# GLOBAL LINK MANAGEMENT INC.: 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21期(2025/01/01－2025/12/31) (S100XU06)
> Page: https://vizora.meequs.com/en/company/global-link-m
> Retrieved: 2026-09-30T20:26:04.970Z

## Company

Global Link Management, founded in 2005, is a company in Condominium Developers listed on TSE Prime. It has 155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GLOBAL LINK MANAGEMENT INC. |
| Ticker | 3486 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3486.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂一丁目12番1号 |
| Representative (per filing) | 代表取締役社長 金 大仲 |
| Founded | Mar 2005 |
| Share capital | ¥610.3M |
| Employees (consolidated) | 155 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | December |
| Website | global-link-m.com (https://global-link-m.com/) |
| Corporate number | 3011001044453 |
| EDINET | E33579 |
| Industries (Vizora) | Condominium Developers |

> Profile source: annual securities report (S100XU06, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 74 | 25 |
| Cash conversion | 42 | 25 |
| Efficiency | 98 | 25 |
| Financial strength | 89.3 | 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)

- Global Link Management brought in ¥69.3B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +29.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥69.3B |  |
| Operating income | ¥7.44B | Margin 10.7% |
| Net income | ¥4.61B | Margin 6.7% |
| Free cash flow | -¥3.25B |  |
| Employees (consolidated) | 155 |  |
| EPS | ¥311.55 |  |
| Diluted EPS | ¥310.82 |  |
| Book value per share | ¥973.82 |  |
| Equity ratio | 31.3% |  |
| Shares outstanding | 16,043,516 |  |
| Treasury shares | 124,500 |  |
| Shareholders | 8,680 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 30.5% | Net cash -¥12B · Cash ÷ revenue 21.0% |
| Vs. industry median margin | +2.6 pp | Condominium Developers |
| ROE | 34.8% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24313146000 | ¥69262846000 | — |
| Operating income | ¥1153980000 | ¥7436860000 | — |
| Operating margin | 4.7% | 10.7% | +6 pp |
| Employees | 101 people | 155 people | — |
| Cash and equivalents | ¥1207033000 | ¥14549395000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 69,263 | 100.0% | S100XU06 |
| Cost of revenue | 56,853 | 82.1% | S100XU06 |
| Gross profit | 12,410 | 17.9% | S100XU06 |
| SG&A | 4,973 | 7.2% | S100XU06 |
| Operating income | 7,437 | 10.7% | S100XU06 |
| Ordinary income | 6,739 | 9.7% | S100XU06 |
| Pretax income | 6,739 | 9.7% | S100XU06 |
| Income tax | 2,124 | 3.1% | S100XU06 |
| Net income | 4,615 | 6.7% | S100XU06 |
| Net income attributable to owners | 4,612 | 6.7% | S100XU06 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 7 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 17.9% → Operating margin 10.7% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +29.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.01×
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 | 64,482 | 69,263 | 4,781 | +7.4% |
| Gross profit | 9,795 | 12,410 | 2,615 | +26.7% |
| Operating income | 5,732 | 7,437 | 1,704 | +29.7% |
| Net income attributable to owners | 3,414 | 4,612 | 1,198 | +35.1% |
| Operating cash flow | 731 | -3,202 | -3,933 | -537.8% |
| Free cash flow | 635 | -3,246 | -3,881 | -611.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 25,086 | 1,565 | 6.2% | 867 | -3,299 | -3,349 | S100L1WT |
| FY ending Dec 2020 | 26,841 | 1,366 | 5.1% | 686 | -395 | -609 | S100L1WT |
| FY ending Dec 2020 | 24,313 | 1,154 | 4.7% | 686 | -395 | — | S100O1H1 |
| FY ending Dec 2021 | 30,675 | 1,677 | 5.5% | 1,424 | -574 | -601 | S100O1H1 |
| FY ending Dec 2022 | 35,673 | 2,777 | 7.8% | 1,459 | -8,290 | -8,343 | S100T67G |
| FY ending Dec 2023 | 41,259 | 4,587 | 11.1% | 2,879 | 10,360 | 8,402 | S100VI1K |
| FY ending Dec 2024 | 64,482 | 5,732 | 8.9% | 3,414 | 731 | 635 | S100XU06 |
| FY ending Dec 2025 | 69,263 | 7,437 | 10.7% | 4,612 | -3,202 | -3,246 | S100XU06 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥446.9M |
| Operating income per employee (consolidated) | ¥48M |
| Net income per employee (consolidated) | ¥29.8M |

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) | 119 | 127 | 129 | 150 | 155 |
| Average salary (parent company) | ¥6.2M | ¥7.5M | ¥8.2M | ¥8.9M | ¥13.2M |
| Average age (parent company) | 33.5 years | 33.7 years | 35.0 years | 36.7 years | 37.7 years |
| Average tenure (parent company) | 5.1 years | 5.2 years | 5.5 years | 5.6 years | 6.6 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +7.4%

## 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 | -3,202 | -4.6% | S100XU06 |
| Capital expenditure | 44 | 0.1% | S100XU06 |
| Free cash flow | -3,246 | -4.7% | 算出 |
| Investing cash flow | -353 | -0.5% | S100XU06 |
| Financing cash flow | 6,819 | 9.8% | S100XU06 |
| Dividends paid | 1,040 | 1.5% | S100XU06 |
| Share buyback | 300 | 0.4% | S100XU06 |
| Change in cash | 3,264 | 4.7% | S100XU06 |
| Cash and equivalents | 14,549 | 21.0% | S100XU06 |

## 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 | 2,406 | 3,452 | 8,572 | 11,286 | 14,549 | S100O1H1, S100VI1K, S100XU06 |
| Total assets | 21,767 | 32,320 | 32,048 | 36,415 | 47,651 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Net assets | 5,236 | 6,446 | 8,940 | 11,618 | 14,987 | S100O1H1, S100VI1K, S100XU06 |
| Share capital | 539 | 554 | 568 | 582 | 610 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Property, plant and equipment | 601 | 1,308 | 3,209 | 1,321 | 1,279 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Intangible assets excluding goodwill | 106 | 110 | 86 | 50 | 66 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Investment securities | 14 | 14 | 14 | 424 | 660 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Current assets | 20,606 | 30,552 | 28,232 | 34,043 | 44,943 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Current liabilities | 11,068 | 14,566 | 14,042 | 14,034 | 13,838 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Short-term borrowings | 3,496 | 4,924 | 2,628 | 6,289 | 7,944 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Long-term borrowings | 5,236 | 11,020 | 8,708 | 10,526 | 18,575 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Bonds | 130 | 182 | 267 | 152 | 38 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Interest-bearing debt | 8,861 | 16,126 | 11,603 | 16,967 | 26,557 | 算出 |
| Total liabilities | 16,531 | 25,873 | 23,108 | 24,797 | 32,664 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Non-controlling interests | — | 8 | 10 | 13 | 16 | S100T67G, S100VI1K, S100XU06 |
| Equity attributable to owners of parent | 5,236 | 6,439 | 8,929 | 11,571 | 14,900 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Retained earnings | 4,358 | 5,532 | 7,993 | 10,607 | 14,178 | S100O1H1, S100T67G, S100VI1K, S100XU06 |
| Treasury stock | — | -0 | -0 | -0 | -300 | S100T67G, S100VI1K, S100XU06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100XU06 |
| Property, plant and equipment | 3% | S100XU06 |
| Intangibles and goodwill | 0% | S100XU06 |
| Investment securities | 1% | S100XU06 |
| Other assets | 65% | S100XU06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 56% | 算出 |
| Other liabilities | 13% | S100XU06 |
| Equity | 31% | S100XU06 |
| Other liabilities | 0% | S100XU06 |

### 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 | 21,767 | 32,320 | 32,048 | 36,415 | 47,651 |
| Equity | 5,236 | 6,446 | 8,940 | 11,618 | 14,987 |
| Interest-bearing debt | 8,861 | 16,126 | 11,603 | 16,967 | 26,557 |
| Cash | 2,406 | 3,452 | 8,572 | 11,286 | 14,549 |

## 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) | 1.8% | S100XU06 |
| Fixed assets ÷ total assets | 2.7% | S100XU06 |
| Goodwill ÷ parent equity | — | —, S100XU06 |

### 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) | 30.5% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | -¥12B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -43.1% |
| Cash vs. profit gap | -7,814 JPY mn (of net income -169.4%) |
| Shareholder returns / net income | 29.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.6% | 1.41× | 6.5% | 4.16× | 27.2% | S100O1H1 |
| 2022 | 4.1% | 1.10× | 4.5% | 5.02× | 22.7% | S100T67G |
| 2023 | 7.0% | 1.28× | 8.9% | 4.19× | 37.5% | S100VI1K |
| 2024 | 5.3% | 1.88× | 10.0% | 3.34× | 33.3% | S100XU06 |
| 2025 | 6.7% | 1.65× | 11.0% | 3.18× | 34.8% | S100XU06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社G2A | Major shareholder | 33.9% | 2025-12-31 |
| 金 大仲 | Major shareholder | 14.1% | 2025-12-31 |
| 富永 康将 | Major shareholder | 4.3% | 2025-12-31 |
| BBH BOSTON CUSTODIAN FOR JAPAN EQUITY PREMIUM FUND OF UBS UNIVERSAL 620373 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2025-12-31 |
| 由岐 洋輔 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社谷口工務店 | Major shareholder | 1.5% | 2025-12-31 |
| 鈴木 東洋 | Major shareholder | 1.5% | 2025-12-31 |
| 富田 直樹 | Major shareholder | 1.4% | 2025-12-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XU06 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU06,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VI1K | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI1K,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T67G | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T67G,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QIIR | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIIR,, |
| 訂正有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100O1H1 | 2022-05-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O1H1,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L1WT | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WT,, |

## 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).