# CELSYS,Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XVIW)
> Page: https://vizora.meequs.com/en/company/celsys
> Retrieved: 2026-09-30T20:22:53.148Z

## Company

Celsys, founded in 1991, is a company in Software & SaaS listed on TSE Prime. It has 260 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CELSYS,Inc. |
| Ticker | 3663 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3663.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿四丁目15番7号 |
| Representative (per filing) | 代表取締役社長 成島啓 |
| Founded | May 1991 |
| Share capital | ¥10M |
| Employees (consolidated) | 260 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | www.celsys.com (https://www.celsys.com/) |
| Corporate number | 1011101062869 |
| EDINET | E26231 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XVIW, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.6 | 145 |
| Cash conversion | 38.7 | 128 |
| Efficiency | 75.5 | 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)

- Celsys brought in ¥9.47B in revenue.
- Out of every ¥100 of sales, about ¥31 is left as operating profit.
- Revenue changed +15.4% from the prior year, operating profit +38.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9471638000 → ¥1681102000
- Net income → operating cash flow: ¥1681102000 → ¥2616170000（difference ¥935068000）
- Main uses of operating cash flow: CapEx ¥926288000 / dividends ¥1042882000 / buybacks ¥2000013000
- Change in cash: ¥-1308273000
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 | ¥9.47B |  |
| Operating income | ¥2.97B | Margin 31.3% |
| Net income | ¥1.68B | Margin 17.7% |
| Free cash flow | ¥1.69B |  |
| Employees (consolidated) | 260 |  |
| EPS | ¥55.23 |  |
| Diluted EPS | ¥55.14 |  |
| Book value per share | ¥144.22 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 36,271,180 |  |
| Treasury shares | 6,639,700 |  |
| Shareholders | 21,981 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 51.1% | Cash ÷ revenue 42.7% |
| Vs. industry median margin | +18.9 pp | Software & SaaS |
| ROE | 40.5% | Derived from disclosed figures |
| ROA | 21.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.9× dividends
- FY2025, cash is 51% of total assets
- FY2025, operating income keeps 31 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6890802000 | ¥9471638000 | — |
| Operating income | ¥1378753000 | ¥2967854000 | — |
| Operating margin | 20.0% | 31.3% | +11.3 pp |
| Employees | 260 people | 260 people | — |
| Cash and equivalents | ¥5693279000 | ¥4039786000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| クリエイターサポート事業 → 事業再編・廃止 | 84.4% |
| UI／UX事業 → 事業再編・廃止 | 15.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,472 | 100.0% | S100XVIW |
| Cost of revenue | 3,669 | 38.7% | S100XVIW |
| Gross profit | 5,802 | 61.3% | S100XVIW |
| SG&A | 2,834 | 29.9% | S100XVIW |
| Operating income | 2,968 | 31.3% | S100XVIW |
| Ordinary income | 2,935 | 31.0% | S100XVIW |
| Pretax income | 2,079 | 21.9% | S100XVIW |
| Income tax | 398 | 4.2% | S100XVIW |
| Net income | 1,681 | 17.7% | S100XVIW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 30 |
| Operating income | 31 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 61.3% → Operating margin 31.3% → Net margin 17.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,205 | 9,472 | 1,267 | +15.4% |
| Gross profit | 4,542 | 5,802 | 1,260 | +27.8% |
| Operating income | 2,146 | 2,968 | 822 | +38.3% |
| Operating cash flow | 3,733 | 2,616 | -1,117 | -29.9% |
| Free cash flow | 3,008 | 1,690 | -1,319 | -43.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 5,381 | 242 | 4.5% | 241 | 989 | 274 | S100L33H |
| FY ending Dec 2020 | 6,374 | 773 | 12.1% | -475 | 1,821 | 1,043 | S100NSP9 |
| FY ending Dec 2021 | 6,891 | 1,379 | 20.0% | 1,223 | 1,972 | 1,207 | S100S2C5 |
| FY ending Dec 2022 | 7,543 | 1,466 | 19.4% | 1,048 | 1,548 | 501 | S100T6GQ |
| FY ending Dec 2023 | 8,091 | 1,353 | 16.7% | 626 | 2,345 | 1,507 | S100VHQA |
| FY ending Dec 2024 | 7,143 | 2,849 | 39.9% | 1,400 | 3,733 | — | S100XVIW |
| FY ending Dec 2024 | 8,205 | 2,146 | 26.2% | 1,400 | 3,733 | 3,008 | S100VHQA |
| FY ending Dec 2025 | 9,472 | 2,968 | 31.3% | 1,681 | 2,616 | 1,690 | S100XVIW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.4M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥6.5M |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 278 | 237 | 207 | 253 | 260 |
| Average salary (parent company) | ¥6M | ¥5.7M | — | ¥5.8M | ¥5.8M |
| Average age (parent company) | 37.0 years | 37.2 years | — | 37.5 years | 38.1 years |
| Average tenure (parent company) | 6.4 years | 5.5 years | — | 6.1 years | 6.9 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,616 | 27.6% | S100XVIW |
| Capital expenditure | 926 | 9.8% | S100XVIW |
| Free cash flow | 1,690 | 17.8% | 算出 |
| Investing cash flow | -902 | -9.5% | S100XVIW |
| Financing cash flow | -3,023 | -31.9% | S100XVIW |
| Dividends paid | 1,043 | 11.0% | S100XVIW |
| Share buyback | 2,000 | 21.1% | S100XVIW |
| Change in cash | -1,308 | -13.8% | S100XVIW |
| Cash and equivalents | 4,040 | 42.7% | S100XVIW |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,745 | 5,562 | 5,146 | 5,348 | 4,040 | S100VHQA, S100XVIW |
| Total assets | 10,157 | 8,552 | 8,157 | 8,431 | 7,910 | S100T6GQ, S100VHQA, S100XVIW |
| Net assets | 8,225 | 6,660 | 5,265 | 5,419 | 4,334 | S100VHQA, S100XVIW |
| Share capital | 3,077 | 3,077 | 10 | 10 | 10 | S100T6GQ, S100VHQA, S100XVIW |
| Property, plant and equipment | 212 | 177 | 146 | 146 | 150 | S100T6GQ, S100VHQA, S100XVIW |
| Intangible assets excluding goodwill | 1,454 | 1,052 | 1,042 | 1,052 | 1,281 | S100T6GQ, S100VHQA, S100XVIW |
| Investment securities | 34 | 32 | 663 | 663 | 568 | S100T6GQ, S100VHQA, S100XVIW |
| Current assets | 8,263 | 6,930 | 6,052 | 6,361 | 5,266 | S100T6GQ, S100VHQA, S100XVIW |
| Current liabilities | 1,519 | 1,432 | 2,380 | 2,489 | 2,433 | S100T6GQ, S100VHQA, S100XVIW |
| Total liabilities | 1,932 | 1,891 | 2,892 | 3,012 | 3,576 | S100T6GQ, S100VHQA, S100XVIW |
| Non-controlling interests | — | 73 | — | — | — | S100VHQA |
| Equity attributable to owners of parent | 8,077 | 6,495 | 5,461 | 5,615 | 4,152 | S100T6GQ, S100VHQA, S100XVIW |
| Retained earnings | 3,631 | 3,978 | 3,741 | 4,613 | 4,381 | S100T6GQ, S100VHQA, S100XVIW |
| Treasury stock | -1,187 | -3,187 | -4,679 | -4,679 | -6,644 | S100T6GQ, S100VHQA, S100XVIW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XVIW |
| Property, plant and equipment | 2% | S100XVIW |
| Intangibles and goodwill | 16% | S100XVIW |
| Investment securities | 7% | S100XVIW |
| Other assets | 24% | S100XVIW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XVIW |
| Equity | 55% | S100XVIW |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,157 | 8,552 | 8,157 | 8,431 | 7,910 |
| Equity | 8,225 | 6,660 | 5,265 | 5,419 | 4,334 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,745 | 5,562 | 5,146 | 5,348 | 4,040 |

## 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) | 1.6% | S100XVIW |
| Fixed assets ÷ total assets | 1.9% | S100XVIW |
| Goodwill ÷ parent equity | — | —, S100XVIW |

### 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) | 51.1% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.2% |
| Cash vs. profit gap | 935 JPY mn (of net income 55.6%) |
| Shareholder returns / net income | 181.0% |
| Shareholder returns / FCF | 180.1% |
| Shareholder payments — dividends / net income | 62.0% |
| Shareholder payments — dividends / FCF | 61.7% |
| CapEx intensity (capex ÷ revenue) | 9.8% |
| Investing CF relative to operating CF | 34.5% |

## 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 | 13.9% | 0.74× | 10.3% | 1.26× | 13.0% | S100T6GQ |
| 2023 | 7.7% | 0.86× | 6.7% | 1.28× | 8.6% | S100VHQA |
| 2024 | 19.6% | 0.88× | 17.2% | 1.49× | 25.6% | S100XVIW |
| 2024 | 17.1% | 0.97× | 16.6% | 1.50× | 24.9% | S100VHQA |
| 2025 | 17.7% | 1.20× | 21.3% | 1.91× | 40.5% | S100XVIW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2025-12-31 |
| LINE Digital Frontier株式会社 | Major shareholder | 10.7% | 2025-12-31 |
| 株式会社ワコム | Major shareholder | 6.1% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2025-12-31 |
| 炭山 昌宏 | Major shareholder | 4.1% | 2025-12-31 |
| CACEIS BANK/QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2025-12-31 |
| 青山 圭秀 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XVIW | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVIW,, |
| 有価証券報告書－第13期(2024/01/01－2024/12/31) | S100VHQA | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHQA,, |
| 有価証券報告書－第12期(2023/01/01－2023/12/31) | S100T6GQ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6GQ,, |
| 訂正有価証券報告書－第11期(2022/01/01－2022/12/31) | S100S2C5 | 2023-10-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2C5,, |
| 有価証券報告書－第10期(令和3年1月1日－令和3年12月31日) | S100NSP9 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSP9,, |
| 有価証券報告書－第9期(令和2年1月1日－令和2年12月31日) | S100L33H | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L33H,, |

## 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).