# Globe-ing Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第11期(2025/06/01－2026/05/31) (S100YYQX)
> Page: https://vizora.meequs.com/en/company/globe-ing
> Retrieved: 2026-09-30T20:58:19.739Z

## Company

Globe-ing, founded in 2017, is a company in Software & SaaS listed on TSE Prime. It has 298 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Globe-ing Inc. |
| Ticker | 277A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/277A.T) |
| Listing | TSE Prime |
| Head office | 東京都港区南青山三丁目1番34号 |
| Representative (per filing) | 代表取締役社長CEO 田中 耕平 |
| Founded | Jan 2017 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 298 |
| Average salary (parent only) | ¥16M |
| Fiscal year end | May |
| Website | globe-ing.com (https://globe-ing.com/) |
| Corporate number | 5011101079356 |
| EDINET | E40147 |
| Industries (Vizora) | Software & SaaS, Consulting |

> Profile source: annual securities report (S100YYQX, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Consulting (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.4 | 31 |
| Profitability | 94.3 | 44 |
| Cash conversion | 53.4 | 44 |
| Efficiency | 42 | 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 96% of Globe-ing's sales come from Consulting business, with Ai making up much of the rest.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed +39.4% from the prior year, operating profit +53.6%.

## Company structure

- Segment revenue mix: Consulting business 96.5%、Ai 3.5%
- Revenue → net income: ¥11512844000 → ¥2875492000
- Net income → operating cash flow: ¥2875492000 → ¥3334024000（difference ¥458532000）
- Main uses of operating cash flow: CapEx ¥326885000 / dividends — / buybacks ¥900548000
- Change in cash: ¥-918548000
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 | ¥11.5B |  |
| Operating income | ¥4B | Margin 34.8% |
| Net income | ¥2.88B | Margin 25.0% |
| Free cash flow | ¥3.01B |  |
| Largest business | Consulting business | of segment revenue 96.5% |
| Employees (consolidated) | 298 |  |
| EPS | ¥100.98 |  |
| Diluted EPS | ¥91.43 |  |
| Book value per share | ¥277.75 |  |
| Equity ratio | 63.5% | Derived from disclosed figures |
| Shares outstanding | 28,728,000 |  |
| Treasury shares | 211,400 |  |
| Shareholders | 3,503 |  |
| Average salary (parent only) | ¥16M | Filing company only |
| Cash ratio | 47.4% | Cash ÷ revenue 49.5% |
| Vs. industry median margin | +25.3 pp | Consulting |
| ROE | 43.2% | Derived from disclosed figures |
| ROA | 27.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, operating income keeps 35 per ¥100 of revenue
- FY2026, cash is 47% of total assets

## What changed in 2 years

| Metric | FY ending May 2024 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4175324000 | ¥11512844000 | +175.7% |
| Operating income | ¥369628000 | ¥4003490000 | +983.1% |
| Operating margin | 8.9% | 34.8% | +25.9 pp |
| Employees | 203 people | 298 people | +46.8% |
| Cash and equivalents | ¥1388848000 | ¥5693642000 | +310.0% |

### Change in segment revenue mix

Span: FY ending May 2024 → 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 |
| --- | ---: |
| コンサルティング事業 → コンサルティング事業 | 96.5% |
| コンサルティング事業 → 事業再編・廃止 | 3.5% |
| クラウドプロダクト → 事業再編・廃止 | 0.0% |
| 新設・再編 → AI事業 | 3.5% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending May 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,513 | 100.0% | S100YYQX |
| Cost of revenue | 3,851 | 33.4% | S100YYQX |
| Gross profit | 7,662 | 66.6% | S100YYQX |
| SG&A | 3,651 | 31.7% | S100YYQX |
| Operating income | 4,003 | 34.8% | S100YYQX |
| Pretax income | 3,953 | 34.3% | S100YYQX |
| Income tax | 1,077 | 9.4% | S100YYQX |
| Net income | 2,875 | 25.0% | S100YYQX |
| Net income attributable to owners | 2,876 | 25.0% | S100YYQX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 32 |
| Operating income | 35 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 66.6% → Operating margin 34.8% → Net margin 25.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +39.4%; Core profit growth: +53.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.36×
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 | 8,256 | 11,513 | 3,257 | +39.4% |
| Gross profit | 5,556 | 7,662 | 2,106 | +37.9% |
| Operating income | 2,607 | 4,003 | 1,397 | +53.6% |
| Net income attributable to owners | 1,583 | 2,876 | 1,293 | +81.7% |
| Operating cash flow | 3,255 | 3,334 | 79 | +2.4% |
| Free cash flow | 2,813 | 3,007 | 194 | +6.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2024 | 4,175 | 370 | 8.9% | 261 | -73 | -165 | S100WLJK |
| FY ending May 2025 | 8,256 | 2,607 | 31.6% | 1,583 | 3,255 | 2,813 | S100YYQX |
| FY ending May 2026 | 11,513 | 4,003 | 34.8% | 2,876 | 3,334 | 3,007 | S100YYQX |

## People and productivity（FY ending May 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.6M |
| Operating income per employee (consolidated) | ¥13.4M |
| Net income per employee (consolidated) | ¥9.6M |

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

| History | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 203 | 273 | 298 |
| Average salary (parent company) | — | ¥15.2M | ¥16M |
| Average age (parent company) | — | 34.7 years | 35.4 years |
| Average tenure (parent company) | — | 1.3 years | 1.8 years |

Year over year: Employees (consolidated) +9.2% · Revenue (consolidated) +39.4%

## Segments（FY ending May 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting business | 11,108 | 96.5% | 4,938 | 44.5% |
| Ai | 405 | 3.5% | 233 | 57.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting business | 96.5% | 95.5% | -1.0 | 44.5% |
| Ai | 3.5% | 4.5% | 1.0 | 57.6% |

Segment → industry: Ai → Software & SaaS / Consulting business → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,334 | 29.0% | S100YYQX |
| Capital expenditure | 327 | 2.8% | S100YYQX |
| Free cash flow | 3,007 | 26.1% | 算出 |
| Investing cash flow | -2,552 | -22.2% | S100YYQX |
| Financing cash flow | -1,711 | -14.9% | S100YYQX |
| Share buyback | 901 | 7.8% | S100YYQX |
| Change in cash | -919 | -8.0% | S100YYQX |
| Cash and equivalents | 5,694 | 49.5% | S100YYQX |

## 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 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,389 | 6,612 | 5,694 | S100YYQX |
| Total assets | 3,123 | 9,187 | 12,017 | S100YYQX |
| Net assets | 1,527 | 5,797 | 7,633 | S100YYQX |
| Share capital | 90 | 1,195 | 1,195 | S100YYQX |
| Inventories | 11 | 7 | — | S100WLJK |
| Property, plant and equipment | 78 | 170 | 334 | S100YYQX |
| Intangible assets excluding goodwill | 209 | 382 | — | S100WLJK |
| Goodwill | 104 | 104 | 104 | S100YYQX |
| Current assets | 2,068 | 7,843 | 9,127 | S100YYQX |
| Current liabilities | 948 | 2,780 | — | S100WLJK |
| Total liabilities | 1,595 | 3,389 | 4,384 | S100YYQX |
| Non-controlling interests | — | 118 | — | S100WLJK |
| Equity attributable to owners of parent | 1,527 | 5,680 | 7,633 | S100YYQX |
| Retained earnings | 912 | 2,495 | 5,371 | S100YYQX |
| Treasury stock | — | — | -512 | S100YYQX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100YYQX |
| Property, plant and equipment | 3% | S100YYQX |
| Intangibles and goodwill | 1% | — |
| Other assets | 49% | S100YYQX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100YYQX |
| Equity | 64% | S100YYQX |
| Other liabilities | 0% | S100YYQX |

### Balance sheet history

| Metric | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 3,123 | 9,187 | 12,017 |
| Equity | 1,527 | 5,797 | 7,633 |
| Interest-bearing debt | — | — | — |
| Cash | 1,389 | 6,612 | 5,694 |

## 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) | 2.9% | S100YYQX |
| Fixed assets ÷ total assets | 2.8% | S100YYQX |
| Goodwill ÷ parent equity | 1.4% | S100YYQX |

### 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) | 47.4% |
| Cash ÷ revenue | 49.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.3% |
| Cash vs. profit gap | 458 JPY mn (of net income 15.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 76.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 6.2% | 1.34× | 8.3% | 2.04× | 17.1% | S100WLJK, S100YYQX |
| 2025 | 19.2% | 1.34× | 25.7% | 1.71× | 43.9% | S100YYQX |
| 2026 | 25.0% | 1.09× | 27.1% | 1.59× | 43.2% | S100YYQX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| EMMA&KEITO株式会社 | Major shareholder | 30.7% | 2026-05-31 |
| 輪島 総介 | Major shareholder | 17.3% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2026-05-31 |
| パーソルクロステクノロジー株式会社 | Major shareholder | 6.6% | 2026-05-31 |
| 株式会社KFV | Major shareholder | 4.4% | 2026-05-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ | Major shareholder | 4.1% | 2026-05-31 |
| 田中 耕平 | Major shareholder | 3.3% | 2026-05-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.7% | 2026-05-31 |
| 増本 秀俊 | Major shareholder | 2.1% | 2026-05-31 |
| 小寺 拓也 | Major shareholder | 2.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第11期(2025/06/01－2026/05/31) | S100YYQX | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYQX,, |
| 有価証券報告書－第10期(2024/06/01－2025/05/31) | S100WLJK | 2025-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLJK,, |

## 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).