# Growth  X Partners, Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第18期(2024/09/01－2025/08/31) (S100XJ6M)
> Page: https://vizora.meequs.com/en/company/growth-x-partners
> Retrieved: 2026-09-30T23:28:22.377Z

## Company

Growth X Partners, founded in 2008, is a company in IT Services & System Integration listed on TSE Growth. It has 246 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Growth xPartners,inc. |
| Ticker | 244A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/244A.T) |
| Listing | TSE Growth |
| Head office | 東京都新宿区西新宿一丁目26番2号 |
| Representative (per filing) | 代表取締役社長 渡邉 伸一 |
| Founded | Jul 2008 |
| Share capital | ¥367.7M |
| Employees (consolidated) | 246 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | August |
| Website | www.gxp-group.co.jp (https://www.gxp-group.co.jp/) |
| Corporate number | 9010001118708 |
| EDINET | E39961 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XJ6M, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.8 | 157 |
| Profitability | 84.4 | 196 |
| Cash conversion | 34.3 | 185 |
| Efficiency | 47.2 | 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)

- Growth X Partners brought in ¥5.09B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +28.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥5086725000 → ¥597937000
- Net income → operating cash flow: ¥597937000 → ¥563627000（difference ¥-34310000）
- Main uses of operating cash flow: CapEx ¥24086000 / dividends — / buybacks —
- Change in cash: ¥939147000
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 | ¥5.09B |  |
| Operating income | ¥774.4M | Margin 15.2% |
| Net income | ¥600.2M | Margin 11.8% |
| Free cash flow | ¥539.5M |  |
| Employees (consolidated) | 246 |  |
| EPS | ¥48.54 |  |
| Diluted EPS | ¥45.51 |  |
| Book value per share | ¥608.67 |  |
| Equity ratio | 71.4% |  |
| Shares outstanding | 3,353,440 |  |
| Treasury shares | 22,800 |  |
| Shareholders | 1,262 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 43.4% | Cash ÷ revenue 40.4% |
| Vs. industry median margin | +6.3 pp | IT Services & System Integration |
| ROE | 23.8% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 43% of total assets

## What changed in 2 years

| Metric | FY ending Aug 2023 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3736293000 | ¥5086725000 | +36.1% |
| Operating income | ¥386061000 | ¥774446000 | +100.6% |
| Operating margin | 10.3% | 15.2% | +4.9 pp |
| Employees | 199 people | 246 people | +23.6% |
| Cash and equivalents | ¥668785000 | ¥2052661000 | +206.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,087 | 100.0% | S100XJ6M |
| Cost of revenue | 2,749 | 54.0% | S100XJ6M |
| Gross profit | 2,338 | 46.0% | S100XJ6M |
| SG&A | 1,563 | 30.7% | S100XJ6M |
| Operating income | 774 | 15.2% | S100XJ6M |
| Ordinary income | 870 | 17.1% | S100XJ6M |
| Pretax income | 870 | 17.1% | S100XJ6M |
| Income tax | 272 | 5.4% | S100XJ6M |
| Net income | 598 | 11.8% | S100XJ6M |
| Net income attributable to owners | 600 | 11.8% | S100XJ6M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 31 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 46.0% → Operating margin 15.2% → Net margin 11.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +28.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.90×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,422 | 5,087 | 665 | +15.0% |
| Gross profit | 1,948 | 2,338 | 390 | +20.0% |
| Operating income | 603 | 774 | 172 | +28.5% |
| Net income attributable to owners | 417 | 600 | 183 | +43.8% |
| Operating cash flow | 545 | 564 | 18 | +3.4% |
| Free cash flow | 536 | 540 | 3 | +0.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2023 | 3,736 | 386 | 10.3% | 279 | 184 | 143 | S100UVG1 |
| FY ending Aug 2024 | 4,422 | 603 | 13.6% | 417 | 545 | 536 | S100XJ6M |
| FY ending Aug 2025 | 5,087 | 774 | 15.2% | 600 | 564 | 540 | S100XJ6M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 199 | 226 | 246 |
| Average salary (parent company) | — | ¥6.4M | ¥6.9M |
| Average age (parent company) | — | 41.0 years | 39.4 years |
| Average tenure (parent company) | — | 6.2 years | 6.2 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +15.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 564 | 11.1% | S100XJ6M |
| Capital expenditure | 24 | 0.5% | S100XJ6M |
| Free cash flow | 540 | 10.6% | 算出 |
| Investing cash flow | 1 | 0.0% | S100XJ6M |
| Financing cash flow | 374 | 7.4% | S100XJ6M |
| Change in cash | 939 | 18.5% | S100XJ6M |
| Cash and equivalents | 2,053 | 40.4% | S100XJ6M |

## 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 Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 669 | 1,114 | 2,053 | S100XJ6M |
| Total assets | 2,955 | 3,537 | 4,726 | S100UVG1, S100XJ6M |
| Net assets | 1,455 | 1,911 | 3,377 | S100XJ6M |
| Share capital | 106 | 106 | 368 | S100UVG1, S100XJ6M |
| Property, plant and equipment | 644 | 617 | 628 | S100UVG1, S100XJ6M |
| Intangible assets excluding goodwill | 28 | 26 | 21 | S100UVG1, S100XJ6M |
| Investment securities | 354 | 419 | 525 | S100UVG1, S100XJ6M |
| Current assets | 1,463 | 1,979 | 3,135 | S100UVG1, S100XJ6M |
| Current liabilities | 1,137 | 1,332 | 1,087 | S100UVG1, S100XJ6M |
| Short-term borrowings | 500 | 500 | 150 | S100UVG1, S100XJ6M |
| Long-term borrowings | 295 | 251 | 206 | S100UVG1, S100XJ6M |
| Bonds | 35 | 10 | — | S100UVG1, S100XJ6M |
| Interest-bearing debt | 831 | 761 | — | 算出 |
| Total liabilities | 1,500 | 1,625 | 1,349 | S100UVG1, S100XJ6M |
| Non-controlling interests | — | — | 1 | S100XJ6M |
| Equity attributable to owners of parent | 1,394 | 1,819 | 3,229 | S100UVG1, S100XJ6M |
| Retained earnings | 1,275 | 1,692 | 2,293 | S100UVG1, S100XJ6M |
| Treasury stock | -29 | -28 | -3 | S100UVG1, S100XJ6M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XJ6M |
| Property, plant and equipment | 13% | S100XJ6M |
| Intangibles and goodwill | 1% | S100XJ6M |
| Investment securities | 11% | S100XJ6M |
| Other assets | 32% | S100XJ6M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100XJ6M |
| Equity | 71% | S100XJ6M |

### Balance sheet history

| Metric | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 2,955 | 3,537 | 4,726 |
| Equity | 1,455 | 1,911 | 3,377 |
| Interest-bearing debt | 831 | 761 | — |
| Cash | 669 | 1,114 | 2,053 |

## 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) | 12.3% | S100XJ6M |
| Fixed assets ÷ total assets | 13.3% | S100XJ6M |
| Goodwill ÷ parent equity | — | —, S100XJ6M |

### 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) | 43.4% |
| Cash ÷ revenue | 40.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.8% |
| Cash vs. profit gap | -37 JPY mn (of net income -6.1%) |
| 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 | 0.2% |

## 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 | 7.5% | 1.26× | 9.4% | 2.12× | 20.0% | S100UVG1 |
| 2024 | 9.4% | 1.36× | 12.9% | 2.02× | 26.0% | S100XJ6M |
| 2025 | 11.8% | 1.23× | 14.5% | 1.64× | 23.8% | S100XJ6M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Watanabe&Partners株式会社 | Major shareholder | 34.5% | 2025-08-31 |
| 渡邉 伸一 | Major shareholder | 21.4% | 2025-08-31 |
| 豊田通商株式会社 | Major shareholder | 3.9% | 2025-08-31 |
| ニプロ株式会社 | Major shareholder | 3.9% | 2025-08-31 |
| 奥山 秀朗 | Major shareholder | 3.0% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-08-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 2.2% | 2025-08-31 |
| 株式会社三越伊勢丹システム・ソリューションズ | Major shareholder | 1.5% | 2025-08-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS - DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE（常任代理人 株式会社三井住友銀行） | Major shareholder | 1.5% | 2025-08-31 |
| 河西 健太郎 | Major shareholder | 1.5% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第18期(2024/09/01－2025/08/31) | S100XJ6M | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XJ6M,, |
| 有価証券報告書－第17期(2023/09/01－2024/08/31) | S100UVG1 | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVG1,, |

## 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).