# GREE Holdings, Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/07/01－2026/06/30) (S100Z3F1)
> Page: https://vizora.meequs.com/en/company/gree-holdings
> Retrieved: 2026-09-30T20:29:55.346Z

## Company

GREE Holdings, founded in 2004, is a company in Games listed on TSE Prime. It has 1,474 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GREE Holdings, Inc. |
| Ticker | 3632 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3632.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木六丁目11番1号 |
| Representative (per filing) | 代表取締役会長兼社長最高経営責任者 田中 良和 |
| Founded | Dec 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,474 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | June |
| Website | hd.gree.net (https://hd.gree.net/) |
| Corporate number | 8010401055923 |
| EDINET | E22012 |
| Industries (Vizora) | Games, Talent Agencies, Streaming, Film & Anime, Advertising, Software & SaaS, IT Services & System Integration, Venture Capital |

> Profile source: annual securities report (S100Z3F1, filed 2026-09-25). As of filing

## Five-axis industry profile

Primary industry: Games (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.7 | 36 |
| Profitability | 59.8 | 41 |
| Cash conversion | 27.4 | 31 |
| Efficiency | 15.9 | 41 |

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 GREE Holdings's sales come from Game,Anime business, with VTuber business and DX business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -10.1% from the prior year, operating profit -17.2%.

## Company structure

- Segment revenue mix: Game,Anime business 57.3%、VTuber business 17.8%、DX business 14.2%、Investment business 5.1%、IP business 3.5%
- Revenue → net income: ¥51324000000 → ¥3880000000
- Net income → operating cash flow: ¥3880000000 → ¥1970000000（difference ¥-1910000000）
- Main uses of operating cash flow: CapEx ¥23000000 / dividends ¥2479000000 / buybacks —
- Change in cash: ¥-9884000000
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 | ¥51.3B |  |
| Operating income | ¥4.03B | Margin 7.8% |
| Net income | ¥4.09B | Margin 8.0% |
| Free cash flow | ¥1.95B |  |
| Largest business | Game,Anime business | of segment revenue 57.3% |
| Employees (consolidated) | 1,474 |  |
| EPS | ¥1.87 |  |
| Diluted EPS | ¥1.86 |  |
| Book value per share | ¥367.48 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 179,749,700 |  |
| Treasury shares | 193,200 |  |
| Shareholders | 30,242 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 59.1% | Cash ÷ revenue 144.6% |
| Vs. industry median margin | +2.4 pp | Games |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63210000000 | ¥51324000000 | -18.8% |
| Operating income | ¥10861000000 | ¥4026000000 | -62.9% |
| Operating margin | 17.2% | 7.8% | -9.3 pp |
| Employees | 1,543 people | 1,474 people | -4.5% |
| Cash and equivalents | ¥94824000000 | ¥74194000000 | -21.8% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| インターネット・エンタメ事業 → 事業再編・廃止 | 89.8% |
| 投資・インキュベーション事業 → 事業再編・廃止 | 10.2% |
| 新設・再編 → ゲーム事業 | 57.3% |
| 新設・再編 → VTuber事業 | 17.8% |
| 新設・再編 → IP事業 | 3.5% |
| 新設・再編 → DX事業 | 14.2% |
| 新設・再編 → エンジニアリング事業 | 2.0% |
| 新設・再編 → 投資事業 | 5.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Game,Anime business | 3 years | -18.1% | ¥29421000000 | 12.6% | 2 |
| VTuber business | — | — | ¥9139000000 | 16.3% | 2 |
| DX business | 3 years | +12.9% | ¥7299000000 | 13.3% | 2 |
| Investment business | — | — | ¥2621000000 | -27.3% | 2 |
| IP business | 2 years | +1.2% | ¥1812000000 | -1.3% | 2 |
| Engineering business | — | — | ¥1029000000 | 69.2% | 2 |

## Income statement（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,324 | 100.0% | S100Z3F1 |
| Cost of revenue | 26,880 | 52.4% | S100Z3F1 |
| Gross profit | 24,443 | 47.6% | S100Z3F1 |
| SG&A | 20,417 | 39.8% | S100Z3F1 |
| Operating income | 4,026 | 7.8% | S100Z3F1 |
| Ordinary income | 4,936 | 9.6% | S100Z3F1 |
| Pretax income | 5,324 | 10.4% | S100Z3F1 |
| Income tax | 1,443 | 2.8% | S100Z3F1 |
| Net income | 3,880 | 7.6% | S100Z3F1 |
| Net income attributable to owners | 4,088 | 8.0% | S100Z3F1 |

## Per ¥100 of revenue（FY ending Jun 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 40 |
| Operating income | 8 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 47.6% → Operating margin 7.8% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.1%; Core profit growth: -17.2%
Operating leverage (core profit growth ÷ revenue growth): 1.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 57,111 | 51,324 | -5,787 | -10.1% |
| Gross profit | 29,209 | 24,443 | -4,766 | -16.3% |
| Operating income | 4,860 | 4,026 | -834 | -17.2% |
| Net income attributable to owners | 1,194 | 4,088 | 2,894 | +242.4% |
| Operating cash flow | 674 | 1,970 | 1,296 | +192.3% |
| Free cash flow | 668 | 1,947 | 1,279 | +191.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 62,665 | 3,162 | 5.0% | 2,709 | 2,032 | 1,732 | S100MI77 |
| FY ending Jun 2021 | 63,210 | 10,861 | 17.2% | 13,533 | 6,846 | 6,796 | S100P8N8 |
| FY ending Jun 2022 | 74,906 | 11,498 | 15.3% | 10,121 | 13,218 | 11,868 | S100RX1F |
| FY ending Jun 2023 | 75,440 | 12,498 | 16.6% | 9,278 | 4,590 | 4,161 | S100UFY3 |
| FY ending Jun 2024 | 61,309 | 5,981 | 9.8% | 4,630 | 3,502 | 3,364 | S100WQWX |
| FY ending Jun 2025 | 57,111 | 4,860 | 8.5% | 1,194 | 674 | 668 | S100Z3F1 |
| FY ending Jun 2026 | 51,324 | 4,026 | 7.8% | 4,088 | 1,970 | 1,947 | S100Z3F1 |

## People and productivity（FY ending Jun 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,560 | 1,610 | 1,580 | 1,489 | 1,474 |
| Average salary (parent company) | ¥8.2M | ¥8.1M | ¥8.1M | ¥8.7M | ¥9.1M |
| Average age (parent company) | 37.9 years | 38.2 years | 38.6 years | 40.2 years | 41.8 years |
| Average tenure (parent company) | 6.1 years | 6.3 years | 6.9 years | 6.9 years | 6.9 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -10.1%

## Segments（FY ending Jun 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game,Anime business | 29,421 | 57.3% | 3,712 | 12.6% |
| VTuber business | 9,139 | 17.8% | 1,486 | 16.3% |
| IP business | 1,812 | 3.5% | -23 | -1.3% |
| DX business | 7,299 | 14.2% | 974 | 13.3% |
| Engineering business | 1,029 | 2.0% | 712 | 69.2% |
| Investment business | 2,621 | 5.1% | -715 | -27.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game,Anime business | 57.3% | 53.9% | -3.4 | 12.6% |
| VTuber business | 17.8% | 21.6% | 3.8 | 16.3% |
| IP business | 3.5% | — | — | -1.3% |
| DX business | 14.2% | 14.1% | -0.1 | 13.3% |
| Engineering business | 2.0% | 10.3% | 8.3 | 69.2% |
| Investment business | 5.1% | — | — | -27.3% |

Loss-making segment (excluded from profit shares): IP business -23 JPY mn

Loss-making segment (excluded from profit shares): Investment business -715 JPY mn

Segment → industry: Game,Anime business → Games / VTuber business → Talent Agencies / VTuber business → Streaming / IP business → Film & Anime / DX business → Advertising / DX business → Software & SaaS / Engineering business → IT Services & System Integration / Investment business → Venture Capital

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,970 | 3.8% | S100Z3F1 |
| Capital expenditure | 23 | 0.0% | S100Z3F1 |
| Free cash flow | 1,947 | 3.8% | 算出 |
| Investing cash flow | -1,539 | -3.0% | S100Z3F1 |
| Financing cash flow | -10,882 | -21.2% | S100Z3F1 |
| Dividends paid | 2,479 | 4.8% | S100Z3F1 |
| Change in cash | -9,884 | -19.3% | S100Z3F1 |
| Cash and equivalents | 74,194 | 144.6% | S100Z3F1 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 66,624 | 74,293 | 77,288 | 83,901 | 74,194 | S100UFY3, S100WQWX, S100Z3F1 |
| Total assets | 116,730 | 124,806 | 128,788 | 132,897 | 125,547 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Net assets | 90,930 | 92,549 | 95,530 | 93,647 | 96,804 | S100UFY3, S100WQWX, S100Z3F1 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Property, plant and equipment | 2,361 | 2,365 | 2,154 | 1,856 | 1,514 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Intangible assets excluding goodwill | 13 | 8 | 6 | 4 | 7 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Investment securities | 9,493 | 10,242 | 9,230 | 9,933 | 7,164 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Current assets | 100,203 | 107,367 | 112,276 | 117,419 | 112,413 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Current liabilities | 15,975 | 20,391 | 15,021 | 21,602 | 17,300 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Long-term borrowings | — | — | — | 9,000 | 9,000 | S100Z3F1 |
| Bonds | 8,000 | 10,700 | 16,700 | 7,700 | 1,700 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Total liabilities | 25,800 | 32,256 | 33,257 | 39,250 | 28,743 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Non-controlling interests | 53 | 51 | 96 | 118 | 1,213 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Equity attributable to owners of parent | 85,094 | 90,319 | 93,298 | 91,879 | 93,774 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Retained earnings | 86,320 | 93,690 | 96,443 | 94,816 | 96,358 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |
| Treasury stock | -3,690 | -5,836 | -5,608 | -5,399 | -5,046 | S100RX1F, S100UFY3, S100WQWX, S100Z3F1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100Z3F1 |
| Property, plant and equipment | 1% | S100Z3F1 |
| Intangibles and goodwill | 0% | S100Z3F1 |
| Investment securities | 6% | S100Z3F1 |
| Other assets | 34% | S100Z3F1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100Z3F1 |
| Equity | 77% | S100Z3F1 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 116,730 | 124,806 | 128,788 | 132,897 | 125,547 |
| Equity | 90,930 | 92,549 | 95,530 | 93,647 | 96,804 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 66,624 | 74,293 | 77,288 | 83,901 | 74,194 |

## 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) | 2.9% | S100Z3F1 |
| Fixed assets ÷ total assets | 1.2% | S100Z3F1 |
| Goodwill ÷ parent equity | — | —, S100Z3F1 |

### 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) | 59.1% |
| Cash ÷ revenue | 144.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.9% |
| Cash vs. profit gap | -2,118 JPY mn (of net income -51.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.6% |
| Shareholder payments — dividends / FCF | 127.3% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 78.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 13.5% | 0.64× | 8.7% | 1.37× | 11.9% | S100RX1F |
| 2023 | 12.3% | 0.62× | 7.7% | 1.38× | 10.6% | S100UFY3 |
| 2024 | 7.6% | 0.48× | 3.7% | 1.38× | 5.0% | S100WQWX |
| 2025 | 2.1% | 0.44× | 0.9% | 1.41× | 1.3% | S100Z3F1 |
| 2026 | 8.0% | 0.40× | 3.2% | 1.39× | 4.4% | S100Z3F1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社セコイア | Major shareholder | 61.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口・76166口） | Major shareholder | 2.8% | 2026-06-30 |
| 日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・76759口） | Major shareholder | 1.5% | 2026-06-30 |
| 藤本 真樹 | Major shareholder | 1.1% | 2026-06-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-06-30 |
| 内藤 征吾 | Major shareholder | 1.0% | 2026-06-30 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＳＩＮＧＡＰＯＲＥ／２Ｓ／ＪＡＳＤＥＣ／ＴＤ ＳＥＣＵＲＩＴＩＥＳ （ＵＳＡ） ＬＬＣ／ＢＯＯＫ－ＥＮＴＲＹ ＪＧＢＳ＋ＣＯＲＰＯＲＡＴＥ ＢＯＮＤＳ／ＴＡＸＡＢＬＥ（常任代理人 香港上海銀行東京支店） | Major shareholder | 0.7% | 2026-06-30 |
| セントラル短資株式会社 | Major shareholder | 0.7% | 2026-06-30 |
| 山岸 広太郎 | Major shareholder | 0.5% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/07/01－2026/06/30) | S100Z3F1 | 2026-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z3F1,, |
| 有価証券報告書－第21期(2024/07/01－2025/06/30) | S100WQWX | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQWX,, |
| 有価証券報告書－第20期(2023/07/01－2024/06/30) | S100UFY3 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFY3,, |
| 有価証券報告書－第19期(2022/07/01－2023/06/30) | S100RX1F | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX1F,, |
| 有価証券報告書－第18期(令和3年7月1日－令和4年6月30日) | S100P8N8 | 2022-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8N8,, |
| 有価証券報告書－第17期(令和2年7月1日－令和3年6月30日) | S100MI77 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI77,, |

## 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).