# G-NEXT Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/04/01－2026/03/31) (S100YIOX)
> Page: https://vizora.meequs.com/en/company/g-next
> Retrieved: 2026-09-30T20:24:32.670Z

## Company

G-Next, founded in 2001, is a company in Software & SaaS listed on TSE Growth. It has 22 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | G-NEXT Inc. |
| Ticker | 4179 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4179.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区平河町二丁目8番9号 |
| Representative (per filing) | 代表取締役 村田 実 |
| Founded | Jul 2001 |
| Share capital | ¥10.2M |
| Employees (consolidated) | 22 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.gnext.co.jp (https://www.gnext.co.jp/) |
| Corporate number | 6010001146785 |
| EDINET | E36398 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YIOX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5.2 | 145 |
| Efficiency | 99 | 145 |

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)

- G-Next brought in ¥1.02B in revenue.
- It lost about ¥7 for every ¥100 of sales at the operating level.
- Revenue changed +46.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.02B |  |
| Operating income | -¥70.2M | Margin -6.9% |
| Net income | -¥72.3M | Margin -7.1% |
| Free cash flow | — |  |
| Employees (consolidated) | 22 |  |
| EPS | ¥-12.91 |  |
| Book value per share | ¥14.41 |  |
| Equity ratio | 17.5% |  |
| Shares outstanding | 5,433,066 |  |
| Treasury shares | 6,600 |  |
| Shareholders | 2,789 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 42.0% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -19.4 pp | Software & SaaS |
| ROA | -16.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 42% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥495150000 | ¥1015668000 | — |
| Operating income | ¥-383532000 | ¥-70183000 | — |
| Operating margin | -77.5% | -6.9% | +70.5 pp |
| Employees | 48 people | 22 people | — |
| Cash and equivalents | ¥523844000 | ¥182835000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,016 | 100.0% | S100YIOX |
| Cost of revenue | 631 | 62.2% | S100YIOX |
| Gross profit | 384 | 37.8% | S100YIOX |
| SG&A | 455 | 44.7% | S100YIOX |
| Operating income | -70 | -6.9% | S100YIOX |
| Ordinary income | -72 | -7.1% | S100YIOX |
| Pretax income | -72 | -7.1% | S100YIOX |
| Income tax | 0 | 0.0% | S100YIOX |
| Net income | -72 | -7.1% | S100YIOX |
| Net income attributable to owners | -72 | -7.1% | S100YIOX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 45 |
| Operating income | -7 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 37.8% → Operating margin -6.9% → Net margin -7.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 692 | 1,016 | 324 | +46.8% |
| Gross profit | 204 | 384 | 180 | +88.1% |
| Operating income | -174 | -70 | 104 | — |
| Operating cash flow | -234 | -163 | 71 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 531 | -178 | -33.6% | -184 | -120 | -120 | S100LU6Q |
| FY ending Mar 2021 | 873 | 203 | 23.2% | 182 | 151 | — | S100OHLA |
| FY ending Mar 2022 | 495 | -384 | -77.5% | -422 | -461 | -485 | S100OHLA |
| FY ending Mar 2022 | 494 | -383 | -77.6% | -422 | -461 | — | S100R6BL |
| FY ending Mar 2023 | 647 | -253 | -39.0% | -296 | -54 | -66 | S100TPLJ |
| FY ending Mar 2024 | 611 | -148 | -24.3% | -150 | -58 | -60 | S100VZCX |
| FY ending Mar 2025 | 692 | -174 | -25.2% | -219 | -234 | — | S100VZCX |
| FY ending Mar 2026 | 1,016 | -70 | -6.9% | -72 | -163 | — | S100YIOX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.2M |
| Operating income per employee (consolidated) | -¥3.2M |
| Net income per employee (consolidated) | -¥3.3M |

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) | 37 | 31 | 24 | 22 | 22 |
| Average salary (parent company) | — | ¥5.9M | ¥6.6M | ¥6.3M | ¥6.4M |
| Average age (parent company) | — | 37.6 years | 40.1 years | 40.6 years | 42.4 years |
| Average tenure (parent company) | — | 2.4 years | 2.5 years | 3.0 years | 3.3 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -163 | -16.0% | S100YIOX |
| Investing cash flow | -37 | -3.7% | S100YIOX |
| Financing cash flow | -32 | -3.1% | S100YIOX |
| Change in cash | -231 | -22.8% | S100YIOX |
| Cash and equivalents | 183 | 18.0% | S100YIOX |

## 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 | 516 | 411 | 318 | 414 | 183 | S100TPLJ, S100VZCX, S100YIOX |
| Total assets | 800 | 558 | 424 | 529 | 435 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Net assets | 441 | 154 | 4 | 169 | 97 | S100TPLJ, S100VZCX, S100YIOX |
| Share capital | 648 | 652 | 653 | 834 | 10 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Property, plant and equipment | 1 | 0 | 2 | 1 | 1 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Intangible assets excluding goodwill | 27 | — | — | — | 8 | S100R6BL, S100YIOX |
| Goodwill | — | — | — | — | 7 | S100YIOX |
| Investment securities | 21 | 0 | — | — | 32 | S100R6BL, S100TPLJ, S100YIOX |
| Current assets | 750 | 549 | 415 | 520 | 386 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Current liabilities | 150 | 232 | 283 | 255 | 262 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Trade payables | — | — | — | — | 107 | S100YIOX |
| Short-term borrowings | 7 | 5 | 5 | — | — | S100R6BL, S100TPLJ, S100VZCX |
| Long-term borrowings | 206 | 170 | 135 | 103 | 73 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Total liabilities | 359 | 405 | 420 | 361 | 338 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Equity attributable to owners of parent | 441 | 154 | 4 | 148 | 76 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |
| Retained earnings | -785 | -1,081 | -1,231 | -1,450 | -72 | S100R6BL, S100TPLJ, S100VZCX, S100YIOX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YIOX |
| Property, plant and equipment | 0% | S100YIOX |
| Intangibles and goodwill | 4% | S100YIOX |
| Investment securities | 7% | S100YIOX |
| Other assets | 47% | S100YIOX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YIOX |
| Other liabilities | 53% | S100YIOX |
| Equity | 22% | S100YIOX |

### 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 | 800 | 558 | 424 | 529 | 435 |
| Equity | 441 | 154 | 4 | 169 | 97 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 516 | 411 | 318 | 414 | 183 |

## 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) | 0.1% | S100YIOX |
| Fixed assets ÷ total assets | 0.3% | S100YIOX |
| Goodwill ÷ parent equity | 8.9% | S100YIOX |

### 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) | 42.0% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -90 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 | — | —× | -52.7% | —× | — | S100VZCX, S100R6BL |
| 2023 | — | —× | -43.6% | —× | — | S100TPLJ |
| 2024 | — | —× | -30.5% | —× | — | S100VZCX |
| 2025 | — | —× | -45.8% | —× | — | S100VZCX |
| 2026 | — | —× | -16.6% | —× | — | S100YIOX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社舞花 | Major shareholder | 22.3% | 2026-03-31 |
| 横治 祐介 | Major shareholder | 12.2% | 2026-03-31 |
| 高桑 弘道 | Major shareholder | 4.5% | 2026-03-31 |
| 三田 和弘 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.7% | 2026-03-31 |
| PHILLIP SECURITIES CLIENT(RETAIL) (常任代理人：フィリップ証券株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 阪野 正 | Major shareholder | 1.6% | 2026-03-31 |
| 田畑 昇人 | Major shareholder | 1.5% | 2026-03-31 |
| 岡部 茂信 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YIOX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIOX,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100VZCX | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZCX,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TPLJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPLJ,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R6BL | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BL,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OHLA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHLA,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LU6Q | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU6Q,, |

## 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).