# Gaiax Co.Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/01/01－2025/12/31) (S100XUBY)
> Page: https://vizora.meequs.com/en/company/gaiax
> Retrieved: 2026-09-30T19:06:18.819Z

## Company

Gaiax, founded in 1999, is a company in Internet Services & Apps listed on Nagoya. It has 124 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gaiax Co.Ltd. |
| Ticker | 3775 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3775.T) |
| Listing | Nagoya |
| Head office | 東京都千代田区平河町二丁目5番3号 |
| Representative (per filing) | 代表執行役社長 上田 祐司 |
| Founded | Mar 1999 |
| Share capital | ¥10M |
| Employees (consolidated) | 124 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.gaiax.co.jp (https://www.gaiax.co.jp/) |
| Corporate number | 1010701022159 |
| EDINET | E05497 |
| Industries (Vizora) | Internet Services & Apps, Venture Capital, Advertising |

> Profile source: annual securities report (S100XUBY, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.5 | 57 |
| Profitability | 62.2 | 86 |
| Cash conversion | 74 | 75 |
| Efficiency | 68 | 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 68% of Gaiax's sales come from Social media service business, with Incubation Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit -31.2%.

## Company structure

- Segment revenue mix: Social media service business 68.0%、Incubation Business 32.0%
- Revenue → net income: ¥3498673000 → ¥219584000
- Net income → operating cash flow: ¥219584000 → ¥310749000（difference ¥91165000）
- Main uses of operating cash flow: CapEx ¥23629000 / dividends ¥25951000 / buybacks —
- Change in cash: ¥243716000
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 | ¥3.5B |  |
| Operating income | ¥254.8M | Margin 7.3% |
| Net income | ¥218.6M | Margin 6.2% |
| Free cash flow | ¥287.1M |  |
| Largest business | Social media service business | of segment revenue 68.0% |
| Employees (consolidated) | 124 |  |
| EPS | ¥39.86 |  |
| Book value per share | ¥252.96 |  |
| Equity ratio | 55.4% |  |
| Shares outstanding | 5,337,452 |  |
| Treasury shares | 234,700 |  |
| Shareholders | 3,532 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 47.8% | Cash ÷ revenue 31.4% |
| Vs. industry median margin | -0.4 pp | Internet Services & Apps |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 64% of positive segment profit
- FY2025, cash is 48% of total assets
- FY2025, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2445566000 | ¥3498673000 | +43.1% |
| Operating income | ¥173232000 | ¥254824000 | +47.1% |
| Operating margin | 7.1% | 7.3% | +0.2 pp |
| Employees | 142 people | 124 people | -12.7% |
| Cash and equivalents | ¥796114000 | ¥1099969000 | +38.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ソーシャルメディアサービス事業 → 事業再編・廃止 | 61.3% |
| インキュベーション事業 → 事業再編・廃止 | 38.7% |
| 新設・再編 → ソーシャルメディアサービス事業 | 68.0% |
| 新設・再編 → インキュベーション事業 | 32.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,499 | 100.0% | S100XUBY |
| Cost of revenue | 1,344 | 38.4% | S100XUBY |
| Gross profit | 2,155 | 61.6% | S100XUBY |
| SG&A | 1,900 | 54.3% | S100XUBY |
| Operating income | 255 | 7.3% | S100XUBY |
| Ordinary income | 204 | 5.8% | S100XUBY |
| Pretax income | 183 | 5.2% | S100XUBY |
| Income tax | -36 | -1.0% | S100XUBY |
| Net income | 220 | 6.3% | S100XUBY |
| Net income attributable to owners | 219 | 6.2% | S100XUBY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 54 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 61.6% → Operating margin 7.3% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.8%; Core profit growth: -31.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.21×
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 | 3,370 | 3,499 | 128 | +3.8% |
| Gross profit | 2,182 | 2,155 | -27 | -1.3% |
| Operating income | 371 | 255 | -116 | -31.2% |
| Net income attributable to owners | 286 | 219 | -68 | -23.6% |
| Operating cash flow | 391 | 311 | -80 | -20.5% |
| Free cash flow | 379 | 287 | -92 | -24.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,015 | -303 | -15.0% | -293 | -270 | -281 | S100L3DD |
| FY ending Dec 2020 | 2,446 | 173 | 7.1% | 155 | 217 | 193 | S100NSX7 |
| FY ending Dec 2021 | 2,197 | -195 | -8.9% | -30 | -156 | -191 | S100QIME |
| FY ending Dec 2022 | 2,598 | -210 | -8.1% | -342 | -101 | -122 | S100T6BG |
| FY ending Dec 2023 | 2,718 | 136 | 5.0% | 279 | -34 | -64 | S100VJ4U |
| FY ending Dec 2024 | 3,370 | 371 | 11.0% | 286 | 391 | 379 | S100XUBY |
| FY ending Dec 2025 | 3,499 | 255 | 7.3% | 219 | 311 | 287 | S100XUBY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.2M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 133 | 130 | 135 | 132 | 124 |
| Average salary (parent company) | ¥5.6M | ¥6M | ¥6.1M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 36.2 years | 35.6 years | 35.7 years | 37.7 years | 38.0 years |
| Average tenure (parent company) | 6.4 years | 6.3 years | 6.7 years | 7.7 years | 7.1 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Social media service business | 2,378 | 68.0% | 227 | 9.5% |
| Incubation Business | 1,121 | 32.0% | 406 | 36.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Social media service business | 68.0% | 35.8% | -32.1 | 9.5% |
| Incubation Business | 32.0% | 64.2% | 32.1 | 36.2% |

Segment → industry: Social media service business → Internet Services & Apps / Incubation Business → Venture Capital / Social media service business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 311 | 8.9% | S100XUBY |
| Capital expenditure | 24 | 0.7% | S100XUBY |
| Free cash flow | 287 | 8.2% | 算出 |
| Investing cash flow | -75 | -2.1% | S100XUBY |
| Financing cash flow | 8 | 0.2% | S100XUBY |
| Dividends paid | 26 | 0.7% | S100XUBY |
| Change in cash | 244 | 7.0% | S100XUBY |
| Cash and equivalents | 1,100 | 31.4% | S100XUBY |

## 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 | 719 | 648 | 632 | 856 | 1,100 | S100T6BG, S100VJ4U, S100XUBY |
| Total assets | 2,683 | 2,204 | 2,008 | 2,340 | 2,303 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Net assets | 1,760 | 1,331 | 1,331 | 1,265 | 1,292 | S100T6BG, S100VJ4U, S100XUBY |
| Share capital | 100 | 150 | 100 | 100 | 10 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Trade receivables | 231 | 288 | 320 | 443 | 359 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Property, plant and equipment | 85 | 19 | 26 | 22 | 26 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Intangible assets excluding goodwill | 148 | 1 | 64 | 57 | 51 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Goodwill | 148 | — | 52 | 40 | 26 | S100QIME, S100VJ4U, S100XUBY |
| Investment securities | 2 | 2 | 2 | — | — | S100QIME, S100T6BG, S100VJ4U |
| Current assets | 2,391 | 2,128 | 1,899 | 2,173 | 2,164 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Current liabilities | 423 | 487 | 463 | 725 | 615 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Trade payables | 51 | 61 | 79 | 116 | 91 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Short-term borrowings | — | — | — | 92 | — | S100XUBY |
| Long-term borrowings | 110 | 70 | 53 | 222 | 320 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Total liabilities | 923 | 873 | 677 | 1,076 | 1,012 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Non-controlling interests | 18 | — | — | — | 4 | S100QIME, S100XUBY |
| Equity attributable to owners of parent | 890 | 649 | 903 | 908 | 1,101 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Retained earnings | -949 | -1,291 | -1,012 | -725 | -211 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |
| Treasury stock | -68 | -68 | -68 | -68 | -68 | S100QIME, S100T6BG, S100VJ4U, S100XUBY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XUBY |
| Receivables | 16% | S100XUBY |
| Property, plant and equipment | 1% | S100XUBY |
| Intangibles and goodwill | 3% | S100XUBY |
| Other assets | 32% | S100XUBY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XUBY |
| Other liabilities | 40% | S100XUBY |
| Equity | 56% | S100XUBY |
| Other liabilities | 0% | S100XUBY |

### 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 | 2,683 | 2,204 | 2,008 | 2,340 | 2,303 |
| Equity | 1,760 | 1,331 | 1,331 | 1,265 | 1,292 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 719 | 648 | 632 | 856 | 1,100 |

## 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) | 0.7% | S100XUBY |
| Fixed assets ÷ total assets | 1.1% | S100XUBY |
| Goodwill ÷ parent equity | 2.3% | S100XUBY |

Goodwill over 4 years: 148 → 26 JPY; total investing cash flow: -170 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) | 47.8% |
| Cash ÷ revenue | 31.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.9% |
| Cash vs. profit gap | 92 JPY mn (of net income 42.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 9.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 24.2% |

## 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 | — | —× | -1.1% | —× | — | S100QIME |
| 2022 | — | —× | -14.0% | —× | — | S100T6BG |
| 2023 | 10.3% | 1.29× | 13.3% | 2.71× | 36.0% | S100VJ4U |
| 2024 | 8.5% | 1.55× | 13.2% | 2.40× | 31.6% | S100XUBY |
| 2025 | 6.2% | 1.51× | 9.4% | 2.31× | 21.8% | S100XUBY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上田 祐司 | Major shareholder | 10.5% | 2025-12-31 |
| 小方 麻貴 | Major shareholder | 2.9% | 2025-12-31 |
| 小高 奈皇光 | Major shareholder | 2.5% | 2025-12-31 |
| 三和システム株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 秋成 和子 | Major shareholder | 1.8% | 2025-12-31 |
| 冨澤 義雄 | Major shareholder | 1.7% | 2025-12-31 |
| ガイアックス役員持株会 | Major shareholder | 1.5% | 2025-12-31 |
| 西野 恒五郎 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社エフアンドエム | Major shareholder | 1.1% | 2025-12-31 |
| 松田 航 | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/01/01－2025/12/31) | S100XUBY | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUBY,, |
| 有価証券報告書－第27期(2024/01/01－2024/12/31) | S100VJ4U | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ4U,, |
| 有価証券報告書－第26期(2023/01/01－2023/12/31) | S100T6BG | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6BG,, |
| 有価証券報告書－第25期(2022/01/01－2022/12/31) | S100QIME | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIME,, |
| 有価証券報告書－第24期(令和3年1月1日－令和3年12月31日) | S100NSX7 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSX7,, |
| 有価証券報告書－第23期(令和2年1月1日－令和2年12月31日) | S100L3DD | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3DD,, |

## 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).