# CAVE CO.,LTD: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/06/01－2026/05/31) (S100YXXZ)
> Page: https://vizora.meequs.com/en/company/cave
> Retrieved: 2026-09-30T21:30:59.816Z

## Company

Cave, founded in 1994, is a company in Games listed on TSE Standard. It has 209 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CAVE Interactive CO.,LTD. |
| Ticker | 3760 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3760.T) |
| Listing | TSE Standard |
| Head office | 東京都目黒区上目黒2丁目1番1号 |
| Representative (per filing) | 代表取締役社長CEO 高橋祐希 |
| Founded | Jun 1994 |
| Share capital | ¥230.3M |
| Employees (consolidated) | 209 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | May |
| Website | www.cave.co.jp (https://www.cave.co.jp/) |
| Corporate number | 2011101006189 |
| EDINET | E05449 |
| Industries (Vizora) | Games, Streaming |

> Profile source: annual securities report (S100YXXZ, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Games (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 36 |
| Profitability | 18.3 | 41 |
| Efficiency | 59.8 | 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)

- About 92% of Cave's sales come from Game Business, with Live distribution related business making up much of the rest.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -14.1% from the prior year, operating profit -153.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥12B |  |
| Operating income | -¥608.3M | Margin -5.1% |
| Net income | -¥2.8B | Margin -23.3% |
| Free cash flow | -¥1.44B |  |
| Largest business | Game Business | of segment revenue 91.8% |
| Employees (consolidated) | 209 |  |
| EPS | ¥68.35 |  |
| Diluted EPS | ¥68.12 |  |
| Book value per share | ¥222.88 |  |
| Equity ratio | 27.3% |  |
| Shares outstanding | 6,838,500 |  |
| Treasury shares | 667,500 |  |
| Shareholders | 4,277 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 55.8% | Cash ÷ revenue 43.8% |
| Vs. industry median margin | -10.5 pp | Games |
| ROA | -24.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 8.5× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 92 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1704090000 | ¥12002947000 | +604.4% |
| Operating income | ¥-225779000 | ¥-608293000 | — |
| Operating margin | -13.2% | -5.1% | +8.2 pp |
| Employees | 118 people | 209 people | +77.1% |
| Cash and equivalents | ¥904443000 | ¥5251633000 | +480.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 79.9% |
| 動画配信関連事業 → 動画配信関連事業 | 8.2% |
| 動画配信関連事業 → 事業再編・廃止 | 11.9% |
| 新設・再編 → ゲーム事業 | 11.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,003 | 100.0% | S100YXXZ |
| Cost of revenue | 8,540 | 71.1% | S100YXXZ |
| Gross profit | 3,463 | 28.9% | S100YXXZ |
| SG&A | 4,072 | 33.9% | S100YXXZ |
| Operating income | -608 | -5.1% | S100YXXZ |
| Ordinary income | -536 | -4.5% | S100YXXZ |
| Pretax income | -3,250 | -27.1% | S100YXXZ |
| Income tax | -406 | -3.4% | S100YXXZ |
| Net income | -2,844 | -23.7% | S100YXXZ |
| Net income attributable to owners | -2,799 | -23.3% | S100YXXZ |

## Per ¥100 of revenue（FY ending May 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 34 |
| Operating income | -5 |
| (Ref.) Net income | -23 |

### Margin funnel

Gross margin 28.9% → Operating margin -5.1% → Net margin -23.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,969 | 12,003 | -1,966 | -14.1% |
| Gross profit | 5,231 | 3,463 | -1,767 | -33.8% |
| Operating income | 1,134 | -608 | -1,742 | -153.7% |
| Net income attributable to owners | 246 | -2,799 | -3,046 | -1235.6% |
| Operating cash flow | 922 | -560 | -1,483 | -160.8% |
| Free cash flow | -258 | -1,440 | -1,182 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 1,679 | -272 | -16.2% | -317 | 12 | -87 | S100MDB7 |
| FY ending May 2021 | 1,704 | -226 | -13.2% | -245 | -299 | -485 | S100P3RR |
| FY ending May 2022 | 1,409 | -813 | -57.7% | -937 | -481 | -520 | S100RRYK |
| FY ending May 2023 | 6,963 | 244 | 3.5% | 2,579 | 2,538 | 1,680 | S100UA0T |
| FY ending May 2024 | 12,274 | 1,870 | 15.2% | 1,476 | 569 | -916 | S100WL3H |
| FY ending May 2025 | 13,969 | 1,134 | 8.1% | 246 | 922 | -258 | S100YXXZ |
| FY ending May 2026 | 12,003 | -608 | -5.1% | -2,799 | -560 | -1,440 | S100YXXZ |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Operating income per employee (consolidated) | -¥2.9M |
| Net income per employee (consolidated) | -¥13.4M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 62 | 182 | 171 | 221 | 209 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥5M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 35.9 years | 36.9 years | 39.3 years | 40.4 years | 39.9 years |
| Average tenure (parent company) | 7.1 years | 8.9 years | 10.1 years | 11.5 years | 9.9 years |

Year over year: Employees (consolidated) -5.4% · Revenue (consolidated) -14.1%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game Business | 11,021 | 91.8% | -626 | -5.7% |
| Live distribution related business | 982 | 8.2% | 18 | 1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game Business | 91.8% | — | — | -5.7% |
| Live distribution related business | 8.2% | 100.0% | 91.8 | 1.8% |

Loss-making segment (excluded from profit shares): Game Business -626 JPY mn

Segment → industry: Game Business → Games / Live distribution related business → Streaming

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -560 | -4.7% | S100YXXZ |
| Capital expenditure | 879 | 7.3% | S100YXXZ |
| Free cash flow | -1,440 | -12.0% | 算出 |
| Investing cash flow | -1,138 | -9.5% | S100YXXZ |
| Financing cash flow | 627 | 5.2% | S100YXXZ |
| Dividends paid | 60 | 0.5% | S100YXXZ |
| Change in cash | -941 | -7.8% | S100YXXZ |
| Cash and equivalents | 5,252 | 43.8% | S100YXXZ |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,056 | 6,380 | 6,335 | 6,192 | 5,252 | S100UA0T, S100WL3H, S100YXXZ |
| Total assets | 1,385 | 13,492 | 14,357 | 13,249 | 9,407 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Net assets | 1,024 | 5,088 | 6,786 | 6,267 | 3,645 | S100UA0T, S100WL3H, S100YXXZ |
| Share capital | 1,390 | 2,079 | 182 | 182 | 230 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Inventories | — | — | 51 | 93 | 51 | S100WL3H, S100YXXZ |
| Property, plant and equipment | 3 | 149 | 177 | 203 | 182 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Intangible assets excluding goodwill | 35 | 1,553 | 2,745 | 2,362 | 151 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Goodwill | — | — | — | 160 | 120 | S100YXXZ |
| Investment securities | 15 | 996 | 1,035 | 869 | 811 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Current assets | 1,284 | 8,569 | 8,555 | 8,479 | 7,176 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Current liabilities | 215 | 3,090 | 3,027 | 2,914 | 2,362 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Short-term borrowings | 60 | 60 | 60 | — | — | S100RRYK, S100UA0T, S100WL3H |
| Long-term borrowings | 140 | 888 | 771 | 963 | 1,198 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Total liabilities | 361 | 8,405 | 7,571 | 6,982 | 5,762 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Non-controlling interests | 26 | 664 | 696 | 45 | — | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Equity attributable to owners of parent | 427 | 3,193 | 4,893 | 5,036 | 2,273 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Retained earnings | -1,282 | 1,298 | 5,290 | 5,429 | 2,570 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |
| Treasury stock | -47 | -1,239 | -1,202 | -1,201 | -1,201 | S100RRYK, S100UA0T, S100WL3H, S100YXXZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YXXZ |
| Inventories | 0% | S100YXXZ |
| Property, plant and equipment | 2% | S100YXXZ |
| Intangibles and goodwill | 3% | S100YXXZ |
| Investment securities | 9% | S100YXXZ |
| Other assets | 30% | S100YXXZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YXXZ |
| Equity | 39% | S100YXXZ |
| Other liabilities | 0% | S100YXXZ |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,385 | 13,492 | 14,357 | 13,249 | 9,407 |
| Equity | 1,024 | 5,088 | 6,786 | 6,267 | 3,645 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,056 | 6,380 | 6,335 | 6,192 | 5,252 |

## 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) | 1.5% | S100YXXZ |
| Fixed assets ÷ total assets | 1.9% | S100YXXZ |
| Goodwill ÷ parent equity | 5.3% | S100YXXZ |

### 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) | 55.8% |
| Cash ÷ revenue | 43.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,239 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -67.7% | —× | — | S100RRYK |
| 2023 | 37.0% | 0.94× | 34.7% | 4.11× | 142.5% | S100UA0T |
| 2024 | 12.0% | 0.88× | 10.6% | 3.44× | 36.5% | S100WL3H |
| 2025 | 1.8% | 1.01× | 1.8% | 2.78× | 5.0% | S100YXXZ |
| 2026 | — | —× | -24.7% | —× | — | S100YXXZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉 成 夏 子 | Major shareholder | 20.2% | 2026-05-31 |
| 株式会社376 | Major shareholder | 5.4% | 2026-05-31 |
| 株式会社ＳＢI証券 | Major shareholder | 5.2% | 2026-05-31 |
| 岡 本 吉 起 | Major shareholder | 4.9% | 2026-05-31 |
| ＢＢＨ／ＤＢＳ ＢＡＮＫ （ＨＯＮＧ ＫＯＮＧ） ＬＩＭＩＴＥＤ Ａ／Ｃ ００５ ＮＯＮ ＵＳ（常任代理人 株式会社三井住友銀行 デットファイナンス営業部長 山田 光） | Major shareholder | 3.5% | 2026-05-31 |
| 加 藤 誠 悟 | Major shareholder | 2.0% | 2026-05-31 |
| 高 野 健 一 | Major shareholder | 1.5% | 2026-05-31 |
| 河 合 謙 一 郎 | Major shareholder | 1.2% | 2026-05-31 |
| 岡 田 修 | Major shareholder | 1.0% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/06/01－2026/05/31) | S100YXXZ | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXXZ,, |
| 有価証券報告書－第31期(2024/06/01－2025/05/31) | S100WL3H | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL3H,, |
| 有価証券報告書－第30期(2023/06/01－2024/05/31) | S100UA0T | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA0T,, |
| 有価証券報告書－第29期(2022/06/01－2023/05/31) | S100RRYK | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRYK,, |
| 有価証券報告書－第28期(令和3年6月1日－令和4年5月31日) | S100P3RR | 2022-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3RR,, |
| 有価証券報告書－第27期(令和2年6月1日－令和3年5月31日) | S100MDB7 | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MDB7,, |

## 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).