# EYEZ,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19期(2025/01/01－2025/12/31) (S100XU39)
> Page: https://vizora.meequs.com/en/company/eyez
> Retrieved: 2026-09-30T23:06:35.839Z

## Company

Eyez, founded in 2007, is a company in Internet Services & Apps listed on TSE Growth. It has 64 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EYEZ,INC. |
| Ticker | 5242 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5242.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷三丁目12番22号 |
| Representative (per filing) | 代表取締役社長 福島 範幸 |
| Founded | Feb 2007 |
| Share capital | ¥221.7M |
| Employees (consolidated) | 64 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | December |
| Website | www.eyez.jp (https://www.eyez.jp/) |
| Corporate number | 3011001051128 |
| EDINET | E38163 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100XU39, filed 2026-03-26). As of filing

## Key points (generated from figures)

- Eyez brought in ¥965.7M in revenue.
- It lost about ¥5 for every ¥100 of sales at the operating level.
- Revenue changed -6.8% from the prior year, operating profit -259.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥965.7M |  |
| Operating income | -¥51.6M | Margin -5.3% |
| Net income | -¥68M | Margin -7.0% |
| Free cash flow | -¥95.9M |  |
| Employees (consolidated) | 64 |  |
| EPS | ¥-66.56 |  |
| Book value per share | ¥585.01 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 1,026,100 |  |
| Treasury shares | 100 |  |
| Shareholders | 794 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 56.7% |
| Vs. industry median margin | -13 pp | Internet Services & Apps |
| ROA | -6.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 50% of total assets

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥605424000 | ¥965730000 | +59.5% |
| Operating income | ¥75829000 | ¥-51578000 | -168.0% |
| Operating margin | 12.5% | -5.3% | -17.9 pp |
| Employees | 42 people | 64 people | +52.4% |
| Cash and equivalents | ¥245858000 | ¥547447000 | +122.7% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 | 966 | 100.0% | S100XU39 |
| Cost of revenue | 88 | 9.1% | S100XU39 |
| Gross profit | 878 | 90.9% | S100XU39 |
| SG&A | 929 | 96.2% | S100XU39 |
| Operating income | -52 | -5.3% | S100XU39 |
| Ordinary income | -51 | -5.3% | S100XU39 |
| Pretax income | -75 | -7.8% | S100XU39 |
| Income tax | -7 | -0.7% | S100XU39 |
| Net income | -68 | -7.0% | S100XU39 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 96 |
| Operating income | -5 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 90.9% → Operating margin -5.3% → Net margin -7.0%
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 Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,036 | 966 | -71 | -6.8% |
| Gross profit | 948 | 878 | -70 | -7.4% |
| Operating income | 32 | -52 | -84 | -259.6% |
| Operating cash flow | 65 | -63 | -129 | -196.8% |
| Free cash flow | 60 | -96 | -156 | -260.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 605 | 76 | 12.5% | 47 | 74 | 54 | S100QIDJ |
| FY ending Dec 2022 | 847 | 158 | 18.6% | 96 | 193 | 189 | S100T5HZ |
| FY ending Dec 2023 | 1,019 | 40 | 3.9% | 27 | -58 | -76 | S100VI3W |
| FY ending Dec 2024 | 1,036 | 32 | 3.1% | 27 | 65 | 60 | S100XU39 |
| FY ending Dec 2025 | 966 | -52 | -5.3% | -68 | -63 | -96 | S100XU39 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.1M |
| Operating income per employee (consolidated) | -¥805.9K |
| Net income per employee (consolidated) | -¥1.1M |

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) | 42 | 53 | 67 | 71 | 64 |
| Average salary (parent company) | — | ¥4.5M | ¥4.5M | ¥4.5M | ¥4.7M |
| Average age (parent company) | — | 28.4 years | 28.2 years | 28.0 years | 29.1 years |
| Average tenure (parent company) | — | 2.7 years | 2.9 years | 3.3 years | 3.7 years |

Year over year: Employees (consolidated) -9.9% · Revenue (consolidated) -6.8%

## 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 | -63 | -6.6% | S100XU39 |
| Capital expenditure | 32 | 3.4% | S100XU39 |
| Free cash flow | -96 | -9.9% | 算出 |
| Investing cash flow | -257 | -26.6% | S100XU39 |
| Financing cash flow | 217 | 22.5% | S100XU39 |
| Change in cash | -103 | -10.7% | S100XU39 |
| Cash and equivalents | 547 | 56.7% | S100XU39 |

## 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 | 246 | 683 | 560 | 620 | 547 | S100T5HZ, S100VI3W, S100XU39 |
| Total assets | 469 | 978 | 927 | 952 | 1,090 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Net assets | 91 | 491 | 635 | 664 | 600 | S100T5HZ, S100VI3W, S100XU39 |
| Share capital | 8 | 160 | 218 | 220 | 222 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Property, plant and equipment | 26 | 24 | 44 | 40 | 38 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Intangible assets excluding goodwill | 2 | 3 | 2 | 7 | 182 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Goodwill | — | — | — | — | 177 | S100XU39 |
| Current assets | 397 | 901 | 799 | 823 | 779 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Current liabilities | 211 | 344 | 276 | 272 | 303 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Long-term borrowings | 159 | 134 | — | — | 170 | S100QIDJ, S100T5HZ, S100XU39 |
| Total liabilities | 378 | 487 | 292 | 288 | 489 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Equity attributable to owners of parent | 91 | 491 | 635 | 664 | 600 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Retained earnings | 83 | 179 | 206 | 233 | 165 | S100QIDJ, S100T5HZ, S100VI3W, S100XU39 |
| Treasury stock | — | — | -0 | -0 | -0 | S100VI3W, S100XU39 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XU39 |
| Property, plant and equipment | 4% | S100XU39 |
| Intangibles and goodwill | 33% | S100XU39 |
| Other assets | 13% | S100XU39 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XU39 |
| Equity | 55% | S100XU39 |

### 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 | 469 | 978 | 927 | 952 | 1,090 |
| Equity | 91 | 491 | 635 | 664 | 600 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 246 | 683 | 560 | 620 | 547 |

## 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) | 3.9% | S100XU39 |
| Fixed assets ÷ total assets | 3.5% | S100XU39 |
| Goodwill ÷ parent equity | 29.5% | S100XU39 |

### 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 | 56.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 5 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| 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 | 7.8% | 1.29× | 10.1% | 5.16× | 52.2% | S100QIDJ |
| 2022 | 11.4% | 1.17× | 13.3% | 2.49× | 33.1% | S100T5HZ |
| 2023 | 2.7% | 1.07× | 2.9% | 1.69× | 4.8% | S100VI3W |
| 2024 | 2.6% | 1.10× | 2.9% | 1.45× | 4.2% | S100XU39 |
| 2025 | — | —× | -6.7% | —× | — | S100XU39 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社シエル | Major shareholder | 39.0% | 2025-12-31 |
| 牧田 伸一 | Major shareholder | 6.8% | 2025-12-31 |
| 福島 範幸 | Major shareholder | 6.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2025-12-31 |
| 三谷 翔一 | Major shareholder | 2.9% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.1% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| J.P.MORGAN SECURIT IES PLC（常任代理人 JPモルガン証券株式会社） | Major shareholder | 1.5% | 2025-12-31 |
| 牧野 泰光 | Major shareholder | 1.3% | 2025-12-31 |
| 株式会社ドロップイン | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XU39 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU39,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VI3W | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI3W,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T5HZ | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5HZ,, |
| 有価証券報告書－第16期(2022/01/01－2022/12/31) | S100QIDJ | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIDJ,, |

## 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).