# CRI Middleware Co., Ltd.: 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25期(2024/10/01－2025/09/30) (S100XAH0)
> Page: https://vizora.meequs.com/en/company/cri-middleware
> Retrieved: 2026-09-30T19:42:00.560Z

## Company

CRI Middleware, founded in 2001, is a company in Software & SaaS listed on TSE Growth. It has 173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CRI Middleware Co., Ltd. |
| Ticker | 3698 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3698.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町20番1号 渋谷インフォスタワー11階 |
| Representative (per filing) | 代表取締役社長 押見 正雄 |
| Founded | Aug 2001 |
| Share capital | ¥784.9M |
| Employees (consolidated) | 173 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | September |
| Website | www.cri-mw.co.jp (https://www.cri-mw.co.jp/) |
| Corporate number | 6011001062642 |
| EDINET | E30996 |
| Industries (Vizora) | Software & SaaS, Games |

> Profile source: annual securities report (S100XAH0, filed 2025-12-15). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.4 | 105 |
| Profitability | 62.4 | 145 |
| Cash conversion | 77 | 128 |
| Efficiency | 23.1 | 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)

- About 52% of CRI Middleware's sales come from Game business, with Enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +50.5%.

## Company structure

- Segment revenue mix: Game business 52.4%、Enterprise 47.6%
- Revenue → net income: ¥3448587000 → ¥429315000
- Net income → operating cash flow: ¥429315000 → ¥849681000（difference ¥420366000）
- Main uses of operating cash flow: CapEx ¥20364000 / dividends ¥104503000 / buybacks —
- Change in cash: ¥613862000
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 | ¥3.45B |  |
| Operating income | ¥554.4M | Margin 16.1% |
| Net income | ¥420.7M | Margin 12.2% |
| Free cash flow | ¥829.3M |  |
| Largest business | Game business | of segment revenue 52.4% |
| Employees (consolidated) | 173 |  |
| EPS | ¥67.31 |  |
| Book value per share | ¥760.99 |  |
| Equity ratio | 69.3% |  |
| Shares outstanding | 5,578,150 |  |
| Treasury shares | 352,000 |  |
| Shareholders | 3,376 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 72.7% | Cash ÷ revenue 123.0% |
| Vs. industry median margin | +3.6 pp | Software & SaaS |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, one segment accounts for 66% of positive segment profit
- FY2025, cash is 73% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2349739000 | ¥3448587000 | +46.8% |
| Operating income | ¥457180000 | ¥554381000 | +21.3% |
| Operating margin | 19.5% | 16.1% | -3.4 pp |
| Employees | 188 people | 173 people | -8.0% |
| Cash and equivalents | ¥3349968000 | ¥4243362000 | +26.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 52.4% |
| ゲーム事業 → 事業再編・廃止 | 20.3% |
| エンタープライズ事業 → エンタープライズ事業 | 27.3% |
| 新設・再編 → エンタープライズ事業 | 20.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,449 | 100.0% | S100XAH0 |
| Cost of revenue | 1,375 | 39.9% | S100XAH0 |
| Gross profit | 2,074 | 60.1% | S100XAH0 |
| SG&A | 1,519 | 44.1% | S100XAH0 |
| Operating income | 554 | 16.1% | S100XAH0 |
| Ordinary income | 567 | 16.4% | S100XAH0 |
| Pretax income | 567 | 16.4% | S100XAH0 |
| Income tax | 137 | 4.0% | S100XAH0 |
| Net income | 429 | 12.4% | S100XAH0 |
| Net income attributable to owners | 421 | 12.2% | S100XAH0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 44 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 60.1% → Operating margin 16.1% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +50.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.69×
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 | 3,167 | 3,449 | 281 | +8.9% |
| Gross profit | 1,717 | 2,074 | 356 | +20.8% |
| Operating income | 368 | 554 | 186 | +50.5% |
| Net income attributable to owners | 304 | 421 | 116 | +38.2% |
| Operating cash flow | 328 | 850 | 521 | +158.8% |
| Free cash flow | 216 | 829 | 614 | +284.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 1,784 | 369 | 20.7% | 259 | 119 | 9 | S100KEEH |
| FY ending Sep 2020 | 2,350 | 457 | 19.5% | 374 | 446 | 332 | S100N2TF |
| FY ending Sep 2021 | 2,893 | 284 | 9.8% | 200 | 546 | 356 | S100PV8L |
| FY ending Sep 2022 | 2,841 | 97 | 3.4% | -340 | 23 | -409 | S100SIJN |
| FY ending Sep 2023 | 2,991 | 345 | 11.5% | 233 | 495 | 330 | S100UZBH |
| FY ending Sep 2024 | 3,167 | 368 | 11.6% | 304 | 328 | 216 | S100XAH0 |
| FY ending Sep 2025 | 3,449 | 554 | 16.1% | 421 | 850 | 829 | S100XAH0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 213 | 214 | 161 | 170 | 173 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥6.3M | ¥6.1M | ¥6.5M |
| Average age (parent company) | 37.4 years | 39.3 years | 39.6 years | 39.4 years | 39.5 years |
| Average tenure (parent company) | 7.3 years | 6.6 years | 6.7 years | 6.7 years | 7.1 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +8.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game business | 1,807 | 52.4% | 186 | 10.3% |
| Enterprise | 1,642 | 47.6% | 368 | 22.4% |

### 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 | 52.4% | 33.6% | -18.8 | 10.3% |
| Enterprise | 47.6% | 66.4% | 18.8 | 22.4% |

Segment → industry: Enterprise → Software & SaaS / Game business → Software & SaaS / Game business → Games

## 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 | 850 | 24.6% | S100XAH0 |
| Capital expenditure | 20 | 0.6% | S100XAH0 |
| Free cash flow | 829 | 24.0% | 算出 |
| Investing cash flow | -135 | -3.9% | S100XAH0 |
| Financing cash flow | -105 | -3.0% | S100XAH0 |
| Dividends paid | 105 | 3.0% | S100XAH0 |
| Change in cash | 614 | 17.8% | S100XAH0 |
| Cash and equivalents | 4,243 | 123.0% | S100XAH0 |

## 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 | 3,894 | 3,318 | 3,391 | 3,630 | 4,243 | S100SIJN, S100UZBH, S100XAH0 |
| Total assets | 5,532 | 5,017 | 5,159 | 5,360 | 5,840 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Net assets | 3,962 | 3,536 | 3,550 | 3,768 | 4,098 | S100SIJN, S100UZBH, S100XAH0 |
| Share capital | 785 | 785 | 785 | 785 | 785 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Property, plant and equipment | 85 | 161 | 144 | 150 | 142 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Intangible assets excluding goodwill | 283 | 383 | 428 | 377 | 276 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Goodwill | 21 | 14 | 7 | 1 | — | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Investment securities | 366 | 240 | 139 | 139 | 239 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Current assets | 4,528 | 4,004 | 4,223 | 4,484 | 4,957 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Current liabilities | 384 | 297 | 423 | 391 | 1,570 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Total liabilities | 1,571 | 1,480 | 1,609 | 1,592 | 1,742 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Non-controlling interests | 19 | 27 | 30 | 29 | 43 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Equity attributable to owners of parent | 3,925 | 3,476 | 3,493 | 3,720 | 4,037 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Retained earnings | 2,483 | 2,034 | 2,266 | 2,492 | 2,809 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |
| Treasury stock | -168 | -168 | -383 | -383 | -382 | S100PV8L, S100SIJN, S100UZBH, S100XAH0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 73% | S100XAH0 |
| Property, plant and equipment | 2% | S100XAH0 |
| Intangibles and goodwill | 5% | S100XAH0 |
| Investment securities | 4% | S100XAH0 |
| Other assets | 16% | S100XAH0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XAH0 |
| Equity | 70% | S100XAH0 |
| Other liabilities | 0% | S100XAH0 |

### 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 | 5,532 | 5,017 | 5,159 | 5,360 | 5,840 |
| Equity | 3,962 | 3,536 | 3,550 | 3,768 | 4,098 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,894 | 3,318 | 3,391 | 3,630 | 4,243 |

## 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) | 4.1% | S100XAH0 |
| Fixed assets ÷ total assets | 2.4% | S100XAH0 |
| Goodwill ÷ parent equity | — | —, S100XAH0 |

### 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) | 72.7% |
| Cash ÷ revenue | 123.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.3% |
| Cash vs. profit gap | 429 JPY mn (of net income 102.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 12.6% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 15.9% |

## 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 | 6.9% | 0.52× | 3.6% | 1.41× | 5.1% | S100PV8L |
| 2022 | — | —× | -6.4% | —× | — | S100SIJN |
| 2023 | 7.8% | 0.59× | 4.6% | 1.46× | 6.7% | S100UZBH |
| 2024 | 9.6% | 0.60× | 5.8% | 1.46× | 8.4% | S100XAH0 |
| 2025 | 12.2% | 0.62× | 7.5% | 1.44× | 10.8% | S100XAH0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社セガ | Major shareholder | 12.3% | 2025-09-30 |
| 押見 正雄 | Major shareholder | 7.9% | 2025-09-30 |
| ＣＲＩ・ミドルウェア従業員持株会 | Major shareholder | 5.6% | 2025-09-30 |
| 古川 憲司 | Major shareholder | 3.6% | 2025-09-30 |
| 松下 操 | Major shareholder | 2.7% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.4% | 2025-09-30 |
| 鈴木 久司 | Major shareholder | 2.3% | 2025-09-30 |
| 平崎 泰司 | Major shareholder | 1.9% | 2025-09-30 |
| 田中 康英 | Major shareholder | 1.7% | 2025-09-30 |
| 田中 克己 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2024/10/01－2025/09/30) | S100XAH0 | 2025-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAH0,, |
| 有価証券報告書－第24期(2023/10/01－2024/09/30) | S100UZBH | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZBH,, |
| 有価証券報告書－第23期(2022/10/01－2023/09/30) | S100SIJN | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIJN,, |
| 有価証券報告書－第22期(令和3年10月1日－令和4年9月30日) | S100PV8L | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV8L,, |
| 有価証券報告書－第21期(令和2年10月1日－令和3年9月30日) | S100N2TF | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2TF,, |
| 有価証券報告書－第20期(令和1年10月1日－令和2年9月30日) | S100KEEH | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEEH,, |

## 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).