles and goodwill | 16% | S100WX5A |
| Other assets | 12% | S100WX5A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100WX5A |
| Equity | 80% | S100WX5A |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,640 | 1,713 | 1,836 | 1,861 | 2,057 |
| Equity | 1,206 | 1,349 | 1,489 | 1,557 | 1,643 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,405 | 1,300 | 1,307 | 1,310 | 1,482 |

## 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% | S100WX5A |
| Fixed assets ÷ total assets | 0.4% | S100WX5A |
| Goodwill ÷ parent equity | — | —, S100WX5A |

### 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) | 72.1% |
| Cash ÷ revenue | 118.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 253.6% |
| Cash vs. profit gap | 287 JPY mn (of net income 214.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.5% |
| Investing CF relative to operating CF | 46.3% |

## 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 | 12.9% | 0.52× | 6.7% | 1.36× | 9.1% | S100PFBH |
| 2022 | 15.1% | 0.56× | 8.4% | 1.31× | 11.1% | S100S346 |
| 2023 | 11.6% | 0.59× | 6.9% | 1.25× | 8.6% | S100ULG1 |
| 2024 | 4.8% | 0.54× | 2.6% | 1.21× | 3.2% | S100WX5A |
| 2025 | 10.6% | 0.64× | 6.8% | 1.22× | 8.4% | S100WX5A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 齋藤 佐和子 | Major shareholder | 46.0% | 2025-07-31 |
| 中澤 宣貴 | Major shareholder | 12.0% | 2025-07-31 |
| 今野 勝之 | Major shareholder | 4.3% | 2025-07-31 |
| 河田 哲 | Major shareholder | 4.3% | 2025-07-31 |
| 株式会社SBI証券 | Major shareholder | 1.3% | 2025-07-31 |
| 林 琢磨 | Major shareholder | 1.2% | 2025-07-31 |
| 榎並 利晃 | Major shareholder | 1.2% | 2025-07-31 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2025-07-31 |
| 松本 典文 | Major shareholder | 0.8% | 2025-07-31 |
| 五十嵐 大輔 | Major shareholder | 0.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2024/08/01－2025/07/31) | S100WX5A | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WX5A,, |
| 有価証券報告書－第16期(2023/08/01－2024/07/31) | S100ULG1 | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULG1,, |
| 有価証券報告書－第15期(2022/08/01－2023/07/31) | S100S346 | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S346,, |
| 有価証券報告書－第14期(令和3年8月1日－令和4年7月31日) | S100PFBH | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFBH,, |
| 有価証券報告書－第13期(令和2年8月1日－令和3年7月31日) | S100MOIQ | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MOIQ,, |

## 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).