# GMO Media, 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26期(2025/01/01－2025/12/31) (S100XRSC)
> Page: https://vizora.meequs.com/en/company/gmo-media
> Retrieved: 2026-09-30T21:18:25.270Z

## Company

GMO Media, founded in 2000, is a company in Software & SaaS listed on TSE Growth. It has 208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Media, Inc. |
| Ticker | 6180 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6180.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町26番1号 |
| Representative (per filing) | 代表取締役社長 森輝幸 |
| Founded | Oct 2000 |
| Share capital | ¥762M |
| Employees (consolidated) | 208 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | www.gmo.media (https://www.gmo.media/) |
| Corporate number | 6011001038592 |
| EDINET | E31854 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps, Advertising |

> Profile source: annual securities report (S100XRSC, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.8 | 57 |
| Profitability | 85.5 | 86 |
| Cash conversion | 52.7 | 75 |
| Efficiency | 42.4 | 86 |

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 90% of GMO Media's sales come from Media business, with Solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +18.2%.

## Company structure

- Segment revenue mix: Media business 90.4%、Solution business 9.6%
- Revenue → net income: ¥7115026000 → ¥646884000
- Net income → operating cash flow: ¥646884000 → ¥858840000（difference ¥211956000）
- Main uses of operating cash flow: CapEx ¥42423000 / dividends ¥349189000 / buybacks —
- Change in cash: ¥179486000
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 | ¥7.12B |  |
| Operating income | ¥901.4M | Margin 12.7% |
| Net income | ¥646.9M | Margin 9.1% |
| Free cash flow | ¥816.4M |  |
| Largest business | Media business | of segment revenue 90.4% |
| Employees (consolidated) | 208 |  |
| EPS | ¥379.63 |  |
| Diluted EPS | ¥372.99 |  |
| Book value per share | ¥1754.34 |  |
| Equity ratio | 49.6% |  |
| Shares outstanding | 1,868,839 |  |
| Treasury shares | 61,600 |  |
| Shareholders | 1,244 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 53.6% | Cash ÷ revenue 47.5% |
| Vs. industry median margin | +5 pp | Internet Services & Apps |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 10.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 54% of total assets
- FY2025, employees -3% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4999329000 | ¥7115026000 | +42.3% |
| Operating income | ¥-216894000 | ¥901386000 | — |
| Operating margin | -4.3% | 12.7% | +17 pp |
| Employees | 154 people | 208 people | +35.1% |
| Cash and equivalents | ¥2197153000 | ¥3382944000 | +54.0% |

### 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 |
| --- | ---: |
| メディア事業 → メディア事業 | 77.7% |
| その他メディア支援事業 → 事業再編・廃止 | 22.3% |
| 新設・再編 → メディア事業 | 12.8% |
| 新設・再編 → ソリューション事業 | 9.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,115 | 100.0% | S100XRSC |
| Cost of revenue | 3,751 | 52.7% | S100XRSC |
| Gross profit | 3,364 | 47.3% | S100XRSC |
| SG&A | 2,463 | 34.6% | S100XRSC |
| Operating income | 901 | 12.7% | S100XRSC |
| Ordinary income | 897 | 12.6% | S100XRSC |
| Pretax income | 889 | 12.5% | S100XRSC |
| Income tax | 242 | 3.4% | S100XRSC |
| Net income | 647 | 9.1% | S100XRSC |
| Net income attributable to owners | 647 | 9.1% | S100XRSC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 34 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 47.3% → Operating margin 12.7% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +18.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
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 | 6,606 | 7,115 | 509 | +7.7% |
| Gross profit | 2,969 | 3,364 | 395 | +13.3% |
| Operating income | 763 | 901 | 139 | +18.2% |
| Net income attributable to owners | 571 | 647 | 76 | +13.2% |
| Operating cash flow | 501 | 859 | 358 | +71.5% |
| Free cash flow | 408 | 816 | 408 | +99.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 4,999 | -217 | -4.3% | -409 | 168 | 135 | S100NP1W |
| FY ending Dec 2021 | 8,576 | 49 | 0.6% | 7 | 511 | 447 | S100QFKD |
| FY ending Dec 2022 | 5,588 | 310 | 5.6% | 183 | 395 | 249 | S100T2UU |
| FY ending Dec 2023 | 6,266 | 534 | 8.5% | 361 | 592 | 503 | S100VFEL |
| FY ending Dec 2024 | 6,606 | 763 | 11.5% | 571 | 501 | 408 | S100XRSC |
| FY ending Dec 2025 | 7,115 | 901 | 12.7% | 647 | 859 | 816 | S100XRSC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 163 | 173 | 207 | 214 | 208 |
| Average salary (parent company) | ¥6.1M | ¥5.7M | ¥6M | ¥5.9M | ¥6.3M |
| Average age (parent company) | 34.5 years | 33.9 years | 33.9 years | 34.5 years | 35.5 years |
| Average tenure (parent company) | 7.3 years | 6.8 years | 6.3 years | 7.0 years | 7.7 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media business | 6,435 | 90.4% | 815 | 12.7% |
| Solution business | 680 | 9.6% | 87 | 12.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media business | 90.4% | 90.4% | -0.1 | 12.7% |
| Solution business | 9.6% | 9.6% | 0.1 | 12.7% |

Segment → industry: Solution business → Software & SaaS / Media business → Internet Services & Apps / Media business → 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 | 859 | 12.1% | S100XRSC |
| Capital expenditure | 42 | 0.6% | S100XRSC |
| Free cash flow | 816 | 11.5% | 算出 |
| Investing cash flow | -315 | -4.4% | S100XRSC |
| Financing cash flow | -364 | -5.1% | S100XRSC |
| Dividends paid | 349 | 4.9% | S100XRSC |
| Change in cash | 179 | 2.5% | S100XRSC |
| Cash and equivalents | 3,383 | 47.5% | S100XRSC |

## 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 | 2,643 | 2,869 | 3,278 | 3,203 | 3,383 | S100T2UU, S100VFEL, S100XRSC |
| Total assets | 4,633 | 4,984 | 5,470 | 5,864 | 6,312 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Net assets | 1,889 | 2,091 | 2,401 | 2,814 | 3,152 | S100T2UU, S100VFEL, S100XRSC |
| Share capital | 762 | 762 | 762 | 762 | 762 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Property, plant and equipment | 40 | 35 | 27 | 20 | 18 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Intangible assets excluding goodwill | 80 | 129 | 157 | 462 | 684 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Goodwill | 11 | 19 | 6 | 259 | 294 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Investment securities | 100 | 120 | 139 | 206 | 199 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Current assets | 4,107 | 4,335 | 4,764 | 4,772 | 4,998 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Current liabilities | 2,721 | 2,873 | 3,053 | 3,015 | 3,129 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Long-term borrowings | — | — | — | 21 | 17 | S100XRSC |
| Total liabilities | 2,744 | 2,894 | 3,069 | 3,050 | 3,160 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Equity attributable to owners of parent | 1,889 | 2,084 | 2,380 | 2,790 | 3,131 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Retained earnings | 379 | 558 | 826 | 1,215 | 1,512 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |
| Treasury stock | -94 | -87 | -75 | -97 | -72 | S100QFKD, S100T2UU, S100VFEL, S100XRSC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100XRSC |
| Property, plant and equipment | 0% | S100XRSC |
| Intangibles and goodwill | 16% | S100XRSC |
| Investment securities | 3% | S100XRSC |
| Other assets | 27% | S100XRSC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XRSC |
| Equity | 50% | S100XRSC |

### 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 | 4,633 | 4,984 | 5,470 | 5,864 | 6,312 |
| Equity | 1,889 | 2,091 | 2,401 | 2,814 | 3,152 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,643 | 2,869 | 3,278 | 3,203 | 3,383 |

## 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) | 0.3% | S100XRSC |
| Fixed assets ÷ total assets | 0.3% | S100XRSC |
| Goodwill ÷ parent equity | 9.4% | S100XRSC |

Goodwill over 4 years: 11 → 294 JPY; total investing cash flow: -1,051 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) | 53.6% |
| Cash ÷ revenue | 47.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.3% |
| Cash vs. profit gap | 212 JPY mn (of net income 32.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.0% |
| Shareholder payments — dividends / FCF | 42.8% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 36.7% |

## 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 | 0.1% | 1.85× | 0.2% | 2.45× | 0.4% | S100QFKD |
| 2022 | 3.3% | 1.16× | 3.8% | 2.42× | 9.2% | S100T2UU |
| 2023 | 5.8% | 1.20× | 6.9% | 2.34× | 16.2% | S100VFEL |
| 2024 | 8.6% | 1.17× | 10.1% | 2.19× | 22.1% | S100XRSC |
| 2025 | 9.1% | 1.17× | 10.6% | 2.06× | 21.8% | S100XRSC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ株式会社 | Major shareholder | 62.9% | 2025-12-31 |
| 森 輝幸 | Major shareholder | 6.1% | 2025-12-31 |
| 秋元 利規 | Major shareholder | 1.7% | 2025-12-31 |
| 松尾 志郎 | Major shareholder | 1.2% | 2025-12-31 |
| PHILLIP SECURITIES CLIENTS （RETAIL)（常任代理人 フィリップ証券株式会社） | Major shareholder | 1.2% | 2025-12-31 |
| 岡本 高城 | Major shareholder | 0.9% | 2025-12-31 |
| 高橋 良輔 | Major shareholder | 0.9% | 2025-12-31 |
| 澤田 益臣 | Major shareholder | 0.6% | 2025-12-31 |
| 別府 将彦 | Major shareholder | 0.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XRSC | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRSC,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VFEL | 2025-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFEL,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T2UU | 2024-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2UU,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QFKD | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFKD,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NP1W | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP1W,, |
| 有価証券報告書－第21期(令和2年1月1日－令和2年12月31日) | S100KZZ1 | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZZ1,, |

## 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).