# KLab: 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26期(2025/01/01－2025/12/31) (S100XU7P)
> Page: https://vizora.meequs.com/en/company/klab
> Retrieved: 2026-09-30T20:25:03.916Z

## Company

KLab, founded in 2000, is a company in Games listed on TSE Prime. It has 322 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KLab Inc. |
| Ticker | 3656 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3656.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 真田 哲弥 |
| Founded | Aug 2000 |
| Share capital | ¥8.61B |
| Employees (consolidated) | 322 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | December |
| Website | www.klab.com (https://www.klab.com/) |
| Corporate number | 7010401041924 |
| EDINET | E25867 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100XU7P, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 36 |
| Profitability | 6.1 | 41 |
| Efficiency | 25.6 | 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 93% of KLab's sales come from Games, with Other making up much of the rest.
- It lost about ¥19 for every ¥100 of sales at the operating level.
- Revenue changed -17.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.86B |  |
| Operating income | -¥1.3B | Margin -19.0% |
| Net income | -¥4.18B | Margin -60.9% |
| Free cash flow | -¥2.48B |  |
| Largest business | Games | of segment revenue 92.8% |
| Employees (consolidated) | 322 |  |
| EPS | ¥-79.85 |  |
| Book value per share | ¥132.54 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 76,832,200 |  |
| Treasury shares | 641,600 |  |
| Shareholders | 24,938 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 39.3% | Cash ÷ revenue 76.0% |
| Vs. industry median margin | -24.4 pp | Games |
| ROA | -28.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 0.3× its level five years ago
- FY2025, cash is 39% of total assets
- FY2025, operating loss is 19 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33952136000 | ¥6856276000 | -79.8% |
| Operating income | ¥2149485000 | ¥-1304256000 | -160.7% |
| Operating margin | 6.3% | -19.0% | -25.4 pp |
| Employees | 626 people | 322 people | -48.6% |
| Cash and equivalents | ¥8005782000 | ¥5214034000 | -34.9% |

### 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 |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 92.8% |
| ゲーム事業 → 事業再編・廃止 | 6.1% |
| その他 → その他 | 1.1% |
| 新設・再編 → その他 | 6.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,856 | 100.0% | S100XU7P |
| Cost of revenue | 6,026 | 87.9% | S100XU7P |
| Gross profit | 831 | 12.1% | S100XU7P |
| SG&A | 2,135 | 31.1% | S100XU7P |
| Operating income | -1,304 | -19.0% | S100XU7P |
| Ordinary income | -1,421 | -20.7% | S100XU7P |
| Pretax income | -4,051 | -59.1% | S100XU7P |
| Income tax | 126 | 1.8% | S100XU7P |
| Net income | -4,177 | -60.9% | S100XU7P |
| Net income attributable to owners | -4,177 | -60.9% | S100XU7P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 31 |
| Operating income | -19 |
| (Ref.) Net income | -61 |

### Margin funnel

Gross margin 12.1% → Operating margin -19.0% → Net margin -60.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,306 | 6,856 | -1,450 | -17.5% |
| Gross profit | 1,133 | 831 | -302 | -26.7% |
| Operating income | -1,342 | -1,304 | 38 | — |
| Net income attributable to owners | -2,783 | -4,177 | -1,394 | — |
| Operating cash flow | -138 | -1,801 | -1,662 | — |
| Free cash flow | -2,070 | -2,476 | -406 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 31,110 | 1,674 | 5.4% | 384 | 1,505 | — | S100L111 |
| FY ending Dec 2020 | 33,952 | 2,149 | 6.3% | 767 | 3,975 | — | S100NQ1B |
| FY ending Dec 2021 | 23,895 | -1,106 | -4.6% | -3,468 | -1,279 | — | S100QFL4 |
| FY ending Dec 2022 | 16,881 | -598 | -3.5% | -542 | -187 | — | S100T68Q |
| FY ending Dec 2023 | 10,717 | -1,219 | -11.4% | -1,820 | -1,534 | — | S100VI5I |
| FY ending Dec 2024 | 8,306 | -1,342 | -16.2% | -2,783 | -138 | -2,070 | S100XU7P |
| FY ending Dec 2025 | 6,856 | -1,304 | -19.0% | -4,177 | -1,801 | -2,476 | S100XU7P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.3M |
| Operating income per employee (consolidated) | -¥4.1M |
| Net income per employee (consolidated) | -¥13M |

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) | 642 | 628 | 572 | 459 | 322 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 35.0 years | 36.0 years | 37.0 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | 5.0 years | 6.0 years | 7.0 years | 8.0 years | 9.0 years |

Year over year: Employees (consolidated) -29.8% · Revenue (consolidated) -17.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Games | 6,366 | 92.8% | — | — |
| Other | 491 | 7.2% | — | — |

### 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 |
| --- | ---: |
| Games | 92.8% |
| Other | 7.2% |

Segment → industry: Games → Games

## 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 | -1,801 | -26.3% | S100XU7P |
| Capital expenditure | 675 | 9.9% | S100XU7P |
| Free cash flow | -2,476 | -36.1% | 算出 |
| Investing cash flow | 2,479 | 36.2% | S100XU7P |
| Financing cash flow | 2,917 | 42.5% | S100XU7P |
| Change in cash | 3,609 | 52.6% | S100XU7P |
| Cash and equivalents | 5,214 | 76.0% | S100XU7P |

## 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 | 3,817 | 6,017 | 2,211 | 1,605 | 5,214 | S100T68Q, S100VI5I, S100XU7P |
| Total assets | 18,708 | 20,860 | 17,755 | 15,784 | 13,273 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Net assets | 12,807 | 13,154 | 11,709 | 10,372 | 10,304 | S100T68Q, S100VI5I, S100XU7P |
| Share capital | 4,957 | 5,458 | 5,458 | 6,220 | 8,614 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Property, plant and equipment | 325 | 216 | 156 | 82 | 220 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Intangible assets excluding goodwill | 2,887 | 4,813 | 6,511 | 7,811 | 3,168 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Goodwill | 822 | 733 | 644 | 555 | — | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Investment securities | 3,234 | 2,964 | 3,238 | 2,031 | 246 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Current assets | 9,896 | 10,344 | 5,364 | 4,400 | 8,139 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Current liabilities | 5,119 | 6,031 | 4,075 | 4,685 | 2,862 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Short-term borrowings | — | 1,000 | — | 800 | — | S100T68Q, S100XU7P |
| Long-term borrowings | 462 | 1,436 | 1,811 | 647 | — | S100QFL4, S100T68Q, S100VI5I |
| Total liabilities | 5,901 | 7,706 | 6,046 | 5,413 | 2,969 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Non-controlling interests | — | — | 4 | — | — | S100VI5I |
| Equity attributable to owners of parent | 12,589 | 13,102 | 11,282 | 10,016 | 10,626 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Retained earnings | 3,322 | 2,829 | 1,009 | -1,782 | -5,959 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |
| Treasury stock | -397 | -397 | -397 | -397 | -397 | S100QFL4, S100T68Q, S100VI5I, S100XU7P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XU7P |
| Property, plant and equipment | 2% | S100XU7P |
| Intangibles and goodwill | 24% | S100XU7P |
| Investment securities | 2% | S100XU7P |
| Other assets | 33% | S100XU7P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100XU7P |
| Equity | 78% | S100XU7P |

### 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 | 18,708 | 20,860 | 17,755 | 15,784 | 13,273 |
| Equity | 12,807 | 13,154 | 11,709 | 10,372 | 10,304 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,817 | 6,017 | 2,211 | 1,605 | 5,214 |

## 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) | 3.2% | S100XU7P |
| Fixed assets ÷ total assets | 1.7% | S100XU7P |
| Goodwill ÷ parent equity | — | —, S100XU7P |

### 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) | 39.3% |
| Cash ÷ revenue | 76.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,376 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| 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 | — | —× | -18.5% | —× | — | S100QFL4 |
| 2022 | — | —× | -2.7% | —× | — | S100T68Q |
| 2023 | — | —× | -9.4% | —× | — | S100VI5I |
| 2024 | — | —× | -16.6% | —× | — | S100XU7P |
| 2025 | — | —× | -28.7% | —× | — | S100XU7P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人：インタラクティブブローカーズ証券株式会社） | Major shareholder | 12.8% | 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 | 5.5% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社シックスセンツホールディングス | Major shareholder | 2.6% | 2025-12-31 |
| 青柳 和洋 | Major shareholder | 2.3% | 2025-12-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.0% | 2025-12-31 |
| 川端 篤 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社Ｓｕｎ Ａｓｔｅｒｉｓｋ | Major shareholder | 1.3% | 2025-12-31 |
| 福良 伴昭 | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2025/01/01－2025/12/31) | S100XU7P | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU7P,, |
| 有価証券報告書－第25期(2024/01/01－2024/12/31) | S100VI5I | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI5I,, |
| 有価証券報告書－第24期(2023/01/01－2023/12/31) | S100T68Q | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T68Q,, |
| 有価証券報告書－第23期(2022/01/01－2022/12/31) | S100QFL4 | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFL4,, |
| 有価証券報告書－第22期(令和3年1月1日－令和3年12月31日) | S100NQ1B | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ1B,, |
| 有価証券報告書－第21期(令和2年1月1日－令和2年12月31日) | S100L111 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L111,, |

## 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).