# GMO Financial Holdings, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第15期(2025/01/01－2025/12/31) (S100YHX6)
> Page: https://vizora.meequs.com/en/company/gmo-financial-holdings
> Retrieved: 2026-09-30T19:14:52.463Z

## Company

GMO Financial Holdings, founded in 2012, is a company in Securities & Asset Management listed on TSE Standard. It has 476 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Financial Holdings, Inc. |
| Ticker | 7177 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7177.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区道玄坂一丁目2番3号 |
| Representative (per filing) | 取締役兼代表執行役会長兼社長 CEO 高島 秀行 |
| Founded | Jan 2012 |
| Share capital | ¥705M |
| Employees (consolidated) | 476 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | December |
| Website | www.gmofh.com (https://www.gmofh.com/) |
| Corporate number | 9011001072077 |
| EDINET | E26815 |
| Industries (Vizora) | Securities & Asset Management, Crypto & Blockchain |

> Profile source: annual securities report (S100YHX6, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 81% of GMO Financial Holdings's sales come from Securities and foreign exchange, with Crypto asset and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥32 is left as operating profit.
- Revenue changed -7.0% from the prior year, operating profit +77.8%.

## Company structure

- Segment revenue mix: Securities and foreign exchange 81.0%、Crypto asset 13.5%、Other 5.5%
- Revenue → net income: ¥49518000000 → ¥10251000000
- Net income → operating cash flow: ¥10251000000 → ¥11896000000（difference ¥1645000000）
- Main uses of operating cash flow: CapEx ¥1223000000 / dividends ¥6404000000 / buybacks ¥0
- Change in cash: ¥23067000000
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 | ¥49.5B |  |
| Operating income | ¥15.9B | Margin 32.0% |
| Net income | ¥10.4B | Margin 21.1% |
| Free cash flow | ¥10.7B |  |
| Largest business | Securities and foreign exchange | of segment revenue 81.0% |
| Employees (consolidated) | 476 |  |
| EPS | ¥85.56 |  |
| Book value per share | ¥220.55 |  |
| Equity ratio | 3.8% |  |
| Shares outstanding | 122,091,903 |  |
| Treasury shares | 4,102,500 |  |
| Shareholders | 34,289 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 9.9% | Net cash -¥79.9B · Cash ÷ revenue 280.3% |
| Vs. industry median margin | +11.3 pp | Securities & Asset Management |
| ROE | 22.0% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -3% while operating income rose 78%
- FY2025, one segment accounts for 81% of positive segment profit
- FY2025, operating income keeps 32 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35988000000 | ¥49518000000 | +37.6% |
| Operating income | ¥12268000000 | ¥15866000000 | +29.3% |
| Operating margin | 34.1% | 32.0% | -2 pp |
| Employees | 394 people | 476 people | +20.8% |
| Cash and equivalents | ¥60129000000 | ¥138821000000 | +130.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 証券・ＦＸ事業 → 証券・ＦＸ事業 | 81.0% |
| 証券・ＦＸ事業 → 事業再編・廃止 | 3.1% |
| 暗号資産事業 → 暗号資産事業 | 13.5% |
| 暗号資産事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 1.6% |
| 新設・再編 → その他 | 3.9% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Securities and foreign exchange | 5 years | +5.8% | ¥40125000000 | 33.4% | 2 |
| Crypto asset | 5 years | +5.3% | ¥6666000000 | 48.7% | 2 |
| Other | 5 years | +37.1% | ¥2726000000 | -29.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,518 | 100.0% | S100YHX6 |
| Cost of revenue | 884 | 1.8% | S100YHX6 |
| Gross profit | 48,634 | 98.2% | 算出 |
| SG&A | 29,721 | 60.0% | S100YHX6 |
| Operating income | 15,866 | 32.0% | S100YHX6 |
| Ordinary income | 15,257 | 30.8% | S100YHX6 |
| Pretax income | 15,012 | 30.3% | S100YHX6 |
| Income tax | 4,760 | 9.6% | S100YHX6 |
| Net income | 10,251 | 20.7% | S100YHX6 |
| Net income attributable to owners | 10,448 | 21.1% | S100YHX6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 2 |
| SG&A | 60 |
| Other operating | 6 |
| Operating income | 32 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 98.2% → Operating margin 32.0% → Net margin 21.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.0%; Core profit growth: +77.8%
Operating leverage (core profit growth ÷ revenue growth): -11.04×
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 | 53,269 | 49,518 | -3,751 | -7.0% |
| Gross profit | 52,612 | 48,634 | -3,978 | -7.6% |
| Operating income | 8,926 | 15,866 | 6,940 | +77.8% |
| Net income attributable to owners | 4,745 | 10,448 | 5,703 | +120.2% |
| Operating cash flow | 23,729 | 11,896 | -11,833 | -49.9% |
| Free cash flow | 22,714 | 10,673 | -12,041 | -53.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 32,501 | 9,762 | 30.0% | 6,073 | 545 | -281 | S100L00L |
| FY ending Dec 2020 | 35,988 | 12,268 | 34.1% | 7,298 | -5,491 | -6,196 | S100P2RE |
| FY ending Dec 2021 | 45,924 | 15,396 | 33.5% | 9,858 | -32,493 | -33,901 | S100SEUY |
| FY ending Dec 2022 | 46,533 | 9,150 | 19.7% | 1,212 | 4,564 | 2,283 | S100T326 |
| FY ending Dec 2023 | 51,432 | 14,451 | 28.1% | 7,649 | 10,505 | 9,204 | S100VFWN |
| FY ending Dec 2024 | 53,269 | 8,926 | 16.8% | 4,745 | 23,729 | 22,714 | S100YHX6 |
| FY ending Dec 2025 | 49,518 | 15,866 | 32.0% | 10,448 | 11,896 | 10,673 | S100YHX6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥104M |
| Operating income per employee (consolidated) | ¥33.3M |
| Net income per employee (consolidated) | ¥21.9M |

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) | 514 | 485 | 422 | 492 | 476 |
| Average salary (parent company) | ¥10.8M | ¥13.7M | ¥11.3M | ¥9.8M | ¥10.9M |
| Average age (parent company) | 39.6 years | 40.5 years | 40.5 years | 40.5 years | 40.3 years |
| Average tenure (parent company) | 6.6 years | 7.1 years | 7.8 years | 8.5 years | 8.5 years |

Year over year: Employees (consolidated) -3.3% · Revenue (consolidated) -7.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Securities and foreign exchange | 40,125 | 81.0% | 13,420 | 33.4% |
| Crypto asset | 6,666 | 13.5% | 3,246 | 48.7% |
| Other | 2,726 | 5.5% | -800 | -29.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Securities and foreign exchange | 81.0% | 80.5% | -0.5 | 33.4% |
| Crypto asset | 13.5% | 19.5% | 6.0 | 48.7% |
| Other | 5.5% | — | — | -29.3% |

Loss-making segment (excluded from profit shares): Other -800 JPY mn

Segment → industry: Securities and foreign exchange → Securities & Asset Management / Crypto asset → Crypto & Blockchain

## 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 | 11,896 | 24.0% | S100YHX6 |
| Capital expenditure | 1,223 | 2.5% | S100YHX6 |
| Free cash flow | 10,673 | 21.6% | 算出 |
| Investing cash flow | 723 | 1.5% | S100YHX6 |
| Financing cash flow | 10,410 | 21.0% | S100YHX6 |
| Dividends paid | 6,404 | 12.9% | S100YHX6 |
| Share buyback | 0 | 0.0% | S100YHX6 |
| Change in cash | 23,067 | 46.6% | S100YHX6 |
| Cash and equivalents | 138,821 | 280.3% | S100YHX6 |

## 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 | 63,597 | 72,237 | 81,148 | 115,753 | 138,821 | S100T326, S100VFWN, S100YHX6 |
| Total assets | 996,049 | 991,482 | 1,125,498 | 1,394,818 | 1,406,809 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Net assets | 42,830 | 41,330 | 46,440 | 48,442 | 53,017 | S100T326, S100VFWN, S100YHX6 |
| Share capital | 705 | 705 | 705 | 705 | 705 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Trade receivables | — | — | — | 140 | 208 | S100YHX6 |
| Property, plant and equipment | 1,830 | 1,867 | 1,483 | 1,291 | 1,300 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Intangible assets excluding goodwill | 21,756 | 19,653 | 17,303 | 16,514 | 14,609 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Goodwill | 10,990 | 9,943 | 9,018 | 9,195 | 8,133 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Investment securities | 3,856 | 3,835 | 9,208 | 12,390 | 12,479 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Current assets | 967,276 | 963,834 | 1,089,851 | 1,357,691 | 1,372,631 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Current liabilities | 929,835 | 912,796 | 1,023,139 | 1,273,382 | 1,272,470 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Short-term borrowings | 142,965 | 134,424 | 137,183 | 134,182 | 138,900 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Long-term borrowings | 20,054 | 35,778 | 44,703 | 50,465 | 53,780 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Bonds | — | — | 9,800 | 20,862 | 26,036 | S100VFWN, S100YHX6 |
| Interest-bearing debt | — | — | 191,686 | 205,509 | 218,716 | 算出 |
| Total liabilities | 953,218 | 950,151 | 1,079,058 | 1,346,376 | 1,353,792 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Non-controlling interests | 2,126 | 1,732 | 9 | 325 | 170 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Equity attributable to owners of parent | 40,309 | 37,943 | 44,217 | 45,494 | 49,638 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Retained earnings | 41,393 | 38,985 | 43,656 | 44,940 | 48,977 | S100SEUY, S100T326, S100VFWN, S100YHX6 |
| Treasury stock | -2,445 | -2,297 | -2,297 | -2,297 | -2,297 | S100SEUY, S100T326, S100VFWN, S100YHX6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YHX6 |
| Receivables | 0% | S100YHX6 |
| Property, plant and equipment | 0% | S100YHX6 |
| Intangibles and goodwill | 2% | S100YHX6 |
| Investment securities | 1% | S100YHX6 |
| Other assets | 87% | S100YHX6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 81% | S100YHX6 |
| Equity | 4% | S100YHX6 |

### 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 | 996,049 | 991,482 | 1,125,498 | 1,394,818 | 1,406,809 |
| Equity | 42,830 | 41,330 | 46,440 | 48,442 | 53,017 |
| Interest-bearing debt | — | — | 191,686 | 205,509 | 218,716 |
| Cash | 63,597 | 72,237 | 81,148 | 115,753 | 138,821 |

## 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% | S100YHX6 |
| Fixed assets ÷ total assets | 0.1% | S100YHX6 |
| Goodwill ÷ parent equity | 16.4% | S100YHX6 |

Goodwill over 4 years: 10,990 → 8,133 JPY; total investing cash flow: -40,060 JPY. This does not imply causation.

### 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) | 9.9% |
| Cash ÷ revenue | 280.3% |
| Net cash (cash − interest-bearing debt) | -¥79.9B |
| Net debt ÷ operating cash flow | 6.72× |
| Cash conversion (operating CF ÷ operating income) | 75.0% |
| Cash vs. profit gap | 1,448 JPY mn (of net income 13.9%) |
| Shareholder returns / net income | 61.3% |
| Shareholder returns / FCF | 60.0% |
| Shareholder payments — dividends / net income | 61.3% |
| Shareholder payments — dividends / FCF | 60.0% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 6.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 21.5% | 0.05× | 1.0% | 24.71× | 24.5% | S100SEUY |
| 2022 | 2.6% | 0.05× | 0.1% | 25.40× | 3.1% | S100T326 |
| 2023 | 14.9% | 0.05× | 0.7% | 25.77× | 18.6% | S100VFWN |
| 2024 | 8.9% | 0.04× | 0.4% | 28.09× | 10.6% | S100YHX6 |
| 2025 | 21.1% | 0.04× | 0.7% | 29.45× | 22.0% | S100YHX6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ株式会社 | Major shareholder | 65.7% | 2025-12-31 |
| 株式会社大和証券グループ本社 | Major shareholder | 2.1% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/JANUS HENDERSON HORIZON FUND（常任代理人 香港上海銀行 東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| 高島 秀行 | Major shareholder | 1.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2025-12-31 |
| 高橋 慧 | Major shareholder | 0.6% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.5% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.4% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| 山本 博史 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第15期(2025/01/01－2025/12/31) | S100YHX6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHX6,, |
| 有価証券報告書－第14期(2024/01/01－2024/12/31) | S100VFWN | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFWN,, |
| 有価証券報告書－第13期(2023/01/01－2023/12/31) | S100T326 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T326,, |
| 訂正有価証券報告書－第12期(2022/01/01－2022/12/31) | S100SEUY | 2023-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SEUY,, |
| 訂正有価証券報告書－第11期(令和3年1月1日－令和3年12月31日) | S100P2RE | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2RE,, |
| 有価証券報告書－第10期(令和2年1月1日－令和2年12月31日) | S100L00L | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L00L,, |

## 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).