# Kaizen Platform, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第9期(2025/01/01－2025/12/31) (S100XSOQ)
> Page: https://vizora.meequs.com/en/company/kaizen-platform
> Retrieved: 2026-09-30T18:55:05.280Z

## Company

Kaizen Platform, founded in 2017, is a company in IT Services & System Integration listed on TSE Growth. It has 132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kaizen Platform, Inc. |
| Ticker | 4170 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4170.T) |
| Listing | TSE Growth |
| Head office | 東京都港区白金一丁目27番6号 |
| Representative (per filing) | 代表取締役執行役員CEO 須藤 憲司 |
| Founded | Apr 2017 |
| Share capital | ¥1.78B |
| Employees (consolidated) | 132 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | December |
| Website | kaizenplatform.com (https://kaizenplatform.com/) |
| Corporate number | 2010401130731 |
| EDINET | E36122 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Advertising |

> Profile source: annual securities report (S100XSOQ, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Advertising (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.6 | 57 |
| Profitability | 16.9 | 86 |
| Cash conversion | 99.3 | 75 |
| Efficiency | 37.8 | 86 |

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 90% of Kaizen Platform's sales come from Professional, with Cloud making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -3.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Professional 89.8%、Cloud 10.2%
- Revenue → net income: ¥4354800000 → ¥29815000
- Net income → operating cash flow: ¥29815000 → ¥287090000（difference ¥257275000）
- Main uses of operating cash flow: CapEx ¥19098000 / dividends — / buybacks ¥9000
- Change in cash: ¥65469000
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 | ¥4.35B |  |
| Operating income | ¥29.2M | Margin 0.7% |
| Net income | ¥29.8M | Margin 0.7% |
| Free cash flow | ¥268M |  |
| Largest business | Professional | of segment revenue 89.8% |
| Employees (consolidated) | 132 |  |
| EPS | ¥3.05 |  |
| Diluted EPS | ¥3 |  |
| Book value per share | ¥126.48 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 17,016,481 |  |
| Treasury shares | 4,100 |  |
| Shareholders | 6,639 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 46.6% | Cash ÷ revenue 45.7% |
| Vs. industry median margin | -8.2 pp | IT Services & System Integration |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.6× net income
- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 90 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1686361000 | ¥4354800000 | +158.2% |
| Operating income | ¥23369000 | ¥29196000 | +24.9% |
| Operating margin | 1.4% | 0.7% | -0.7 pp |
| Employees | 62 people | 132 people | +112.9% |
| Cash and equivalents | ¥2660345000 | ¥1989244000 | -25.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| サイトソリューション事業 → 事業再編・廃止 | 33.0% |
| UX／DXソリューション → 事業再編・廃止 | 33.0% |
| Kaizen Video事業 → 事業再編・廃止 | 17.0% |
| 動画ソリューション → 事業再編・廃止 | 17.0% |
| 新設・再編 → プロフェッショナル | 89.8% |
| 新設・再編 → クラウド | 10.2% |

Segment revenue source references: 6 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,355 | 100.0% | S100XSOQ |
| Cost of revenue | 2,958 | 67.9% | S100XSOQ |
| Gross profit | 1,397 | 32.1% | S100XSOQ |
| SG&A | 1,368 | 31.4% | S100XSOQ |
| Operating income | 29 | 0.7% | S100XSOQ |
| Ordinary income | 39 | 0.9% | S100XSOQ |
| Pretax income | 39 | 0.9% | S100XSOQ |
| Income tax | 9 | 0.2% | S100XSOQ |
| Net income | 30 | 0.7% | S100XSOQ |
| Net income attributable to owners | 30 | 0.7% | S100XSOQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 31 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 32.1% → Operating margin 0.7% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,524 | 4,355 | -169 | -3.7% |
| Gross profit | 1,373 | 1,397 | 24 | +1.7% |
| Operating income | -29 | 29 | 58 | — |
| Net income attributable to owners | -172 | 30 | 202 | — |
| Operating cash flow | 217 | 287 | 70 | +32.5% |
| Free cash flow | 168 | 268 | 100 | +60.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,355 | -162 | -12.0% | -163 | -68 | -208 | S100L22C |
| FY ending Dec 2020 | 1,686 | 23 | 1.4% | 107 | 120 | -89 | S100NSL7 |
| FY ending Dec 2021 | 2,260 | 46 | 2.0% | -102 | 16 | -249 | S100QFRB |
| FY ending Dec 2022 | 2,668 | -103 | -3.9% | -286 | 128 | -90 | S100T2OT |
| FY ending Dec 2023 | 4,343 | -26 | -0.6% | -22 | 78 | -19 | S100VFHK |
| FY ending Dec 2024 | 4,524 | -29 | -0.6% | -172 | 217 | 168 | S100XSOQ |
| FY ending Dec 2025 | 4,355 | 29 | 0.7% | 30 | 287 | 268 | S100XSOQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥221.2K |
| Net income per employee (consolidated) | ¥225.9K |

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) | 116 | 126 | 132 | 127 | 132 |
| Average salary (parent company) | ¥7.7M | ¥8.2M | ¥7.9M | ¥8.4M | ¥8.2M |
| Average age (parent company) | 37.6 years | 38.4 years | 38.7 years | 39.3 years | 41.6 years |
| Average tenure (parent company) | 2.7 years | 3.1 years | 3.8 years | 3.8 years | 4.3 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) -3.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Professional | 3,909 | 89.8% | -92 | -2.3% |
| Cloud | 446 | 10.2% | 121 | 27.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Professional | 89.8% | — | — | -2.3% |
| Cloud | 10.2% | 100.0% | 89.8 | 27.1% |

Loss-making segment (excluded from profit shares): Professional -92 JPY mn

Segment → industry: Professional → IT Services & System Integration / Cloud → Software & SaaS / Professional → Advertising

## 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 | 287 | 6.6% | S100XSOQ |
| Capital expenditure | 19 | 0.4% | S100XSOQ |
| Free cash flow | 268 | 6.2% | 算出 |
| Investing cash flow | -23 | -0.5% | S100XSOQ |
| Financing cash flow | -198 | -4.6% | S100XSOQ |
| Share buyback | 0 | 0.0% | S100XSOQ |
| Change in cash | 65 | 1.5% | S100XSOQ |
| Cash and equivalents | 1,989 | 45.7% | S100XSOQ |

## 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 | 3,006 | 3,338 | 1,693 | 1,924 | 1,989 | S100T2OT, S100VFHK, S100XSOQ |
| Total assets | 4,357 | 5,237 | 4,369 | 4,418 | 4,270 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Net assets | 3,348 | 3,281 | 3,191 | 2,957 | 2,983 | S100T2OT, S100VFHK, S100XSOQ |
| Share capital | 1,735 | 1,756 | 1,767 | 1,774 | 1,777 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Trade receivables | 353 | 598 | — | — | — | S100QFRB |
| Property, plant and equipment | 14 | 22 | 21 | 22 | 24 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Intangible assets excluding goodwill | 699 | 993 | 832 | 540 | 464 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Goodwill | 273 | 674 | 603 | 532 | 461 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Investment securities | 77 | 62 | 52 | 95 | 112 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Current assets | 3,438 | 4,036 | 3,359 | 3,677 | 3,580 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Current liabilities | 338 | 1,369 | 861 | 749 | 772 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Short-term borrowings | — | 284 | 1 | — | — | S100T2OT, S100VFHK |
| Long-term borrowings | 671 | 586 | 318 | 712 | 514 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Total liabilities | 1,009 | 1,956 | 1,179 | 1,461 | 1,286 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Non-controlling interests | 65 | 98 | 39 | — | — | S100QFRB, S100T2OT, S100VFHK |
| Equity attributable to owners of parent | 3,263 | 3,019 | 2,917 | 2,598 | 2,634 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Retained earnings | -2,225 | -2,511 | -2,533 | -2,705 | -2,675 | S100QFRB, S100T2OT, S100VFHK, S100XSOQ |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100T2OT, S100VFHK, S100XSOQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XSOQ |
| Property, plant and equipment | 0% | S100XSOQ |
| Intangibles and goodwill | 22% | S100XSOQ |
| Investment securities | 3% | S100XSOQ |
| Other assets | 28% | S100XSOQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100XSOQ |
| Equity | 70% | S100XSOQ |

### 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 | 4,357 | 5,237 | 4,369 | 4,418 | 4,270 |
| Equity | 3,348 | 3,281 | 3,191 | 2,957 | 2,983 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,006 | 3,338 | 1,693 | 1,924 | 1,989 |

## 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) | 0.6% | S100XSOQ |
| Fixed assets ÷ total assets | 0.6% | S100XSOQ |
| Goodwill ÷ parent equity | 17.5% | S100XSOQ |

Goodwill over 4 years: 273 → 461 JPY; total investing cash flow: -1,999 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) | 46.6% |
| Cash ÷ revenue | 45.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 983.3% |
| Cash vs. profit gap | 257 JPY mn (of net income 862.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 8.0% |

## 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 | — | —× | -2.3% | —× | — | S100QFRB |
| 2022 | — | —× | -6.0% | —× | — | S100T2OT |
| 2023 | — | —× | -0.5% | —× | — | S100VFHK |
| 2024 | — | —× | -3.9% | —× | — | S100XSOQ |
| 2025 | 0.7% | 1.00× | 0.7% | 1.66× | 1.1% | S100XSOQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 須藤 憲司 | Major shareholder | 17.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 12.4% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 7.1% | 2025-12-31 |
| 株式会社ハック思考 | Major shareholder | 5.3% | 2025-12-31 |
| 石橋 利真 | Major shareholder | 3.9% | 2025-12-31 |
| 大日本印刷株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| ＹＪ２号投資事業組合 業務執行組合員 Ｚ Ｖｅｎｔｕｒｅ Ｃａｐｉｔａｌ株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 榮井 徹 | Major shareholder | 0.9% | 2025-12-31 |
| JP JPMSE LUX RE UBS AG LONDON BRANCＨ EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2025-12-31 |
| 株式会社証券ジャパン | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/01/01－2025/12/31) | S100XSOQ | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSOQ,, |
| 有価証券報告書－第8期(2024/01/01－2024/12/31) | S100VFHK | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFHK,, |
| 有価証券報告書－第7期(2023/01/01－2023/12/31) | S100T2OT | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T2OT,, |
| 有価証券報告書－第6期(2022/01/01－2022/12/31) | S100QFRB | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFRB,, |
| 有価証券報告書－第5期(令和3年1月1日－令和3年12月31日) | S100NSL7 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSL7,, |
| 有価証券報告書－第4期(令和2年1月1日－令和2年12月31日) | S100L22C | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L22C,, |

## 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).