# Morpho,Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2024/11/01－2025/10/31) (S100XHZH)
> Page: https://vizora.meequs.com/en/company/morphoinc
> Retrieved: 2026-09-30T19:48:35.341Z

## Company

Morpho, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 166 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Morpho,Inc. |
| Ticker | 3653 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3653.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田錦町二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 平賀 督基 |
| Founded | May 2004 |
| Share capital | ¥1.86B |
| Employees (consolidated) | 166 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | October |
| Website | www.morphoinc.com (https://www.morphoinc.com/) |
| Corporate number | 5010001090118 |
| EDINET | E25682 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100XHZH, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.6 | 105 |
| Profitability | 12.1 | 145 |
| Cash conversion | 5.1 | 128 |
| Efficiency | 39 | 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)

- Morpho brought in ¥3.36B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit -82.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.36B |  |
| Operating income | ¥45.8M | Margin 1.4% |
| Net income | -¥77.6M | Margin -2.3% |
| Free cash flow | -¥226.1M |  |
| Employees (consolidated) | 166 |  |
| EPS | ¥1.07 |  |
| Book value per share | ¥576.18 |  |
| Equity ratio | 87.3% |  |
| Shares outstanding | 5,508,500 |  |
| Treasury shares | 256,000 |  |
| Shareholders | 5,486 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 60.9% | Cash ÷ revenue 75.2% |
| Vs. industry median margin | -11.1 pp | Software & SaaS |
| ROA | -1.8% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 61% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2073000000 | ¥3359633000 | +62.1% |
| Operating income | ¥-143535000 | ¥45847000 | — |
| Operating margin | -6.9% | 1.4% | +8.3 pp |
| Employees | 135 people | 166 people | +23.0% |
| Cash and equivalents | ¥4437209000 | ¥2525433000 | -43.1% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,360 | 100.0% | S100XHZH |
| Cost of revenue | 1,516 | 45.1% | S100XHZH |
| Gross profit | 1,844 | 54.9% | S100XHZH |
| SG&A | 1,798 | 53.5% | S100XHZH |
| Operating income | 46 | 1.4% | S100XHZH |
| Ordinary income | 72 | 2.1% | S100XHZH |
| Pretax income | 74 | 2.2% | S100XHZH |
| Income tax | 152 | 4.5% | S100XHZH |
| Net income | -78 | -2.3% | S100XHZH |
| Net income attributable to owners | -78 | -2.3% | S100XHZH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 54 |
| Operating income | 1 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 54.9% → Operating margin 1.4% → Net margin -2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.8%; Core profit growth: -82.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -46.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,301 | 3,360 | 59 | +1.8% |
| Gross profit | 1,900 | 1,844 | -56 | -3.0% |
| Operating income | 257 | 46 | -211 | -82.2% |
| Net income attributable to owners | 301 | -78 | -379 | -125.7% |
| Operating cash flow | 207 | 14 | -193 | -93.2% |
| Free cash flow | 66 | -226 | -292 | -444.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 2,608 | 587 | 22.5% | 340 | 575 | 474 | S100KLSW |
| FY ending Oct 2020 | 2,073 | -144 | -6.9% | -652 | -63 | -177 | S100NAE1 |
| FY ending Oct 2021 | 1,731 | -882 | -50.9% | -793 | -654 | -695 | S100Q1DP |
| FY ending Oct 2022 | 1,997 | -588 | -29.5% | -668 | -416 | -478 | S100SPDF |
| FY ending Oct 2023 | 2,383 | -244 | -10.3% | -300 | -268 | -365 | S100V5YS |
| FY ending Oct 2024 | 3,301 | 257 | 7.8% | 301 | 207 | 66 | S100XHZH |
| FY ending Oct 2025 | 3,360 | 46 | 1.4% | -78 | 14 | -226 | S100XHZH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥276.2K |
| Net income per employee (consolidated) | -¥467.3K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 151 | 143 | 151 | 162 | 166 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥6.3M | ¥6.8M | ¥6.7M |
| Average age (parent company) | 36.4 years | 36.6 years | 37.4 years | 36.6 years | 36.7 years |
| Average tenure (parent company) | 4.8 years | 5.1 years | 5.4 years | 5.3 years | 5.6 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +1.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 14 | 0.4% | S100XHZH |
| Capital expenditure | 240 | 7.1% | S100XHZH |
| Free cash flow | -226 | -6.7% | 算出 |
| Investing cash flow | -413 | -12.3% | S100XHZH |
| Financing cash flow | -9 | -0.3% | S100XHZH |
| Share buyback | 0 | 0.0% | S100XHZH |
| Change in cash | -410 | -12.2% | S100XHZH |
| Cash and equivalents | 2,525 | 75.2% | S100XHZH |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,392 | 3,060 | 2,712 | 2,936 | 2,525 | S100SPDF, S100V5YS, S100XHZH |
| Total assets | 4,550 | 3,860 | 3,707 | 4,263 | 4,146 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Net assets | 4,150 | 3,399 | 3,149 | 3,641 | 3,620 | S100SPDF, S100V5YS, S100XHZH |
| Share capital | 1,784 | 1,784 | 1,784 | 1,859 | 1,859 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Property, plant and equipment | 126 | 26 | 52 | 49 | 66 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Intangible assets excluding goodwill | 45 | — | 13 | 155 | 297 | S100Q1DP, S100V5YS, S100XHZH |
| Investment securities | 166 | 193 | 267 | 316 | 478 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Current assets | 4,077 | 3,593 | 3,330 | 3,690 | 3,250 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Current liabilities | 362 | 453 | 509 | 609 | 468 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Total liabilities | 400 | 461 | 559 | 622 | 526 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Equity attributable to owners of parent | 4,154 | 3,335 | 3,035 | 3,490 | 3,458 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Retained earnings | 847 | 189 | -111 | 191 | 113 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |
| Treasury stock | -210 | -371 | -371 | -368 | -333 | S100Q1DP, S100SPDF, S100V5YS, S100XHZH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 61% | S100XHZH |
| Property, plant and equipment | 2% | S100XHZH |
| Intangibles and goodwill | 7% | S100XHZH |
| Investment securities | 11% | S100XHZH |
| Other assets | 19% | S100XHZH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100XHZH |
| Equity | 87% | S100XHZH |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,550 | 3,860 | 3,707 | 4,263 | 4,146 |
| Equity | 4,150 | 3,399 | 3,149 | 3,641 | 3,620 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,392 | 3,060 | 2,712 | 2,936 | 2,525 |

## 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) | 2.0% | S100XHZH |
| Fixed assets ÷ total assets | 1.6% | S100XHZH |
| Goodwill ÷ parent equity | — | —, S100XHZH |

### 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) | 60.9% |
| Cash ÷ revenue | 75.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 30.7% |
| Cash vs. profit gap | 92 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 2939.9% |

## 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 | — | —× | -17.4% | —× | — | S100Q1DP |
| 2022 | — | —× | -15.9% | —× | — | S100SPDF |
| 2023 | — | —× | -7.9% | —× | — | S100V5YS |
| 2024 | 9.1% | 0.83× | 7.6% | 1.22× | 9.2% | S100XHZH |
| 2025 | — | —× | -1.8% | —× | — | S100XHZH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 平賀 督基 | Major shareholder | 9.8% | 2025-10-31 |
| 株式会社ミックウェア | Major shareholder | 4.2% | 2025-10-31 |
| 松井証券株式会社 | Major shareholder | 4.1% | 2025-10-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.9% | 2025-10-31 |
| 石橋 拓郎 | Major shareholder | 2.8% | 2025-10-31 |
| 株式会社デンソー | Major shareholder | 2.7% | 2025-10-31 |
| 高井 正美 | Major shareholder | 2.6% | 2025-10-31 |
| 中村 得郎 | Major shareholder | 2.5% | 2025-10-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OFREPURCHASE AGREEMENT MOTHER FUND（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 1.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2024/11/01－2025/10/31) | S100XHZH | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHZH,, |
| 有価証券報告書－第21期(2023/11/01－2024/10/31) | S100V5YS | 2025-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5YS,, |
| 有価証券報告書－第20期(2022/11/01－2023/10/31) | S100SPDF | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SPDF,, |
| 有価証券報告書－第19期(2021/11/01－2022/10/31) | S100Q1DP | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1DP,, |
| 有価証券報告書－第18期(令和2年11月1日－令和3年10月31日) | S100NAE1 | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAE1,, |
| 有価証券報告書－第17期(令和1年11月1日－令和2年10月31日) | S100KLSW | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLSW,, |

## 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).