# enish,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17期(2025/01/01－2025/12/31) (S100XTDL)
> Page: https://vizora.meequs.com/en/company/enish
> Retrieved: 2026-09-30T20:24:37.630Z

## Company

enish, founded in 2009, is a company in Games listed on TSE Standard. It has 82 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | enish,inc. |
| Ticker | 3667 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3667.T) |
| Listing | TSE Standard |
| Head office | 東京都港区六本木六丁目1番20号 |
| Representative (per filing) | 代表取締役社長 安徳 孝平 |
| Founded | Feb 2009 |
| Share capital | ¥4.9B |
| Employees (consolidated) | 82 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.enish.jp (https://www.enish.jp/) |
| Corporate number | 9011001068959 |
| EDINET | E27047 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XTDL, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.3 | 36 |
| Profitability | 3.7 | 41 |
| Efficiency | 72 | 41 |

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)

- enish brought in ¥2.17B in revenue.
- It lost about ¥40 for every ¥100 of sales at the operating level.
- Revenue changed -34.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.17B |  |
| Operating income | -¥856.7M | Margin -39.5% |
| Net income | -¥1.15B | Margin -53.1% |
| Free cash flow | -¥876.6M |  |
| Employees (consolidated) | 82 |  |
| EPS | ¥-44.19 |  |
| Book value per share | ¥19.99 |  |
| Equity ratio | 47.8% |  |
| Shares outstanding | 38,137,560 |  |
| Treasury shares | 600 |  |
| Shareholders | 15,232 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 36.9% |
| Vs. industry median margin | -44.9 pp | Games |
| ROA | -68.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 40 per ¥100 of revenue
- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4073001000 | ¥2170101000 | -46.7% |
| Operating income | ¥-596227000 | ¥-856653000 | — |
| Operating margin | -14.6% | -39.5% | -24.8 pp |
| Employees | 100 people | 82 people | -18.0% |
| Cash and equivalents | ¥1113823000 | ¥800355000 | -28.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,170 | 100.0% | S100XTDL |
| Cost of revenue | 2,494 | 114.9% | S100XTDL |
| Gross profit | -324 | -14.9% | S100XTDL |
| SG&A | 533 | 24.6% | S100XTDL |
| Operating income | -857 | -39.5% | S100XTDL |
| Ordinary income | -832 | -38.4% | S100XTDL |
| Pretax income | -1,148 | -52.9% | S100XTDL |
| Income tax | 4 | 0.2% | S100XTDL |
| Net income | -1,152 | -53.1% | S100XTDL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 115 |
| SG&A | 25 |
| Operating income | -40 |
| (Ref.) Net income | -53 |

### Margin funnel

Gross margin -14.9% → Operating margin -39.5% → Net margin -53.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,317 | 2,170 | -1,147 | -34.6% |
| Gross profit | 30 | -324 | -353 | -1196.0% |
| Operating income | -816 | -857 | -41 | — |
| Operating cash flow | -967 | -873 | 93 | — |
| Free cash flow | -968 | -877 | 92 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,960 | -1,456 | -36.8% | -1,470 | -1,522 | -1,526 | S100L177 |
| FY ending Dec 2020 | 4,073 | -596 | -14.6% | -1,044 | -735 | -736 | S100NQ5U |
| FY ending Dec 2021 | 3,893 | -257 | -6.6% | -280 | -527 | -538 | S100QIIE |
| FY ending Dec 2022 | 4,119 | -335 | -8.1% | -415 | -206 | -212 | S100T6IG |
| FY ending Dec 2023 | 3,509 | -1,206 | -34.4% | -1,374 | -1,339 | -1,346 | S100VIQU |
| FY ending Dec 2024 | 3,317 | -816 | -24.6% | -882 | -967 | -968 | S100XTDL |
| FY ending Dec 2025 | 2,170 | -857 | -39.5% | -1,152 | -873 | -877 | S100XTDL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.5M |
| Operating income per employee (consolidated) | -¥10.4M |
| Net income per employee (consolidated) | -¥14M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 104 | 118 | 119 | 112 | 82 |
| Average salary (parent company) | ¥6.3M | ¥5.9M | ¥5.8M | ¥6M | ¥6M |
| Average age (parent company) | 37.8 years | 37.0 years | 36.7 years | 37.1 years | 38.0 years |
| Average tenure (parent company) | 5.2 years | 4.3 years | 5.4 years | 6.2 years | 7.6 years |

Year over year: Employees (consolidated) -26.8% · Revenue (consolidated) -34.6%

## 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 | -873 | -40.2% | S100XTDL |
| Capital expenditure | 3 | 0.1% | S100XTDL |
| Free cash flow | -877 | -40.4% | 算出 |
| Investing cash flow | -108 | -5.0% | S100XTDL |
| Financing cash flow | 1,019 | 47.0% | S100XTDL |
| Share buyback | 0 | 0.0% | S100XTDL |
| Change in cash | 38 | 1.7% | S100XTDL |
| Cash and equivalents | 800 | 36.9% | S100XTDL |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 365 | 1,330 | 708 | 763 | 800 | S100T6IG, S100VIQU, S100XTDL |
| Total assets | 1,536 | 2,250 | 1,893 | 1,761 | 1,594 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Net assets | 562 | 1,127 | 509 | 889 | 766 | S100T6IG, S100VIQU, S100XTDL |
| Share capital | 2,853 | 3,380 | 3,758 | 4,389 | 4,903 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Property, plant and equipment | 8 | 12 | 15 | — | — | S100QIIE, S100T6IG, S100VIQU |
| Intangible assets excluding goodwill | 2 | 2 | 1 | — | — | S100QIIE, S100T6IG, S100VIQU |
| Investment securities | 0 | 41 | 41 | 41 | 41 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Current assets | 1,342 | 2,015 | 1,606 | 1,488 | 1,323 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Current liabilities | 971 | 1,120 | 1,381 | 868 | 824 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Short-term borrowings | 550 | 550 | 750 | 300 | 300 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Total liabilities | 975 | 1,123 | 1,385 | 871 | 827 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Equity attributable to owners of parent | 557 | 1,124 | 505 | 886 | 762 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Retained earnings | -5,148 | -5,635 | -7,009 | -7,891 | -9,043 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QIIE, S100T6IG, S100VIQU, S100XTDL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XTDL |
| Investment securities | 3% | S100XTDL |
| Other assets | 47% | S100XTDL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100XTDL |
| Equity | 48% | S100XTDL |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,536 | 2,250 | 1,893 | 1,761 | 1,594 |
| Equity | 562 | 1,127 | 509 | 889 | 766 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 365 | 1,330 | 708 | 763 | 800 |

### 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) | 50.2% |
| Cash ÷ revenue | 36.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 278 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 | — | —× | -18.2% | —× | — | S100QIIE |
| 2022 | — | —× | -21.9% | —× | — | S100T6IG |
| 2023 | — | —× | -66.3% | —× | — | S100VIQU |
| 2024 | — | —× | -48.3% | —× | — | S100XTDL |
| 2025 | — | —× | -68.7% | —× | — | S100XTDL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FORTHIRD PARTY （常任代理人香港上海銀行東京支店） | Major shareholder | 2.8% | 2025-12-31 |
| 公文善之 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 2.5% | 2025-12-31 |
| 安徳孝平 | Major shareholder | 2.5% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD ACISG (FE-AC) （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.4% | 2025-12-31 |
| NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人野村證券株式会社） | Major shareholder | 1.4% | 2025-12-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCH EQ CO （常任代理人株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社証券ジャパン | Major shareholder | 1.3% | 2025-12-31 |
| 岡三証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/01/01－2025/12/31) | S100XTDL | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTDL,, |
| 有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VIQU | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIQU,, |
| 有価証券報告書－第15期(2023/01/01－2023/12/31) | S100T6IG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6IG,, |
| 有価証券報告書－第14期(2022/01/01－2022/12/31) | S100QIIE | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIIE,, |
| 有価証券報告書－第13期(令和3年1月1日－令和3年12月31日) | S100NQ5U | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ5U,, |
| 有価証券報告書－第12期(令和2年1月1日－令和2年12月31日) | S100L177 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L177,, |

## 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).