# GVA TECH: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/01/01－2025/12/31) (S100XSCJ)
> Page: https://vizora.meequs.com/en/company/gva-tech
> Retrieved: 2026-09-30T19:05:50.886Z

## Company

GVA Tech, founded in 2017, is a company in Software & SaaS listed on TSE Growth. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GVA TECH,Inc. |
| Ticker | 298A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/298A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区代々木三丁目37番地5 |
| Representative (per filing) | 代表取締役社長 山本 俊 |
| Founded | Jan 2017 |
| Share capital | ¥409.6M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | gvatech.co.jp (https://gvatech.co.jp/) |
| Corporate number | 3011001114347 |
| EDINET | E40253 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XSCJ, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.1 | 105 |
| Profitability | 2.4 | 145 |
| Efficiency | 63.8 | 145 |

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)

- GVA Tech brought in ¥1.48B in revenue.
- It lost about ¥20 for every ¥100 of sales at the operating level.
- Revenue changed +27.3% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.48B |  |
| Operating income | -¥302.2M | Margin -20.4% |
| Net income | -¥315.6M | Margin -21.3% |
| Free cash flow | -¥452.1M |  |
| Employees (consolidated) | 69 |  |
| EPS | ¥-68.19 |  |
| Book value per share | ¥55.6 |  |
| Equity ratio | 17.5% |  |
| Shares outstanding | 4,628,798 |  |
| Shareholders | 1,233 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 33.4% | Cash ÷ revenue 33.0% |
| Vs. industry median margin | -32.8 pp | Software & SaaS |
| ROA | -22.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 20 per ¥100 of revenue
- FY2025, cash is 33% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥728243000 | ¥1483813000 | +103.8% |
| Operating income | ¥-416007000 | ¥-302218000 | — |
| Operating margin | -57.1% | -20.4% | +36.8 pp |
| Employees | 50 people | 69 people | +38.0% |
| Cash and equivalents | ¥536609000 | ¥489890000 | -8.7% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,484 | 100.0% | S100XSCJ |
| Cost of revenue | 570 | 38.4% | S100XSCJ |
| Gross profit | 914 | 61.6% | S100XSCJ |
| SG&A | 1,216 | 82.0% | S100XSCJ |
| Operating income | -302 | -20.4% | S100XSCJ |
| Ordinary income | -317 | -21.4% | S100XSCJ |
| Pretax income | -317 | -21.4% | S100XSCJ |
| Income tax | -1 | -0.1% | S100XSCJ |
| Net income | -316 | -21.3% | S100XSCJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 82 |
| Operating income | -20 |
| (Ref.) Net income | -21 |

### Margin funnel

Gross margin 61.6% → Operating margin -20.4% → Net margin -21.3%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,165 | 1,484 | 318 | +27.3% |
| Gross profit | 754 | 914 | 160 | +21.3% |
| Operating income | -524 | -302 | 221 | — |
| Operating cash flow | -297 | -17 | 280 | — |
| Free cash flow | -678 | -452 | 226 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 728 | -416 | -57.1% | -432 | -263 | -478 | S100VH5E |
| FY ending Dec 2024 | 1,165 | -524 | -44.9% | -532 | -297 | -678 | S100XSCJ |
| FY ending Dec 2025 | 1,484 | -302 | -20.4% | -316 | -17 | -452 | S100XSCJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | -¥4.4M |
| Net income per employee (consolidated) | -¥4.6M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 50 | 64 | 69 |
| Average salary (parent company) | — | ¥6.6M | ¥7M |
| Average age (parent company) | — | 35.6 years | 37.0 years |
| Average tenure (parent company) | — | 2.6 years | 2.9 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +27.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -17 | -1.1% | S100XSCJ |
| Capital expenditure | 436 | 29.4% | S100XSCJ |
| Free cash flow | -452 | -30.5% | 算出 |
| Investing cash flow | -435 | -29.3% | S100XSCJ |
| Financing cash flow | 400 | 26.9% | S100XSCJ |
| Share buyback | 0 | 0.0% | S100XSCJ |
| Change in cash | -52 | -3.5% | S100XSCJ |
| Cash and equivalents | 490 | 33.0% | S100XSCJ |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 537 | 542 | 490 | S100XSCJ |
| Total assets | 1,019 | 1,301 | 1,468 | S100VH5E, S100XSCJ |
| Net assets | 334 | 606 | 295 | S100XSCJ |
| Share capital | 4 | 407 | 410 | S100VH5E, S100XSCJ |
| Property, plant and equipment | 4 | 17 | 12 | S100VH5E, S100XSCJ |
| Intangible assets excluding goodwill | 357 | 593 | 822 | S100VH5E, S100XSCJ |
| Current assets | 648 | 682 | 622 | S100VH5E, S100XSCJ |
| Current liabilities | 434 | 503 | 632 | S100VH5E, S100XSCJ |
| Short-term borrowings | 101 | 83 | — | S100VH5E, S100XSCJ |
| Long-term borrowings | 252 | 192 | 542 | S100VH5E, S100XSCJ |
| Total liabilities | 685 | 695 | 1,174 | S100VH5E, S100XSCJ |
| Equity attributable to owners of parent | 294 | 568 | 257 | S100VH5E, S100XSCJ |
| Retained earnings | -705 | -1,237 | -1,553 | S100VH5E, S100XSCJ |
| Treasury stock | — | — | -0 | S100XSCJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100XSCJ |
| Property, plant and equipment | 1% | S100XSCJ |
| Intangibles and goodwill | 56% | S100XSCJ |
| Other assets | 10% | S100XSCJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 80% | S100XSCJ |
| Equity | 20% | S100XSCJ |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,019 | 1,301 | 1,468 |
| Equity | 334 | 606 | 295 |
| Interest-bearing debt | — | — | — |
| Cash | 537 | 542 | 490 |

## 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) | 0.8% | S100XSCJ |
| Fixed assets ÷ total assets | 0.8% | S100XSCJ |
| Goodwill ÷ parent equity | — | —, S100XSCJ |

### 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) | 33.4% |
| Cash ÷ revenue | 33.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 299 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.4% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | — | —× | -42.4% | —× | — | S100VH5E |
| 2024 | — | —× | -45.9% | —× | — | S100XSCJ |
| 2025 | — | —× | -22.8% | —× | — | S100XSCJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山本 俊 | Major shareholder | 19.3% | 2025-12-31 |
| ＤＢＪキャピタル投資事業有限責任組合 | Major shareholder | 12.4% | 2025-12-31 |
| SALESFORCE VENTURES LLC. （常任代理人 みずほ証券株式会社） | Major shareholder | 5.6% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 4.4% | 2025-12-31 |
| ＭＳ・ＨＡＹＡＴＥ１号投資事業有限責任組合 | Major shareholder | 4.4% | 2025-12-31 |
| 株式会社シグマクシス・ホールディングス | Major shareholder | 4.2% | 2025-12-31 |
| INNOVATION HAYATE V Capital 投資事業有限責任組合 | Major shareholder | 3.1% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.3% | 2025-12-31 |
| 飯田明人 | Major shareholder | 2.2% | 2025-12-31 |
| 松林哲生 | Major shareholder | 1.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XSCJ | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSCJ,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VH5E | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH5E,, |

## 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).