# Def consulting, inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YB3A)
> Page: https://vizora.meequs.com/en/company/def-consulting
> Retrieved: 2026-09-30T19:09:20.974Z

## Company

Def consulting, founded in 1987, is a company in Crypto & Blockchain listed on TSE Growth. It has 195 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Def consulting, inc. |
| Ticker | 4833 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4833.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門一丁目23番1号 虎ノ門ヒルズ森タワー21階 |
| Representative (per filing) | 代表取締役社長 下村 優太 |
| Founded | Aug 1987 |
| Share capital | ¥100M |
| Employees (consolidated) | 195 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | def-consulting.co.jp (https://def-consulting.co.jp/) |
| Corporate number | 2020001028342 |
| EDINET | E05175 |
| Industries (Vizora) | Crypto & Blockchain, Consulting |

> Profile source: annual securities report (S100YB3A, filed 2026-06-18). As of filing

## Key points (generated from figures)

- About 96% of Def consulting's sales come from Consulting, with Digital Asset Treasury Business making up much of the rest.
- It lost about ¥49 for every ¥100 of sales at the operating level.
- Revenue changed +37.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥854.1M |  |
| Operating income | -¥420M | Margin -49.2% |
| Net income | -¥2.15B | Margin -252.2% |
| Free cash flow | — |  |
| Largest business | Consulting | of segment revenue 95.6% |
| Employees (consolidated) | 195 |  |
| EPS | ¥-40.78 |  |
| Book value per share | ¥33.14 |  |
| Equity ratio | 93.4% |  |
| Shares outstanding | 72,602,015 |  |
| Shareholders | 15,496 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 51.2% |
| Vs. industry median margin | -58.7 pp | Consulting |
| ROA | -143.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 96 points
- FY2026, operating loss is 49 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1827185000 | ¥854116000 | -53.3% |
| Operating income | ¥-754730000 | ¥-419966000 | — |
| Operating margin | -41.3% | -49.2% | -7.9 pp |
| Employees | 98 people | 195 people | +99.0% |
| Cash and equivalents | ¥1816026000 | ¥437156000 | -75.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| テクノロジー事業 → 事業再編・廃止 | 0.1% |
| メディア事業 → 事業再編・廃止 | 99.9% |
| 新設・再編 → コンサルティング事業 | 95.6% |
| 新設・再編 → デジタル資産トレジャリー事業 | 4.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 854 | 100.0% | S100YB3A |
| Cost of revenue | 813 | 95.2% | S100YB3A |
| Gross profit | 41 | 4.8% | S100YB3A |
| SG&A | 461 | 54.0% | S100YB3A |
| Operating income | -420 | -49.2% | S100YB3A |
| Ordinary income | -2,152 | -252.0% | S100YB3A |
| Pretax income | -2,151 | -251.9% | S100YB3A |
| Income tax | 3 | 0.3% | S100YB3A |
| Net income | -2,154 | -252.2% | S100YB3A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 54 |
| Operating income | -49 |
| (Ref.) Net income | -252 |

### Margin funnel

Gross margin 4.8% → Operating margin -49.2% → Net margin -252.2%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 620 | 854 | 234 | +37.8% |
| Gross profit | 47 | 41 | -6 | -13.7% |
| Operating income | -427 | -420 | 7 | — |
| Operating cash flow | -442 | -654 | -212 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,820 | -374 | -7.8% | -193 | — | — | S100LVNW |
| FY ending Mar 2021 | 1,827 | -755 | -41.3% | -906 | -731 | -774 | S100OCV6 |
| FY ending Mar 2022 | 1,557 | -367 | -23.5% | -418 | -593 | -598 | S100R0BM |
| FY ending Mar 2023 | 620 | -424 | -68.3% | -522 | -422 | — | S100TNJC |
| FY ending Mar 2024 | 532 | -300 | -56.4% | -312 | -266 | — | S100VYOI |
| FY ending Mar 2025 | 620 | -427 | -68.9% | -428 | -442 | -484 | S100YB3A |
| FY ending Mar 2026 | 854 | -420 | -49.2% | -2,154 | -654 | — | S100YB3A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥4.4M |
| Operating income per employee (consolidated) | -¥2.2M |
| Net income per employee (consolidated) | -¥11M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 135 | 86 | 103 | 142 | 195 |
| Average salary (parent company) | — | — | ¥4.4M | ¥4.8M | ¥4.1M |
| Average age (parent company) | — | 28.6 years | 27.9 years | 28.5 years | 28.2 years |
| Average tenure (parent company) | — | 0.9 years | 1.4 years | 1.5 years | 1.7 years |

Year over year: Employees (consolidated) +37.3% · Revenue (consolidated) +37.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 817 | 95.6% | -143 | -17.5% |
| Digital Asset Treasury Business | 37 | 4.4% | 37 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 95.6% | — | — | -17.5% |
| Digital Asset Treasury Business | 4.4% | 100.0% | 95.6 | 100.0% |

Loss-making segment (excluded from profit shares): Consulting -143 JPY mn

Segment → industry: Digital Asset Treasury Business → Crypto & Blockchain / Consulting → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -654 | -76.6% | S100YB3A |
| Investing cash flow | -3,309 | -387.4% | S100YB3A |
| Financing cash flow | 4,217 | 493.7% | S100YB3A |
| Change in cash | 254 | 29.8% | S100YB3A |
| Cash and equivalents | 437 | 51.2% | S100YB3A |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 891 | 486 | 656 | 183 | 437 | S100TNJC, S100VYOI, S100YB3A |
| Total assets | 1,481 | 622 | 841 | 430 | 2,578 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Net assets | 1,071 | 548 | 737 | 309 | 2,413 | S100TNJC, S100VYOI, S100YB3A |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Property, plant and equipment | 2 | 0 | 0 | 55 | 50 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Intangible assets excluding goodwill | 223 | — | — | — | — | S100R0BM |
| Goodwill | 223 | — | — | — | — | S100R0BM |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Current assets | 1,242 | 609 | 768 | 313 | 847 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Current liabilities | 397 | 73 | 104 | 102 | 146 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Long-term borrowings | 4 | — | — | — | — | S100R0BM |
| Total liabilities | 410 | 74 | 104 | 121 | 164 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Equity attributable to owners of parent | 1,065 | 543 | 732 | 304 | 2,407 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |
| Retained earnings | -1,323 | -1,845 | -312 | -739 | -2,154 | S100R0BM, S100TNJC, S100VYOI, S100YB3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YB3A |
| Property, plant and equipment | 2% | S100YB3A |
| Other assets | 81% | S100YB3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 6% | S100YB3A |
| Equity | 94% | S100YB3A |
| Other liabilities | 0% | S100YB3A |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,481 | 622 | 841 | 430 | 2,578 |
| Equity | 1,071 | 548 | 737 | 309 | 2,413 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 891 | 486 | 656 | 183 | 437 |

## 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) | 5.9% | S100YB3A |
| Fixed assets ÷ total assets | 1.9% | S100YB3A |
| Goodwill ÷ parent equity | — | —, S100YB3A |

### 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) | 17.0% |
| Cash ÷ revenue | 51.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,500 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| 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 | — | —× | -28.2% | —× | — | S100R0BM |
| 2023 | — | —× | -49.6% | —× | — | S100TNJC |
| 2024 | — | —× | -42.6% | —× | — | S100VYOI |
| 2025 | — | —× | -67.3% | —× | — | S100YB3A |
| 2026 | — | —× | -143.3% | —× | — | S100YB3A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GP上場企業出資D投資事業有限責任組合 | Major shareholder | 21.7% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 2.0% | 2026-03-31 |
| 有限会社日本デザイン研究所 | Major shareholder | 1.7% | 2026-03-31 |
| 砂山 僚介 | Major shareholder | 1.5% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.2% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 浅野 勉 | Major shareholder | 1.0% | 2026-03-31 |
| 大志多 聖 | Major shareholder | 1.0% | 2026-03-31 |
| 下村 優太 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YB3A | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB3A,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100VYOI | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYOI,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TNJC | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNJC,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100R0BM | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0BM,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OCV6 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCV6,, |
| 訂正有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LVNW | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVNW,, |

## 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).