# GMO GlobalSign Holdings K.K.: 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33期(2025/01/01－2025/12/31) (S100XREJ)
> Page: https://vizora.meequs.com/en/company/gmo-globalsign-holdings
> Retrieved: 2026-09-30T21:47:13.498Z

## Company

GMO GlobalSign Holdings, founded in 1993, is a company in Cybersecurity listed on TSE Prime. It has 962 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO GlobalSign Holdings K.K. |
| Ticker | 3788 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3788.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町26番1号セルリアンタワー |
| Representative (per filing) | 代表取締役 青山満 |
| Founded | Dec 1993 |
| Share capital | ¥916.9M |
| Employees (consolidated) | 962 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.gmogshd.com (https://www.gmogshd.com/) |
| Corporate number | 7011001037734 |
| EDINET | E05545 |
| Industries (Vizora) | Cybersecurity, Cloud & Data Centers, IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XREJ, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.5 | 20 |
| Profitability | 29.3 | 29 |
| Cash conversion | 87 | 27 |
| Efficiency | 63.8 | 29 |

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 62% of GMO GlobalSign Holdings's sales come from Digital Certificate and eSignature, with Cloud Infrastructure and Digital Transformation making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +18.3%.

## Company structure

- Segment revenue mix: Digital Certificate and eSignature 62.1%、Cloud Infrastructure 33.6%、Digital Transformation 4.2%
- Revenue → net income: ¥20670761000 → ¥1010065000
- Net income → operating cash flow: ¥1010065000 → ¥2842049000（difference ¥1831984000）
- Main uses of operating cash flow: CapEx ¥1593605000 / dividends ¥427560000 / buybacks —
- Change in cash: ¥581861000
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 | ¥20.7B |  |
| Operating income | ¥1.48B | Margin 7.1% |
| Net income | ¥1.01B | Margin 4.9% |
| Free cash flow | ¥1.25B |  |
| Largest business | Digital Certificate and eSignature | of segment revenue 62.1% |
| Employees (consolidated) | 962 |  |
| EPS | ¥56.24 |  |
| Book value per share | ¥249.4 |  |
| Equity ratio | 54.5% |  |
| Shares outstanding | 11,693,000 |  |
| Treasury shares | 211,300 |  |
| Shareholders | 4,610 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 47.6% | Cash ÷ revenue 43.7% |
| Vs. industry median margin | -7.3 pp | Cybersecurity |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, one segment accounts for 87% of positive segment profit
- FY2025, cash is 48% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13332684000 | ¥20670761000 | +55.0% |
| Operating income | ¥1357154000 | ¥1475276000 | +8.7% |
| Operating margin | 10.2% | 7.1% | -3 pp |
| Employees | 963 people | 962 people | -0.1% |
| Cash and equivalents | ¥5250417000 | ¥9031153000 | +72.0% |

### 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 |
| --- | ---: |
| 電子認証・印鑑事業 → 電子認証・印鑑事業 | 25.9% |
| セキュリティ事業 → 事業再編・廃止 | 24.9% |
| クラウドインフラ事業 → クラウドインフラ事業 | 20.7% |
| クラウド・ホスティング事業 → 事業再編・廃止 | 20.7% |
| ソリューション事業 → 事業再編・廃止 | 4.4% |
| DX事業 → DX事業 | 3.4% |
| 新設・再編 → 電子認証・印鑑事業 | 36.3% |
| 新設・再編 → クラウドインフラ事業 | 12.9% |
| 新設・再編 → DX事業 | 0.8% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Digital Certificate and eSignature | 5 years | +13.2% | ¥12845957000 | 10.5% | 2 |
| Cloud Infrastructure | 5 years | +4.7% | ¥6947623000 | 2.8% | 2 |
| Digital Transformation | 5 years | -0.7% | ¥877180000 | -10.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,671 | 100.0% | S100XREJ |
| Cost of revenue | 8,470 | 41.0% | S100XREJ |
| Gross profit | 12,201 | 59.0% | S100XREJ |
| SG&A | 10,726 | 51.9% | S100XREJ |
| Operating income | 1,475 | 7.1% | S100XREJ |
| Ordinary income | 1,435 | 6.9% | S100XREJ |
| Pretax income | 1,370 | 6.6% | S100XREJ |
| Income tax | 360 | 1.7% | S100XREJ |
| Net income | 1,010 | 4.9% | S100XREJ |
| Net income attributable to owners | 1,005 | 4.9% | S100XREJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 52 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 59.0% → Operating margin 7.1% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +18.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.34×
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 | 19,166 | 20,671 | 1,505 | +7.9% |
| Gross profit | 11,535 | 12,201 | 666 | +5.8% |
| Operating income | 1,247 | 1,475 | 229 | +18.3% |
| Net income attributable to owners | 855 | 1,005 | 151 | +17.6% |
| Operating cash flow | 2,808 | 2,842 | 34 | +1.2% |
| Free cash flow | 1,229 | 1,248 | 20 | +1.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 13,110 | 1,439 | 11.0% | 1,073 | 1,726 | 842 | S100KZFU |
| FY ending Dec 2020 | 13,333 | 1,357 | 10.2% | 1,171 | 1,903 | 615 | S100NP83 |
| FY ending Dec 2021 | 14,046 | 1,172 | 8.3% | 484 | 1,565 | 327 | S100QFO6 |
| FY ending Dec 2022 | 15,960 | 1,141 | 7.1% | 847 | 1,684 | 294 | S100T31D |
| FY ending Dec 2023 | 17,500 | 1,289 | 7.4% | 740 | 2,204 | 267 | S100VF4M |
| FY ending Dec 2024 | 19,166 | 1,247 | 6.5% | 855 | 2,808 | 1,229 | S100XREJ |
| FY ending Dec 2025 | 20,671 | 1,475 | 7.1% | 1,005 | 2,842 | 1,248 | S100XREJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1M |

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) | 996 | 974 | 999 | 993 | 962 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥6M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 37.8 years | 39.2 years | 39.6 years | 40.2 years | 40.8 years |
| Average tenure (parent company) | 6.3 years | 7.2 years | 7.7 years | 8.3 years | 9.0 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital Certificate and eSignature | 12,846 | 62.1% | 1,344 | 10.5% |
| Cloud Infrastructure | 6,948 | 33.6% | 194 | 2.8% |
| Digital Transformation | 877 | 4.2% | -90 | -10.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital Certificate and eSignature | 62.1% | 87.4% | 25.2 | 10.5% |
| Cloud Infrastructure | 33.6% | 12.6% | -21.0 | 2.8% |
| Digital Transformation | 4.2% | — | — | -10.3% |

Loss-making segment (excluded from profit shares): Digital Transformation -90 JPY mn

Segment → industry: Digital Certificate and eSignature → Cybersecurity / Cloud Infrastructure → Cloud & Data Centers / Digital Transformation → IT Services & System Integration / Digital Certificate and eSignature → Software & SaaS

## 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 | 2,842 | 13.7% | S100XREJ |
| Capital expenditure | 1,594 | 7.7% | S100XREJ |
| Free cash flow | 1,248 | 6.0% | 算出 |
| Investing cash flow | -1,577 | -7.6% | S100XREJ |
| Financing cash flow | -823 | -4.0% | S100XREJ |
| Dividends paid | 428 | 2.1% | S100XREJ |
| Change in cash | 582 | 2.8% | S100XREJ |
| Cash and equivalents | 9,031 | 43.7% | S100XREJ |

## 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 | 5,020 | 6,660 | 6,645 | 8,449 | 9,031 | S100T31D, S100VF4M, S100XREJ |
| Total assets | 11,513 | 14,574 | 15,694 | 18,027 | 18,963 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Net assets | 7,153 | 7,956 | 8,665 | 9,487 | 10,350 | S100T31D, S100VF4M, S100XREJ |
| Share capital | 917 | 917 | 917 | 917 | 917 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Property, plant and equipment | 784 | 905 | 1,093 | 1,108 | 905 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Intangible assets excluding goodwill | 2,083 | 2,792 | 3,651 | 4,113 | 4,337 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Investment securities | 591 | 335 | 276 | 302 | 307 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Current assets | 7,517 | 9,887 | 10,063 | 11,948 | 12,902 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Current liabilities | 3,903 | 5,305 | 4,786 | 5,603 | 6,096 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Short-term borrowings | 500 | 1,000 | — | — | — | S100QFO6, S100T31D |
| Long-term borrowings | — | 585 | 1,260 | 1,843 | 1,463 | S100T31D, S100VF4M, S100XREJ |
| Total liabilities | 4,360 | 6,618 | 7,028 | 8,540 | 8,613 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Non-controlling interests | 19 | 21 | 27 | 27 | 22 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Equity attributable to owners of parent | 6,622 | 7,048 | 7,338 | 7,649 | 8,227 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Retained earnings | 5,868 | 6,295 | 6,584 | 6,996 | 7,574 | S100QFO6, S100T31D, S100VF4M, S100XREJ |
| Treasury stock | -163 | -163 | -163 | -263 | -263 | S100QFO6, S100T31D, S100VF4M, S100XREJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 48% | S100XREJ |
| Property, plant and equipment | 5% | S100XREJ |
| Intangibles and goodwill | 23% | S100XREJ |
| Investment securities | 1% | S100XREJ |
| Other assets | 23% | S100XREJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100XREJ |
| Equity | 55% | S100XREJ |
| Other liabilities | 0% | S100XREJ |

### 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 | 11,513 | 14,574 | 15,694 | 18,027 | 18,963 |
| Equity | 7,153 | 7,956 | 8,665 | 9,487 | 10,350 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,020 | 6,660 | 6,645 | 8,449 | 9,031 |

## 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) | 4.4% | S100XREJ |
| Fixed assets ÷ total assets | 4.8% | S100XREJ |
| Goodwill ÷ parent equity | — | —, S100XREJ |

### 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) | 47.6% |
| Cash ÷ revenue | 43.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 192.6% |
| Cash vs. profit gap | 1,837 JPY mn (of net income 182.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.5% |
| Shareholder payments — dividends / FCF | 34.2% |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 55.5% |

## 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 | 3.4% | 1.22× | 4.2% | 1.74× | 7.3% | S100QFO6 |
| 2022 | 5.3% | 1.22× | 6.5% | 1.91× | 12.4% | S100T31D |
| 2023 | 4.2% | 1.16× | 4.9% | 2.10× | 10.3% | S100VF4M |
| 2024 | 4.5% | 1.14× | 5.1% | 2.25× | 11.4% | S100XREJ |
| 2025 | 4.9% | 1.12× | 5.4% | 2.33× | 12.7% | S100XREJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＭＯインターネットグループ株式会社 | Major shareholder | 52.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.0% | 2025-12-31 |
| 株式会社あおやま | Major shareholder | 5.1% | 2025-12-31 |
| ＢＢＨ（ＬＵＸ） ＦＯＲ ＦＩＤＥＬＩＴＹ ＦＵＮＤＳ ＰＡＣＩＦＩＣ ＦＵＮＤ | Major shareholder | 4.0% | 2025-12-31 |
| 青山 満 | Major shareholder | 1.7% | 2025-12-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ，ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ／ ＵＣＩＴＳ ＣＬＩＥＮＴＳ ＡＳＳＥＴＳ | Major shareholder | 1.3% | 2025-12-31 |
| ＣＬＥＡＲＳＴＲＥＡＭ ＢＡＮＫＩＮＧ Ｓ．Ａ． | Major shareholder | 0.9% | 2025-12-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社カストディ銀行（信託口） | Major shareholder | 0.6% | 2025-12-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ １３３５９５ | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/01/01－2025/12/31) | S100XREJ | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XREJ,, |
| 有価証券報告書－第32期(2024/01/01－2024/12/31) | S100VF4M | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VF4M,, |
| 有価証券報告書－第31期(2023/01/01－2023/12/31) | S100T31D | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T31D,, |
| 有価証券報告書－第30期(2022/01/01－2022/12/31) | S100QFO6 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFO6,, |
| 有価証券報告書－第29期(令和3年1月1日－令和3年12月31日) | S100NP83 | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP83,, |
| 有価証券報告書－第28期(令和2年1月1日－令和2年12月31日) | S100KZFU | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZFU,, |

## 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).