# GMO Product Platform, 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) (S100XRA9)
> Page: https://vizora.meequs.com/en/company/gmo-product-platform
> Retrieved: 2026-09-30T19:49:59.553Z

## Company

GMO Product Platform, founded in 2002, is a company in Advertising listed on TSE Growth. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO Product Platform, Inc. (旧英訳名 GMO Research & AI, Inc.)(注)2025年8月1日開催の臨時株主総会の決議により、2025年10月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 3695 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3695.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 荻田 剛大 |
| Founded | Apr 2002 |
| Share capital | ¥299M |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | product.gmo (https://product.gmo/) |
| Corporate number | 6011001038345 |
| EDINET | E30857 |
| Industries (Vizora) | Advertising |

> Profile source: annual securities report (S100XRA9, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.1 | 57 |
| Profitability | 44.8 | 86 |
| Cash conversion | 92.7 | 75 |
| Efficiency | 40.1 | 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)

- GMO Product Platform brought in ¥6.82B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +35.7% from the prior year, operating profit +44.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6818184000 → ¥161895000
- Net income → operating cash flow: ¥161895000 → ¥990783000（difference ¥828888000）
- Main uses of operating cash flow: CapEx ¥29986000 / dividends ¥187537000 / buybacks —
- Change in cash: ¥1083689000
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 | ¥6.82B |  |
| Operating income | ¥340.7M | Margin 5.0% |
| Net income | ¥155.6M | Margin 2.3% |
| Free cash flow | ¥960.8M |  |
| Employees (consolidated) | 199 |  |
| EPS | ¥-17.28 |  |
| Book value per share | ¥388.92 |  |
| Equity ratio | 25.7% |  |
| Shares outstanding | 4,446,357 |  |
| Treasury shares | 43,200 |  |
| Shareholders | 1,343 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 26.7% | Cash ÷ revenue 37.1% |
| Vs. industry median margin | -0.6 pp | Advertising |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.4× net income
- FY2025, parent-company salary changed +84% over five years
- FY2025, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3394929000 | ¥6818184000 | +100.8% |
| Operating income | ¥263718000 | ¥340678000 | +29.2% |
| Operating margin | 7.8% | 5.0% | -2.8 pp |
| Employees | 154 people | 199 people | +29.2% |
| Cash and equivalents | ¥913182000 | ¥2529573000 | +177.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,818 | 100.0% | S100XRA9 |
| Cost of revenue | 2,992 | 43.9% | S100XRA9 |
| Gross profit | 3,826 | 56.1% | S100XRA9 |
| SG&A | 3,485 | 51.1% | S100XRA9 |
| Operating income | 341 | 5.0% | S100XRA9 |
| Ordinary income | 323 | 4.7% | S100XRA9 |
| Pretax income | 277 | 4.1% | S100XRA9 |
| Income tax | 115 | 1.7% | S100XRA9 |
| Net income | 162 | 2.4% | S100XRA9 |
| Net income attributable to owners | 156 | 2.3% | S100XRA9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 51 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 56.1% → Operating margin 5.0% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +35.7%; Core profit growth: +44.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.26×
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 | 5,026 | 6,818 | 1,792 | +35.7% |
| Gross profit | 2,546 | 3,826 | 1,280 | +50.3% |
| Operating income | 235 | 341 | 106 | +44.9% |
| Net income attributable to owners | 183 | 156 | -28 | -15.0% |
| Operating cash flow | 238 | 991 | 753 | +317.2% |
| Free cash flow | 113 | 961 | 848 | +750.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,291 | 213 | 6.5% | 137 | 148 | 77 | S100KZHK |
| FY ending Dec 2020 | 3,395 | 264 | 7.8% | 176 | 363 | 268 | S100NP3L |
| FY ending Dec 2021 | 4,086 | 353 | 8.6% | 274 | 482 | 407 | S100QF29 |
| FY ending Dec 2022 | 5,201 | 420 | 8.1% | 356 | 132 | 40 | S100T2LX |
| FY ending Dec 2023 | 5,117 | 441 | 8.6% | 307 | 475 | 355 | S100VEZL |
| FY ending Dec 2024 | 5,026 | 235 | 4.7% | 183 | 238 | 113 | S100XRA9 |
| FY ending Dec 2025 | 6,818 | 341 | 5.0% | 156 | 991 | 961 | S100XRA9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥782.1K |

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) | 169 | 189 | 187 | 185 | 199 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | — | ¥5.8M | ¥8.8M |
| Average age (parent company) | 35.9 years | 36.7 years | 36.2 years | 37.7 years | 42.4 years |
| Average tenure (parent company) | 3.5 years | 3.9 years | 4.1 years | 5.0 years | 3.5 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) +35.7%

## 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 | 991 | 14.5% | S100XRA9 |
| Capital expenditure | 30 | 0.4% | S100XRA9 |
| Free cash flow | 961 | 14.1% | 算出 |
| Investing cash flow | -380 | -5.6% | S100XRA9 |
| Financing cash flow | 456 | 6.7% | S100XRA9 |
| Dividends paid | 188 | 2.8% | S100XRA9 |
| Change in cash | 1,084 | 15.9% | S100XRA9 |
| Cash and equivalents | 2,530 | 37.1% | S100XRA9 |

## 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 | 1,265 | 1,167 | 1,335 | 1,188 | 2,530 | S100T2LX, S100VEZL, S100XRA9 |
| Total assets | 2,800 | 3,072 | 2,994 | 2,996 | 9,457 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Net assets | 1,677 | 1,909 | 2,047 | 2,113 | 2,455 | S100T2LX, S100VEZL, S100XRA9 |
| Share capital | 299 | 299 | 299 | 299 | 299 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Property, plant and equipment | 32 | 29 | 23 | 15 | 25 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Intangible assets excluding goodwill | 185 | 198 | 245 | 319 | 861 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Goodwill | — | — | — | 35 | 588 | S100XRA9 |
| Investment securities | 80 | 98 | 105 | 142 | 129 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Current assets | 2,358 | 2,596 | 2,485 | 2,373 | 7,747 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Current liabilities | 1,108 | 1,149 | 932 | 874 | 6,551 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Short-term borrowings | — | — | — | — | 100 | S100XRA9 |
| Long-term borrowings | — | — | — | — | 438 | S100XRA9 |
| Total liabilities | 1,123 | 1,163 | 946 | 883 | 7,002 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Non-controlling interests | — | — | 0 | 13 | 20 | S100VEZL, S100XRA9 |
| Equity attributable to owners of parent | 1,676 | 1,896 | 2,026 | 2,022 | 2,374 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Retained earnings | 1,032 | 1,251 | 1,380 | 1,376 | 1,344 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |
| Treasury stock | -48 | -47 | -46 | -46 | -46 | S100QF29, S100T2LX, S100VEZL, S100XRA9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100XRA9 |
| Property, plant and equipment | 0% | S100XRA9 |
| Intangibles and goodwill | 15% | S100XRA9 |
| Investment securities | 2% | S100XRA9 |
| Other assets | 56% | S100XRA9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100XRA9 |
| Equity | 26% | S100XRA9 |
| Other liabilities | 0% | S100XRA9 |

### 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 | 2,800 | 3,072 | 2,994 | 2,996 | 9,457 |
| Equity | 1,677 | 1,909 | 2,047 | 2,113 | 2,455 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,265 | 1,167 | 1,335 | 1,188 | 2,530 |

## 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) | 0.4% | S100XRA9 |
| Fixed assets ÷ total assets | 0.3% | S100XRA9 |
| Goodwill ÷ parent equity | 24.8% | S100XRA9 |

### 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) | 26.7% |
| Cash ÷ revenue | 37.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 290.8% |
| Cash vs. profit gap | 835 JPY mn (of net income 536.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 120.5% |
| Shareholder payments — dividends / FCF | 19.5% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 38.3% |

## 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 | 6.7% | 1.46× | 9.8% | 1.67× | 16.3% | S100QF29 |
| 2022 | 6.9% | 1.77× | 12.1% | 1.64× | 19.9% | S100T2LX |
| 2023 | 6.0% | 1.69× | 10.1% | 1.55× | 15.7% | S100VEZL |
| 2024 | 3.6% | 1.68× | 6.1% | 1.48× | 9.0% | S100XRA9 |
| 2025 | 2.3% | 1.10× | 2.5% | 2.83× | 7.1% | S100XRA9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＭＯインターネットグループ株式会社 | Major shareholder | 70.4% | 2025-12-31 |
| 荻田 剛大 | Major shareholder | 9.6% | 2025-12-31 |
| ＧＭＯインターネット株式会社 | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社ＨＯＳＯＫＡＷＡ | Major shareholder | 1.4% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.8% | 2025-12-31 |
| 亀山 茂 | Major shareholder | 0.6% | 2025-12-31 |
| 細川 慎一 | Major shareholder | 0.5% | 2025-12-31 |
| GMOプロダクトプラットフォーム従業員持株会 | Major shareholder | 0.4% | 2025-12-31 |
| 高橋 元男 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XRA9 | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRA9,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VEZL | 2025-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VEZL,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T2LX | 2024-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2LX,, |
| 有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QF29 | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF29,, |
| 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) | S100NP3L | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP3L,, |
| 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) | S100KZHK | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZHK,, |

## 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).