# Green Monster Inc.: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第12期(2024/07/01－2025/06/30) (S100WRC8)
> Page: https://vizora.meequs.com/en/company/greenmonster
> Retrieved: 2026-09-30T19:42:04.227Z

## Company

Green Monster, founded in 2013, is a company in Internet Services & Apps listed on TSE Growth. It has 43 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Green Monster Inc. |
| Ticker | 157A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/157A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区神南一丁目4番9号 |
| Representative (per filing) | 代表取締役 小川 亮 |
| Founded | Jul 2013 |
| Share capital | ¥34.2M |
| Employees (consolidated) | 43 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | June |
| Website | greenmonster.co.jp (https://greenmonster.co.jp/) |
| Corporate number | 8011001096069 |
| EDINET | E39408 |
| Industries (Vizora) | Internet Services & Apps |

> Profile source: annual securities report (S100WRC8, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 40 |
| Profitability | 42.2 | 51 |
| Cash conversion | 8.1 | 43 |
| Efficiency | 58.7 | 52 |

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)

- Green Monster brought in ¥2.01B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit -46.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.01B |  |
| Operating income | ¥123.7M | Margin 6.2% |
| Net income | ¥32.7M | Margin 1.6% |
| Free cash flow | -¥25.3M |  |
| Employees (consolidated) | 43 |  |
| EPS | ¥11.45 |  |
| Diluted EPS | ¥10.82 |  |
| Book value per share | ¥448.27 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 3,214,700 |  |
| Treasury shares | 81,900 |  |
| Shareholders | 1,818 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 65.1% | Cash ÷ revenue 59.1% |
| Vs. industry median margin | -1.5 pp | Internet Services & Apps |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.5× dividends
- FY2025, cash is 65% of total assets

## What changed in 2 years

| Metric | FY ending Jun 2023 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1711553000 | ¥2006859000 | +17.3% |
| Operating income | ¥164837000 | ¥123675000 | -25.0% |
| Operating margin | 9.6% | 6.2% | -3.5 pp |
| Employees | 37 people | 43 people | +16.2% |
| Cash and equivalents | ¥737057000 | ¥1185144000 | +60.8% |

### Change in segment revenue mix

Span: FY ending Jun 2023 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,007 | 100.0% | S100WRC8 |
| Cost of revenue | 1,297 | 64.6% | S100WRC8 |
| Gross profit | 710 | 35.4% | S100WRC8 |
| SG&A | 586 | 29.2% | S100WRC8 |
| Operating income | 124 | 6.2% | S100WRC8 |
| Ordinary income | 126 | 6.3% | S100WRC8 |
| Pretax income | 76 | 3.8% | S100WRC8 |
| Income tax | 43 | 2.2% | S100WRC8 |
| Net income | 33 | 1.6% | S100WRC8 |
| Net income attributable to owners | 33 | 1.6% | S100WRC8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 29 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 35.4% → Operating margin 6.2% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.5%; Core profit growth: -46.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -18.42×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,957 | 2,007 | 49 | +2.5% |
| Gross profit | 622 | 710 | 88 | +14.1% |
| Operating income | 231 | 124 | -107 | -46.5% |
| Net income attributable to owners | 156 | 33 | -124 | -79.1% |
| Operating cash flow | 169 | -7 | -176 | -104.1% |
| Free cash flow | 114 | -25 | -140 | -122.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2023 | 1,712 | 165 | 9.6% | 122 | 255 | 251 | S100UG6G |
| FY ending Jun 2024 | 1,957 | 231 | 11.8% | 156 | 169 | 114 | S100WRC8 |
| FY ending Jun 2025 | 2,007 | 124 | 6.2% | 33 | -7 | -25 | S100WRC8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥759.3K |

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

| History | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 37 | 40 | 43 |
| Average salary (parent company) | — | ¥5.9M | ¥5.6M |
| Average age (parent company) | — | 34.8 years | 34.0 years |
| Average tenure (parent company) | — | 2.5 years | 2.7 years |

Year over year: Employees (consolidated) +7.5% · Revenue (consolidated) +2.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -7 | -0.3% | S100WRC8 |
| Capital expenditure | 18 | 0.9% | S100WRC8 |
| Free cash flow | -25 | -1.3% | 算出 |
| Investing cash flow | -215 | -10.7% | S100WRC8 |
| Financing cash flow | -83 | -4.1% | S100WRC8 |
| Dividends paid | 31 | 1.5% | S100WRC8 |
| Share buyback | 47 | 2.3% | S100WRC8 |
| Change in cash | -305 | -15.2% | S100WRC8 |
| Cash and equivalents | 1,185 | 59.1% | S100WRC8 |

## 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 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 737 | 1,490 | 1,185 | S100WRC8 |
| Total assets | 1,065 | 1,850 | 1,822 | S100UG6G, S100WRC8 |
| Net assets | 640 | 1,472 | 1,431 | S100WRC8 |
| Share capital | 32 | 32 | 34 | S100UG6G, S100WRC8 |
| Property, plant and equipment | 2 | 40 | 38 | S100UG6G, S100WRC8 |
| Intangible assets excluding goodwill | 35 | 38 | 254 | S100UG6G, S100WRC8 |
| Goodwill | 34 | 26 | 227 | S100UG6G, S100WRC8 |
| Investment securities | 50 | 50 | 0 | S100UG6G, S100WRC8 |
| Current assets | 956 | 1,686 | 1,464 | S100UG6G, S100WRC8 |
| Current liabilities | 325 | 290 | 312 | S100UG6G, S100WRC8 |
| Long-term borrowings | 61 | 51 | 41 | S100UG6G, S100WRC8 |
| Total liabilities | 426 | 378 | 391 | S100UG6G, S100WRC8 |
| Equity attributable to owners of parent | 640 | 1,472 | 1,431 | S100UG6G, S100WRC8 |
| Retained earnings | 747 | 903 | 903 | S100UG6G, S100WRC8 |
| Treasury stock | -139 | — | -47 | S100UG6G, S100WRC8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 65% | S100WRC8 |
| Property, plant and equipment | 2% | S100WRC8 |
| Intangibles and goodwill | 26% | S100WRC8 |
| Other assets | 7% | S100WRC8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100WRC8 |
| Equity | 79% | S100WRC8 |
| Other liabilities | 0% | S100WRC8 |

### Balance sheet history

| Metric | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,065 | 1,850 | 1,822 |
| Equity | 640 | 1,472 | 1,431 |
| Interest-bearing debt | — | — | — |
| Cash | 737 | 1,490 | 1,185 |

## 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) | 1.9% | S100WRC8 |
| Fixed assets ÷ total assets | 2.1% | S100WRC8 |
| Goodwill ÷ parent equity | 15.9% | S100WRC8 |

### 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) | 65.1% |
| Cash ÷ revenue | 59.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -5.6% |
| Cash vs. profit gap | -40 JPY mn (of net income -121.2%) |
| Shareholder returns / net income | 236.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 93.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 7.1% | 1.61× | 11.4% | 1.67× | 19.0% | S100UG6G |
| 2024 | 8.0% | 1.34× | 10.7% | 1.38× | 14.8% | S100WRC8 |
| 2025 | 1.6% | 1.09× | 1.8% | 1.26× | 2.2% | S100WRC8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小川 亮 | Major shareholder | 36.7% | 2025-06-30 |
| 豊田 亜理沙 | Major shareholder | 9.7% | 2025-06-30 |
| WMグロース4号投資事業有限責任組合 | Major shareholder | 9.6% | 2025-06-30 |
| 久保 ひふみ | Major shareholder | 3.5% | 2025-06-30 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2025-06-30 |
| 株式会社サステイナブル・インベスター | Major shareholder | 1.4% | 2025-06-30 |
| 上田八木短資株式会社 | Major shareholder | 1.4% | 2025-06-30 |
| 株式会社KINOCOS | Major shareholder | 1.3% | 2025-06-30 |
| 北村 龍一 | Major shareholder | 1.1% | 2025-06-30 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.9% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第12期(2024/07/01－2025/06/30) | S100WRC8 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRC8,, |
| 有価証券報告書－第11期(2023/07/01－2024/06/30) | S100UG6G | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG6G,, |

## 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).