# GA technologies: business model and financials

> Latest period: FY ending Oct 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第13期(2024/11/01－2025/10/31) (S100XMV3)
> Page: https://vizora.meequs.com/en/company/ga-technologies
> Retrieved: 2026-09-30T19:41:59.528Z

## Company

GA technologies, founded in 2013, is a company in Software & SaaS listed on TSE Growth. It has 1,665 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GA technologies Co.,Ltd. |
| Ticker | 3491 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3491.T) |
| Listing | TSE Growth |
| Head office | 東京都港区六本木三丁目2番1号 住友不動産六本木グランドタワー40階 |
| Representative (per filing) | 代表取締役社長執行役員CEO 樋口 龍 |
| Founded | Mar 2013 |
| Share capital | ¥9.96B |
| Employees (consolidated) | 1,665 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | October |
| Website | www.ga-tech.co.jp (https://www.ga-tech.co.jp/) |
| Corporate number | 9011001093998 |
| EDINET | E34177 |
| Industries (Vizora) | Software & SaaS, Real Estate Development & Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XMV3, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.7 | 75 |
| Profitability | 12.2 | 86 |
| Cash conversion | 89.6 | 82 |
| Efficiency | 99.4 | 86 |

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 97% of GA technologies's sales come from RENOSY Marketplace, with ITANDI and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +31.1% from the prior year, operating profit +92.1%.

## Company structure

- Segment revenue mix: RENOSY Marketplace 96.9%、ITANDI 2.6%、Other 0.4%
- Revenue → net income: ¥248947000000 → ¥4018000000
- Net income → operating cash flow: ¥4018000000 → ¥15935000000（difference ¥11917000000）
- Main uses of operating cash flow: CapEx ¥2233000000 / dividends — / buybacks —
- Change in cash: ¥11039000000
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 | ¥248.9B |  |
| Operating income | ¥7.09B | Margin 2.9% |
| Net income | ¥3.89B | Margin 1.6% |
| Free cash flow | ¥13.7B |  |
| Largest business | RENOSY Marketplace | of segment revenue 96.9% |
| Employees (consolidated) | 1,665 |  |
| EPS | ¥97.8 |  |
| Diluted EPS | ¥97.36 |  |
| Book value per share | ¥648.49 |  |
| Equity ratio | 37.4% | Derived from disclosed figures |
| Shares outstanding | 41,045,755 |  |
| Treasury shares | 800 |  |
| Shareholders | 5,368 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 36.9% | Cash ÷ revenue 12.2% |
| Vs. industry median margin | -7.7 pp | Real Estate Development & Leasing |
| ROE | 14.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.1× net income
- FY2025, revenue is 3.3× its level five years ago
- FY2025, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63070000000 | ¥248947000000 | +294.7% |
| Operating income | ¥1888000000 | ¥7095000000 | +275.8% |
| Operating margin | 3.0% | 2.9% | -0.1 pp |
| Employees | 571 people | 1,665 people | +191.6% |
| Cash and equivalents | ¥6318000000 | ¥30365000000 | +380.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → RENOSYマーケットプレイス | 96.9% |
| 新設・再編 → ITANDI | 2.6% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| RENOSY Marketplace | 4 years | +34.8% | ¥241331000000 | — | 2 |
| ITANDI | 4 years | +53.9% | ¥6538000000 | — | 2 |
| Other | 4 years | +15.4% | ¥1077000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 248,947 | 100.0% | S100XMV3 |
| Cost of revenue | 206,783 | 83.1% | S100XMV3 |
| Gross profit | 42,163 | 16.9% | S100XMV3 |
| SG&A | 34,865 | 14.0% | S100XMV3 |
| Operating income | 7,095 | 2.9% | S100XMV3 |
| Pretax income | 6,179 | 2.5% | S100XMV3 |
| Income tax | 2,161 | 0.9% | S100XMV3 |
| Net income | 4,018 | 1.6% | S100XMV3 |
| Net income attributable to owners | 3,890 | 1.6% | S100XMV3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.9% → Operating margin 2.9% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +31.1%; Core profit growth: +92.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.96×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 189,883 | 248,947 | 59,064 | +31.1% |
| Gross profit | 30,734 | 42,163 | 11,429 | +37.2% |
| Operating income | 3,693 | 7,095 | 3,402 | +92.1% |
| Net income attributable to owners | 1,702 | 3,890 | 2,188 | +128.6% |
| Operating cash flow | 3,635 | 15,935 | 12,300 | +338.4% |
| Free cash flow | 1,645 | 13,702 | 12,057 | +732.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 39,286 | 1,193 | 3.0% | 510 | 1,235 | -384 | S100KLVA |
| FY ending Oct 2020 | 63,070 | 1,888 | 3.0% | 903 | 2,312 | 1,000 | S100NAIH |
| FY ending Oct 2021 | 74,867 | -1,114 | -1.5% | -854 | 2,585 | 1,371 | S100Q12L |
| FY ending Oct 2022 | 113,569 | 1,014 | 0.9% | 384 | 2,238 | 1,127 | S100SOHR |
| FY ending Oct 2023 | 146,647 | 2,211 | 1.5% | 1,010 | 6,798 | 5,141 | S100V5GU |
| FY ending Oct 2024 | 189,883 | 3,693 | 1.9% | 1,702 | 3,635 | 1,645 | S100XMV3 |
| FY ending Oct 2025 | 248,947 | 7,095 | 2.9% | 3,890 | 15,935 | 13,702 | S100XMV3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥149.5M |
| Operating income per employee (consolidated) | ¥4.3M |
| 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 739 | 967 | 1,090 | 1,487 | 1,665 |
| Average salary (parent company) | ¥6.8M | ¥7.3M | ¥7.3M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 30.3 years | 31.3 years | 31.7 years | 32.0 years | 32.5 years |
| Average tenure (parent company) | 2.2 years | 2.5 years | 3.2 years | 3.3 years | 3.7 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +31.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| RENOSY Marketplace | 241,331 | 96.9% | — | — |
| ITANDI | 6,538 | 2.6% | — | — |
| Other | 1,077 | 0.4% | — | — |

### 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 |
| --- | ---: |
| RENOSY Marketplace | 96.9% |
| ITANDI | 2.6% |
| Other | 0.4% |

Segment → industry: ITANDI → Software & SaaS / RENOSY Marketplace → Real Estate Development & Leasing / RENOSY Marketplace → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,935 | 6.4% | S100XMV3 |
| Capital expenditure | 2,233 | 0.9% | S100XMV3 |
| Free cash flow | 13,702 | 5.5% | 算出 |
| Investing cash flow | -3,637 | -1.5% | S100XMV3 |
| Financing cash flow | -1,351 | -0.5% | S100XMV3 |
| Change in cash | 11,039 | 4.4% | S100XMV3 |
| Cash and equivalents | 30,365 | 12.2% | S100XMV3 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,275 | 11,842 | 17,452 | 19,325 | 30,365 | S100SOHR, S100V5GU, S100XMV3 |
| Total assets | 48,594 | 55,211 | 61,352 | 77,203 | 82,370 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Net assets | 17,672 | 19,305 | 20,584 | 23,240 | 31,453 | S100SOHR, S100V5GU, S100XMV3 |
| Share capital | 7,219 | 7,238 | 7,262 | 7,372 | 9,962 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Property, plant and equipment | 1,400 | 1,285 | 1,405 | 1,560 | 1,593 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Intangible assets excluding goodwill | 7,937 | — | — | — | — | S100NAIH |
| Goodwill | 5,082 | 7,284 | 7,773 | 13,030 | 14,892 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Investment securities | 362 | — | — | — | — | S100NAIH |
| Current assets | 19,453 | 22,863 | 31,141 | 38,629 | 48,799 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Current liabilities | 6,914 | — | — | — | — | S100NAIH |
| Short-term borrowings | 300 | — | — | — | — | S100NAIH |
| Long-term borrowings | 2,722 | — | — | — | — | S100NAIH |
| Bonds | 405 | — | — | — | — | S100NAIH |
| Interest-bearing debt | 3,427 | — | — | — | — | 算出 |
| Total liabilities | 30,921 | 35,906 | 40,767 | 53,962 | 50,917 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Equity attributable to owners of parent | 17,672 | 19,302 | 20,559 | 22,703 | 30,838 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Retained earnings | -419 | -33 | 989 | 2,691 | 6,581 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |
| Treasury stock | 0 | -1 | -1 | -1 | -1 | S100Q12L, S100SOHR, S100V5GU, S100XMV3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100XMV3 |
| Property, plant and equipment | 2% | S100XMV3 |
| Intangibles and goodwill | 18% | — |
| Other assets | 43% | S100XMV3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100XMV3 |
| Equity | 38% | S100XMV3 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 48,594 | 55,211 | 61,352 | 77,203 | 82,370 |
| Equity | 17,672 | 19,305 | 20,584 | 23,240 | 31,453 |
| Interest-bearing debt | 3,427 | — | — | — | — |
| Cash | 15,275 | 11,842 | 17,452 | 19,325 | 30,365 |

## 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) | 0.6% | S100XMV3 |
| Fixed assets ÷ total assets | 1.9% | S100XMV3 |
| Goodwill ÷ parent equity | 48.3% | S100XMV3 |

Goodwill over 4 years: 5,082 → 14,892 JPY; total investing cash flow: -15,363 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) | 36.9% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 224.6% |
| Cash vs. profit gap | 12,045 JPY mn (of net income 309.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 22.8% |

## 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 | — | —× | -1.8% | —× | — | S100Q12L |
| 2022 | 0.3% | 2.19× | 0.7% | 2.81× | 2.1% | S100SOHR |
| 2023 | 0.7% | 2.52× | 1.7% | 2.92× | 5.1% | S100V5GU |
| 2024 | 0.9% | 2.74× | 2.5% | 3.20× | 7.9% | S100XMV3 |
| 2025 | 1.6% | 3.12× | 4.9% | 2.98× | 14.5% | S100XMV3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 樋口 龍 | Major shareholder | 25.8% | 2025-10-31 |
| 合同会社GGA | Major shareholder | 11.3% | 2025-10-31 |
| THE BANK OF NEW YORK 133612 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.5% | 2025-10-31 |
| THE BANK OF NEW YORK 133652 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 2025-10-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.3% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.1% | 2025-10-31 |
| 福田 俊孝 | Major shareholder | 2.1% | 2025-10-31 |
| 樋口 大 | Major shareholder | 1.9% | 2025-10-31 |
| 久夛良木 健 | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第13期(2024/11/01－2025/10/31) | S100XMV3 | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMV3,, |
| 有価証券報告書－第12期(2023/11/01－2024/10/31) | S100V5GU | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5GU,, |
| 有価証券報告書－第11期(2022/11/01－2023/10/31) | S100SOHR | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOHR,, |
| 有価証券報告書－第10期(2021/11/01－2022/10/31) | S100Q12L | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q12L,, |
| 有価証券報告書－第9期(令和2年11月1日－令和3年10月31日) | S100NAIH | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAIH,, |
| 有価証券報告書－第8期(令和1年11月1日－令和2年10月31日) | S100KLVA | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLVA,, |

## 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).