# GRID Inc.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2024/07/01－2025/06/30) (S100WQ2M)
> Page: https://vizora.meequs.com/en/company/grid
> Retrieved: 2026-09-30T19:48:41.794Z

## Company

Grid, founded in 2009, is a company in IT Services & System Integration listed on TSE Growth. It has 109 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GRID Inc. |
| Ticker | 5582 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5582.T) |
| Listing | TSE Growth |
| Head office | 東京都港区北青山三丁目11番7号AOビル6階 |
| Representative (per filing) | 代表取締役社長 曽我部 完 |
| Founded | Oct 2009 |
| Share capital | ¥54M |
| Employees (consolidated) | 109 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | June |
| Website | gridpredict.jp (https://gridpredict.jp/) |
| Corporate number | 4010401084422 |
| EDINET | E38683 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100WQ2M, filed 2025-09-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.9 | 157 |
| Profitability | 92.6 | 196 |
| Cash conversion | 65.1 | 185 |
| Efficiency | 3.3 | 196 |

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)

- Grid brought in ¥2.06B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +24.9% from the prior year, operating profit +17.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2063415000 → ¥298296000
- Net income → operating cash flow: ¥298296000 → ¥405952000（difference ¥107656000）
- Main uses of operating cash flow: CapEx ¥46252000 / dividends — / buybacks ¥400000
- Change in cash: ¥297303000
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 | ¥2.06B |  |
| Operating income | ¥428.3M | Margin 20.8% |
| Net income | ¥298.3M | Margin 14.5% |
| Free cash flow | ¥359.7M |  |
| Employees (consolidated) | 109 |  |
| EPS | ¥63.02 |  |
| Diluted EPS | ¥56.79 |  |
| Book value per share | ¥829.11 |  |
| Equity ratio | 89.2% |  |
| Shares outstanding | 4,750,626 |  |
| Treasury shares | 200 |  |
| Shareholders | 2,105 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 72.4% | Cash ÷ revenue 155.0% |
| Vs. industry median margin | +11.8 pp | IT Services & System Integration |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 72% of total assets

## What changed in 3 years

| Metric | FY ending Jun 2022 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥910399000 | ¥2063415000 | +126.6% |
| Operating income | ¥71115000 | ¥428297000 | +502.3% |
| Operating margin | 7.8% | 20.8% | +12.9 pp |
| Employees | 70 people | 109 people | +55.7% |
| Cash and equivalents | ¥618463000 | ¥3197791000 | +417.1% |

### Change in segment revenue mix

Span: FY ending Jun 2022 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,063 | 100.0% | S100WQ2M |
| Cost of revenue | 548 | 26.6% | S100WQ2M |
| Gross profit | 1,515 | 73.4% | S100WQ2M |
| SG&A | 1,087 | 52.7% | S100WQ2M |
| Operating income | 428 | 20.8% | S100WQ2M |
| Ordinary income | 429 | 20.8% | S100WQ2M |
| Pretax income | 426 | 20.6% | S100WQ2M |
| Income tax | 127 | 6.2% | S100WQ2M |
| Net income | 298 | 14.5% | S100WQ2M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 53 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 73.4% → Operating margin 20.8% → Net margin 14.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.9%; Core profit growth: +17.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 1,652 | 2,063 | 411 | +24.9% |
| Gross profit | 1,250 | 1,515 | 265 | +21.2% |
| Operating income | 366 | 428 | 63 | +17.1% |
| Operating cash flow | 286 | 406 | 120 | +42.2% |
| Free cash flow | 248 | 360 | 111 | +44.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2022 | 910 | 71 | 7.8% | 92 | -56 | -171 | S100RWOJ |
| FY ending Jun 2023 | 1,354 | 209 | 15.4% | 229 | 150 | 113 | S100UEUY |
| FY ending Jun 2024 | 1,652 | 366 | 22.1% | 404 | 286 | 248 | S100WQ2M |
| FY ending Jun 2025 | 2,063 | 428 | 20.8% | 298 | 406 | 360 | S100WQ2M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.9M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥2.7M |

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 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 70 | 85 | 97 | 109 |
| Average salary (parent company) | — | ¥8M | ¥8.3M | ¥8.5M |
| Average age (parent company) | — | 38.1 years | 38.1 years | 38.1 years |
| Average tenure (parent company) | — | 2.6 years | 2.9 years | 3.1 years |

Year over year: Employees (consolidated) +12.4% · Revenue (consolidated) +24.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 406 | 19.7% | S100WQ2M |
| Capital expenditure | 46 | 2.2% | S100WQ2M |
| Free cash flow | 360 | 17.4% | 算出 |
| Investing cash flow | -46 | -2.2% | S100WQ2M |
| Financing cash flow | -62 | -3.0% | S100WQ2M |
| Share buyback | 0 | 0.0% | S100WQ2M |
| Change in cash | 297 | 14.4% | S100WQ2M |
| Cash and equivalents | 3,198 | 155.0% | S100WQ2M |

## 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 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 618 | 672 | 2,900 | 3,198 | S100UEUY, S100WQ2M |
| Total assets | 1,303 | 1,576 | 4,102 | 4,418 | S100RWOJ, S100UEUY, S100WQ2M |
| Net assets | 938 | 1,166 | 3,638 | 3,940 | S100UEUY, S100WQ2M |
| Share capital | 100 | 100 | 52 | 54 | S100RWOJ, S100UEUY, S100WQ2M |
| Property, plant and equipment | 13 | 10 | 8 | 5 | S100RWOJ, S100UEUY, S100WQ2M |
| Intangible assets excluding goodwill | 143 | 131 | 126 | 121 | S100RWOJ, S100UEUY, S100WQ2M |
| Current assets | 1,018 | 1,277 | 3,747 | 4,163 | S100RWOJ, S100UEUY, S100WQ2M |
| Current liabilities | 231 | 338 | 457 | 478 | S100RWOJ, S100UEUY, S100WQ2M |
| Long-term borrowings | 135 | 72 | 6 | — | S100RWOJ, S100UEUY, S100WQ2M |
| Total liabilities | 365 | 410 | 463 | 478 | S100RWOJ, S100UEUY, S100WQ2M |
| Equity attributable to owners of parent | 936 | 1,165 | 3,637 | 3,939 | S100RWOJ, S100UEUY, S100WQ2M |
| Retained earnings | -558 | -330 | 74 | 372 | S100RWOJ, S100UEUY, S100WQ2M |
| Treasury stock | — | — | -0 | -1 | S100WQ2M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 72% | S100WQ2M |
| Property, plant and equipment | 0% | S100WQ2M |
| Intangibles and goodwill | 3% | S100WQ2M |
| Other assets | 25% | S100WQ2M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100WQ2M |
| Equity | 89% | S100WQ2M |
| Other liabilities | 0% | S100WQ2M |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,303 | 1,576 | 4,102 | 4,418 |
| Equity | 938 | 1,166 | 3,638 | 3,940 |
| Interest-bearing debt | — | — | — | — |
| Cash | 618 | 672 | 2,900 | 3,198 |

## 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) | 0.3% | S100WQ2M |
| Fixed assets ÷ total assets | 0.1% | S100WQ2M |
| Goodwill ÷ parent equity | — | —, S100WQ2M |

### 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) | 72.4% |
| Cash ÷ revenue | 155.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.8% |
| Cash vs. profit gap | 108 JPY mn (of net income 36.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 11.4% |

## 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 | 10.1% | 0.70× | 7.1% | 1.39× | 9.8% | S100RWOJ |
| 2023 | 16.9% | 0.94× | 15.9% | 1.37× | 21.8% | S100UEUY |
| 2024 | 24.4% | 0.58× | 14.2% | 1.18× | 16.8% | S100WQ2M |
| 2025 | 14.5% | 0.48× | 7.0% | 1.12× | 7.9% | S100WQ2M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社We(注)２ | Major shareholder | 54.9% | 2025-06-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 12.4% | 2025-06-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.5% | 2025-06-30 |
| 三井物産株式会社(常任代理人 日本カストディ銀行) | Major shareholder | 2.8% | 2025-06-30 |
| 伊藤忠商事株式会社 | Major shareholder | 2.1% | 2025-06-30 |
| 丸紅株式会社 | Major shareholder | 2.1% | 2025-06-30 |
| 野村信託銀行株式会社(投信口) | Major shareholder | 1.2% | 2025-06-30 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2025-06-30 |
| 松本 光雄 | Major shareholder | 0.3% | 2025-06-30 |
| 株式会社北総フォレスト | Major shareholder | 0.3% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2024/07/01－2025/06/30) | S100WQ2M | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQ2M,, |
| 有価証券報告書－第15期(2023/07/01－2024/06/30) | S100UEUY | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEUY,, |
| 有価証券報告書－第14期(2022/07/01－2023/06/30) | S100RWOJ | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWOJ,, |

## 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).