# GMO Commerce,Inc.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/01/01－2025/12/31) (S100XR0F)
> Page: https://vizora.meequs.com/en/company/gmo-commerce
> Retrieved: 2026-09-30T20:23:51.672Z

## Company

GMO Commerce, founded in 2012, is a company in Software & SaaS listed on TSE Growth. It has 103 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Commerce, Inc. |
| Ticker | 410A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/410A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区道玄坂一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 山名 正人 |
| Founded | Nov 2012 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 103 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | www.gmo-c.jp (https://www.gmo-c.jp/) |
| Corporate number | 5011001092582 |
| EDINET | E40916 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XR0F, filed 2026-03-17). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 105 |
| Profitability | 74.8 | 145 |
| Cash conversion | 14.5 | 128 |
| Efficiency | 43.1 | 145 |

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)

- GMO Commerce brought in ¥2.46B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +24.0% from the prior year, operating profit +50.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.46B |  |
| Operating income | ¥523.6M | Margin 21.3% |
| Net income | ¥342.8M | Margin 13.9% |
| Free cash flow | — |  |
| Employees (consolidated) | 103 |  |
| EPS | ¥84.25 |  |
| Diluted EPS | ¥79.58 |  |
| Book value per share | ¥502.07 |  |
| Equity ratio | 68.7% |  |
| Shares outstanding | 5,529,204 |  |
| Shareholders | 2,773 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 72.0% | Cash ÷ revenue 118.2% |
| Vs. industry median margin | +8.8 pp | Software & SaaS |
| ROE | 20.6% | Derived from disclosed figures |
| ROA | 11.6% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -8% while operating income rose 50%
- FY2025, cash is 72% of total assets

## What changed in 1 years

| Metric | FY ending Dec 2024 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1983989000 | ¥2459803000 | +24.0% |
| Operating income | ¥348733000 | ¥523639000 | +50.2% |
| Operating margin | 17.6% | 21.3% | +3.7 pp |
| Employees | 112 people | 103 people | -8.0% |
| Cash and equivalents | ¥819715000 | ¥2907986000 | +254.8% |

### Change in segment revenue mix

Span: FY ending Dec 2024 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,460 | 100.0% | S100XR0F |
| Cost of revenue | 427 | 17.4% | S100XR0F |
| Gross profit | 2,033 | 82.6% | S100XR0F |
| SG&A | 1,509 | 61.4% | S100XR0F |
| Operating income | 524 | 21.3% | S100XR0F |
| Ordinary income | 509 | 20.7% | S100XR0F |
| Pretax income | 508 | 20.7% | S100XR0F |
| Income tax | 166 | 6.7% | S100XR0F |
| Net income | 343 | 13.9% | S100XR0F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 62 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 82.6% → Operating margin 21.3% → Net margin 13.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.0%; Core profit growth: +50.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.09×
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 | 1,984 | 2,460 | 476 | +24.0% |
| Gross profit | 1,893 | 2,033 | 140 | +7.4% |
| Operating income | 349 | 524 | 175 | +50.2% |
| Operating cash flow | 353 | 361 | 9 | +2.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2024 | 1,984 | 349 | 17.6% | 218 | 353 | 279 | S100XR0F |
| FY ending Dec 2025 | 2,460 | 524 | 21.3% | 343 | 361 | — | S100XR0F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.9M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥3.3M |

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

| History | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Employees (consolidated) | 112 | 103 |
| Average salary (parent company) | — | ¥5.9M |
| Average age (parent company) | — | 38.6 years |
| Average tenure (parent company) | — | 5.6 years |

Year over year: Employees (consolidated) -8.0% · Revenue (consolidated) +24.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 361 | 14.7% | S100XR0F |
| Investing cash flow | -149 | -6.0% | S100XR0F |
| Financing cash flow | 1,876 | 76.3% | S100XR0F |
| Dividends paid | 121 | 4.9% | S100XR0F |
| Change in cash | 2,088 | 84.9% | S100XR0F |
| Cash and equivalents | 2,908 | 118.2% | S100XR0F |

## 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 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 820 | 2,908 | S100XR0F |
| Total assets | 1,862 | 4,038 | S100XR0F |
| Net assets | 548 | 2,776 | S100XR0F |
| Share capital | 100 | 1,103 | S100XR0F |
| Property, plant and equipment | 51 | 47 | S100XR0F |
| Intangible assets excluding goodwill | 122 | 217 | S100XR0F |
| Current assets | 1,606 | 3,689 | S100XR0F |
| Current liabilities | 1,274 | 1,222 | S100XR0F |
| Total liabilities | 1,314 | 1,262 | S100XR0F |
| Equity attributable to owners of parent | 548 | 2,776 | S100XR0F |
| Retained earnings | 348 | 569 | S100XR0F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100XR0F |
| Property, plant and equipment | 1% | S100XR0F |
| Intangibles and goodwill | 5% | S100XR0F |
| Other assets | 22% | S100XR0F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100XR0F |
| Equity | 69% | S100XR0F |

### Balance sheet history

| Metric | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: |
| Total assets | 1,862 | 4,038 |
| Equity | 548 | 2,776 |
| Interest-bearing debt | — | — |
| Cash | 820 | 2,908 |

## 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) | 1.9% | S100XR0F |
| Fixed assets ÷ total assets | 1.2% | S100XR0F |
| Goodwill ÷ parent equity | — | —, S100XR0F |

### 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) | 72.0% |
| Cash ÷ revenue | 118.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.9% |
| Cash vs. profit gap | 18 JPY mn (of net income 5.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 41.1% |

## 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 | 11.0% | 1.07× | 11.7% | 3.40× | 39.9% | S100XR0F |
| 2025 | 13.9% | 0.83× | 11.6% | 1.78× | 20.6% | S100XR0F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＭＯインターネットグループ株式会社 | Major shareholder | 65.0% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.2% | 2025-12-31 |
| 江川 巌 | Major shareholder | 2.3% | 2025-12-31 |
| 山名 正人 | Major shareholder | 1.7% | 2025-12-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 1.1% | 2025-12-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE－AC） (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.1% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.0% | 2025-12-31 |
| 石川 幸司 | Major shareholder | 0.7% | 2025-12-31 |
| 土井 将司 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/01/01－2025/12/31) | S100XR0F | 2026-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR0F,, |

## 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).