# GMO internet group, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/01/01－2025/12/31) (S100XSG3)
> Page: https://vizora.meequs.com/en/company/gmo-internet-group
> Retrieved: 2026-09-30T19:07:25.911Z

## Company

GMO internet group, founded in 1991, is a company in Cloud & Data Centers listed on TSE Prime. It has 6,484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO internet group, Inc. |
| Ticker | 9449 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9449.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町26番1号 |
| Representative (per filing) | 代表取締役グループ代表会長兼社長執行役員・CEO 熊谷正寿 |
| Founded | May 1991 |
| Share capital | ¥5B |
| Employees (consolidated) | 6,484 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | December |
| Website | group.gmo (https://group.gmo/) |
| Corporate number | 6011001029526 |
| EDINET | E05041 |
| Industries (Vizora) | Cloud & Data Centers, Cashless Payments, Cybersecurity, Advertising, Securities & Asset Management, Crypto & Blockchain, Venture Capital |

> Profile source: annual securities report (S100XSG3, filed 2026-03-23). As of filing

## Key points (generated from figures)

- About 61% of GMO internet group's sales come from Internet infrastructure, with Internet Finance and Online advertising and media making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Internet infrastructure 61.0%、Internet Finance 13.8%、Online advertising and media 11.3%、Internet securities 7.5%、Other 3.5%
- Revenue → net income: ¥285261000000 → ¥36731000000
- Net income → operating cash flow: ¥36731000000 → ¥55537000000（difference ¥18806000000）
- Main uses of operating cash flow: CapEx ¥12048000000 / dividends ¥5527000000 / buybacks ¥15037000000
- Change in cash: ¥84493000000
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 | ¥285.3B |  |
| Operating income | ¥59.1B | Margin 20.7% |
| Net income | ¥16.7B | Margin 5.9% |
| Free cash flow | ¥43.5B |  |
| Largest business | Internet infrastructure | of segment revenue 61.0% |
| Employees (consolidated) | 6,484 |  |
| EPS | ¥163.89 |  |
| Diluted EPS | ¥162.47 |  |
| Book value per share | ¥282.84 |  |
| Equity ratio | 5.5% | Derived from disclosed figures |
| Shares outstanding | 108,273,680 |  |
| Treasury shares | 8,119,700 |  |
| Shareholders | 16,217 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 27.2% | Cash ÷ revenue 194.4% |
| Vs. industry median margin | +15.4 pp | Cloud & Data Centers |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.3× net income
- FY2025, buybacks were 2.7× dividends
- FY2025, one segment accounts for 68% of positive segment profit

## What changed in 6 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Dec 2019 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥196171000000 | ¥285261000000 | — |
| Operating income | ¥25279000000 | ¥59132000000 | — |
| Operating margin | 12.9% | 20.7% | +7.8 pp |
| Employees | 5,238 people | 6,484 people | — |
| Cash and equivalents | ¥159715000000 | ¥554418000000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2019 → 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 |
| --- | ---: |
| インターネットインフラ事業 → 事業再編・廃止 | 57.8% |
| インターネット広告・メディア事業 → 事業再編・廃止 | 21.7% |
| インターネット金融事業 → インターネット金融事業 | 13.8% |
| インターネット金融事業 → 事業再編・廃止 | 0.8% |
| 暗号資産事業 → 暗号資産事業 | 2.9% |
| 暗号資産事業 → 事業再編・廃止 | 0.2% |
| インキュベーション事業 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 0.9% |
| 新設・再編 → インターネットインフラ事業 | 61.0% |
| 新設・再編 → インターネットセキュリティ事業 | 7.5% |
| 新設・再編 → インターネット広告・メディア事業 | 11.3% |
| 新設・再編 → その他 | 2.7% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Internet infrastructure | — | — | ¥174026000000 | 24.0% | 2 |
| Internet Finance | — | — | ¥39370000000 | 33.6% | 2 |
| Online advertising and media | — | — | ¥32113000000 | 8.7% | 2 |
| Internet securities | — | — | ¥21360000000 | 6.3% | 2 |
| Other | — | — | ¥10074000000 | 1.0% | 2 |
| Cryptocurrency business | — | — | ¥8315000000 | 28.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 285,261 | 100.0% | S100XSG3 |
| Cost of revenue | 114,211 | 40.0% | S100XSG3 |
| Gross profit | 171,165 | 60.0% | S100XSG3 |
| SG&A | 109,869 | 38.5% | S100XSG3 |
| Operating income | 59,132 | 20.7% | S100XSG3 |
| Pretax income | 52,942 | 18.6% | S100XSG3 |
| Income tax | 16,210 | 5.7% | S100XSG3 |
| Net income | 36,731 | 12.9% | S100XSG3 |
| Net income attributable to owners | 16,749 | 5.9% | S100XSG3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 40 |
| SG&A | 38 |
| Other operating | 1 |
| Operating income | 21 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 60.0% → Operating margin 20.7% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2023 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 258,643 | 285,261 | 26,618 | +10.3% |
| Gross profit | 153,130 | 171,165 | 18,035 | +11.8% |
| Operating income | 42,471 | 59,132 | 16,661 | +39.2% |
| Net income attributable to owners | 14,191 | 16,749 | 2,558 | +18.0% |
| Operating cash flow | 14,914 | 55,537 | 40,623 | +272.4% |
| Free cash flow | -7,527 | 43,489 | 51,016 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 196,171 | 25,279 | 12.9% | 8,337 | 7,502 | -3,672 | S100LDWD |
| FY ending Dec 2020 | 210,559 | 27,893 | 13.2% | 10,284 | 38,277 | 30,791 | S100NPD5 |
| FY ending Dec 2021 | 241,612 | 41,164 | 17.0% | 17,527 | -23,783 | -60,671 | S100SF07 |
| FY ending Dec 2022 | 245,696 | 43,746 | 17.8% | 13,209 | 25,641 | 15,240 | S100T3H4 |
| FY ending Dec 2023 | 258,643 | 42,471 | 16.4% | 14,191 | 14,914 | -7,527 | S100VG8D |
| FY ending Dec 2025 | 285,261 | 59,132 | 20.7% | 16,749 | 55,537 | 43,489 | S100XSG3 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44M |
| Operating income per employee (consolidated) | ¥9.1M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,225 | 5,758 | 6,159 | 6,253 | 6,484 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.6M | ¥6.8M | ¥8.4M |
| Average age (parent company) | 35.5 years | 35.1 years | 35.5 years | 36.1 years | 39.0 years |
| Average tenure (parent company) | 5.5 years | 5.6 years | 5.5 years | 6.4 years | 6.4 years |

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet infrastructure | 174,026 | 61.0% | 41,700 | 24.0% |
| Internet securities | 21,360 | 7.5% | 1,353 | 6.3% |
| Online advertising and media | 32,113 | 11.3% | 2,795 | 8.7% |
| Internet Finance | 39,370 | 13.8% | 13,229 | 33.6% |
| Cryptocurrency business | 8,315 | 2.9% | 2,396 | 28.8% |
| Incubation | — | 0.0% | -419 | — |
| Other | 10,074 | 3.5% | 100 | 1.0% |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Internet infrastructure | 67.7% | 24.0% |
| Internet securities | 2.2% | 6.3% |
| Online advertising and media | 4.5% | 8.7% |
| Internet Finance | 21.5% | 33.6% |
| Cryptocurrency business | 3.9% | 28.8% |
| Incubation | — | — |
| Other | 0.2% | 1.0% |

Loss-making segment (excluded from profit shares): Incubation -419 JPY mn

Segment → industry: Internet infrastructure → Cloud & Data Centers / Internet infrastructure → Cashless Payments / Internet securities → Cybersecurity / Online advertising and media → Advertising / Internet Finance → Securities & Asset Management / Cryptocurrency business → Crypto & Blockchain / Incubation → Venture Capital

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 55,537 | 19.5% | S100XSG3 |
| Capital expenditure | 12,048 | 4.2% | S100XSG3 |
| Free cash flow | 43,489 | 15.2% | 算出 |
| Investing cash flow | -9,901 | -3.5% | S100XSG3 |
| Financing cash flow | 37,526 | 13.2% | S100XSG3 |
| Dividends paid | 5,527 | 1.9% | S100XSG3 |
| Share buyback | 15,037 | 5.3% | S100XSG3 |
| Change in cash | 84,493 | 29.6% | S100XSG3 |
| Cash and equivalents | 554,418 | 194.4% | S100XSG3 |

## 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 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 218,676 | 234,041 | 322,229 | 392,058 | 554,418 | S100SF07, S100T3H4, S100VG8D, S100XSG3 |
| Total assets | 1,070,544 | 1,418,936 | 1,542,740 | 1,728,944 | 2,036,559 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Net assets | 100,114 | 140,402 | 154,688 | 204,958 | 239,990 | S100SF07, S100T3H4, S100VG8D, S100XSG3 |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Trade receivables | 24,955 | 27,382 | — | — | — | S100NPD5, S100SF07 |
| Inventories | — | — | — | 20,709 | — | S100VG8D |
| Property, plant and equipment | 14,488 | 44,788 | 45,825 | 84,488 | 84,914 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Intangible assets excluding goodwill | 14,999 | 39,566 | 45,936 | 44,305 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Goodwill | 657 | 14,251 | 17,708 | 16,761 | 25,456 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Investment securities | 18,838 | 28,605 | 29,780 | 30,687 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Current assets | 1,005,226 | 1,292,984 | 1,408,015 | 1,517,902 | 1,751,433 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Current liabilities | 933,345 | 1,144,982 | 1,207,649 | 1,307,015 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Trade payables | 10,512 | 11,921 | 14,430 | 15,124 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Short-term borrowings | 169,312 | 163,465 | 201,324 | 184,133 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Long-term borrowings | 11,739 | 55,678 | 97,373 | 144,996 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Bonds | — | 45,000 | 51,000 | 100,500 | — | S100SF07, S100T3H4, S100VG8D |
| Interest-bearing debt | — | 264,143 | 349,697 | 429,629 | — | 算出 |
| Total liabilities | 970,429 | 1,278,533 | 1,388,051 | 1,523,985 | 1,796,569 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Non-controlling interests | 49,140 | 66,802 | 82,469 | 90,242 | — | S100NPD5, S100SF07, S100T3H4, S100VG8D |
| Equity attributable to owners of parent | 50,167 | 69,400 | 65,843 | 87,468 | 111,221 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Retained earnings | 26,959 | 35,756 | 37,730 | 55,667 | 74,181 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |
| Treasury stock | -9,366 | -5,684 | -10,166 | -10,166 | -24,062 | S100NPD5, S100SF07, S100T3H4, S100XSG3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XSG3 |
| Property, plant and equipment | 4% | S100XSG3 |
| Intangibles and goodwill | 1% | — |
| Other assets | 68% | S100XSG3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 88% | S100XSG3 |
| Equity | 12% | S100XSG3 |

### Balance sheet history

| Metric | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,070,544 | 1,418,936 | 1,542,740 | 1,728,944 | 2,036,559 |
| Equity | 100,114 | 140,402 | 154,688 | 204,958 | 239,990 |
| Interest-bearing debt | — | 264,143 | 349,697 | 429,629 | — |
| Cash | 218,676 | 234,041 | 322,229 | 392,058 | 554,418 |

## 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) | 29.8% | S100XSG3 |
| Fixed assets ÷ total assets | 4.2% | S100XSG3 |
| Goodwill ÷ parent equity | 22.9% | S100XSG3 |

### 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) | 27.2% |
| Cash ÷ revenue | 194.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.9% |
| Cash vs. profit gap | 38,788 JPY mn (of net income 231.6%) |
| Shareholder returns / net income | 122.8% |
| Shareholder returns / FCF | 47.3% |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 12.7% |
| CapEx intensity (capex ÷ revenue) | 4.2% |
| Investing CF relative to operating CF | 17.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 4.9% | 0.20× | 1.0% | 21.34× | 20.5% | S100NPD5 |
| 2021 | 7.3% | 0.19× | 1.4% | 20.82× | 29.3% | S100SF07 |
| 2022 | 5.4% | 0.17× | 0.9% | 21.90× | 19.5% | S100T3H4 |
| 2023 | 5.5% | 0.16× | 0.9% | 21.34× | 18.5% | S100VG8D, S100XSG3 |
| 2025 | 5.9% | 0.14× | 0.8% | 18.31× | 15.1% | S100XSG3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社熊谷正寿事務所 | Major shareholder | 35.7% | 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 | 13.2% | 2025-12-31 |
| 熊谷 正寿 | Major shareholder | 9.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2025-12-31 |
| CEP LUX-ORBIS SICAV（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.6% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140051（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2025-12-31 |
| THE BANK OF NEW YORK 133612（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-12-31 |
| ORBIS INSTITUTIONAL FUNDS LIMITED-ORBIS INSTITUTIONAL GLOBAL EQUITY（OFO）FUND（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 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 | 1.3% | 2025-12-31 |
| KUWAIT INVESTMENT AUTHORITY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/01/01－2025/12/31) | S100XSG3 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSG3,, |
| 有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VG8D | 2025-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG8D,, |
| 有価証券報告書－第33期(2023/01/01－2023/12/31) | S100T3H4 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3H4,, |
| 訂正有価証券報告書－第32期(2022/01/01－2022/12/31) | S100SF07 | 2023-12-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SF07,, |
| 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) | S100NPD5 | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPD5,, |
| 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) | S100LDWD | 2021-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LDWD,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 三井住友FG | Capital alliance | GMO-PGと共に、合弁会社を通じた決済代行サービスの資本・業務提携 | S100XSG3 |
| あおぞら銀行 | Joint venture | GMOあおぞらネット銀行の運営に関する株主間契約 | S100XSG3 |
| プライム・ストラテジー株式会社 | Capital alliance | 公開買付けとホスティング・セキュリティの業務提携（現GMOプライム・ストラテジー） | S100XSG3 |

## 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).