# GDEP ADVANCE, Inc.: business model and financials

> Latest period: FY ending May 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/06/01－2026/05/31) (S100YXZQ)
> Page: https://vizora.meequs.com/en/company/gdep-advance
> Retrieved: 2026-09-30T19:51:24.860Z

## Company

Gdep Advance, founded in 1978, is a company in PCs & Peripherals listed on TSE Standard. It has 34 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GDEP ADVANCE,Inc. |
| Ticker | 5885 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5885.T) |
| Listing | TSE Standard |
| Head office | 宮城県仙台市青葉区国分町三丁目4番33 |
| Representative (per filing) | 代表取締役CEO 執行役員 飯野 匡道 |
| Founded | Dec 1978 |
| Share capital | ¥298.7M |
| Employees (consolidated) | 34 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | May |
| Website | info.gdep.co.jp (https://info.gdep.co.jp/) |
| Corporate number | 1010001173009 |
| EDINET | E38684 |
| Industries (Vizora) | PCs & Peripherals |

> Profile source: annual securities report (S100YXZQ, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: PCs & Peripherals (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 11 |
| Profitability | 96.4 | 14 |
| Cash conversion | 13.6 | 11 |
| Efficiency | 39.3 | 14 |

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)

- Gdep Advance brought in ¥6.95B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +33.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.95B |  |
| Operating income | ¥1.12B | Margin 16.1% |
| Net income | ¥786.6M | Margin 11.3% |
| Free cash flow | -¥1.49B |  |
| Employees (consolidated) | 34 |  |
| EPS | ¥144.6 |  |
| Diluted EPS | ¥141.72 |  |
| Book value per share | ¥641.34 |  |
| Equity ratio | 60.9% |  |
| Shares outstanding | 5,498,400 |  |
| Treasury shares | 500 |  |
| Shareholders | 3,436 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 30.6% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +12.4 pp | PCs & Peripherals |
| ROE | 24.7% | Derived from disclosed figures |
| ROA | 15.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 31% of total assets

## What changed in 4 years

| Metric | FY ending May 2022 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3491177000 | ¥6949010000 | +99.0% |
| Operating income | ¥405573000 | ¥1117410000 | +175.5% |
| Operating margin | 11.6% | 16.1% | +4.5 pp |
| Employees | 21 people | 34 people | +61.9% |
| Cash and equivalents | ¥1352920000 | ¥1771944000 | +31.0% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,949 | 100.0% | S100YXZQ |
| Cost of revenue | 5,213 | 75.0% | S100YXZQ |
| Gross profit | 1,736 | 25.0% | S100YXZQ |
| SG&A | 618 | 8.9% | S100YXZQ |
| Operating income | 1,117 | 16.1% | S100YXZQ |
| Ordinary income | 1,171 | 16.8% | S100YXZQ |
| Pretax income | 1,171 | 16.8% | S100YXZQ |
| Income tax | 384 | 5.5% | S100YXZQ |
| Net income | 787 | 11.3% | S100YXZQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 9 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 25.0% → Operating margin 16.1% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +33.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.89×
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 | 6,631 | 6,949 | 318 | +4.8% |
| Gross profit | 1,338 | 1,736 | 398 | +29.8% |
| Operating income | 840 | 1,117 | 278 | +33.0% |
| Operating cash flow | 596 | -1,450 | -2,046 | -343.1% |
| Free cash flow | 472 | -1,490 | -1,961 | -415.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2022 | 3,491 | 406 | 11.6% | 283 | 466 | 458 | S100RRDW |
| FY ending May 2023 | 3,779 | 557 | 14.7% | 378 | 582 | 576 | S100UAJX |
| FY ending May 2024 | 4,422 | 663 | 15.0% | 432 | 758 | 682 | S100WKSA |
| FY ending May 2025 | 6,631 | 840 | 12.7% | 537 | 596 | 472 | S100YXZQ |
| FY ending May 2026 | 6,949 | 1,117 | 16.1% | 787 | -1,450 | -1,490 | S100YXZQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥204.4M |
| Operating income per employee (consolidated) | ¥32.9M |
| Net income per employee (consolidated) | ¥23.1M |

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) | 21 | 21 | 21 | 31 | 34 |
| Average salary (parent company) | — | ¥7M | ¥5.3M | ¥5.8M | ¥7.3M |
| Average age (parent company) | — | 41.3 years | 42.4 years | 41.2 years | 43.8 years |
| Average tenure (parent company) | — | 2.8 years | 3.4 years | 3.0 years | 2.8 years |

Year over year: Employees (consolidated) +9.7% · Revenue (consolidated) +4.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,450 | -20.9% | S100YXZQ |
| Capital expenditure | 40 | 0.6% | S100YXZQ |
| Free cash flow | -1,490 | -21.4% | 算出 |
| Investing cash flow | -43 | -0.6% | S100YXZQ |
| Financing cash flow | -109 | -1.6% | S100YXZQ |
| Dividends paid | 124 | 1.8% | S100YXZQ |
| Share buyback | 0 | 0.0% | S100YXZQ |
| Change in cash | -1,562 | -22.5% | S100YXZQ |
| Cash and equivalents | 1,772 | 25.5% | S100YXZQ |

## 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 | 1,353 | 1,880 | 3,006 | 3,334 | 1,772 | S100UAJX, S100WKSA, S100YXZQ |
| Total assets | 2,147 | 2,731 | 4,335 | 4,609 | 5,793 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Net assets | 1,201 | 1,523 | 2,391 | 2,852 | 3,536 | S100UAJX, S100WKSA, S100YXZQ |
| Share capital | 30 | 30 | 285 | 291 | 299 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Property, plant and equipment | 27 | 12 | 77 | 135 | 73 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Intangible assets excluding goodwill | 10 | 7 | 4 | 32 | 41 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Current assets | 2,072 | 2,664 | 4,219 | 4,391 | 5,610 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Current liabilities | 519 | 674 | 1,271 | 1,027 | 1,426 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Total liabilities | 946 | 1,208 | 1,944 | 1,757 | 2,258 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Equity attributable to owners of parent | 1,201 | 1,523 | 2,391 | 2,849 | 3,526 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Retained earnings | 540 | 862 | 1,220 | 1,667 | 2,329 | S100RRDW, S100UAJX, S100WKSA, S100YXZQ |
| Treasury stock | -31 | — | -0 | -1 | -1 | S100RRDW, S100WKSA, S100YXZQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YXZQ |
| Property, plant and equipment | 1% | S100YXZQ |
| Intangibles and goodwill | 1% | S100YXZQ |
| Other assets | 67% | S100YXZQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YXZQ |
| Equity | 61% | S100YXZQ |
| Other liabilities | 0% | S100YXZQ |

### 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 | 2,147 | 2,731 | 4,335 | 4,609 | 5,793 |
| Equity | 1,201 | 1,523 | 2,391 | 2,852 | 3,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,353 | 1,880 | 3,006 | 3,334 | 1,772 |

## 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) | 1.0% | S100YXZQ |
| Fixed assets ÷ total assets | 1.3% | S100YXZQ |
| Goodwill ÷ parent equity | — | —, S100YXZQ |

### 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) | 30.6% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -129.7% |
| Cash vs. profit gap | -2,236 JPY mn (of net income -284.3%) |
| Shareholder returns / net income | 15.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| 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 | 8.1% | 1.63× | 13.2% | 1.79× | 23.6% | S100RRDW |
| 2023 | 10.0% | 1.55× | 15.5% | 1.79× | 27.8% | S100UAJX |
| 2024 | 9.8% | 1.25× | 12.2% | 1.81× | 22.1% | S100WKSA |
| 2025 | 8.1% | 1.48× | 12.0% | 1.71× | 20.5% | S100YXZQ |
| 2026 | 11.3% | 1.34× | 15.1% | 1.63× | 24.7% | S100YXZQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＩＡＭ | Major shareholder | 55.1% | 2026-05-31 |
| 飯野 亜矢子 | Major shareholder | 5.5% | 2026-05-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.5% | 2026-05-31 |
| 飯野 匡道 | Major shareholder | 1.9% | 2026-05-31 |
| 上嶋 秀治 | Major shareholder | 1.9% | 2026-05-31 |
| 大本 敦 | Major shareholder | 1.1% | 2026-05-31 |
| 大橋 達夫 | Major shareholder | 1.0% | 2026-05-31 |
| 株式会社上商 | Major shareholder | 0.9% | 2026-05-31 |
| 小島 広 | Major shareholder | 0.7% | 2026-05-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.6% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/06/01－2026/05/31) | S100YXZQ | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXZQ,, |
| 有価証券報告書－第10期(2024/06/01－2025/05/31) | S100WKSA | 2025-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKSA,, |
| 有価証券報告書－第9期(2023/06/01－2024/05/31) | S100UAJX | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAJX,, |
| 有価証券報告書－第8期(2022/06/01－2023/05/31) | S100RRDW | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRDW,, |

## 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).