# GMO Pepabo, 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24期(2025/01/01－2025/12/31) (S100XS5R)
> Page: https://vizora.meequs.com/en/company/gmo-pepabo
> Retrieved: 2026-09-30T19:41:57.318Z

## Company

GMO Pepabo, founded in 2003, is a company in Cloud & Data Centers listed on TSE Standard. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Pepabo, Inc. |
| Ticker | 3633 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3633.T) |
| Listing | TSE Standard |
| 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 佐藤 健太郎 |
| Founded | Jan 2003 |
| Share capital | ¥262.2M |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | pepabo.com (https://pepabo.com/) |
| Corporate number | 5011001042496 |
| EDINET | E22101 |
| Industries (Vizora) | Cloud & Data Centers, Software & SaaS, E-commerce, Cashless Payments |

> Profile source: annual securities report (S100XS5R, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Cloud & Data Centers (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 3 |
| Profitability | 90 | 5 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 70 | 5 |

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 57% of GMO Pepabo's sales come from Domain rental server(hosting) service, with EC support service and Handmade service making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Domain rental server(hosting) service 56.6%、EC support service 28.1%、Handmade service 11.8%、Financial support service 3.2%、Other 0.2%
- Revenue → net income: ¥10959103000 → ¥878436000
- Net income → operating cash flow: ¥878436000 → ¥1442741000（difference ¥564305000）
- Main uses of operating cash flow: CapEx ¥177366000 / dividends ¥300417000 / buybacks ¥179853000
- Change in cash: ¥835497000
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 | ¥11B |  |
| Operating income | ¥932.6M | Margin 8.5% |
| Net income | ¥878.4M | Margin 8.0% |
| Free cash flow | ¥1.27B |  |
| Largest business | Domain rental server(hosting) service | of segment revenue 56.6% |
| Employees (consolidated) | 307 |  |
| EPS | ¥168.24 |  |
| Book value per share | ¥542.5 |  |
| Equity ratio | 24.7% |  |
| Shares outstanding | 5,468,700 |  |
| Treasury shares | 309,800 |  |
| Shareholders | 3,618 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 50.8% | Cash ÷ revenue 52.5% |
| Vs. industry median margin | +3.2 pp | Cloud & Data Centers |
| ROE | 34.8% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 64% of positive segment profit
- FY2025, cash is 51% of total assets
- FY2025, employees -9% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11014036000 | ¥10959103000 | -0.5% |
| Operating income | ¥927246000 | ¥932639000 | +0.6% |
| Operating margin | 8.4% | 8.5% | +0.1 pp |
| Employees | 355 people | 307 people | -13.5% |
| Cash and equivalents | ¥3622457000 | ¥5752557000 | +58.8% |

### 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 |
| --- | ---: |
| ホスティング事業 → 事業再編・廃止 | 41.5% |
| EC支援事業 → EC支援事業 | 28.1% |
| EC支援事業 → 事業再編・廃止 | 8.8% |
| ハンドメイド事業 → ハンドメイド事業 | 11.8% |
| ハンドメイド事業 → 事業再編・廃止 | 6.3% |
| 金融支援事業 → 金融支援事業 | 1.2% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 2.1% |
| 新設・再編 → ドメイン・レンタルサーバー（ホスティング）事業 | 56.6% |
| 新設・再編 → 金融支援事業 | 2.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domain rental server(hosting) service | 2 years | +3.8% | ¥6205519000 | 30.7% | 2 |
| EC support service | 5 years | -5.4% | ¥3080286000 | 31.3% | 2 |
| Handmade service | 5 years | -8.3% | ¥1294335000 | 7.0% | 2 |
| Financial support service | 5 years | +22.7% | ¥355409000 | 0.3% | 2 |
| Other | 5 years | -38.0% | ¥23552000 | -804.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,959 | 100.0% | S100XS5R |
| Cost of revenue | 4,995 | 45.6% | S100XS5R |
| Gross profit | 5,964 | 54.4% | S100XS5R |
| SG&A | 5,031 | 45.9% | S100XS5R |
| Operating income | 933 | 8.5% | S100XS5R |
| Ordinary income | 1,229 | 11.2% | S100XS5R |
| Pretax income | 1,264 | 11.5% | S100XS5R |
| Income tax | 386 | 3.5% | S100XS5R |
| Net income | 878 | 8.0% | S100XS5R |
| Net income attributable to owners | 878 | 8.0% | S100XS5R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 46 |
| SG&A | 46 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 54.4% → Operating margin 8.5% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +12.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 37.59×
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 | 10,923 | 10,959 | 36 | +0.3% |
| Gross profit | 5,779 | 5,964 | 185 | +3.2% |
| Operating income | 829 | 933 | 103 | +12.5% |
| Net income attributable to owners | 592 | 878 | 287 | +48.5% |
| Operating cash flow | 1,210 | 1,443 | 232 | +19.2% |
| Free cash flow | 901 | 1,265 | 364 | +40.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,943 | 784 | 8.8% | 543 | 698 | 331 | S100KZ5Y |
| FY ending Dec 2020 | 11,014 | 927 | 8.4% | 830 | 1,253 | 893 | S100NP77 |
| FY ending Dec 2021 | 11,880 | 889 | 7.5% | 715 | 669 | 339 | S100QHRW |
| FY ending Dec 2022 | 10,531 | 732 | 7.0% | 510 | -213 | -709 | S100T2YG |
| FY ending Dec 2023 | 10,904 | -341 | -3.1% | -629 | 1,779 | 1,378 | S100VFOR |
| FY ending Dec 2024 | 10,923 | 829 | 7.6% | 592 | 1,210 | 901 | S100XS5R |
| FY ending Dec 2025 | 10,959 | 933 | 8.5% | 878 | 1,443 | 1,265 | S100XS5R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.7M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 367 | 372 | 359 | 338 | 307 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.5M | ¥6.8M | ¥7M |
| Average age (parent company) | 34.7 years | 35.0 years | 35.4 years | 36.2 years | 36.9 years |
| Average tenure (parent company) | 5.9 years | 6.0 years | 6.5 years | 7.0 years | 7.7 years |

Year over year: Employees (consolidated) -9.2% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domain rental server(hosting) service | 6,206 | 56.6% | 1,904 | 30.7% |
| EC support service | 3,080 | 28.1% | 963 | 31.3% |
| Handmade service | 1,294 | 11.8% | 91 | 7.0% |
| Financial support service | 355 | 3.2% | 1 | 0.3% |
| Other | 24 | 0.2% | -189 | -804.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domain rental server(hosting) service | 56.6% | 64.3% | 7.7 | 30.7% |
| EC support service | 28.1% | 32.5% | 4.4 | 31.3% |
| Handmade service | 11.8% | 3.1% | -8.7 | 7.0% |
| Financial support service | 3.2% | 0.0% | -3.2 | 0.3% |
| Other | 0.2% | — | — | -804.6% |

Loss-making segment (excluded from profit shares): Other -189 JPY mn

Segment → industry: Domain rental server(hosting) service → Cloud & Data Centers / EC support service → Software & SaaS / Handmade service → E-commerce / EC support service → E-commerce / Financial support service → Cashless Payments

## 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 | 1,443 | 13.2% | S100XS5R |
| Capital expenditure | 177 | 1.6% | S100XS5R |
| Free cash flow | 1,265 | 11.5% | 算出 |
| Investing cash flow | 252 | 2.3% | S100XS5R |
| Financing cash flow | -859 | -7.8% | S100XS5R |
| Dividends paid | 300 | 2.7% | S100XS5R |
| Share buyback | 180 | 1.6% | S100XS5R |
| Change in cash | 835 | 7.6% | S100XS5R |
| Cash and equivalents | 5,753 | 52.5% | S100XS5R |

## 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 | 3,621 | 3,609 | 4,360 | 4,917 | 5,753 | S100T2YG, S100VFOR, S100XS5R |
| Total assets | 8,870 | 11,436 | 10,875 | 11,419 | 11,320 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Net assets | 2,953 | 2,689 | 1,811 | 2,389 | 2,799 | S100T2YG, S100VFOR, S100XS5R |
| Share capital | 262 | 262 | 262 | 262 | 262 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Property, plant and equipment | 427 | 652 | 843 | 775 | 590 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Intangible assets excluding goodwill | 553 | 734 | 675 | 580 | 478 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Investment securities | 860 | 643 | 631 | 665 | 620 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Current assets | 6,944 | 9,311 | 8,569 | 9,253 | 9,447 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Current liabilities | 5,694 | 8,439 | 7,914 | 8,170 | 8,001 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Short-term borrowings | — | 1,200 | — | — | — | S100T2YG |
| Bonds | — | — | 700 | 500 | 300 | S100VFOR, S100XS5R |
| Total liabilities | 5,917 | 8,747 | 9,064 | 9,030 | 8,521 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Non-controlling interests | 23 | — | — | — | — | S100QHRW |
| Equity attributable to owners of parent | 2,685 | 2,626 | 1,733 | 2,325 | 2,720 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Retained earnings | 2,502 | 2,501 | 1,608 | 2,200 | 2,775 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |
| Treasury stock | -334 | -394 | -394 | -394 | -574 | S100QHRW, S100T2YG, S100VFOR, S100XS5R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XS5R |
| Property, plant and equipment | 5% | S100XS5R |
| Intangibles and goodwill | 4% | S100XS5R |
| Investment securities | 6% | S100XS5R |
| Other assets | 34% | S100XS5R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100XS5R |
| Equity | 25% | S100XS5R |

### 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 | 8,870 | 11,436 | 10,875 | 11,419 | 11,320 |
| Equity | 2,953 | 2,689 | 1,811 | 2,389 | 2,799 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,621 | 3,609 | 4,360 | 4,917 | 5,753 |

## 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) | 5.4% | S100XS5R |
| Fixed assets ÷ total assets | 5.2% | S100XS5R |
| Goodwill ÷ parent equity | — | —, S100XS5R |

### 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) | 50.8% |
| Cash ÷ revenue | 52.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.7% |
| Cash vs. profit gap | 564 JPY mn (of net income 64.2%) |
| Shareholder returns / net income | 54.7% |
| Shareholder returns / FCF | 38.0% |
| Shareholder payments — dividends / net income | 34.2% |
| Shareholder payments — dividends / FCF | 23.7% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 17.5% |

## 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 | 6.0% | 1.34× | 8.1% | 3.30× | 26.6% | S100QHRW |
| 2022 | 4.8% | 1.04× | 5.0% | 3.82× | 19.2% | S100T2YG |
| 2023 | — | —× | -5.6% | —× | — | S100VFOR |
| 2024 | 5.4% | 0.98× | 5.3% | 5.49× | 29.2% | S100XS5R |
| 2025 | 8.0% | 0.96× | 7.7% | 4.51× | 34.8% | S100XS5R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GMOインターネットグループ株式会社 | Major shareholder | 58.8% | 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 | 4.0% | 2025-12-31 |
| GMOインターネット株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 佐藤 健太郎 | Major shareholder | 0.9% | 2025-12-31 |
| 松尾 志郎 | Major shareholder | 0.8% | 2025-12-31 |
| NORTHERN TRUST CO.（AVFC）RE STATE TEACHERS RETIREMENT SYSTEM OF OHIO（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.8% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.6% | 2025-12-31 |
| ペパボ社員持株会 | Major shareholder | 0.6% | 2025-12-31 |
| 五十島 啓人 | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XS5R | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS5R,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VFOR | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFOR,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T2YG | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2YG,, |
| 訂正有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QHRW | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHRW,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NP77 | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP77,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100KZ5Y | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZ5Y,, |

## 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).