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GMO internet groupGMO internet group, Inc.9449東証プライム情報・通信業FY ending Dec 2025, consolidated, IFRS

GMO internet group revenue and profit

Out of every ¥100 of sales, about ¥21 is left as operating profit. Revenue changed +10.3% from the prior year, operating profit +39.2%.

Five-year trend

Revenue¥285.3B
FY ending Dec 2020: ¥210.6B¥210.6BFY ending Dec 2021: ¥241.6B¥241.6BFY ending Dec 2022: ¥245.7B¥245.7BFY ending Dec 2023: ¥258.6B¥258.6BFY ending Dec 2025: ¥285.3B¥285.3BFY20FY21FY22FY23FY25
Operating income¥59.1B
FY ending Dec 2020: ¥27.9B¥27.9BFY ending Dec 2021: ¥41.2B¥41.2BFY ending Dec 2022: ¥43.7B¥43.7BFY ending Dec 2023: ¥42.5B¥42.5BFY ending Dec 2025: ¥59.1B¥59.1BFY20FY21FY22FY23FY25
Operating margin20.7%
FY ending Dec 2020: 13.2%13.2%FY ending Dec 2021: 17.0%17.0%FY ending Dec 2022: 17.8%17.8%FY ending Dec 2023: 16.4%16.4%FY ending Dec 2025: 20.7%20.7%FY20FY21FY22FY23FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin5.9%
Asset turnover0.14×
ROA0.8%
ROA0.8%
Financial leverage18.31×
ROE15.1%

Denominators: ending assets and ending equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin5.9%
2020: 4.9%4.9%2021: 7.3%7.3%2022: 5.4%5.4%2023: 5.5%5.5%2025: 5.9%5.9%2021222325
Asset turnover0.14×
2020: 0.20×0.20×2021: 0.19×0.19×2022: 0.17×0.17×2023: 0.16×0.16×2025: 0.14×0.14×2021222325
ROA0.8%
2020: 1.0%1.0%2021: 1.4%1.4%2022: 0.9%0.9%2023: 0.9%0.9%2025: 0.8%0.8%2021222325
Financial leverage18.31×
2020: 21.34×21.34×2021: 20.82×20.82×2022: 21.90×21.90×2023: 21.34×21.34×2025: 18.31×18.31×2021222325
ROE15.1%
2020: 20.5%20.5%2021: 29.3%29.3%2022: 19.5%19.5%2023: 18.5%18.5%2025: 15.1%15.1%2021222325
PeriodNet marginAsset turnoverROAFinancial leverageROE
20204.9%0.20×1.0%21.34×20.5%
20217.3%0.19×1.4%20.82×29.3%
20225.4%0.17×0.9%21.90×19.5%
20235.5%0.16×0.9%21.34×18.5%
20255.9%0.14×0.8%18.31×15.1%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue29.8%
2023: 32.7%32.7%2025: 29.8%29.8%2325
PPE ÷ total assets4.2%
2023: 4.9%4.9%2025: 4.2%4.2%2325
Goodwill ÷ parent equity22.9%
2023: 19.2%19.2%2025: 22.9%22.9%2325
Goodwill balance¥25.5B
2023: ¥16.8B¥16.8B2025: ¥25.5B¥25.5B2325

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥429M
2023: ¥257M¥257M2025: ¥429M¥429M2325
R&D / revenue0.2%
2023: 0.1%0.1%2025: 0.2%0.2%2325
Inventory days—
2023: 72d72d2325
Payable days—
2023: 52d52d2325

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2020FY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2025
Revenue210,559241,612245,696258,643285,261
Cost of revenue104,883112,72995,809105,512114,211
Gross profit105,675128,883149,886153,130171,165
SG&A77,78287,718106,139110,658109,869
Operating income27,89341,16443,74642,47159,132
Pretax income29,92643,71557,66042,98352,942
Income tax11,25815,25917,96716,72916,210
Net income attributable to owners10,28417,52713,20914,19116,749
Operating margin13.2%17.0%17.8%16.4%20.7%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 27%
4%
1%
Other assets 68%

Funding

Other liabilities 88%
Equity 12%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2020FY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2025
Cash and equivalents¥218.7B¥234B¥322.2B¥392.1B¥554.4B
Total assets¥1.07T¥1.42T¥1.54T¥1.73T¥2.04T
Net assets¥100.1B¥140.4B¥154.7B¥205B¥240B
Share capital¥5B¥5B¥5B¥5B¥5B
Trade receivables¥25B¥27.4B———
Inventories———¥20.7B—
Property, plant and equipment¥14.5B¥44.8B¥45.8B¥84.5B¥84.9B
Intangible assets excluding goodwill¥15B¥39.6B¥45.9B¥44.3B—
Goodwill¥657M¥14.3B¥17.7B¥16.8B¥25.5B
Investment securities¥18.8B¥28.6B¥29.8B¥30.7B—
Current assets¥1.01T¥1.29T¥1.41T¥1.52T¥1.75T
Current liabilities¥933.3B¥1.14T¥1.21T¥1.31T—
Trade payables¥10.5B¥11.9B¥14.4B¥15.1B—
Short-term borrowings¥169.3B¥163.5B¥201.3B¥184.1B—
Long-term borrowings¥11.7B¥55.7B¥97.4B¥145B—
Bonds—¥45B¥51B¥100.5B—
Interest-bearing debt—¥264.1Bderived¥349.7Bderived¥429.6Bderived—
Total liabilities¥970.4B¥1.28T¥1.39T¥1.52T¥1.8T
Non-controlling interests¥49.1B¥66.8B¥82.5B¥90.2B—
Equity attributable to owners of parent¥50.2B¥69.4B¥65.8B¥87.5B¥111.2B
Retained earnings¥27B¥35.8B¥37.7B¥55.7B¥74.2B
Treasury stock-¥9.37B-¥5.68B-¥10.2B-¥10.2B-¥24.1B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第35期(2025/01/01－2025/12/31)

    ID S100XSG32026-03-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第34期(2024/01/01－2024/12/31)

    ID S100VG8D2025-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第33期(2023/01/01－2023/12/31)

    ID S100T3H42024-03-22Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第32期(2022/01/01－2022/12/31)

    ID S100SF072023-12-06Open

  • EDINET (FSA Japan)

    有価証券報告書－第31期(令和3年1月1日－令和3年12月31日)

    ID S100NPD52022-03-22Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第30期(令和2年1月1日－令和2年12月31日)

    ID S100LDWD2021-05-24Open

Extracted from XBRL: 45 / Derived from other figures: 1

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