# Mobile Factory, 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25期(2025/01/01－2025/12/31) (S100XQ8M)
> Page: https://vizora.meequs.com/en/company/mobile-factory
> Retrieved: 2026-09-30T21:02:11.194Z

## Company

Mobile Factory, founded in 2001, is a company in Games listed on TSE Standard. It has 75 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mobile Factory, Inc. |
| Ticker | 3912 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3912.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区東五反田五丁目22番33号 |
| Representative (per filing) | 代表取締役 宮嶌 裕二 |
| Founded | Oct 2001 |
| Share capital | ¥504.8M |
| Employees (consolidated) | 75 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.mobilefactory.jp (https://www.mobilefactory.jp/) |
| Corporate number | 9010001145867 |
| EDINET | E31331 |
| Industries (Vizora) | Games, Music & Live Entertainment |

> Profile source: annual securities report (S100XQ8M, filed 2026-03-13). As of filing

## Five-axis industry profile

Primary industry: Games (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.7 | 36 |
| Profitability | 91.5 | 41 |
| Cash conversion | 37.1 | 31 |
| Efficiency | 52.4 | 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 Mobile Factory's sales come from Mobile games, with Contents making up much of the rest.
- Out of every ¥100 of sales, about ¥33 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +6.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.43B |  |
| Operating income | ¥1.12B | Margin 32.7% |
| Net income | ¥488.5M | Margin 14.3% |
| Free cash flow | — |  |
| Largest business | Mobile games | of segment revenue 92.6% |
| Employees (consolidated) | 75 |  |
| EPS | ¥62.59 |  |
| Book value per share | ¥403.79 |  |
| Equity ratio | 77.5% |  |
| Shares outstanding | 8,925,495 |  |
| Treasury shares | 1,788,400 |  |
| Shareholders | 3,357 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 38.7% | Cash ÷ revenue 44.9% |
| Vs. industry median margin | +27.3 pp | Games |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, operating income keeps 33 per ¥100 of revenue
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2855993000 | ¥3427344000 | +20.0% |
| Operating income | ¥863271000 | ¥1121468000 | +29.9% |
| Operating margin | 30.2% | 32.7% | +2.5 pp |
| Employees | 90 people | 75 people | -16.7% |
| Cash and equivalents | ¥2321248000 | ¥1540340000 | -33.6% |

### 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 |
| --- | ---: |
| モバイルゲーム事業 → モバイルゲーム事業 | 82.4% |
| コンテンツ事業 → コンテンツ事業 | 7.4% |
| コンテンツ事業 → 事業再編・廃止 | 10.2% |
| 新設・再編 → モバイルゲーム事業 | 10.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,427 | 100.0% | S100XQ8M |
| Cost of revenue | 1,666 | 48.6% | S100XQ8M |
| Gross profit | 1,761 | 51.4% | S100XQ8M |
| SG&A | 640 | 18.7% | S100XQ8M |
| Operating income | 1,121 | 32.7% | S100XQ8M |
| Ordinary income | 1,146 | 33.4% | S100XQ8M |
| Pretax income | 1,144 | 33.4% | S100XQ8M |
| Income tax | 656 | 19.1% | S100XQ8M |
| Net income | 488 | 14.3% | S100XQ8M |
| Net income attributable to owners | 488 | 14.3% | S100XQ8M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 48 |
| SG&A | 19 |
| Operating income | 33 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 51.4% → Operating margin 32.7% → Net margin 14.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +6.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.80×
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 | 3,318 | 3,427 | 110 | +3.3% |
| Gross profit | 1,632 | 1,761 | 129 | +7.9% |
| Operating income | 1,058 | 1,121 | 63 | +6.0% |
| Net income attributable to owners | 699 | 488 | -211 | -30.1% |
| Operating cash flow | 659 | 864 | 206 | +31.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 3,190 | 1,110 | 34.8% | 773 | 925 | 862 | S100L1WK |
| FY ending Dec 2020 | 2,856 | 863 | 30.2% | 583 | 467 | 381 | S100NQI7 |
| FY ending Dec 2021 | 2,898 | 851 | 29.4% | 539 | 656 | 618 | S100QG81 |
| FY ending Dec 2022 | 3,145 | 865 | 27.5% | 558 | 560 | — | S100T43I |
| FY ending Dec 2023 | 3,370 | 945 | 28.0% | -1 | 761 | 759 | S100VGUJ |
| FY ending Dec 2024 | 3,318 | 1,058 | 31.9% | 699 | 659 | — | S100XQ8M |
| FY ending Dec 2025 | 3,427 | 1,121 | 32.7% | 488 | 864 | — | S100XQ8M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.7M |
| Operating income per employee (consolidated) | ¥15M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 90 | 87 | 91 | 84 | 75 |
| Average salary (parent company) | ¥5.6M | ¥5.5M | ¥5.4M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 33.0 years | 33.5 years | 33.4 years | 33.8 years | 34.7 years |
| Average tenure (parent company) | 5.9 years | 6.2 years | 6.7 years | 7.0 years | 7.5 years |

Year over year: Employees (consolidated) -10.7% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobile games | 3,173 | 92.6% | 939 | 29.6% |
| Contents | 254 | 7.4% | 188 | 74.2% |
| Other | — | 0.0% | -6 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Mobile games | 83.3% | 29.6% |
| Contents | 16.7% | 74.2% |
| Other | — | — |

Loss-making segment (excluded from profit shares): Other -6 JPY mn

Segment → industry: Mobile games → Games / Contents → Music & Live Entertainment

## 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 | 864 | 25.2% | S100XQ8M |
| Investing cash flow | -1,622 | -47.3% | S100XQ8M |
| Financing cash flow | -813 | -23.7% | S100XQ8M |
| Dividends paid | 422 | 12.3% | S100XQ8M |
| Share buyback | 392 | 11.4% | S100XQ8M |
| Change in cash | -1,571 | -45.8% | S100XQ8M |
| Cash and equivalents | 1,540 | 44.9% | S100XQ8M |

## 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 | 2,666 | 2,785 | 2,796 | 3,112 | 1,540 | S100T43I, S100VGUJ, S100XQ8M |
| Total assets | 3,304 | 3,523 | 3,870 | 4,218 | 3,979 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Net assets | 2,873 | 3,041 | 3,005 | 3,407 | 3,084 | S100T43I, S100VGUJ, S100XQ8M |
| Share capital | 505 | 505 | 505 | 505 | 505 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Property, plant and equipment | 12 | 0 | 2 | 1 | 0 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Intangible assets excluding goodwill | 65 | 2 | 1 | 0 | — | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Investment securities | 56 | 111 | 91 | 105 | 124 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Current assets | 3,094 | 3,326 | 3,396 | 3,751 | 3,794 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Current liabilities | 428 | 481 | 865 | 811 | 896 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Total liabilities | 431 | 481 | 866 | 811 | 896 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Equity attributable to owners of parent | 2,875 | 3,041 | 3,019 | 3,405 | 3,081 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Retained earnings | 2,914 | 3,473 | 3,429 | 4,065 | 4,131 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |
| Treasury stock | -824 | -1,216 | -1,195 | -1,445 | -1,835 | S100QG81, S100T43I, S100VGUJ, S100XQ8M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XQ8M |
| Property, plant and equipment | 0% | S100XQ8M |
| Investment securities | 3% | S100XQ8M |
| Other assets | 58% | S100XQ8M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XQ8M |
| Equity | 77% | S100XQ8M |

### 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 | 3,304 | 3,523 | 3,870 | 4,218 | 3,979 |
| Equity | 2,873 | 3,041 | 3,005 | 3,407 | 3,084 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,666 | 2,785 | 2,796 | 3,112 | 1,540 |

## 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) | 0.0% | S100XQ8M |
| Fixed assets ÷ total assets | 0.0% | S100XQ8M |
| Goodwill ÷ parent equity | — | —, S100XQ8M |

### 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) | 38.7% |
| Cash ÷ revenue | 44.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.1% |
| Cash vs. profit gap | 376 JPY mn (of net income 77.0%) |
| Shareholder returns / net income | 166.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 86.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 187.7% |

## 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 | 18.6% | 0.88× | 16.3% | 1.15× | 18.7% | S100QG81 |
| 2022 | 17.8% | 0.92× | 16.4% | 1.15× | 18.9% | S100T43I |
| 2023 | — | —× | -0.0% | —× | — | S100VGUJ |
| 2024 | 21.1% | 0.82× | 17.3% | 1.26× | 21.8% | S100XQ8M |
| 2025 | 14.3% | 0.84× | 11.9% | 1.26× | 15.1% | S100XQ8M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 宮嶌 裕二 | Major shareholder | 49.7% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| 村上 貴明 | Major shareholder | 2.6% | 2025-12-31 |
| 片岡 夏輝 | Major shareholder | 2.4% | 2025-12-31 |
| 末永 和人 | Major shareholder | 2.2% | 2025-12-31 |
| ヨシダ トモヒロ | Major shareholder | 1.3% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 0.7% | 2025-12-31 |
| 萩谷 誠 | Major shareholder | 0.7% | 2025-12-31 |
| INTERACTIVE BROKERS LLC（インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.7% | 2025-12-31 |
| BNYM AS AGT/CLTS US PENSION FUND GLOBAL BUSINESS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XQ8M | 2026-03-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XQ8M,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VGUJ | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGUJ,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T43I | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T43I,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QG81 | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG81,, |
| 有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NQI7 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQI7,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L1WK | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1WK,, |

## 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).