# GALA INCORPORATED: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第33期(2025/01/01－2025/12/31) (S100Y86A)
> Page: https://vizora.meequs.com/en/company/gala
> Retrieved: 2026-09-30T19:42:04.873Z

## Company

Gala, founded in 1993, is a company in Games listed on TSE Standard. It has 72 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GALA INCORPORATED |
| Ticker | 4777 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4777.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷二丁目21番1号 |
| Representative (per filing) | 代表取締役グループCEO キム ヒョンス |
| Founded | Sep 1993 |
| Share capital | ¥4.49B |
| Employees (consolidated) | 72 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.gala.jp (https://www.gala.jp/) |
| Corporate number | 8011001026934 |
| EDINET | E05114 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100Y86A, filed 2026-06-02). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 13.4 | 41 |
| Efficiency | 40.2 | 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)

- About 96% of Gala's sales come from Korea, with Japan making up much of the rest.
- It lost about ¥9 for every ¥100 of sales at the operating level.
- Revenue changed +10.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.59B |  |
| Operating income | -¥221.7M | Margin -8.6% |
| Net income | -¥532.3M | Margin -20.6% |
| Free cash flow | -¥173.1M |  |
| Largest business | Korea | of segment revenue 96.1% |
| Employees (consolidated) | 72 |  |
| EPS | ¥-17.69 |  |
| Book value per share | ¥-9.84 |  |
| Equity ratio | 12.2% |  |
| Shares outstanding | 28,024,900 |  |
| Shareholders | 8,719 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 12.3% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | -14 pp | Games |
| ROA | -13.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 2 years

| Metric | FY ending Mar 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3207780000 | ¥2589328000 | -19.3% |
| Operating income | ¥437919000 | ¥-221730000 | -150.6% |
| Operating margin | 13.7% | -8.6% | -22.2 pp |
| Employees | 60 people | 72 people | +20.0% |
| Cash and equivalents | ¥1839156000 | ¥448211000 | -75.6% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 日本 → 日本 | 1.0% |
| 韓国 → 韓国 | 96.1% |
| 韓国 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 日本 | 2.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,589 | 100.0% | S100Y86A |
| Cost of revenue | 1,055 | 40.7% | S100Y86A |
| Gross profit | 1,534 | 59.3% | S100Y86A |
| SG&A | 1,756 | 67.8% | S100Y86A |
| Operating income | -222 | -8.6% | S100Y86A |
| Ordinary income | -253 | -9.8% | S100Y86A |
| Pretax income | -780 | -30.1% | S100Y86A |
| Income tax | 42 | 1.6% | S100Y86A |
| Net income | -822 | -31.8% | S100Y86A |
| Net income attributable to owners | -532 | -20.6% | S100Y86A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 68 |
| Operating income | -9 |
| (Ref.) Net income | -21 |

### Margin funnel

Gross margin 59.3% → Operating margin -8.6% → Net margin -20.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,351 | 2,589 | 238 | +10.1% |
| Gross profit | 1,409 | 1,534 | 126 | +8.9% |
| Operating income | -448 | -222 | 226 | — |
| Net income attributable to owners | -908 | -532 | 376 | — |
| Operating cash flow | -299 | -86 | 213 | — |
| Free cash flow | -2,010 | -173 | 1,837 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 3,208 | 438 | 13.7% | 331 | 546 | 275 | S100UQBL |
| FY ending Dec 2023 | 1,498 | -296 | -19.8% | -230 | -131 | -326 | S100VJ8N |
| FY ending Dec 2024 | 2,351 | -448 | -19.0% | -908 | -299 | -2,010 | S100Y86A |
| FY ending Dec 2025 | 2,589 | -222 | -8.6% | -532 | -86 | -173 | S100Y86A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | -¥3.1M |
| Net income per employee (consolidated) | -¥7.4M |

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

| History | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 60 | 110 | 93 | 72 |
| Average salary (parent company) | — | ¥5M | ¥5.2M | ¥6.1M |
| Average age (parent company) | — | 46.6 years | 48.1 years | 45.5 years |
| Average tenure (parent company) | — | 17.6 years | 18.4 years | 11.0 years |

Year over year: Employees (consolidated) -22.6% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 102 | 3.9% | -486 | -476.1% |
| Korea | 2,487 | 96.1% | 247 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 3.9% | — | — | -476.1% |
| Korea | 96.1% | 100.0% | 3.9 | 9.9% |

Loss-making segment (excluded from profit shares): Japan -486 JPY mn

Segment → industry: Korea → Games / Japan → Games

## 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 | -86 | -3.3% | S100Y86A |
| Capital expenditure | 87 | 3.4% | S100Y86A |
| Free cash flow | -173 | -6.7% | 算出 |
| Investing cash flow | -117 | -4.5% | S100Y86A |
| Financing cash flow | 126 | 4.8% | S100Y86A |
| Change in cash | -69 | -2.7% | S100Y86A |
| Cash and equivalents | 448 | 17.3% | S100Y86A |

## 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 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,839 | 933 | 517 | 448 | S100VJ8N, S100Y86A |
| Total assets | 3,023 | 3,356 | 4,366 | 3,639 | S100UQBL, S100VJ8N, S100Y86A |
| Net assets | 2,235 | 2,015 | 1,803 | 1,020 | S100VJ8N, S100Y86A |
| Share capital | 4,214 | 4,214 | 4,491 | 4,491 | S100UQBL, S100VJ8N, S100Y86A |
| Inventories | 1 | 4 | 4 | 4 | S100UQBL, S100VJ8N, S100Y86A |
| Property, plant and equipment | 273 | 561 | 2,139 | 1,616 | S100UQBL, S100VJ8N, S100Y86A |
| Intangible assets excluding goodwill | 109 | 511 | 42 | 1 | S100UQBL, S100VJ8N, S100Y86A |
| Goodwill | 93 | 447 | — | — | S100UQBL, S100VJ8N |
| Investment securities | 0 | 0 | 0 | 218 | S100UQBL, S100VJ8N, S100Y86A |
| Current assets | 2,182 | 1,721 | 1,540 | 1,243 | S100UQBL, S100VJ8N, S100Y86A |
| Current liabilities | 312 | 796 | 1,995 | 2,013 | S100UQBL, S100VJ8N, S100Y86A |
| Short-term borrowings | — | 270 | 1,229 | 1,358 | S100VJ8N, S100Y86A |
| Long-term borrowings | 31 | 51 | 99 | 70 | S100UQBL, S100VJ8N, S100Y86A |
| Total liabilities | 789 | 1,341 | 2,564 | 2,620 | S100UQBL, S100VJ8N, S100Y86A |
| Non-controlling interests | 387 | 385 | 834 | 574 | S100UQBL, S100VJ8N, S100Y86A |
| Equity attributable to owners of parent | 2,168 | 1,936 | 1,316 | 783 | S100UQBL, S100VJ8N, S100Y86A |
| Retained earnings | -4,906 | -5,136 | -6,044 | -6,576 | S100UQBL, S100VJ8N, S100Y86A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y86A |
| Inventories | 0% | S100Y86A |
| Property, plant and equipment | 45% | S100Y86A |
| Intangibles and goodwill | 0% | S100Y86A |
| Investment securities | 6% | S100Y86A |
| Other assets | 37% | S100Y86A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100Y86A |
| Equity | 28% | S100Y86A |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 3,023 | 3,356 | 4,366 | 3,639 |
| Equity | 2,235 | 2,015 | 1,803 | 1,020 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,839 | 933 | 517 | 448 |

## 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) | 62.4% | S100Y86A |
| Fixed assets ÷ total assets | 44.4% | S100Y86A |
| Goodwill ÷ parent equity | — | —, S100Y86A |

### 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) | 12.3% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 446 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 10.3% | 1.06× | 10.9% | 1.39× | 15.3% | S100UQBL |
| 2023 | — | —× | -6.9% | —× | — | S100VJ8N |
| 2024 | — | —× | -23.5% | —× | — | S100Y86A |
| 2025 | — | —× | -13.3% | —× | — | S100Y86A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Megazone Cloud Corporation （常任代理人リーディング証券株式会社） | Major shareholder | 36.0% | 2025-12-31 |
| 菊川 曉 | Major shareholder | 16.2% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| KOREA SECURITIES DEPOSITORY-SAMSUNG （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2025-12-31 |
| KSD-MIRAE ASSET SECURITIES(CLIENT) （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.9% | 2025-12-31 |
| 井上 博幸 | Major shareholder | 0.9% | 2025-12-31 |
| 三菱UFJ eスマート証券株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| 見城 新 | Major shareholder | 0.5% | 2025-12-31 |
| SOCIETE GENERALE PARIS／BT REGISTRATION MARC／OPT （常任代理人ソシエテ・ジェネラル証券株式会社） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第33期(2025/01/01－2025/12/31) | S100Y86A | 2026-06-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y86A,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VJ8N | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJ8N,, |
| 訂正有価証券報告書－第31期(2023/04/01－2023/12/31) | S100UQBL | 2024-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UQBL,, |

## 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).