# Gunosy Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/06/01－2026/05/31) (S100YYKZ)
> Page: https://vizora.meequs.com/en/company/gunosy
> Retrieved: 2026-09-30T21:35:55.771Z

## Company

Gunosy, founded in 2012, is a company in Internet Services & Apps listed on TSE Standard. It has 205 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Gunosy Inc. |
| Ticker | 6047 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6047.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷二丁目24番12号 (上記は登記上の本店所在地であり、実際の本社業務は下記において行って います。) 東京都港区赤坂二丁目4番6号 |
| Representative (per filing) | 代表取締役社長 西尾 健太郎 |
| Founded | Nov 2012 |
| Share capital | ¥4.1B |
| Employees (consolidated) | 205 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | May |
| Website | gunosy.co.jp (https://gunosy.co.jp/) |
| Corporate number | 5010401102810 |
| EDINET | E31454 |
| Industries (Vizora) | Internet Services & Apps, Games |

> Profile source: annual securities report (S100YYKZ, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.3 | 40 |
| Profitability | 26.5 | 51 |
| Cash conversion | 96.5 | 43 |
| Efficiency | 8.7 | 52 |

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 85% of Gunosy's sales come from Media Business, with G Holdings Business and New Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit -67.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.44B |  |
| Operating income | ¥186M | Margin 2.9% |
| Net income | -¥11M | Margin -0.2% |
| Free cash flow | ¥601M |  |
| Largest business | Media Business | of segment revenue 84.9% |
| Employees (consolidated) | 205 |  |
| EPS | ¥94.54 |  |
| Book value per share | ¥492.06 |  |
| Equity ratio | 85.2% |  |
| Shares outstanding | 24,237,774 |  |
| Treasury shares | 288,000 |  |
| Shareholders | 8,131 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 43.5% | Cash ÷ revenue 84.4% |
| Vs. industry median margin | -4.8 pp | Internet Services & Apps |
| ROA | -0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8910000000 | ¥6441000000 | -27.7% |
| Operating income | ¥717000000 | ¥186000000 | -74.1% |
| Operating margin | 8.0% | 2.9% | -5.2 pp |
| Employees | 215 people | 205 people | -4.7% |
| Cash and equivalents | ¥8952000000 | ¥5435000000 | -39.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → メディア事業 | 84.9% |
| 新設・再編 → 新規事業 | 0.4% |
| 新設・再編 → Gホールディングス事業 | 14.7% |

Segment revenue source references: 3 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media Business | — | — | ¥5470000000 | 21.3% | 2 |
| G Holdings Business | — | — | ¥944000000 | -22.5% | 2 |
| New Business | — | — | ¥26000000 | -761.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,441 | 100.0% | S100YYKZ |
| Cost of revenue | 3,492 | 54.2% | S100YYKZ |
| Gross profit | 2,948 | 45.8% | S100YYKZ |
| SG&A | 2,762 | 42.9% | S100YYKZ |
| Operating income | 186 | 2.9% | S100YYKZ |
| Ordinary income | 354 | 5.5% | S100YYKZ |
| Pretax income | 267 | 4.1% | S100YYKZ |
| Income tax | 293 | 4.5% | S100YYKZ |
| Net income | -26 | -0.4% | S100YYKZ |
| Net income attributable to owners | -11 | -0.2% | S100YYKZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 43 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 45.8% → Operating margin 2.9% → Net margin -0.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.6%; Core profit growth: -67.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -12.03×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,098 | 6,441 | 343 | +5.6% |
| Gross profit | 2,895 | 2,948 | 53 | +1.8% |
| Operating income | 575 | 186 | -389 | -67.7% |
| Net income attributable to owners | 78 | -11 | -89 | -114.1% |
| Operating cash flow | -26 | 681 | 707 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 13,987 | 859 | 6.1% | 386 | -631 | -906 | S100MCYU |
| FY ending May 2021 | 8,910 | 717 | 8.0% | 383 | 983 | 977 | S100P3ML |
| FY ending May 2022 | 8,998 | 412 | 4.6% | 130 | -33 | -43 | S100RRJV |
| FY ending May 2023 | 8,052 | -268 | -3.3% | -1,150 | -433 | — | S100UAGU |
| FY ending May 2024 | 7,344 | 70 | 1.0% | -1,186 | -206 | — | S100WLMH |
| FY ending May 2025 | 6,098 | 575 | 9.4% | 78 | -26 | — | S100YYKZ |
| FY ending May 2026 | 6,441 | 186 | 2.9% | -11 | 681 | 601 | S100YYKZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.4M |
| Operating income per employee (consolidated) | ¥907.3K |
| Net income per employee (consolidated) | -¥53.7K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 258 | 252 | 206 | 194 | 205 |
| Average salary (parent company) | ¥6M | ¥7M | ¥7M | ¥7M | ¥7M |
| Average age (parent company) | 32.1 years | 33.5 years | 35.2 years | 37.1 years | 38.9 years |
| Average tenure (parent company) | 2.8 years | 3.3 years | 4.1 years | 4.6 years | 5.4 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media Business | 5,470 | 84.9% | 1,163 | 21.3% |
| New Business | 26 | 0.4% | -198 | -761.5% |
| G Holdings Business | 944 | 14.7% | -212 | -22.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media Business | 84.9% | 100.0% | 15.1 | 21.3% |
| New Business | 0.4% | — | — | -761.5% |
| G Holdings Business | 14.7% | — | — | -22.5% |

Loss-making segment (excluded from profit shares): New Business -198 JPY mn

Loss-making segment (excluded from profit shares): G Holdings Business -212 JPY mn

Segment → industry: Media Business → Internet Services & Apps / G Holdings Business → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 681 | 10.6% | S100YYKZ |
| Capital expenditure | 80 | 1.2% | S100YYKZ |
| Free cash flow | 601 | 9.3% | 算出 |
| Investing cash flow | 1,416 | 22.0% | S100YYKZ |
| Financing cash flow | -751 | -11.7% | S100YYKZ |
| Dividends paid | 441 | 6.8% | S100YYKZ |
| Share buyback | 109 | 1.7% | S100YYKZ |
| Change in cash | 1,444 | 22.4% | S100YYKZ |
| Cash and equivalents | 5,435 | 84.4% | S100YYKZ |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,947 | 5,100 | 5,090 | 3,991 | 5,435 | S100UAGU, S100WLMH, S100YYKZ |
| Total assets | 13,518 | 12,324 | 11,339 | 13,222 | 12,499 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Net assets | 11,934 | 10,857 | 9,970 | 11,283 | 10,751 | S100UAGU, S100WLMH, S100YYKZ |
| Share capital | 4,099 | 4,099 | 4,099 | 4,099 | 4,099 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Property, plant and equipment | 26 | 12 | 10 | 13 | 20 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Intangible assets excluding goodwill | 114 | 40 | 0 | 783 | 661 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Goodwill | 63 | 40 | — | 679 | 582 | S100RRJV, S100UAGU, S100YYKZ |
| Investment securities | 5,180 | 4,940 | 4,175 | 5,049 | 4,888 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Current assets | 7,877 | 7,272 | 7,050 | 7,238 | 6,716 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Current liabilities | 1,563 | 1,438 | 1,306 | 1,573 | 1,518 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Short-term borrowings | — | — | — | — | 27 | S100YYKZ |
| Long-term borrowings | — | — | — | 225 | 38 | S100YYKZ |
| Total liabilities | 1,583 | 1,466 | 1,368 | 1,938 | 1,748 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Non-controlling interests | 43 | — | — | 55 | 40 | S100RRJV, S100YYKZ |
| Equity attributable to owners of parent | 11,444 | 10,369 | 9,134 | 10,896 | 10,390 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Retained earnings | 3,709 | 2,478 | 1,223 | 2,919 | 2,457 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |
| Treasury stock | -463 | -307 | -288 | -220 | -265 | S100RRJV, S100UAGU, S100WLMH, S100YYKZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 44% | S100YYKZ |
| Property, plant and equipment | 0% | S100YYKZ |
| Intangibles and goodwill | 10% | S100YYKZ |
| Investment securities | 39% | S100YYKZ |
| Other assets | 7% | S100YYKZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YYKZ |
| Equity | 86% | S100YYKZ |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 13,518 | 12,324 | 11,339 | 13,222 | 12,499 |
| Equity | 11,934 | 10,857 | 9,970 | 11,283 | 10,751 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,947 | 5,100 | 5,090 | 3,991 | 5,435 |

## 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% | S100YYKZ |
| Fixed assets ÷ total assets | 0.2% | S100YYKZ |
| Goodwill ÷ parent equity | 5.6% | S100YYKZ |

Goodwill over 4 years: 63 → 582 JPY; total investing cash flow: -2,915 JPY. This does not imply causation.

### 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) | 43.5% |
| Cash ÷ revenue | 84.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 366.1% |
| Cash vs. profit gap | 692 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 91.5% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 73.4% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 207.9% |

## 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 | 1.4% | 0.67× | 1.0% | 1.18× | 1.1% | S100RRJV |
| 2023 | — | —× | -8.9% | —× | — | S100UAGU |
| 2024 | — | —× | -10.0% | —× | — | S100WLMH |
| 2025 | 1.3% | 0.50× | 0.6% | 1.23× | 0.8% | S100YYKZ |
| 2026 | — | —× | -0.1% | —× | — | S100YYKZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木村 新司 | Major shareholder | 25.3% | 2026-05-31 |
| KDDI株式会社 | Major shareholder | 14.8% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2026-05-31 |
| 株式会社ホクエツ | Major shareholder | 2.4% | 2026-05-31 |
| 治部 達夫 | Major shareholder | 2.1% | 2026-05-31 |
| 吉田 宏司 | Major shareholder | 1.7% | 2026-05-31 |
| 福島 良典 | Major shareholder | 1.6% | 2026-05-31 |
| 関 喜史 | Major shareholder | 1.5% | 2026-05-31 |
| 古川 良太 | Major shareholder | 1.3% | 2026-05-31 |
| 溝呂木 雄太 | Major shareholder | 1.1% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/06/01－2026/05/31) | S100YYKZ | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYKZ,, |
| 有価証券報告書－第13期(2024/06/01－2025/05/31) | S100WLMH | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLMH,, |
| 有価証券報告書－第12期(2023/06/01－2024/05/31) | S100UAGU | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAGU,, |
| 有価証券報告書－第11期(2022/06/01－2023/05/31) | S100RRJV | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRJV,, |
| 有価証券報告書－第10期(令和3年6月1日－令和4年5月31日) | S100P3ML | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3ML,, |
| 有価証券報告書－第9期(令和2年6月1日－令和3年5月31日) | S100MCYU | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCYU,, |

## 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).