# DIGITAL PLUS, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/10/01－2025/09/30) (S100XCZ7)
> Page: https://vizora.meequs.com/en/company/digital-plus
> Retrieved: 2026-09-30T20:58:22.876Z

## Company

Digital Plus, founded in 2005, is a company in Internet Services & Apps listed on TSE Growth. It has 31 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DIGITAL PLUS, Inc. |
| Ticker | 3691 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3691.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区元代々木町30番13号 |
| Representative (per filing) | 代表取締役社長 菊池 誠晃 |
| Founded | Jul 2005 |
| Share capital | ¥13.7M |
| Employees (consolidated) | 31 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | September |
| Website | digital-plus.co.jp (https://digital-plus.co.jp/) |
| Corporate number | 8011001045298 |
| EDINET | E30856 |
| Industries (Vizora) | Internet Services & Apps, Cashless Payments |

> Profile source: annual securities report (S100XCZ7, filed 2025-12-24). As of filing

## Key points (generated from figures)

- About 91% of Digital Plus's sales come from Fintech, with Digital marketing making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed +11.3% from the prior year, operating profit -106.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥933.1M |  |
| Operating income | -¥3.9M | Margin -0.4% |
| Net income | -¥71.3M | Margin -7.6% |
| Free cash flow | -¥572.9M |  |
| Largest business | Fintech | of segment revenue 91.4% |
| Employees (consolidated) | 31 |  |
| EPS | ¥-16.73 |  |
| Diluted EPS | ¥-16.73 |  |
| Book value per share | ¥130.38 |  |
| Equity ratio | 25.3% | Derived from disclosed figures |
| Shares outstanding | 4,456,867 |  |
| Treasury shares | 100,200 |  |
| Shareholders | 2,015 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 33.4% | Cash ÷ revenue 119.3% |
| Vs. industry median margin | -13.6 pp | Cashless Payments |
| ROA | -2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.1× its level five years ago
- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, cash is 33% of total assets

## What changed in 5 years

Accounting standard changed in FY2021; percentage changes are omitted.

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥586685000 | ¥933135000 | — |
| Operating income | ¥-320265000 | ¥-3863000 | — |
| Operating margin | -54.6% | -0.4% | +54.2 pp |
| Employees | 30 people | 31 people | — |
| Cash and equivalents | ¥886070000 | ¥1112987000 | — |

### 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 |
| --- | ---: |
| フィンテック事業 → フィンテック事業 | 3.0% |
| クラウドソーシング事業 → 事業再編・廃止 | 3.5% |
| GAFAメディア事業 → 事業再編・廃止 | 48.5% |
| クラウドメディア事業 → 事業再編・廃止 | 45.0% |
| 新設・再編 → フィンテック事業 | 88.3% |
| 新設・再編 → デジタルマーケティング事業 | 8.6% |

Segment revenue source references: 6 (derived)

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 933 | 100.0% | S100XCZ7 |
| Cost of revenue | 183 | 19.6% | S100XCZ7 |
| Gross profit | 750 | 80.4% | S100XCZ7 |
| SG&A | 803 | 86.1% | S100XCZ7 |
| Operating income | -4 | -0.4% | S100XCZ7 |
| Pretax income | -36 | -3.9% | S100XCZ7 |
| Income tax | 45 | 4.9% | S100XCZ7 |
| Net income | -82 | -8.8% | S100XCZ7 |
| Net income attributable to owners | -71 | -7.6% | S100XCZ7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 86 |
| Other operating | -5 |
| Operating income | 0 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 80.4% → Operating margin -0.4% → Net margin -7.6%
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 Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 839 | 933 | 95 | +11.3% |
| Gross profit | 714 | 750 | 36 | +5.1% |
| Operating income | 56 | -4 | -60 | -106.9% |
| Net income attributable to owners | 21 | -71 | -92 | -436.5% |
| Operating cash flow | -17 | -445 | -428 | — |
| Free cash flow | -100 | -573 | -473 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 2,473 | -375 | -15.1% | -25 | -364 | -440 | S100KEP8 |
| FY ending Sep 2020 | 587 | -320 | -54.6% | -523 | -447 | — | S100N3Z9 |
| FY ending Sep 2021 | 303 | -134 | -44.2% | 33 | 83 | — | S100PUCF |
| FY ending Sep 2022 | 624 | — | — | -196 | 71 | — | S100XCZ7 |
| FY ending Sep 2023 | 665 | -282 | -42.4% | -277 | -229 | -276 | S100V0WU |
| FY ending Sep 2024 | 839 | 56 | 6.7% | 21 | -17 | -100 | S100XCZ7 |
| FY ending Sep 2025 | 933 | -4 | -0.4% | -71 | -445 | -573 | S100XCZ7 |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.1M |
| Operating income per employee (consolidated) | -¥124.6K |
| Net income per employee (consolidated) | -¥2.3M |

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) | 18 | 22 | 35 | 33 | 31 |
| Average salary (parent company) | ¥5.8M | — | ¥4.7M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 35.3 years | — | 36.5 years | 37.0 years | 38.0 years |
| Average tenure (parent company) | 5.5 years | — | 4.2 years | 3.8 years | 3.4 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) +11.3%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fintech | 852 | 91.4% | 316 | 37.1% |
| Digital marketing | 81 | 8.6% | 50 | 62.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fintech | 91.4% | 86.3% | -5.1 | 37.1% |
| Digital marketing | 8.6% | 13.7% | 5.1 | 62.2% |

Segment → industry: Digital marketing → Internet Services & Apps / Fintech → Cashless Payments

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -445 | -47.7% | S100XCZ7 |
| Capital expenditure | 128 | 13.7% | S100XCZ7 |
| Free cash flow | -573 | -61.4% | 算出 |
| Investing cash flow | 47 | 5.0% | S100XCZ7 |
| Financing cash flow | 710 | 76.1% | S100XCZ7 |
| Share buyback | 0 | 0.0% | S100XCZ7 |
| Change in cash | 312 | 33.4% | S100XCZ7 |
| Cash and equivalents | 1,113 | 119.3% | S100XCZ7 |

## 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 | 402 | 921 | 445 | 801 | 1,113 | S100SKCP, S100XCZ7, S100V0WU |
| Total assets | 1,420 | 1,617 | 1,688 | 2,336 | 3,332 | S100SKCP, S100XCZ7, S100V0WU |
| Net assets | 841 | 800 | 526 | 817 | 921 | S100SKCP, S100XCZ7 |
| Share capital | 50 | — | 11 | 125 | 14 | S100SKCP, S100V0WU, S100XCZ7 |
| Property, plant and equipment | 0 | — | — | 5 | 16 | S100SKCP, S100XCZ7 |
| Intangible assets excluding goodwill | 341 | — | — | — | — | S100PUCF |
| Goodwill | 321 | — | 374 | 374 | 197 | S100SKCP, S100V0WU, S100XCZ7 |
| Investment securities | 23 | — | — | — | — | S100PUCF |
| Current assets | 922 | — | 1,015 | 1,597 | 2,679 | S100SKCP, S100V0WU, S100XCZ7 |
| Current liabilities | 457 | — | — | — | — | S100PUCF |
| Short-term borrowings | 200 | — | — | — | — | S100PUCF |
| Total liabilities | 578 | — | 1,162 | 1,519 | 2,410 | S100SKCP, S100V0WU, S100XCZ7 |
| Equity attributable to owners of parent | 841 | — | 490 | 720 | 843 | S100SKCP, S100V0WU, S100XCZ7 |
| Retained earnings | -592 | — | -1,084 | -1,063 | 348 | S100SKCP, S100V0WU, S100XCZ7 |
| Treasury stock | -0 | — | -82 | -82 | -82 | S100SKCP, S100V0WU, S100XCZ7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XCZ7 |
| Property, plant and equipment | 1% | S100XCZ7 |
| Intangibles and goodwill | 6% | — |
| Other assets | 60% | S100XCZ7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100XCZ7 |
| Equity | 28% | S100XCZ7 |
| Other liabilities | 0% | S100XCZ7 |

### 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 | 1,420 | 1,617 | 1,688 | 2,336 | 3,332 |
| Equity | 841 | 800 | 526 | 817 | 921 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 402 | 921 | 445 | 801 | 1,113 |

## 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) | 1.7% | S100XCZ7 |
| Fixed assets ÷ total assets | 0.5% | S100XCZ7 |
| Goodwill ÷ parent equity | 23.3% | S100XCZ7 |

Goodwill over 4 years: 321 → 197 JPY; total investing cash flow: -818 JPY. This does not imply causation.

### 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) | 33.4% |
| Cash ÷ revenue | 119.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -374 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 11.0% | 0.21× | 2.4% | 1.69× | 4.0% | S100PUCF, S100SKCP |
| 2022 | — | —× | -12.9% | —× | — | S100XCZ7 |
| 2023 | — | —× | -16.8% | —× | — | S100V0WU |
| 2024 | 2.5% | 0.42× | 1.1% | 3.32× | 3.5% | S100XCZ7 |
| 2025 | — | —× | -2.5% | —× | — | S100XCZ7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊池 誠晃 | Major shareholder | 23.7% | 2025-09-30 |
| ＰＣ投資事業有限責任組合 | Major shareholder | 9.3% | 2025-09-30 |
| 株式会社Macbee Planet | Major shareholder | 8.5% | 2025-09-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 8.1% | 2025-09-30 |
| 株式会社どこよりも | Major shareholder | 4.4% | 2025-09-30 |
| 福井 優 | Major shareholder | 2.6% | 2025-09-30 |
| 楽天証券株式会社 | Major shareholder | 1.8% | 2025-09-30 |
| 土岐 隆之 | Major shareholder | 1.3% | 2025-09-30 |
| 株式会社セレス | Major shareholder | 1.3% | 2025-09-30 |
| 渡辺 毅 | Major shareholder | 1.1% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/10/01－2025/09/30) | S100XCZ7 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCZ7,, |
| 有価証券報告書－第20期(2023/10/01－2024/09/30) | S100V0WU | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0WU,, |
| 有価証券報告書－第19期(2022/10/01－2023/09/30) | S100SKCP | 2024-01-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SKCP,, |
| 有価証券報告書－第18期(令和3年10月1日－令和4年9月30日) | S100PUCF | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUCF,, |
| 有価証券報告書－第17期(令和2年10月1日－令和3年9月30日) | S100N3Z9 | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3Z9,, |
| 有価証券報告書－第16期(令和1年10月1日－令和2年9月30日) | S100KEP8 | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEP8,, |

## 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).