# GMO Payment Gateway, Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2024/10/01－2025/09/30) (S100X9RU)
> Page: https://vizora.meequs.com/en/company/gmo-payment-gateway
> Retrieved: 2026-09-30T21:03:39.463Z

## Company

GMO Payment Gateway, founded in 1995, is a company in Cashless Payments listed on TSE Prime. It has 882 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Payment Gateway, Inc. |
| Ticker | 3769 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3769.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区道玄坂一丁目2番3号 |
| Representative (per filing) | 代表取締役社長 相浦 一成 |
| Founded | Mar 1995 |
| Share capital | ¥13.3B |
| Employees (consolidated) | 882 |
| Average salary (parent only) | ¥11M |
| Fiscal year end | September |
| Website | www.gmo-pg.com (https://www.gmo-pg.com/) |
| Corporate number | 6011001005411 |
| EDINET | E05476 |
| Industries (Vizora) | Cashless Payments, Advertising |

> Profile source: annual securities report (S100X9RU, filed 2025-12-12). As of filing

## Key points (generated from figures)

- About 75% of GMO Payment Gateway's sales come from Payment Processing Business, with Money Service Business and Payment enhancement business making up much of the rest.
- Out of every ¥100 of sales, about ¥38 is left as operating profit.
- Revenue changed +11.8% from the prior year, operating profit +24.4%.

## Company structure

- Segment revenue mix: Payment Processing Business 74.6%、Money Service Business 23.3%、Payment enhancement business 2.1%
- Revenue → net income: ¥82499385000 → ¥22538693000
- Net income → operating cash flow: ¥22538693000 → ¥53759555000（difference ¥31220862000）
- Main uses of operating cash flow: CapEx ¥3647443000 / dividends ¥9399746000 / buybacks —
- Change in cash: ¥45986279000
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 | ¥82.5B |  |
| Operating income | ¥31.3B | Margin 38.0% |
| Net income | ¥21.8B | Margin 26.5% |
| Free cash flow | ¥50.1B |  |
| Largest business | Payment Processing Business | of segment revenue 74.6% |
| Employees (consolidated) | 882 |  |
| EPS | ¥287.79 |  |
| Diluted EPS | ¥284.43 |  |
| Book value per share | ¥933.99 |  |
| Equity ratio | 27.8% | Derived from disclosed figures |
| Shares outstanding | 76,557,545 |  |
| Treasury shares | 5,500 |  |
| Shareholders | 4,630 |  |
| Average salary (parent only) | ¥11M | Filing company only |
| Cash ratio | 54.1% | Cash ÷ revenue 266.7% |
| Vs. industry median margin | +24.8 pp | Cashless Payments |
| ROE | 20.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, one segment accounts for 84% of positive segment profit
- FY2025, cash is 54% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33046404000 | ¥82499385000 | +149.6% |
| Operating income | ¥10388667000 | ¥31340267000 | +201.7% |
| Operating margin | 31.4% | 38.0% | +6.6 pp |
| Employees | 625 people | 882 people | +41.1% |
| Cash and equivalents | ¥95830807000 | ¥220040128000 | +129.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 決済代行事業 → 決済代行事業 | 69.7% |
| 金融関連事業 → 金融関連事業 | 23.3% |
| 金融関連事業 → 事業再編・廃止 | 5.2% |
| 決済活性化事業 → 決済活性化事業 | 1.8% |
| 新設・再編 → 決済代行事業 | 4.9% |
| 新設・再編 → 決済活性化事業 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Payment Processing Business | 5 years | +21.7% | ¥61549788000 | 48.4% | 2 |
| Money Service Business | 5 years | +15.3% | ¥19187216000 | 28.2% | 2 |
| Payment enhancement business | 5 years | +24.0% | ¥1762380000 | 23.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 82,499 | 100.0% | S100X9RU |
| Cost of revenue | 27,004 | 32.7% | S100X9RU |
| Gross profit | 55,495 | 67.3% | S100X9RU |
| SG&A | 24,423 | 29.6% | S100X9RU |
| Operating income | 31,340 | 38.0% | S100X9RU |
| Pretax income | 31,911 | 38.7% | S100X9RU |
| Income tax | 9,373 | 11.4% | S100X9RU |
| Net income | 22,539 | 27.3% | S100X9RU |
| Net income attributable to owners | 21,829 | 26.5% | S100X9RU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 29 |
| Operating income | 38 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 67.3% → Operating margin 38.0% → Net margin 26.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.8%; Core profit growth: +24.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.07×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 73,785 | 82,499 | 8,714 | +11.8% |
| Gross profit | 48,103 | 55,495 | 7,392 | +15.4% |
| Operating income | 25,187 | 31,340 | 6,153 | +24.4% |
| Net income attributable to owners | 18,705 | 21,829 | 3,124 | +16.7% |
| Operating cash flow | 49,472 | 53,760 | 4,287 | +8.7% |
| Free cash flow | 45,025 | 50,112 | 5,087 | +11.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2017 | 21,054 | — | — | 2,421 | 1,851 | — | S100N34M |
| FY ending Sep 2018 | 26,417 | — | — | 4,255 | 4,702 | — | S100PTHL |
| FY ending Sep 2019 | 26,923 | 9,563 | 35.5% | 5,267 | 1,312 | -201 | S100KF2C |
| FY ending Sep 2020 | 33,046 | 10,389 | 31.4% | 7,624 | 49,189 | 47,252 | S100N34M |
| FY ending Sep 2021 | 41,667 | 12,987 | 31.2% | 8,819 | -6,343 | -8,266 | S100PTHL |
| FY ending Sep 2022 | 50,298 | 16,249 | 32.3% | 24,152 | 7,656 | 4,685 | S100SHAA |
| FY ending Sep 2023 | 63,119 | 20,312 | 32.2% | 13,476 | 6,129 | 1,501 | S100UY1X |
| FY ending Sep 2024 | 73,785 | 25,187 | 34.1% | 18,705 | 49,472 | 45,025 | S100X9RU |
| FY ending Sep 2025 | 82,499 | 31,340 | 38.0% | 21,829 | 53,760 | 50,112 | S100X9RU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.5M |
| Operating income per employee (consolidated) | ¥35.5M |
| Net income per employee (consolidated) | ¥24.7M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 714 | 799 | 825 | 853 | 882 |
| Average salary (parent company) | ¥9.6M | ¥9M | ¥8.6M | ¥10M | ¥11M |
| Average age (parent company) | 35.3 years | 35.4 years | 36.3 years | 36.8 years | 37.5 years |
| Average tenure (parent company) | 4.6 years | 4.5 years | 5.2 years | 5.6 years | 6.3 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +11.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Payment Processing Business | 61,550 | 74.6% | 29,780 | 48.4% |
| Money Service Business | 19,187 | 23.3% | 5,408 | 28.2% |
| Payment enhancement business | 1,762 | 2.1% | 418 | 23.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Payment Processing Business | 74.6% | 83.6% | 9.0 | 48.4% |
| Money Service Business | 23.3% | 15.2% | -8.1 | 28.2% |
| Payment enhancement business | 2.1% | 1.2% | -1.0 | 23.7% |

Segment → industry: Payment enhancement business → Cashless Payments / Money Service Business → Cashless Payments / Payment Processing Business → Cashless Payments / Payment enhancement business → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 53,760 | 65.2% | S100X9RU |
| Capital expenditure | 3,647 | 4.4% | S100X9RU |
| Free cash flow | 50,112 | 60.7% | 算出 |
| Investing cash flow | -7,329 | -8.9% | S100X9RU |
| Financing cash flow | -1,243 | -1.5% | S100X9RU |
| Dividends paid | 9,400 | 11.4% | S100X9RU |
| Change in cash | 45,986 | 55.7% | S100X9RU |
| Cash and equivalents | 220,040 | 266.7% | S100X9RU |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 104,524 | 113,968 | 133,658 | 174,054 | 220,040 | S100SHAA, S100UY1X, S100X9RU |
| Total assets | 215,456 | 273,407 | 292,347 | 344,702 | 406,800 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Net assets | 57,820 | 89,261 | 94,805 | 105,819 | 116,177 | S100SHAA, S100UY1X, S100X9RU |
| Share capital | 13,323 | 13,323 | 13,323 | 13,323 | 13,323 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Property, plant and equipment | 3,949 | 3,542 | 3,354 | 3,921 | 3,349 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Goodwill | 1,256 | 1,256 | 1,256 | 1,256 | 3,491 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Current assets | 189,503 | 244,257 | 258,467 | 298,096 | 352,936 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Total liabilities | 157,636 | 184,147 | 197,542 | 238,883 | 290,623 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Equity attributable to owners of parent | 55,846 | 87,123 | 92,274 | 102,895 | 113,013 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Retained earnings | 26,546 | 49,424 | 50,769 | 62,712 | 75,386 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |
| Treasury stock | -1,152 | -1,152 | -1,153 | -1,117 | -1,074 | S100PTHL, S100SHAA, S100UY1X, S100X9RU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100X9RU |
| Property, plant and equipment | 1% | S100X9RU |
| Intangibles and goodwill | 1% | — |
| Other assets | 44% | S100X9RU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 71% | S100X9RU |
| Equity | 29% | S100X9RU |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 215,456 | 273,407 | 292,347 | 344,702 | 406,800 |
| Equity | 57,820 | 89,261 | 94,805 | 105,819 | 116,177 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 104,524 | 113,968 | 133,658 | 174,054 | 220,040 |

## 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) | 4.1% | S100X9RU |
| Fixed assets ÷ total assets | 0.8% | S100X9RU |
| Goodwill ÷ parent equity | 3.1% | S100X9RU |

Goodwill over 4 years: 1,256 → 3,491 JPY; total investing cash flow: 4,989 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) | 54.1% |
| Cash ÷ revenue | 266.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.5% |
| Cash vs. profit gap | 31,930 JPY mn (of net income 146.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.1% |
| Shareholder payments — dividends / FCF | 18.8% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 13.6% |

## 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 | 21.2% | 0.19× | 4.1% | 3.86× | 15.8% | S100PTHL |
| 2022 | 48.0% | 0.21× | 9.9% | 3.42× | 33.8% | S100SHAA |
| 2023 | 21.3% | 0.22× | 4.8% | 3.15× | 15.0% | S100UY1X |
| 2024 | 25.4% | 0.23× | 5.9% | 3.26× | 19.2% | S100X9RU |
| 2025 | 26.5% | 0.22× | 5.8% | 3.48× | 20.2% | S100X9RU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ株式会社 | Major shareholder | 40.7% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.1% | 2025-09-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2025-09-30 |
| CEP LUX-ORBIS SICA V （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2025-09-30 |
| BNYM AS AGT/CLTS 10 PERCENT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-09-30 |
| 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 | 0.9% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2024/10/01－2025/09/30) | S100X9RU | 2025-12-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X9RU,, |
| 有価証券報告書－第31期(2023/10/01－2024/09/30) | S100UY1X | 2024-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UY1X,, |
| 有価証券報告書－第30期(2022/10/01－2023/09/30) | S100SHAA | 2023-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHAA,, |
| 有価証券報告書－第29期(令和3年10月1日－令和4年9月30日) | S100PTHL | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTHL,, |
| 有価証券報告書－第28期(令和2年10月1日－令和3年9月30日) | S100N34M | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N34M,, |
| 訂正有価証券報告書－第27期(令和1年10月1日－令和2年9月30日) | S100KF2C | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KF2C,, |

## 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).