# Goodpatch Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2024/09/01－2025/08/31) (S100X6Y8)
> Page: https://vizora.meequs.com/en/company/goodpatch
> Retrieved: 2026-09-30T20:22:40.498Z

## Company

Goodpatch, founded in 2011, is a company in IT Services & System Integration listed on TSE Growth. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Goodpatch Inc. |
| Ticker | 7351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7351.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区鶯谷町3番3号 |
| Representative (per filing) | 代表取締役社長 土屋 尚史 |
| Founded | Sep 2011 |
| Share capital | ¥1.77B |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | August |
| Website | goodpatch.com (https://goodpatch.com/) |
| Corporate number | 6010501033839 |
| EDINET | E35773 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, HR & Staffing |

> Profile source: annual securities report (S100X6Y8, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.2 | 157 |
| Profitability | 66.6 | 196 |
| Cash conversion | 90.5 | 185 |
| Efficiency | 29.8 | 196 |

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 92% of Goodpatch's sales come from Design partner business, with Design platform business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +29.0% from the prior year, operating profit +1514.7%.

## Company structure

- Segment revenue mix: Design partner business 92.3%、Design platform business 7.7%
- Revenue → net income: ¥5085553000 → ¥400496000
- Net income → operating cash flow: ¥400496000 → ¥844388000（difference ¥443892000）
- Main uses of operating cash flow: CapEx ¥2324000 / dividends — / buybacks ¥151385000
- Change in cash: ¥-542011000
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 | ¥5.09B |  |
| Operating income | ¥557.5M | Margin 11.0% |
| Net income | ¥407.1M | Margin 8.0% |
| Free cash flow | ¥842.1M |  |
| Largest business | Design partner business | of segment revenue 92.3% |
| Employees (consolidated) | 262 |  |
| EPS | ¥40.01 |  |
| Diluted EPS | ¥39.8 |  |
| Book value per share | ¥480.24 |  |
| Equity ratio | 78.6% |  |
| Shares outstanding | 9,246,620 |  |
| Treasury shares | 512,800 |  |
| Shareholders | 4,210 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 52.1% | Cash ÷ revenue 53.7% |
| Vs. industry median margin | +2 pp | IT Services & System Integration |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 1515%
- FY2025, operating cash flow is 2.1× net income
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2143511000 | ¥5085553000 | +137.3% |
| Operating income | ¥216604000 | ¥557483000 | +157.4% |
| Operating margin | 10.1% | 11.0% | +0.9 pp |
| Employees | 170 people | 262 people | +54.1% |
| Cash and equivalents | ¥939913000 | ¥2733133000 | +190.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| デザインパートナー事業 → デザインパートナー事業 | 73.5% |
| デザインプラットフォーム事業 → デザインプラットフォーム事業 | 7.7% |
| デザインプラットフォーム事業 → 事業再編・廃止 | 18.9% |
| 新設・再編 → デザインパートナー事業 | 18.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,086 | 100.0% | S100X6Y8 |
| Cost of revenue | 2,143 | 42.1% | S100X6Y8 |
| Gross profit | 2,943 | 57.9% | S100X6Y8 |
| SG&A | 2,385 | 46.9% | S100X6Y8 |
| Operating income | 557 | 11.0% | S100X6Y8 |
| Ordinary income | 613 | 12.1% | S100X6Y8 |
| Pretax income | 621 | 12.2% | S100X6Y8 |
| Income tax | 221 | 4.3% | S100X6Y8 |
| Net income | 400 | 7.9% | S100X6Y8 |
| Net income attributable to owners | 407 | 8.0% | S100X6Y8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 47 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 57.9% → Operating margin 11.0% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +29.0%; Core profit growth: +1514.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 52.27×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,943 | 5,086 | 1,143 | +29.0% |
| Gross profit | 2,183 | 2,943 | 759 | +34.8% |
| Operating income | 35 | 557 | 523 | +1514.7% |
| Net income attributable to owners | 12 | 407 | 396 | +3429.8% |
| Operating cash flow | -57 | 844 | 902 | — |
| Free cash flow | -70 | 842 | 912 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 1,683 | 75 | 4.5% | 57 | 127 | 103 | S100K9YM |
| FY ending Aug 2020 | 2,144 | 217 | 10.1% | 216 | 146 | 122 | S100MYNP |
| FY ending Aug 2021 | 2,741 | 406 | 14.8% | 328 | 483 | 462 | S100PP7S |
| FY ending Aug 2022 | 3,725 | 394 | 10.6% | 73 | 411 | 396 | S100SD3A |
| FY ending Aug 2023 | 3,929 | 299 | 7.6% | 216 | 79 | 77 | S100UV57 |
| FY ending Aug 2024 | 3,943 | 35 | 0.9% | 12 | -57 | -70 | S100X6Y8 |
| FY ending Aug 2025 | 5,086 | 557 | 11.0% | 407 | 844 | 842 | S100X6Y8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.6M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 195 | 249 | 236 | 264 | 262 |
| Average salary (parent company) | ¥6.7M | ¥7.2M | ¥7.4M | ¥8.2M | ¥7.8M |
| Average age (parent company) | 31.5 years | 33.8 years | 34.6 years | 35.4 years | 36.0 years |
| Average tenure (parent company) | 2.7 years | 2.7 years | 2.9 years | 3.0 years | 3.1 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) +29.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Design partner business | 4,696 | 92.3% | 612 | 13.0% |
| Design platform business | 389 | 7.7% | -54 | -13.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Design partner business | 92.3% | 100.0% | 7.7 | 13.0% |
| Design platform business | 7.7% | — | — | -13.9% |

Loss-making segment (excluded from profit shares): Design platform business -54 JPY mn

Segment → industry: Design partner business → IT Services & System Integration / Design platform business → Software & SaaS / Design platform business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 844 | 16.6% | S100X6Y8 |
| Capital expenditure | 2 | 0.0% | S100X6Y8 |
| Free cash flow | 842 | 16.6% | 算出 |
| Investing cash flow | -1,076 | -21.2% | S100X6Y8 |
| Financing cash flow | -310 | -6.1% | S100X6Y8 |
| Share buyback | 151 | 3.0% | S100X6Y8 |
| Change in cash | -542 | -10.7% | S100X6Y8 |
| Cash and equivalents | 2,733 | 53.7% | S100X6Y8 |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,780 | 2,910 | 3,274 | 3,275 | 2,733 | S100SD3A, S100UV57, S100X6Y8 |
| Total assets | 3,440 | 4,170 | 4,672 | 4,676 | 5,245 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Net assets | 2,571 | 3,209 | 3,944 | 3,872 | 4,145 | S100SD3A, S100UV57, S100X6Y8 |
| Share capital | 1,235 | 1,511 | 1,768 | 1,772 | 1,775 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Property, plant and equipment | 118 | 60 | 47 | 48 | 49 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Intangible assets excluding goodwill | 2 | 611 | 539 | 467 | 396 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Goodwill | — | 539 | 476 | 413 | 349 | S100SD3A, S100UV57, S100X6Y8 |
| Investment securities | 96 | 54 | 146 | 202 | 1,310 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Current assets | 3,137 | 3,312 | 3,800 | 3,839 | 3,396 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Current liabilities | 551 | 709 | 608 | 533 | 956 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Long-term borrowings | 272 | 193 | 86 | 239 | 108 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Total liabilities | 868 | 961 | 728 | 804 | 1,100 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Equity attributable to owners of parent | 2,572 | 3,204 | 3,933 | 3,854 | 4,107 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Retained earnings | 106 | 187 | 403 | 414 | 821 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |
| Treasury stock | -0 | -0 | -0 | -100 | -250 | S100PP7S, S100SD3A, S100UV57, S100X6Y8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100X6Y8 |
| Property, plant and equipment | 1% | S100X6Y8 |
| Intangibles and goodwill | 14% | S100X6Y8 |
| Investment securities | 25% | S100X6Y8 |
| Other assets | 8% | S100X6Y8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100X6Y8 |
| Equity | 79% | S100X6Y8 |
| Other liabilities | 0% | S100X6Y8 |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,440 | 4,170 | 4,672 | 4,676 | 5,245 |
| Equity | 2,571 | 3,209 | 3,944 | 3,872 | 4,145 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,780 | 2,910 | 3,274 | 3,275 | 2,733 |

## 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) | 1.0% | S100X6Y8 |
| Fixed assets ÷ total assets | 0.9% | S100X6Y8 |
| Goodwill ÷ parent equity | 8.5% | S100X6Y8 |

### 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) | 52.1% |
| Cash ÷ revenue | 53.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.5% |
| Cash vs. profit gap | 437 JPY mn (of net income 107.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 127.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.0% | 0.80× | 9.5% | 1.34× | 12.7% | S100PP7S |
| 2022 | 1.9% | 0.98× | 1.9% | 1.32× | 2.5% | S100SD3A |
| 2023 | 5.5% | 0.89× | 4.9% | 1.24× | 6.1% | S100UV57 |
| 2024 | 0.3% | 0.84× | 0.2% | 1.20× | 0.3% | S100X6Y8 |
| 2025 | 8.0% | 1.03× | 8.2% | 1.25× | 10.2% | S100X6Y8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 土屋尚史 | Major shareholder | 34.3% | 2025-08-31 |
| 株式会社サイバーエージェント | Major shareholder | 8.2% | 2025-08-31 |
| 株式会社ブルーローズ | Major shareholder | 7.1% | 2025-08-31 |
| 山下良久 | Major shareholder | 2.0% | 2025-08-31 |
| 孝橋将臣 | Major shareholder | 2.0% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社（信託口Ｔ６Ｋ１５７００１） | Major shareholder | 1.7% | 2025-08-31 |
| 楽天証券株式会社 | Major shareholder | 1.3% | 2025-08-31 |
| グッドパッチ従業員持株会 | Major shareholder | 1.3% | 2025-08-31 |
| Jitsukata Boris Friedrich | Major shareholder | 1.1% | 2025-08-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2024/09/01－2025/08/31) | S100X6Y8 | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6Y8,, |
| 有価証券報告書－第13期(2023/09/01－2024/08/31) | S100UV57 | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UV57,, |
| 有価証券報告書－第12期(2022/09/01－2023/08/31) | S100SD3A | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SD3A,, |
| 有価証券報告書－第11期(令和3年9月1日－令和4年8月31日) | S100PP7S | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP7S,, |
| 有価証券報告書－第10期(令和2年9月1日－令和3年8月31日) | S100MYNP | 2021-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MYNP,, |
| 有価証券報告書－第9期(令和1年9月1日－令和2年8月31日) | S100K9YM | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9YM,, |

## 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).