# Monstarlab Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XVZN)
> Page: https://vizora.meequs.com/en/company/monstarlab
> Retrieved: 2026-09-30T21:00:52.718Z

## Company

Monstarlab, founded in 2006, is a company in IT Services & System Integration listed on TSE Growth. It has 847 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Monstarlab Inc. (旧英訳名 Monstarlab Holdings Inc.) |
| Ticker | 5255 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5255.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区広尾一丁目1番39号 恵比寿プライムスクエアタワー4F |
| Representative (per filing) | 代表取締役社長 鮄川 宏樹 |
| Founded | Feb 2006 |
| Share capital | ¥1.15B |
| Employees (consolidated) | 847 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | monstar-lab.com (https://monstar-lab.com/) |
| Corporate number | 3013201019037 |
| EDINET | E38477 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100XVZN, filed 2026-03-31). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 3.8 | 196 |
| Efficiency | 17.6 | 196 |

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 94% of Monstarlab's sales come from Degital consulting segment, with Other business segment making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -41.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥7.8B |  |
| Operating income | -¥187.5M | Margin -2.4% |
| Net income | -¥337.2M | Margin -4.3% |
| Free cash flow | -¥202.6M |  |
| Largest business | Degital consulting segment | of segment revenue 94.5% |
| Employees (consolidated) | 847 |  |
| EPS | ¥-7.48 |  |
| Diluted EPS | ¥-7.48 |  |
| Book value per share | ¥-21.43 |  |
| Equity ratio | 7.6% | Derived from disclosed figures |
| Shares outstanding | 64,900,722 |  |
| Treasury shares | 243,300 |  |
| Shareholders | 19,097 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 43.0% | Cash ÷ revenue 50.8% |
| Vs. industry median margin | -11.3 pp | IT Services & System Integration |
| ROA | -3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7419718000 | ¥7795270000 | +5.1% |
| Employees | 1,148 people | 847 people | -26.2% |
| Cash and equivalents | ¥4043165000 | ¥3957482000 | -2.1% |

### 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 |
| --- | ---: |
| 新設・再編 → デジタルコンサルティング事業 | 94.5% |
| 新設・再編 → その他事業 | 5.5% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,795 | 100.0% | S100XVZN |
| Cost of revenue | 4,645 | 59.6% | S100XVZN |
| Gross profit | 3,150 | 40.4% | S100XVZN |
| SG&A | 2,618 | 33.6% | S100XVZN |
| Operating income | -188 | -2.4% | S100XVZN |
| Pretax income | -319 | -4.1% | S100XVZN |
| Income tax | 40 | 0.5% | S100XVZN |
| Net income | -359 | -4.6% | S100XVZN |
| Net income attributable to owners | -337 | -4.3% | S100XVZN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Other operating | 9 |
| Operating income | -2 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 40.4% → Operating margin -2.4% → Net margin -4.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2023 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,347 | 7,795 | -5,552 | -41.6% |
| Gross profit | 3,340 | 3,150 | -190 | -5.7% |
| Operating income | -2,057 | -188 | 1,869 | — |
| Net income attributable to owners | -2,355 | -337 | 2,018 | — |
| Operating cash flow | -3,519 | -148 | 3,371 | — |
| Free cash flow | -3,981 | -203 | 3,778 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2020 | 7,420 | — | — | -1,274 | -594 | — | S100XARJ |
| FY ending Dec 2021 | 9,346 | — | — | -3,053 | -922 | — | S100XVZN |
| FY ending Dec 2022 | 14,271 | -390 | -2.7% | -675 | -1,544 | -2,393 | S100T65G |
| FY ending Dec 2023 | 13,347 | -2,057 | -15.4% | -2,355 | -3,519 | -3,981 | S100XARJ |
| FY ending Dec 2025 | 7,795 | -188 | -2.4% | -337 | -148 | -203 | S100XVZN |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.2M |
| Operating income per employee (consolidated) | -¥221.4K |
| Net income per employee (consolidated) | -¥398.1K |

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

| History | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,148 | 1,353 | 1,549 | 1,401 | 847 |
| Average salary (parent company) | — | — | ¥8.6M | ¥7.8M | ¥7.1M |
| Average age (parent company) | — | — | 38.0 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | — | — | 3.8 years | 4.2 years | 4.3 years |

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Degital consulting segment | 7,351 | 94.5% | 555 | 7.5% |
| Other business segment | 430 | 5.5% | 31 | 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Degital consulting segment | 94.5% | 94.7% | 0.2 | 7.5% |
| Other business segment | 5.5% | 5.3% | -0.2 | 7.2% |

Segment → industry: Degital consulting segment → IT Services & System Integration / Other business segment → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -148 | -1.9% | S100XVZN |
| Capital expenditure | 55 | 0.7% | S100XVZN |
| Free cash flow | -203 | -2.6% | 算出 |
| Investing cash flow | -29 | -0.4% | S100XVZN |
| Financing cash flow | 2,570 | 33.0% | S100XVZN |
| Change in cash | 2,407 | 30.9% | S100XVZN |
| Cash and equivalents | 3,957 | 50.8% | S100XVZN |

## 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 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,043 | 4,242 | 2,724 | 1,783 | 3,957 | S100QIXY, S100XVZN, S100XARJ |
| Total assets | 9,675 | 9,909 | 12,984 | 14,461 | 9,211 | S100XARJ, S100XVZN, S100T65G |
| Net assets | 3,166 | — | 4,092 | 3,706 | 657 | S100QIXY, S100XARJ, S100XVZN |
| Share capital | — | — | 1,066 | 1,923 | 1,153 | S100T65G, S100XARJ, S100XVZN |
| Property, plant and equipment | — | — | 304 | 259 | 69 | S100T65G, S100XARJ, S100XVZN |
| Goodwill | — | — | 3,299 | 3,965 | 699 | S100T65G, S100XARJ, S100XVZN |
| Current assets | — | — | 7,818 | 5,836 | 5,668 | S100T65G, S100XARJ, S100XVZN |
| Total liabilities | — | — | 8,891 | 10,755 | 8,553 | S100T65G, S100XARJ, S100XVZN |
| Equity attributable to owners of parent | — | — | 4,584 | 3,711 | 701 | S100T65G, S100XARJ, S100XVZN |
| Retained earnings | — | — | -6,203 | -8,558 | -2,721 | S100T65G, S100XARJ, S100XVZN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100XVZN |
| Property, plant and equipment | 1% | S100XVZN |
| Intangibles and goodwill | 7% | — |
| Other assets | 49% | S100XVZN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 93% | S100XVZN |
| Equity | 7% | S100XVZN |

### Balance sheet history

| Metric | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 9,675 | 9,909 | 12,984 | 14,461 | 9,211 |
| Equity | 3,166 | — | 4,092 | 3,706 | 657 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,043 | 4,242 | 2,724 | 1,783 | 3,957 |

## 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) | 0.9% | S100XVZN |
| Fixed assets ÷ total assets | 0.7% | S100XVZN |
| Goodwill ÷ parent equity | 99.7% | S100XVZN |

### 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) | 43.0% |
| Cash ÷ revenue | 50.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 189 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | -13.2% | —× | — | S100XARJ, S100QIXY |
| 2021 | — | —× | -31.2% | —× | — | S100XVZN |
| 2022 | — | —× | -5.9% | —× | — | S100T65G |
| 2023 | — | —× | -17.2% | —× | — | S100XARJ |
| 2025 | — | —× | -3.7% | —× | — | S100XVZN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社山陰合同銀行 | Major shareholder | 33.8% | 2025-12-31 |
| JICベンチャー・グロース・ファンド１号投資事業有限責任組合 | Major shareholder | 7.0% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 5.8% | 2025-12-31 |
| イナガワ ヒロキ | Major shareholder | 5.6% | 2025-12-31 |
| 日本郵政キャピタル株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 新井 友行 | Major shareholder | 1.0% | 2025-12-31 |
| 利根沢 正之 | Major shareholder | 0.8% | 2025-12-31 |
| GLOBAL SHARES EXECUTION SERVICES LIMITED CLIENT ASSET ACCOUNT MONSTARLAB （常任代理人 大和証券株式会社） | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社山陰合同銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XVZN | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVZN,, |
| 訂正有価証券報告書－第19期(2024/01/01－2024/12/31) | S100XARJ | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XARJ,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100T65G | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T65G,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QIXY | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIXY,, |

## 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).