# GungHo Online Entertainment, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第29期(2025/01/01－2025/12/31) (S100XXTG)
> Page: https://vizora.meequs.com/en/company/gungho-online-entertainment
> Retrieved: 2026-09-30T20:38:57.609Z

## Company

GungHo Online Entertainment, founded in 1998, is a company in Games listed on TSE Prime. It has 1,614 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GungHo Online Entertainment,Inc. |
| Ticker | 3765 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3765.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目11番1号 |
| Representative (per filing) | 代表取締役社長CEO 坂井 一也 |
| Founded | Jul 1998 |
| Share capital | ¥5.34B |
| Employees (consolidated) | 1,614 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.gungho.co.jp (https://www.gungho.co.jp/) |
| Corporate number | 8010001082839 |
| EDINET | E05474 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XXTG, filed 2026-04-09). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 36 |
| Profitability | 50 | 41 |
| Cash conversion | 11.3 | 31 |
| Efficiency | 32.9 | 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)

- GungHo Online Entertainment brought in ¥93.2B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -10.0% from the prior year, operating profit -71.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥93.2B |  |
| Operating income | ¥5.06B | Margin 5.4% |
| Net income | ¥1.41B | Margin 1.5% |
| Free cash flow | -¥960M |  |
| Employees (consolidated) | 1,614 |  |
| EPS | ¥-66.94 |  |
| Diluted EPS | ¥25.51 |  |
| Book value per share | ¥1474.99 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 69,161,416 |  |
| Treasury shares | 14,818,400 |  |
| Shareholders | 18,012 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 33.3% |
| Vs. industry median margin | 0 pp | Games |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥98844000000 | ¥93242000000 | -5.7% |
| Operating income | ¥30157000000 | ¥5056000000 | -83.2% |
| Operating margin | 30.5% | 5.4% | -25.1 pp |
| Employees | 1,335 people | 1,614 people | +20.9% |
| Cash and equivalents | ¥95979000000 | ¥31021000000 | -67.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,242 | 100.0% | S100XXTG |
| Cost of revenue | 50,913 | 54.6% | S100XXTG |
| Gross profit | 42,328 | 45.4% | S100XXTG |
| SG&A | 37,271 | 40.0% | S100XXTG |
| Operating income | 5,056 | 5.4% | S100XXTG |
| Ordinary income | 6,780 | 7.3% | S100XXTG |
| Pretax income | 6,576 | 7.1% | S100XXTG |
| Income tax | 2,285 | 2.5% | S100XXTG |
| Net income | 4,291 | 4.6% | S100XXTG |
| Net income attributable to owners | 1,407 | 1.5% | S100XXTG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 40 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 45.4% → Operating margin 5.4% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.0%; Core profit growth: -71.1%
Operating leverage (core profit growth ÷ revenue growth): 7.11×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 103,600 | 93,242 | -10,358 | -10.0% |
| Gross profit | 53,415 | 42,328 | -11,087 | -20.8% |
| Operating income | 17,491 | 5,056 | -12,435 | -71.1% |
| Net income attributable to owners | 11,171 | 1,407 | -9,764 | -87.4% |
| Operating cash flow | 17,132 | -355 | -17,487 | -102.1% |
| Free cash flow | 16,889 | -960 | -17,849 | -105.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 101,392 | 28,349 | 28.0% | 18,146 | 23,646 | 19,808 | S100L30W |
| FY ending Dec 2020 | 98,844 | 30,157 | 30.5% | 16,369 | 24,214 | 21,575 | S100NSMT |
| FY ending Dec 2021 | 104,626 | 32,802 | 31.4% | 22,883 | 23,653 | 22,977 | S100QICZ |
| FY ending Dec 2022 | 105,505 | 27,649 | 26.2% | 19,022 | 18,660 | 18,229 | S100T609 |
| FY ending Dec 2023 | 125,315 | 27,880 | 22.2% | 16,433 | 20,514 | 19,897 | S100VHTV |
| FY ending Dec 2024 | 103,600 | 17,491 | 16.9% | 11,171 | 17,132 | 16,889 | S100XXTG |
| FY ending Dec 2025 | 93,242 | 5,056 | 5.4% | 1,407 | -355 | -960 | S100XXTG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.8M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥871.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,391 | 1,451 | 1,387 | 1,583 | 1,614 |
| Average salary (parent company) | ¥6.6M | ¥7.5M | ¥7.3M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 40.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 8.0 years | 9.0 years | 9.0 years | 9.0 years | 10.0 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -10.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -355 | -0.4% | S100XXTG |
| Capital expenditure | 605 | 0.6% | S100XXTG |
| Free cash flow | -960 | -1.0% | 算出 |
| Investing cash flow | -28,676 | -30.8% | S100XXTG |
| Financing cash flow | -8,827 | -9.5% | S100XXTG |
| Dividends paid | 3,350 | 3.6% | S100XXTG |
| Change in cash | -37,150 | -39.8% | S100XXTG |
| Cash and equivalents | 31,021 | 33.3% | S100XXTG |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 102,086 | 109,676 | 109,648 | 68,171 | 31,021 | S100T609, S100VHTV, S100XXTG |
| Total assets | 134,930 | 152,210 | 168,045 | 175,464 | 169,474 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Net assets | 118,672 | 132,834 | 149,495 | 153,535 | 151,333 | S100T609, S100VHTV, S100XXTG |
| Share capital | 5,338 | 5,338 | 5,338 | 5,338 | 5,338 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Property, plant and equipment | 1,211 | 992 | 1,240 | 1,326 | 1,412 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Intangible assets excluding goodwill | 390 | 420 | 502 | 748 | 568 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Investment securities | 62 | 138 | 0 | — | — | S100QICZ, S100T609 |
| Current assets | 127,510 | 141,788 | 155,967 | 120,875 | 153,750 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Current liabilities | 14,893 | 17,924 | 17,493 | 19,453 | 15,368 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Long-term borrowings | 315 | 308 | — | — | — | S100QICZ, S100T609 |
| Total liabilities | 16,258 | 19,375 | 18,550 | 21,929 | 18,141 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Non-controlling interests | 10,272 | 14,453 | 20,731 | 24,759 | 28,315 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Equity attributable to owners of parent | 107,329 | 116,498 | 126,073 | 125,624 | 119,167 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Retained earnings | 181,675 | 195,829 | 198,415 | 195,670 | 152,249 | S100QICZ, S100T609, S100VHTV, S100XXTG |
| Treasury stock | -85,172 | -90,157 | -83,168 | -80,872 | -43,908 | S100QICZ, S100T609, S100VHTV, S100XXTG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XXTG |
| Property, plant and equipment | 1% | S100XXTG |
| Intangibles and goodwill | 0% | S100XXTG |
| Other assets | 81% | S100XXTG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XXTG |
| Equity | 89% | S100XXTG |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 134,930 | 152,210 | 168,045 | 175,464 | 169,474 |
| Equity | 118,672 | 132,834 | 149,495 | 153,535 | 151,333 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 102,086 | 109,676 | 109,648 | 68,171 | 31,021 |

## 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) | 1.5% | S100XXTG |
| Fixed assets ÷ total assets | 0.8% | S100XXTG |
| Goodwill ÷ parent equity | — | —, S100XXTG |

### 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) | 18.3% |
| Cash ÷ revenue | 33.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -7.0% |
| Cash vs. profit gap | -1,762 JPY mn (of net income -125.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 238.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 21.9% | 0.78× | 17.0% | 1.26× | 21.3% | S100QICZ |
| 2022 | 18.0% | 0.73× | 13.2% | 1.28× | 17.0% | S100T609 |
| 2023 | 13.1% | 0.78× | 10.3% | 1.32× | 13.5% | S100VHTV |
| 2024 | 10.8% | 0.60× | 6.5% | 1.36× | 8.9% | S100XXTG |
| 2025 | 1.5% | 0.54× | 0.8% | 1.41× | 1.1% | S100XXTG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SON Financial合同会社 | Major shareholder | 18.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 13.2% | 2025-12-31 |
| INTERTRUST TRUSTEES(CAYMAN)LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 7.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社エフエーエイチ | Major shareholder | 3.7% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.3% | 2025-12-31 |
| INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST(常任代理人 立花証券株式会社) | Major shareholder | 3.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.1% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2025-12-31 |
| 森下 一喜 | Major shareholder | 2.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第29期(2025/01/01－2025/12/31) | S100XXTG | 2026-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XXTG,, |
| 有価証券報告書－第28期(2024/01/01－2024/12/31) | S100VHTV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHTV,, |
| 有価証券報告書－第27期(2023/01/01－2023/12/31) | S100T609 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T609,, |
| 有価証券報告書－第26期(2022/01/01－2022/12/31) | S100QICZ | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QICZ,, |
| 有価証券報告書－第25期(令和3年1月1日－令和3年12月31日) | S100NSMT | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSMT,, |
| 有価証券報告書－第24期(令和2年1月1日－令和2年12月31日) | S100L30W | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L30W,, |

## 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).