# GMO TECH Holdings, 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1期(2025/01/01－2025/12/31) (S100XS80)
> Page: https://vizora.meequs.com/en/company/gmo-tech-holdings
> Retrieved: 2026-09-30T21:03:12.042Z

## Company

GMO TECH Holdings, founded in 2025, is a company in Software & SaaS listed on TSE Growth. It has 414 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GMO TECH Holdings, Inc. |
| Ticker | 415A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/415A.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 CEO 鈴木 明人 |
| Founded | Jul 2025 |
| Share capital | ¥100M |
| Employees (consolidated) | 414 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | hd.gmotech.jp (https://hd.gmotech.jp/) |
| Corporate number | 1011001172925 |
| EDINET | E40792 |
| Industries (Vizora) | Software & SaaS, Advertising |

> Profile source: annual securities report (S100XS80, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 64.5 | 86 |
| Cash conversion | 30 | 75 |
| Efficiency | 45.9 | 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 93% of GMO TECH Holdings's sales come from Support business, with Real esateTech Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.

## Company structure

- Segment revenue mix: Support business 93.4%、Real esateTech Business 6.6%
- Revenue → net income: ¥6923000000 → ¥1539000000
- Net income → operating cash flow: ¥1539000000 → ¥266000000（difference ¥-1273000000）
- Main uses of operating cash flow: CapEx ¥229000000 / dividends ¥341000000 / buybacks ¥5000000
- Change in cash: ¥-408000000
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 | ¥6.92B |  |
| Operating income | ¥519M | Margin 7.5% |
| Net income | ¥1.54B | Margin 22.2% |
| Free cash flow | ¥37M |  |
| Largest business | Support business | of segment revenue 93.4% |
| Employees (consolidated) | 414 |  |
| EPS | ¥287.64 |  |
| Book value per share | ¥1919.01 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 1,625,626 |  |
| Treasury shares | 46,885 |  |
| Shareholders | 1,149 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 51.8% | Cash ÷ revenue 42.8% |
| Vs. industry median margin | +1.9 pp | Advertising |
| ROE | 39.1% | Derived from disclosed figures |
| ROA | 26.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 52% of total assets

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,923 | 100.0% | S100XS80 |
| Cost of revenue | 3,543 | 51.2% | S100XS80 |
| Gross profit | 3,379 | 48.8% | S100XS80 |
| SG&A | 2,859 | 41.3% | S100XS80 |
| Operating income | 519 | 7.5% | S100XS80 |
| Ordinary income | 479 | 6.9% | S100XS80 |
| Pretax income | 1,621 | 23.4% | S100XS80 |
| Income tax | 81 | 1.2% | S100XS80 |
| Net income | 1,539 | 22.2% | S100XS80 |
| Net income attributable to owners | 1,539 | 22.2% | S100XS80 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 41 |
| Operating income | 8 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 48.8% → Operating margin 7.5% → Net margin 22.2%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Dec 2025 |
| --- | ---: |
| Employees (consolidated) | 414 |
| Average salary (parent company) | ¥7M |
| Average age (parent company) | 38.8 years |
| Average tenure (parent company) | 6.4 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Support business | 6,467 | 93.4% | 661 | 10.2% |
| Real esateTech Business | 456 | 6.6% | -57 | -12.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Support business | 93.4% | 100.0% | 6.6 | 10.2% |
| Real esateTech Business | 6.6% | — | — | -12.5% |

Loss-making segment (excluded from profit shares): Real esateTech Business -57 JPY mn

Segment → industry: Real esateTech Business → Software & SaaS / Support 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 | 266 | 3.8% | S100XS80 |
| Capital expenditure | 229 | 3.3% | S100XS80 |
| Free cash flow | 37 | 0.5% | 算出 |
| Investing cash flow | -243 | -3.5% | S100XS80 |
| Financing cash flow | -419 | -6.1% | S100XS80 |
| Dividends paid | 341 | 4.9% | S100XS80 |
| Share buyback | 5 | 0.1% | S100XS80 |
| Change in cash | -408 | -5.9% | S100XS80 |
| Cash and equivalents | 2,965 | 42.8% | S100XS80 |

## 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 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 2,965 | S100XS80 |
| Total assets | 5,725 | S100XS80 |
| Net assets | 3,999 | S100XS80 |
| Share capital | 100 | S100XS80 |
| Property, plant and equipment | 33 | S100XS80 |
| Intangible assets excluding goodwill | 400 | S100XS80 |
| Investment securities | 510 | S100XS80 |
| Current assets | 4,585 | S100XS80 |
| Current liabilities | 1,592 | S100XS80 |
| Long-term borrowings | 90 | S100XS80 |
| Total liabilities | 1,725 | S100XS80 |
| Equity attributable to owners of parent | 3,941 | S100XS80 |
| Retained earnings | 2,050 | S100XS80 |
| Treasury stock | -267 | S100XS80 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100XS80 |
| Property, plant and equipment | 0% | S100XS80 |
| Intangibles and goodwill | 7% | S100XS80 |
| Investment securities | 9% | S100XS80 |
| Other assets | 32% | S100XS80 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XS80 |
| Equity | 70% | S100XS80 |
| Other liabilities | 0% | S100XS80 |

## 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) | 0.5% | S100XS80 |
| Fixed assets ÷ total assets | 0.6% | S100XS80 |
| Goodwill ÷ parent equity | — | —, S100XS80 |

### 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) | 51.8% |
| Cash ÷ revenue | 42.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 51.3% |
| Cash vs. profit gap | -1,273 JPY mn (of net income -82.7%) |
| Shareholder returns / net income | 22.5% |
| Shareholder returns / FCF | 935.1% |
| Shareholder payments — dividends / net income | 22.2% |
| Shareholder payments — dividends / FCF | 921.6% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 91.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 22.2% | 1.21× | 26.9% | 1.45× | 39.1% | S100XS80 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＭＯインターネットグループ株式会社 | Major shareholder | 51.7% | 2025-12-31 |
| 鈴木 明人 | Major shareholder | 12.3% | 2025-12-31 |
| 高畠 靖雄 | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社ティーエーケー | Major shareholder | 2.3% | 2025-12-31 |
| 九鬼 伸哉 | Major shareholder | 1.5% | 2025-12-31 |
| ＰＣ投資事業有限責任組合 | Major shareholder | 1.4% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| 三田村 徹彦 | Major shareholder | 1.0% | 2025-12-31 |
| 松尾 志郎 | Major shareholder | 0.9% | 2025-12-31 |
| ＧＭＯＴＥＣＨ従業員持株会 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第1期(2025/01/01－2025/12/31) | S100XS80 | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS80,, |

## 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).