# GameWith,Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/06/01－2026/05/31) (S100YYH7)
> Page: https://vizora.meequs.com/en/company/gamewith
> Retrieved: 2026-09-30T20:58:25.547Z

## Company

GameWith, founded in 2013, is a company in Broadband & ISPs listed on TSE Standard. It has 178 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GameWith, Inc. |
| Ticker | 6552 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6552.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田一丁目4番1号 |
| Representative (per filing) | 代表取締役社長 今泉 卓也 |
| Founded | Jun 2013 |
| Share capital | ¥553.8M |
| Employees (consolidated) | 178 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | May |
| Website | gamewith.co.jp (https://gamewith.co.jp/) |
| Corporate number | 2010401106079 |
| EDINET | E33254 |
| Industries (Vizora) | Broadband & ISPs, Internet Services & Apps, Events & Ticketing |

> Profile source: annual securities report (S100YYH7, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.3 | 40 |
| Profitability | 20.6 | 51 |
| Cash conversion | 91.9 | 43 |
| Efficiency | 64.4 | 52 |

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 57% of GameWith's sales come from Media, with ESports entertainment and ISP making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +17.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Media 57.1%、ESports entertainment 28.7%、ISP 10.7%、Other 3.5%
- Revenue → net income: ¥4047064000 → ¥25099000
- Net income → operating cash flow: ¥25099000 → ¥302743000（difference ¥277644000）
- Main uses of operating cash flow: CapEx ¥115517000 / dividends — / buybacks —
- Change in cash: ¥177728000
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 | ¥4.05B |  |
| Operating income | ¥101.7M | Margin 2.5% |
| Net income | ¥25.1M | Margin 0.6% |
| Free cash flow | ¥187.2M |  |
| Largest business | Media | of segment revenue 57.1% |
| Employees (consolidated) | 178 |  |
| EPS | ¥4.59 |  |
| Diluted EPS | ¥4.59 |  |
| Book value per share | ¥147.91 |  |
| Equity ratio | 76.0% |  |
| Shares outstanding | 18,348,200 |  |
| Treasury shares | 885,000 |  |
| Shareholders | 7,267 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 65.1% | Cash ÷ revenue 57.3% |
| Vs. industry median margin | -5.1 pp | Internet Services & Apps |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 65% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2880080000 | ¥4047064000 | +40.5% |
| Operating income | ¥-209799000 | ¥101734000 | — |
| Operating margin | -7.3% | 2.5% | +9.8 pp |
| Employees | 152 people | 178 people | +17.1% |
| Cash and equivalents | ¥3530036000 | ¥2320604000 | -34.3% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. 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 → メディア | 57.1% |
| 新設・再編 → eスポーツ・エンタメ | 28.7% |
| 新設・再編 → ISP | 10.7% |
| 新設・再編 → その他 | 3.5% |

Segment revenue source references: 4 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media | 4 years | -0.9% | ¥2312880000 | 26.9% | 2 |
| ESports entertainment | 4 years | +17.4% | ¥1162162000 | -1.4% | 2 |
| ISP | — | — | ¥431459000 | -2.8% | 2 |
| Other | 4 years | +6.7% | ¥140562000 | -68.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,047 | 100.0% | S100YYH7 |
| Cost of revenue | 2,491 | 61.6% | S100YYH7 |
| Gross profit | 1,556 | 38.4% | S100YYH7 |
| SG&A | 1,454 | 35.9% | S100YYH7 |
| Operating income | 102 | 2.5% | S100YYH7 |
| Ordinary income | 117 | 2.9% | S100YYH7 |
| Pretax income | 101 | 2.5% | S100YYH7 |
| Income tax | 76 | 1.9% | S100YYH7 |
| Net income | 25 | 0.6% | S100YYH7 |
| Net income attributable to owners | 25 | 0.6% | S100YYH7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 36 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 38.4% → Operating margin 2.5% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,452 | 4,047 | 595 | +17.2% |
| Gross profit | 1,227 | 1,556 | 329 | +26.8% |
| Operating income | -197 | 102 | 299 | — |
| Net income attributable to owners | -236 | 25 | 261 | — |
| Operating cash flow | -269 | 303 | 571 | — |
| Free cash flow | -329 | 187 | 517 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 2,890 | 408 | 14.1% | 219 | 437 | 431 | S100MEXZ |
| FY ending May 2021 | 2,880 | -210 | -7.3% | -218 | -393 | -467 | S100P2SH |
| FY ending May 2022 | 3,121 | 200 | 6.4% | 119 | 675 | 664 | S100RR0B |
| FY ending May 2023 | 3,512 | 337 | 9.6% | 179 | 189 | 183 | S100U9XF |
| FY ending May 2024 | 3,498 | 67 | 1.9% | -348 | 141 | 132 | S100WLAB |
| FY ending May 2025 | 3,452 | -197 | -5.7% | -236 | -269 | -329 | S100YYH7 |
| FY ending May 2026 | 4,047 | 102 | 2.5% | 25 | 303 | 187 | S100YYH7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.7M |
| Operating income per employee (consolidated) | ¥571.5K |
| Net income per employee (consolidated) | ¥141K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 179 | 173 | 175 | 177 | 178 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 31.6 years | 32.2 years | 33.4 years | 34.2 years | 35.0 years |
| Average tenure (parent company) | 3.0 years | 3.4 years | 4.0 years | 4.4 years | 4.8 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +17.2%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media | 2,313 | 57.1% | 623 | 26.9% |
| ESports entertainment | 1,162 | 28.7% | -16 | -1.4% |
| ISP | 431 | 10.7% | -12 | -2.8% |
| Other | 141 | 3.5% | -97 | -68.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media | 57.1% | 100.0% | 42.9 | 26.9% |
| ESports entertainment | 28.7% | — | — | -1.4% |
| ISP | 10.7% | — | — | -2.8% |
| Other | 3.5% | — | — | -68.9% |

Loss-making segment (excluded from profit shares): ESports entertainment -16 JPY mn

Loss-making segment (excluded from profit shares): ISP -12 JPY mn

Loss-making segment (excluded from profit shares): Other -97 JPY mn

Segment → industry: ISP → Broadband & ISPs / Media → Internet Services & Apps / ESports entertainment → Events & Ticketing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 303 | 7.5% | S100YYH7 |
| Capital expenditure | 116 | 2.9% | S100YYH7 |
| Free cash flow | 187 | 4.6% | 算出 |
| Investing cash flow | -81 | -2.0% | S100YYH7 |
| Financing cash flow | -45 | -1.1% | S100YYH7 |
| Change in cash | 178 | 4.4% | S100YYH7 |
| Cash and equivalents | 2,321 | 57.3% | S100YYH7 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,558 | 3,192 | 2,829 | 2,143 | 2,321 | S100U9XF, S100WLAB, S100YYH7 |
| Total assets | 4,883 | 4,581 | 3,884 | 3,347 | 3,565 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Net assets | 3,275 | 3,359 | 2,921 | 2,675 | 2,711 | S100U9XF, S100WLAB, S100YYH7 |
| Share capital | 551 | 554 | 554 | 554 | 554 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Property, plant and equipment | 92 | 71 | 52 | 53 | 32 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Intangible assets excluding goodwill | 305 | 265 | 18 | 48 | 156 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Goodwill | 305 | 263 | 15 | — | — | S100RR0B, S100U9XF, S100WLAB |
| Investment securities | 190 | 210 | 224 | 234 | 229 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Current assets | 4,075 | 3,788 | 3,364 | 2,778 | 2,963 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Current liabilities | 982 | 891 | 892 | 641 | 814 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Long-term borrowings | 598 | 303 | 43 | — | — | S100RR0B, S100U9XF, S100WLAB |
| Total liabilities | 1,608 | 1,222 | 963 | 672 | 855 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Equity attributable to owners of parent | 3,269 | 3,354 | 2,906 | 2,670 | 2,695 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Retained earnings | 2,368 | 2,547 | 2,199 | 1,963 | 1,988 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |
| Treasury stock | -200 | -300 | -400 | -400 | -400 | S100RR0B, S100U9XF, S100WLAB, S100YYH7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100YYH7 |
| Property, plant and equipment | 1% | S100YYH7 |
| Intangibles and goodwill | 4% | S100YYH7 |
| Investment securities | 7% | S100YYH7 |
| Other assets | 23% | S100YYH7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YYH7 |
| Equity | 76% | S100YYH7 |
| Other liabilities | 0% | S100YYH7 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,883 | 4,581 | 3,884 | 3,347 | 3,565 |
| Equity | 3,275 | 3,359 | 2,921 | 2,675 | 2,711 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,558 | 3,192 | 2,829 | 2,143 | 2,321 |

## 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) | 0.8% | S100YYH7 |
| Fixed assets ÷ total assets | 0.9% | S100YYH7 |
| Goodwill ÷ parent equity | — | —, S100YYH7 |

### 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) | 65.1% |
| Cash ÷ revenue | 57.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 297.6% |
| Cash vs. profit gap | 278 JPY mn (of net income 1106.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 26.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.8% | 0.64× | 2.4% | 1.49× | 3.6% | S100RR0B |
| 2023 | 5.1% | 0.74× | 3.8% | 1.43× | 5.4% | S100U9XF |
| 2024 | — | —× | -8.2% | —× | — | S100WLAB |
| 2025 | — | —× | -6.5% | —× | — | S100YYH7 |
| 2026 | 0.6% | 1.17× | 0.7% | 1.29× | 0.9% | S100YYH7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 今泉 卓也 | Major shareholder | 30.8% | 2026-05-31 |
| アルテリア・ネットワークス株式会社 | Major shareholder | 21.1% | 2026-05-31 |
| 株式会社デジタルハーツホールディングス | Major shareholder | 5.3% | 2026-05-31 |
| 奥村 陽一郎 | Major shareholder | 3.6% | 2026-05-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.5% | 2026-05-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.5% | 2026-05-31 |
| 山下 良久 | Major shareholder | 1.1% | 2026-05-31 |
| 松井証券株式会社 | Major shareholder | 1.0% | 2026-05-31 |
| 森 樹雄 | Major shareholder | 0.9% | 2026-05-31 |
| 井上 健 | Major shareholder | 0.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/06/01－2026/05/31) | S100YYH7 | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYH7,, |
| 有価証券報告書－第12期(2024/06/01－2025/05/31) | S100WLAB | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLAB,, |
| 有価証券報告書－第11期(2023/06/01－2024/05/31) | S100U9XF | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9XF,, |
| 有価証券報告書－第10期(2022/06/01－2023/05/31) | S100RR0B | 2023-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR0B,, |
| 有価証券報告書－第9期(令和3年6月1日－令和4年5月31日) | S100P2SH | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2SH,, |
| 訂正有価証券報告書－第8期(令和2年6月1日－令和3年5月31日) | S100MEXZ | 2021-09-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MEXZ,, |

## 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).