# GMO  Internet Inc.: 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27期(2025/01/01－2025/12/31) (S100XRMD)
> Page: https://vizora.meequs.com/en/company/gmo-internet
> Retrieved: 2026-09-30T19:04:59.858Z

## Company

GMO Internet, founded in 1999, is a company in Broadband & ISPs listed on TSE Prime. It has 1,826 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Internet, Inc. |
| Ticker | 4784 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4784.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町26番1号(上記は登記上の本店所在地であり、実際の業務は下記の「最寄りの連絡場所」にて行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 伊藤 正 |
| Founded | Sep 1999 |
| Share capital | ¥500M |
| Employees (consolidated) | 1,826 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | internet.gmo (https://internet.gmo/) |
| Corporate number | 1011001032872 |
| EDINET | E05123 |
| Industries (Vizora) | Broadband & ISPs, Cloud & Data Centers, Advertising |

> Profile source: annual securities report (S100XRMD, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Broadband & ISPs (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 38.9 | 9 |
| Cash conversion | 94.4 | 9 |
| Efficiency | 94.4 | 9 |

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 84% of GMO Internet's sales come from Internet infrastructure, with Online advertising and media making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +504.4% from the prior year, operating profit +5816.5%.

## Company structure

- Segment revenue mix: Internet infrastructure 84.1%、Online advertising and media 15.9%
- Revenue → net income: ¥78548000000 → ¥5542000000
- Net income → operating cash flow: ¥5542000000 → ¥13669000000（difference ¥8127000000）
- Main uses of operating cash flow: CapEx ¥1943000000 / dividends ¥4113000000 / buybacks —
- Change in cash: ¥6805000000
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 | ¥78.5B |  |
| Operating income | ¥8.22B | Margin 10.5% |
| Net income | ¥5.56B | Margin 7.1% |
| Free cash flow | ¥11.7B |  |
| Largest business | Internet infrastructure | of segment revenue 84.1% |
| Employees (consolidated) | 1,826 |  |
| EPS | ¥21.06 |  |
| Diluted EPS | ¥21.03 |  |
| Book value per share | ¥46.29 |  |
| Equity ratio | 26.6% |  |
| Shares outstanding | 274,698,528 |  |
| Treasury shares | 451,500 |  |
| Shareholders | 25,336 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 26.8% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -0.2 pp | Broadband & ISPs |
| ROE | 60.7% | Derived from disclosed figures |
| ROA | 18.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, revenue is 2.3× its level five years ago
- FY2025, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34519549000 | ¥78548000000 | +127.5% |
| Operating income | ¥365413000 | ¥8224000000 | +2150.6% |
| Operating margin | 1.1% | 10.5% | +9.4 pp |
| Employees | 620 people | 1,826 people | +194.5% |
| Cash and equivalents | ¥5011022000 | ¥13829000000 | +176.0% |

### 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 |
| --- | ---: |
| エージェンシー事業 → 事業再編・廃止 | 72.0% |
| メディア・アドテク事業 → 事業再編・廃止 | 28.0% |
| 新設・再編 → インターネットインフラ事業 | 84.1% |
| 新設・再編 → インターネット広告・メディア事業 | 15.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 78,548 | 100.0% | S100XRMD |
| Cost of revenue | 52,581 | 66.9% | S100XRMD |
| Gross profit | 25,966 | 33.1% | S100XRMD |
| SG&A | 17,741 | 22.6% | S100XRMD |
| Operating income | 8,224 | 10.5% | S100XRMD |
| Ordinary income | 8,345 | 10.6% | S100XRMD |
| Pretax income | 8,277 | 10.5% | S100XRMD |
| Income tax | 2,734 | 3.5% | S100XRMD |
| Net income | 5,542 | 7.1% | S100XRMD |
| Net income attributable to owners | 5,563 | 7.1% | S100XRMD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 23 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.1% → Operating margin 10.5% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +504.4%; Core profit growth: +5816.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.53×
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 | 12,997 | 78,548 | 65,551 | +504.4% |
| Gross profit | 5,974 | 25,966 | 19,992 | +334.7% |
| Operating income | 139 | 8,224 | 8,085 | +5816.5% |
| Net income attributable to owners | -4 | 5,563 | 5,567 | — |
| Operating cash flow | 6 | 13,669 | 13,663 | +227716.7% |
| Free cash flow | -34 | 11,726 | 11,760 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 34,538 | 446 | 1.3% | 241 | 481 | 266 | S100KZZU |
| FY ending Dec 2020 | 34,520 | 365 | 1.1% | 261 | 1,233 | 1,023 | S100P77U |
| FY ending Dec 2021 | 34,525 | 487 | 1.4% | 328 | 196 | -38 | S100QFW8 |
| FY ending Dec 2022 | 16,629 | 711 | 4.3% | 396 | 881 | 765 | S100T3HF |
| FY ending Dec 2023 | 14,904 | -25 | -0.2% | 40 | -912 | -1,061 | S100VFTX |
| FY ending Dec 2024 | 12,997 | 139 | 1.1% | -4 | 6 | -34 | S100XRMD |
| FY ending Dec 2025 | 78,548 | 8,224 | 10.5% | 5,563 | 13,669 | 11,726 | S100XRMD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 613 | 611 | 563 | 453 | 1,826 |
| Average salary (parent company) | ¥5.2M | ¥5.8M | ¥6M | ¥6M | ¥6M |
| Average age (parent company) | 35.6 years | 36.0 years | 38.1 years | 38.7 years | 38.9 years |
| Average tenure (parent company) | 5.4 years | 6.1 years | 7.5 years | 8.0 years | 9.8 years |

Year over year: Employees (consolidated) +303.1% · Revenue (consolidated) +504.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Internet infrastructure | 65,864 | 84.1% | 8,631 | 13.1% |
| Online advertising and media | 12,490 | 15.9% | 201 | 1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Internet infrastructure | 84.1% | 97.7% | 13.7 | 13.1% |
| Online advertising and media | 15.9% | 2.3% | -13.7 | 1.6% |

Segment → industry: Internet infrastructure → Broadband & ISPs / Internet infrastructure → Cloud & Data Centers / Online advertising and media → Advertising

## 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 | 13,669 | 17.4% | S100XRMD |
| Capital expenditure | 1,943 | 2.5% | S100XRMD |
| Free cash flow | 11,726 | 14.9% | 算出 |
| Investing cash flow | -712 | -0.9% | S100XRMD |
| Financing cash flow | -6,326 | -8.1% | S100XRMD |
| Dividends paid | 4,113 | 5.2% | S100XRMD |
| Change in cash | 6,805 | 8.7% | S100XRMD |
| Cash and equivalents | 13,829 | 17.6% | S100XRMD |

## 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 | 4,715 | 5,343 | 4,185 | 4,024 | 13,829 | S100T3HF, S100VFTX, S100XRMD |
| Total assets | 11,631 | 12,423 | 10,848 | 10,356 | 51,528 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Net assets | 5,206 | 5,434 | 5,242 | 5,246 | 14,069 | S100T3HF, S100VFTX, S100XRMD |
| Share capital | 1,302 | 1,302 | 1,302 | 1,301 | 500 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Trade receivables | 3,878 | 4,117 | 3,621 | 3,522 | — | S100QFW8, S100T3HF, S100VFTX |
| Inventories | 7 | 3 | 1 | — | — | S100QFW8, S100T3HF |
| Property, plant and equipment | 326 | 302 | 289 | 270 | 9,201 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Intangible assets excluding goodwill | 390 | 345 | 331 | 210 | 3,832 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Goodwill | 43 | 34 | 26 | 16 | 1,335 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Investment securities | 707 | 684 | 630 | 673 | 1,016 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Current assets | 9,634 | 10,503 | 9,085 | 8,660 | 35,686 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Current liabilities | 5,923 | 6,552 | 5,160 | 4,768 | 30,685 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Long-term borrowings | — | — | — | — | 4,123 | S100XRMD |
| Total liabilities | 6,425 | 6,989 | 5,606 | 5,109 | 37,459 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Non-controlling interests | 37 | 35 | 35 | 44 | 176 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Equity attributable to owners of parent | 4,941 | 5,234 | 5,103 | 5,078 | 13,263 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Retained earnings | 1,898 | 2,064 | 1,904 | 1,878 | 3,321 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |
| Treasury stock | -396 | -281 | -252 | -251 | -179 | S100QFW8, S100T3HF, S100VFTX, S100XRMD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XRMD |
| Property, plant and equipment | 18% | S100XRMD |
| Intangibles and goodwill | 10% | S100XRMD |
| Investment securities | 2% | S100XRMD |
| Other assets | 43% | S100XRMD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100XRMD |
| Equity | 27% | S100XRMD |

### 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 | 11,631 | 12,423 | 10,848 | 10,356 | 51,528 |
| Equity | 5,206 | 5,434 | 5,242 | 5,246 | 14,069 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,715 | 5,343 | 4,185 | 4,024 | 13,829 |

## 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) | 11.7% | S100XRMD |
| Fixed assets ÷ total assets | 17.9% | S100XRMD |
| Goodwill ÷ parent equity | 10.1% | S100XRMD |

Goodwill over 4 years: 43 → 1,335 JPY; total investing cash flow: -1,328 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) | 26.8% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.2% |
| Cash vs. profit gap | 8,106 JPY mn (of net income 145.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 73.9% |
| Shareholder payments — dividends / FCF | 35.1% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 5.2% |

## 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 | 1.0% | 2.97× | 2.8% | 2.35× | 6.6% | S100QFW8 |
| 2022 | 2.4% | 1.38× | 3.3% | 2.36× | 7.8% | S100T3HF |
| 2023 | 0.3% | 1.28× | 0.3% | 2.25× | 0.8% | S100VFTX |
| 2024 | — | —× | -0.0% | —× | — | S100XRMD |
| 2025 | 7.1% | 2.54× | 18.0% | 3.37× | 60.7% | S100XRMD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ株式会社 | Major shareholder | 90.6% | 2025-12-31 |
| GMOネットアイアールディー株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| GMOエクイティマネジメント株式会社 | Major shareholder | 0.6% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.4% | 2025-12-31 |
| JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.2% | 2025-12-31 |
| UBS AG LONDON ASIA EQUITIES（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.2% | 2025-12-31 |
| MLI FOR CLIENT GENERAL TREATY-PB（常任代理人 BofA証券株式会社） | Major shareholder | 0.1% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.1% | 2025-12-31 |
| 中座 義行 | Major shareholder | 0.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/01/01－2025/12/31) | S100XRMD | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRMD,, |
| 有価証券報告書－第26期(2024/01/01－2024/12/31) | S100VFTX | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFTX,, |
| 有価証券報告書－第25期(2023/01/01－2023/12/31) | S100T3HF | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3HF,, |
| 有価証券報告書－第24期(2022/01/01－2022/12/31) | S100QFW8 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFW8,, |
| 訂正有価証券報告書－第23期(令和3年1月1日－令和3年12月31日) | S100P77U | 2022-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P77U,, |
| 有価証券報告書－第22期(令和2年1月1日－令和2年12月31日) | S100KZZU | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZZU,, |

## 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).