# GiXo Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/07/01－2026/06/30) (S100Z45E)
> Page: https://vizora.meequs.com/en/company/gixo
> Retrieved: 2026-09-30T21:00:30.202Z

## Company

GiXo, founded in 2019, is a company in Consulting listed on TSE Growth. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GiXo Ltd. |
| Ticker | 9219 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9219.T) |
| Listing | TSE Growth |
| Head office | 東京都港区三田一丁目4番28号三田国際ビル2階 |
| Representative (per filing) | 代表取締役CEO 網野 知博 |
| Founded | Aug 2019 |
| Share capital | ¥292.9M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | June |
| Website | www.gixo.jp (https://www.gixo.jp/) |
| Corporate number | 8011001092828 |
| EDINET | E37546 |
| Industries (Vizora) | Consulting |

> Profile source: annual securities report (S100Z45E, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 3.4 | 44 |
| Cash conversion | 98.9 | 44 |
| Efficiency | 51.1 | 44 |

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 99% of GiXo's sales come from Data-Informed, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +15.3% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.77B |  |
| Operating income | ¥25.3M | Margin 0.9% |
| Net income | -¥35.6M | Margin -1.3% |
| Free cash flow | ¥283.3M |  |
| Largest business | Data-Informed | of segment revenue 98.8% |
| Employees (consolidated) | 137 |  |
| EPS | ¥4.44 |  |
| Diluted EPS | ¥4.43 |  |
| Book value per share | ¥302.99 |  |
| Equity ratio | 59.8% |  |
| Shares outstanding | 5,596,775 |  |
| Treasury shares | 100 |  |
| Shareholders | 2,511 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 54.7% | Cash ÷ revenue 53.8% |
| Vs. industry median margin | -8.6 pp | Consulting |
| ROA | -1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 55% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥722275000 | ¥2765460000 | — |
| Operating income | ¥54774000 | ¥25296000 | — |
| Operating margin | 7.6% | 0.9% | -6.7 pp |
| Employees | 28 people | 137 people | — |
| Cash and equivalents | ¥1234810000 | ¥1487795000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 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 → Data-Informed | 98.8% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,765 | 100.0% | S100Z45E |
| Cost of revenue | 1,854 | 67.1% | S100Z45E |
| Gross profit | 911 | 32.9% | S100Z45E |
| SG&A | 886 | 32.0% | S100Z45E |
| Operating income | 25 | 0.9% | S100Z45E |
| Ordinary income | 3 | 0.1% | S100Z45E |
| Pretax income | 7 | 0.3% | S100Z45E |
| Income tax | 43 | 1.6% | S100Z45E |
| Net income | -36 | -1.3% | S100Z45E |
| Net income attributable to owners | -36 | -1.3% | S100Z45E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 32 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 32.9% → Operating margin 0.9% → Net margin -1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,398 | 2,765 | 367 | +15.3% |
| Gross profit | 732 | 911 | 179 | +24.5% |
| Operating income | -100 | 25 | 125 | — |
| Net income attributable to owners | -100 | -36 | 64 | — |
| Operating cash flow | -320 | 290 | 610 | — |
| Free cash flow | -352 | 283 | 635 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 722 | 55 | 7.6% | 51 | -89 | -92 | S100P9LZ |
| FY ending Jun 2022 | 1,057 | 99 | 9.4% | 73 | 69 | 61 | S100RY19 |
| FY ending Jun 2023 | 1,686 | 349 | 20.7% | 245 | 329 | 326 | S100RY19 |
| FY ending Jun 2024 | 2,118 | 134 | 6.3% | 88 | -63 | -69 | S100WQMM |
| FY ending Jun 2025 | 2,398 | -100 | -4.2% | -100 | -320 | -352 | S100Z45E |
| FY ending Jun 2026 | 2,765 | 25 | 0.9% | -36 | 290 | 283 | S100Z45E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥184.6K |
| Net income per employee (consolidated) | -¥259.6K |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 33 | 41 | 73 | 97 | 137 |
| Average salary (parent company) | ¥9M | ¥8.3M | ¥8.7M | ¥7.6M | ¥8.1M |
| Average age (parent company) | 33.2 years | 35.1 years | 35.0 years | 35.7 years | 36.4 years |
| Average tenure (parent company) | 2.7 years | 2.9 years | 2.8 years | 2.5 years | 3.1 years |

Year over year: Employees (consolidated) +41.2% · Revenue (consolidated) +15.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Data-Informed | 2,733 | 98.8% | 27 | 1.0% |
| Other | 32 | 1.2% | -1 | -4.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Data-Informed | 98.8% | 100.0% | 1.2 | 1.0% |
| Other | 1.2% | — | — | -4.0% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Data-Informed → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 290 | 10.5% | S100Z45E |
| Capital expenditure | 7 | 0.2% | S100Z45E |
| Free cash flow | 283 | 10.2% | 算出 |
| Investing cash flow | -302 | -10.9% | S100Z45E |
| Financing cash flow | 315 | 11.4% | S100Z45E |
| Dividends paid | 116 | 4.2% | S100Z45E |
| Change in cash | 303 | 11.0% | S100Z45E |
| Cash and equivalents | 1,488 | 53.8% | S100Z45E |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,623 | 1,899 | 1,772 | 1,185 | 1,488 | S100RY19, S100Z45E |
| Total assets | 1,996 | 2,347 | 2,352 | 2,111 | 2,719 | S100RY19, S100WQMM, S100Z45E |
| Net assets | 1,646 | 1,903 | 2,012 | 1,817 | 1,688 | S100RY19, S100Z45E |
| Share capital | 286 | 286 | 286 | 288 | 293 | S100RY19, S100WQMM, S100Z45E |
| Property, plant and equipment | 57 | 51 | 49 | 78 | 73 | S100RY19, S100WQMM, S100Z45E |
| Intangible assets excluding goodwill | — | — | 0 | 0 | 327 | S100WQMM, S100Z45E |
| Goodwill | — | — | — | — | 276 | S100Z45E |
| Investment securities | — | — | 3 | 53 | 53 | S100WQMM, S100Z45E |
| Current assets | 1,884 | 2,225 | 2,227 | 1,873 | 2,115 | S100RY19, S100WQMM, S100Z45E |
| Current liabilities | 220 | 364 | 305 | 250 | 575 | S100RY19, S100WQMM, S100Z45E |
| Long-term borrowings | 96 | 46 | — | — | 336 | S100RY19, S100Z45E |
| Total liabilities | 350 | 445 | 341 | 294 | 1,031 | S100RY19, S100WQMM, S100Z45E |
| Equity attributable to owners of parent | 1,646 | 1,891 | 1,979 | 1,768 | 1,626 | S100RY19, S100WQMM, S100Z45E |
| Retained earnings | 202 | 447 | 535 | 320 | 168 | S100RY19, S100WQMM, S100Z45E |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100RY19, S100WQMM, S100Z45E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100Z45E |
| Property, plant and equipment | 3% | S100Z45E |
| Intangibles and goodwill | 22% | S100Z45E |
| Investment securities | 2% | S100Z45E |
| Other assets | 18% | S100Z45E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Z45E |
| Equity | 62% | S100Z45E |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,996 | 2,347 | 2,352 | 2,111 | 2,719 |
| Equity | 1,646 | 1,903 | 2,012 | 1,817 | 1,688 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,623 | 1,899 | 1,772 | 1,185 | 1,488 |

## 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) | 2.6% | S100Z45E |
| Fixed assets ÷ total assets | 2.7% | S100Z45E |
| Goodwill ÷ parent equity | 17.0% | S100Z45E |

### 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) | 54.7% |
| Cash ÷ revenue | 53.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1146.0% |
| Cash vs. profit gap | 325 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 40.9% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 104.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.9% | 0.53× | 3.6% | 1.21× | 4.4% | S100RY19 |
| 2023 | 14.5% | 0.78× | 11.3% | 1.23× | 13.9% | S100RY19 |
| 2024 | 4.2% | 0.90× | 3.7% | 1.19× | 4.5% | S100WQMM |
| 2025 | — | —× | -4.5% | —× | — | S100Z45E |
| 2026 | — | —× | -1.5% | —× | — | S100Z45E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 網野知博 | Major shareholder | 35.4% | 2026-06-30 |
| 花谷慎太郎 | Major shareholder | 13.9% | 2026-06-30 |
| 田中耕比古 | Major shareholder | 12.1% | 2026-06-30 |
| ㈱JR西日本イノベーションズ | Major shareholder | 5.6% | 2026-06-30 |
| BIPROGY㈱ | Major shareholder | 4.7% | 2026-06-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-06-30 |
| 鴨居達哉 | Major shareholder | 1.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 1.3% | 2026-06-30 |
| ギックス従業員持株会 | Major shareholder | 1.0% | 2026-06-30 |
| 高澤一輝 | Major shareholder | 0.7% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/07/01－2026/06/30) | S100Z45E | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z45E,, |
| 有価証券報告書－第13期(2024/07/01－2025/06/30) | S100WQMM | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQMM,, |
| 有価証券報告書－第12期(2023/07/01－2024/06/30) | S100UGGG | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGGG,, |
| 有価証券報告書－第11期(2022/07/01－2023/06/30) | S100RY19 | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY19,, |
| 有価証券報告書－第10期(令和3年7月1日－令和4年6月30日) | S100P9LZ | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9LZ,, |

## 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).