# grems,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YFUS)
> Page: https://vizora.meequs.com/en/company/grems
> Retrieved: 2026-09-30T18:37:49.728Z

## Company

grems, founded in 2005, is a company in Batteries listed on TSE Prime. It has 367 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | grems,Inc. |
| Ticker | 3150 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3150.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川二丁目2番4号 天王洲ファーストタワー19階 |
| Representative (per filing) | 代表取締役社長 田中 政臣 |
| Founded | Jul 2005 |
| Share capital | ¥740.3M |
| Employees (consolidated) | 367 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.grems.co.jp (https://www.grems.co.jp/) |
| Corporate number | 8010701018101 |
| EDINET | E22547 |
| Industries (Vizora) | Batteries, Electric Power & Gas |

> Profile source: annual securities report (S100YFUS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.5 | 42 |
| Profitability | 96.6 | 44 |
| Cash conversion | 17.9 | 42 |
| Efficiency | 80.7 | 44 |

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 grems's sales come from Retail electricity project, with Energy Solutions Business making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +10.0%.

## Company structure

- Segment revenue mix: Retail electricity project 56.7%、Energy Solutions Business 43.3%
- Revenue → net income: ¥33936104000 → ¥4896882000
- Net income → operating cash flow: ¥4896882000 → ¥5099098000（difference ¥202216000）
- Main uses of operating cash flow: CapEx ¥1967530000 / dividends ¥1939757000 / buybacks —
- Change in cash: ¥2472496000
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 | ¥33.9B |  |
| Operating income | ¥7.15B | Margin 21.1% |
| Net income | ¥4.9B | Margin 14.4% |
| Free cash flow | ¥3.13B |  |
| Largest business | Retail electricity project | of segment revenue 56.7% |
| Employees (consolidated) | 367 |  |
| EPS | ¥117.39 |  |
| Diluted EPS | ¥117.33 |  |
| Book value per share | ¥290.16 |  |
| Equity ratio | 68.0% |  |
| Shares outstanding | 23,837,200 |  |
| Treasury shares | 712,700 |  |
| Shareholders | 2,691 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 56.9% | Cash ÷ revenue 48.1% |
| Vs. industry median margin | +14.1 pp | Electric Power & Gas |
| ROE | 27.5% | Derived from disclosed figures |
| ROA | 17.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, cash is 57% of total assets
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19311987000 | ¥33936104000 | +75.7% |
| Operating income | ¥1650894000 | ¥7152530000 | +333.3% |
| Operating margin | 8.5% | 21.1% | +12.5 pp |
| Employees | 348 people | 367 people | +5.5% |
| Cash and equivalents | ¥8206608000 | ¥16323380000 | +98.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| エネルギーコストソリューション事業 → 事業再編・廃止 | 28.4% |
| 小売電気事業 → 小売電気事業 | 47.9% |
| スマートハウスプロジェクト事業 → 事業再編・廃止 | 23.7% |
| 新設・再編 → エネルギーソリューション事業 | 43.3% |
| 新設・再編 → 小売電気事業 | 8.8% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,936 | 100.0% | S100YFUS |
| Cost of revenue | 22,184 | 65.4% | S100YFUS |
| Gross profit | 11,752 | 34.6% | S100YFUS |
| SG&A | 4,599 | 13.6% | S100YFUS |
| Operating income | 7,153 | 21.1% | S100YFUS |
| Ordinary income | 7,289 | 21.5% | S100YFUS |
| Pretax income | 7,183 | 21.2% | S100YFUS |
| Income tax | 2,286 | 6.7% | S100YFUS |
| Net income | 4,897 | 14.4% | S100YFUS |
| Net income attributable to owners | 4,897 | 14.4% | S100YFUS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 14 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 34.6% → Operating margin 21.1% → Net margin 14.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +10.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.62×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,341 | 33,936 | 595 | +1.8% |
| Gross profit | 10,984 | 11,752 | 768 | +7.0% |
| Operating income | 6,500 | 7,153 | 652 | +10.0% |
| Net income attributable to owners | 4,558 | 4,897 | 339 | +7.4% |
| Operating cash flow | 4,648 | 5,099 | 451 | +9.7% |
| Free cash flow | 4,325 | 3,132 | -1,194 | -27.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,490 | 2,107 | 13.6% | 1,484 | 1,601 | 1,521 | S100LRPN |
| FY ending Mar 2021 | 19,312 | 1,651 | 8.5% | 1,121 | 2,922 | 2,863 | S100OJWR |
| FY ending Mar 2022 | 23,252 | 2,451 | 10.5% | 2,159 | -620 | -906 | S100R97J |
| FY ending Mar 2023 | 31,392 | 3,601 | 11.5% | 2,465 | 1,465 | 814 | S100TVXN |
| FY ending Mar 2024 | 29,908 | 5,218 | 17.4% | 3,541 | 4,089 | 3,914 | S100W7E4 |
| FY ending Mar 2025 | 33,341 | 6,500 | 19.5% | 4,558 | 4,648 | 4,325 | S100YFUS |
| FY ending Mar 2026 | 33,936 | 7,153 | 21.1% | 4,897 | 5,099 | 3,132 | S100YFUS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.5M |
| Operating income per employee (consolidated) | ¥19.5M |
| Net income per employee (consolidated) | ¥13.3M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 312 | 273 | 284 | 346 | 367 |
| Average salary (parent company) | ¥3.7M | ¥4.2M | ¥5.9M | ¥5.8M | ¥4.9M |
| Average age (parent company) | 37.3 years | 39.1 years | 43.6 years | 40.5 years | 41.7 years |
| Average tenure (parent company) | 6.0 years | 7.1 years | 6.1 years | 5.9 years | 6.5 years |

Year over year: Employees (consolidated) +6.1% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy Solutions Business | 14,694 | 43.3% | 5,033 | 34.2% |
| Retail electricity project | 19,242 | 56.7% | 2,887 | 15.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy Solutions Business | 43.3% | 63.5% | 20.3 | 34.2% |
| Retail electricity project | 56.7% | 36.5% | -20.3 | 15.0% |

Segment → industry: Energy Solutions Business → Batteries / Retail electricity project → Electric Power & Gas / Energy Solutions Business → Electric Power & Gas

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,099 | 15.0% | S100YFUS |
| Capital expenditure | 1,968 | 5.8% | S100YFUS |
| Free cash flow | 3,132 | 9.2% | 算出 |
| Investing cash flow | -704 | -2.1% | S100YFUS |
| Financing cash flow | -1,923 | -5.7% | S100YFUS |
| Dividends paid | 1,940 | 5.7% | S100YFUS |
| Change in cash | 2,472 | 7.3% | S100YFUS |
| Cash and equivalents | 16,323 | 48.1% | S100YFUS |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,517 | 8,225 | 10,474 | 13,851 | 16,323 | S100TVXN, S100W7E4, S100YFUS |
| Total assets | 13,617 | 17,218 | 21,612 | 26,035 | 28,667 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Net assets | 7,968 | 10,009 | 12,992 | 16,309 | 19,559 | S100TVXN, S100W7E4, S100YFUS |
| Share capital | 641 | 670 | 708 | 708 | 740 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Property, plant and equipment | 1,096 | 1,345 | 1,350 | 1,449 | 3,290 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Intangible assets excluding goodwill | 49 | 251 | 209 | 176 | 126 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Investment securities | 1,541 | 778 | 2,379 | 2,083 | 748 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Current assets | 10,473 | 14,168 | 16,913 | 21,518 | 23,758 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Current liabilities | 4,410 | 4,663 | 5,810 | 7,049 | 6,463 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Trade payables | 2,406 | 2,064 | 2,143 | 2,792 | 2,470 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Short-term borrowings | — | — | 100 | — | — | S100W7E4 |
| Long-term borrowings | 1,163 | 2,248 | 2,473 | 2,342 | 2,338 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Total liabilities | 5,649 | 7,209 | 8,621 | 9,726 | 9,108 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Equity attributable to owners of parent | 7,948 | 10,038 | 12,919 | 16,276 | 19,296 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Retained earnings | 7,410 | 9,442 | 12,247 | 15,603 | 18,560 | S100R97J, S100TVXN, S100W7E4, S100YFUS |
| Treasury stock | -482 | -482 | -482 | -482 | -482 | S100R97J, S100TVXN, S100W7E4, S100YFUS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 57% | S100YFUS |
| Property, plant and equipment | 11% | S100YFUS |
| Intangibles and goodwill | 0% | S100YFUS |
| Investment securities | 3% | S100YFUS |
| Other assets | 29% | S100YFUS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YFUS |
| Other liabilities | 23% | S100YFUS |
| Equity | 68% | S100YFUS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,617 | 17,218 | 21,612 | 26,035 | 28,667 |
| Equity | 7,968 | 10,009 | 12,992 | 16,309 | 19,559 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,517 | 8,225 | 10,474 | 13,851 | 16,323 |

## 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) | 9.7% | S100YFUS |
| Fixed assets ÷ total assets | 11.5% | S100YFUS |
| Goodwill ÷ parent equity | — | —, S100YFUS |

### 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) | 56.9% |
| Cash ÷ revenue | 48.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 71.3% |
| Cash vs. profit gap | 202 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.6% |
| Shareholder payments — dividends / FCF | 61.9% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 13.8% |

## 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 | 9.3% | 1.71× | 15.9% | 1.71× | 27.2% | S100R97J |
| 2023 | 7.9% | 2.04× | 16.0% | 1.71× | 27.4% | S100TVXN |
| 2024 | 11.8% | 1.54× | 18.2% | 1.69× | 30.8% | S100W7E4 |
| 2025 | 13.7% | 1.40× | 19.1% | 1.63× | 31.2% | S100YFUS |
| 2026 | 14.4% | 1.24× | 17.9% | 1.54× | 27.5% | S100YFUS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 政臣 | Major shareholder | 46.7% | 2026-03-31 |
| 株式会社エナリス | Major shareholder | 7.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2026-03-31 |
| 那須 慎一 | Major shareholder | 2.9% | 2026-03-31 |
| 三浦 幹之 | Major shareholder | 1.5% | 2026-03-31 |
| BBH(LUX) FOR FIDELITY FUNDS-PACIFIC POOL （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 特定有価証券信託受託者 株式会社SMBC信託銀行 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YFUS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFUS,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W7E4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7E4,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TVXN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVXN,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R97J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R97J,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OJWR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJWR,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LRPN | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRPN,, |

## 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).