# GreenBee, 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19期(2025/01/01－2025/12/31) (S100XT1W)
> Page: https://vizora.meequs.com/en/company/greenbee
> Retrieved: 2026-09-30T20:58:27.445Z

## Company

GreenBee, founded in 2007, is a company in Software & SaaS listed on TSE Standard. It has 41 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GreenBee, Inc. |
| Ticker | 3913 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3913.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川二丁目3番1号 |
| Representative (per filing) | 代表取締役社長 岩本 定則 |
| Founded | Mar 2007 |
| Share capital | ¥10M |
| Employees (consolidated) | 41 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | December |
| Corporate number | 5010001132290 |
| EDINET | E31354 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XT1W, filed 2026-03-24). As of filing

## Key points (generated from figures)

- GreenBee brought in ¥961.9M in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +224.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥961943000 → ¥203898000
- Net income → operating cash flow: ¥203898000 → ¥262056000（difference ¥58158000）
- Main uses of operating cash flow: CapEx ¥5186000 / dividends — / buybacks ¥16144000
- Change in cash: ¥344240000
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 | ¥961.9M |  |
| Operating income | ¥165.1M | Margin 17.2% |
| Net income | ¥203.9M | Margin 21.2% |
| Free cash flow | ¥256.9M |  |
| Employees (consolidated) | 41 |  |
| EPS | ¥78.01 |  |
| Book value per share | ¥558.54 |  |
| Equity ratio | 82.9% |  |
| Shares outstanding | 2,348,000 |  |
| Treasury shares | 24,200 |  |
| Shareholders | 1,297 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 76.1% | Cash ÷ revenue 132.7% |
| Vs. industry median margin | +4.7 pp | Software & SaaS |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 13.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 224%
- FY2025, cash is 76% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥913934000 | ¥961943000 | +5.3% |
| Operating income | ¥32240000 | ¥165099000 | +412.1% |
| Operating margin | 3.5% | 17.2% | +13.6 pp |
| Employees | 57 people | 41 people | -28.1% |
| Cash and equivalents | ¥806624000 | ¥1276587000 | +58.3% |

### 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 | 962 | 100.0% | S100XT1W |
| Cost of revenue | 349 | 36.3% | S100XT1W |
| Gross profit | 613 | 63.7% | S100XT1W |
| SG&A | 448 | 46.6% | S100XT1W |
| Operating income | 165 | 17.2% | S100XT1W |
| Ordinary income | 168 | 17.5% | S100XT1W |
| Pretax income | 168 | 17.5% | S100XT1W |
| Income tax | -36 | -3.7% | S100XT1W |
| Net income | 204 | 21.2% | S100XT1W |
| Net income attributable to owners | 204 | 21.2% | S100XT1W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 47 |
| Operating income | 17 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 63.7% → Operating margin 17.2% → Net margin 21.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +224.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.62×
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 | 806 | 962 | 155 | +19.3% |
| Gross profit | 441 | 613 | 172 | +39.1% |
| Operating income | 51 | 165 | 114 | +224.0% |
| Net income attributable to owners | 64 | 204 | 140 | +219.4% |
| Operating cash flow | 121 | 262 | 141 | +116.1% |
| Free cash flow | 116 | 257 | 141 | +121.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 862 | -62 | -7.2% | -85 | -308 | -330 | S100KZUJ |
| FY ending Dec 2020 | 914 | 32 | 3.5% | 10 | 190 | 179 | S100NQTU |
| FY ending Dec 2021 | 722 | 7 | 0.9% | 1 | -248 | -250 | S100QFTE |
| FY ending Dec 2022 | 827 | -197 | -23.8% | -185 | 124 | 118 | S100T450 |
| FY ending Dec 2023 | 814 | -42 | -5.1% | -164 | -109 | -114 | S100VGZ6 |
| FY ending Dec 2024 | 806 | 51 | 6.3% | 64 | 121 | 116 | S100XT1W |
| FY ending Dec 2025 | 962 | 165 | 17.2% | 204 | 262 | 257 | S100XT1W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.5M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥5M |

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) | 53 | 51 | 49 | 43 | 41 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥7.5M | ¥8.1M | ¥7.9M |
| Average age (parent company) | 44.6 years | 47.0 years | 47.2 years | 45.2 years | 47.6 years |
| Average tenure (parent company) | 4.6 years | 5.4 years | 6.0 years | 5.5 years | 6.6 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) +19.3%

## 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 | 262 | 27.2% | S100XT1W |
| Capital expenditure | 5 | 0.5% | S100XT1W |
| Free cash flow | 257 | 26.7% | 算出 |
| Investing cash flow | -6 | -0.6% | S100XT1W |
| Financing cash flow | 84 | 8.7% | S100XT1W |
| Share buyback | 16 | 1.7% | S100XT1W |
| Change in cash | 344 | 35.8% | S100XT1W |
| Cash and equivalents | 1,277 | 132.7% | S100XT1W |

## 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 | 571 | 889 | 781 | 932 | 1,277 | S100T450, S100VGZ6, S100XT1W |
| Total assets | 1,250 | 1,394 | 1,190 | 1,305 | 1,677 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Net assets | 1,134 | 1,221 | 1,064 | 1,191 | 1,390 | S100T450, S100VGZ6, S100XT1W |
| Share capital | 512 | 10 | 10 | 10 | 10 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Property, plant and equipment | 15 | 15 | 13 | 13 | 9 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Intangible assets excluding goodwill | 8 | 5 | 3 | 2 | 4 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Goodwill | 1 | — | — | — | — | S100QFTE |
| Investment securities | — | — | — | 14 | 14 | S100XT1W |
| Current assets | 1,190 | 1,346 | 1,145 | 1,229 | 1,558 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Current liabilities | 107 | 160 | 115 | 102 | 187 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Long-term borrowings | — | — | — | — | 80 | S100XT1W |
| Total liabilities | 116 | 173 | 126 | 114 | 286 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Equity attributable to owners of parent | 1,117 | 1,195 | 1,035 | 1,146 | 1,339 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Retained earnings | 146 | 24 | -140 | -76 | 128 | S100QFTE, S100T450, S100VGZ6, S100XT1W |
| Treasury stock | -194 | -176 | -167 | -30 | -30 | S100QFTE, S100T450, S100VGZ6, S100XT1W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 76% | S100XT1W |
| Property, plant and equipment | 1% | S100XT1W |
| Intangibles and goodwill | 0% | S100XT1W |
| Investment securities | 1% | S100XT1W |
| Other assets | 22% | S100XT1W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100XT1W |
| Equity | 83% | S100XT1W |
| Other liabilities | 0% | S100XT1W |

### 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 | 1,250 | 1,394 | 1,190 | 1,305 | 1,677 |
| Equity | 1,134 | 1,221 | 1,064 | 1,191 | 1,390 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 571 | 889 | 781 | 932 | 1,277 |

## 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% | S100XT1W |
| Fixed assets ÷ total assets | 0.6% | S100XT1W |
| Goodwill ÷ parent equity | — | —, S100XT1W |

### 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) | 76.1% |
| Cash ÷ revenue | 132.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.7% |
| Cash vs. profit gap | 58 JPY mn (of net income 28.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 2.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.2% | 0.58× | 0.1% | 1.12× | 0.1% | S100QFTE |
| 2022 | — | —× | -14.0% | —× | — | S100T450 |
| 2023 | — | —× | -12.7% | —× | — | S100VGZ6 |
| 2024 | 7.9% | 0.65× | 5.1% | 1.14× | 5.9% | S100XT1W |
| 2025 | 21.2% | 0.65× | 13.7% | 1.20× | 16.4% | S100XT1W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SEN-CHOU LO（常任代理人 SMBC日興証券株式会社） | Major shareholder | 22.8% | 2025-12-31 |
| キーウィテクノロジー株式会社 | Major shareholder | 13.2% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 9.4% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社ウエストホールディングス | Major shareholder | 3.0% | 2025-12-31 |
| 岩本 定則 | Major shareholder | 2.6% | 2025-12-31 |
| 増田 滋 | Major shareholder | 1.9% | 2025-12-31 |
| 虞 立群 | Major shareholder | 1.8% | 2025-12-31 |
| 大谷 雄一郎 | Major shareholder | 1.8% | 2025-12-31 |
| 谷口 岳 | Major shareholder | 1.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XT1W | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT1W,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VGZ6 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGZ6,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T450 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T450,, |
| 有価証券報告書 | S100QFTE | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFTE,, |
| 有価証券報告書－第15期(令和3年1月1日－令和3年12月31日) | S100NQTU | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQTU,, |
| 有価証券報告書－第14期(令和2年1月1日－令和2年12月31日) | S100KZUJ | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZUJ,, |

## 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).