# GRCS Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2024/12/01－2025/11/30) (S100XNEI)
> Page: https://vizora.meequs.com/en/company/grcs
> Retrieved: 2026-09-30T19:48:31.278Z

## Company

Grcs, founded in 2005, is a company in Cybersecurity listed on TSE Growth. It has 213 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GRCS Inc. |
| Ticker | 9250 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9250.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区丸の内一丁目1番1号 パレスビル5階 |
| Representative (per filing) | 代表取締役社長 佐々木 慈和 |
| Founded | Mar 2005 |
| Share capital | ¥50M |
| Employees (consolidated) | 213 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | November |
| Website | www.grcs.co.jp (https://www.grcs.co.jp/) |
| Corporate number | 3010001097899 |
| EDINET | E36988 |
| Industries (Vizora) | Cybersecurity |

> Profile source: annual securities report (S100XNEI, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Cybersecurity (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 5.2 | 29 |
| Efficiency | 94.8 | 29 |

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)

- Grcs brought in ¥3.33B in revenue.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +1.4% from the prior year, operating profit -253.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.33B |  |
| Operating income | -¥67.8M | Margin -2.0% |
| Net income | -¥527.9M | Margin -15.8% |
| Free cash flow | -¥77.2M |  |
| Employees (consolidated) | 213 |  |
| EPS | ¥-410.17 |  |
| Book value per share | ¥-100.83 |  |
| Shares outstanding | 1,380,130 |  |
| Treasury shares | 29,800 |  |
| Shareholders | 894 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 31.0% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | -16.4 pp | Cybersecurity |
| ROA | -29.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 31% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1431849000 | ¥3333680000 | — |
| Operating income | ¥26758000 | ¥-67827000 | — |
| Operating margin | 1.9% | -2.0% | -3.9 pp |
| Employees | 105 people | 213 people | — |
| Cash and equivalents | ¥254214000 | ¥530760000 | — |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,334 | 100.0% | S100XNEI |
| Cost of revenue | 2,380 | 71.4% | S100XNEI |
| Gross profit | 954 | 28.6% | S100XNEI |
| SG&A | 1,022 | 30.6% | S100XNEI |
| Operating income | -68 | -2.0% | S100XNEI |
| Ordinary income | -98 | -2.9% | S100XNEI |
| Pretax income | -451 | -13.5% | S100XNEI |
| Income tax | 76 | 2.3% | S100XNEI |
| Net income | -528 | -15.8% | S100XNEI |
| Net income attributable to owners | -528 | -15.8% | S100XNEI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 31 |
| Operating income | -2 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 28.6% → Operating margin -2.0% → Net margin -15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,289 | 3,334 | 45 | +1.4% |
| Gross profit | 1,072 | 954 | -119 | -11.1% |
| Operating income | 44 | -68 | -112 | -253.6% |
| Net income attributable to owners | 113 | -528 | -640 | -569.2% |
| Operating cash flow | 313 | 20 | -292 | -93.5% |
| Free cash flow | 292 | -77 | -369 | -126.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2020 | 1,432 | 27 | 1.9% | 46 | -37 | -38 | S100NKU7 |
| FY ending Nov 2021 | 1,758 | 123 | 7.0% | 144 | 162 | 158 | S100NKU7 |
| FY ending Nov 2022 | 2,399 | -188 | -7.8% | -209 | -252 | -282 | S100SZ0L |
| FY ending Nov 2023 | 2,784 | -146 | -5.2% | -280 | -122 | -157 | S100VBQL |
| FY ending Nov 2024 | 3,289 | 44 | 1.3% | 113 | 313 | 292 | S100XNEI |
| FY ending Nov 2025 | 3,334 | -68 | -2.0% | -528 | 20 | -77 | S100XNEI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | -¥318.4K |
| Net income per employee (consolidated) | -¥2.5M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 130 | 175 | 202 | 213 | 213 |
| Average salary (parent company) | ¥6.1M | ¥7.3M | ¥6.4M | ¥6.9M | ¥7M |
| Average age (parent company) | 41.5 years | 40.6 years | 39.3 years | 38.6 years | 39.3 years |
| Average tenure (parent company) | 2.3 years | 2.5 years | 2.6 years | 3.0 years | 3.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +1.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 20 | 0.6% | S100XNEI |
| Capital expenditure | 97 | 2.9% | S100XNEI |
| Free cash flow | -77 | -2.3% | 算出 |
| Investing cash flow | -297 | -8.9% | S100XNEI |
| Financing cash flow | 70 | 2.1% | S100XNEI |
| Change in cash | -209 | -6.3% | S100XNEI |
| Cash and equivalents | 531 | 15.9% | S100XNEI |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 875 | 847 | 611 | 740 | 531 | S100NKU7, S100VBQL, S100XNEI |
| Total assets | 1,274 | 1,500 | 1,434 | 1,923 | 1,714 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Net assets | 752 | 482 | 218 | 415 | -96 | S100NKU7, S100VBQL, S100XNEI |
| Share capital | 298 | 299 | 304 | 364 | 50 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Property, plant and equipment | 11 | 42 | 66 | 61 | 56 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Intangible assets excluding goodwill | 7 | 11 | 259 | 376 | 509 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Goodwill | — | — | 232 | 340 | 391 | S100VBQL, S100XNEI |
| Current assets | 1,151 | 1,318 | 1,069 | 1,333 | 1,070 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Current liabilities | 387 | 609 | 703 | 992 | 928 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Short-term borrowings | 38 | 29 | 100 | 37 | — | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Long-term borrowings | 129 | 396 | 322 | 349 | 348 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Bonds | — | — | 70 | 50 | 128 | S100VBQL, S100XNEI |
| Interest-bearing debt | — | — | 492 | 436 | — | 算出 |
| Total liabilities | 522 | 1,019 | 1,216 | 1,508 | 1,810 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Non-controlling interests | — | 37 | 45 | — | — | S100SZ0L, S100VBQL |
| Equity attributable to owners of parent | 752 | 444 | 173 | 392 | -136 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Retained earnings | 190 | -19 | -299 | -186 | -714 | S100NKU7, S100SZ0L, S100VBQL, S100XNEI |
| Treasury stock | — | -100 | -100 | -100 | -100 | S100SZ0L, S100VBQL, S100XNEI |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,274 | 1,500 | 1,434 | 1,923 | 1,714 |
| Equity | 752 | 482 | 218 | 415 | -96 |
| Interest-bearing debt | — | — | 492 | 436 | — |
| Cash | 875 | 847 | 611 | 740 | 531 |

## 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) | 1.7% | S100XNEI |
| Fixed assets ÷ total assets | 3.3% | S100XNEI |
| Goodwill ÷ parent equity | — | S100XNEI |

### 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) | 31.0% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 548 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 1467.6% |

## 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 | 8.2% | 1.38× | 11.3% | 1.69× | 19.1% | S100NKU7 |
| 2022 | — | —× | -13.9% | —× | — | S100SZ0L |
| 2023 | — | —× | -19.1% | —× | — | S100VBQL |
| 2024 | 3.4% | 1.96× | 6.7% | 5.95× | 39.9% | S100XNEI |
| 2025 | — | —× | -29.0% | —× | — | S100XNEI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社Ｔｒｏｊａｎｓ | Major shareholder | 27.7% | 2025-11-30 |
| 塚本 拓也 | Major shareholder | 5.9% | 2025-11-30 |
| 佐々木 慈和 | Major shareholder | 5.2% | 2025-11-30 |
| マイルストーン・キャピタル・ マネジメント株式会社 | Major shareholder | 4.6% | 2025-11-30 |
| 板倉 聡 | Major shareholder | 4.4% | 2025-11-30 |
| 新井 友行 | Major shareholder | 3.7% | 2025-11-30 |
| ベル投資事業有限責任組合１ 無限責任組合員ベル有限責任事業 | Major shareholder | 3.0% | 2025-11-30 |
| 田中 郁恵 | Major shareholder | 3.0% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 2.4% | 2025-11-30 |
| 宮越 則和 | Major shareholder | 2.4% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2024/12/01－2025/11/30) | S100XNEI | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNEI,, |
| 有価証券報告書－第20期(2023/12/01－2024/11/30) | S100VBQL | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBQL,, |
| 有価証券報告書－第19期(2022/12/01－2023/11/30) | S100SZ0L | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ0L,, |
| 有価証券報告書－第18期(2021/12/01－2022/11/30) | S100QBCJ | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QBCJ,, |
| 有価証券報告書－第17期(令和2年12月1日－令和3年11月30日) | S100NKU7 | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKU7,, |

## 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).