# gumi Inc.: business model and financials

> Latest period: FY ending Apr 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/05/01－2026/04/30) (S100YSP4)
> Page: https://vizora.meequs.com/en/company/gumi
> Retrieved: 2026-09-30T20:25:31.982Z

## Company

gumi, founded in 2007, is a company in Crypto & Blockchain listed on TSE Prime. It has 337 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | gumi Inc. |
| Ticker | 3903 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3903.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿四丁目34番7号 |
| Representative (per filing) | 代表取締役社長 川本 寛之 |
| Founded | Jun 2007 |
| Share capital | ¥15.4B |
| Employees (consolidated) | 337 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | April |
| Website | gu3.co.jp (https://gu3.co.jp/) |
| Corporate number | 8011101056625 |
| EDINET | E31060 |
| Industries (Vizora) | Crypto & Blockchain, Games |

> Profile source: annual securities report (S100YSP4, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Games (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 36 |
| Profitability | 28 | 41 |
| Cash conversion | 1.6 | 31 |
| Efficiency | 11 | 41 |

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 76% of gumi's sales come from Mobile Online Game, with Block Chain, etc. making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -77.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.18B |  |
| Operating income | ¥83.3M | Margin 0.9% |
| Net income | ¥1.45B | Margin 15.8% |
| Free cash flow | -¥2.83B |  |
| Largest business | Mobile Online Game | of segment revenue 76.3% |
| Employees (consolidated) | 337 |  |
| EPS | ¥-7.96 |  |
| Diluted EPS | ¥28.01 |  |
| Book value per share | ¥162.23 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 53,897,034 |  |
| Shareholders | 21,304 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 37.0% |
| Vs. industry median margin | -4.5 pp | Games |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.5× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 76 points

## What changed in 5 years

| Metric | FY ending Apr 2021 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18628710000 | ¥9183952000 | -50.7% |
| Operating income | ¥1514299000 | ¥83321000 | -94.5% |
| Operating margin | 8.1% | 0.9% | -7.2 pp |
| Employees | 866 people | 337 people | -61.1% |
| Cash and equivalents | ¥8492510000 | ¥3393911000 | -60.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| モバイルオンラインゲーム事業 → 事業再編・廃止 | 99.2% |
| ブロックチェーン事業 → 事業再編・廃止 | 0.8% |
| 新設・再編 → モバイルオンラインゲーム事業 | 76.3% |
| 新設・再編 → ブロックチェーン等事業 | 23.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,184 | 100.0% | S100YSP4 |
| Cost of revenue | 6,307 | 68.7% | S100YSP4 |
| Gross profit | 2,877 | 31.3% | S100YSP4 |
| SG&A | 2,793 | 30.4% | S100YSP4 |
| Operating income | 83 | 0.9% | S100YSP4 |
| Ordinary income | 2,170 | 23.6% | S100YSP4 |
| Pretax income | 1,524 | 16.6% | S100YSP4 |
| Income tax | 266 | 2.9% | S100YSP4 |
| Net income | 1,258 | 13.7% | S100YSP4 |
| Net income attributable to owners | 1,455 | 15.8% | S100YSP4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 30 |
| Operating income | 1 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 31.3% → Operating margin 0.9% → Net margin 15.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -77.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -28.74×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,943 | 9,184 | 241 | +2.7% |
| Gross profit | 2,090 | 2,877 | 787 | +37.6% |
| Operating income | 371 | 83 | -288 | -77.5% |
| Net income attributable to owners | 2,063 | 1,455 | -609 | -29.5% |
| Operating cash flow | -881 | -1,398 | -517 | — |
| Free cash flow | -2,541 | -2,828 | -287 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2020 | 19,828 | 2,225 | 11.2% | 1,757 | 2,658 | -283 | S100M29C |
| FY ending Apr 2021 | 18,629 | 1,514 | 8.1% | 1,836 | 2,806 | 201 | S100OSDS |
| FY ending Apr 2022 | 18,942 | -2,262 | -11.9% | -6,274 | -2,473 | -4,189 | S100RGPU |
| FY ending Apr 2023 | 16,010 | 447 | 2.8% | 446 | -171 | -1,997 | S100U3ME |
| FY ending Apr 2024 | 12,067 | -5,040 | -41.8% | -5,934 | -5,147 | -6,491 | S100WEZ4 |
| FY ending Apr 2025 | 8,943 | 371 | 4.1% | 2,063 | -881 | -2,541 | S100YSP4 |
| FY ending Apr 2026 | 9,184 | 83 | 0.9% | 1,455 | -1,398 | -2,828 | S100YSP4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.3M |
| Operating income per employee (consolidated) | ¥247.2K |
| Net income per employee (consolidated) | ¥4.3M |

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

| History | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 827 | 798 | 689 | 378 | 337 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.8M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 35.0 years | 35.0 years | 36.0 years | 37.0 years | 37.0 years |
| Average tenure (parent company) | 3.0 years | 4.0 years | 4.0 years | 5.0 years | 6.0 years |

Year over year: Employees (consolidated) -10.8% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile Online Game | 7,007 | 76.3% | -469 | -6.7% |
| Block Chain, etc. | 2,177 | 23.7% | 553 | 25.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobile Online Game | 76.3% | — | — | -6.7% |
| Block Chain, etc. | 23.7% | 100.0% | 76.3 | 25.4% |

Loss-making segment (excluded from profit shares): Mobile Online Game -469 JPY mn

Segment → industry: Block Chain, etc. → Crypto & Blockchain / Mobile Online Game → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -1,398 | -15.2% | S100YSP4 |
| Capital expenditure | 1,430 | 15.6% | S100YSP4 |
| Free cash flow | -2,828 | -30.8% | 算出 |
| Investing cash flow | -3,589 | -39.1% | S100YSP4 |
| Financing cash flow | 2,350 | 25.6% | S100YSP4 |
| Change in cash | -2,685 | -29.2% | S100YSP4 |
| Cash and equivalents | 3,394 | 37.0% | S100YSP4 |

## 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 Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,303 | 10,564 | 4,779 | 6,079 | 3,394 | S100U3ME, S100WEZ4, S100YSP4 |
| Total assets | 18,363 | 26,550 | 19,333 | 23,885 | 28,821 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Net assets | 10,084 | 18,664 | 12,243 | 17,880 | 22,134 | S100U3ME, S100WEZ4, S100YSP4 |
| Share capital | 9,418 | 13,081 | 13,119 | 14,617 | 15,408 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Property, plant and equipment | 129 | 166 | 164 | 108 | 95 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Intangible assets excluding goodwill | 2,934 | 4,408 | 501 | 2,137 | 2,209 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Investment securities | 1,688 | 3,127 | 2,754 | 1,523 | 1,284 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Current assets | 10,012 | 15,400 | 11,945 | 15,737 | 20,443 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Current liabilities | 5,743 | 4,929 | 5,322 | 5,112 | 6,224 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Short-term borrowings | — | — | 1,000 | 2,000 | 4,001 | S100WEZ4, S100YSP4 |
| Long-term borrowings | 2,368 | 2,395 | 634 | 83 | 38 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Bonds | — | 260 | 620 | 200 | — | S100U3ME, S100WEZ4, S100YSP4 |
| Interest-bearing debt | — | — | 2,254 | 2,283 | — | 算出 |
| Total liabilities | 8,278 | 7,886 | 7,090 | 6,004 | 6,687 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Non-controlling interests | 478 | 155 | 1 | 913 | 765 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Equity attributable to owners of parent | 8,567 | 16,338 | 10,285 | 15,588 | 18,623 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Retained earnings | -2,218 | -1,772 | -3,159 | -1,095 | 359 | S100RGPU, S100U3ME, S100WEZ4, S100YSP4 |
| Treasury stock | -2,058 | — | — | — | — | S100RGPU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YSP4 |
| Property, plant and equipment | 0% | S100YSP4 |
| Intangibles and goodwill | 8% | S100YSP4 |
| Investment securities | 4% | S100YSP4 |
| Other assets | 76% | S100YSP4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YSP4 |
| Equity | 77% | S100YSP4 |

### Balance sheet history

| Metric | FY ending Apr 2022 | FY ending Apr 2023 | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,363 | 26,550 | 19,333 | 23,885 | 28,821 |
| Equity | 10,084 | 18,664 | 12,243 | 17,880 | 22,134 |
| Interest-bearing debt | — | — | 2,254 | 2,283 | — |
| Cash | 6,303 | 10,564 | 4,779 | 6,079 | 3,394 |

## 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% | S100YSP4 |
| Fixed assets ÷ total assets | 0.3% | S100YSP4 |
| Goodwill ÷ parent equity | — | —, S100YSP4 |

### 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) | 11.8% |
| Cash ÷ revenue | 37.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -1678.2% |
| Cash vs. profit gap | -2,853 JPY mn (of net income -196.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -34.2% | —× | — | S100RGPU |
| 2023 | 2.8% | 0.71× | 2.0% | 1.80× | 3.6% | S100U3ME |
| 2024 | — | —× | -25.9% | —× | — | S100WEZ4 |
| 2025 | 23.1% | 0.41× | 9.5% | 1.67× | 15.9% | S100YSP4 |
| 2026 | 15.8% | 0.35× | 5.5% | 1.54× | 8.5% | S100YSP4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SBIホールディングス株式会社 | Major shareholder | 30.5% | 2026-04-30 |
| SUPER STATE HOLDINGS株式会社 | Major shareholder | 6.3% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.8% | 2026-04-30 |
| 日本証券金融株式会社 | Major shareholder | 3.0% | 2026-04-30 |
| 株式会社スクウェア・エニックス・ホールディングス | Major shareholder | 2.2% | 2026-04-30 |
| モルガン・スタンレーMUFG 証券株式会社 | Major shareholder | 1.5% | 2026-04-30 |
| 楽天証券株式会社 | Major shareholder | 1.5% | 2026-04-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG | Major shareholder | 0.7% | 2026-04-30 |
| 石橋拓朗 | Major shareholder | 0.7% | 2026-04-30 |
| 野村信託銀行株式会社( 投信口) | Major shareholder | 0.6% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/05/01－2026/04/30) | S100YSP4 | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSP4,, |
| 有価証券報告書－第18期(2024/05/01－2025/04/30) | S100WEZ4 | 2025-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WEZ4,, |
| 有価証券報告書－第17期(2023/05/01－2024/04/30) | S100U3ME | 2024-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3ME,, |
| 有価証券報告書－第16期(2022/05/01－2023/04/30) | S100RGPU | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGPU,, |
| 有価証券報告書－第15期(令和3年5月1日－令和4年4月30日) | S100OSDS | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSDS,, |
| 有価証券報告書－第14期(令和2年5月1日－令和3年4月30日) | S100M29C | 2021-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M29C,, |

## 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).