# DIGITAL GRID Corporation: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2024/08/01－2025/07/31) (S100WXET)
> Page: https://vizora.meequs.com/en/company/digitalgrid
> Retrieved: 2026-09-30T19:04:38.560Z

## Company

Digital Grid, founded in 2017, is a company in Electric Power & Gas listed on TSE Growth. It has 79 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DIGITAL GRID Corporation |
| Ticker | 350A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/350A.T) |
| Listing | TSE Growth |
| Head office | 東京都港区赤坂一丁目7番1号 |
| Representative (per filing) | 代表取締役社長CEO 豊田 祐介 |
| Founded | Oct 2017 |
| Share capital | ¥1.14B |
| Employees (consolidated) | 79 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | July |
| Website | www.digitalgrid.com (https://www.digitalgrid.com/) |
| Corporate number | 4010001187063 |
| EDINET | E40505 |
| Industries (Vizora) | Electric Power & Gas |

> Profile source: annual securities report (S100WXET, filed 2025-10-30). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 98.9 | 44 |
| Cash conversion | 1.2 | 42 |
| Efficiency | 14.8 | 44 |

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 91% of Digital Grid's sales come from Power PF business, with RE PF business making up much of the rest.
- Out of every ¥100 of sales, about ¥45 is left as operating profit.

## Company structure

- Segment revenue mix: Power PF business 91.2%、RE PF business 8.8%
- Revenue → net income: ¥6153606000 → ¥1870044000
- Net income → operating cash flow: ¥1870044000 → ¥321238000（difference ¥-1548806000）
- Main uses of operating cash flow: CapEx ¥130712000 / dividends — / buybacks —
- Change in cash: ¥668619000
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 | ¥6.15B |  |
| Operating income | ¥2.74B | Margin 44.6% |
| Net income | ¥1.87B | Margin 30.4% |
| Free cash flow | ¥190.5M |  |
| Largest business | Power PF business | of segment revenue 91.2% |
| Employees (consolidated) | 79 |  |
| EPS | ¥309.2 |  |
| Diluted EPS | ¥248.64 |  |
| Book value per share | ¥1282.28 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 6,457,300 |  |
| Shareholders | 2,555 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 26.1% | Cash ÷ revenue 75.5% |
| Vs. industry median margin | +37.6 pp | Electric Power & Gas |
| ROE | 22.6% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 97% of positive segment profit
- FY2025, operating income keeps 45 per ¥100 of revenue
- FY2025, cash is 26% of total assets

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,154 | 100.0% | S100WXET |
| Cost of revenue | 1,573 | 25.6% | S100WXET |
| Gross profit | 4,580 | 74.4% | S100WXET |
| SG&A | 1,838 | 29.9% | S100WXET |
| Operating income | 2,743 | 44.6% | S100WXET |
| Ordinary income | 2,614 | 42.5% | S100WXET |
| Pretax income | 2,570 | 41.8% | S100WXET |
| Income tax | 700 | 11.4% | S100WXET |
| Net income | 1,870 | 30.4% | S100WXET |
| Net income attributable to owners | 1,870 | 30.4% | S100WXET |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 30 |
| Operating income | 45 |
| (Ref.) Net income | 30 |

### Margin funnel

Gross margin 74.4% → Operating margin 44.6% → Net margin 30.4%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.9M |
| Operating income per employee (consolidated) | ¥34.7M |
| Net income per employee (consolidated) | ¥23.7M |

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

| History | FY ending Jul 2025 |
| --- | ---: |
| Employees (consolidated) | 79 |
| Average salary (parent company) | ¥9.8M |
| Average age (parent company) | 40.8 years |
| Average tenure (parent company) | 3.1 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Power PF business | 4,632 | 91.2% | 3,530 | 76.2% |
| RE PF business | 450 | 8.8% | 120 | 26.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Power PF business | 91.2% | 96.7% | 5.5 | 76.2% |
| RE PF business | 8.8% | 3.3% | -5.5 | 26.8% |

Segment → industry: RE PF business → Electric Power & Gas / Power PF business → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 321 | 5.2% | S100WXET |
| Capital expenditure | 131 | 2.1% | S100WXET |
| Free cash flow | 191 | 3.1% | 算出 |
| Investing cash flow | -181 | -2.9% | S100WXET |
| Financing cash flow | 529 | 8.6% | S100WXET |
| Change in cash | 669 | 10.9% | S100WXET |
| Cash and equivalents | 4,648 | 75.5% | S100WXET |

## 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 Jul 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 4,648 | S100WXET |
| Total assets | 17,818 | S100WXET |
| Net assets | 8,277 | S100WXET |
| Share capital | 1,140 | S100WXET |
| Property, plant and equipment | 107 | S100WXET |
| Intangible assets excluding goodwill | 40 | S100WXET |
| Current assets | 16,532 | S100WXET |
| Current liabilities | 8,541 | S100WXET |
| Short-term borrowings | 260 | S100WXET |
| Long-term borrowings | 999 | S100WXET |
| Total liabilities | 9,540 | S100WXET |
| Equity attributable to owners of parent | 8,277 | S100WXET |
| Retained earnings | 3,455 | S100WXET |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100WXET |
| Property, plant and equipment | 1% | S100WXET |
| Intangibles and goodwill | 0% | S100WXET |
| Other assets | 73% | S100WXET |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100WXET |
| Equity | 46% | S100WXET |

## 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% | S100WXET |
| Fixed assets ÷ total assets | 0.6% | S100WXET |
| Goodwill ÷ parent equity | — | —, S100WXET |

### 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) | 26.1% |
| Cash ÷ revenue | 75.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.7% |
| Cash vs. profit gap | -1,549 JPY mn (of net income -82.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 56.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 30.4% | 0.35× | 10.5% | 2.15× | 22.6% | S100WXET |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社東芝 | Major shareholder | 12.9% | 2025-07-31 |
| 豊田祐介 | Major shareholder | 5.2% | 2025-07-31 |
| 株式会社FD | Major shareholder | 5.2% | 2025-07-31 |
| WIL FUND Ⅱ,L.P. （常任代理人 大和証券株式会社） | Major shareholder | 5.2% | 2025-07-31 |
| 合同会社OTS | Major shareholder | 3.9% | 2025-07-31 |
| 東急不動産株式会社 | Major shareholder | 3.9% | 2025-07-31 |
| フーバー・インベストメント株式会社 | Major shareholder | 3.6% | 2025-07-31 |
| 近清拓馬 | Major shareholder | 3.5% | 2025-07-31 |
| 濱田英之 | Major shareholder | 3.4% | 2025-07-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2024/08/01－2025/07/31) | S100WXET | 2025-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WXET,, |

## 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).